HYPE at $63, are you still waiting for a pullback?

Bitwise spot ETF enters the fray, Galaxy Digital just unstaked 1 million HYPE ready to dump, and another 9.92 million are unlocking on May 29 — up 17% in 7 days, 46% in 14 days, 62% in a month, and over 150% year-to-date. BTC is stuck at $60k, ETH is half-dead at $2,000, but HYPE is rocketing like it's on fire.

First thing: HYPE's rise isn't driven by stories — it's a money printing machine.

Do you know why HYPE can rally against the trend this time? It's not meme sentiment, not Twitter shilling — it's a real-money buyback machine.

Hyperliquid has a mechanism called the "Assistance Fund" that takes 99% of the exchange's trading fees to buy HYPE on the open market. Since launch, cumulative revenue has exceeded $1.16 billion, almost all used to buy back its own token. As of now, over 45 million HYPE have been permanently burned, worth about $2 billion at market cap.

Second thing: The ETF is here, but the real buyers are not retail investors.

In mid-May, Bitwise launched the HYPE spot ETF (BHYP) on the NYSE.

Bitwise not only stakes HYPE internally to earn yield, but also takes 10% of management fees to buy HYPE to strengthen its own balance sheet.

Galaxy Digital unstaked 1 million HYPE on May 29. Logically that's bearish, right? Well, the selling pressure was directly absorbed by demand from traditional financial institutions.

On one side, Galaxy Digital is taking profits; on the other, Bitwise is rushing in.

Third thing: On May 29, 9.92 million HYPE unlock — then what?

On May 29, 9.92 million HYPE unlock, worth approximately $572 million.

On May 25, 7.8 million HYPE just unlocked, worth $480 million. With two large unlocks stacked, any other coin would have crashed by now.

Plus, there's a small unlock in July (about 450k HYPE, worth $28 million), which is a much lighter pressure compared to the previous volumes.

The market tells you one thing with its price: the negative impact of unlocks has already been priced in.

Bull vs bear showdown — judge for yourself.

On one side:

$1.16 billion in revenue fully used for buybacks, 45 million tokens permanently burned

Bitwise ETF rushing in, institutional demand exploding

Up 46% in 14 days, doubled in 1 year, trend fully bullish

Perpetual swap volume already surpasses most CEXs

On the other side:

Two large unlocks in May, totaling over 17 million tokens

Whales like Galaxy Digital are taking profits

Buyback size dropped from $316 million in Q3 2025 to $192 million in Q1 2026, a 40% decline

Once trading volume shrinks, the buyback flywheel reverses direction

Key Levels

Resistance above: 67.13 → 70-72 → 75-77

Support below: 62-65 → 60 → 55-52

For those already holding:

If you have a thick profit cushion, hold tight. Move stop loss to below 60.

For those with empty / light positions:

Wait for pullback. Enter in batches at the 62-65 range, stop loss below 55.

For futures traders:

Light position, within 3x leverage. HYPE is extremely volatile — high leverage is just giving away money.

Position management:

Within 10-15% of total capital. It's a large-cap coin, but its volatility can still kill you.

HYPE is like SOL in 2020 —

Back then everyone was calling it a "garbage altcoin," but it went from $1 to $200.

It's not that HYPE is too expensive — it's that you keep waiting for a pullback.

At $67, you think it's expensive.

When it hits $100, will you be slapping your thigh in regret?#Gate股票转仓功能上线 #Strategy拟回购股票 $BTC $ETH $HYPE