$HYPE ETFs See Rare Trading Volume Surge Amid Market Downturn

Hype ETFs from Bitwise and 21Shares saw an unusual surge in trading volume on May 20, according to data from SoSoValue. The two funds, which track the $HYPE asset, recorded a 50% jump in trading volume that day, with nearly $41 million in total value traded since their launch earlier in May.

This kind of volume growth in a fund's first week is 'very rare', says Bloomberg ETF analyst Eric Balchunas. He attributes the momentum to market timing, noting that stocks, bonds, gold, Bitcoin (BTC), and other crypto assets were all trading lower while $HYPE moved in the opposite direction.

The 21Shares Hyperliquid ETF, ticker THYP, was first to market on May 12, with $1.2 million in net inflows at launch. The Bitwise Hyperliquid ETF, ticker BHYP, followed on May 15, with $750,000 in net inflows. By May 20, the picture had shifted, with a combined $25.5 million in net inflows on that single day.