A single day’s worth of capital inflows just pushed the Bitwise Hyperliquid ETF past a psychological threshold. On June 15, $15 million flowed into BHYP, lifting its total assets under management beyond $105 million.
For a fund that only started trading on May 15 on the New York Stock Exchange, that’s a remarkable pace. Crossing $100 million in AUM within roughly 11 trading days puts BHYP in rare company among newly launched crypto ETFs.
Inside the numbers
BHYP offers direct spot exposure to Hyperliquid’s native HYPE token, a Layer 1 blockchain built specifically for on-chain perpetual futures trading.
The fund had accumulated $81.8 million in cumulative net inflows by early June, with an average daily trading volume of $35.1 million.
Bitwise set the sponsor fee at 0.34%, though it waived the fee entirely for the first month on the initial $500 million in AUM.
The ETF also includes in-house staking rewards, which means holders aren’t just getting passive price exposure. They’re earning yield on the underlying HYPE tokens.
The competitive landscape is already crowded
Bitwise wasn’t the only firm that spotted the opportunity. 21Shares launched its own HYPE ETF under the ticker THYP, and Grayscale entered the fray with HYPG. Combined AUM across all spot Hyperliquid products has reportedly exceeded $150 million.
Hyperliquid’s HYPE token previously topped $11 billion in market cap, and the protocol has processed trillions in cumulative perpetual futures volume.
What this means for investors
Every dollar flowing into BHYP translates into actual spot purchases of HYPE on the open market, which is fundamentally different from futures-based products that can settle in cash without ever touching the underlying asset.
Risks are real and worth naming. Hyperliquid, despite its impressive trading volumes, is still a relatively young protocol. Concentration risk is inherent when an ETF tracks a single token rather than a basket. And the 0% fee waiver won’t last forever. Once Bitwise starts charging the full 0.34%, some price-sensitive capital may rotate to whichever competitor offers the best terms.