The rally: From $43 to $64 in a single week
Hyperliquid reached its ATH at $64.24 on May 24, 2026, surging from $43.58 just a week earlier — a massive +46% increase in seven days. The token is now consolidating between $59 and $63, digesting this exceptional move driven by a sector rotation and over $80 million in inflows since the launch of its first ETF.
The market is currently in a digestion phase, which is both normal and healthy following such a rapid extension. HYPE is attempting to consolidate above its previous ATH around $59. If HYPE manages to hold this $58 to $59 zone today, a bounce toward $70 by the end of the week is far more likely than a breakdown.
Nevertheless, HYPE is printing a bearish order block on the 3 hour timeframe. Two scenarios are unfolding for HYPE, holding the $59 level on the daily chart and pushing toward the upper FBB at $70. But if it loses $57, there is a liquidity void below $54 and a swift return to $48 or $49 becomes the likely prospect for the token.
As shown on the hl.eco dashboard, selling pressure has clearly dominated over the past 24 hours. This dashboard tracks TWAP orders (progressive buying and selling) for the $HYPE token. Over the last 24 hours, investors (primarily large wallets) have sold significantly more than they have bought, resulting in a net -$801,554. There are still $2.52 million in scheduled sell orders compared to only $1.72 million in buy orders. This indicates that whales or institutions are quietly taking profits or reducing their positions without causing a brutal price crash. While a slight buying bounce occurred in the last hour, the overall trend remains geared toward progressive selling. This is a classic distribution signal that warrants short term caution.
But as mentioned earlier, the Hyperliquid ETFs launched on May 12 have attracted $80.6 million, including $25 million in a single day on May 21 and $16.1 million on May 22, creating direct institutional buying pressure on the token. These inflows will therefore need to be closely monitored in the coming days to see if they can offset this quiet selling from large wallets.
Long term fundamentals: A DEX generating real money
What sets HYPE apart from most altcoins over the long term is that the protocol generates real, measurable revenue. In just 24 hours, Hyperliquid recorded $1.99 million in fees and an equal amount in protocol revenue. At this pace, that translates to roughly $60 million per month.
This is why $HYPE displays a highly positive overall dynamic, largely fueled by a massive and sustained buyback program: $803.82 million repurchased in 6 months, with a record peak of $20.13 million in a single day. With only 29.9% of the supply in circulation (298.6 million tokens), the token benefits from strong structural scarcity.
Despite the progressive selling pressure visible on TWAP orders, buybacks and high activity on Hyperliquid (volume, traders, liquidations) continue to support the price. Overall, the trend remains bullish, backed by a powerful deflationary mechanism coupled with real adoption and scarcity, even though institutional profit taking remains something to watch in the short term.
Furthermore, the cumulative trading volume on the platform has surpassed $3.64 trillion, hitting an ATH, while total HyperEVM fees have crossed the $235,000 cumulative mark — also an all time high.
This revenue is not passive: it directly fuels the buyback mechanism. The Hyperliquid Assistance Fund uses 97% to 99% of all platform fees for daily open market buybacks, having already spent over $1.16 billion in cumulative buybacks. This acts as a structural price support mechanism rather than a speculative one.
The key event: The ~$600 million unlock on June 6
This is where the true test of conviction lies. The next unlock is scheduled for June 6, 2026: this will be another token release for Core Contributors, continuing the monthly cycle established by co founder Iliensinc on the 6th of every month since January.
The previous unlock on May 6 released 9.92 million HYPE — roughly $375.84 million at the time, representing about 58% of the total unlocked value across the entire crypto market that week. What should have triggered a massive sell off did not: the market absorbed the event, and HYPE continued its upward trajectory.
Ultimately, this is not a catastrophic event because the market has already priced it in (unlocks are known well in advance). Historically for HYPE, unlocks trigger volatility, but the price stabilizes or bounces back fairly quickly thanks to buybacks and real demand (ETFs, platform volume).
Looking at the flows, the funding rate for HYPE perpetuals on the platform stood at a mere 0.006%, while spot volume reached $209 million in 24 hours, implying a perp to spot ratio of 5.1x. Such a high ratio combined with low funding indicates that real spot capital is flowing in, and not speculative leverage chasing the pump.
As shown on the volume dashboard, $HYPE boasts exceptional liquidity with $1.85 billion traded in 24 hours. Hyperliquid captures 42.2% of the total volume ($662 million on perpetuals), while centralized exchanges (Bybit, Tapbit, etc.) account for 53.5%. The two ETFs (THYP and BHYP) already contribute 4.28% of the daily volume, representing nearly $79 million. This multi venue distribution and massive volume demonstrate real adoption and healthy liquidity, cementing $HYPE’s status as one of the most actively traded tokens on the market right now.
Simply put, if the price of HYPE drops around June 6, it presents an ideal opportunity to buy HYPE and open a long position. The demand and activity surrounding the network have never been healthier.
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