Key Insights

HYPE has extended its strong bull run and is approaching its all-time high.

American investors are accumulating HYPE ETFs.

Hyperliquid's 30-day volume is nearing the $220 billion milestone.

HYPE continued its strong bull run and broke through a crucial resistance level as the broader crypto market rally gathered steam. The Hyperliquid token is also benefiting from surging volume on its perpetual futures platform. The price has jumped to $85, up sharply from its July low of $51.

Hyperliquid is a decentralized exchange for perpetual futures, built on its own layer-1 blockchain, and HYPE is the token that secures and governs the platform. That design ties the token's fortunes directly to trading activity and fee generation on the network, which is why volume milestones like the one now in reach matter for the token's supply dynamics.

HYPE Price Analysis: Technical Outlook

The daily chart shows the HYPE token in a strong bull run over the past few weeks, rising from a low of $51.25 to $85.29. Along the way, the token climbed above the key resistance level of $76.80, which marked its highest level on June 6. Breaking above that level confirmed the bullish outlook.

The token has remained above its 50-day and 100-day moving averages, a sign that bulls remain in control. The Relative Strength Index (RSI) has moved into overbought territory at 78, while the Average Directional Index (ADX) has climbed to 44. An ADX reading of 20 or above is generally considered a signal that an uptrend or downtrend is gaining momentum.

On this basis, HYPE shows bullish momentum in the near term, with the next key level to watch at $100. The bullish outlook would be invalidated if the price falls below the key support level of $76.80.

Hyperliquid Benefits From the Crypto Market Rally

The main driver of the ongoing HYPE rally is the performance of the wider crypto market, which has pushed Bitcoin and other tokens to their highest levels in months.

The rally has boosted demand for tokens such as Bitcoin and Ether. According to CoinMarketCap, daily volume across centralized and decentralized exchanges jumped to $95 billion over the last 24 hours.

According to DeFi Llama, Hyperliquid processed over $76 billion in coins over the past seven days, bringing its 30-day reported volume to $219 billion and approaching the $220 billion milestone.

The volume surge has been driven by rising demand for tokens. Today's daily volume shows Bitcoin, Ethereum, Solana, and HYPE leading in turnover. Hyperliquid is also benefiting from growing demand for tokenized assets such as Nvidia, SanDisk, the S&P 500, and Micron.

Meanwhile, American investors are buying HYPE ETFs. Data shows spot HYPE ETFs have recorded inflows over the last three days, adding more than $37 million this month — a significant reversal after losing over $15 million the previous month. The funds now show a cumulative inflow of $315 million and hold $419 million in assets. Grayscale's HYPG holds $171 million of these assets, followed by Bitwise's BHYP.

More investors are also staking their HYPE tokens. The staking ratio has jumped to 45%, with total staked tokens rising above 450 million. These tokens are yielding 2.24%, slightly below Ethereum's 2.8%.

Hyperliquid is also generating substantial fee revenue despite the recent crypto winter, earning over $55 million in fees so far this month, slightly above the $54.5 million recorded last month. Year-to-date fees stand at over $529 million, below the $979 million earned last year. This matters because Hyperliquid typically burns most of its revenue in tokens, reducing the number in circulation — a supply-reduction mechanism similar in intent to exchange-driven token burns used elsewhere in crypto, though its effect depends on fees remaining elevated. The protocol has burned over 48.19 million tokens, now valued at close to $4 billion. Token burns reduce the circulating supply.

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