Hyperliquid Jumps 5% as Bitwise’s $4.3M HYPE ETF Debut Triggers Short Squeeze
Just days after plunging nearly 10% on reports that rivals ICE and CME had urged U.S. regulators to target Hyperliquid, HYPE jumped by more than 5% Monday. The tokens surge came amid a sell-off across the market that saw tumble below $77,000 for the first time in more than two weeks. Market data show that at midnight, HYPE not only matched its May 15 peak of just under $47, but it also briefly surpassed that threshold. While the token had retreated to $45.50 by 5:11 a.m. EDT, the surge brought its market capitalization to $10.85 billion, a nearly $1 billion increase from the $9.9 billion observed on May 16. In the derivatives market, HYPEs climb triggered the of $7.1 million in leveraged positions, with shorts accounting for approximately 75% of the total. According to Coinglass, some 2,279 HYPE traders were liquidated worldwide; at $877,299, the largest single involved the token. While the reported attempts by rivals CME and ICE to have regulators scrutinize Hyperliquid seemingly triggered the token‘s Saturday plunge, analysts believe Bitwise’s launch of exchange-traded funds (ETFs) the previous day played a role in its recovery. The first spot ETF for HYPE and the first to incorporate in-house , BHYP officially began