HYPE Price Surges as Hyperliquid ETF Launch Boosts Crypto Market Optimism

Alternative cryptocurrencies outperformed Bitcoin on Thursday as Hyperliquid’s HYPE token rallied sharply following the launch of Bitwise’s new Hyperliquid ETF and expanding institutional adoption across the blockchain sector. While Bitcoin (BTC) continued trading below its 200-day simple moving average near $79,281, altcoins gained momentum amid rising investor interest in decentralized finance and tokenized assets.

HYPE climbed nearly 16% over the last 24 hours, briefly touching $47 for the first time since October before settling near $45. The rally follows the debut of Bitwise’s BHYP ETF, which provides spot exposure to Hyperliquid’s native token and includes integrated staking features. The ETF carries a 0.34% sponsor fee, temporarily waived for the first month on assets up to $500 million.

Investor sentiment also improved after Coinbase announced it would serve as the official USDC treasury deployer for Hyperliquid under the Aligned Quote Asset framework. The move strengthens Hyperliquid’s stablecoin infrastructure as USDC supply on the network approaches $5 billion. Wallet integrations with MetaMask and Phantom are also helping expand access to Hyperliquid’s ecosystem.

Hyperliquid continues gaining traction as a leading decentralized exchange for tokenized and traditional finance-linked assets. Trading activity surged around CBRS, a pre-IPO asset linked to AI chipmaker Cerebras, which generated more than $280 million in 24-hour volume and ranked among the platform’s most traded assets.

Elsewhere in the crypto market, Flare Network’s FLR token gained 14% while Unibase’s UB token advanced 11%. In derivatives markets, crypto futures volume rose 14% to $220 billion, while total open interest remained relatively stable at $132.76 billion, signaling controlled market positioning despite macroeconomic uncertainty.

Canton Network’s CC token also saw strong momentum as open interest jumped 16% following reports that IntellectEU would support institutional connectivity to DTCC’s upcoming tokenization platform. Analysts noted aggressive buying activity in CC and HYPE futures markets, supported by positive funding rates and rising cumulative volume delta metrics.

Meanwhile, XRP reached a two-month high of $1.55 before retreating to $1.46. Although XRP open interest increased significantly, negative cumulative volume delta suggested heavy selling pressure during the rally.

Traditional financial markets painted a mixed picture as gold fell 2%, Treasury yields climbed to 12-month highs, and the U.S. Dollar Index extended gains for a fourth consecutive session. Despite the macro pressure, crypto derivatives markets showed limited signs of stress, with Bitcoin and Ethereum implied volatility indexes remaining near recent lows.

Options activity on Deribit, however, reflected cautious sentiment, with traders heavily favoring downside protection through put options tied to Bitcoin price levels between $60,000 and $78,000.