Hyperliquid's HYPE token surged 7% today, trading at $51, marking a 32% increase over the past week. Analysts point out that the newly launched HYPE spot exchange-traded fund (ETF) continues to attract market attention, with trading activity on the rise, drawing the eyes of market analysts and crypto investors.
According to data provided by Balchunas, the ETF's trading volume increased from approximately $1.8 million on May 12 to over $14 million by May 19. The fund's price also rose from $23.49 on its first day of trading to $28.28 by May 19, further enhancing market interest in HYPE-related investment products.
HYPE ETF's Trading Volume Indicates Rising Market Demand
The increase in ETF activity is one of the main drivers behind the renewed attention on HYPE's price. Balchunas noted that the steady growth in trading volume indicates a positive signal of organic demand, as trading activity has increased over multiple trading days rather than experiencing a sudden spike.
Over six trading days, the Solana spot ETF has remained ahead of Hyperliquid's product based on market capitalization adjustments. However, according to data cited by WuBlockchain, on the sixth trading day, the inflow into the HYPE spot ETF was significantly stronger than that of its peers.
The inflow also impacted the demand for the token. During the same period, the purchase volume of the HYPE spot ETF was 2.5 times that of the HYPE tokens bought and burned by the auxiliary fund. This indicates that ETF demand has exerted direct buying pressure in the market.
Hyperliquid's Fee Growth Attracts Investor Attention
Hyperliquid has garnered attention due to its revenue and fee activities. Frank Chaparro stated that the platform has become one of the largest fee generators in the cryptocurrency space, capturing approximately $4.3 million in on-chain fees weekly, nearing $11 million.
The platform's primary business remains perpetual futures trading, which generates substantial fees from on-chain activity. Hyperliquid is also being discussed as a competitor to centralized exchanges, as it offers transparent on-chain trading and settlement.
Bitwise Chief Investment Officer Matt Hougan recently described HYPE as a next-generation crypto token with direct value capture. He noted that the market still views Hyperliquid as a rapidly growing perpetual futures exchange, and Bitwise believes it could cover multiple asset classes.
HYPE Price Tests Key Resistance Level
HYPE also shows a strong trend on the daily chart, rebounding from a low of $20.97 at the beginning of 2026. According to crypto analyst Ali Charts, since March, the token has formed higher lows and higher highs, indicating that buyer activity has significantly strengthened after the initial correction.
The recent breakout above the resistance zone at $45.37 has become a key technical point. Currently, HYPE's trading price is close to $51.41, at the upper end of its range, nearing the next resistance level of $58.61.
If HYPE's price remains above $45.37, traders may continue to view this breakout as valid. A daily close above $58.61 could support further upward movement, while a pullback may test the breakout zone before moving higher again.