Hyperliquid's spot exchange-traded funds have pulled in more than $69 million in total net inflows, with $16 million of that arriving just yesterday. The two funds, tickers $THYP and $BHYP, are drawing money from both institutional and retail investors looking for exposure to the Hyperliquid ecosystem.
A surge in one day
Yesterday's $16 million inflow marks the biggest single-day haul since the ETFs launched. That one-day push alone pushed the total past $69 million, a milestone that underscores growing demand for Hyperliquid-linked products. The funds are structured as spot ETFs, meaning they hold the underlying asset directly rather than using futures or derivatives.
Who is buying?
The capital is coming from two distinct groups: institutional investors moving larger allocations, and retail investors piling in through brokerage accounts. The ETFs offer a regulated way to get exposure to Hyperliquid without having to self-custody tokens or deal with decentralized exchange interfaces. For institutions, that means easier compliance and reporting. For retail, it's a familiar ticker they can buy alongside stocks and bonds.
What the two funds offer
$THYP and $BHYP are the only spot ETFs tied to Hyperliquid currently trading. Both track the same underlying asset but carry different fee structures and distribution channels. $THYP is aimed at cost-sensitive retail traders with a lower expense ratio, while $BHYP targets institutional platforms with additional features like bulk redemption windows. The dual-fund strategy lets Hyperliquid capture a wider slice of the market.
The $69 million total is still small compared to major crypto ETFs, but the pace of inflows suggests the funds are gaining traction. Whether the momentum can be sustained depends on broader market conditions and how quickly other issuers launch competing products. For now, the money keeps flowing in.
