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Hyperliquid's HYPE token jumps 5% after Bitwise's $4.3M ETF launch sparks short squeeze

Market News
18 May 2026
Bitcoin
View Source
Bullish
pluang ai news

Despite a broader crypto market sell-off dragging Bitcoin below $77,000, Hyperliquid's HYPE token surged over 5%, briefly surpassing its previous peak of $47. This rebound followed a sharp drop caused by lobbying efforts from rivals CME and ICE to regulate Hyperliquid. The surge was driven by Bitwise's debut of a $4.3 million HYPE spot ETF on the NYSE Arca, which includes in-house staking that adds value to the fund. The rally triggered $7.1 million in liquidations, mostly short positions, highlighting strong market interest amid wider altcoin losses and a declining overall crypto market cap.

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