HYPE delivered a strong performance today as rising demand from spot ETFs and increased activity in SpaceX related perpetual contracts injected fresh momentum into the Hyperliquid ecosystem.
Hyperliquid’s native token emerged as one of the market’s top gainers, posting a double digit increase as trading activity expanded across several segments of the platform.
At the time of writing, HYPE was trading near $72, just shy of its all time high. The token has gained roughly 10 percent over the past 24 hours, making it one of the strongest performers during the period. The rally appears to be driven by a combination of accelerated ETF accumulation and renewed enthusiasm within the ecosystem, supported by the growing popularity of SpaceX perpetual trading.
ETF Interest Strengthens Market Confidence
Data from SoSoValue indicates that regulated investment products tied to HYPE are becoming an increasingly important component of the asset’s market structure. The three ETF products currently offered by Bitwise, 21Shares, and Grayscale collectively hold approximately $209 million worth of HYPE, representing about 1.4 percent of the token’s total market capitalization.
During the latest price surge, net inflows exceeded $17 million within 24 hours, pushing cumulative inflows to $171 million. This trend highlights growing institutional confidence and sustained interest in Hyperliquid’s native asset.
Meanwhile, Bitcoin ETFs recorded approximately $64 million in net outflows, suggesting that investor appetite is shifting toward alternative digital assets. This view is reinforced by positive inflows into ETFs linked to Ethereum, Solana, and XRP.
SpaceX Perpetuals Reinforce the HIP 3 Narrative
Another major catalyst behind HYPE’s rally is Hyperliquid’s expanding presence in non crypto markets through its HIP 3 framework.
The SPCX USDC perpetual contract has generated more than $1.12 billion in trading volume over the past 24 hours. Open interest is approaching $300 million, while the contract itself is trading near $212.
The surge follows heightened interest in SpaceX linked perpetual products. Shortly after its launch, SPCX became the most actively traded asset on the platform, recording trading volume in excess of $1.3 billion.
The success of these products strengthens the argument that Hyperliquid can support deep and liquid markets beyond traditional cryptocurrency pairs. Previous examples include commodities such as gold and oil, with the platform increasingly becoming a preferred destination for traders seeking exposure to oil markets using crypto based infrastructure.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
