Bitwise-linked wallets have added another 336,474 HYPE worth about $24.43 million, extending one of the strongest fund-flow stories behind Hyperliquid’s record rally.
The latest HYPE accumulation happened over a 12-hour window, adding fresh demand while the token continues to trade near its all-time high. CoinGecko showed HYPE near $72.40 after reaching a record around $74.18, with 24-hour volume above $2 billion and the token still outperforming most of the broader crypto market over the past week.
The buy strengthens the same trend CryptoAdventure has tracked throughout May: HYPE is no longer being pushed only by retail momentum and whale speculation. Fund-linked structures are now part of the demand stack.
Bitwise Flow Keeps HYPE Supply Tight
Bitwise has already been one of the most visible institutional names around Hyperliquid. Earlier Bitwise-linked HYPE buying showed wallets tied to the asset manager adding 162,367 HYPE worth about $10.11 million, while previous Bitwise and 21Shares HYPE flows helped turn ETF-linked buying into a central part of the rally.
The latest $24.43 million purchase makes that story harder to ignore. HYPE has been running hot near record territory, yet large product-linked demand has continued to appear instead of waiting for a deep pullback. That does not guarantee another leg higher, but it changes the market structure. When funds buy and stake HYPE, immediately available supply can tighten while spot demand remains active.
Bitwise’s own Hyperliquid product adds the reason behind the flow. The Bitwise Hyperliquid ETF offers exposure to spot HYPE and includes staking through Bitwise Onchain Solutions. That makes HYPE different from a normal altcoin rally because part of the bid is connected to regulated product demand and staking mechanics, not only exchange speculation.
Hyperliquid Still Leads The Relative-Strength Trade
HYPE’s latest all-time high already showed how quickly traders have repriced Hyperliquid. CryptoAdventure’s recent HYPE ATH coverage captured the key setup: whales kept buying, shorts were forced to adjust, and Hyperliquid’s perps, spot liquidity and USDC depth gave the rally a stronger base than a simple narrative pump.
The new Bitwise-linked buy adds another layer to that breakout. HYPE is near price discovery, fund-linked demand is still appearing, and buyers are absorbing supply close to the highs. The risk is that the trade is now crowded and sensitive to any slowdown in inflows. The bullish case is just as clear: if Bitwise-linked accumulation continues while Hyperliquid volume stays elevated, the token can keep forcing the market to chase rather than wait for clean pullbacks.
