Hyperliquid\u2019s HYPE token has surged to a new all-time high near $76.70 after a combination of ETF-related buying, rising platform activity, and a wave of short liquidations pushed the asset through key resistance levels.<\/p>\n
\n Summary<\/span>\n <\/p>\n <\/p>\n According to data from crypto.news, Hyperliquid (HYPE<\/a>) rose nearly 10% over the past 24 hours to a new all-time high of $76.70 on June 16 before stabilizing around $75.50 at press time. The token was up roughly 46% over the past week and more than 90% over the past month as growing platform activity, ETF-related demand, and protocol buybacks continued to support the rally.<\/p>\n Hyperliquid price rallied as asset manager Bitwise purchased<\/a> approximately 77,100 HYPE tokens worth about $5.2 million to support its newly launched Bitwise Hyperliquid ETF.<\/p>\n The purchase arrived as HYPE was already trading near a major breakout zone, adding fresh spot demand to a market where supply has been steadily reduced through Hyperliquid\u2019s protocol buyback system.<\/p>\n For the uninitiated, Hyperliquid directs 97% of trading fees toward buying and burning HYPE, creating persistent demand for the token. As prices moved above the closely watched $70 level, traders holding leveraged bearish positions were forced to cover, triggering a rapid liquidation cascade that accelerated the rally toward a record high.<\/p>\n <\/p>\n Beyond the ETF purchase, trading activity on Hyperliquid has continued to expand at a rapid pace.<\/p>\n The platform\u2019s SpaceX pre-IPO<\/a> perpetual futures contract generated roughly $1.2 billion in trading volume during the past week. The contract has attracted substantial trader interest and helped boost overall activity across the exchange.<\/p>\n Growing volumes have translated into higher market share. According to data<\/a> from CoinGlass, Hyperliquid recently captured about 8.3% of global perpetual futures open interest, with total open interest climbing above $9.6 billion. The same figures indicate annualized protocol revenue has exceeded $1 billion.<\/p>\n Those revenues feed directly into the buyback mechanism that continuously purchases HYPE from the market. As a result, investors have increasingly focused on platform usage metrics alongside token price action.<\/p>\n Recent trading activity has also helped absorb concerns surrounding a scheduled token unlock earlier this month. Roughly $700 million worth of HYPE entered circulation during the event, yet demand generated by exchange activity and protocol purchases proved sufficient to prevent prolonged selling pressure.<\/p>\n Technical indicators have remained supportive despite the sharp advance.<\/p>\n On the four-hour chart, HYPE broke above the 0.618 and 0.786 Fibonacci resistance levels near $67.7 and $71.8 before reaching the 1.0 extension around $77. The next major Fibonacci target is located near $91.9, while former resistance around $71.8 and $67.7 has become an important support area.<\/p>\n Daily charts show HYPE testing the Murrey Math 8\/8 resistance level at $75. A sustained move above that zone could expose the next resistance levels near $81.25 and $87.50, according to the indicator framework. Meanwhile, positive Chaikin Money Flow readings suggest capital continues entering the asset despite profit-taking following the breakout.<\/p>\n Support for the rally has also come from regulatory developments. Commodity Futures Trading Commission Chair Michael Selig recently defended the approval of perpetual futures products through regulated U.S. venues, a position that several market participants interpreted as constructive for decentralized derivatives platforms.<\/p>\n\n
Platform activity has strengthened demand<\/h2>\n
Technical structure points to higher resistance levels<\/h2>\n
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