Two newly launched U.S. exchange-traded funds (ETFs) linked to Hyperliquid's HYPE token are experiencing strong early momentum, with trading activity continuing to rise since their market debut.
According to SoSoValue data, 21Shares' THYP and Bitwise Asset Management's BHYP have generated nearly $41 million in trading volume since their launch earlier this month.
Rare Momentum for Hyperliquid ETFs
Balchunas noted that the sustained growth in trading activity for these two funds in their first week is “rare” among new ETFs, as new funds typically lose their initial heat shortly after launch. 21Shares became the first issuer to launch a HYPE-related ETF in the U.S. on May 12, attracting $1.2 million in net inflows. BHYP launched on May 14, garnering $750,000 in net inflows and has continued its upward trend since.
A wallet associated with Galaxy Digital also purchased 158,100 HYPE tokens, valued at approximately $8.8 million.
Growth Trajectory of Hyperliquid
Hougan stated that Hyperliquid has evolved into a super app, not just a cryptocurrency perpetual futures exchange, but also offering investment opportunities in commodities, S&P 500 futures, pre-IPO stocks, and prediction markets. The executive added that nearly half of the platform's trading volume currently comes from non-crypto assets, and this proportion is expected to rise further by the end of the year.