Hyperliquid’s HYPE logged double-digit gains on the day, as ETF demand outpaced the token's supply reduction mechanism.

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

Bitwise will hold HYPE from Hyperliquid ETF fees as HYPE funds pass $5.6M in inflows after 21Shares and BHYP launches.