Hype Surrounds Hyperliquid ETF as It Leads Crypto Debut Demand

According to Kairos Research, HYPE ETFs recorded the strongest market-cap-adjusted demand among major crypto ETF launches. The firm calculated that spot HYPE exchange-traded funds absorbed 1.04% of Hyperliquid's market capitalization in their first 10 trading days.

This surpasses other major spot crypto ETF launches, including spot BTC ETFs at 0.59%, spot ETH ETFs at 0.41%, and spot SOL ETFs at 0.31%. Eric Balchunas, a Bloomberg ETF analyst, noted that the 21Shares Hyperliquid ETF, ticker THYP, had gained 50% since launching two weeks earlier.

Balchunas compared this pace to Roundhill's DRAM ETF, which took five weeks to post a comparable gain, and BlackRock's spot Bitcoin ETF IBIT, which took two months to reach the same threshold. In addition, SoSoValue data shows HYPE ETFs recorded $6.89 million in net inflows during their partial launch week from May 12 to May 15.

Inflows then rose to $68.02 million for the full week ending May 22, making HYPE the largest altcoin-linked ETF inflow category among the asset classes tracked for that period.