Spot HYPE ETFs Pull In $153M, Nearly $900M Traded

Three U.S.-listed spot HYPE exchange-traded funds collected about $153 million in net inflows and generated nearly $900 million in cumulative trading volume during their first month. The funds hold HYPE tokens directly and pass through staking rewards of roughly 2.25% annually to shareholders.

The products are 21Shares’ THYP, which launched on the Nasdaq on May 12; Bitwise’s BHYP, which began trading on the New York Stock Exchange on May 15; and Grayscale’s HYPG, a staking ETF that debuted on June 3. Grayscale set the lowest sponsor fee at 0.29%, compared with the 0.30% charged by both 21Shares and Bitwise.

THYP and BHYP together absorbed more than 1% of HYPE’s market capitalization within their first 10 days of trading. The three ETFs produced nearly $900 million of reported trading volume in their opening month, reflecting trading activity across the U.S.-listed products.

HYPE, the native token of the Hyperliquid decentralized derivatives exchange, climbed to a record above $75 after a Commodity Futures Trading Commission action that opened the U.S. perpetuals market, broadening the addressable market for Hyperliquid-related products.

Roughly 97% of Hyperliquid’s trading fees are directed to an onchain Assistance Fund that uses the proceeds to buy back HYPE tokens. That mechanism routes exchange revenue into token buybacks on the blockchain.

Onchain data show wallets associated with venture firm a16z have accumulated more than $190 million worth of HYPE, making them one of the larger known holders. Market participants and analysts have flagged concentration risk because HYPE’s value is closely tied to the performance of a single exchange. Several analysts noted that net inflows could reverse if trading volumes decline or investor sentiment shifts.