21Shares’ Hyperliquid ETF Posts $4.9M Inflows After Coinbase Role

21Shares' Hyperliquid ETF (THYP) recorded $4.9 million in net inflows and $8.1 million in trading volume on Thursday, its strongest single-day activity since launching earlier this week.

Michael Friedman, director of capital markets at 21Shares, called Thursday “the best day yet,” noting the $8.1 million in volume and roughly $4.9 million in net inflows. He pointed to market movement in the underlying token and Coinbase's announcement as likely contributors to the pickup in demand.

Native Markets, the operator of Hyperliquid's USDH stablecoin, granted Coinbase the right to purchase USDH brand assets. Coinbase has noted that USDC has been the leading stablecoin on Hyperliquid since the platform began operating in 2023. 21Shares and other issuers pointed to the Coinbase designation as a potential factor reinforcing stablecoin liquidity and treasury deployment options on the protocol.

The HYPE token, which the ETFs provide exposure to, was the top-performing asset on the day, rising about 14.6% by the U.S. close. By Friday morning it traded near $43.63, roughly 8% above the prior close. The ETFs offer a regulated way to gain HYPE exposure without holding the cryptocurrency directly.

Bitwise launched its own Hyperliquid ETF (BHYP) on Thursday. Together the two funds drew nearly $8.2 million in cumulative net inflows, according to market data from SoSoValue.

The funds allow investors to access HYPE price moves without managing crypto wallets or separate custodial arrangements. 21Shares’ HYPE fund was the first listed product tied to Hyperliquid; Bitwise's launch added a second exchange-traded option.

Early trading and inflows occurred in the first days after both ETFs debuted as market participants reacted to developments involving Hyperliquid, Coinbase and Native Markets.