Peter Zhang
May 27, 2026 11:35
HYPE ETFs absorbed 1.04% of market cap in 10 days, outpacing Bitcoin and Ether ETFs. Record inflows drive HYPE’s price to $61.35.
Spot Hyperliquid (HYPE) exchange-traded funds (ETFs) have made a historic debut, absorbing 1.04% of the token’s market capitalization within their first 10 trading days. According to research from Kairos, this marks the strongest debut for any crypto ETF by a market-cap-adjusted inflow metric, surpassing previous records set by Bitcoin, Ether, and Solana ETFs.
By comparison, early Bitcoin ETFs absorbed 0.59% of BTC’s market cap at launch, while Ether and Solana ETFs saw even lower relative demand at 0.41% and 0.31%, respectively. The two U.S.-listed HYPE ETFs—21Shares’ Hyperliquid ETF (THYP) and Bitwise’s Bitwise Hyperliquid ETF (BHYP)—have seen cumulative inflows climb to $68.02 million as of May 22, 2026, after launching on Nasdaq and NYSE earlier in the month.
Record Inflows Amid Altcoin ETF Momentum
HYPE’s ETF debut coincided with unprecedented trading activity. Data from SoSoValue reveals that the funds attracted $6.89 million in their partial launch week (May 12–15) and surged to $68.02 million the following week. Meanwhile, the token itself hit an all-time high of $61.35 on May 21, a 20% daily rally fueled by record inflows exceeding $25 million in a single day. HYPE’s market cap now stands at $9.4 billion.
This momentum contrasts sharply with Bitcoin and Ether ETF flows during the same period. Spot Bitcoin ETFs recorded $2.26 billion in cumulative outflows over two weeks ending May 22, while Ether ETFs saw outflows totaling $471.1 million. HYPE’s relative strength in attracting institutional and retail capital underscores growing investor appetite for altcoin-linked ETFs.
What Sets HYPE ETFs Apart?
The HYPE ETFs offer regulated exposure to the spot price of Hyperliquid’s native token while incorporating crypto-specific features. Both 21Shares’ THYP and Bitwise’s BHYP include mechanisms like token buybacks and staking rewards, allowing investors to potentially earn yield on their holdings. This innovative structure has set the stage for HYPE’s rapid adoption in the ETF space.
Bloomberg ETF analyst Eric Balchunas highlighted the pace of HYPE’s success, noting that the 21Shares Hyperliquid ETF (THYP) rose 50% in just two weeks, significantly faster than other notable ETFs like Roundhill’s DRAM ETF (five weeks) and BlackRock’s spot Bitcoin ETF (two months).
Looking Ahead
As demand accelerates, HYPE ETFs are poised to capture further inflows. Additional filings, including Grayscale’s proposed HYPE ETF under the ticker GHYP, signal broader market interest in this emerging category. With HYPE already outperforming in terms of market-cap-adjusted inflows, the token’s price and market cap will be key metrics to watch in the coming months.
For investors, the strong early performance of HYPE ETFs suggests a growing appetite for altcoin exposure through regulated financial products. However, the divergence between HYPE’s gains and Bitcoin’s outflows highlights shifting market dynamics that could reshape ETF demand across the broader crypto ecosystem.
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