The protocol token $HYPER $HYPE touched above 87 US dollars today, approaching its yearly high. The real-time price is 87.07 US dollars, up about 2.8% over the past 24 hours.
There are a few real reasons behind this rally: after being halted for four days, Bitwise's HYPE ETF resumed buying, increasing holdings by about 10.5 million US dollars in a single day. On the same day, the protocol also burned about 970,000 $HYPE , worth roughly 830,000 US dollars. There was also a whale address that withdrew about 8.25 million US dollars from four exchanges and moved it to a cold wallet.
The return of ETF funds, together with the protocol's mandatory burn-based deflation mechanism, supported this round of gains. The broader market is still hovering around 80,000, and with HYPE performing this strongly, it looks more like localized capital is picking the target.
Going forward, the market will mainly watch two things: whether Bitwise keeps buying, and how the U.S. regulatory path develops in September.
There are a few real reasons behind this rally: after being halted for four days, Bitwise's HYPE ETF resumed buying, increasing holdings by about 10.5 million US dollars in a single day. On the same day, the protocol also burned about 970,000 $HYPE , worth roughly 830,000 US dollars. There was also a whale address that withdrew about 8.25 million US dollars from four exchanges and moved it to a cold wallet.
The return of ETF funds, together with the protocol's mandatory burn-based deflation mechanism, supported this round of gains. The broader market is still hovering around 80,000, and with HYPE performing this strongly, it looks more like localized capital is picking the target.
Going forward, the market will mainly watch two things: whether Bitwise keeps buying, and how the U.S. regulatory path develops in September.
