HYPE at $45, do you dare to get on board?

Whales just swept nearly $40 million, Bitwise and 21Shares are rushing into the market to push ETFs, Coinbase has become its “wealth god”—the past 24 hours, the market was dead, BTC still hovering around 77k, but HYPE shot up 11% in a single bullish candle, directly reaching 46+. Just now, an extreme FOMO sentiment of 17:1 appeared, with the community’s bullishness crushing the bearish side by 17 times.

First look at the surface: main upward wave + decoupling from the market, very strong trend.

HYPE has risen over 21% in the past week, doubling since the beginning of the year—completely independent of BTC, a typical alpha asset. 24-hour trading volume ranges from $345M to $690M, with obvious volume expansion. The candlestick chart shows: the 50-day moving average has crossed above the 200-day moving average, confirming a classic bull trend. MACD has a golden cross with increasing volume, RSI around 60. The 44 level has turned from resistance into support.

First thing: institutions are rushing in, ETF and Coinbase are both turning towards HYPE.

On May 15, Bitwise’s spot HYPE ETF (BHYP) officially listed on NYSE, with a sponsor fee of only 0.34%, and the first month’s fee for the initial $500 million assets was waived. Not an ordinary ETF—it also integrates Bitwise’s proprietary staking infrastructure—institutions buy an ETF, not only benefiting from HYPE’s price gains but also earning 3-4% staking interest.

In the same week, Coinbase officially became the official USDC treasury deployment partner for Hyperliquid, managing about $5 billion USDC on the platform, generating roughly $200 million annually, with 99% directly used for HYPE buybacks and burns.

Second thing: whales and mega whales are疯狂扫货.

From May 14-18, five days of massive on-chain buy orders—absurdly dense—

Mega whale “0xF56” sold $7.83 million worth of XAUT, then directly投入10.2M USDC into Hyperliquid, buying 103,636 HYPE tokens, and opened a 5x leverage position. Another mega whale “0x688” also didn’t fall behind, depositing 4.87 million USDC, buying 102,055 HYPE at an average of $47.75. Another address placed multiple limit orders, accumulating from $30.88 to $35.88, with just limit orders totaling 7.26 million USDC.

Third thing: data metrics are also exploding.

Hyperliquid’s on-chain derivatives trading volume now accounts for over 70%, with daily settlement often reaching 13-15 billion, and protocol 24-hour revenue topping $4 million. TVL data has two figures—some stats show over $3 billion, others have surpassed $5 billion—both hitting record highs. Daily settlements of $1.3-1.5 billion, with 97% of fee income used for HYPE buybacks.

On one side:

- Bitwise + 21Shares dual ETFs launched simultaneously on NYSE

- Coinbase Treasury deployment + $200 million annual buyback

- Whales sweeping nearly $40 million in one week, continuous on-chain buying

- Over 70% of on-chain derivatives trading volume, TVL exceeding $5 billion

- 50-day MA golden cross 200-day MA, confirming medium-term bullish trend

On the other side:

- Community sentiment at 17:1 extreme optimism, such extremes often signal short-term top

- Just unlocked 9.92 million tokens (about $43 million) in May, another 9.92 million core contributor unlock on June 6

- CME + ICE are疯狂推动CFTC监管

- ATH of 59 is from last September’s decline—above is a real pressure zone

Key levels: 44-46, where bulls and bears are fiercely battling.

Resistance above: 46-48 (short-term top) → 50-52 (psychological round number) → 59.39 (ATH)

Support below: 41.5-42 (MA support + previous high) → 38-39 (important psychological level)

Short-term traders:

Be cautious chasing highs. Daily chart is in breakout confirmation stage, but the extreme FOMO of 17:1 could trigger a pullback at any time. Wait for a dip to 41.5-42.5 to enter, with a stop loss at 39.5. Confirm breakout with volume above 46, then add to positions.

Mid-term trend traders:

The 50-day MA has crossed above the 200-day MA, trend confirmed upward. Current price may retrace for phased accumulation, with total position control at 5-15%—this is still an early project, with a cap of 15% per coin. First target: 48-52, second target: 55-60 (3-6 months). Long-term view: if it maintains over 70% market share + revenue flywheel, reaching 100+ is very reasonable; Arthur Hayes’ 150 is no joke.

Long-term believers:

HYPE is truly infrastructure + cash flow driven, not a meme coin. No VC selling pressure (no VCs, no pre-mining, over 70% airdropped to the community), platform profits support buybacks and burns. The second unlock on June 6 is risky, but as long as the buyback flywheel keeps spinning, unlocks will be absorbed.

HYPE now is like SOL in 2024—

When everyone still thinks “new coin risk is high,” the real alpha is quietly doubling.

When it hits 80 someday, you’ll realize: it’s not that new coins are unreliable, but that you’re afraid to bet at the turning point.