HYPE prices rise, Bitwise ETF resumes buying of $10.5 million

TLDR：

HYPE price received cumulative support from Bitwise ETF

Hyperliquid destroyed US$830,000, and token supply shrank

HYPE price remained at around US$85.45 after the BHYP Fund added US$10.5 million in tokens, ending a four-day purchase suspension by Bitwise customers. Since the launch of BHYP, Bitwise has accumulated $166.3 million in HYPE, making it the largest HYPE ETF by reported size. Hyperliquid bought and destroyed 9730 HYPEs worth approximately US$829,500 in one day, bringing the lifetime destruction to 48.42 million tokens.

ETF purchases brought in regulated spot demand, while fee-backed destruction permanently curtailed supply, leaving $88.06 a nearby resistance level.

Hyperliquid (HYPE) price trend

HYPE prices receive cumulative support from Bitwise ETF

BHYP's activity resumes ending a brief pause after several weeks of institutional accumulation. Friday's $10.5 million purchase represents approximately 123,000 HYPE units, priced at close to $85.27. This estimate demonstrates the scale of demand entering through a single regulated product.

Bitwise launched the spot Hyperliquid ETF in May to provide investors with indirect exposure to Hyperliquid tokens. The fund also pledged most of its positions through Bitwise's internal infrastructure. Pledges can increase token rewards, but the structure carries operational, liquidity and penalty risks.

Arkham data shows that cumulative purchases since launch have reached $166.3 million. This total makes BHYP the largest HYPE ETF by report. This also shows that the four-day purchase gap did not mark the obvious end of customer demand.

Bitwise purchases HYPE again

Bitwise's BHYP customers have not purchased any HYPE for 4 consecutive days. They purchased $10.5 million on Friday, the largest purchase in a single day by BHYP since it purchased $23.2 million on August 27. Since its launch, Bitwise has now purchased $166.3 million, making it the largest HYPE ETF.

When the purchase occurred, HYPE prices were at the upper end of the near-term range. Market data showed that HYPE prices were close to $85.45, up about 1.5% in 24 hours. HYPE's price was also slightly below its record of $88.06 set on September 3, a decline of about 3%.

The trading range on Friday was approximately US$83.73 to US$86.15. Buyers thus absorbed weakness below $84 and pushed the token back above $85. Immediate resistance is around $86.15, followed by a record range of $87.66 to $88.06.

If continued breakthroughs are achieved above the region, new price discoveries will be established. Conversely, a break below $83.70 could expose the $80.25 area near September 2. ETF purchases provide measurable spot demand, but the direction of HYPE prices still depends on broader trading flows.

Hyperliquid destroys US$830,000 while token supply shrinks

Onchain Lens data shows that Hyperliquid acquired and destroyed 9730 HYPEs in the last 24 hours. The average purchase price of these tokens is $85.27, with a total value of nearly $829,500. Online documents state that the aid fund will permanently remove all HYPE from circulation and total supply.

According to tracker data, the lifetime destruction volume has reached 48.42 million HYPEs. Based on current HYPE prices, the market value of these tokens is close to US$4.14 billion. The quantity removed accounted for approximately 4.84% of the original maximum supply of 1 billion pieces.

Hyperliquid destroys US$830,000 of HYPE in 24 hours

Hyperliquid purchased and destroyed 9730 $HYPE units (approximately US$829,500) in the past 24 hours at an average price of US$85.27.
Lifetime Destruction:
·48.42 million $HYPEs were destroyed
·Current value of approximately US$4.14 billion
·4.84% of the maximum supply was permanently removed

This mechanism connects activity on Hyperliquid with regular market purchases. Transaction fees support the purchase of aid funds, while each destruction reduces the number of issued tokens. As a result, higher platform activities can increase the pace of purchases without having to establish a fixed schedule.

The latest daily destruction volume is small relative to the circulating supply of tokens. However, repeated removals can have a significant impact over longer market cycles, especially if ETF demand absorbs additional coins. In dollar terms, Friday's BHYP purchases were almost 13 times the reported 24-hour destruction.

The current setup shows two verifiable processes operating together. BHYP provides regulated accumulation, while Hyperliquid's fee mechanism permanently removes the token supply.

The latest destruction alone will not automatically increase market valuations, as demand, liquidity and broader risk appetite also shape transactions. In addition, BHYP is different from directly holding tokens in that it has specific product fees and risks.

HYPE prices are currently between nearby support and recent records. If it exceeds US$88.06, it will be confirmed that the buyer has cleared the latest supply area. If we can hold above $83.70, we will retain the short-term rebound structure established after Friday's intraday decline.