In the last 24 hours, Hyperliquid (HYPE) has experienced a 15% surge, contrasting with the flat performance of major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and XRP (XRP). According to analyst Aletheia, Hyperliquid's spot ETFs have pulled in market cap-adjusted inflows that exceeded Bitcoin on three of the first six trading days, significantly boosting buying pressure. The ETFs bought 2.5 times the amount of HYPE compared to the Assistance Fund, indicating a supply squeeze as treasury vehicles absorbed a large portion of supply. BitMEX co-founder Arthur Hayes has reiterated his price target of $150 for HYPE by August 2026, projecting revenue growth from $843 million to $1.4 billion driven by new market listings. Hayes notes that Hyperliquid stands out in the perpetual decentralized exchange market due to its low ADV/OI ratio, which suggests its trading volume is generated by real traders rather than wash trading. Additionally, Hyperliquid offers competitive execution costs, trading at a 12 P/E ratio compared to higher ratios of its competitors, indicating a potentially undervalued position in the market.