According to a Tuesday X post by blockchain investigating account Onchain Lens, crypto asset management firm Bitwise has scooped 33,600 HYPE tokens, worth approximately $2.4 million at prevailing market prices. The move cements rising institutional appetite for Hyperliquid’s native token.
Bitwise buys HYPE from Wintermute
Bitwise tapped one of its authorized trading counterparties, Wintermute – for the Bitwise HYPE (BHYP) exchange-traded fund (ETF) – indicating that Tuesday’s HYPE purchase is a direct ETF-linked accumulation transaction, not exactly a speculative buy.
To recall, Bitwise launched the BHYP on the New York Stock Exchange (NYSE) on May 15 – one of the first spot HYPE ETFs in the U.S. On June 26, Bitwise deposited and staked 1.775 million HYPE tokens worth roughly $114 million directly on the Hyperliquid platform.
Notably, Bitwise has committed to directing 10 percent of all BHYP management fees toward buying and staking HYPE on its balance sheet, essentially creating a self-reinforcing accumulation loop.
At an even earlier point, Bitwise had bought $20 million worth of HYPE in a single day. Similarly, on May 19, Bitwise dubbed HYPE one of “crypto’s most undervalued assets.”
One fact worth highlighting is that there was a HYPE token unlock scheduled for Monday (July 6). Following Tuesday’s Bitwise’s purchase of HYPE, it shows that the asset management firm stepped in to absorb supply directly after the unlock event, a notable demand signal.
HYPE eyeing three-digital target
Bitwise’s strong interest in HYPE points toward strong demand for the 10th-largest cryptocurrency by reported market cap. Technical indicators suggest that the digital asset is targeting a fresh all-time high in the short-term.
HYPE’s current all-time high is $76.87, recorded on June 16. However, fresh the cryptocurrency is forming an ascending triangle formation on the 3-day chart, which could propel it all the way to $100 in the coming weeks.
Price predictions get significantly more ambitious on even longer timeframes. On June 25, Multicoin Capital forecasted a $319 target for HYPE by 2028.
