Hyperliquid (HYPE) Soars 21% Following Nasdaq ETF Debut and Coinbase Partnership

Key Highlights

• HYPE rallied 21% over 24 hours to reach $46.64, with daily trading volumes exceeding $716 million.
• 21Shares launched the THYP ETF on Nasdaq May 12 — marking the first U.S. spot product offering direct HYPE exposure.
• Coinbase was designated as the official USDC treasury deployer on Hyperliquid, phasing out the native USDH stablecoin.
• Circle pledged 500,000 HYPE tokens for validator operations as part of the partnership agreement.
• Technical analyst Crypto Patel warns of possible retracement to $30–$33 range unless HYPE sustains a close above $50.

Hyperliquid’s HYPE token experienced a sharp 21% surge over the last 24 hours, climbing to $46.64 by Friday’s close. This upward movement elevated its market capitalization to approximately $11.14 billion, securing its position back among the top 10 largest cryptocurrencies.

The token experienced significant intraday volatility, moving from a low of $38.45 to a peak of $46.93. Daily trading activity surged to $716.7 million — representing more than a twofold increase from the prior session — based on CoinMarketCap statistics.

However, HYPE remains approximately 21% beneath its record high of $59.37, which was recorded in September 2025.

The price explosion came after two significant announcements: the introduction of a regulated investment vehicle and a fundamental transformation in stablecoin operations.

Regulated ETF Provides Institutional Gateway

On May 12, 21Shares introduced the THYP ETF on the Nasdaq exchange. This marks the inaugural U.S. spot exchange-traded fund that provides direct exposure to HYPE tokens. The product maintains physical token holdings, stakes a percentage for rewards, and applies a 0.30% management fee.

First-day trading recorded $1.8 million in volume, accompanied by approximately $1.2 million in net inflows. Pending applications from Bitwise and Grayscale indicate that additional HYPE-focused investment products could emerge soon.

The ETF structure enables conventional investors to gain HYPE exposure without managing cryptocurrency wallets or navigating blockchain protocols.

Coinbase and Circle Forge Strategic Alliance

On May 14, Coinbase revealed its new role as the official treasury deployer for USDC on Hyperliquid through the platform’s Aligned Quote Asset program. USDC will supplant USDH as the dominant settlement and collateral instrument.

Circle will oversee the cross-chain technical operations. This transition aims to minimize liquidity division between the two stablecoin options.

USDC circulating on Hyperliquid currently stands at approximately $5 billion, representing a year-over-year doubling. The bulk of reserve income will be channeled back into Hyperliquid’s ecosystem through its Assistance Fund, which facilitates automatic HYPE token buybacks.

Circle has also allocated 500,000 HYPE tokens to support validator activities.

Technical Analysis and Market Outlook

Analyst Crypto Patel posted a measured assessment on X, noting that the rejection near $46 aligns with a rising wedge breakdown formation. He identified potential support zones at $33, $30, and $27, highlighting his primary interest area between $30–$31. He emphasized that his outlook would shift bullish only with a daily close surpassing $50.

Meanwhile, analyst Ali Charts pointed out that the TD Sequential indicator — which accurately predicted the bounce from $22 to $44 — is currently displaying a sell signal. He suggested this could prompt profit-taking activity targeting $36 or $33.

Hyperliquid presently captures approximately 60% of worldwide perpetual futures trading volume and produces over $2 million in daily protocol fees, with nearly 97% allocated toward HYPE token buybacks and burns.