Hyperliquid’s native token HYPE jumped 21% in the past 24 hours, hitting $46.64 on Friday. The move pushed its market cap to around $11.14 billion, placing it back inside the top 10 cryptocurrencies by size.
The token ran from an intraday low of $38.45 to a high of $46.93. Trading volume reached $716.7 million — more than double the previous day — according to CoinMarketCap data.
Despite the rally, HYPE still sits about 21% below its all-time high of $59.37, which was set in September 2025.
The breakout followed two closely watched developments: a new regulated investment product and a major stablecoin infrastructure change.
On May 12, 21Shares listed the THYP ETF on Nasdaq. It is the first U.S. spot product that directly tracks HYPE. The fund holds actual tokens, stakes a portion for yield, and charges a 0.30% fee.
Debut day volume came in at $1.8 million, with net inflows of around $1.2 million. Additional filings from Bitwise and Grayscale suggest more HYPE-linked products may be on the way.
The ETF gives traditional investors direct exposure to HYPE without needing a crypto wallet or on-chain setup.
On May 14, Coinbase announced it would become the official treasury deployer of USDC on Hyperliquid under the network’s Aligned Quote Asset framework. USDC will replace USDH as the primary settlement and collateral asset.
INSIGHT: $HYPE surges 19.2% following a Coinbase–Circle USDC partnership announcement.
The deal is expected to route $USDC treasury yield revenue directly to Hyperliquid, potentially supporting an estimated $146M in annual HYPE buybacks. pic.twitter.com/hoXGyG9f92
— CoinGecko (@coingecko) May 15, 2026
Circle is handling the cross-chain technical infrastructure. The change is expected to reduce liquidity fragmentation between the two stablecoins.
USDC on Hyperliquid has a circulating supply of roughly $5 billion, which has doubled year-over-year. The majority of reserve yields will flow back into Hyperliquid’s ecosystem via its Assistance Fund, which drives automatic HYPE buybacks.
Circle also committed 500,000 HYPE tokens toward validator participation.
Analyst Crypto Patel shared a cautious take on X, warning that the rejection at $46 fits a rising wedge breakdown pattern. He outlined potential downside levels at $33, $30, and $27, and said his key interest zone is $30–$31. He added he would only turn bullish again on a daily close above $50.
Most Traders Are About To Get Caught On The Wrong Side Of $HYPE.
The Chart Has Played Out Perfectly So Far, Rising Wedge, Clean Breakdown, And A Retest Right Into $46 That Got Rejected.
This Is The Part Where Experience Matters
As Long As $46 Caps Price On The Daily, My… pic.twitter.com/e12TMXzIkO
— Crypto Patel (@CryptoPatel) May 15, 2026
Separately, analyst Ali Charts flagged that the TD Sequential indicator — which caught the rebound from $22 to $44 — is now flashing a sell signal. He said this could trigger profit-taking toward $36 or $33.
Hyperliquid currently handles around 60% of global perpetuals volume and generates over $2 million in daily fees, with nearly 97% going toward HYPE buybacks and burns.
The post Hyperliquid (HYPE) Price: HYPE Just Did Something Big — ETF, Coinbase Deal, and a 21% Jump appeared first on CoinCentral.
