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TLDR
- HYPE traded at $44.49, up 13.79% over 24 hours.
- Bitwise Hyperliquid ETF, ticker BHYP, is set to trade on the NYSE on May 15.
- BHYP will carry a 0.34% sponsor fee, waived for the first month on the first $500M.
- Bitwise plans to stake BHYP’s HYPE holdings through Bitwise Onchain Solutions.
- HYPE faces key resistance near $45 to $46, with support near $38.49 to $39.80.
Hyperliquid’s HYPE token rose sharply on Wednesday as Bitwise Asset Management announced that its Bitwise Hyperliquid ETF will begin trading on the New York Stock Exchange on May 15 under the ticker BHYP.
HYPE traded at $44.49, gaining 13.79% over 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 another U.S. spot Hyperliquid exchange-traded product entering the market. Bitwise said BHYP will be among the first spot Hyperliquid ETPs in the United States and the first U.S. fund to offer in-house staking exposure.
Bitwise manages about $11 billion in client assets as of April 1, 2026. The company said it intends to stake the fund’s HYPE holdings through Bitwise Onchain Solutions, its internal staking division.
Bitwise Hyperliquid ETF to Trade on NYSE
The Bitwise Hyperliquid ETF is scheduled to start trading on the NYSE on May 15, pending standard market operations. The fund carries a 0.34% sponsor fee, 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 carry the same protections as traditional ETFs and mutual funds.
Introducing the Bitwise Hyperliquid ETF $BHYP—offering 100% direct exposure to spot HYPE. And the first to use in-house staking, rather than a third-party staking provider.
Starts trading tomorrow.
Why Hyperliquid?
We believe Hyperliquid is one of the most important onchain… 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 ticker THYP. That fund reportedly generated $1.8 million in trading volume on its first day.
Grayscale has also filed for a HYPE-based product, though its version is still awaiting regulatory approval and has not finalized its fee structure.
The back-to-back launches point to rising interest in regulated products tied to decentralized trading infrastructure. Consequently, Hyperliquid has become one of the most closely watched networks in onchain derivatives, giving asset managers a new crypto category beyond Bitcoin and Ethereum funds.
Hyperliquid Growth Supports ETF Demand
Hyperliquid is a Layer 1 blockchain focused on onchain 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 about 60% of global onchain derivatives open interest and processes roughly 200,000 orders per second. It also supports spot trading, borrowing, lending and Ethereum-compatible smart contracts through HyperEVM.
Bitwise Chief Investment Officer Matt Hougan said Hyperliquid has become a major venue for price discovery during periods when traditional markets are closed. He cited a February episode in which traders used Hyperliquid’s crude oil contract during geopolitical volatility.
HYPE is used for staking, governance and ecosystem participation. Bitwise said the token is designed so that rising trading activity on the platform can benefit token holders.
HYPE Price Tests $45 to $46 Resistance
The HYPE price move has placed attention on the $45 to $46 resistance zone. Analysts tracking short-term charts said the token bounced from a correction area between $38.49 and $39.80 before moving back toward previous range highs.
Source: XA clean close above $45 to $46 would confirm stronger continuation and could open the path toward higher resistance levels. The next upside levels watched by traders sit 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 falls below the $38.49 to $39.80 area, the current bullish setup would weaken and price could retest $36.71.
