Three spot ETFs tracking Hyperliquid’s native HYPE token have collectively generated nearly $900M in trading volume and pulled in $153M in net inflows since launching in May.
The ETF lineup and its rapid ascent
The first mover was 21Shares, which launched its THYP fund on May 12. Bitwise followed three days later with BHYP on May 15. Grayscale rounded out the trio with HYPG on June 3.
Within the first few weeks, daily trading volumes grew roughly 8x from launch levels.
Peak single-day inflows hit $25.5M on May 20, barely a week after the first two products started trading. Bloomberg ETF analyst Eric Balchunas noted that the interest appeared largely organic, driven by genuine investor demand rather than artificial market-making activity.
