Hyperliquid Token Hits Record $76.90 After Surging More Than 90% in a Month
Summary
- Hyperliquid (HYPE) surged more than 90%% over the past month and hit an all-time high of $76.90.
- Hyperliquid has continued to grow, reaching $1.16 billion in cumulative protocol revenue, $6 billion in open interest, and $6.38 billion in total value locked (TVL).
- Institutional demand has been supported by Grayscale's accumulation of about 682,000 HYPE, $172 million in ETF inflows in a single day, and a fee-based buyback-and-burn structure.
Forecast Trend Report by Period
Hyperliquid's native token has soared over the past month, helped by institutional demand and rising trading volumes.
10x Research said in a report released June 21 that Hyperliquid rose to an all-time high of $76.90 on June 16. The token has gained more than 90% over the past month.
The report said about $11.5 million of short positions were liquidated as Hyperliquid broke above $70. The short squeeze further accelerated the rally.
Hyperliquid's exchange metrics have also continued to improve. Cumulative protocol revenue has surpassed $1.16 billion, placing it among the highest-earning projects in the Web3 industry, according to the report.
Open interest on Hyperliquid topped $6 billion on June 14. That amounted to 8.3% of the global perpetual futures market, the highest share on record. The report said Hyperliquid has entered a phase of direct competition with centralized exchanges including Binance and OKX.
Trading-volume growth was led by synthetic assets tied to non-crypto underlying assets. Among them, a SpaceX perpetual futures product attracted investor attention after generating $1.4 billion in trading volume in a single day.
Institutional activity has also been visible. On-chain data showed Grayscale accumulated about 682,000 HYPE over the past week, worth about $35 million.
Institutional funds have also continued to flow in, with $172 million entering Hyperliquid spot exchange-traded funds in a single day. The report said Hyperliquid's fee-based buyback-and-burn structure has been drawing investor interest.
Coinbase has joined as a key USDC liquidity provider for Hyperliquid. In May, the project also completed a Layer 1 upgrade that increased the number of validators to 27 from 24. Total value locked is now nearing $6.38 billion.
"Hyperliquid is emerging as a new force in the crypto market, backed by perpetual futures tied to traditional financial assets, institutional inflows and growth in protocol revenue," 10x Research said.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
