Hyperliquid ETFs attracted over $22 million in inflows during their first trading week as HYPE demand surged.
Hyperliquid News
Two US spot exchange-traded funds (ETFs) tied to Hyperliquid's native token (HYPE) attracted more than $22.3 million in cumulative net inflows since their May 12 and 15 debuts, according to SoSoValue data.
May 19 was the strongest single session of the launch period, with both products together recording over $11 million in net inflows.
The two funds are 21Shares' THYP and Bitwise's BHYP. THYP launched three full trading days ahead of BHYP. Bloomberg ETF analyst Eric Balchunas noted on X that THYP's trading volume had risen each day since its debut, reaching roughly eight times its first-day level by May 19. Balchunas described the trend as "a really good sign of organic interest" and linked it to Hyperliquid's fee generation activity.
ETF Flows Outpace Ether Funds
Bitcoin Suisse analyst Luca Gnos published a note on X reviewing the first six trading days. He found that the HYPE ETFs produced stronger market-cap-adjusted inflows than Bitcoin (BTC) funds on three of those six days. They outpaced Ethereum (ETH) funds on five of the six days. Gnos also estimated that the ETFs purchased 2.5 times the amount of HYPE that Hyperliquid's Assistance Fund bought and burned over the same period, making them a meaningful source of buying pressure for the token.
Hyperliquid has grown into one of the largest venues for on-chain perpetuals and derivatives trading. The network captured more than 42% of all blockchain fees in the most recent week. That figure compares to 8% for Ethereum and 11% for Solana (SOL) over the same period. The protocol routes nearly all of its revenue to token buybacks through the Assistance Fund.
Bitwise Plans To Stake HYPE Holdings
Bitwise confirmed on May 20 that it plans to use a portion of the management fees generated by BHYP to accumulate HYPE on its own balance sheet. The firm also said it will stake those holdings. Bitwise Chief Investment Officer Matt Hougan described HYPE in a recent note as a "Gen 2" crypto token he considers undervalued despite being among the year's best-performing large caps.
Hougan argued that the market is currently pricing Hyperliquid as a fast-growing perpetual crypto futures exchange. He said it should instead be valued as a global super-app covering all asset classes. The combination of fee-driven tokenomics and early ETF flows has drawn sustained analyst attention to the protocol's market position.
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