Bitwise's Hyperliquid ETF has crossed the $30 million mark in assets under management just weeks after its launch, signaling growing investor appetite for crypto-linked exchange-traded funds. The milestone follows a surge in inflows into HYPE, the native token of the Hyperliquid ecosystem, and has prompted Grayscale Investments to pursue its own Hyperliquid ETF offering.
Rapid asset growth
The Bitwise Hyperliquid ETF topped $30 million in assets shortly after its market debut. The fund tracks the performance of HYPE tokens, giving traditional investors exposure to the Hyperliquid blockchain without directly holding the cryptocurrency. The rapid accumulation of assets suggests strong demand from institutional and retail investors alike.
HYPE token inflows spike
Fund inflows into HYPE picked up noticeably after the Bitwise ETF launched. While the exact dollar figure of those inflows was not disclosed, the price and trading volume of HYPE rose in tandem with the ETF's asset growth. The correlation points to the ETF acting as a new on-ramp for capital into the Hyperliquid network.
Grayscale enters the race
Grayscale Investments, the largest digital asset manager, confirmed it is pursuing its own Hyperliquid ETF. The firm has not yet filed a formal registration with the SEC but is in the preparatory stages. Grayscale already runs several single-asset crypto trusts and ETFs, and a Hyperliquid product would expand its suite of blockchain-focused vehicles. The move sets up a direct competition with Bitwise for investor dollars in the Hyperliquid niche.
The SEC has not yet approved a spot Hyperliquid ETF, though both Bitwise and Grayscale are believed to be positioning for eventual regulatory clearance. The regulator's stance on crypto ETFs remains cautious, but the success of Bitcoin and Ethereum ETFs has opened the door for broader acceptance. It is unclear when either fund could receive a formal green light.
