HYPE Token Hits $57 ATH as Whales Buy and ETF Plans Build

• Large wallets bought millions in HYPE, helping the token break past $50 resistance.
• VanEck is preparing to file for a Hyperliquid spot staking ETF in the U.S.
• Hyperliquid leads decentralized perpetuals with $679M revenue and 13M HYPE repurchased.

Hyperliquid’s native token HYPE has risen more than 30% in the past month and is trading near $57 at the time of writing. It also set a new all-time high of $57.34 on September 12, 2025. 

The exchange, less than a year old, is already competing with larger names in revenue. This breakout also comes as VanEck prepares a filing for a Hyperliquid spot staking ETF in the U.S., a move that could reshape the staking ETF market.

Related: Hyperliquid’s USDH Stablecoin Vote Sparks $55 HYPE Price Breakout

Whales Drive Breakout Momentum

On-chain data revealed large wallet activity behind the latest rally. One wallet deposited $8 million USDC into Hyperliquid, acquiring over 86,000 HYPE worth $4.88 million along with a large amount of PUMP tokens. Another whale purchased $4.58 million worth of HYPE. 

Is HYPE Ready To Hit $100?

Source: X

This steady whale accumulation absorbed repeated selling near the $50 mark before pushing the price to fresh highs. Traders now see the next resistance near $60, with some market voices already speculating on a path toward $100.

One chart expert wrote, “We’re talking $100 targets from here — this gem is still underrated.”

How Strong Are Hyperliquid’s Fundamentals?

The exchange has become the largest decentralized perpetuals platform, generating more than $679 million in revenue since launch. Nearly 13 million HYPE tokens have been repurchased through buybacks, and the team plans to launch a native stablecoin to strengthen its revenue base and reduce reliance on issuers like Tether and Circle. These fundamentals have given HYPE a stronger long-term outlook.

What Risks Could Impact HYPE?

A major token unlock begins in late November, releasing around 10 million HYPE each month from the contributor allocation through 2027. With 333 million tokens in circulation today, this could create sustained selling pressure. 

While buybacks may absorb part of the new supply, the scale of the unlock is far larger than past repurchases. Experts remain bullish in the short term but also warn about holding through the unlock phase.

Related: Altcoin Season Index Jumps to 67 as Market Bets on Fed Rate Cut