Crypto ETF Issuer Grayscale Buys HYPE as Hyperliquid Token Hits New ATH

Crypto ETF issuer Grayscale is rapidly accumulating HYPE, signaling significant institutional interest in the Hyperliquid token. This comes as the token’s price hit a new all-time high (ATH), rallying above $60 for the first time ever.

Grayscale Accumulates HYPE As Hyperliquid Price Hits New ATH

In an X post, on-chain analytics platform Lookonchain revealed that Grayscale is rapidly buying HYPE, accumulating 115,733 tokens, worth $6.65 million over the last few hours. The crypto ETF issuer has now bought 682,190 HYPE, worth $34.9 million, in total over the past week.

This move comes amid the Hyperliquid token’s rally to a new all-time high above $60, reaching $62. HYPE is notably outperforming Bitcoin and the broader crypto market, up almost 58% in the last week, according to TradingView data.

Meanwhile, it is worth noting that Grayscale’s accumulation also comes amid plans to launch a HYPE ETF. Grayscale will join fellow Asset managers Bitwise and 21Shares, which launched their spot Hyperliquid ETFs last week.

These funds have gotten off to a great start, seeing significant demand among institutional investors, which has also contributed to the token’s rally to new all-time highs. Bloomberg analyst Eric Balchunas recently pointed to the volume growth that Bitwise and 21Shares’ funds have recorded, noting that it was a “giant step” increase from their Day one volume, which is very rare.

The ETF analyst explained that ETFs typically see a big first-day launch and then drop off, but that hasn’t been the case for these Hyperliquid ETFs. “Rare to build in first week like this,” Balchunas said. Amid the success that these funds are witnessing, Bitwise has committed to holding HYPE on its balance sheet, using 10% of the management fees from its funds to buy these tokens.

Here’s a look at the volume growth for both of them together. Giant step increases from Day One, which is very rare. Normally big splash day one then drop off. OR oblivion for months until ppl notice it. Rare to build in first week like this. pic.twitter.com/af5yRyT8cO

— Eric Balchunas (@EricBalchunas) May 20, 2026

HYPE Is Still Undervalued

In his latest memo, Bitwise Chief Investment Officer (CIO) Matt Hougan opined that HYPE is one of the most mispriced assets in crypto today. He explained that this mispricing stems from two errors.

Hougan said that the first is a category error, whereby the market is valuing Hyperliquid as a crypto leverage trading platform that is seeing rapid growth. However, the Bitwise CIO believes the market should value the Perp DEX as a global super app covering all assets. That way, the platform is targeting the $600 trillion market for global assets and not the $3 trillion crypto market.

Meanwhile, the second error is an anchoring error. Hougan noted that crypto investors have long taught that tokens don’t accrue value, so they have grouped HYPE with tokens such as Uniswap’s UNI. However, the Bitwise CIO believes the market should compare Hyperliquid with Robinhood and CME, given Hyperliquid’s 99% buyback.