Hyperliquid (HYPE) Price Surges 21% on ETF Launch, Coinbase Deal

TLDR

• HYPE surged 21% over the past 24 hours, reaching $46.64, with trading volume exceeding $716 million.
• The 21Shares THYP ETF began trading on Nasdaq on May 12—the first U.S. spot product tracking HYPE.
• Coinbase became the official USDC treasury deployer on Hyperliquid, replacing the native USDH stablecoin.
• Circle pledged 500,000 HYPE tokens for validator participation as part of the partnership.
• Analyst Crypto Patel forecasts a possible decline to $30–$33 unless HYPE closes above $50.

(SeaPRwire) –   Hyperliquid’s native token HYPE rose 21% in the last 24 hours, hitting $46.64 on Friday. This pushed its market capitalization to approximately $11.14 billion, re-entering the top 10 cryptocurrencies by size.

The token moved 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’s volume—according to CoinMarketCap data.

Despite the rally, HYPE remains about 21% below its all-time high of $59.37, set in September 2025.

The price surge followed two significant developments: the launch of a new regulated investment product and a major stablecoin infrastructure update.

ETF Launch Provides Regulated Access

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 to generate yield, and charges a 0.30% fee.

On its debut day, volume reached $1.8 million, with net inflows of roughly $1.2 million. Additional filings from Bitwise and Grayscale suggest more HYPE-linked products may follow.

The ETF allows traditional investors to gain direct exposure to HYPE without requiring a crypto wallet or on-chain setup.

Coinbase and Circle Strengthen Partnership

On May 14, Coinbase announced it would become the official USDC treasury deployer 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 $146 million in annual HYPE buybacks. pic.twitter.com/hoXGyG9f92

— CoinGecko (@coingecko) May 15, 2026

Circle is managing the cross-chain technical infrastructure. The change aims to reduce liquidity fragmentation between the two stablecoins.

USDC on Hyperliquid has a circulating supply of around $5 billion, which has doubled year-over-year. Most reserve yields will be directed back into Hyperliquid’s ecosystem via its Assistance Fund, fueling automatic HYPE buybacks.

Circle also committed 500,000 HYPE tokens toward validator participation.

What Analysts Are Saying

Analyst Crypto Patel offered a cautious outlook on X, noting that the rejection at $46 fits a rising wedge breakdown pattern. He identified potential downside targets at $33, $30, and $27, and highlighted his key interest zone at $30–$31. He stated he would only return bullish if HYPE closes above $50 on a daily basis.

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 pointed out that the TD Sequential indicator—which previously signaled the rebound from $22 to $44—is now issuing a sell alert. He warned this could lead to profit-taking toward $36 or $33.

Hyperliquid currently processes approximately 60% of global perpetuals trading volume and generates over $2 million in daily fees, with nearly 97% allocated to HYPE buybacks and burns.