Solana

Kairos

Spot

Hyperliquid

Spot Hyperliquid exchange-traded funds absorbed 1.04% of HYPE’s market capitalization in their first 10 trading days, giving them the strongest crypto ETF debut by one market-cap-adjusted demand metric, according to Kairos Research.
Kairos <a href="https://x.com/Kairos_Res/status/2059449437911421419" rel="noopener noreferrer nofollow">compared</a> cumulative net flows into new spot crypto ETF issuers against the market capitalization of each underlying asset at launch. By this metric, HYPE ETFs outpaced spot Bitcoin, Ether and Solana ETF debuts, which absorbed 0.59%, 0.41% and 0.31% of their respective market capitalizations.
Bloomberg ETF analyst Eric Balchunas <a href="https://x.com/EricBalchunas/status/2059333607752179964" rel="noopener noreferrer nofollow">said</a> the 21Shares Hyperliquid ETF (THYP) had risen 50% since launching two weeks earlier. Balchunas compared the pace with Roundhill’s DRAM ETF, which he said took five weeks to gain 50%, and BlackRock’s spot Bitcoin ETF, IBIT, which he said took two months.
The data adds another <a href="https://cointelegraph.com/news/us-first-hyperliquid-etf-clocks-1m-net-inflow-in-very-solid-debut" rel="noopener noreferrer nofollow">measure of early demand</a> for Hyperliquid-linked funds after US-based HYPE ETFs from Bitwise and 21Shares <a href="https://cointelegraph.com/news/hyperliquid-etfs-see-50-volume-jump-with-perfectly-timed-launch" rel="noopener noreferrer nofollow">saw trading activity rise</a> following a slow launch.&nbsp;
The comparison does not mean HYPE ETFs raised more money than Bitcoin or Ether ETFs in absolute terms. Kairos’ metric strips out GBTC and ETHE outflows to exclude legacy trust redemptions and focuses on new-issuer demand relative to the size of each asset’s market.
<img alt="Spot HYPE ETFs absorb 1% of market cap in first 10 trading days: Kairos" height="767" src="https://s3-images.ctmedia.io/media/content/pasted-image-154.jpeg" width="1317">
Spot crypto ETF inflows as a percentage of their market capitalization. Source: Kairos Research
<h2 id="hype-leads-altcoin-etf-inflows-as-spot-bitcoin-outflows-top-2-billion">HYPE leads altcoin ETF inflows as spot Bitcoin outflows top $2 billion</h2>
SoSoValue data <a href="https://sosovalue.com/assets/etf/us-hype-spot" rel="noopener noreferrer nofollow">shows</a> that HYPE ETFs recorded $6.89 million in net inflows during their partial launch week from May 12 to May 15, then rose to $68.02 million in net inflows for the week ending May 22. The increase made HYPE the largest altcoin-linked ETF inflow category among the assets shown for the last complete trading week.&nbsp;
Spot Bitcoin and Ether ETFs moved in the opposite direction over the same time periods. Spot BTC ETFs <a href="https://sosovalue.com/assets/etf/us-btc-spot" rel="noopener noreferrer nofollow">recorded</a> $1 billion in net outflows in the week ending on May 15 and $1.26 billion in the week ending May 22, bringing two-week outflows to $2.26 billion. Spot Ether ETFs <a href="https://sosovalue.com/assets/etf/us-eth-spot" rel="noopener noreferrer nofollow">saw</a> $255.11 million and $215.99 million over the same periods, according to SoSoValue.&nbsp;
Related: <a href="https://cointelegraph.com/news/hyperliquid-launches-prediction-markets-offchain-events" rel="noopener noreferrer nofollow">Hyperliquid launches prediction markets for real-world events</a>
Meanwhile, other altcoin-linked spot ETFs also recorded positive flows, though below HYPE in the last complete trading week. Spot XRP ETFs <a href="https://sosovalue.com/assets/etf/us-xrp-spot" rel="noopener noreferrer nofollow">saw</a> $22.04 million, while Solana <a href="https://sosovalue.com/assets/etf/us-sol-spot" rel="noopener noreferrer nofollow">recorded</a> $15.63 millon in the week ending May 22.&nbsp;
Magazine: <a href="https://cointelegraph-magazine.com/bitcoin-price-structure-xrp-altcoins-market-moves/" rel="noopener noreferrer nofollow">ETH bears growling, Tom Lee’s buying, XRP to ‘explode’: Market Moves</a>

Spot HYPE ETFs absorb 1% of market cap in first 10 trading days: Kairos

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