$HYPE 🚀 HYPE Holds Above $74! Flips DOGE to Enter Top 10 as Grayscale ETF Fuels New Rally Price Update As of June 1, **HYPE is trading above $74**, up 8.4% in the past 24 hours. Its market cap has surpassed $160 billion, officially overtaking DOGE to become the 10th largest crypto asset. Against a choppy broader market, HYPE has climbed to a new all-time high, up approximately 85% over the past month. What's Driving the Rally? ① Grayscale ETF Enters the Arena Grayscale's GHYP spot ETF has completed its fourth S-1 amendment, with seed funding reaching $113 million. This signals that institutional capital is now flowing into HYPE through compliant channels. Grayscale's move is widely seen as a pivotal moment for Hyperliquid's transition from a DEX to institutional-grade trading infrastructure. ② Ecosystem Revenue Continues to Surge Hyperliquid's cumulative revenue has surpassed $1.16 billion. More critically, **99% of fees are directly used to buy back and burn HYPE**, consistently reducing circulating supply. Since Q2, gross revenue has exceeded $115 million, with the buyback flywheel still accelerating. ③ Shorts Get "Liquidated" After HYPE broke through $74 with strength, approximately $18 million in short positions were forced to liquidate over the past 24 hours. A prominent whale known as Loracle was forced to close over half of their HYPE short position, still holding roughly $60 million in short exposure with unrealized losses exceeding $22 million. Market Signals · Institutional Moves: Bitwise's HYPE ETF saw a single inflow of nearly $60 million. FalconX reports that Hyperliquid is now competing with traditional exchanges. · Whale Accumulation: Hyperliquid ecosystem whales distributed roughly $6 million in HYPE purchases across four addresses, contributing nearly 50% of TWAP buy orders. · Volume Surge: HYPE's 24-hour trading volume on Hyperliquid exchange reached $1.2 billion — second only to BTC, surpassing ETH and crude oil. Technical Levels · Resistance: $80, $100 · Support: $70, $67.5 #HYPE再次突破历史新高 #CFTC历史性批准BTC永续合约 #纽交所母公司授权OKX推出原油合约 $ETH