Hipnotizó is the past tense of the verb hipnotizar, which means "to hypnotize". It's a powerful and dramatic word to describe an intense, almost supernatural attraction.
In the song, Rauw Alejandro sings "que tiene tu mirada que me hipnotizó" (there's something in your gaze that hypnotized me). He uses this word to express how he's completely captivated and put into a trance by his lover's eyes, perfectly capturing the song's theme of a magical, irresistible love.
Ever had a casual thing turn into... something more? That's exactly what Rauw Alejandro is singing about in "Algo Mágico". He tells the story of a relationship that started out purely physical, with "momentos eróticos" (erotic moments), but then her gaze completely hypnotized him. Now, he's in deep.
He's gone from a simple hookup to a full-blown crisis of the heart, saying "Ahora el estado de mi corazón es crítico" (Now the state of my heart is critical). He's desperate when she's not around and admits it's not just about her looks anymore: "Ya no es tan sólo su físico" (It's not just her physique anymore). He's fallen hard, feeling like they were made for each other, and he just can't find the right words to explain the magical feeling she gives him.