HYPE Spot ETFs Absorb 1.04% of Market Cap in First 10 Days, the Best Crypto ETF Debut on Record

Spot HYPE exchange-traded funds have absorbed 1.04% of Hyperliquid’s total market capitalization within their first 10 trading days, the strongest opening run of any spot crypto ETF, according to research firm Kairos Research. The figure outpaces every previous major crypto ETF launch: bitcoin absorbed 0.59% of its market cap in the same window, ether 0.41%, and Solana 0.31%.

The data reflects a sharp acceleration through the second trading week. Bitwise CEO Hunter Horsley said BHYP posted roughly $19 million in net inflows on Tuesday, the fund’s largest single-day haul since its May 15 launch on the NYSE. Trading volume that day was approximately $22 million, meaning “almost all of it was buys,” Horsley wrote on X. BHYP is now the largest Hyperliquid ETF in the world, overtaking 21Shares’ THYP, which launched May 12 on Nasdaq.

This story is an excerpt from the Unchained Daily newsletter.

Cumulative net inflows across the two funds have reached more than $75 million in their first weeks. The funds have posted an 8-day consecutive inflow streak without a single negative session, even as bitcoin and ether ETFs collectively shed $112 million on Tuesday alone, according to Decrypt data. Capital is rotating into HYPE rather than out of crypto altogether.

The structural drivers explain the gap. Hyperliquid generates roughly $1.9 million per day in protocol revenue and routes approximately 97% of trading fees into HYPE buybacks via its Assistance Fund, which burned $1.4 million worth of HYPE on Tuesday. Bitwise commits an additional 10% of BHYP’s management fee to buying and staking HYPE directly, adding programmatic demand on top of the buyback engine. Analysts at Kairos Research noted that during the first six trading days, the ETFs purchased roughly 2.5 times the amount of HYPE the Assistance Fund burned, creating a compounding effect.

HYPE hit an all-time high of $64.44 Tuesday before settling near $61.82, up approximately 26% over the past seven days. The token has more than doubled year to date and now ranks among the top 11 crypto assets by market cap at roughly $15 billion. Competition for HYPE exposure is intensifying. Grayscale has filed for its own HYPE ETF under the proposed ticker GHYP, and VanEck has confirmed HYPE ETF plans for both the U.S. and Europe.