HYPE spot ETF logs record $25.5M daily inflow as institutions ramp up buying

U.S. spot, high-liquidity crypto ETFs drew their biggest daily net inflows on Wednesday, driven by strong institutional demand, CoinDesk reported. Farside data showed the spot HYPE ETF posted a net inflow of $25.5 million on Wednesday, up from $11 million on Tuesday and $4.4 million on Monday. Since launch, cumulative net inflows over the past seven trading days have totaled $54 million. Among the newly launched products, the 21Shares Hyperliquid ETF (THYP), which debuted May 12, led the day with $16.7 million of net inflows, compared with $5.3 million on Tuesday. The Bitwise Hyperliquid ETF (BHYP), which started trading May 14, recorded $8.8 million of net inflows, up from $5.7 million the prior day. "Institutional investors appear to be seizing this opportunity: early data shows that, after adjusting for market capitalization, they are flowing into the HYPE ETF faster than they did into the BTC ETF," said Peter Chung, head of research at Presto Research. Dominick John, an analyst at Zeus Research, told The Block that the inflows "indicate an easy entry point into the infrastructure space, and investors recognize transparent, usage-linked revenue models." As of 10:40 p.m. ET on Thursday, Hyperliquid was up 17.3% over the past 24 hours at $55.91, according to The Block's price page. HYPE's market capitalization stood at about $13.4 billion, after previously hitting an all-time high of roughly $593 billion in September 2025. CoinGecko data showed HYPE's fully diluted valuation briefly climbed above Solana's $54.2 billion earlier in the day, reaching about $54.7 billion. Tim Sun, senior researcher at HashKey Group, said sustained inflows into the HYPE ETF suggest the market is coalescing around the view that decentralized exchanges are starting to be incorporated into a broader overhaul of financial infrastructure. Hyperliquid has emerged as a leading venue for on-chain perpetuals and derivatives trading. The network has accounted for about 42% of all blockchain transaction fees this week, outpacing Tron's 22.6%, Solana's 10.6% and Ethereum's 8%, according to The Block's data dashboard. Jeff Ko, chief analyst at CoinEx, said the investment case for HYPE and related HYPE ETFs differs structurally from Bitcoin and Ethereum. "Bitcoin is a nonproductive store of value, while Ethereum is built around staking yields. HYPE is closer to an exchange equity that generates cash flow," Ko said, adding that the platform reinvests a significant portion of fees into open-market token buybacks, offering investors a more familiar valuation framework.