As Bitcoin lies flat, Hyperliquid tops weekly gains after Grayscale files for HYPE ETF

HYPE is the biggest gainer over the past week out of large cap coins.
Its rise comes as decentralised exchange Hyperliquid becomes mainstream.
Bitcoin’s price has barely budged over the past week.

Large cap cryptocurrencies were mostly flat over a seven-day period on Saturday, but one coin stood out: Hyperliquid’s native coin, HYPE.

HYPE, the 14th largest coin by market value, was up nearly 6% over a weekly period, and was priced at a little over $40, according to CoinGecko.

Its rise came after crypto asset manager Grayscale on Friday filed for a new product, a “Grayscale HYPE ETF”, that would trade on the Nasdaq if approved.

Bitcoin, meanwhile, hadn’t budged over a seven-day timeframe. The leading cryptocurrency was trading for $70,943 at 10am in New York.

What’s all the HYPE?

Grayscale’s filing comes as the decentralised crypto exchange sees a surge in trading as traders bet on the price of other assets like oil and gold.

Commodity trading on Hyperliquid has become popular since the US and Israel attacked Iran; when traditional markets are closed, Hyperliquid continues processing trades, allowing speculators to make bets on weekends.

Its native coin, HYPE, is up 56% year-to-date.

Hyperliquid is so popular that the S&P 500 this week gave crypto platform Trade[XYZ] the green light to debut a new derivative contract on the exchange giving non-US investors exposure to the equity index.

Two days after it debuted, it hit $100 million in 24-hour volume — making it one of the 10 largest markets on the booming blockchain.

Other market movements

Elsewhere, Ethereum rose 4% over a 24-hour period, hitting $2,163 per coin. Its modest rise came despite US investors cashing out of Ethereum ETFs this week.

XRP also rose by close to 4% over the same period, and was trading hands for $1.44 on Saturday.