Hyperliquid ETFs Post 50% Trading-Volume Jump in Week One

Hyperliquid-focused ETFs in the U.S. saw an unexpected burst of activity in their first week, with trading volume jumping 50% on Wednesday—an early acceleration analysts said is uncommon for newly launched ETF products. Two funds issued by Bitwise and 21Shares have generated nearly $41 million in total value traded since debuting earlier this month, according to SoSoValue. Bloomberg ETF analyst Eric Balchunas described the sharp step-up in week-one volumes as "very rare," noting that most ETFs either peak on day one and fade or sit dormant for months before attracting attention. Balchunas attributed the momentum to timing and relative strength. As stocks, bonds, gold, Bitcoin, and other major crypto assets weakened, interest concentrated in HYPE—the token tied to the Hyperliquid ecosystem. CoinGecko data show HYPE is up 120% year to date and rose another 18.5% over the past day to $56. Hyperliquid has also continued to draw traders as it captures a meaningful share of the perpetual futures market. Flows have followed the volume. 21Shares launched its Hyperliquid ETF (THYP) on May 12 with $1.2 million in net inflows, and Bitwise's BHYP followed on May 14 with $750,000. On Wednesday, the two products posted their largest inflow day yet, taking in a combined $25.5 million—$16.6 million into THYP and $8.8 million into BHYP. The move comes after Bitwise argued that the market has mispriced HYPE, framing Hyperliquid as a multi-asset "superapp" rather than a simple exchange. Separately, Grayscale's proposed Hyperliquid ETF remains under regulatory review. Lookonchain reported that two wallets linked to Grayscale bought and staked $25 million worth of HYPE over the past week, though the purpose was not disclosed.