Hyperliquid, will it break through to $100?...Market agitated by ETF inflows and surge in perpetual futures

▲ Hyperliquid (HYPE)/ChatGPT generated image

As Hyperliquid (HYPE) surged from a low of $20 to an all-time high of $67, the scenario of breaking through $100 has resurfaced, driven by a combination of ETF inflows, perpetual futures trading volume, and DeFi profitability.

According to Benzinga, a financial media outlet, on May 30 (local time), the Hyperliquid token bottomed out at $20 in January and continued a strong breakout trend, reaching an all-time high of $67. Benzinga analyzed that with robust fundamentals and technical structure combined, Hyperliquid's future target price is open up to $100.

The technical basis is a Cup and Handle pattern formed over several months. This structure began in September last year at an all-time high of $59.45, then dropped to $20, slowly completing the latter half of the cup. In May, after forming a small handle section, a strong upward breakout occurred. Adding the difference between the bottom and top of the cup, which is $40, to the top price level calculates a target price of $100.

Hyperliquid has emerged as a core platform in the DeFi industry, leading with its perpetual futures market. According to DeFi Llama data, the Hyperliquid platform processed over $187 billion in perpetual futures trades in the last 30 days, and its trading volume in the last 7 days also exceeded $44 billion. Benzinga evaluated this figure as very large, considering that the platform is not available in the United States.

For comparison, Uniswap processed $36 billion in trades, while PancakeSwap, Aerodrome, and BisonFi recorded $15 billion, $6 billion, and $5.9 billion, respectively. Hyperliquid enabled trading of crude oil and various assets even on weekends through its crude oil futures products. SpaceX stock products on the platform recorded approximately $60 million in open interest, and OpenAI products had $3.4 million in open interest.

Beyond being a perpetual futures exchange, Hyperliquid is also expanding its presence as a Layer 1 network. The platform's total value locked (TVL) has exceeded $1.6 billion, and its stablecoin market cap has surpassed $6.3 billion. Fee revenue over the past 12 months has exceeded $900 million, and Hyperliquid uses most of these fees for token burning and buybacks. Benzinga explained that Hyperliquid exhibits a deflationary token structure, with the burning volume exceeding the token issuance.

The growth of Hyperliquid ETFs also supported the price outlook. Recently launched Hyperliquid ETFs have accumulated over $109 million in inflows, and assets under management have reached $136 million. Benzinga reported that with Grayscale's Hyperliquid ETF launch scheduled, related fund inflows and price rallies could continue.

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