Українська
Русский
English
HYPE Reaches a New All-Time High Amid Institutional Activity
- The Hyperliquid token surpassed the $50 mark for the first time in roughly eight months.
- Santiment stated that a short squeeze is forming due to a sharp increase in short positions.
- Analysts also identified major purchases of Hyperliquid by whales and wallets linked to Grayscale Investments.
- One of the key drivers behind the rally is believed to be the launch of ETF products tied to Hyperliquid.
HYPE Surpasses $50 and Hits a Record High
The native token of the Hyperliquid ecosystem has surged more than 50% in about a week and exceeded the $50 level for the first time in approximately eight months.
At the time of writing, the asset is trading near $59.
HYPE/USDT chart on OKX exchange. Data: TradingView.
Update
According to TradingView data, Hyperliquid reached a new all-time high above $60 on the evening of 21 May 2026.
Santiment: A Short Squeeze Is Developing
Analysts at Santiment noted that on 18–19 May 2026, the number of short positions on Hyperliquid increased sharply across crypto exchanges.
Funding rate data indicated dominant bearish sentiment among traders expecting the token’s price to decline.
However, instead of correcting, the token continued to rally.
Experts explained that this created the conditions for a so-called short squeeze — a situation where traders holding short positions are forced to buy back the asset due to liquidations or to limit losses.
Such buying activity further accelerates upward price movement.
Santiment also noted that open interest (OI) in Hyperliquid futures remains elevated at more than $1.9 billion.
According to analysts, this indicates that strong interest in the asset persists despite large-scale liquidations.
ETF Products Are Fueling the Rally
In addition, the launch of ETF-related products linked to Hyperliquid is being cited as another major catalyst behind the rally.
Whales Continue Accumulating HYPE
Amid rising interest in the asset, analytics platform Lookonchain reported significant whale activity.
According to the platform, one wallet withdrew $40 million in USD Coin from Binance and transferred $10 million to Hyperliquid to purchase the token.
So far, the wallet has acquired 22,700 Hyperliquid worth approximately $1.1 million.
Another major investor transferred $19 million in USD Coin to Hyperliquid to buy the token.
According to Lookonchain, this wallet has already accumulated around 76,600 Hyperliquid worth approximately $3.8 million.
Grayscale-Linked Addresses Also Accumulate HYPE
Journalist and analyst Colin Wu, citing data from Arkham Intelligence, stated that addresses potentially linked to Grayscale Investments are accumulating Hyperliquid through exchanges and OTC desks.
According to him, over the past week the address acquired tokens via Wintermute, FalconX, Coinbase, and Flowdesk.
The wallet currently holds approximately 176,000 Hyperliquid worth nearly $10 million.
Additionally, Lookonchain reported that two wallets associated with Grayscale Investments collectively acquired and staked more than 510,000 Hyperliquid worth around $25 million.
Analysts Remain Highly Bullish
Previously, Matt Hougan, CIO of Bitwise Asset Management, described Hyperliquid as the most important crypto project of recent years and said the token remains undervalued.
Former BitMEX CEO Arthur Hayes also stated that Hyperliquid could rise to $150 if Hyperliquid maintains strong financial performance and high trading volumes.
See also: "Hyperliquid Token Surges 50% in a Week and Hits a Record High"
