The newly launched exchange-traded funds tracking Hyperliquid’s HYPE token have seen a rapid accumulation of assets, surpassing the $100 million mark in cumulative net inflows within just ten trading days. Data from Farside Investors reveals that these funds added approximately $20 million in inflows on Tuesday alone, pushing total inflows beyond the hundred-million-dollar threshold. The activity is primarily driven by two U.S. spot products: 21Shares’ THYP and Bitwise’s BHYP.
These inflows underscore a growing institutional demand for altcoin exposure through regulated vehicles. In their first week, THYP and BHYP had already gathered $22.3 million in combined net inflows, with one trading day seeing over $11 million enter the funds. This swift uptake positions Hyperliquid ETFs among the fastest-growing new crypto investment products.
21Shares launched the first U.S.-listed ETFs linked to HYPE earlier this month, including a spot product with staking and a leveraged fund tied to Hyperliquid’s decentralized derivatives platform. Bitwise followed with its own BHYP fund, providing another regulated avenue for investors to gain exposure to HYPE without directly managing wallets or decentralized exchanges.
Hyperliquid’s robust trading activity supports the ETF narrative. According to Bitwise, the platform processed $2.9 trillion in trading volume in 2025 and accounts for about 60% of global on-chain derivatives open interest. The token’s model is closely tied to platform activity, with nearly 99% of Hyperliquid’s revenue directed toward daily open-market HYPE buybacks. Additionally, Bitwise will allocate 10% of BHYP management fees to purchase and stake HYPE, creating another demand vector.
HYPE’s price has responded positively, gaining nearly 50% this month to trade around $59.84, despite a slight daily dip. A notable on-chain trade saw a wallet created 46 days ago with $5 million in USDC buy HYPE and sell the entire position for $7.51 million, netting a $2.51 million profit. This success highlights the growing interest in Hyperliquid’s ecosystem.
The inflow figures indicate that demand for crypto ETFs is expanding beyond Bitcoin and Ethereum. Recent launches for Solana, XRP, and now Hyperliquid offer investors more choices through regulated products, signaling a broadening of institutional adoption in the crypto space.