HYPE Breaks Above $50 for First Time in 8 Months on Short Squeeze, $1.92B Open Interest

According to Santiment, HYPE broke above $50 for the first time in eight months on a short squeeze, with traders forced to cover downside positions as the cryptocurrency surged despite negative funding rates across major exchanges. Open interest in HYPE remains elevated at over $1.92 billion, bolstered by new market entrants and recent ETF launches.

In May 2026, Bitwise and 21Shares introduced spot HYPE ETFs, providing traditional investors direct exposure to the asset without requiring cryptocurrency wallets or decentralized exchanges. The ETF products have served as a key catalyst for the recent rally.