Hyperliquid ETFs from Bitwise and 21Shares saw a sharp rise in trading volume and inflows during their first week.
Hyperliquid News
Two US-listed exchange-traded funds tracking $HYPE recorded a 50% jump in trading volume on May 20, an unusual pattern for newly launched ETFs that typically see volume fall after their debut. The two funds, from Bitwise and 21Shares, have accumulated nearly $41 million in total value traded since launching earlier in May, according to SoSoValue data.
Bloomberg ETF analyst Eric Balchunas said on X that volume growth of this kind in a fund's first week is "very rare," noting that most new ETFs either post strong debut volume followed by a drop, or start slow and go unnoticed for months. He attributed the $HYPE funds' momentum to market timing, with stocks, bonds, gold, Bitcoin (BTC), and other crypto assets all trading lower while $HYPE moved in the opposite direction.
21Shares was first to market with its 21Shares Hyperliquid ETF, ticker THYP, which launched May 12 and drew $1.2 million in net inflows on its debut. The Bitwise Hyperliquid ETF, ticker BHYP, followed on May 15 and recorded $750,000 in net inflows at launch, both figures considerably lower than those seen at debut for other altcoin ETFs such as Solana staking funds.
By May 20, the picture had shifted considerably. The two funds saw a combined $25.5 million in net inflows on that single day, the highest combined daily total since their launches. The 21Shares fund accounted for $16.6 million, while the Bitwise fund added $8.8 million.
The day before, Bitwise published an analysis arguing that traders had mispriced $HYPE, describing Hyperliquid as a "super-app" covering multiple asset classes rather than simply a crypto exchange. Over the past 12 months, the S&P 500 gained 8.6% and the Nasdaq 100 gained 16%, while BTC fell 11%, a context that Balchunas said made $HYPE's independent upward move more notable.
Grayscale filed for its own Hyperliquid ETF in March, with the application currently under review by US regulators. On Wednesday, on-chain analytics account Lookonchain reported that two wallets linked to Grayscale purchased $25 million worth of HYPE over the prior week and staked it, though whether the move is connected to the company's planned ETF is not confirmed.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
