#What is the outlook for Hyperliquid’s HYPE token?
Hyperliquid’s token, known as HYPE, is making significant strides as it prepares to retest its all-time high, following an impressive ascent of nearly 119% since the beginning of the year. Recently, the token reached $58.9 before correcting slightly to $57.6, remaining just 2.5% shy of the peak achieved in September 2025, according to CoinMarketCap data.
This robust performance positions HYPE as a strong contender in the crypto market, outpacing major assets like Bitcoin and Ethereum throughout 2026. The increase in HYPE's valuation has propelled it to the 10th largest cryptocurrency, outperforming legacy players like Zcash and Cardano.
#What factors are driving HYPE's price action?
The price action can be attributed to a combination of growing institutional interest and notable accumulation by crypto whales. On-chain analysis revealed that two wallets associated with prominent investment firm Grayscale recently acquired and staked over 510,000 HYPE tokens, which is valued at around $25 million. This activity follows Grayscale’s filing in January for a potential HYPE-focused ETF.
In addition to Grayscale, other significant players are also increasing their HYPE holdings. A wallet tied to Galaxy Digital has purchased over 158,000 tokens worth almost $9 million in recent hours. Moreover, a new wallet withdrew more than half a million HYPE tokens from Coinbase, valued at close to $30 million. Another whale, suspected to be linked to Andreessen Horowitz (a16z), has accumulated approximately $102 million in HYPE since mid-April.
#Is Hyperliquid undervalued?
Industry experts believe that investors may not fully appreciate the potential of Hyperliquid. Rather than merely being seen as a cryptocurrency platform, Hyperliquid serves as a vital piece of financial infrastructure that plays a crucial role in the broader $600 trillion global asset market. Matt Hougan, CIO of Bitwise, emphasized that the addressable market extends well beyond the limited scope of the $3 trillion crypto economy.
Recent developments indicate a growing institutional appetite for Hyperliquid, further bolstered by the introduction of new ETF products tied to the platform. Last week, Bitwise launched a Hyperliquid ETF on the New York Stock Exchange, and 21Shares followed suit with its own offering on Nasdaq. According to SoSoValue data, these ETFs have already seen net inflows surpassing $25 million and have accumulated over $58 million in net assets, alongside more than $41 million in trading volume as of this week.