Hyperliquid Price Surges as HYPE Outperforms Bitcoin and Ethereum Amid ETF Inflows

Hyperliquid (HYPE) price climbed to $59.02 on May 21 after posting a massive 20% gain within 24 hours, significantly outperforming Bitcoin and Ethereum. During the same period, Bitcoin rose only 0.9%, while Ethereum recorded a modest 0.5% increase. The rally comes as institutional interest in HYPE continues to accelerate, supported by strong ETF inflows, rising open interest, and increasing bullish momentum.

Recent reports revealed that Goldman Sachs reduced its exposure to Solana, XRP, and Ethereum ETFs while increasing its position in Hyperliquid-related assets. The investment bank reportedly purchased 654,630 shares of Hyperliquid Strategies (NASDAQ: PURR), valued at approximately $3.3 million. Following the acquisition, PURR stock surged to an all-time high of $8.71 as HYPE price continued its strong upward trend.

Investor demand for HYPE ETFs has also strengthened considerably. On May 20, HYPE ETFs attracted nearly $25 million in inflows, while Bitcoin ETFs experienced $70 million in outflows and Ethereum ETFs recorded $28 million in outflows. Since March, the 21Shares and Bitwise HYPE ETFs have steadily gained traction, with combined net assets approaching $58.73 million.

Hyperliquid’s derivatives market is also signaling continued strength. According to Coinglass data, HYPE open interest reached a record $2.74 billion, rising sharply from $1.54 billion just one week earlier. At the same time, short sellers continue betting against the rally, creating conditions for repeated short squeezes. More than $24 million in short positions were liquidated on May 20, followed by another $12 million wiped out on May 21.

Technical indicators remain bullish despite overbought conditions. The RSI currently stands at 78, while the MACD continues to show strong buyer momentum. Analysts believe a breakout above the key resistance level of $59.39 could trigger another rally toward the $77 target in the coming weeks.