Hu 火星 Finance reports that on June 6, despite recent declines in Bitcoin and Ethereum, the ETF product tracking Hyperliquid’s native token HYPE has attracted significant capital inflows. Bitwise and 21Shares’ spot HYPE ETFs (ticker symbols BHYP and THYP), launched in May this year, have collectively drawn nearly $150 million in assets within days of listing, with net inflows recorded on most trading days. Grayscale’s newly launched Hyperliquid Staking ETF (HYPG) has already reached $4.5 million in assets under management. Bitwise Chief Investment Officer Matt Hougan noted that Hyperliquid’s current market penetration is only around 1%, with most investors still unfamiliar with the project. Hyperliquid is a decentralized perpetuals trading platform built on its own blockchain that rapidly gained traction during last year’s U.S.-Iran tensions by offering weekend crude oil trading, at one point reaching daily trading volumes of approximately $1 billion. Grayscale Research Head Zach Pandl stated that HYPE ETF investors are primarily new entrants to the crypto market, rather than capital rotating out of Bitcoin. Analysts believe Hyperliquid’s greatest appeal lies in its unique value-capture mechanism: 99% of platform fee revenue is used to repurchase HYPE tokens—similar to corporate stock buybacks—directly linking platform activity to token value, making it more understandable to traditional equity investors. As of now, the 21Shares Hyperliquid ETF manages $758 million in assets, while the Bitwise Hyperliquid ETF manages $711.4 million. Industry insiders view spot ETFs as a crucial bridge connecting traditional finance with DeFi, helping to raise Hyperliquid’s profile and drive mainstream adoption. However, analysts also caution that Hyperliquid remains inaccessible directly in the U.S., with regulatory approval potentially not arriving until 2027, while competition from both traditional finance and other DeFi platforms may continue to intensify.
HYPE ETFs attract $150M amid Bitcoin's decline
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Summary
Bitcoin market news reports that HYPE ETFs have attracted $150 million despite Bitcoin’s recent decline. Bitwise and 21Shares launched BHYP and THYP in May 2026, both experiencing strong inflows. Grayscale’s HYPG added $4.5 million. Hyperliquid, a DeFi platform, captures value by repurchasing 99% of fees as HYPE tokens. Analysts say these ETFs are attracting new investors, not just shifting Bitcoin funds. The 21Shares ETF holds $75.8 million, while Bitwise’s holds $71.14 million. Availability in the U.S. remains pending, possibly until 2027.
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