Hyperliquid HYPE Token Joins Bitwise 10 Crypto Index ETF

Bitwise Adds HYPE to Flagship Index Fund

Bitwise rebalanced its Bitwise 10 Crypto Index ETF on July 9, incorporating Hyperliquid's HYPE token at approximately 0.95% weight. The move placed HYPE among the fund's larger holdings, ahead of several established assets. Stellar also entered the index while Polkadot and Avalanche were removed.

This inclusion follows Hyperliquid's substantial activity on its decentralized perpetual futures platform. The protocol recorded $1.34 trillion in trading volume during the first half of 2026, generating over $320 million in revenue during the same period.

Price Action and Market Position

HYPE traded around $67 with a market capitalization near $17 billion, placing it in the top 10 cryptocurrencies by size. Daily trading volume exceeded $300 million. The token sits roughly 12% below its June all-time high near $76.85 but has demonstrated notable strength relative to peers.

Data showed HYPE posting an 88% gain in June 2026 while a basket of top 10 cryptocurrencies declined by 39% in the same period. Year-to-date performance reached 165% prior to the latest ETF news.

Technical Setup Shows Continued Interest

Chart patterns include a cup-and-handle formation, with successful breakout and retest above the $57-59 neckline. Analysts noted the token holding above the 200-period exponential moving average on multiple timeframes, supporting the prevailing direction.

Immediate support levels cluster around $66-68, with additional zones near $58-60. Resistance appears at $70-71, then $74.60 to $77.50. A sustained move above $77.50 could open paths toward $89-92 according to some technical views.

Protocol Fundamentals Drive Activity

Hyperliquid operates as a Layer-1 network focused on decentralized perpetual futures trading. Features include 24/7 availability and mechanisms directing most trading fees toward open-market token buybacks via the Assistance Fund.

Cumulative protocol revenue surpassed $1 billion by late June. Token unlocks, including a recent release of approximately 9.92 million tokens, faced absorption from buyback activity. Spot ETFs tied to HYPE saw combined inflows exceeding $170 million in early stages.

Regulatory Engagement and Institutional Views

Hyperliquid Policy Center and Phantom wallet submitted comments to the CFTC advocating for updated rules suited to onchain protocols. The letter requested clarification on software publication and onchain infrastructure use by registered entities.

Pantera Capital's analysis positioned Hyperliquid as a leader in onchain perpetuals, citing advantages in continuous trading and market access compared to traditional venues.

Broader Market Context

HYPE held steady while Bitcoin ETFs recorded outflows over multiple consecutive days. Total crypto market capitalization showed modest gains amid mixed sentiment readings. Protocol metrics, including high trading volumes and revenue generation, set Hyperliquid apart from many other networks.

With roughly 22% of maximum supply in circulation, ongoing buybacks and platform usage continue to factor into market dynamics. Next unlock is scheduled for early August.

Summary of Recent Developments

Bitwise's inclusion of HYPE in its major index fund marks a step in institutional recognition for the token and its underlying platform. Combined with protocol performance data and technical resilience, these elements contribute to ongoing market discussions around Hyperliquid's position.