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HYPE hit a new all-time high above $62 today, driven by strong ETF inflows and accelerating institutional accumulation for perpetuals.
What's the Scoop?
- The ATH: At one time, HYPE was up more than 20% on the day, breaking past its previous peak of about $59 set last September. It has since retreated to around $58 as of time of writing.
- Record ETF Flows: U.S. spot HYPE ETFs continued growing on Wednesday, positing $25.8 million in inflows and bringing cumulative inflows to roughly $54 million over the first seven trading days. 21Shares' THYP led with $16.65 million in daily inflows. Bitwise's BHYP added another $8.8 million.
- Wall Street Appetite: In conversation with the Block, Presto Research head of research Peter Chung noted that institutions appear to be accumulating HYPE ETFs faster than they did BTC ETFs on a market-cap-adjusted basis in the early days.
