HYPE Stands Alone in the Green as Bitwise ETF Launch Pushes Market Cap Back to $11B!

While Bitcoin, Ethereum, and XRP are losing support levels, Hyperliquid's HYPE is trading above $45 with a 6% gain on the day, backed by more than $600M in 24-hour volume. The Bitwise ETF launch has been a key catalyst, pushing HYPE's market cap back to $11 billion and drawing fresh institutional attention alongside Coinbase's listing roadmap announcement.

The structural case is getting harder to ignore. Hyperliquid turned deflationary after burning 43.4M HYPE tokens valued at $1.96B last month, and 100% of protocol fees are currently directed toward buybacks — generating an estimated net daily supply reduction of 16,484 tokens. HYPE commands 44% of on-chain perpetuals market share, insulating it from the sentiment-driven volatility hitting the majors. Arthur Hayes has publicly set a $150 price target for August 2026, anchoring the thesis around real fee flows from on-chain perps…