Hyperliquid ETFs top inflows as HYPE soars
While investors are opting out of ETFs focused on the two largest cryptocurrencies, some are adding ETFs of alternative coins, chief among them, hype, the native token for Hyperliquid.
Digital asset managers 21shares and Bitwise rolled out HYPE ETFs last week and have yet to notch any outflows. Tuesday saw the highest level of inflows so far at over $11 million, outpacing XRP and solana ETF’s combined inflow of nearly $5.3 million, meanwhile bitcoin and ethereum saw $393 million exit their funds yesterday, according to SoSoValue.
Bloomberg senior ETF analyst Eric Balchunas noted the 21shares Hyperliquid ETF “is growing volume each day since launch in the tens of millions now, 8x over day one, which is [a] really good sign of organic interest.”
The ETF flows coincide with the token's outperformance, jumping 5.7% in the last 24 hours, 29.5% in the past seven days, and more than 100% year to date, data from CoinMarketCap shows. Meanwhile, bitcoin, ethereum, solana, and XRP are all down double digits in 2026.
HYPE began trading a week after former SEC chairman Gary Gensler announced ending his tenure and has an all-time high price of $59.30 set in September 2025.
Hyperliquid, the perpetual futures exchange built on its own blockchain, gained traction among users who wanted to trade assets, such as commodities, cryptocurrencies, and equities with leverage in hours when traditional venues are closed.
Treasury firm Hyperliquid Strategies has also rallied on news the SEC will soon greenlight trading tokenized versions of stocks.
Bitwise CIO Matt Hougan believes investors are underestimating Hyperliquid’s impact and value. “The market is valuing Hyperliquid as a perpetual crypto futures exchange that happens to be growing quickly. But it should be valued as a global super-app covering all assets,” Hougan said in a Tuesday memo.
“Its addressable universe is not the $3 trillion crypto market, but the $600 trillion market for global assets. Those are two completely different businesses," Hougan continued. “Today’s prices suggest you’re being offered the second at the cost of the first."
Last week, Coinbase and Circle announced a new agreement with Hyperliquid. Coinbase became Hyperliquid's official treasury deployer of Circle's USDC on Hyperliquid, a move that translates to sharing around 90% of stablecoin reserve yield with the protocol.
99% of fees generated on Hyperliquid are dedicated to token buybacks, which, annualized, comes to $618 million, data from DefiLlama shows. The market capitalization of HYPE stands at $12.3 billion.
