Hyperliquid ETFs Attract $172M in One Month as HYPE Prices Surge

Since launching in May 2026, Hyperliquid's ETFs have garnered approximately $172 million in inflows, with Bitwise's ETF leading at $106.6 million. This performance marks a significant divergence from U.S. spot Bitcoin ETFs, which have seen nearly $5.6 billion in capital outflows during the same timeframe.

Institutional investors are showing strong interest in Hyperliquid's fee-generating model, favoring it over more speculative assets. The protocol's native token, HYPE, has experienced a surge of over 73% in the last month and 196% in 2026, reaching an all-time high of $75.96, according to CoinGecko data.

Jeff Mei, COO of BTSE, noted that the growth in HYPE ETF inflows reflects a shift toward valuing protocol fundamentals. "HYPE’s resilience indicates that the market is beginning to price in protocol fundamentals," said Mei. He attributed the ETF's success partly to the influx of liquidity from Coinbase's $5 billion USDC program and the pressure created through the Assistance Fund burn.

The outperformance of Hyperliquid ETFs is noteworthy, as they sharply contrast with the macroeconomic challenges and capital flight affecting Bitcoin ETFs. Increasing institutional interest is reflected in Bitwise's BHYP, which leads with approximately $107 million in net assets, followed by 21Shares' THYP with $60 million and Grayscale's HYPG with $8.6 million.

The cumulative trading volume across these ETFs has reached nearly $900 million. Hyperliquid's strategy to diversify revenue streams beyond cryptocurrency trading, targeting sectors such as commodities and equities, contributes to its growing market appeal, according to a report by 21Shares.