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Grayscale: HYPE remains undervalued compared to fintech stocks, with a current valuation of approximately 15-18 times P/E ratio.
According to BeInCrypto, Grayscale Head of Research Zach Pandl released a report using the "earnings per token" method to value Hyperliquid (HYPE). The report assumes Hyperliquid's 2027 earnings will be approximately $1 billion (an increase of about 20% compared to 2025), and expects the circulating supply at that time to reach 270 million to 310 million tokens, corresponding to earnings per token of approximately $3.25 to $3.75. Calculated at the current price of approximately $54, the forward P/E ratio is approximately 15 to 18 times, suggesting it still holds a valuation advantage compared to fintech stocks.
Grayscale: HYPE Still Undervalued, Forward P/E Ratio Approximately 15 to 18 Times
Grayscale stated HYPE's forward P/E ratio is approximately 15 to 18 times. Hyperliquid possesses real cash flow and can therefore be valued like a stock, but the valuation is based on earnings per token rather than earnings per share. Based on this, compared with fintech peers such as Coinbase, Robinhood, and Circle, HYPE still appears inexpensive. Market data shows that HYPE is currently trading at $55.32, down 1.5% in the past 24 hours.
Ansem: Buybacks Actually Don’t Do Much – Intangible Value Matters More Than Tangible Value
Odaily News Renowned trader Ansem posted on X, stating that buybacks (for token prices) actually don’t have much effect.Ansem further noted that Hyperliquid's annualized revenue is $800 million, while Pump.fun's annualized revenue is $440 million; however, HYPE's FDV is as high as $65 billion, whereas PUMP's FDV is only $1.4 billion. Both teams regularly use a portion of their business profits for buybacks, yet their P/S ratios are vastly different.This disparity doesn't stem from how much revenue the businesses actually generate, but rather reflects the market's "trust premium" for the teams — a trust determined by their actions and decisions in the market. Hyperliquid never over-promises, focuses purely on product delivery, and generously rewards core users who contribute the most to the platform based on established metrics. In contrast, Pump.fun generated $1 billion in revenue, raised another $1 billion in an ICO, and promised users an airdrop, but has yet to deliver. Despite being one of the most successful and profitable businesses in the crypto industry, they lack a social consensus bond with their core user base and thus cannot achieve the trust premium that Hyperliquid enjoys.Therefore, what determines a business's valuation includes not only the "tangible value" derived purely from revenue and other metrics but also "intangible value." Trust, memetics, and attention are all crucial in the market, yet they are currently discussed far too little.
Multicoin: HYPE Could Reach $319 by 2028
Multicoin has published a report stating that the market is severely underestimating the value of Hyperliquid's native token, HYPE, and believes it still has over 400% upside potential in the coming years. The firm estimates that, in a base case scenario, HYPE's price could reach approximately $319 by 2028.Multicoin believes the current market is too narrowly viewing Hyperliquid as a fast-growing decentralized perpetual contract exchange, when in reality it is evolving into an "Everything Exchange" covering multiple assets and trading scenarios.The report states that at the current price of around $63, HYPE is clearly mispriced. Multicoin estimates that by 2028, Hyperliquid's annualized profits could reach approximately $80 billion. Valued at a 20x earnings multiple, this would correspond to a HYPE price of around $319.Multicoin also disclosed that it has been actively buying HYPE since February of this year, and HYPE has become one of the largest holdings in its liquid hedge fund. Recently, HYPE broke through $76 to hit an all-time high, driven by positive catalysts such as ETF inflows, strong protocol revenue, and aggressive buyback plans. It subsequently pulled back with the broader market and was trading around $62.47 as of Thursday afternoon.
Ventuals Announces Business Shutdown to Integrate into Hyperliquid Ecosystem; Relevant Markets Begin Settlement
Ventuals today announced it will gradually shut down its operations and integrate into the Hyperliquid ecosystem team, marking the official conclusion of its 24/7 private market experiments. The platform, which focuses on trading pre-IPO private tech companies, had raised over 500,000 HYPE tokens and achieved a total trading volume of approximately $650 million.The platform's existing HIP-3 markets are now entering the settlement phase. Pre-IPO markets such as OpenAI and Anthropic are settling based on a 24-hour weighted average price, with corresponding prices of $1,341.80 and $1,618.90 respectively. Commodity and index markets including MAG7, semiconductors, and energy will be suspended in batches starting June 18, with open positions being auto-liquidated.vHYPE holders can redeem their staked assets at a 1:1 ratio and claim corresponding rewards. Withdrawal services will be initiated in batches starting June 19, with processing times ranging from 7 to 72 hours. The project has terminated its points and promotional activities and has clearly stated that no tokens will be issued. Officials require all users to complete fund withdrawals and wallet export operations by September 15.
Grayscale to Introduce $115 Million in HYPE Token Seed Funding for Hyperliquid Staking ETF
According to Finance Feeds, Grayscale is in talks with Hyper Holdings Global LP to sell its proposed Hyperliquid ETF shares in exchange for approximately 2 million HYPE tokens—valued at roughly $115 million at current prices—as seed capital ahead of the fund’s listing. Meanwhile, Grayscale has renamed the product the “Grayscale Hyperliquid Staking ETF,” planning to list it on the Nasdaq under the ticker symbol HYPG. The addition of staking functionality distinguishes it from spot ETFs that merely track token price performance.
Ansem: Institutional Funds Turn Bullish, Crypto Market May Have Conditions for a Bottom Formation
According to Odaily, renowned crypto KOL Ansem stated that institutional funds are turning bullish on the market. For example, billionaire Stanley Druckenmiller has bought HYPE, Robinhood has launched its own L2, and hedge fund giant Paul Tudor Jones has increased his Bitcoin holdings. Meanwhile, the crypto regulatory environment has improved significantly, but crypto-native investors remain broadly extremely pessimistic. Ansem believes that the coexistence of institutional bullishness, regulatory improvement, and extreme pessimism within the market constitutes the typical conditions for a market bottom formation.
Bitcoin and Ethereum ETFs see net inflows of $239 million in a single day; Japan advances crypto ETF framework
Odaily News on July 14, Bitcoin ETFs recorded net inflows of $181 million, and Ethereum ETFs recorded net inflows of $58.34 million. No outflows were observed for either Bitcoin or Ethereum ETFs on that day. BlackRock's IBIT saw net inflows of $139 million, Fidelity's FBTC posted net inflows of $21.07 million; all net inflows into Ethereum ETFs came from BlackRock's ETHA. HYPE, XRP, and Solana ETFs had no trading activity on the day. Morgan Stanley submitted a proposed amended filing for spot Ethereum and Solana ETFs, with the document covering service providers such as Coinbase Custody and staking provisions. Japanese policymakers are advancing reforms aimed at classifying crypto assets under the Financial Instruments and Exchange Act.
Spot HYPE ETF trading volume approaches $900 million, early demand indicates institutional interest
approximately one month after the launch of the first spot HYPE ETFs, early trading data has been robust, indicating demand from institutional investors for Hyperliquid-related exposure.Currently, three issuers offer HYPE investment products through regulated brokerage channels, including 21Shares' THYP, Bitwise's BHYP, and Grayscale's HYPG. The cumulative trading volume for these three products since their launch has neared $900 million, with net inflows reaching $153 million.However, trading activity is not evenly distributed among the products. BHYP and THYP account for the majority of the volume, while the later-launched HYPG is still in its volume ramping phase.Unlike some tokens that primarily rely on speculative demand, HYPE's value proposition is more directly linked to Hyperliquid's trading activity. Approximately 97% of Hyperliquid's transaction fees flow into the Assistance Fund, creating a linkage between trading volume and token demand through an automatic buyback mechanism.
Arthur Hayes: Rising Oil Prices, AI-Related IPOs, and Trump's Anti-AI Rhetoric Could Pop the AI Bubble and Drag Down the Crypto Market
Odaily News, June 9th — BitMEX co-founder Arthur Hayes stated in his latest article "Reality Test" that if oil prices continue to rise due to the US-Iran conflict, it could trigger a collapse of the AI stock bubble and drag the entire crypto market down.Hayes said that if traffic restrictions in the Strait of Hormuz persist deep into the second quarter, spot prices for hydrocarbons and other key commodities could rise in the third quarter. If oil prices continue to climb and inflationary pressures impact the US midterm elections, Trump might pivot to a tough stance targeting data center construction, AI regulation, and taxation. Hayes believes the market could anticipate Trump limiting AI capital expenditure and taxing AI companies, thereby triggering the burst of the AI stock bubble.Hayes also noted that since November 2022, the scale of AI-related debt issuance has been approximately $1.5 trillion, and US M2 has increased by roughly the same amount during the same period. He believes the three factors that could pop the AI bubble include rising energy costs, the market's inability to absorb three major AI-related IPOs — namely SpaceX, Anthropic, and OpenAI — and Trump's shift to opposing AI. In terms of portfolio, Hayes stated that Maelstrom's stock portfolio holds significant positions in US-listed energy producers; he has sold AI-related stocks and offloaded non-core crypto assets, having dumped HYPE, NEAR, and WLD last week, as well as selling ZEC due to the Orchard Pool vulnerability. He still holds Bitcoin and ETH and will execute tactical short trades via derivatives.
FalconX: Hyperliquid is Challenging Traditional Exchanges and Prediction Markets
a report released by FalconX shows that the crypto derivatives platform Hyperliquid is expanding from perpetual contracts to pre-IPO trading, prediction contracts, and tokenized real-world assets, beginning to compete with traditional exchanges and prediction market operators. The report indicates that Hyperliquid's HIP-3 market allows users to trade stocks, commodities, forex, and pre-IPO contracts 24/7, with traders already using it for pre-IPO speculation on companies such as Cerebras, Anthropic, and SpaceX. The HIP-4 outcome market allows traders to place binary bets on political, economic, and crypto events.In terms of capital inflows, the HYPE spot ETFs launched by 21Shares and Bitwise have attracted a combined $53 million in inflows within just a few trading days. Hyperliquid's USDC partnership with Coinbase and Circle is expected to generate up to $160 million in annual protocol revenue. FalconX warns that CME and ICE have expressed concerns to regulators about potential market manipulation risks on the Hyperliquid market. Nevertheless, Hyperliquid continues to lead the decentralized perpetual contract market in terms of trading volume, revenue, and total value locked. (CoinDesk)
Analyst: HYPE and AI Tokens May Lead the Next Altcoin Season as Market Risk Appetite Returns
Hyperliquid has recently significantly outperformed the broader market. Its token, HYPE, hit an all-time high following the launch of two related ETFs in the United States. Meanwhile, European traders are accelerating their migration to the platform due to restricted access to perpetual contracts on regulated exchanges. Market analyst Michael van de Poppe stated that with Hyperliquid's continued rally and renewed interest in AI-related crypto projects, signs of improving risk appetite are emerging in the altcoin market. Hyperliquid’s expansion into tokenized stocks, commodities, and pre-IPO assets is strengthening the on-chain asset tokenization trend. He suggested that if market sentiment continues to improve, HYPE’s price could target $100 or even higher.However, Michael van de Poppe also stressed that while Hyperliquid holds a short-term advantage, Solana offers greater long-term investment certainty, transitioning from a "speculative ecosystem" to institutional-grade infrastructure. In the AI track, he noted that NEAR Protocol and Bittensor remain significantly undervalued, citing a disconnect between their fundamental growth and valuations. He pointed out that NEAR’s revenue growth potential and Bittensor’s subnet expansion could support higher valuation ranges. Additionally, he indicated that the privacy sector retains long-term demand, but fully anonymous systems face regulatory pressure. The future is more likely to be dominated by zero-knowledge proofs and compliant privacy solutions.On the macro level, Michael van de Poppe highlighted that bond yields and central bank policies remain the core drivers of the crypto market, with changes in Japanese government bond yields potentially serving as a key barometer. (CoinDesk)
A whale transferred 85,000 HYPE, with 42,500 going to GSR Markets and another 42,500 sent to Cumberland and OKX for sale
Odaily News: According to Onchain Lens monitoring, a whale transferred 42,500 HYPE accumulated 10 months ago to GSR Markets, and sent another 42,500 HYPE to Cumberland and OKX for sale.
A trader has held a long position in HYPE for nearly a year, with unrealized profits reaching $46.3 million.
According to Arkham monitoring, trader watershedpath has maintained a long position in HYPE since October 2025. With HYPE's price rebounding, the value of the position has increased from $55 million to $99.7 million.
A whale has withdrawn a total of 98,490 HYPE tokens from Coinbase Prime over the past two weeks, worth approximately $6.11 million
Odaily News: According to Onchain Lens monitoring, a whale has withdrawn 42,460 HYPE tokens from Coinbase Prime, worth approximately $2.93 million. Over the past two weeks, this whale has cumulatively withdrawn 98,490 HYPE tokens from Coinbase Prime, valued at around $6.11 million.
Well-known trader loracle.hl suffered losses on both long and short HYPE positions, with cumulative losses exceeding $60 million
According to monitoring by on-chain analysis platform Lookonchain (@lookonchain), trader loracle.hl (@loraclexyz) has recently suffered repeated losses on HYPE: losing $46 million on shorts in June, then switching to longs and losing another $2.33 million, and after switching back to shorts, currently losing another $11.8 million, with cumulative losses exceeding $60 million, unable to escape losses regardless of long or short direction.
Multicoin Capital transferred HYPE to Coinbase Prime twice within 24 hours, totaling approximately $20 million
According to monitoring by on-chain analysis platform Hupzy (Spot On Chain) (@hupzy_agent), Multicoin Capital deposited HYPE tokens to Coinbase Prime twice in succession within 24 hours, totaling approximately $20 million. The first deposit of 172,710 HYPE (approximately $10.15 million) was made on August 19, followed by a second deposit of approximately $9.85 million.
FalconX transferred 198,750 HYPE to Gate today, valued at approximately $14 million.
According to monitoring by on-chain analyst Onchain Lens (@OnchainLens), FalconX transferred 198,750 HYPE (approximately $14 million) to Gate exchange today, suspected of preparing to sell. Multiple OTC buyers who accumulated HYPE over the past few months are currently showing signs of selling off.
Arthur Hayes: Rising Oil Prices, AI-Related IPOs, and Trump's Anti-AI Rhetoric Could Pop the AI Bubble and Drag Down the Crypto Market
Odaily News, June 9th — BitMEX co-founder Arthur Hayes stated in his latest article "Reality Test" that if oil prices continue to rise due to the US-Iran conflict, it could trigger a collapse of the AI stock bubble and drag the entire crypto market down.Hayes said that if traffic restrictions in the Strait of Hormuz persist deep into the second quarter, spot prices for hydrocarbons and other key commodities could rise in the third quarter. If oil prices continue to climb and inflationary pressures impact the US midterm elections, Trump might pivot to a tough stance targeting data center construction, AI regulation, and taxation. Hayes believes the market could anticipate Trump limiting AI capital expenditure and taxing AI companies, thereby triggering the burst of the AI stock bubble.Hayes also noted that since November 2022, the scale of AI-related debt issuance has been approximately $1.5 trillion, and US M2 has increased by roughly the same amount during the same period. He believes the three factors that could pop the AI bubble include rising energy costs, the market's inability to absorb three major AI-related IPOs — namely SpaceX, Anthropic, and OpenAI — and Trump's shift to opposing AI. In terms of portfolio, Hayes stated that Maelstrom's stock portfolio holds significant positions in US-listed energy producers; he has sold AI-related stocks and offloaded non-core crypto assets, having dumped HYPE, NEAR, and WLD last week, as well as selling ZEC due to the Orchard Pool vulnerability. He still holds Bitcoin and ETH and will execute tactical short trades via derivatives.
Euler takes over operations of HypurrFi's Mewler market, HypurrFi to gradually shut down and complete migration
Euler Finance announced it will take over the maintenance and operation of the Euler contract stack known as Mewler under HypurrFi on the Hyperliquid EVM. The relevant infrastructure is undergoing a smooth transition, with Clearstar Labs continuing to serve as the risk manager for the Prime, Yield, and Earn vaults. HypurrFi Scale and Pooled Markets are scheduled to gradually wind down and undergo orderly liquidation over the coming weeks. However, all existing markets remain solvent and fully operational, with no security vulnerabilities or emergency parameter adjustments.During the migration process, new borrowing functionality for some Pooled assets has been frozen, but HYPE, USDC, and USDT0 can still be used for liquidity provision to allow borrowers to gradually unwind their positions. Euler emphasized that its isolated lending architecture on HyperEVM will continue to serve as core infrastructure, jointly maintained by Euler and Clearstar Labs.The HypurrFi team stated that user deposits, positions, and collateral assets remain fully secure. This adjustment is an active strategic migration, not a security incident or protocol failure. According to the plan, Euler Prime and Yield markets will become the primary entry points for lending and yield markets on HyperEVM moving forward. The HypurrFi brand will be gradually phased out, with related support services closing after May 28. Full market liquidation is expected to be completed by July 15, 2026.HypurrFi also reminded users to be aware of risks and fraudulent links during the migration process, to operate only through official channels, and to use the built-in migration tools to transfer Pooled positions to Euler Prime or Yield markets.
Hyperliquid Expected to Unlock $589 Million Worth of HYPE on September 6
Odaily News: Hyperliquid ecosystem project team HyperLabs has unlocked 433,025 HYPE, worth approximately $23.46 million, and has been continuously depositing tokens into trading platforms, including Flowdesk and OKX. Tracking data shows that an additional 9.92 million HYPE is expected to be unlocked on September 6, worth approximately $589 million based on a price of $59.39. The Hyper Foundation publishes the claim amounts around the 6th of each month. In March, only 173,217 HYPE were actually claimed, lower than the planned 99,200 tokens. Tokenomist data shows that the aid fund has repurchased 11.9 million HYPE from the unlock schedule, accounting for approximately 14%. The repurchased tokens will be burned, reducing the current total supply to 955.3 million HYPE. Certified Public Accountant Dat Ngo stated that tax liabilities typically arise upon token vesting, and some holders may sell tokens to cover taxes. TMGM CPA Ashley Akin stated that if the market is not overly leveraged, the $581 million unlock can still be absorbed, but combined with margin requirements, it would increase trading difficulty. On-chain perpetual contract trading platform Hyperliquid does not restrict users from trading during certain news events. Market data shows that liquidation volume has dropped 71%, trading volume has fallen 50%, and open interest continues to decline. Bitcoin remains below $65,000, and the Federal Open Market Committee (FOMC) meeting minutes will be released ahead of the Federal Reserve's September 15-16 meeting. (Forbes Digital Assets)
EQSPY spot trading pairs are now live, with related purchases using 500.03 HYPE
Odaily News: According to HyperliquidNews monitoring, Hyperliquid has added the EQSPY spot trading pair, with related purchases using 500.03 HYPE, valued at $28,800.
Bybit Releases Latest Options Weekly Report (08.03-08.10): NFP Major Surprise as Labor Market Cools, XAUT Leads Strongly, Bybit Newly Lists HYPE Options
Last week, major assets closed higher across the board: July Non-Farm Payrolls -23k severely dampened rate hike expectations, the USD broke below 100, and Gold and Crypto benefited in tandem. BTC/ETH ETF weekly net inflows were $853M/$245M, the third-largest institutional buying week of the year. Core risk this week: 8/12 CPI (08:30 ET), determining the direction of September rate hike expectations. Strategy advances on three fronts: Sell ETH weekly expiry $1,800 P (annualized ~15-20%), Sell HYPE 1D $52 P (annualized ~70%, newly listed on Bybit), Sell XAUT 1D $4,360 C (annualized ~30-60%). All three positions must be reduced to safe levels before CPI.
Robinhood Launches Zero-Fee Crypto Trading in the UK, Integrates AI Analysis Features
According to CoinDesk, Robinhood announced the launch of a new all-in-one investment app in the UK, providing UK users with zero-fee trading services for over 50 cryptocurrencies, including BTC, ETH, XRP, and Hyperliquid (HYPE), among others. Crypto asset trading is accessed through Bitstamp, an exchange acquired by Robinhood in 2025. In addition to crypto assets, the app simultaneously opens trading for traditional financial products such as stocks, Stocks ISA, options, and futures. The platform also launched an AI feature, "Robinhood Cortex Digests for Crypto," which analyzes breaking news, market data, and technical indicators in real-time, and interprets the drivers behind price fluctuations of various crypto assets in plain language.
Hyperliquid RWA Trading Surges, But Fees Are Being Diverted to External Developers as HYPE Revenue Continues to Shrink
Odaily News – Hyperliquid's RWA perpetual contract trading is growing rapidly, yet platform revenue continues to decline, creating a divergence of "record-high trading volume versus shrinking retained revenue." Data shows that Hyperliquid's open interest climbed to approximately $11 billion on July 13, hitting a new high for 2026, with perpetual contract trading volume over the past 30 days nearing $178 billion, and its share of global perpetual open interest rising to around 9%. Meanwhile, Hyperliquid's protocol revenue has declined for four consecutive quarters, dropping from roughly $357 million in Q3 2025 to about $202 million in Q2 2026, down approximately 43% from its peak.Analysts attribute this primarily to the HIP-3 mechanism, which allows external developers staking 500,000 HYPE to create their own perpetual markets and earn up to 50% of trading fees. In early 2026, developer-deployed markets accounted for only about 2% of Hyperliquid's perpetual trading volume; that figure has now risen to roughly half, meaning an increasing share of trading revenue is being distributed to external developers.Since approximately 97% of Hyperliquid's trading fees are used to buy back HYPE, the decline in platform revenue directly translates to shrinking buyback scale. As of Friday, HYPE was trading at around $55, down about 28% from its all-time high of roughly $77 on June 16. Meanwhile, core contributors unlocked nearly 10 million HYPE on August 6, valued at approximately $550 million at then-prevailing prices, with subsequent unlock schedules continuing through 2027.Overall, Hyperliquid's trading activity is still growing rapidly, but the revenue diversion caused by HIP-3 is weakening the platform's own earnings growth and HYPE buyback support. The boom in its RWA business has yet to fully translate into earnings growth for HYPE holders. (CoinDesk)
Bybit Launches HYPE Options, 70,000 USDT Prize Pool Waiting to Be Unlocked
Bybit officially launches HYPE options trading pairs. To celebrate the launch, Bybit introduces a limited-time campaign with a total prize pool of up to 70,000 USDT. Trading offers a chance to win generous rewards; the higher the trading volume, the greater the rewards. The campaign runs from today until September 6, 2025. Users trading HYPE options can share the 70,000 USDT prize pool. Both new and experienced users can participate with accessible entry requirements, featuring triple rewards from tasks, lucky draws, and trading competitions. Users simply need to log in to their Bybit account, navigate to the event page, select HYPE options to trade, and complete trades during the campaign period to participate in sharing the prize pool.
Related news
A whale transferred 85,000 HYPE, with 42,500 going to GSR Markets and another 42,500 sent to Cumberland and OKX for sale
Odaily News: According to Onchain Lens monitoring, a whale transferred 42,500 HYPE accumulated 10 months ago to GSR Markets, and sent another 42,500 HYPE to Cumberland and OKX for sale.
A trader has held a long position in HYPE for nearly a year, with unrealized profits reaching $46.3 million.
According to Arkham monitoring, trader watershedpath has maintained a long position in HYPE since October 2025. With HYPE's price rebounding, the value of the position has increased from $55 million to $99.7 million.
HYPE briefly broke through $73.4, rising 26% in 24 hours
Odaily News, OKX market data shows that HYPE briefly broke through $73.4, with a 24-hour increase of 26%.
Crypto KOL Ansem Bullish on Blue-Chip Crypto Portfolio, Expects 3x to 5x Returns Over Next Two Years
Crypto KOL Ansem (@blknoiz06) recommended that investors allocate an equal-weight portfolio across $BTC, $ETH, $SOL, $HYPE, and $PUMP, forecasting the overall position could gain 3-5x over the next two years. Ansem specifically highlighted that $HYPE and $PUMP carry the highest risk-reward ratios. Additionally, Ansem added in the comments that $ZEC is also worth monitoring.
A whale has withdrawn a total of 98,490 HYPE tokens from Coinbase Prime over the past two weeks, worth approximately $6.11 million
Odaily News: According to Onchain Lens monitoring, a whale has withdrawn 42,460 HYPE tokens from Coinbase Prime, worth approximately $2.93 million. Over the past two weeks, this whale has cumulatively withdrawn 98,490 HYPE tokens from Coinbase Prime, valued at around $6.11 million.
Well-known trader loracle.hl suffered losses on both long and short HYPE positions, with cumulative losses exceeding $60 million
According to monitoring by on-chain analysis platform Lookonchain (@lookonchain), trader loracle.hl (@loraclexyz) has recently suffered repeated losses on HYPE: losing $46 million on shorts in June, then switching to longs and losing another $2.33 million, and after switching back to shorts, currently losing another $11.8 million, with cumulative losses exceeding $60 million, unable to escape losses regardless of long or short direction.