CoinDesk
Hyperliquid's HYPE token rallied about 16% over 24 hours to trade near $45, briefly touching $47 — the highest level since October — as the Bitwise spot Hyperliquid ETF (ticker BHYP) began trading and Coinbase expanded its role as Hyperliquid's official USDC treasury deployer under the Aligned Quote Asset framework.
The Bitwise product gives investors direct spot exposure to HYPE through Bitwise's in-house staking infrastructure and carries a 0.34% sponsor fee, waived for the first month on assets up to $500 million. The launch follows a HYPE product from 21Shares that posted $8 million in daily volume and $2.52 million in net inflows two days after its own debut, per SoSoValue. Coinbase separately disclosed USDC supply on Hyperliquid has grown to roughly $5 billion, with the exchange gaining purchase rights tied to the Hyperliquid-native stablecoin USDH as that token phases out into USDC redemption.
Why it matters
The rally is the first major HYPE move with a US-regulated spot vehicle live on the tape — that widens the addressable buyer base beyond crypto-native wallets to traditional allocators who couldn't previously touch the token. The Coinbase USDC deepening layers regulated dollar rails on top of an onchain perps venue, addressing the structural stablecoin gap that has kept institutional flow concentrated on centralized exchanges. Together they reframe HYPE from a perpetual-DEX governance token into something closer to a regulated-access altcoin with exchange-grade plumbing.
The TradFi-flavored activity reinforces that read: Hyperliquid's pre-IPO token CBRS, tied to Cerebras's Thursday debut, cleared more than $280 million in 24-hour volume on the venue, ranking ninth among all assets traded there.
Market impact
HYPE led a broader altcoin bid: Flare's FLR added 14% and Unibase's UB rose 11%, while Bitcoin stayed below its 200-day moving average even after progress on the Clarity Act. HYPE open interest climbed to 42.56 million tokens from 39.61 million, with positive cumulative volume delta and funding rates pointing to bullish positioning.
Frequently asked questions
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What is the Bitwise Hyperliquid ETF and what does it do?
The Bitwise Hyperliquid ETF (ticker BHYP) is a spot product giving direct exposure to HYPE and using Bitwise's in-house staking infrastructure. It charges a 0.34% sponsor fee, waived for the first month on assets up to $500 million.
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Why did HYPE rally nearly 16% in 24 hours?
HYPE gained about 16% to trade near $45, briefly touching $47 — the highest since October — as the Bitwise BHYP began trading and Coinbase disclosed an expanded USDC treasury role on Hyperliquid under the Aligned Quote Asset framework.
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What is Coinbase's new role on Hyperliquid?
Coinbase became Hyperliquid's official USDC treasury deployer under the Aligned Quote Asset framework, with USDC supply on Hyperliquid around $5 billion. Coinbase also gained purchase rights tied to Hyperliquid-native stablecoin USDH as that token phases out into USDC redemption.
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What does the derivatives data show about the broader market?
Aggregate crypto futures volume rose 14% to $220 billion over 24 hours, with total open interest easing to $132.76 billion and liquidations of $328 million down 17% day-over-day. HYPE and Canton Network's CC open interest climbed, while BTC OI held in a 740K–750K range.
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What were the most active Bitcoin options on Deribit?
The three most active 24-hour options contracts on Deribit were puts: the $71,000 and $78,000 puts expiring May 29, and the $60,000 put expiring December 25 — indicating demand for downside protection even as the altcoin bid ran.
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