Bitwise Adds Another $10M in Hyperliquid’s HYPE Tokens

TLDR

• Bitwise purchased an additional 162,367 HYPE tokens worth about $10.11 million on May 26.
• Lookonchain reported that Bitwise already held more than 723,000 HYPE tokens before the latest purchase.
• Hyperliquid has continued to attract attention due to its derivatives trading activity and token burn model.
• Institutional investors are still buying selected altcoins despite pressure across the crypto market.
• Bitcoin ETF outflows and Middle East tensions have added uncertainty to digital asset trading this week.

Bitwise has expanded its position in Hyperliquid’s HYPE token after purchasing another $10.11 million worth of the asset, adding to a growing institutional bet on the decentralized derivatives platform.

Bitwise HYPE holdings exceeded $40 million

According to blockchain analytics platform Lookonchain, Bitwise acquired 162,367 HYPE tokens within two hours on May 26. Lookonchain shared the transaction details in a post on X, citing data linked to Bitwise wallets.

Data referenced by Lookonchain from Bitwise’s official holdings page showed the asset manager already held 723,361 HYPE tokens as of May 21. At the time, those holdings carried an estimated value of about $40.37 million.

HYPE serves as the native token of Hyperliquid, a decentralized perpetual futures trading platform that has gained attention for its rising trading activity and revenue generation. Traders following the project have frequently pointed to Hyperliquid’s fee income and token buyback-and-burn mechanism as reasons behind continued demand for HYPE.

Institutional interest in selected altcoins has persisted despite pressure across crypto markets in recent sessions. Bitcoin exchange-traded funds have recorded notable outflows in recent weeks, while geopolitical tensions linked to the Middle East have weighed on risk appetite across digital assets.

At the same time, market participants tracking Hyperliquid have continued to monitor the exchange’s on-chain metrics. Community analysts and traders on X have highlighted the platform’s derivatives volume and treasury activity as factors supporting interest in the token.

Hyperliquid Draws Attention Amid Weak Altcoin Trading

Over the past several weeks, several crypto-focused accounts and market observers have identified HYPE as one of the few altcoins still attracting sizable capital inflows from large investors. Lookonchain described Bitwise’s latest acquisition as another example of institutional accumulation continuing during a period when many altcoins have struggled to maintain momentum.

Meanwhile, Hyperliquid has remained one of the most actively discussed decentralized trading platforms in crypto circles due to its rapid growth in perpetual futures trading. The project’s token model includes periodic buybacks funded through platform revenue, with purchased tokens later removed from circulation through burns.

Although HYPE has continued to attract institutional buyers, crypto markets have remained volatile. Bitcoin traded under pressure this week after ETF outflows accelerated, while several major altcoins posted losses alongside renewed geopolitical uncertainty.

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