The HYPE is nearing an all-time high! AI Giant IPO Frenzy Fuels Price Discovery as Multiple Institutions Continue to Accumulate

BlockBeats News, May 21, according to HTX market data, today, HYPE returned to $55 after 241 days, once reaching $57 nearing its all-time high. The on-chain IPO frenzy of AI giants is helping drive the price discovery of Perp DEX, and Hyperliquid's Fully Diluted Valuation (FDV) has officially surpassed Solana.

The market's focus is on its HIP-3 Pre-IPO perpetual contract ecosystem. Hyperliquid has launched perpetual contracts for IPO presales of popular AI companies such as SpaceX, Anthropic, and OpenAI. Among them, the Cerebras perpetual contract launched by Trade.xyz has an error of only about 3% compared to its Nasdaq listing opening price, while the traditional secondary market price deviation is as high as 35%.

The Hyperliquid ETF (THYP) launched by crypto asset management company 21Shares started trading last Tuesday, and its trading volume is gradually increasing. The daily trading volume has reached the tens of millions of dollars level, about 8 times higher than the $1.8 million trading volume on the first day.

In addition, several institutions and whales have recently been intensively increasing their holdings of HYPE: a16z has been in a large accumulation mode since August 2025, accumulating a position of 9.18 million HYPE tokens (about $356 million); a Grayscale-associated address has bought over 510,000 HYPE tokens and staked them (about $24.95 million). An Anchorage-associated wallet has once again withdrawn 142,308 HYPE tokens from a CEX (about $7.38 million). The "BTC OG Whale Insider" agent has acquired a position of 42,524 HYPE tokens (about $2.33 million).