The entire crypto market opened the week on a turbulent note, with Bitcoin (BTC) giving back about 6% over the past seven days. Even with the broader market’s pullback, Hyperliquid’s native token, HYPE, stood out from the competition.
HYPE Jumps On Bitwise’s 10% Fee-To-Token Plan
One of the key drivers behind the altcoin’s Monday strength came from Bitwise. In a post on X (previously Twitter), the asset manager said it plans to devote 10% of the management fees from its Bitwise Hyperliquid ETF, BHYP, to holding HYPE on its balance sheet.
Bitwise also said the newly launched fund provides investors with indirect exposure to HYPE tokens, along with staking rewards, giving the product a linkage to the token’s broader value proposition rather than simple spot exposure.
The result was a noticeable lift in the token’s price action during the session. At the time of writing, the token was hovering near the $50 mark, trading around $46, and edging closer to last year’s all-time highs near $59—roughly 20% away from that peak if momentum continues.
Yet despite these positive developments in the Hyperliquid space, Galaxy Digital’s stock told a different story on the same day.
Galaxy’s NYDFS Approval
Shares of Galaxy, ticker GLXY, fell by almost 6%, slipping back to around $27.87 to close Monday’s trading session. At the same time, Galaxy also announced an important regulatory milestone earlier on Monday.
The company received a BitLicense from the New York State Department of Financial Services (NYDFS), a step that is widely viewed as a sign of expanding institutional access for crypto firms.
Galaxy said the NYDFS granted GalaxyOne Prime NY, the Galaxy entity designed to serve New York clients, both a BitLicense and a Money Transmission License.
In a statement, Galaxy Founder and CEO Mike Novogratz said New York is home to the deepest pool of institutional capital in the country, emphasizing that digital assets are no longer “sitting at the edge” of those allocations. He also noted that Galaxy was built to meet that demand and now can serve New York’s institutions more directly.
Featured image created with OpenArt, chart from TradingView.com
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