Bitwise’s Hyperliquid ETF topped $30M in assets after launch as HYPE fund inflows rose and Grayscale pursued its own ETF.

The asset manager recently launched a HYPE-based exchange-traded fund and said it will use some of the fees generated to buy the token.

Crypto investors have underestimated Hyperliquid’s token, HYPE, valuing the platform as a crypto exchange instead of an all-encompassing finance app, says Bitwise’s Matt Hougan.