HYPE spot ETF saw consecutive net inflows from August 24–27, approximately $5.7M, $7.5M, $14.7M, and $24.4M respectively. The inflow amounts increased day by day. The OI of the perpetual contract $HYPE is now about $3.66B, with 24h trading volume of $5.35B. It’s clear that after Coinbase integrated Hyperliquid perpetuals into Base last week, the distribution logic has changed.
Hyperliquid is no longer relying solely on growth from native users who are familiar with the wallets and can use cross-chain. It has started moving into the product layer of a super app. The valuation of $HYPE is also shifting from on-chain perpetual protocols toward a global multi-asset trading network. However, although ETF inflows, app distribution, and OI growth are all strong, there remains uncertainty around team supply, market making, and regulatory access for $HYPE . We need to monitor in parallel the continuity of ETF inflows, the new markets for HIP-3, protocol revenue, and team-related addresses
Hyperliquid is no longer relying solely on growth from native users who are familiar with the wallets and can use cross-chain. It has started moving into the product layer of a super app. The valuation of $HYPE is also shifting from on-chain perpetual protocols toward a global multi-asset trading network. However, although ETF inflows, app distribution, and OI growth are all strong, there remains uncertainty around team supply, market making, and regulatory access for $HYPE . We need to monitor in parallel the continuity of ETF inflows, the new markets for HIP-3, protocol revenue, and team-related addresses