Hyperliquid Surpasses Solana in FDV as Institutional Demand Drives Token Rally

Hyperliquid has made a significant leap in the crypto market by overtaking Solana in fully diluted valuation (FDV). This milestone is attributed to the strong institutional demand driven by the launch of US spot ETFs. The token's price has seen an impressive increase of 16% to $57.35, with large wallet purchases and staking activity contributing to its rise.

The recent surge in Hyperliquid's FDV is a testament to the growing interest in the token among institutional investors. The launch of US spot ETFs by firms such as Galaxy Digital and Grayscale Investments has played a significant role in this increase in demand. The ETFs' purchases of $HYPE tokens have been larger than the amount bought and burned by Hyperliquid's assistance fund, indicating that they are a net source of buying pressure.