Bitwise ETF Becomes World’s Largest; Is Hyperliquid the Cycle’s Top Performer?

Bitwise HYPE ETF Sees Strong Debut

Early volume data for Bitwise Asset Management’s physically-backed spot HYPE ETF suggest a robust launch. This raises the question of whether HYPE is emerging as a genuine cycle winner, or if the Bitwise ETF’s premium is already factored in.

Bitwise’s BHYP debuted on the New York Stock Exchange with a 0.34% sponsor fee, temporarily waived to 0% on the first $500 million in assets under management (AUM) for the initial month. The firm manages approximately $11 billion in client assets. Within 48 hours of its launch, the two U.S.-listed HYPE ETFs experienced a 50% single-day volume surge on May 20 and recorded $25.5 million in net inflows, with $8.8 million attributed to BHYP alone. This early performance positions it as one of the largest altcoin ETF launches based on initial metrics.

Bitwise’s HYPE Purchases

Bitwise ETF clients purchased a total of $35.9 million in HYPE last week, representing an 18-fold increase from the previous week when Bitwise ETF flows began. BHYP launched on the New York Stock Exchange on May 15, 2026, and is the first HYPE ETF to be natively staked.

Hyperliquid’s Derivatives Volume and Fee Revenue

Meanwhile, Hyperliquid’s derivatives volume reached $2.9 trillion in 2025, reflecting over 400% year-on-year growth. The protocol also captured 44% of weekly blockchain fee revenue last week, generating $11 million compared to Ethereum’s $3 million.

Hyperliquid accounts for 44.58% of all crypto fees this week, with 97% of those fees automatically allocated to buy and burn HYPE.

HYPE’s Price Performance

HYPE is experiencing a rally amidst the current market conditions, with major resistance levels being breached. Currently, HYPE is in a price discovery phase following a more than 50% increase in the past two weeks. It is currently outperforming the market significantly.

If BHYP and the 21Shares product maintain eight-figure monthly net inflows, HYPE could surpass $70 decisively, with a target of $80. Moderate flows after the fee-waiver window closes could stabilize HYPE around the $60 range.

For short-sellers, the best-case scenario involves ETF inflows reversing or stalling below $5 million weekly, which could push the price below $55 support and towards the $48 range, where structural buybacks provide a floor.

The Assistance Fund

The Assistance Fund mechanic is a key factor to consider. By March 2026, the Fund had accumulated 28.5 million HYPE through automated open-market purchases, spending over $1.3 billion cumulatively. This resulted in an annualized buyback rate of 7% of market cap, significantly higher than BNB’s equivalent rates.

Bitcoin Hyper

HYPE’s potential is real. The ETF wrapper expands access but also reduces the asymmetry available to early participants. Traders are increasingly seeking leverage earlier in the infrastructure stack.

Bitcoin Hyper ($HYPER), currently in an active presale at $0.0136, positions itself at a different point on the risk curve. It is the first Bitcoin Layer 2 integrating the Solana Virtual Machine, offering sub-second finality and low-cost smart contract execution while settling on Bitcoin’s security layer.

The project has raised over $32.7 million to date, with a decentralized canonical bridge enabling native BTC transfers. Staking is live with a high 36% APY for early participants. The core thesis is that Bitcoin holds $1.8 trillion in idle capital, and programmability unlocks it.