Hyperliquid (HYPE) is defying the market-wide correction trend. The asset had quite a bullish month in May, and is continuing its upswing into June. Hyperliquid (HYPE) just hit a new all-time high of $73.60 earlier today, June 1, 2026. The cryptocurrency is trading in the green zone across all time frames, rallying more than 76% in the last month, according to CoinGecko data. Let’s discuss what’s pushing HYPE’s price amid a market crash.
Why Did Hyperliquid Hit A New All-Time High?
Hyperliquid (HYPE) had had quite few bullish developments that has helped elevate investor sentiment. Firstly, the project saw the launch its spot ETFs which has led to substantial interest. Secondly, Goldman Sachs recently revealed in its 13F filing with the SEC that it has purchased $3.3 million worth of shares in Hyperliquid Strategies Inc. The move may have led to a bullish momentum among investors.
However, a Forbes report recently clarified what could have actually pushed Hyperliquid (HYPE) to a new all-time high. According to the report, ETF inflows are not responsible for HYPE hitting a new peak. Forbes notes that Hyperliquid (HYPE) has seen increased buy-backs, which has led to a drastic dip in the coin’s circulating supply. The dip, amid higher demand, may have led to a price increase for the cryptocurrency.
Can The Rally Continue?
Hyperliquid’s (HYPE) price surge comes amid a larger bearish market. Bitcoin (BTC) fell to the $73,000 mark and seems to be entering a sideways trajectory. Moreover, macroeconomic worries and global geopolitical tensions are still ripe. The US and Iran could re-escalate military operations at any moment.
Also Read: Bitcoin Continues Dip With 4% Weekly Plummet
Given the larger bearish environment, there is a high chance that Hyperliquid (HYPE) may face a price correction in the coming days. Although it is not certain, times like this often lead to investors moving away from high-risk assets, especially cryptocurrencies. Investors could book their profits from Hyperliquid (HYPE) and move their funds to other safe bets.
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