Two newly launched U.S.-based exchange-traded funds (ETFs) linked to Hyperliquid’s HYPE token are experiencing strong early momentum, with trading activity continuing to rise since their market debut.
Trading Volume Surges
According to data from SoSoValue, 21Shares’ THYP and Bitwise Asset Management’s BHYP have generated nearly $41 million in combined trading volume since launching earlier this month.
Commenting on the rapid growth in activity, Bloomberg ETF analyst Eric Balchunas noted that both funds recorded another 50% increase in trading volume on Wednesday alone. In a post on X, Balchunas described the launches as “perfectly timed,” adding that most major asset classes, including stocks, bonds, gold, Bitcoin, and the broader crypto market, have declined recently. HYPE, however, has climbed 37% since THYP launched on May 12.
Balchunas also stated that the steady increase in trading activity during the funds’ first week is “rare” for new ETFs, which often see initial excitement fade quickly after launch. 21Shares was the first issuer to launch a HYPE-linked ETF in the U.S. with THYP on May 12, attracting $1.2 million in net inflows. BHYP followed on May 14 with $750,000 in net inflows and has continued trending upward since its launch.
Institutional Interest
Grayscale Investments also entered the race for a Hyperliquid-linked investment product after filing for a HYPE ETF in March. The proposed fund is still under review by U.S. regulators. Meanwhile, blockchain analytics platform Lookonchain reported that wallets linked to Grayscale bought and staked 510,387 HYPE tokens worth approximately $24.95 million over the past week.
A wallet linked to Galaxy Digital also purchased 158,100 HYPE, valued at around $8.8 million.
HYPE Token Performance
Looking at the broader picture, HYPE has gained nearly 40% so far this month, pushing its year-to-date returns to almost 123%. Bitwise CIO Matt Hougan recently described the platform as one of the most important crypto projects to emerge in recent years. He also believes that investors still underestimate both its long-term impact and the value of the HYPE token.
Hougan said Hyperliquid has evolved beyond a crypto perpetual futures exchange into a financial “super-app” offering exposure to commodities, S&P 500 futures, pre-IPO stocks, and prediction markets. The executive added that nearly half of the platform’s trading volume now comes from non-crypto assets and could rise further by the end of the year.
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