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.

U.S. spot Bitcoin ETFs have shed nearly $5.6 billion since Hyperliquid ETFs launched, highlighting market divergence.