Hyperliquid ETFs surprise with 50% volume jump after slow launch

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Source: Eric Balchunas The Hyperliquid token has gained 120% so far this year and is up 18.5% in the past day to $56, according to CoinGecko. Traders have flocked to the token and the platform, with some analysts viewing it as the next trendy crypto play because it has captured a large portion of the crypto perpetual futures market. Over the past year, the S&P 500 has gained 8.6%, while the tech-heavy Nasdaq 100 has gained 16%, while Bitcoin has fallen 11%. It comes a day after Bitwise, one of two issuers of a US-based HYPE ETF, said traders had mispriced HYPE, arguing the platform is more than just a crypto exchange, but a “super-app” encompassing multiple asset classes. 21Shares was the first to launch a HYPE fund in the US, launching its 21Shares Hyperliquid ETF (THYP) on May 12 and drawing $1.2 million in net inflows, far below other altcoin ETF launches such as those for Solana staking. The Bitwise Hyperliquid ETF (BHYP) debuted later that week on May 14 to $750,000 in net inflows, The two ETFs recorded their highest day of net inflows Wednesday, with a combined $25.5 million in net inflows. The 21Shares ETF recorded $16.6 million, while Bitwise’s ETF recorded $8.8 million. Crypto asset manager Grayscale also filed for a Hyperliquid ETF in March, with the planned fund currently being processed by US regulators. The X account Lookonchain said on Wednesday that two wallets linked to Grayscale had purchased $25 million worth of HYPE over the past week and staked it, but it is not known if the move is tied to the company’s planned ETF. Magazine: Metric signals $250K Bitcoin is ‘best case,’ SOL, HYPE tipped for gains: Trade Secrets More on the subject

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