Hyperliquid’s 24-hour gain follows Bitwise’s $5.2 million token purchase for its Hyperliquid ETF, now holding $97 million in assets.
Hyperliquid (HYPE) climbed 11.6% over the past 24 hours, extending a 24% weekly and 76% annual rally. The cryptocurrency now ranks as the ninth-largest by market cap at $18.8 billion.
The surge follows Bitwise Asset Management’s purchase of 77,100 Hyperliquid tokens, valued at $5.2 million, for its Bitwise Hyperliquid ETF (BHYP). The fund now manages $97 million in assets, reinforcing institutional interest in the trading-focused blockchain.
Hyperliquid operates as a decentralized platform for asset and futures trading, competing with Uniswap (UNI) and PancakeSwap (CAKE) in volume rankings. Its self-funded model avoids external shareholder pressure, led by founder Jeffrey Yan.