HYPE reached a new all-time high of $68.64 on May 30, following approximately 50% gains over the month. According to NS3.AI, this surge occurred after the Commodity Futures Trading Commission (CFTC) approved KalshiEX's BTCPERP contract, marking the first Bitcoin perpetual futures product cleared for listing on a U.S.-regulated exchange. By May 29, Bitwise's BHYP and 21Shares' THYP had accumulated $136 million in net inflows over 13 trading sessions. ICE CEO Jeffrey Sprecher commented that Hyperliquid's trading activity is "bigger than Nasdaq."