HYPE surges to ATH $76.70 on ETF buys, liquidations & futures momentum

Hyperliquid’s HYPE hit a new ATH near $76.70 on June 16, building on earlier strength above $73. The move was driven by ETF-related demand plus a liquidation wave as price pushed through key levels. Spot buying was a key catalyst. The article cites Bitwise purchasing about 77,100 HYPE tokens (around $5.2M) for its newly launched Bitwise Hyperliquid ETF. Earlier reporting also tied momentum to Grayscale’s amended S-1 for a Hyperliquid staking ETF (HYPG, 0.29% sponsor fee). Hyperliquid’s tokenomics—97% of trading fees directed to buyback-and-burn—add a structural bid to the spot curve, reinforcing HYPE’s upward pressure. Leverage dynamics intensified the breakout. After HYPE reclaimed the $70 area, bearish positions were forced to cover, accelerating a liquidation cascade and lifting the token toward the ATH. The broader derivatives backdrop also improved: Hyperliquid futures open interest was highlighted as reaching a record (from roughly $1.41B earlier in the year), and the later article adds that Hyperliquid’s share of global perpetual futures open interest is ~8.3% (with total open interest above $9.6B). A SpaceX pre-IPO perpetual contract contributed about $1.2B in weekly volume, supporting derivatives participation. Technicals remain stretched but constructive. The first article flagged overbought conditions (RSI elevated), while the later one notes HYPE is testing resistance near $75 on the 4-hour chart. Bulls look for a sustained hold to open upside targets around $81 and $87, while earlier levels cited support near ~$72.78, then ~$68.56 and ~$64.19. For traders, HYPE remains highly sensitive to further liquidation cascades: any failure to hold key resistance could trigger short-term consolidation despite the bullish trend.