Can HYPE hit a new all-time high as ETF inflows fuel its rally?

HYPE, the native coin of the Hyperliquid Decentralized Exchange (DEX), is approaching its all-time high price of $59 after crossing the $55 mark a few hours ago.

The positive performance comes as the broader cryptocurrency market bounces back from its recent selloff, with Bitcoin now trading around $78,000.

HYPE is leading the market rally as it is up 17% in the last 24 hours, making it the best performer among the top 10 cryptocurrencies by market cap.

Momentum indicators are extremely bullish, with institutional adoption likely to push HYPE’s price higher in the near term.

Hyperliquid ETFs attract $22M in inflows

HYPE is up 45% in the last seven days, outperforming the broader crypto market during that period.

The primary catalyst behind this rally is the launch of Bitwise's Hyperliquid ETF, BHYP, and 21Shares Hyperliquid fund, THYP, a few days ago.

The funds are drawing early attention from investors thanks to Hyperliquid’s growing dominance in the crypto space.

According to the Bloomberg analyst Eric Balchunas, the funds have attracted a total of $22 million (approx. €19.2 million) in inflows.

The Hyperliquid ETF $THYP is growing volume each day since launch in the tens of millions now, 8x over Day One, which is really good sign of organic interest. It also went up 20% right out of the gate, that def helps the cause. Now can someone pls pass me a glow stick. pic.twitter.com/vwNpxieAsK
— Eric Balchunas (@EricBalchunas) May 20, 2026

The demand for Hyperliquid ETFs has translated into meaningful buy-side pressure across HYPE markets.

Institutional positioning is shifting in the broader crypto market.

A recent 13F filing reveals that Goldman Sachs has exited positions in Solana (SOL) and XRP ETFs, while gaining exposure to HYPE treasury Hyperliquid Strategies.

On Monday, Bitwise announced that it would add HYPE to its balance sheet. Bitwise CIO Matt Hougan believes that Hyperliquid is the structural evolution in crypto markets.

Hougan noted that Hyperliquid is a "super app" that is targeting the $600 trillion (approx. €523.4 trillion) global asset market rather than the $3 trillion (approx. €2.6 trillion) crypto sector alone.

The Bitwise CIO also believes that HYPE's Gen 2 token model, which allocates 99% of fees to buybacks, makes it undervalued at the moment.

While institutions are positioning for a potential HYPE rally, retail investors are expanding their positions.

Smart money tracker Lookonchain reported that a whale deposited 19 million USDC to acquire more than 76,600 HYPE, worth approximately $3.8 million (approx. €3.3 million).

HYPE briefly broke above $50!

Whale 0xf605 deposited 19M $USDC into Hyperliquid to buy $HYPE over the past 3 hours.

So far, the whale has bought 76,600 $HYPE($3.8M), and the buying is still ongoing.https://t.co/mcQcTP05Za pic.twitter.com/vhJw88vdW2
— Lookonchain (@lookonchain) May 20, 2026

Is HYPE heading towards a new all-time high?

The HYPE/USD 4-hour chart is extremely bullish as Hyperliquid has outperformed the broader cryptocurrency market in recent weeks.

At press time, HYPE is trading at $56.65 and is approaching its all-time high price of $59.39. The momentum indicators suggest an extremely bullish scenario.

The RSI of 83 means that HYPE is currently in the overbought region. However, with the strong retail and institutional demand, a reversal could be unlikely at the moment.

The MACD lines are also within the positive territory, adding further confluence to the bullish narrative.

If the bulls remain in control, HYPE could extend its run and set a new all-time high above $59 in the near term. Currently, HYPE is only 5% away from its all-time high price.