U.S. spot Hyperliquid ETFs pull in $25.5M in a day; analysts say institutional uptake outpaces early Bitcoin ETF pace on a market-cap-adjusted basis
May 21 — U.S. spot Hyperliquid exchange-traded funds posted a combined $25.5 million in net inflows on May 20, the strongest single-day tally since launch. The products had taken in $4.4 million on Monday and $11 million on Tuesday.
Flow data show the 21Shares Hyperliquid ETF (THYP), launched May 12, brought in $16.7 million on its first trading day, following $5.3 million the prior day. The Bitwise Hyperliquid ETF (BHYP), which began trading May 14, recorded $8.8 million of net inflows, versus $5.7 million the day before. Across their first seven trading sessions, the ETFs have attracted $54 million in cumulative net inflows.
Presto Research Head of Research Peter Chung said that, when adjusted for market capitalization, institutional capital is entering the HYPE ETF faster than it did Bitcoin ETFs at the time. Zeus Research analyst Dominick John said the inflows suggest investors are positioning around an infrastructure narrative and a transparent, usage-based revenue model.
HYPE rose 17.3% in the past 24 hours to $55.91, lifting its market capitalization to about $13.4 billion. The token last set an all-time high near $59.3 in September 2025. CoinGecko data show HYPE's fully diluted valuation briefly topped Solana's $54.2 billion, reaching about $54.7 billion.
HashKey Group Senior Researcher Tim Sun said sustained inflows into the HYPE ETF point to an emerging market consensus, with decentralized exchanges starting to be incorporated into a broader reshaping of financial infrastructure. CoinEx Chief Analyst Jeff Ko added that the investment case for HYPE and related ETFs differs structurally from Bitcoin and Ethereum: Bitcoin functions as a non-yielding store of value, Ethereum centers on staking yields, while HYPE resembles equity in a cash-generating exchange platform because the platform directs most fees to token buybacks in public markets, giving investors a more familiar valuation framework.
On-chain data indicate Hyperliquid has become a leading venue for on-chain perpetuals and derivatives. So far this week, the network has captured roughly 42% of blockchain fee share, ahead of TRON's 22.6%, Solana's 10.6%, and Ethereum's 8%.
