HYPE Price Prediction as Hyperliquid ETF Inflows Near $200M Milestone

Key Insights

• HYPE token price has soared this year, helped by its fundamentals.
• Data shows that the spot HYPE ETFs have added close to $200M in inflows.
• There are signs that the HYPE token formed a double-top pattern.

The HYPE token price has been in a strong bull run this year, helped by the growing ETF inflows and Hyperliquid’s market share. Hyperliquid token soared to a record high of $76 this week and then pared back some of the gains to $70.93.

Hyperliquid ETF Inflows Near $200 Million

The recently launched HYPE ETFs have become highly popular on Wall Street, despite the ongoing crypto winter. Data shows that these funds have added over $180 million in net assets since their launch in May. They now hold $234 million in assets, which is equivalent to 1.44% of the total market capitalization.

The Bitwise HYPE ETF leads these gains with $139 million, followed by 21Shares’ and Grayscale’s $84 million and $10 million. These funds have more assets than Dogecoin ETFs, which have $12 million in assets. The VanEck BNB ETF has just $2.36 million in assets.

The ongoing HYPE ETFs inflows are happening because of its strong performance as the token has soared by 245% from its lowest point this year. This surge has made it one of the best-performing tokens since January.

At the same time, Hyperliquid Strategies has continued to accumulate the HYPE tokens, as it seeks to replicate Strategy’s and BitMine’s business models. The company has accumulated over 26.2 million tokens worth over $1.8 billion.

Similarly, Hyperliquid has become the second most staked coin in the crypto industry after Ethereum. StakingRewards data shows that it has a staking market capitalization of over $30 billion, giving it a staking ratio of 45%.

HYPE staking statistics | Source: StakingRewards

HYPE ETF Inflows Rising Because of Its Strong Fundamentals

Investors are buying HYPE tokens because of its strong fundamentals, now that it has become the breakout star in the crypto industry. For example, data shows that its perpetual DEX platform is handling more volume than the other top players combined.

Hyperliquid’s volume soared to $244 billion in the last 30 days, much higher than other platforms like ApeX Protocol, Aster, Grvt, and Lighter. Its volume was also higher than all the DEX protocols in key chains like Ethereum, Tron, Solana, and Base. This volume has jumped amid the rising growth of RWA assets like crude oil, gold, and stocks.

More data shows that Hyperliquid’s layer-1 network has continued doing well. For example, it has become the fifth-biggest chain in the stablecoin industry with over $6.4 billion in assets. The other bigger ones are chains like Ethereum, Tron, Solana, and BSC.

The network handled over $42 billion in stablecoin volume, while transaction counts surged by more than 90% to 11.2 million over the past 30 days.

At the same time, Hyperliquid’s fees have been relatively stable in the last 12 months. Per TokenTerminal, the fees jumped to over $920 million, a notable thing since Hyperliquid usually uses these funds to burn the HYPE tokens. Data shows that the network has already incinerated over 46 million tokens over time.

HYPE Price Prediction: Technical Analysis

Hyperliquid price chart | Source: TradingView

The daily chart shows that the HYPE price has soared from a low of $20 in January to a record high of $76. A closer look shows that the coin has formed the risky double-top pattern whose neckline is at $52, its lowest point on June 10, and the 38.2% retracement level. A double-top is one of the most common bearish patterns.

Therefore, there is a risk that the coin will retreat in the near term as bears target to the key support at $52. A move below that level will point to further downside to $40.

However, a move above the double-top point at $75 will invalidate the bearish outlook.

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