NEW YORK: As billions of dollars leave bitcoin and ether funds, money is flowing into a corner of crypto that promises something investors have long struggled to find in digital assets: a clearer path from economic activity to token value.

The strongest sign is the Hype token linked to the booming crypto exchange Hyperliquid.

While bitcoin, ether and smaller altcoins have stumbled in this year’s market downdraft, Hype has climbed to records.

The token reached an all-time high of US$75.50 on Monday and has risen about 180% this year, lifting its market value above US$16bil and pushing it into the top 10 digital assets by market capitalisation, according to…