Hyperliquid's token HYPE surged to $58.97 on Thursday, up 15.3%, as newly launched ETFs recorded $25.5 million in net buying on Wednesday. This figure is 17 times higher than the daily Assistance Fund burn of $1.4 million and exceeds the combined inflows of the first five days ($22.35 million). ETF demand is now outpacing HYPE's built-in supply reduction mechanism, potentially tightening available supply. Bitwise, an ETF issuer, committed 10% of management fees to holding HYPE on its balance sheet, calling it a "community-first model." Bitwise CIO Matt Hougan argued that the market is mispricing HYPE due to category and anchoring errors, comparing it to high-growth financial infrastructure like Robinhood or CME. The rally comes amid renewed institutional interest and outperforms Zcash and Worldcoin.

Key facts

• HYPE ETFs saw $25.5M net buying Wednesday, 17x daily burn.
• Bitwise commits 10% of ETF fees to HYPE balance sheet.
• Bitwise CIO Matt Hougan says market misprices HYPE.
• HYPE surged to $58.97, up 15.3%, outperforming Zcash and Worldcoin.