Hyperliquid Spot ETFs Draw $22.3M in First Week

Two U.S. spot ETFs tied to Hyperliquid gathered $22.3 million in cumulative net inflows in their first week of trading after launching last week. The funds are trading under the tickers THYP and BHYP and provide regulated, direct exposure to the HYPE token for U.S. investors.

Market data show the ETFs recorded their largest single-session intake of more than $11 million on Tuesday. THYP began trading three full sessions before BHYP. Trading volumes for THYP have climbed steadily since launch, reaching roughly eight times its first-day activity.

An ETF analyst noted the steady volume gains for THYP and linked those increases to stronger fee generation at the fund level. A separate analyst observed that, on a market-cap-adjusted basis, inflows into the Hyperliquid ETFs outpaced bitcoin ETFs on three of the first six trading days and exceeded ether ETFs on five of six days.

Bitcoin Suisse analyst Luca Gnos wrote that, ‘During the first six trading days, the ETFs bought 2.5x the amount of HYPE that the Assistance Fund bought and burned.' Those purchases add to onchain accumulation of the token by institutional vehicles.

Bitwise confirmed it will use a portion of management fees from BHYP to accumulate HYPE on its balance sheet and that it will stake those holdings. Bitwise CIO Matt Hougan described HYPE as a ‘Gen 2' crypto token and wrote that the market is largely valuing Hyperliquid as a perpetual futures exchange rather than as a broader asset platform.

Onchain figures show Hyperliquid captured about 42% of blockchain fee revenue this week, compared with roughly 8% for Ethereum and 11% for Solana. The protocol routes most revenue through an Assistance Fund that conducts token buybacks and burns as part of its tokenomics.

The two ETFs allow institutional and retail investors in the U.S. to add HYPE through regulated fund wrappers. Market participants will track ongoing inflows, trading volumes and fee-driven accumulation to observe further changes in HYPE supply and trading activity.