Key Highlights
- HYPE ETFs saw strong early demand, outperforming Bitcoin ETFs on 3 of 6 trading days and Ether ETFs on 5 of 6 days.
- The ETFs recorded about $11 million in net inflows and $30.82 million in total net assets as of May 19.
- ETF buying pressure is currently about 2.5x higher than Hyperliquid’s Assistance Fund burn purchases.
The first spot exchange-traded funds (ETFs) linked to Hyperliquid’s HYPE token have posted strong early demand during their first six trading days, according to crypto analyst Aletheia. These ETFs were launched this year to give investors a regulated way to gain exposure to the HYPE token through normal brokerage platforms.
Data shared by Aletheia suggests investors, including institutions, have begun allocating capital to the funds at a pace that compares favorably with early flows into Bitcoin and Ether ETFs.
Early ETF demand compared to Bitcoin, Ether, and Solana
According to Aletheia, HYPE ETFs performed better than Bitcoin ETFs on three out of the first six trading days when inflows were adjusted for market size. They also outperformed Ether ETFs on five of those six days.
Solana-related ETFs still led overall, outperforming HYPE ETFs on four of the six days.
The strongest performance came on the sixth trading day, when HYPE ETFs recorded their highest inflows so far and even surpassed all other crypto ETF products on that day.
Data from SosoValue confirms this, as of May 19, the ETF has attracted about $11 million in total net inflow, bringing its overall net asset value to $30.82 million.
ETF buying pressure over assistance fund
Aletheia also discussed the role of Hyperliquid’s Assistance Fund, which buys and burns the tokens from the market. According to her analysis, ETF issuers bought about 2.5 times more HYPE tokens than what the Assistance Fund bought and burned during the first six trading days.
This shows that ETF demand is currently much stronger than the internal buying and burning system, at least in the early stage. The Assistance Fund still matters, but its effect depends on how many tokens are burned permanently over a longer period.
Broader context
The launch reflects a broader expansion of crypto ETFs beyond Bitcoin and Ether. So far, only two HYPE ETFs have been officially launched. This includes the 21Shares HYPE ETF (THYP), which was launched in the U.S. on May 12, and the Bitwise Hyperliquid ETF (BHYP), launched on May 15.
As Aletheia explained in the post, the first six days of these ETFs’ trading give a first look at how institutional interest is forming around Hyperliquid.
Meanwhile, HYPE continued to rally. The token was trading at $51.96 at the time of writing, up 6% on the day and more than 32% over the past seven days, according to CoinMarketCap.
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