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Hyperliquid’s HYPE token jumped nearly 24% in six days as ETF activity, rising USDC liquidity, and synthetic pre-IPO markets brought fresh momentum to the network. Santiment said HYPE climbed from $38.32 on May 13 to around $47.65, placing the token within $12 of its all-time high. At the same time, social dominance rose to 1.79% on May 14, far above its normal range.
The rally followed several developments across the Hyperliquid ecosystem. Coinbase became Hyperliquid’s official USDC treasury deployer, while Circle expanded technical support for USDC on the network. Meanwhile, Bitwise launched its Hyperliquid ETF on the NYSE and committed part of its management fees toward holding HYPE.
Market sentiment improved after the CLARITY Act cleared a key U.S. Senate committee on May 14. The proposed bill seeks to establish clearer digital asset market structure rules in the United States. Traders reacted positively to the development. Crypto trading platforms, including Hyperliquid, saw renewed market attention as lawmakers advanced the legislation.
At the same time, Bitwise introduced another catalyst for HYPE. The asset manager announced that its Bitwise Hyperliquid ETF, trading under the ticker BHYP, would allocate 10% of management fees toward holding HYPE. Bitwise linked the strategy to Hyperliquid’s token model. The company said nearly 99% of protocol revenue supports HYPE buybacks and token burns.
BHYP began trading on the New York Stock Exchange on May 15. The fund carries a 0.34% sponsor fee, although Bitwise waived the fee during the first month for the first $500 million in assets.
Bitwise also stated that HYPE surpassed an $11 billion market capitalization, making it the tenth-largest crypto asset by market value. In a post on X, the company wrote, “We’re holding HYPE.”
Hyperliquid also gained stronger stablecoin support during the rally. Circle became the technical deployment partner for USDC on Hyperliquid, while Coinbase took the role of official USDC treasury deployer.
USDC remains the primary collateral and quote asset across Hyperliquid’s trading ecosystem. That role supports liquidity across perpetual futures and synthetic trading products.
According to reports, USDC supply on Hyperliquid reached roughly $5 billion. The figure doubled year over year as demand for stablecoin liquidity on decentralized exchanges increased.
Santiment previously reported that HYPE gained 12% after Coinbase secured its USDC deployment role. Other crypto assets also posted smaller gains during the same period.
The increased liquidity arrived as Hyperliquid expanded trading activity across synthetic markets. Traders continued moving toward products tied to private company valuations and leveraged exposure.
Synthetic SpaceX markets have become one of the main attractions on Hyperliquid. Santiment pointed to Trade.xyz’s launch of SPCX, a synthetic SpaceX pre-IPO perpetual, is another driver behind HYPE’s latest rally. The analytics firm said HYPE added roughly 7% after the SPCX launch. The market implied a SpaceX valuation of about $1.78 trillion at the time.
TradeXYZ priced pre-IPO SpaceX tokens near $202.88 with open interest reaching $31.48 million. The perpetual futures contracts only track pricing and do not provide access to actual IPO shares.
Other platforms also entered the market. PreStocks launched SpaceX-linked products on Solana with an implied valuation near $1.98 trillion, while Ventuals on Hyperliquid valued SpaceX around $2.1 trillion.
Both TradeXYZ and Ventuals allow moderate leveraged trading tied to SpaceX price direction. Reports also suggested trading activity could accelerate before June 12, one of the rumored IPO dates.
HYPE token climbed nearly 24% as ETF demand, expanding USDC liquidity, and synthetic SpaceX markets increased attention on Hyperliquid. Bitwise support and progress around the CLARITY Act also lifted market sentiment. Traders now continue watching whether rising institutional interest and tokenized asset activity can sustain HYPE’s momentum.
