Within two weeks of trading, the first spot HYPE ETFs have absorbed over 1% of the token's market cap — a faster uptake than Bitcoin, Ethereum, or Solana ETFs managed in their respective debuts. The two funds, 21Shares' THYP and Bitwise's BHYP, pulled in more than $95 million combined as HYPE's price jumped roughly 50% to $62.31.
Nine days, no outflows
THYP (launched May 12) attracted $44 million in net inflows; BHYP (launched May 14) took in $55 million. Both ETFs recorded nine consecutive days of net inflows with zero outflows — a streak no major crypto ETF has matched. The contrast with Bitcoin and Ethereum ETFs is stark: those products collectively lost $370 million on May 26 alone.
A $2.5M trade
One trader spotted the opportunity early. Forty-six days before the ETFs hit the market, they converted $5 million USDC into HYPE. When the launch rally pushed the token higher, they sold for $7.51 million — a $2.51 million profit. The timing suggests at least some market participants anticipated the ETF demand.
Market share leaders
On a market-cap-adjusted basis, HYPE ETFs absorbed 1.04% of the token's supply in their first 10 trading days. Bitcoin ETFs managed only 0.59% in their own debut period; Ethereum ETFs hit 0.41%; Solana ETFs, 0.31%. The numbers underscore how concentrated early demand has been for the Hyperliquid ecosystem.
The funds continue to see daily inflows as of this week, but the broader crypto ETF market remains volatile. With Bitcoin and Ethereum funds still seeing sporadic drawdowns, the question is whether HYPE's streak can hold — or if those nine straight days of green will eventually meet a red one.
