U.S. exchange-traded funds linked to HYPE saw trading volume jump 50% on Wednesday, a rare move for recently debuted ETFs, according to analysts.
The two Hyperliquid (HYPE) ETFs issued by Bitwise and 21Shares have recorded nearly $41 million in total trading value since their launch earlier this month, with trading volume increasing since their debuts, according to on SoSoValue.
Bloomberg ETF analyst Eric Balchunas he said in X’s post on Wednesday that such trading increases for ETFs are “very rare,” with many typically seeing “a big spike on the (first) day, then falling OR forgetting about it for months until (people) notice. Rare for a first-week build like this.”
Balchunas pinned the rise in ETFs on “a perfectly timed launch because EVERYTHING (stocks, bonds, gold, btc (Bitcoin), crypto) has been down lately except HYPE.”
Source: Eric Balchunas
The Hyperliquid token is up 120% so far this year, rising 18.5% to $56 in the past day, according to for CoinGecko. Traders have flocked to the token and platform, and some analysts consider it the next trending crypto play as it has captured a large portion of the crypto perpetual futures market.
Over the past year, the S&P 500 has gained 8.6%, while the tech-rich Nasdaq 100 has gained 16%, while Bitcoin has fallen 11%.
It comes a day after Bitwise, one of two US-based HYPE ETF issuers, said traders had misjudged HYPE, claiming the platform was more than just a crypto exchange, but a “super-app” spanning multiple asset classes.
Related: Hyperliquid expects a 55% price increase after ‘massive HYPE buying’ by Silicon Valley investors
21Shares was the first to launch a HYPE fund in the US, launching its 21Shares Hyperliquid ETF (THYP) on May 12 and attracting $1.2 million in net inflows, far below other altcoin ETF launches such as those for Solana staking.
The Bitwise Hyperliquid ETF (BHYP) debuted later that week on May 14 with a net inflow of $750,000,
The two ETFs recorded their biggest day of net inflows on Wednesday, with net inflows totaling $25.5 million. The 21Shares ETF saw $16.6 million, while Bitwise’s ETF saw $8.8 million.
Crypto asset manager Grayscale also filed for a Hyperliquid ETF in March, and the planned fund is currently being processed by US regulators.
X Account Lookonchain he said on Wednesday that two Grayscale-affiliated wallets bought and invested $25 million worth of HYPE over the past week, but it was not known if the move was related to the company’s planned ETF.
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