Hyperliquid’s HYPE token reached an all-time high of $89.67, according to Coinbase market data, before trading around $88.21 as of Sept. 7 at 8:21 EDT. It was up roughly 4.8% over 24 hours, with trading volume near $629 million, extending gains of 7.7% over a week, 60.7% over 30 days and 175.9% over six months. Bitwise’s Hyperliquid ETF, BHYP, bought $10.5 million of HYPE after four days without purchases, taking its cumulative purchases since launch to about $166.3 million and making it the largest HYPE ETF by holdings. Institutional exposure is also broadening, with Wealth High Governance, OLP Capital Management, UBS, Bank of Montreal, Jane Street and other firms reporting positions in Hyperliquid ETFs. Combined net inflows into 21Shares’ THYP, Bitwise’s BHYP and Grayscale’s HYPG reached $356.58 million through Sept. 4, while the three funds held $480.87 million in net assets. Separately, Crypto analyst McKenna estimates Hyperliquid’s AQAv2 mechanism could produce roughly $192 million in annual reserve-yield revenue from $6.21 billion of outstanding USDC. With 90% directed to the assistance fund, the mechanism could create about $527,000 of daily buyback pressure at current levels. Markets will test whether HYPE can sustain its rally after the 175.9% six-month advance or whether institutional enthusiasm has already priced in much of the optimism.