My last few days have been absolutely wild — and honestly, not because of the crypto markets. The FIFA World Cup has taken over my life in the best possible way. I attended the Sweden vs Tunisia match in Monterrey, Mexico (Sweden won 5-1 — what a game), got a little too celebratory at the inauguration festivities here in Mexico on Thursday, and spent the past five days away from the charts, enjoying football the way it was meant to be enjoyed. Sometimes you just need those moments as a guy. No apologies.
But I’m back now. Less alcohol, more content — that’s the promise for the weeks ahead.
While I was busy soaking up World Cup energy, Hyperliquid quietly went on one of the most impressive runs in its history. HYPE climbed from the $53 lows all the way to $77 on Bybit this morning — a brand new all-time high. If you blinked, you missed it. Let’s break down exactly what drove HYPE to 77 and what I’m watching next.
Why HYPE Hit $77 Today
The HYPE 77 print didn’t come out of nowhere. A cluster of powerful catalysts hit at the same time, and when that happens in crypto, prices move fast.
The ETF Wave Is Real
Three competing US spot HYPE ETFs are now live — THYP from 21Shares, BHYP from Bitwise, and HYPG from Grayscale. These aren’t just symbolic launches. HYPE ETFs accumulated $161 million in net inflows during their first month of trading, with zero net outflows recorded across the board. Grayscale’s HYPG launched on Nasdaq with a 0.29% fee and 2.2–2.3% staking yields — the most competitive offering yet. Institutional money is showing up, and it’s not leaving.
The Buyback Engine Never Stops
This is the core of the HYPE story and it never gets old. 97% of all Hyperliquid trading fees are directed straight into HYPE buybacks. The protocol generates over $800 million in annualized fees. Every single trade executed on the platform — every perp, every HIP-3 market, every SPCX futures contract — is mechanically buying HYPE. It doesn’t care about the macro. And it doesn’t care about Bitcoin dumping. It just keeps buying.
$4 Billion in Fresh USDC Flooded In
Circle sent over $4 billion USDC to a Coinbase-linked address on HyperEVM in early June, pushing total USDC on Hyperliquid above $6 billion and total stablecoin supply on the protocol to roughly $7 billion — a 20% jump. Perpetuals open interest crossed $8 billion. HIP-3 open interest alone peaked at $3.2 billion. This wasn’t leveraged recycling — it was fresh capital entering the system, which directly expands fee generation and buyback capacity.
The SpaceX IPO Added Rocket Fuel
You already know this one from our SPCX coverage. The SpaceX IPO on June 12 sent SPCX perpetual futures volume to $1.4 billion in a single day on Hyperliquid. More volume means more fees. More fees means more buybacks. The flywheel spun hard.
HYPE Decoupled From the Market — at the Worst Possible Time for Bears
When HYPE first broke $75 earlier this month, Bitcoin was falling toward $63K, Ethereum was below $1,800, and there were $1.78 billion in liquidations across the market in 24 hours. HYPE made a new all-time high while everything else bled. That kind of decoupling is a structural signal, not a coincidence. It tells you the demand behind this token is not macro-dependent. Today’s HYPE 77 print extends that story further.
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My Trade — Caught Part of the Move, Still Holding Spot
Full transparency: I did catch the first part of this move. I was long from the $54 area and closed around $59 before stepping away for the football festivities. Not the full run by any means, but we book that win and move on.
HYPE remains the only altcoin I hold in spot, and it’s my main farming focus — so I do have exposure to this move regardless. But in terms of actively adding to a long position, I want to see a pullback to the $64 area first before I consider sizing in again. At $77, I’m not going to chase, and I’m certainly not going to short into this kind of strength. The trend is clear.
For now — keep farming, keep accumulating yield, and let the position do its thing.
Learn how to set up your trade to increase your edge,
Not a Trader? The DCA Approach Is Working Beautifully
If you’ve been dollar-cost averaging into HYPE below $60 over the past few weeks — well done. That strategy is paying off right now, and more importantly, it probably felt a lot less stressful than trying to time entries and exits while watching World Cup matches.
DCA below a key level removes the emotional noise completely. You don’t need to watch every candle. And don’t need to stress about a 5% dip. Just keep stacking at a level you believe in, and moves like today’s HYPE 77 ATH are the payoff. If HYPE pulls back to the $64 range I’m watching, that could be another strong DCA opportunity for those with a longer time horizon.
Final Words
HYPE hitting $77 on Bybit this morning isn’t just a number — it’s a validation of everything the Hyperliquid protocol has been building. Real volume, real fees, real buybacks, real institutional demand. The fundamentals that drove this rally haven’t gone anywhere.
Plenty of other trades are on my radar right now. There might be another post later today — otherwise it lands tomorrow. Lock in.
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