Hyperliquid ETFs outpace Bitcoin, Ether on adjusted inflows

Hyperliquid spot exchange-traded funds recorded larger market-cap-adjusted inflows in their first week of trading than comparable Bitcoin and Ether ETFs, according to data compiled by Aletheia, a crypto analyst at Bitcoin Suisse AG. ETF issuers purchased roughly 2.5 times more HYPE than Hyperliquid’s Assistance Fund removed from circulation during the same six trading days.

The Aletheia data show HYPE spot ETFs outpaced bitcoin ETFs on three of the first six trading sessions and exceeded ether ETF flows on five of those days. Solana-related products recorded stronger market-cap-adjusted demand than HYPE on four of the six sessions. The largest relative inflow for HYPE occurred on the sixth trading day.

Market-cap-adjusted inflows measure investment flows relative to a token’s total market capitalization. That metric highlights proportional demand for smaller tokens when capital enters through listed products, rather than raw dollar inflows alone.

Hyperliquid’s Assistance Fund is the project’s treasury mechanism that buys HYPE on the open market and removes tokens from circulation through burns. During the debut six-day window, ETF issuers bought about 2.5 times the amount of HYPE that the Assistance Fund acquired and burned.

A sizable share of HYPE’s circulating supply is held by treasury vehicles and ecosystem-linked buyers, and earlier holders had opportunities to distribute positions before the ETFs began trading. Those supply-side details are part of the market context during the funds’ launch.

The HYPE spot ETFs are among a wave of regulated passive products tied to tokens beyond bitcoin and ether. The available data cover only the first six trading sessions; whether the observed inflow patterns continue will depend on future ETF purchases, the Assistance Fund’s buy-and-burn activity, and how much supply remains in treasuries and ecosystem hands.