Recently launched U.S Spot Hyperliquid [HYPE] has been well received by the market. Now, they stand out against other past crypto ETF debuts in key areas.
In the past ten days of trading, the aggregate net inflows to the product as a percentage of market cap jumped to 1.04%.
So far, the cumulative net inflows for the spot HYPE ETF hit $95 million, according to data by SoSo Value. Compared to the spot BTC ETF (0.59%), HYPE was seeing nearly double the relative ETF demand to market cap.
Based on this metric, Kairos Research said HYPE ETF was the “strongest debut of any spot crypto ETF to date.”
The ETF products from Bitwise and 21Shares have seen nine consecutive days of net inflows. On Tuesday, the 26th of May, they attracted $20.4M in daily inflows, doubling Monday’s $10.9M demand.
Unsurprisingly, the strong ETF inflows lifted HYPE’s price to a new all-time high (ATH) of $64.9 on Tuesday.
Will HYPE consolidate above $60 before eyeing $80?
According to institutional crypto brokerage firm Falcon X, HYPE will benefit from the above ETF flows. Additionally, treasury firms’ demand and trading activity for commodities and prediction markets could fuel the altcoin.
Besides, the Circle deal, which began the latest leg of the rally, will be a key catalyst for the ecosystem and its native token HYPE.
So how far can HYPE climb in June?
Well, Options traders expected the altcoin to hit $80 in the medium to long run. Massive Open Interest for calls (bullish bets, green bars) at the $80 strike level reflected that outlook.
That would imply a 34% potential upside if the $60 level is defended as the new price floor or support zone for the next leg of the rally.
However, price may remain pinned around the $60-$65.5 range in the near-term.
Notably, in the past 24 hours, Options traders closed calls at $65.5 and bought puts (hedging) at $60 (long red bar). This showed profit-taking near $65.5, while $60 was expected as a potential new floor for the altcoin.
As such, the $65.5 level could act as short-term overhead resistance, and clearing this $60–$65.5 could open the possibility of climbing up to $80.
In other words, there was a likelihood of short-term consolidation above $60 to cool off from the new ATH before the bulls attempt another breakout.
Final Summary
- U.S spot HYPE ETF has seen the highest relative demand as a percentage of market cap compared to the rest of the other crypto ETFs
- Option traders were now betting that HYPE could climb to $80 if the $60-$65 price range is cleared.
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