After breaking through the $64.8 resistance level, HYPE continued its upward trend, rising to around $75.5 at one point, entering a new price discovery range. The article states that the breakout with increased volume indicates that buying pressure has not significantly weakened at higher levels, and market focus has shifted from short-term price movements to Hyperliquid's funding capacity and the protocol's fundamentals.

ETF size rises to $105 million

Bitwise's BHYP ETF has surpassed $105 million in assets under management. The article mentions that the fund attracted $81.8 million in 11 trading days, with average daily trading volume rising to $35.1 million.

This means that Hyperliquid's attention is no longer limited to native crypto traders; some institutional funds are also beginning to gain exposure through ETFs. The article argues that this inflow of funds is more about reinforcing existing demand than creating a separate price surge.

• ETF assets under management: Over US$105 million
• Net inflow over 11 trading days: US$81.8 million
• Average daily trading volume: US$35.1 million

Buying support emerged after the price fell back to $72.

After a rapid rise, HYPE briefly fell back to around $72, indicating that some funds were beginning to take profits. However, buyers subsequently defended the breakout area, preventing the price from falling significantly back into the previous range.

The article argues that price discovery phases typically don't involve a one-sided, linear upward trend, and short-term pullbacks are not unexpected. Going forward, the market is more focused on whether the support zone after the breakout can hold, and whether new funds will continue to flow in.

App revenue reached $53 million in May.

Beyond price movements, Hyperliquid's revenue performance is also fueling market interest. The article states that Hyperliquid L1 achieved $53 million in application revenue in May, approaching Ethereum's $52 million during the same period and surpassing most other on-chain ecosystems.

During the same period, Solana ranked higher with $91 million. Based on this, the article argues that HYPE's recent surge is increasingly linked to protocol activity, total value locked (TVL), and trading volume, rather than being solely driven by sentiment.

• Hyperliquid L1 May app revenue: $53 million
• Ethereum application revenue during the same period: $52 million
• Solana's app revenue during the same period: $91 million