Spot HYPE ETFs Take In 1.04% of Hyperliquid Market Cap, Marking the Strongest Crypto ETF Launch

Spot ETFs tracking HYPE, the token linked to decentralized trading platform Hyperliquid, delivered the strongest relative debut of any spot crypto ETF so far, according to Kairos Research. Kairos said new HYPE ETF issuers took in net inflows equivalent to 1.04% of Hyperliquid's market capitalization over the first 10 trading days. On the same market-cap-adjusted basis, Bitcoin spot ETFs absorbed 0.59% at launch, Ethereum 0.41%, and Solana 0.31%. The firm's metric compares cumulative net flows into newly launched ETF issuers with the underlying asset's market cap at the time of launch. The calculation excludes redemptions from legacy products such as GBTC and ETHE, isolating demand for new issuers. Flows also accelerated in May. SoSoValue data show HYPE ETFs drew $6.89 million of net inflows in the partial week of May 12–15, then jumped to $68.02 million in the week ending May 22, the largest positive total among altcoin ETFs. Bloomberg ETF analyst Eric Balchunas highlighted strong early performance in the 21Shares Hyperliquid ETF (ticker: THYP), which he said rose about 50% within two weeks of launch. By contrast, spot Bitcoin ETFs posted $2.26 billion in net outflows across those two weeks. Ethereum ETFs saw net outflows of $255.11 million and $215.99 million over the same periods. Other altcoin funds were positive in the latest week, with XRP ETFs taking in $22.04 million and Solana ETFs $15.63 million. Kairos noted the market-cap-adjusted comparison does not mean HYPE ETFs raised more in absolute dollars than Bitcoin or Ethereum ETFs, given the much larger size of those markets.