Hyperliquid (HYPE) gained 4.67% to $71.96, outperforming a flat crypto market as institutional interest and ETF inflows continue to drive demand. The biggest catalyst is growing institutional validation. Spot HYPE ETFs have attracted more than $136 million in inflows with no outflow days so far, while regulatory developments around perpetual futures have strengthened the investment case for the protocol. Another key driver is Hyperliquid's buyback model, which uses most trading-fee revenue to repurchase HYPE, creating steady demand and reducing circulating supply. Near term, the bullish trend remains intact as long as HYPE holds above the $68 breakout zone. A sustained hold could open the door to $80, while a drop below $62.50 would suggest momentum is cooling and a deeper pullback may follow.