According to data from CoinGecko on June 17, Hyperliquid’s native token HYPE has a market cap of about $16.3 billion, placing it among the top ten crypto assets globally and surpassing DOGE. Based on SoSoValue data, the three HYPE spot ETFs have accumulated net inflows of nearly $172 million since listing in May. In the same period, Bitcoin ETFs saw net outflows of nearly $5.6 billion.
CoinGecko: HYPE market cap $16.3 billion, FDV nearly $70 billion, enters global top ten
CoinGecko’s HYPE market data confirmed on June 17: market cap of about $16.3 billion, surpassing DOGE; FDV of nearly $70 billion (ranking as the seventh crypto asset by FDV); all-time high of $75.96 (set Tuesday); one-month gain of over 73%; and a gain of about 196% since the start of 2026.
Hyperliquid Aid Fund (AF) buyback mechanism: 97-99% of trading fees are used for on-chain buybacks of HYPE. Coinbase’s managed platform currently has USDC reserves as the official treasury deployment party, and the AQAv2 plan allows $5 billion USDC to earn a 4% yield, with 90% of the yield redistributed back to AF—forming a positive loop of protocol fees, buybacks, and token demand.
Bitwise Adds More and BHYP ETF Data
According to Lookonchain reporting, on June 15 Bitwise purchased 77,097 HYPE tokens via FalconX (about $5.18 million). Bitwise has committed to using 10% of BHYP (Bitwise spot HYPE ETF) management fees to buy and stake HYPE; BHYP was listed on the New York Stock Exchange (NYSE) in May.
Comparative data for the three HYPE ETFs (SoSoValue and CoinGecko): Bitwise BHYP accumulated net inflows of about $107 million, with net assets of about $122.8 million (the highest among the three); 21Shares THYP accumulated net inflows of about $60 million; Grayscale HYPG accumulated net inflows of about $8.6 million; combined, the three saw total trading volume of nearly $900 million.
Analysts’ views and options market data
BTSE COO Jeff Mei told Decrypt: “HYPE’s resilience shows that the market is starting to price in the protocol’s fundamental factors. The aid fund’s consumption creates supply pressure, while Coinbase’s $5 billion USDC plan further strengthens Hyperliquid’s competitive advantage.”
Ju.com CEO Sammi Li told Decrypt: “Investors can actually see the protocol gaining market share and generating substantial fees, which makes its value proposition very different.”
On Monday, Derive co-founder and CEO Nick Forster said on the X platform that the probability implied by the options market for HYPE to reach $100 by the end of July is 10-15%. The above is the options market’s implied probability, not a deterministic forecast.
FAQ
How is HYPE’s $16.3 billion market cap calculated?
Based on CoinGecko data confirmed on June 17, 2026, HYPE’s market cap is about $16.3 billion, with FDV (fully diluted valuation) near $70 billion. Market cap is calculated based on circulating supply, while FDV is calculated based on maximum supply; both are confirmed on CoinGecko’s public pages.
How does Bitwise BHYP’s 10% management-fee purchase mechanism work?
Bitwise confirmed its commitment to use 10% of BHYP management fees to buy and stake HYPE tokens, executed through its Bitwise Onchain Solutions division, with a target annualized staking yield of about 2.25%. BHYP’s net assets are about $122.8 million; since its May listing, it has accumulated net inflows of about $107 million (SoSoValue data).
Why does HYPE ETF inflows diverge so sharply from Bitcoin ETF outflows?
According to SoSoValue data, the three HYPE ETFs accumulated net inflows of nearly $172 million since listing in May. Over the same period, Bitcoin ETFs recorded net outflows of nearly $5.6 billion. BTSE COO Jeff Mei told Decrypt that Bitcoin ETFs are mainly driven by macro factors, while HYPE ETF inflows reflect the market’s confidence in protocols that generate real, measurable fees; the two are driven by different investment logics.
