Hyperliquid

USDC

USDH

<h3 id="what-to-know">What to Know</h3>
<ul>
 <li>Hyperliquid reported HYPE surged 79.2% while Bitcoin declined 14.1% during the second quarter of 2026, reflecting stronger market outperformance.</li>
 <li>Revenue recovered as June revenue exceeded April’s low by 52%, while USDC replaced USDH across the protocol’s stablecoin infrastructure successfully.</li>
 <li>Three U.S. spot HYPE ETFs attracted $309 million net inflows as treasury holdings reached 29.3 million HYPE during the quarter.</li>
</ul>
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Hyperliquid’s HYPE token outperformed the broader cryptocurrency market during the second quarter of 2026, climbing 79.2% as revenue, institutional participation, and exchange-traded fund demand strengthened. According to Hyperliquid’s latest quarterly report, Bitcoin declined 14.1% during the same period, highlighting HYPE’s widening lead over the market. 
<a href="https://x.com/HyperliquidR/status/2084927526724636740" rel="noopener noreferrer nofollow">According to the report</a>, HYPE reached an all-time high of $76.90 on June 16 while delivering 93% relative outperformance against Bitcoin, marking its second consecutive quarter of strong gains. Moreover, Hyperliquid attributed that performance to growing investor recognition of HYPE as a revenue-generating asset rather than a high-volatility cryptocurrency, with improving financial performance reinforcing that shift in market perception. 
Additionally, the protocol reported that cumulative holder revenue exceeded $1 billion before the quarter ended, reflecting sustained activity across the platform despite weaker conditions across the broader digital asset market. 
Also Read: <a href="https://36crypto.com/xrp-faces-critical-1-06-test-as-analyst-warns-repeated-ema-rejections-strengthen-bearish-outlook/" rel="noopener noreferrer nofollow">XRP Faces Critical $1.06 Test as Analyst Warns Repeated EMA Rejections Strengthen Bearish Outlook</a> 
<h2 id="revenue-recovery-and-usdc-transition-strengthen-ecosystem">Revenue recovery and USDC transition strengthen ecosystem</h2>
April became the weakest month under Hyperliquid’s revised fee structure, but trading activity recovered steadily during the following months as market participation increased. According to the report, monthly revenue in June stood 52% above April’s low, allowing the protocol to achieve an annualized revenue run rate of approximately $840 million through stronger trading volumes. 
Besides higher revenue, Hyperliquid completed a significant upgrade to its stablecoin infrastructure by retiring USDH on May 14 and selecting Coinbase-developed <a href="https://36crypto.com/circle-secures-new-york-trust-charter-strengthening-regulatory-framework-for-usdc/" rel="noopener noreferrer nofollow">USDC</a> as its primary quote asset. Validators approved governance proposal QAQv2 on June 12 with 69.1% of staked HYPE supporting the transition, and according to the report, adopting USDC could generate between $135 million and $200 million in annualized holder yield under prevailing interest rates. 
<div class="embed-x">
 <blockquote class="twitter-tweet">
 2026 Hyperliquid Q2 Report 
 Today, we're excited to release Hyperliquid's 2026 Q2 Report. 
 While Bitcoin fell 14% over the quarter, Hyperliquid pulled further ahead. HYPE returned +79% to a new all-time high, decoupling from the majors for a second straight quarter as the market… <a href="https://t.co/c0rtpXIdtq" rel="noopener noreferrer nofollow">pic.twitter.com/c0rtpXIdtq</a> 
 — Hyperliquid Research Collective (HRC) (@HyperliquidR) <a href="https://x.com/HyperliquidR/status/2084927526724636740?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 5, 2026</a> 
 </blockquote>
</div>
Moreover, interest earned from platform USDC balances will flow into the Assistant Fund every 30 days, adding another recurring source of value for HYPE holders and the broader ecosystem. 
<h2 id="spot-hype-etfs-attract-institutional-capital">Spot HYPE ETFs attract institutional capital</h2>
Institutional participation also expanded during the quarter following the launch of three U.S. spot HYPE exchange-traded funds. According to the report, 21Shares launched THYP on May 12, Bitwise introduced BHYP on May 15, and Grayscale followed with HYPG on June 3. Together, the three investment products accumulated $309 million in net inflows before the quarter concluded. 
Furthermore, Hyperliquid reported that<a href="https://36crypto.com/hyperliquid-rwa-trading-hits-4-13b-as-tokenized-stocks-dominate-market-activity/" rel="noopener noreferrer nofollow"> Hyperliquid</a> Strategies generated $152.5 million in fiscal-quarter net income. The company also increased its treasury holdings to 29.3 million HYPE during the reporting period. The quarter reflected stronger operating performance across several areas, including revenue generation, stablecoin infrastructure, institutional investment, and treasury growth. Those results reinforced HYPE’s market strength while supporting Hyperliquid’s position as one of the digital asset sector’s highest-earning protocols. 
Also Read: <a href="https://36crypto.com/ethereum-foundation-backs-webcat-to-protect-crypto-wallets-from-front-end-attacks/" rel="noopener noreferrer nofollow">Ethereum Foundation Backs WEBCAT to Protect Crypto Wallets From Front-End Attacks</a> 
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The post <a href="https://36crypto.com/hyperliquid-hype-surges-79-as-revenue-growth-and-etf-demand-strengthen-q2-performance/" rel="noopener noreferrer nofollow">Hyperliquid HYPE Surges 79% as Revenue Growth and ETF Demand Strengthen Q2 Performance</a> appeared first on <a href="https://36crypto.com" rel="noopener noreferrer nofollow">36Crypto</a>.

Hyperliquid HYPE Surges 79% as Revenue Growth and ETF Demand Strengthen Q2 Performance

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