Why are Hyperliquid ETFs seeing a jump in trading volume?

US-listed Hyperliquid ETFs recorded a 50% rise in trading activity as the HYPE token outperformed broader crypto and traditional markets. Bloomberg ETF analyst Eric Balchunas said it is unusual for new ETFs to gain momentum after launch instead of fading. The strong HYPE rally appears to be attracting traders looking for relative strength in weak markets.

What are the Hyperliquid ETFs from 21Shares and Bitwise?

21Shares launched the THYP ETF on May 12, while Bitwise launched the BHYP ETF on May 14. Both funds give investors exposure to the Hyperliquid ecosystem through traditional stock market structures. Together they have generated nearly $41 million in trading value since launch.

Why is HYPE outperforming Bitcoin and stocks?

HYPE has benefited from strong trader interest in decentralised perpetual futures platforms. While Bitcoin, stocks, bonds and gold weakened recently, HYPE continued rallying, gaining 120% this year and another 18.5% in a single day. Traders increasingly view Hyperliquid as one of the fastest-growing crypto trading ecosystems.

How much money flowed into the Hyperliquid ETFs?

The two ETFs recorded a combined $25.5 million in net inflows on Wednesday, their strongest daily intake since launch. The THYP ETF from 21Shares attracted $16.6 million, while Bitwise’s BHYP fund brought in $8.8 million. Rising inflows suggest investor demand is accelerating despite the ETFs’ relatively modest launches.

What did Eric Balchunas say about the Hyperliquid ETF rally?

Eric Balchunas said the volume growth pattern was “very rare” for newly launched ETFs. He noted most ETFs either peak on day one and fade quickly or remain unnoticed for months. Balchunas argued the timing helped because HYPE was one of the few assets rising while other markets declined.

Why are traders interested in Hyperliquid right now?

Hyperliquid has captured significant market share in crypto perpetual futures trading, which is one of the largest and most active areas in digital assets. Some traders see the platform as a possible next major crypto growth story because of its fast expansion and strong trading activity. Momentum-driven traders are also attracted by HYPE’s strong price performance.

Is Hyperliquid becoming a mainstream crypto investment?

The launch of multiple US-listed ETFs tied to HYPE suggests institutional and retail interest is growing. ETF products make it easier for traditional investors to gain exposure without directly using crypto wallets or decentralised exchanges. However, Hyperliquid remains a relatively new and volatile crypto project compared with Bitcoin or Ethereum.

What role does Grayscale play in the Hyperliquid story?

Grayscale filed for its own Hyperliquid ETF in March, and the application is still under regulatory review. Blockchain tracking account Lookonchain also claimed wallets linked to Grayscale bought and staked about $25 million worth of HYPE. It is not confirmed whether those purchases are connected to the proposed ETF.

Image for illustrative purposes only. Not a real photo.

Hyperliquid ETFs post rare surge in trading volumes

Written by Jon CuthbertPublished May 21, 2026, 5:38 AM

US-listed exchange-traded funds tied to HYPE posted a 50% jump in trading volumes on Wednesday in an unusual trend for newly launched crypto ETFs.

The two funds from 21Shares and Bitwise have generated nearly $41 million in total traded value since debuting earlier this month, with volumes continuing to rise instead of fading after launch.

Bloomberg ETF analyst Eric Balchunas said the trend was “very rare,” adding that:

“Most ETFs typically make a big splash [on] day one then drop off OR oblivion for months until people notice it.”

Balchunas attributed the momentum to the strong performance of HYPE while broader markets weakened, noting that stocks, bonds, gold, Bitcoin and most cryptocurrencies had declined recently while HYPE continued climbing.

The Hyperliquid token has gained 120% this year and traded around $56 after rising another 18.5% over the past 24 hours, according to CoinGecko, as traders increasingly viewed the project as one of the fastest-growing crypto perpetual futures platforms.

Following the announcement the HYPE token price was up 18.5% at around $56.

21Shares launched the first US-based Hyperliquid ETF on May 12 under the ticker THYP, while Bitwise followed with its BHYP fund on May 14, and both funds recorded their strongest inflow day on Wednesday with a combined $25.5 million entering the products.

The rally also comes as Grayscale continues pursuing regulatory approval for a planned Hyperliquid ETF after filing in March, while blockchain tracking account Lookonchain claimed wallets linked to Grayscale recently purchased and staked roughly $25 million worth of HYPE tokens.

At the time of reporting, Hyperliquid price was $56.01.