Hyperliquid approaches $70 as institutional interest fuels rally

HYPE, the native coin of the Hyperliquid ecosystem, is the best performer among the top 10 cryptocurrencies by market cap.

The coin is up by 11% in the last 24 hours and is now approaching the psychological $70 level. 

The rally comes as Hyperliquid continues to strengthen its position in the digital asset derivatives market, capturing a record 8.3% share of global perpetual futures open interest.

The milestone reflects growing participation on the platform and improving liquidity conditions, both of which can support higher trading activity and deeper market engagement.

The platform has also recorded approximately $240.5 billion in futures trading volume over the past 30 days, while annualized fee revenue has surpassed $1 billion, underscoring the increasing scale of its ecosystem.

Spot ETF continues to attract significant investor demand

Institutional interest has been further supported by strong demand for recently launched HYPE spot exchange-traded funds.

According to market reports, HYPE-related ETFs attracted approximately $161 million in net inflows during their first month of trading. 

New investment products from major issuers, including Bitwise, Volatility Shares, and Canary Capital, have provided US investors with regulated exposure to the asset.

The combination of ETF demand, rising liquidity, and growing derivatives activity reinforces Hyperliquid’s expanding presence among institutional market participants.

Additional market data suggests that professional traders continue to actively engage with the platform.

Consistently neutral funding rates, combined with elevated perpetual futures open interest, indicate a balanced but highly active market environment. 

Rather than showing excessive speculative positioning, the data points to sustained participation from sophisticated traders.

This dynamic has helped support Hyperliquid’s growth narrative while reducing concerns about one-sided market leverage.

Hyperliquid’s technical structure remains bullish

The HYPE/USD 4-hour chart is bullish and efficient as Hyperliquid is approaching its all-time high price. 

On the hourly chart, the token remains above its key moving averages (EMA-20: $62.36, EMA-50: $60.83, and EMA-200: $37.06)

The support level at $62.69 serves as an immediate demand zone and remains a critical level for maintaining the current bullish structure.

Several technical indicators continue to support the bullish outlook. The RSI at 74 means that HYPE is approaching the overbought region. 

Meanwhile, the MACD maintains a buy signal, adding further confluence to the bullish narrative. 

At press time, HYPE is trading at $68 per coin. If the market conditions persist, HYPE could extend its rally towards the all-time high price of $75.70. 

A decisive break above this level could see HYPE rally towards the $80 psychological level in the near term.

However, if the bears regain control, HYPE could drop towards the first major support level at $62.69.

Failure to defend this level could see HYPE extend its decline towards the Transactional Liquidity (TLQ) at $59.72. 

Hyperliquid’s combination of rising ETF demand, growing institutional participation, expanding derivatives market share, and strong platform revenues continues to support a bullish long-term outlook.

In the near term, however, traders are likely to focus on whether HYPE can overcome resistance at $70.

A successful breakout would strengthen the bullish case, while failure to do so could extend the current consolidation phase before the next major move develops.