Since June, the overall cryptocurrency market has been under pressure, with mainstream assets like Bitcoin and Ethereum experiencing significant adjustments, resulting in a global crypto market cap decline of about 7.5%. Meanwhile, HYPE has risen against the trend: on June 2, it briefly approached $76, reaching an all-time high. Although it has since slightly pulled back to the $71-$73 range, it recorded a gain of 15%-25% over the past week, demonstrating notable relative strength.
As of publication, HYPE's market cap is approximately $18.488 billion, ranking ninth among global crypto assets, with a 24-hour trading volume remaining around $6.29 billion. The platform serves as a Layer 1 decentralized perpetual contract trading venue, with its derivatives liquidity favored by institutions.
Institutional funds are rotating from mainstream assets like Bitcoin and Ethereum to emerging themes like HYPE, seeking early investment opportunities in AI, tokenized stocks, and prediction markets with high liquidity.
Fundamental support and institutional signals indicate that HYPE's strength is not unfounded. By the end of May, its market cap had surpassed Dogecoin, officially entering the top ten. BitMEX co-founder Arthur Hayes recently publicly reinforced his bullish stance: he issued a $100,000 charitable bet challenging Solana supporters, wagering that HYPE’s market cap will exceed Solana’s within the current bull market cycle, with a price target of $150. This statement has further amplified market attention on HYPE.
On June 3, traditional capital entry made a significant breakthrough. Grayscale officially launched the Hyperliquid Staking ETF (HYPG), listed on NASDAQ, with a management fee of only 0.29%, one of the lowest among similar products in the U.S. market. This ETF provides exposure to the spot price of HYPE and captures staking yields, with a first-day NAV of $25.93 and AUM of approximately $518,000, achieving 100% staking. The benchmark level corresponds to about $73.35. This low-fee product opens a compliant channel for traditional funds like stock accounts and ETF investors, directly responding to the market's expectation of “continued expansion of traditional funds.”
On the same day, Galaxy Digital withdrew around $12.6 million worth of 179,000 HYPE from Coinbase, with another new wallet accumulating nearly $29 million in HYPE within two days. Some analysts point out that such large withdrawals are often signals of long-term accumulation rather than short-term selling.
Technical aspects and unlocking pressure: Short-term caution, long-term still relies on three points. From the candlestick chart, HYPE has recently formed a high-level doji pattern with a longer upper shadow, indicating selling pressure above. The 14-day RSI value of 70.88 is approaching the overbought zone, indicating short-term volatility or pullback risks. If trading volume shrinks, the price could test the $65-$70 support level.
A crucial unlocking event is coming on June 6. According to data, approximately 534,000 HYPE (worth about $40.1 million, accounting for 0.24% of the already released supply) will be nominally released that day. Although the market previously focused on a larger-scale cliff unlocking (about 9.92 million), the core contributor team has clearly committed to only taking about $38 million of the portion, indicating that the actual selling pressure is far lower than the headline number. This arrangement, where “surface pressure is greater than actual,” provides a buffer for prices.
The core factors determining whether HYPE can break higher and challenge a higher market cap are still three points:
- Can perpetual trading volume be maintained? The Hyperliquid platform generated approximately $800 million in 2025 revenue, almost all of which was used for HYPE buybacks and burns. Current daily trading volume and open interest are still at high levels; if institutions continue to flow in, this positive cycle will directly support the token's value.
- Can the spot HyperEVM and ecosystem applications catch new demand? The platform is promoting the HyperEVM expansion and Season 2 airdrop plan, aimed at attracting more DeFi dApp deployments and community participation. If the ecosystem can convert trading volume into real application stickiness, it will provide fundamental anchor points for HYPE.
- Can traditional funds like ETF stock accounts continue to expand? The launch of the Grayscale ETF has taken the first step, and if more institutional products follow or stock-type accounts further allocate HYPE, traditional funds will form a stable buying pressure, alleviating short-term supply pressures from unlocking.
For investors looking to translate these analyses into action, choosing a trading platform that is highly liquid, easy to use, and long-term supportive of the HYPE ecosystem is particularly crucial. Gate, as an established exchange in the industry, has been renowned for its deep trading depth and user-friendly experience. Here, both spot and perpetual contract trading for HYPE maintain good liquidity and extremely low slippage, allowing both institutions and individual users to execute strategies efficiently.
One-click registration:
https://jump.do/zh-Hans/xlink-proxy?id=5
It is noteworthy that Gate continues to provide thoughtful support for new users: registering allows you to enjoy new user benefits, significantly lowering the participation threshold for trading in the Hyperliquid ecosystem and popular tokens (such as HYPE). Against the backdrop of the Grayscale ETF launch and accelerated institutional layouts, the low fees and smooth experience provided by Gate help new users capture market fluctuations promptly, not missing out on this structurally driven market by traditional funds.
The game at the height of sentiment. Currently, the sentiment value of HYPE is at a high level, but the “good news dulling” characteristic is evident: good news keeps coming, yet the price has not surged through new highs in one go. This is a typical stage of high-level energy accumulation. In the short term, investors need to be alert to liquidity changes around the unlocking and the potential pullback risk brought by RSI retreating; in the medium to long term, as long as perpetual volume is stable, the ecosystem passes the baton, and traditional funds continue, HYPE still has the space to transition from “sentiment king” to “price king.”
The cryptocurrency market is rapidly changing, and HYPE's next step depends on the flow of funds and the race for fundamental realization. Regardless, this resonance of institutional and infrastructure narratives has already made HYPE one of the top blue chips worthy of ongoing scrutiny in the first half of 2026.
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