Hyperliquid’s native HYPE token continues to climb, with its target of $100 being its next highest point. This is due to the inflows that have been made into its ETFs, which highlight investor interest.
The HYPE ETFs have seen inflows of $89 millions over the last nine days. This is the equivalent of nearly $9.2 Million per day.
Within days of its launch, the combined assets under Management (AUM), Bitwise’s BHYP as well as 21Shares’ THYP had risen to $89 millions. This makes HYPE ETF one of fastest-accumulating crypto products.
Total spot HYPE ETF net inflows. Source: SoSoValue
Bitwise CEO Hunter Horseley said BHYP, alone, recorded approximately $12,000,000 in trading volume within its first 90-minutes of trading. Assets under management for the fund reached $40 Million just a little over one week after it was launched.
HYPE proponent Havoc added It is estimated that Grayscale GHYP, the next product in line to be released in 2018, could bring in an additional $8-$12 million daily. The projected yearly consumption could be between 8% to 33% depending on the average price of purchase.
Havoc estimates yearly net demands between $2.9 billion to $3.6 billion after assuming 30% to 35 percent outflows similar to those seen in spot Bitcoin ETFs. Analysts described these figures as significant for an asset that has a limited supply.
In addition, Hyperliquid is making a significant contribution to the growth of Onchain activities. attracting Over $1.1 billion net flows in the last month.
Related: RWA market hits $51B as tokenized private credits surges: Bernstein
Breakout HYPE Open Interest Tracks
HYPE climbed anew to a high of $64.00 on Tuesday while Bitcoin continued its struggle under the $77,000 level. The token is now consolidated at its previous break-out level, near $59.40. HYPE remains in a value discovery.
If HYPE remains above the $59.40 level, then the next Fibonacci Extension target at the 1.236 levels is located near the $76 mark. The 1.382 Fibonacci Extension places the next level of upside near $89.50. Next, is the 1.618 Fibonacci Extension near $101.
HYPE/USD, one-day chart. Source: Cointelegraph/TradingView
Fibonacci extension is a tool that traders use to calculate potential resistance zones, and the profit levels they can take once an asset has passed its all-time highest.
Data on derivatives continued to increase along with breakout. Velo showed that the aggregated interest in open positions was approaching $2 billion. This is because traders took on new positions as part of this rally. The aggregate funding rate was near 0.004% during the rally, indicating bullish positions.
Source: Velo chart. Source: Velo chart
Hyperliquid, according to crypto analyst Byzantine general reached The aggregate open interest of $8.5 billion makes it the third largest derivatives exchange behind Binance and Bybit. Platform’s open interest total market share reached a record high of 7.2%.
Some traders have been watching for signs of crowding following the vertical movement. Crypto trader GonzoXBT said Using a temporary pull back toward the area where there is a 200-period deviation from the exponential moving-average (EMA), four hours in length, could be helpful to reset position.
On the daily chart, there is also an unfilled gap in fair value between $48-$54 that coincides with the 50-day EMA rising. This could be a crucial liquidity zone and support area if price drops.
BTC/USD chart for one day by GONZO. Source: X
Related: NEAR protocol leads AI token rally with a 50% pump: Is $5 NEAR price next?
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Source: cointelegraph.com
