Spot HYPE ETFs Pull in $72.4M as Wallet Withdraws $30.9M

21Shares’ THYP and Bitwise’s BHYP attracted $72.38 million in combined assets during their U.S. debut trading period. The funds began trading in mid-May and recorded $6.11 million in opening-day volume.

THYP launched on Nasdaq on May 12 and BHYP started trading on the New York Stock Exchange on May 15. Within five trading days BHYP exceeded $30.5 million in assets under management, and THYP logged $10.6 million in cumulative inflows across its first four days.

On May 27 a newly created wallet withdrew 501,250 HYPE tokens, valued at about $30.93 million, from Coinbase Prime and moved them to an address with no prior transaction history. Coinbase Prime is Coinbase’s institutional trading and custody platform.

According to Kairos Research, the two ETFs absorbed about 1.04% of HYPE’s market capitalization during their first 10 trading days, a pace that exceeded the early inflow trajectories of U.S. spot bitcoin and ether ETF debuts.

Bitwise’s BHYP carries a 0.34% annual sponsor fee, waived during the first month on the fund’s first $500 million in assets. 21Shares’ THYP charges a 0.30% annual fee.

HYPE is the native token of Hyperliquid, a platform used for perpetuals trading in decentralized finance. The token recently traded near $62 with a market capitalization around $15.3 billion, placing it among the top 10 digital assets by market value.

Onchain researchers have identified wallets linked to venture capital firms among HYPE’s largest holders, with some holdings above $90 million. Analysts tracking ETF flows note that cumulative inflows across the first 30 days will be a key metric for assessing ongoing demand for the funds.