TLDR
- HYPE was trading at $44.49, up 13.79% in 24 hours.
- The Bitwise Hyperliquid ETF, ticker BHYP, is scheduled to trade on the New York Stock Exchange on May 15.
- BHYP will charge a sponsorship fee of 0.34%, waived for the first month on the first $500 million.
- Bitwise plans to share BHYP’s HYPE holdings through Bitwise Onchain Solutions.
- HYPE is facing major resistance near $45 to $46, with support near $38.49 to $39.80.
Hyperliquid’s token HYPE rose sharply on Wednesday as Bitwise Asset Management announced that the Bitwise Hyperliquid ETF will begin trading on the New York Stock Exchange on May 15 under the symbol BHYP.
HYPE was trading at $44.49, up 13.79% in the past 24 hours. The token moved between $38.25 and $44.60 during the same period, while 24-hour trading volume reached $537.55 million, up about 81%.
The rally came as investors reacted to the entry of another U.S. exchange-traded product, Hyperliquid, into the market. Bitwise said BHYP will be among the first Hyperliquid ETFs in the US and the first US fund to offer internal staking exposure.
Bitwise manages about $11 billion in client assets as of April 1, 2026. The company said it intends to participate in the fund’s HYPE holdings through Bitwise Onchain Solutions, its internal collections division.
Bitwise Hyperliquid ETF trades on the New York Stock Exchange
The Bitwise Hyperliquid ETF is scheduled to begin trading on the New York Stock Exchange on May 15, pending standard market operations. The fund carries a custodial fee of 0.34%, which will be waived for the first month on the first $500 million in assets.
Bitwise said the fund is designed to give investors exposure to Hyperliquid without directly holding HYPE tokens. The company also said the product is not registered under the Investment Company Act of 1940, meaning it does not have the same protections as traditional ETFs and mutual funds.
Introducing the Bitwise Hyperliquid ETF $BHYP — which provides 100% direct exposure to spot HYPE. And the first to use staking internally, rather than through a third-party staking provider.
Trading starts tomorrow.
Why the excess fluid?
We believe Hyperliquid is one of the most important onchain networks… pic.twitter.com/Of55iF1AMW— Bitwise (@Bitwise) May 14, 2026
BHYP follows the launch of the 21Shares Hyperliquid ETF, which began trading earlier in the week under the symbol THYP. This fund reportedly achieved a trading volume of $1.8 million on the first day.
Grayscale has also applied for a HYPE-based product, although its version is still awaiting regulatory approval and has not finalized its fee structure.
The successive launches indicate increasing interest in regulated products tied to decentralized trading infrastructure. Hyperliquid has thus become one of the most closely watched networks in onchain derivatives, giving asset managers a new cryptocurrency category beyond Bitcoin and Ethereum funds.
Excessive liquidity growth supports demand for ETFs
Hyperliquid is a layer-one blockchain focused on on-chain trading and decentralized finance. The network is best known for its perpetual futures exchange, which recorded $2.9 trillion in trading volume in 2025, according to Bitwise.
The platform controls approximately 60% of the global open interest onchain derivatives and processes approximately 200,000 orders per second. It also supports spot trading, borrowing and lending, and Ethereum-compatible smart contracts through HyperEVM.
Matt Hogan, chief investment officer at Bitwise, said Hyperliquid has become a prime place for price discovery during periods when traditional markets are closed. He cited a February incident in which traders used Hyperliquid’s crude oil contract during geopolitical volatility.
HYPE is used for storage, governance and participation in the ecosystem. Bitwise said the token is designed so that increased trading activity on the platform can benefit token holders.
HYPE price is testing the resistance at $45 to $46
HYPE price action has drawn attention to the resistance area between $45 and $46. Analysts tracking short-term charts said the token rebounded from a correction zone between $38.49 and $39.80 before returning toward the previous range highs.
source: XA clean close above $45 to $46 would confirm a stronger continuation and could open the way towards higher resistance levels. The next upside levels that traders are watching are near $47.99, $52.50, $58.87, and $66.79.
Support levels remain near $41.15, $39.80, $38.49, and $36.71. If HYPE drops below the $38.49 to $39.80 area, the current bullish setup will weaken and the price may retest $36.71.
