Hyperliquid’s HYPE token reached a new all-time high of $62.73 on May 22, driven by a combination of accelerating institutional demand through spot ETFs and significant accumulation from large whale wallets. The move comes as the broader crypto market remains largely range-bound, setting HYPE apart.
On-chain data confirms the institutional bid, with U.S. spot exchange-traded products for HYPE recording $25.46 million in collective net inflows on May 20, according to SosoValue data. This marks the largest single-day inflow since the products began trading on May 12, signaling growing interest from traditional finance.
The rally was intensified by large-scale derivatives and spot market accumulation. Data from Hypurrscan shows one trader holds a leveraged long position worth approximately $20.87 million, with unrealized profits of $3.4 million. In total, perpetual futures markets show cumulative long-side exposure of around $1.85 billion. An a16z-linked wallet has also been a notable accumulator, purchasing 2.34 million HYPE tokens worth $102 million since April 14, and adding another 261,250 HYPE in the last 24 hours.
Despite the strong momentum, technical indicators suggest a short-term cooling period may be approaching. The daily Relative Strength Index (RSI) has climbed above 75, a level widely considered overbought. Should a correction occur, key Fibonacci support levels are forming around $57.30 and $54.14, which could provide a floor for the next price consolidation.
This article is for informational purposes only and does not constitute investment advice.
