Key facts
- The HYPE token reached an all-time high of $73.48.
- U.S. spot HYPE ETFs have experienced substantial inflows.
- The CFTC has provided regulatory approval for HYPE perpetual futures contracts.
- U.S. spot Bitcoin ETFs saw net outflows of $64 million on Monday.
- Grayscale's GBTC was a primary driver of Bitcoin ETF outflows.
- ETFs for Ether, XRP, Solana, and HYPE attracted new investments on Monday.
- SpaceX pre-IPO futures on Hyperliquid have traded over $1.4 billion.
- The SpaceX contract trades under the ticker SPCX-USDC.
- Bitwise withdrew its Bitcoin & Ethereum ETF filing.
- Bitwise purchased over $5 million worth of HYPE tokens.
- Bitwise has seen significant inflows into its HYPE ETF.
The HYPE token has achieved a new record high, reaching $73.48. This milestone is attributed to substantial inflows into recently launched U.S. spot HYPE Exchange Traded Funds (ETFs) and regulatory approval from the Commodity Futures Trading Commission (CFTC) for perpetual futures contracts related to HYPE. The regulatory validation from the CFTC specifically pertains to perpetual futures contracts.
In a contrasting market movement, U.S. spot Bitcoin ETFs experienced net outflows totaling $64 million on Monday. The Grayscale Bitcoin Trust (GBTC) was identified as a significant contributor to these outflows. Concurrently, ETFs tracking other digital assets such as Ether, XRP, Solana, and HYPE attracted new investments, aligning with a day where altcoins generally outperformed Bitcoin in terms of price action.
Further demonstrating significant market activity, pre-IPO perpetual futures for SpaceX's upcoming Initial Public Offering (IPO) have generated over $1.4 billion in trading volume on the Hyperliquid platform. The contract, trading under the ticker SPCX-USDC, allows crypto traders to speculate on SpaceX's future valuation while the company remains private. This volume has surpassed that of other markets.
In related developments, crypto asset manager Bitwise has withdrawn its S-1 registration for a proposed Bitcoin & Ethereum ETF. The firm cited a lack of effectuated transactions as the reason for this withdrawal. Simultaneously, Bitwise has increased its strategic focus on the Hyperliquid (HYPE) token, acquiring over $5 million worth of HYPE tokens. The firm has also observed significant inflows into its own recently launched Hyperliquid ETF.