Hyperliquid price outlook as Bitwise launches spot HYPE ETF

Hyperliquid price remained volatile this week after rebounding sharply from a recent pullback, while growing institutional involvement and the launch of new spot exchange-traded products strengthened bullish sentiment surrounding the decentralized trading protocol.

According to data from crypto.news, Hyperliquid (HYPE) price was trading around $44 at press time on May 15 after briefly surging above the $46 region earlier in the session. The token has recovered significantly from its January lows near $22 as demand surrounding decentralized perpetual trading infrastructure continued rising.

One of the biggest catalysts supporting Hyperliquid this week was the launch of the new spot Hyperliquid ETF from Bitwise Asset Management.

The Bitwise Hyperliquid ETF officially begins trading on Friday and is among the first U.S.-listed spot HYPE investment products. The fund also incorporates native staking through Bitwise Onchain Solutions, allowing investors to gain both spot exposure and staking-related yield.

The launch highlights the accelerating institutional race to offer regulated exposure to decentralized finance infrastructure beyond Bitcoin and Ethereum.

Competition within the emerging Hyperliquid ETF market has also intensified rapidly. Earlier this month, 21Shares launched two HYPE-linked ETFs in the United States, including the spot-focused THYP product and the leveraged 2x Long HYPE ETF trading under the ticker TXXH.

The growing number of ETF launches reflects rising investor demand for exposure to on-chain trading ecosystems as decentralized finance continues attracting both institutional and retail participation.

Hyperliquid has also benefited from broader institutional integration narratives involving major crypto infrastructure companies. Recent developments tied to Coinbase and Circle have further strengthened investor confidence in the ecosystem, particularly as stablecoin infrastructure and institutional trading connectivity around Hyperliquid continue expanding.

Hyperliquid price analysis

On the daily chart, Hyperliquid recently appeared to form a bearish double top pattern near the $45–$46 resistance zone after two consecutive rejection attempts around similar highs.

However, bulls have now largely invalidated the bearish setup following the latest rebound from the $38 support region. The quick recovery back toward the prior highs suggests buyers continue aggressively defending the broader uptrend despite short-term volatility.

At the same time, HYPE remains firmly above both its 50-day and 200-day moving averages, a structure that typically signals strengthening bullish market conditions. The 50-day moving average also continues trending sharply upward above the 200-day moving average, reinforcing the ongoing bullish momentum shift.

The Supertrend indicator additionally remains in bullish territory on the daily timeframe, with support currently positioned near the $38 region. As long as HYPE continues holding above that area, the broader bullish structure may remain intact.

Momentum indicators also suggest the recent cooldown may have primarily been a healthy consolidation phase rather than the beginning of a larger reversal. Price action over the past several weeks resembles a potential bullish continuation structure following Hyperliquid’s explosive rally earlier this year.

If bulls successfully reclaim and hold above the $46 resistance region, Hyperliquid could attempt another breakout toward the psychological $50 level in the short term.

On the downside, failure to hold above the current support structure near $38 could weaken bullish momentum and potentially expose HYPE to a deeper correction toward the 200-day moving average near the $34 region.