21Shares’ Hyperliquid ETF Nets $1.2M on Nasdaq Debut

21Shares’ Hyperliquid ETF (THYP) opened on the Nasdaq on Tuesday, drawing $1.2 million in net inflows and $1.8 million in trading volume on its first day.

The fund seeks to track the spot price of the Hyperliquid (HYPE) token, which is tied to Hyperliquid’s perpetual futures platform. The platform has reported more than $8.4 trillion in trading since launching in 2023.

THYP charges a 0.3% management fee. Bitwise has proposed a 0.67% fee for its Hyperliquid Staking ETF (BHYP). Grayscale has filed for a Grayscale HYPE ETF (GHYP) and has not yet disclosed a fee.

Analyst James Seyffart described the debut as “very very solid day and better than your average ETF launch for sure but nothing too crazy.” He noted THYP’s opening-day volume was far smaller than the debuts of some recent altcoin ETFs, including the Bitwise Solana Staking ETF (BSOL), which drew roughly $56 million on its first day, and the Canary XRP ETF (XRPC), which saw about $58 million.

The ETF launched after the Securities and Exchange Commission moved in September from case-by-case reviews of spot crypto listings to a set of generic listing standards. That change has enabled more altcoin exchange-traded funds to list in the U.S.

In December, Seyffart warned many crypto exchange-traded products could face liquidation by the end of 2027 if demand remains weak. An industry analysis found the average lifespan of ETFs fell from 4.66 years in 2024 to about 3.5 years in 2025, and dozens of funds were liquidated in early 2026; none of those liquidated funds were major crypto ETFs.

THYP is the first Hyperliquid-based ETF to list in the U.S. The Securities and Exchange Commission continues to review other pending filings for Hyperliquid products.