The Hyperliquid price has defied the broader negative market trend, hitting a new all-time high.The current HYPE price rally is driven by growing whale activity and rising institutional demand.Hyperliquid saw a significant surge in market cap, flipping Dogecoin to secure the 9th spot. The Hyperliquid price has exhibited an explosive rally, hitting a new all-time high, despite the broader crypto market crash. As per the latest reports, the current rally comes amid strong whale activity and growing institutional interest.The timing of this HYPE crypto price rally is especially noteworthy. While several major cryptocurrencies have been trading in the red over the past few months, Hyperliquid emerged as one of the strongest performers.As mentioned by experts, this performance is due to growing optimism surrounding newly launched us spot ETFs and strong inflows into the ecosystem. Strong backing and investment from influential figures have also contributed to the present Hyperliquid price surge.Hyperliquid Price Rally: HYPE Hits New ATHCurrently, the Hyperliquid price is showing a remarkable performance while the broader crypto market continues to struggle. Top cryptocurrencies, including Bitcoin, Ether, and XRP, remain caught in the negative zone, whereas HYPE hit a new all-time high of $64.26 earlier today. As of press time, the HYPE price HYPE2.69%is marked at $62.52, up 37% in a week and 50% in a month.What is more noteworthy is its significant surge in market cap. Recently, Hyperliquid flipped the top memecoin, Dogecoin, in terms of market capitalization. With a market cap of $15.8 billion, HYPE secured the 9th spot on CoinMarketCap, pushing DOGE to the 10th position. This development comes after Hyperliquid flipped Solana in FDV race, as CryptoNewsZ reported.Arthur Hayes and Traders Drive Fresh HYPE Whale ActivityIt is worth noting that increasing whale activity has pushed the Hyperliquid price up. Wallets linked to Arthur Hayes and several other high-profile traders have sparked fresh attention around the token.On-chain data shows that some large investors are actively purchasing the Hyperliquid crypto. For instance, prominent Garrett Jin continues to accumulate the HYPE token aggressively. Lookonchain took to X to reveal that Jin purchased around 145,050 HYPE tokens, worth about $9.05 million. He also placed a TWAP order to gradually acquire an additional 39,940 HYPE, worth $2.44 million.According to Lookonchain data, a wallet linked to BitMEX co-founder Arthur Hayes has been actively trading HYPE over the past few days. The wallet deposited around 115,000 HYPE tokens to Bybit last day when the crypto traded around $54. Soon, the address withdrew over 85,000 HYPE at a significantly higher price of $62.69. This indicates that traders like Arthur Hayes expect further upside in the HYPE crypto. As whale activity continues to rise, the speculation of a sustained Hyperliquid price rally grows. But not all whales are buying; some are dumping their holdings. According to a recent update from Lookonchain, some investors are taking profits from the Hyperiquid price rally. After HYPE hit its new ATH, one investor sold about 151,574 HYPE, worth more than $9 million, taking large profits. The trader has also placed additional sell orders at higher price levels.This indicates that traders are now positioning for both continued upside and possible short-term pullbacks. The recent selling activity can potentially impact the current rally of the Hyperliquid price.Institutional Demand and Buybacks Support HYPE Crypto RallyIn addition to the rising whale activity, another major factor contributing to the current Hyperliquid price surge is the growing institutional demand. In an X post, market watcher Kyle Chasse noted that the recent launch of two spot ETFs in the US has significantly pushed the HYPE crypto price up. Reportedly, asset managers 21Shares and Bitwise launched their HYPE ETFs, 21Shares Hyperliquid ETF (THYP) and Bitwise Hyperliquid ETF (BHYP). Notably, an impressive $25 million in inflows was recorded in a single trading session. With this remarkable influx, the Hyperliquid price saw a significant rally, hitting record highs. Bloomberg analyst James Seyffart noted,“Hyperliquid ETFs continue their ascent upwards with volume and inflows. Total inflows across the two since launch is ~$53 million through yesterday. Will get flow numbers from today some time tonight.”Besides the Hyperliquid ETF launch and institutional inflows, the HYPE token also benefited from its $1.16 billion daily token buyback program funded through protocol trading fees.