Hyperliquid Price Surges as Grayscale Files Fourth HYPG ETF Amendment
On Thursday, the Hyperliquid price surged 5% during U.S. market hours, reclaiming the $60 mark. While a majority of major cryptocurrencies witnessed a short pullback following Bitcoin’s footsteps, the HYPE coin stands tall with renewed recovery. Today’s divergence can be attributed to Hyperliquid’s increasing trading volume as escalated geopolitical tensions raised oil prices, and Grayscale filed for its 4th amendment for the Grayscale Hyperliquid Staking ETF (HYPG), raising market hope for a potential launch in the near future.
Hyperliquid ETF Race Heats Up With Grayscale HYPG Filing
HYPE, the native cryptocurrency of the decentralized exchange (DEX), Hyperliquid, dominated the second half of May 2026 as its price rallied from $38.1 to $60.5 current trading value, registering a gain 58.4%. Consequently, the asset market cap jumped to $15.35 billion, maintaining its position in the top ten cryptocurrencies according to CoinMarketCap.
The primary catalyst for this surge was the launch of two spot HYPE exchange-traded funds, the 21Shares Hyperliquid ETF (THYP) on Nasdaq and the Bitwise Hyperliquid ETF (BHYP) on the NYSE. These products gained significant popularity within just two weeks of training, pulling nearly $98.76 million in cumulative total net inflow, at times outpacing Bitcoin and Ethereum ETFs on a market-cap-adjusted basis.
Furthermore, a new addition to the spot Hyperliquid ETF is rapidly advancing toward its debut as well. Grayscale has submitted its fourth amendment for the proposed Hyperliquid ETF, ticker HYPG. Bloomberg ETF analyst James Seyffart highlighted the revised filing information in a tweet on May 28th.
The latest version specifies an initial seed investment of approximately two million HYPE tokens, worth about $113 million, coming from Hyper Holdings Global LP. Fee information is still absent from the documents.
The previous amendment had mentioned provisions for possible staking of HYPE tokens, pending necessary regulatory approvals. It’s one of the features that sets the filing apart from rivals like Bitwise.
A successful launch of the HYPG ETF could expand access for traditional investors to the Hyperliquid ecosystem. Greater institutional participation through the ETF structure might drive higher trading volumes and on-chain activity for the underlying HYPE token. This staking feature may also be added to incentivize token holders, thereby contributing to the security and utility of the network.
Separately, during a recent Bitwise panel, CIO Matt Hougan joined Tova Kaufmann and James Seyffart to discuss Hyperliquid’s broad ambitions for traditional assets. Hougan noted that “Most people think Hyperliquid is a crypto app targeting the $3 trillion crypto market. It’s a super app targeting the $600 trillion global asset market.”
Hyperliquid Price Coiling In Pennant Pattern Before Next Breakout
Following a significant recovery in the second half of May, the Hyperliquid price has recently recorded a brief pullback from the high of $64.72 to $60.5, registering a 6.45% loss. The pullback is likely viewed as a post-rally correction for buyers to replenish their exhausted momentum.
A deeper analysis of the 4-hour chart supports his narrative for renewed recovery with the potential formation of a pennant pattern. This chart setup is characterized by an ascending pole from a strong rally, followed by a temporary consolidation within two converging trendlines for triangle formation, offering buyers a short breather before the next leap.
With today’s price jump, the Hyperliquid price is just 2% short of challenging the overhead trendline at $62. A potential breakout will intensify the buying pressure and push the price to a potential high of $70, followed by $77.
The 50 and 100 exponential moving averages of the 4-hour can offer suitable dynamic support to the coin amid a recovery trend.
On the other hand, if the overhead resistance stands firm, the HYPE coin could prolong its consolidation trend to build sufficient momentum for a breakout.
