Hyperliquid (HYPE) was included in Hashdex's Nasdaq CME Crypto Index ETF (NCIQ) on September 1, 2026, with a weighting of 3.36%, making it the ETF's fifth-largest holding. This move increased the fund's asset count from 8 to 9, with HYPE trailing only Bitcoin, Ethereum, XRP, and Solana. However, HYPE's primary institutional backer, Multicoin Capital, has been moving in the opposite direction, having sold approximately 75% of the roughly 4 million HYPE tokens it accumulated in February and March, with remaining tokens valued at about $90.5 million. Multicoin had published a bullish report on June 25, predicting HYPE could reach $319 by 2028, but subsequently deposited approximately $59 million worth of HYPE to Coinbase within a month to reduce its position. As of September, HYPE's market capitalization is approximately $20.33 billion, making it the tenth-largest cryptocurrency, with its price fluctuating between $80 and $89, after reaching an all-time high of $84.80 in late August.