Hyperliquid ETFs attract record $25.5 million in net inflows as institutions pile in

U.S. spot Hyperliquid exchange-traded funds recorded their largest net inflows on Wednesday, as institutional demand remained strong, analysts said.

Spot HYPE (HYPE) ETFs brought in $25.5 million in net inflows on Wednesday, up from $11 million on Tuesday and $4.4 million on Monday, according to Farside data. Their cumulative net inflows reached $54 million in the past seven trading days since launch.

The 21Shares Hyperliquid ETF (THYP), which launched on May 12, led today's inflows with $16.7 million, up from $5.3 million on Tuesday. The Bitwise Hyperliquid ETF (BHYP), which began trading on May 14, recorded $8.8 million in net inflows, compared with $5.7 million the day before.

"Institutions appear to be seizing the opportunity: early data shows they are piling into HYPE ETFs faster than they did into BTC ETFs on a market-cap-adjusted basis," said Peter Chung, head of research at Presto Research. 

Dominick John, analyst of Zeus Research, told The Block that the inflows "suggest an easy entry point into the infrastructure narrative, with investors also recognizing a transparent, usage-linked revenue story."

The price of Hyperliquid jumped 17.3% over the past 24 hours to $55.91 as of 10:40 p.m. ET Thursday, according to The Block's price page. HYPE currently has a market cap of about $13.4 billion and previously reached an all-time high of roughly $59.3 in September 2025.

HYPE's fully diluted valuation once reached roughly $54.7 billion earlier today, briefly surpassing Solana's FDV of $54.2 billion, according to CoinGecko data.

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Strong demand

Tim Sun, senior researcher of HashKey Group, said that the continued inflows into HYPE ETFs suggest the market is forming a consensus that "decentralized exchanges are beginning to be integrated into the broader restructuring of financial infrastructure."

Hyperliquid has become a dominant force in onchain perpetuals and derivatives trading. Its network has captured roughly 42% of all blockchain fees so far this week, outpacing Tron's 22.6%, Solana's 10.6% and Ethereum's 8% shares, according to The Block's data dashbaord.

Jeff Ko, chief analyst at CoinEx, said that the investment case for HYPE and its related HYPE ETFs is "structurally different" from bitcoin and ether.

"Bitcoin is a non-productive store of value, and Ethereum is framed around the staking yield. HYPE is closer to a cashflow generating exchange equity," said Ko. "The platform directs a significant portion of platform fees back into open-market token buybacks. That gives investors a much more familiar valuation framework."

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