Hyperliquid ETFs see 50% volume jump, $25.5M inflows

U.S.-listed Hyperliquid ETFs experienced a roughly 50% rise in trading volume on Wednesday and recorded $25.5 million in net inflows, with 21Shares’ 21Shares Hyperliquid ETF (THYP) taking $16.6 million and Bitwise’s Bitwise Hyperliquid ETF (BHYP) taking $8.8 million. Since their launches earlier this month the two funds have recorded nearly $41 million in total value traded.

THYP began trading on May 12 and opened with $1.2 million in net inflows at launch. BHYP debuted on May 14 with $750,000 in initial net inflows. Both funds posted their largest single-day net inflows on Wednesday.

Data tracked by SoSoValue showed the 50% increase in trading volume across the U.S.-listed HYPE ETFs on Wednesday. ETF analyst Eric Balchunas wrote on X that it is “very rare” for newly launched ETFs to build trading volume in the first week rather than decline.

The HYPE token has posted strong price gains this year, up about 120% year-to-date and roughly 18.5% over the past 24 hours, trading near $56. Traders and analysts point to the token’s platform capturing a large share of the crypto perpetual futures market as a reason for investor interest.

Grayscale filed in March to offer a Hyperliquid ETF that is currently under review by U.S. regulators. An X account reported that two wallets linked to Grayscale purchased about $25 million of HYPE and staked it over the past week; it is not known whether those purchases relate to the planned fund.

Early inflows to THYP and BHYP remain modest compared with some prior altcoin ETF debuts such as Solana staking products, and the funds’ combined trading value since launch is below $50 million. Over the past year the S&P 500 has risen about 8.6%, the Nasdaq 100 about 16%, while Bitcoin has fallen about 11%.

It remains unclear whether higher volumes and inflows for the Hyperliquid ETFs will persist beyond the funds’ first weeks on the market.