Two recently launched U.S. exchange-traded funds tied to Hyperliquid’s HYPE token have posted an impressive start.
New data indicate that these ETFs achieved a milestone in their first 10 days of trading that spot Bitcoin, Ethereum, and Solana ETFs did not match.
Strongest Crypto ETF Debut Yet
Kairos Research reported that spot HYPE ETFs captured 1.04% of HYPE’s market capitalization within their first 10 trading days, calling it the strongest debut of any spot crypto ETF to date. For comparison, spot Bitcoin ETFs reached 0.59% and spot Ethereum ETFs reached 0.41% in the same period, excluding GBTC and ETHE outflows.
Spot Solana ETFs recorded 0.31%.
21Shares’ THYP and Bitwise Asset Management’s BHYP have together attracted more than $95 million in net inflows within weeks of their launches. Bloomberg ETF analyst Eric Balchunas described the timing of the launches as “perfectly timed.” THYP, which listed on Nasdaq on May 12, became the first HYPE-related ETF available in the U.S. market and had drawn $44 million in net inflows as of May 26. BHYP launched on May 14 and recorded $55 million in net inflows, according to data compiled by SoSoValue.
Both funds registered nine consecutive days of inflows with no days of outflows during that stretch. On Tuesday, by contrast, Bitcoin and Ethereum ETFs collectively saw nearly $370 million in outflows, while Solana funds recorded no flows for the day.
Sharp Monthly Gains
The strong inflows into HYPE ETFs have coincided with a sharp rise in the underlying token’s price. While many leading crypto assets failed to establish a clear uptrend this month, HYPE gained roughly 50% over the same period. At the time of reporting, the token was trading near $62.31.
On-chain data highlighted one trader who profited handsomely from the rally. According to Lookonchain, a wallet created 46 days ago used $5 million in USDC to purchase HYPE. After holding the position for just over a month, the holder sold all HYPE on Tuesday for $7.51 million, realizing a profit of approximately $2.51 million in 46 days.