Hyperliquid ETFs Draw In $172M Since Launch as HYPE Hits All-Time High

Hyperliquid ETFs person been connected a tear, starkly defying caller macroeconomic headwinds and the broader crypto market's Q2 cooling.

The protocol's autochthonal token, HYPE, reflects that momentum, surging implicit 73% successful the past period and 196% successful 2026 to deed a caller all-time precocious of $75.96 Tuesday morning, per CoinGecko data.

Institutional money flows archer a akin story. Three recently launched Hyperliquid ETFs person pulled successful astir $172 cardinal successful nett inflows since their May debut, portion Bitcoin ETFs person shed astir $5.6 cardinal implicit the aforesaid period, according to SoSoValue data.

This divergence highlights increasing organization appetite for the protocol's fee-generating architecture and its underlying token implicit narrative-driven, speculative, and non-yielding altcoins.

Bitwise's BHYP leads the HYPE ETF contention with astir $107 cardinal successful cumulative nett inflows and $122.8 cardinal successful nett assets, followed by 21Shares' THYP with $60 cardinal and Grayscale's HYPG with $8.6 million. Cumulative trading measurement crossed the 3 products has approached $900 million.

A antithetic benignant of request

Unlike Bitcoin ETFs, which are mostly macro-driven and person bled superior amid geopolitical uncertainty and rising Treasury yields, HYPE ETF inflows bespeak condemnation successful a protocol generating real, measurable fees, Jeff Mei, COO of BTSE, told Decrypt.

"HYPE's resilience indicates that the marketplace is opening to terms successful protocol fundamentals," Mei said. "The Assistance Fund pain creates proviso pressure, and Coinbase's $5 cardinal USDC programme injects sustained liquidity that compounds Hyperliquid's competitory moat."

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The divergence is besides tied to Hyperliquid's "shift toward diversifying gross streams," according to 21Shares' May 14 report, which highlighted its quality to make fees from sources beyond crypto perpetuals, including commodities, equities, result and pre-IPO markets.

While the pre-market pricing of CBRS perpetual earlier the IPO captured Wall Street's attraction by matching its eventual NASDAQ opening terms wrong 1.3%, the platform's SpaceX IPO solidified its value.

Crypto Firms Scrap Tokenized SpaceX Share Offerings arsenic SPCX Surges After IPO

SpaceX's SPCX perpetual, launched by TradeXYZ via the platform's permissionless HIP-3 framework, attracted astir $1.4 cardinal successful measurement successful a azygous session, according to information from hl.eco. The declaration accounted for astir 30% of each HIP-3 measurement that day.

"Investors tin really spot the [Hyperliquid] protocol capturing marketplace stock and generating meaningful fees, which makes the worth proposition precise different," Sammi Li, CEO of Ju.com, told Decrypt.