Market analyst Aletheia released a report on Wednesday analyzing the first six days of trading for Hyperliquid ETFs launched by 21Shares and Bitwise. The report examines early inflows across major crypto assets and what these movements may indicate for future demand.
Initial Trading Performance
Aletheia’s analysis, adjusted for market capitalization, revealed that the Hyperliquid ETFs generated more inflows than Bitcoin (BTC) on three of the first six trading days. The comparison also showed strength against Ethereum (ETH), with Hyperliquid’s ETF products logging higher inflows than Ethereum on five out of six days.
The Solana (SOL) spot exchange-traded fund sector presented a different picture. According to the report, Solana recorded higher market-cap-adjusted flows than Hyperliquid on four of the first six trading days. However, on Tuesday, Hyperliquid spot ETFs experienced significantly stronger inflows than their competitors. The analyst cautioned that it is premature to determine whether this surge signals a sustained trend or a short-term increase in demand that may stabilize in the coming days.
Hyperliquid Nears Bull Run Highs
Beyond the raw inflow data, the report highlights another factor: the Hyperliquid spot ETFs are competing with the Assistance Fund – the platform’s economic structure for token buybacks – in terms of market buying pressure. In the initial six trading days, the ETFs purchased 2.5 times more HYPE than the Assistance Fund bought and burned. The “burning” aspect is significant, as it differs from a simple accumulation mechanism. Aletheia argues that, considering buying pressure and market impact, the ETFs are clearly contributing to the momentum.
The combined effect of ETF-driven activity and rising token demand has pushed Hyperliquid close to its current price peak of $59, reached during last year’s bull run. Data from CoinGecko shows the altcoin trading at $51.88 at the time of writing, up 33% over the past week. At this level, the token is only 12% below its current record, potentially allowing for a “discovery” phase if ETF-related inflows continue to grow.
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