Hyperliquid (CRYPTO: HYPE) surged 15% in the last 24 hours while Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and XRP (CRYPTO: XRP) traded flat.



<h3>Hyperliquid ETFs Pull 2.5X More Buying Pressure Than Buybacks</h3>



The first two Hyperliquid spot ETFs attracted market cap-adjusted inflows exceeding Bitcoin on three of the first six trading days and outpaced Ethereum on five out of six days, according to analyst Aletheia.



On the sixth trading day, Hyperliquid ETFs saw significantly higher inflows than any crypto peer. 



The ETFs bought 2.5 times the amount of HYPE that the Assistance Fund bought and burned during the same period, adding fuel to already strong buying pressure.



The dynamic is creating a supply squeeze as treasury vehicles have already absorbed a large chunk of supply, with legacy sellers distributing before passive products arrived. This reduces the risk that new ETF demand meets old sell pressure.



<h3>Arthur Hayes Reiterates $150 Target—5X From Current Levels</h3>



BitMEX co-founder Arthur Hayes published a detailed analysis reiterating his August 2026 price target of $150 for HYPE, roughly 5X higher than current levels around $30.



Hayes argues Hyperliquid dominates the perpetual DEX market as the largest revenue-generating project outside stablecoins. 



Revenue hit $843 million annualized in March. Hayes projects this grows to $1.4 billion by August, driven by HIP-3 permissionless listings. 



These new markets—equity perps, precious metals, and indices—already account for 10% of total revenues despite launching recently.



<h3>Real Volume Separates Hyperliquid From Competition</h3>



Hayes highlighted a key metric separating Hyperliquid from competitors: the ADV/OI ratio. Hyperliquid has the lowest ratio among top perp DEXs, proving its volume comes from real traders putting up real margin, not wash trading or token farming.



Beyond that, order book analysis shows Hyperliquid offers the cheapest execution for trades ranging from $100,000 to $10 million despite competitors advertising lower fees.



Valuation looks cheap. Hyperliquid trades at 12 P/E compared to Chicago Mercantile Exchange at 26 P/E, Robinhood Markets Inc. (NASDAQ:HOOD) at 40 P/E, and Coinbase Global Inc. (NASDAQ:COIN) at 32 P/E.



Image: Shutterstock

GBTC

COIN

ETHE

Hyperliquid (CRYPTO: HYPE) surged 15% in 24 hours, while Bitcoin, Ethereum, and XRP remained flat. Hyperliquid ETFs attracted significant inflows, creating a supply squeeze. Analyst Arthur Hayes projects a price target of $150 for HYPE by August 2026, citing strong revenue growth and market dominance. Hyperliquid's trading metrics indicate real volume and competitive execution costs, with a P/E ratio of 12 compared to higher ratios of competitors.

- Hyperliquid (CRYPTO: HYPE) experienced a 15% price increase, while Bitcoin, Ethereum, and XRP remained relatively stable.  
- Analyst Aletheia reported that the first two Hyperliquid spot ETFs attracted greater market inflows compared to Bitcoin and Ethereum, contributing to a supply squeeze.  
- Arthur Hayes projects HYPE's price could reach $150 by August 2026, citing strong revenue growth from new markets and highlighting Hyperliquid's competitive advantages in execution costs and trading volume.

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