Grayscale

Hyperliquid

US-based exchange-traded funds tied to HYPE recorded a 50% trading volume jump on Wednesday, in a rare move for newly debuted ETFs, according to analysts.&nbsp;
Two Hyperliquid (HYPE) ETFs from issuers Bitwise and 21Shares have recorded nearly $41 million in total value traded since their launches earlier this month, with trading volumes increasing since their debuts, <a href="https://sosovalue.com/assets/etf/us-hype-spot" rel="noopener noreferrer nofollow">according</a> to SoSoValue.
Bloomberg ETF analyst Eric Balchunas <a href="https://x.com/EricBalchunas/status/2057180182037798916" rel="noopener noreferrer nofollow">said</a> in an X post Wednesday that such trading increases for ETFs are “very rare,” and many normally record a “big splash [on] day one then drop off OR oblivion for months until [people] notice it. Rare to build in first week like this.”
Balchunas pinned the ETFs’ growth on a “perfectly timed launch as EVERYTHING (stocks, bonds, gold, btc [Bitcoin], cryptos) is down lately except the HYPE.”
<img alt="Hyperliquid ETFs surprise with 50% volume jump after slow launch" height="1253" src="https://s3-images.ctmedia.io/media/content/pasted-image-854.png" width="1100">
Source: <a href="https://x.com/EricBalchunas/status/2057178829974593720" rel="noopener noreferrer nofollow">Eric Balchunas</a>
The Hyperliquid token has gained 120% so far this year and is up 18.5% in the past day to $56, <a href="https://www.coingecko.com/en/coins/hyperliquid" rel="noopener noreferrer nofollow">according</a> to CoinGecko. Traders have flocked to the token and the platform, with some analysts viewing it as the next trendy crypto play because it has captured a large portion of the crypto perpetual futures market.
Over the past year, the S&amp;P 500 has gained 8.6%, while the tech-heavy Nasdaq 100 has gained 16%, while Bitcoin has fallen 11%.&nbsp;
It comes a day after Bitwise, one of two issuers of a US-based HYPE ETF, <a href="https://cointelegraph.com/news/bitwise-says-hyperliquid-most-mispriced-crypto-despite-77-rise-this-year" rel="noopener noreferrer nofollow">said</a> traders had mispriced HYPE, arguing the platform is more than just a crypto exchange, but a “super-app” encompassing multiple asset classes.
Related: <a href="https://cointelegraph.com/markets/hyperliquid-eyes-55-price-rise-silicon-valley-investors-massive-hype-buy" rel="noopener noreferrer nofollow">Hyperliquid eyes 55% price rise after Silicon Valley investor's 'massive HYPE buy'</a>
21Shares was <a href="https://cointelegraph.com/news/us-first-hyperliquid-etf-clocks-1m-net-inflow-in-very-solid-debut" rel="noopener noreferrer nofollow">the first to launch a HYPE fund</a> in the US, launching its 21Shares Hyperliquid ETF (THYP) on May 12 and drawing $1.2 million in net inflows, far below other altcoin ETF launches such as those for Solana staking.&nbsp;
The Bitwise Hyperliquid ETF (BHYP) <a href="https://cointelegraph.com/news/bitwise-asset-management-us-listed-hyperliquid-fund-staking-reward" rel="noopener noreferrer nofollow">debuted later that week</a> on May 14 to $750,000 in net inflows,&nbsp;
The two ETFs recorded their highest day of net inflows Wednesday, with a combined $25.5 million in net inflows. The 21Shares ETF recorded $16.6 million, while Bitwise’s ETF recorded $8.8 million.&nbsp;
Crypto asset manager Grayscale also <a href="https://cointelegraph.com/news/grayscale-files-sec-papers-for-hyperliquid-etf-joining-bitwise-21shares" rel="noopener noreferrer nofollow">filed for a Hyperliquid ETF</a> in March, with the planned fund currently being processed by US regulators.
The X account Lookonchain <a href="https://x.com/lookonchain/status/2057271757049085962" rel="noopener noreferrer nofollow">said</a> on Wednesday that two wallets linked to Grayscale had purchased $25 million worth of HYPE over the past week and staked it, but it is not known if the move is tied to the company’s planned ETF.
Magazine:<a href="https://cointelegraph-magazine.com/bitcoin-price-250k-prediction-solana-bitcoin-cash-worldcoin-hype-traders-secrets/" rel="noopener noreferrer nofollow"> Metric signals $250K Bitcoin is ‘best case,’ SOL, HYPE tipped for gains: Trade Secrets</a>

Hyperliquid ETFs surprise with 50% volume jump after slow launch

Cointelegraph

Other articles published on May 21, 2026

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