Top Highlights
- US-based ETFs linked to Hyperliquid’s HYPE token, THYP and BHYP, have generated nearly $41M in trading volume since their launch, with activity up 50% in a single day.
- These ETFs are experiencing rare, sustained momentum amid general market declines, with HYPE climbing 37% since May 12.
- Grayscale and Galaxy Digital are also exploring HYPE-linked investments, with significant wallet activity indicating growing institutional interest.
- Hyperliquid’s platform has expanded into a multifaceted “super-app” offering exposure to various assets, with nearly half of its trading volume now from non-crypto assets, indicating strong long-term growth potential.
HYPE ETFs Experience Early Surge, As Analyst Calls Launch Timing ‘Perfect’
Rare Momentum for New ETFs
Two recently launched U.S.-based exchange-traded funds (ETFs) linked to Hyperliquid’s HYPE token are showing unexpected strength. Since their debut, these funds have recorded a significant jump in trading activity. According to data from SoSoValue, the ETFs—21Shares’ THYP and Bitwise’s BHYP—have together traded nearly $41 million. What stands out is the consistent growth; both saw an increase of about 50% in trading volume on Wednesday alone. Bloomberg ETF analyst Eric Balchunas said that this surge is “rare” for new funds. Usually, initial excitement fades quickly, but these ETFs keep attracting attention. Balchunas also noted that during their first week, investor interest remained strong, which is uncommon for recent launches.
Timing and Market Context Matter
Balchunas described the launch timing as “perfect,” especially since most major assets like stocks, bonds, gold, and Bitcoin have recently declined. Meanwhile, the HYPE token has appreciated 37% since the ETF debut in May. The early momentum has propelled HYPE’s value, leading to a year-to-date increase of nearly 123%. Matt Hougan, CIO of Bitwise, sees these developments as part of a broader shift. He says Hyperliquid is transforming from a crypto futures exchange into a “super-app.” The platform now offers exposure to commodities, stock futures, pre-IPO shares, and prediction markets. He believes the platform’s diversification could drive further growth in trading volume, especially as non-crypto assets make up almost half of activity. Another company, Grayscale, has also filed for a HYPE ETF, but it remains under review by regulators. Meanwhile, blockchain data shows significant investments, with large wallets staking millions of dollars in HYPE tokens recently.
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