Bitwise and 21Shares reported that their Hyperliquid (HYPE) exchange-traded funds have recorded a 50% increase in trading volume since the funds launched. The surge comes as the underlying token has been gaining and broader market trends are lifting demand for crypto-linked products.
Drivers behind the surge
The two asset managers attributed the volume jump to a combination of token price gains and a general uptick in market activity. Neither firm gave a breakdown of how much of the increase came from price appreciation versus new investor inflows, but both pointed to the same two factors: rising HYPE token values and favorable market conditions.
What the ETFs track
Bitwise and 21Shares each launched a Hyperliquid ETF in recent months. The funds track the HYPE token, which is native to the Hyperliquid decentralized exchange platform. The token has seen price volatility since the ETFs went live, but overall has trended higher, supporting investor interest.
Market context
The volume increase comes at a time when several crypto ETFs have struggled to maintain early momentum. Hyperliquid’s product line, however, appears to be bucking that trend, at least for now. The 50% figure covers the period from the respective launch dates to the latest available data, which Bitwise and 21Shares did not specify further.
Whether the volume growth can be sustained will likely depend on continued token price performance and whether broader market trends hold. Neither firm has announced plans for additional Hyperliquid-related products.
