Hyperliquid’s token is up while other assets are down, which analyst Eric Balchunas says has led to a rare trading boom in newly launched HYPE-related ETFs.

HYPE tokens surged over 5% on Monday after Bitwise’s spot ETF debut on NYSE Arca offset regulatory pressure instigated by CME and ICE.

Hyperliquid’s HYPE token has jumped as its HIP-3 pre-IPO perp marketplace heats up ahead of a series of high-profile tech IPOs.