Two recently launched US exchange-traded funds linked to Hyperliquid’s HYPE token are showing strong early momentum, with trading activity rising steadily since their market debut.
According to SoSoValue data, 21Shares’ THYP and Bitwise Asset Management’s BHYP have produced nearly $41 million in combined trading volume since launching earlier this month.
Unusual Momentum Behind Hyperliquid ETFs
Bloomberg ETF analyst Eric Balchunas noted the rapid growth in activity, saying both funds saw another 50% increase in trading volume on Wednesday alone. In a post on X, Balchunas called the launches “perfectly timed,” observing that most major asset classes—stocks, bonds, gold, Bitcoin, and the broader crypto market—have retreated recently while HYPE has risen 37% since THYP launched on May 12.
Balchunas pointed out that the steady increase in trading activity during the funds’ first week is uncommon for new ETFs, which often experience early interest that quickly fades. 21Shares was the first issuer to bring a HYPE-linked ETF to the US market with THYP on May 12, which attracted $1.2 million in net inflows. BHYP followed on May 14 with $750,000 in net inflows and has continued to trend upward since its launch.
Grayscale Investments has also filed for a HYPE ETF, submitting its proposal in March; that filing remains under review by US regulators. Meanwhile, blockchain analytics platform Lookonchain reported that wallets associated with Grayscale bought and staked 510,387 HYPE tokens—about $24.95 million worth—over the past week.
Additionally, a wallet linked to Galaxy Digital purchased 158,100 HYPE tokens, valued at roughly $8.8 million.
Hyperliquid Growth Trajectory
Looking at the broader picture, HYPE has climbed nearly 40% so far this month, bringing its year-to-date gains to roughly 123%. Bitwise CIO Matt Hougan recently described Hyperliquid as one of the most significant crypto projects to emerge in recent years and said investors may be underestimating both its long-term impact and the intrinsic value of the HYPE token.
Hougan noted that Hyperliquid has expanded beyond a crypto perpetual futures exchange into a financial “super-app,” providing access to commodities, S&P 500 futures, pre-IPO stocks, and prediction markets. He added that nearly half of the platform’s trading volume now comes from non-crypto assets and suggested that share could increase further by year-end.