Bullish sentiment for Hyperliquid is growing again, with crypto whales accumulating the perpetrator’s DEX token. First HYPE ETF in the US may launch soon, which also contributes to this bullish sentiment.

Why bullish sentiment towards hyperliquids is growing

Cryptocurrencies are again mass-hoarding Hyperliquid, which has sparked bullish sentiment towards the perpetrator’s DEX token. In Post Xthis was revealed by online analytics platform Lookonchain BitMEX co-founder Arthur Hayes after almost 3 months, he bought 26,022 HYPE worth $1.1 million again.

Hayes is one of many crypto whales Lookonchain has been marked as currently buying HYPE. The platform revealed that a particular whale deposited $7.86 million into Hyperliquid to purchase 200,042 HYPE. Another whale, Cooker, also purchased 50,751 HYPE for $1.99 million at an average price of $38.50.

Such mass accumulation among cryptocurrencies usually precedes a rise in Hyperliquid prices. This is worth noting HYPE price has already surged in the face of this wave of accumulation, reaching over 12% last week. The perp DEX token has recovered from the key $40 level and is currently seeing up-to-date local highs.

Interestingly, Hayes predicted that Hyperliquid could reach $150 by August. He said this could happen as HIP-3 markets continue to generate record fees for the DEX perpetrator. Since then, DEX has enjoyed greater adoption the American-Iranian war started because traders can trade commodities like crude oil on HIP-3.

DeFiLlama data shows that Hyperliquid is currently among the cryptocurrency protocols generating the most fees. This is an positive sign for HYPE, as most of these fees are spent on redemptions, which could trigger significant increases in the token’s prices.

A HYPE ETF appears on the horizon

Bitwise has submitted an application an amended registration statement for the Hyperliquid ETF, where the fund is to be listed under the ticker symbol “BHYP.” The asset manager also set a management fee of 0.67% for the fund. Meanwhile, it listed market makers FalconX, Flowdesk, Nonco and Wintermute as approved trading counterparties.

Bloomberg analyst Eric Balchunas noticed that the submission of the application indicates that the fund may begin operations soon, which is an positive trend for Hyperliquid as well. The fund is expected to attract up-to-date inflows into the HYPE ecosystem as institutional investors gain exposure to the HYPE token through this ETF.

Grayscale and 21shares have also signed up to launch hyperliquid ETFwhich is also positive for HYPE price. Balchunas noted that Bitwise may be looking to launch its HYPE ETF soon, given the robust interest in HYPE, which has grown 200% over the past year.

As of this writing, Hyperliquid is trading at around $42, up almost 2% in the last 24 hours, according to data from CoinMarketCap.

Featured image from Medium, chart from Tradingview.com