Hyperliquid's ETF Momentum Outperforms Bitcoin, Ethereum

Hyperliquid's ETF has been gaining attention, particularly when compared to other cryptocurrencies like Bitcoin and Ethereum. According to Grayscale's analysis, HYPE ETF inflows have been rising on a market cap basis, outperforming BTC, ETH, SOL, and XRP ETFs.

This is significant because smaller cryptocurrencies tend to have a greater impact due to their larger inflow-to-market-cap ratio. In fact, at comparable points in their ETF lifecycles, HYPE's ETF has amassed capital more quickly than Bitcoin, Solana, and XRP.

However, this growth comes amidst a 9% price drop for the HYPE token, which currently trades at $54.74. The price drop may be due to Bitwise recently reducing its HYPE holdings by selling another 117,917 HYPE tokens worth approximately $7.05 million.