Hyperliquid's HYPE token touched a record $89.67 on Sept. 7 as renewed ETF buying and a widening list of institutional holders — including UBS, Bank of Montreal and Jane Street — reinforced demand. Bitwise's BHYP fund has now accumulated $166.3 million since launch, and Hyperliquid's own buyback mechanism is adding further support.
HYPE climbed to an all-time high of $89.67 before easing to around $88.21 as of Sept. 7, 8:21 EDT, according to Coinbase market data. The token was up roughly 4.8% over 24 hours, with trading volume reaching about $629 million.
HYPE extends a six-month rally
The record caps a sustained run. HYPE has gained about 7.7% over the past week, 60.7% in 30 days, and 175.9% over six months. Renewed buying through Bitwise's Hyperliquid ETF, BHYP, is fueling the latest move.
Arkham data showed the fund added $10.5 million of HYPE on Friday after four consecutive days without purchases — BHYP's largest buying day since a $23.2 million purchase on Aug. 27. Bitwise has now bought roughly $166.3 million of HYPE since launch, making BHYP the largest HYPE ETF by holdings.
Wall Street names surface in 13F filings
The list of institutional investors in HYPE keeps growing. Bloomberg Intelligence analyst James Seyffart highlighted second-quarter 13F filings showing a growing roster of holders of Hyperliquid ETFs. Wealth High Governance reported 632,614 shares of 21Shares' THYP, worth about $23.95 million as of June 30, while OLP Capital Management followed with $10.5 million.
UBS held $7.5 million and Bank of Montreal reported $6.7 million. Jane Street ranked fifth with $4.4 million, with Discovery Capital, Brevan Howard, Balyasny and Boothbay also appearing among known holders. The top five institutions accounted for roughly $53 million, 70.8% of the $74.9 million represented in the reported holdings.
Demand has expanded since 21Shares' THYP and Bitwise's BHYP launched in May, with Grayscale introducing HYPG in June. Combined net inflows reached $356.58 million through Sept. 4, and the three funds held $480.87 million in net assets.
A buyback mechanism adds further pressure
ETF demand is only part of the story. Crypto analyst McKenna estimates Hyperliquid's AQAv2 mechanism could generate roughly $192 million in annual reserve-yield revenue from $6.21 billion of outstanding USDC. With 90% directed toward the assistance fund, that could translate into about $527,000 of daily buyback pressure at current levels.
Source: Bitcoin News
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