New spot ETFs for the HYPE token have recorded the strongest inflow performance compared to other major cryptocurrency ETFs in their initial trading period, according to market data. The funds have attracted over $95 million in net inflows within weeks, coinciding with a sharp price increase for the underlying asset.
Two recently launched U.S. exchange-traded funds linked to Hyperliquid’s HYPE token are off to a strong start. Kairos Research stated that spot HYPE ETFs absorbed 1.04% of HYPE’s market cap in just their first 10 trading days, calling it the strongest debut for any spot crypto ETF so far.
21Shares’ THYP and Bitwise Asset Management’s BHYP have together pulled in more than $95 million in net inflows within weeks of launching. Bloomberg ETF analyst Eric Balchunas had previously described the timing of the launches as “perfectly timed.” THYP, which launched on May 12 on Nasdaq, became the first HYPE-related ETF available in the US market and has attracted $44 million in net inflows as of May 26.
BHYP followed two days later on May 14 and has already recorded $55 million in net inflows, according to data compiled by SoSoValue. The funds have recorded nine straight days of inflows, with no single day of outflows during the entire period. On Tuesday alone, Bitcoin and Ethereum ETFs collectively shed almost $370 million, while Solana funds recorded no flows for the day.
Strong inflows into HYPE ETFs have coincided with a steep rise in the underlying token’s price. While leading crypto assets have failed to establish a solid uptrend this month, HYPE has gained close to 50% during the same period. On-chain activity revealed one trader who made a well-timed move on this run-up.
According to Lookonchain, a trader created a new wallet 46 days ago and used $5 million in USDC to buy HYPE. After holding the position for over a month, they sold all their HYPE on Tuesday for $7.51 million. The trade resulted in a profit of a whopping $2.51 million in just 46 days.
