Hyperliquid spot ETFs extend inflow streak to eight sessions as HYPE sets fresh record
HYPE, the native token of decentralized exchange Hyperliquid, climbed above $62 over the weekend to notch a new all-time high. The move comes as two newly launched U.S. spot ETFs tracking HYPE have logged daily net inflows for eight straight trading sessions, with no outflow day so far.
The products in focus are 21Shares' THYP on Nasdaq and Bitwise's BHYP on the NYSE. Both launched between May 12 and May 14, offering institutional investors a regulated way to gain direct HYPE exposure. Across their first seven trading days, the two funds drew about $54 million in cumulative net inflows. Their strongest single session brought in a combined $25.5 million, the largest one-day intake recorded for any HYPE-linked product.
HYPE's rally has also accelerated. Prices were reported as high as around $64, extending a surge that has put the token among this month's top-performing major altcoins.
Flows suggest rotation, not just new risk-on demand. Over the same period, Bitcoin and Ethereum ETFs have posted outflows, pointing to at least some reallocation from more established crypto exposures into higher-beta alternatives.
Supporters of the Hyperliquid thesis point to fundamentals. The protocol is estimated to capture roughly 43% of decentralized trading fees, giving it a revenue base rare among altcoin projects. Those fees feed into ecosystem buyback programs, creating ongoing token demand that can reinforce speculative flows.
Hyperliquid built its name as a high-performance DEX for perpetual futures. Rather than operating solely on an existing Layer 1, it runs its own purpose-built blockchain optimized for order-book matching, aiming for speed and throughput closer to centralized venues. A large airdrop in late 2024 broadened the holder base, and the protocol has since grown volumes and fee revenue, positioning HYPE as an altcoin with a clearer value-accrual narrative than many peers.
For 21Shares and Bitwise, the launches extend the post-Bitcoin-and-Ethereum wave of regulated, single-asset crypto products. 21Shares runs one of Europe's largest crypto ETP lineups, while Bitwise manages multiple U.S.-listed crypto index and single-asset funds.
For investors tracking the altcoin ETF pipeline, the early performance of THYP and BHYP is a key marker. If inflows continue to build beyond $54 million without meaningful outflow days, it could strengthen the argument for additional altcoin ETF launches.
