Key facts
- The HYPE token reached a new all-time high.
- The HYPE token is up over 196% year-to-date.
- HYPE-associated ETFs attracted nearly $172 million in net inflows since their May debut.
- US spot bitcoin ETFs experienced net outflows of $64 million on Monday.
- Grayscale's GBTC was a primary driver of Bitcoin ETF outflows.
- Tokenized SpaceX (SPCX) contracts on Hyperliquid saw over $1.4 billion in trading volume.
- The SPCX contract trades under the ticker SPCX-USDC.
- Bitwise withdrew its S-1 registration for a proposed Bitcoin & Ethereum ETF.
- Bitwise purchased over $5 million worth of HYPE tokens.
- ETFs for ether, XRP, and Solana attracted new investments.
- Altcoins outperformed bitcoin on Monday.
The HYPE token has achieved a new all-time high, marking a year-to-date surge of over 196%. This performance is bolstered by significant net inflows into its associated Exchange Traded Funds (ETFs), which have attracted nearly $172 million since their launch in May. This trend stands in contrast to the performance of Bitcoin ETFs, which experienced net outflows totaling $64 million on a recent Monday, with Grayscale's GBTC being a primary driver of these outflows.
A key driver for the HYPE token's surge appears to be the substantial trading activity surrounding tokenized SpaceX (SPCX) contracts on the Hyperliquid platform. The HYPE token itself reached an all-time high of $76.50, fueled by this activity. The SPCX contract, trading under the ticker SPCX-USDC, has generated over $1.4 billion in trading volume. This volume in real-world asset perpetuals on Hyperliquid signifies a notable shift in trading behavior, with volumes on centralized exchanges reportedly declining. The SPCX contract's trading reflects a market-implied valuation for the private company, SpaceX.
In parallel developments, crypto asset manager Bitwise has withdrawn its S-1 registration for a proposed Bitcoin & Ethereum ETF, citing a lack of effectuated transactions. Concurrently, Bitwise has intensified its focus on the Hyperliquid ecosystem, purchasing over $5 million worth of HYPE tokens and observing significant inflows into its recently launched Hyperliquid ETF. Other altcoin ETFs, including those for ether, XRP, and Solana, also attracted new investments on the same Monday that saw Bitcoin ETFs bleed cash, mirroring the day's price action where altcoins outperformed bitcoin.