Hyperliquid ETFs draw $22.3 million in early inflows, analysts point to 'good sign of organic interest'

Hyperliquid-linked exchange-traded funds have pulled in more than $22 million in cumulative net inflows in their first week of trading, which analysts say is being driven by strong demand and the protocol's growing influence across crypto markets.

According to SoSoValue data, the two live U.S. spot HYPE ETFs — 21Shares' THYP and Bitwise's BHYP — have together seen roughly $22.3 million in net inflows since launching last week. The products posted their strongest session yet on Tuesday with over $11 million in inflows.

Bloomberg ETF analyst Eric Balchunas said THYP, which went live three full trading days before Bitwise's fund, has seen trading volumes climb steadily, now reaching volumes of roughly eight times its first day activity.

"The THYP Hyperliquid ETF is growing volume each day since launch ... a really good sign of organic interest," Balchunas said in a post on X. He added that Hyperliquid's strong fee generation was "probably related" to this.

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Hype for HYPE

Hyperliquid has emerged as one of the largest onchain perpetuals and derivatives trading. According to recent data from The Block, the network has captured more than 42% of all blockchain fees this week, ahead of Ethereum's and Solana's respective 8% and 11% shares.

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Other analysts agree that this is helping to fuel the platform's native HYPE token. The protocol's tokenomics route nearly all revenue to token buybacks through Hyperliquid's Assistance Fund.

"The first two Hyperliquid Spot ETFs have been live for six days and allow us to take a look at the flows in these early stages of the institutional adoption of Hyperliquid," Bitcoin Suisse analyst Luca Gnos wrote in a note shared on X.

According to Gnos, Hyperliquid ETFs saw stronger market-cap-adjusted inflows than bitcoin funds on three of their first six trading days and outpaced ether ETFs on five of six days.

Gnos also said the Hyperliquid ETFs are becoming a meaningful source of market buying pressure for the (HYPE) token itself. "During the first six trading days, the ETFs bought 2.5x the amount of HYPE that the Assistance Fund bought and burned," he said

On Tuesday, Bitwise said it plans to use a portion of the management fees generated from BHYP to accumulate HYPE on its balance sheet and confirmed it would also be staking those holdings. Bitwise CIO Matt Hougan also recently described HYPE as a "Gen 2" crypto token that remains undervalued despite being one of the year's best-performing large caps.

"The market is valuing Hyperliquid as a perpetual crypto futures exchange that happens to be growing quickly," Hougan said in a note. "But it should be valued as a global super-app covering all assets."