21Shares Debuts Hyperliquid ETF on Nasdaq; Day-One Trading Tops $1.8M

The first Hyperliquid ETF began trading Tuesday on Nasdaq, marking a firm start by typical exchange-traded product standards. The fund, launched by crypto asset manager 21Shares after receiving approval from the U.S. Securities and Exchange Commission (SEC), trades under the ticker $THYP. Bloomberg ETF analyst James Seyffart described the debut as strong but not exceptional. Posting on X on Tuesday, he said $THYP generated $1.8 million in first-day trading volume, calling it "very very solid" and above an average ETF launch. 21Shares also disclosed key launch terms and early flows. The ETF carries a 0.3% management fee. For comparison, Morgan Stanley's spot Bitcoin (BTC) ETF, $MSBT, lists a 0.14% fee. The firm reported $1.2 million in net inflows on day one, offering an early read on investor uptake. Market conditions may still influence near-term momentum. Hyperliquid's native token, HYPE, was down 3.5% at the time of writing, testing $40 as support. The move comes amid broader uncertainty after Bitcoin pulled back when it failed to break $83,000 during last week's rally. Some analysts warn a break below $80,000 could trigger another correction, which could cool risk appetite and pressure demand for the Hyperliquid ETF if post-launch inflows fade. Attention is also shifting to potential конкурents. Bitwise and Grayscale have updated their spot HYPE ETF filings, adding to expectations that more Hyperliquid-linked products could be nearing the market. Observers say the push may be helped by the current U.S. regulatory backdrop, with a more pro-crypto SEC led by Paul Atkins. Featured image created with OpenArt; chart from TradingView.com.