HYPE ETFs Draw $150M in Fresh Inflows as Bitcoin Slides
CNBC reported Sunday that a new category of crypto exchange-traded funds is drawing significant investor interest, even as bitcoin slides to its weakest price since 2024.
Hyperliquid ETFs Attract Rapid Inflows
Bitwise and 21Shares both launched spot ETFs tracking the HYPE token in May. The products, trading under tickers BHYP and THYP, have together gathered roughly $150 million in assets. Grayscale added its own entry, the Hyperliquid Staking ETF under ticker HYPG, on Wednesday with $4.5 million in initial assets. 21Shares holds $75.8 million under management and Bitwise $71.1 million. Nearly every trading day since launch has recorded positive net inflows, an unusual streak that caught the attention of wealth managers watching the broader crypto selloff unfold.
What Makes Hyperliquid Different
Hyperliquid is a decentralized perpetual futures exchange operating on its own blockchain, running around the clock for traders outside the United States. Its revenue model is what separates it from most crypto assets. Bitwise CIO Matt Hougan told CNBC that 99% of all platform trading fees are directed toward repurchasing HYPE tokens outright. That creates a direct, transparent loop between platform usage and token value. Stephen Coltman, vice president and head of macro at 21Shares, compared the mechanism to a corporate share buyback program, a structure familiar to traditional equity investors. Zach Pandl, head of research at Grayscale, said the model is attracting investors who have never previously engaged with crypto.
How Hyperliquid Rose to Prominence
The platform existed largely outside mainstream awareness until last summer. When an escalating U.S.-Iran conflict sent traders scrambling for round-the-clock access to commodity markets, Hyperliquid’s oil trading volume reportedly reached approximately $1 billion per day. That spike in activity introduced the platform to a much wider audience. Hougan told CNBC the addressable market remains roughly 1% penetrated, suggesting substantial room for growth ahead.
Bitcoin and Ether ETFs Struggle
The contrast with established crypto ETFs is sharp. Spot bitcoin ETFs have bled assets steadily through the selloff. The iShares Bitcoin Trust ETF ended last week down around 16%. Ether products have fared similarly. ETF analysts note that HYPE inflows do not appear to represent a rotation out of bitcoin, but rather fresh capital entering from investors outside the existing crypto ecosystem. The ETF wrapper removes the technical barrier of managing digital wallets or interacting directly with decentralized exchanges, potentially broadening the audience further.
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