After a failed attempt just a couple of weeks ago, HYPE is once again trying to set a new all-time high. However, this time around HYPE’s rejection was not as bad as the last one.
Hyperliquid’s token, HYPE, has performed strongly over the past few months. Since the launch of the HIP-3 permissionless perpetual markets in November 2025, the prices have been holding strong. Although there were troughs, bull pressure kept the bears suppressed.
HYPE hits roadblock once again
As shown in the chart below, this instance is the second time HYPE has been denied from setting a new all-time high within just two weeks. HYPE tested the same resistance level at approx. $75 at around the end of May and beginning of June but was not able to set a fresh all-time high. When prices hit this level, profit taking occurred, and the price then fell nearly 30 percent to $53 before the market bought the dip.
Unlike the first time, HYPE was rejected again, but this time the rejection was much better. Compared to the first rejection, where prices crashed by 30 percent, this rejection only cost 11 percent of the price, which is approx. a third of the first rejection’s cost.
Bitwise’s 77K HYPE purchase shoots up prices
The recent spike was initiated by asset manager Bitwise, which bought another 77,097
$HYPE ($5.18M) to support Bitwise Hyperliquid’s ETF. When Bitwise buys HYPE to support its ETF, it creates real demand for the token in the open market.
The purchase of 77,097 HYPE means the ETF absorbs those tokens instead of leaving them available for other buyers and sellers. As demand increases and available supply decreases, the market often responds with higher prices, especially if selling pressure remains low.
The effect can become more pronounced if the ETF attracts additional investors. New inflows into the fund may require Bitwise to purchase even more HYPE, creating a recurring source of demand.
This differs from speculative buying because the purchases are tied to the ETF’s structure and asset holdings. As a result, institutional accumulation can help strengthen investor confidence, attract more market participants, and contribute to upward price momentum.
SpaceX pre-IPO futures on Hyperliquid generates fees
Meanwhile, another catalyst that created the previous surge was the launch of the SpaceX perpetual futures. The launch of SpaceX perpetual futures on Hyperliquid helped HYPE appreciate because it attracted a surge of traders, liquidity, and trading volume to the platform.
When a highly sought-after asset like SpaceX becomes available for trading, more users join the exchange to speculate on its price movements. This increased activity generates more trading fees for Hyperliquid. Since the protocol uses a portion of its revenue to buy back HYPE from the open market, higher trading volume can translate into larger buybacks. As a result, demand for HYPE increases while supply available on the market decreases.
