Bitwise bought 77,097 HYPE worth about $5.18 million via FalconX, extending a strategy that funnels ETF fees into buying and staking.

Volume across the three products has been uneven, with BHYP and THYP accounting for the bulk of activity while HYPG continues to ramp.

Hyperliquid's HYPE token ETFs from 21Shares, Bitwise, and Grayscale hit $900M in volume and $153M in inflows within their first month of trading.