Hyperliquid price nears ATH as HYPE rallies 24% in 6 days

Hyperliquid’s HYPE token has rallied about 24% in six days, moving near its all-time high as CLARITY Act momentum, ETF demand, USDC growth, and synthetic markets bring fresh attention to the network.

HYPE rose from $38.32 on May 13 to about $47.65, a gain of nearly 24% in six days. The analytics firm also said HYPE was trading within $12 of its all-time high, while social dominance reached 1.79% on May 14, far above its normal range.

TradingView data shows HYPE/USDT trading near $48 on KuCoin. RSI sits near 64.91, below overbought territory but showing strong buying pressure. MACD also remains positive, with the blue line above the signal line and green histogram bars rising.

Source: TradingView

HYPE gained 12% after Coinbase became Hyperliquid’s official USDC treasury deployer. That move added to market attention around Hyperliquid, while other tokens also saw smaller breakouts during the same period.

The rally also came as traders reacted to the CLARITY Act clearing a key U.S. Senate committee on May 14. The bill is aimed at creating clearer market structure rules for digital assets, and its progress helped lift sentiment around crypto trading platforms, including Hyperliquid.

Bitwise Hyperliquid ETF adds HYPE demand

Bitwise has added another catalyst. The asset manager said it will devote 10% of the management fee from its Bitwise Hyperliquid ETF, trading under BHYP, to holding HYPE on its balance sheet. The firm linked the move to Hyperliquid’s model, where about 99% of protocol revenue goes toward buying and burning HYPE.

Bitwise’s official launch note said BHYP began trading on NYSE on May 15. The fund carries a 0.34% sponsor fee, waived for the first month on the first $500 million in assets. 

Bitwise also said HYPE had reached more than $11 billion in market cap and had become the tenth-largest crypto asset. In its X post, “We’re holding HYPE.”

USDC expansion strengthens Hyperliquid trading rails

The HYPE rally also follows deeper USDC support on Hyperliquid. Circle became the technical deployment partner for USDC on Hyperliquid, while Coinbase became the official USDC treasury deployer. USDC will remain the main collateral and quote asset across Hyperliquid’s trading ecosystem.

That setup matters because Hyperliquid depends on deep stablecoin liquidity for its trading markets. USDC supply on Hyperliquid had climbed to about $5 billion, doubling year over year as stablecoin demand on decentralized exchanges grew.

Santiment also pointed to Trade.xyz’s launch of SPCX, a synthetic SpaceX pre-IPO perpetual, as another driver. The post said the market implied a $1.78 trillion SpaceX valuation, and HYPE added about 7% after the launch.