Hyperliquid ETF Attracts $1.2M Inflows in US Debut
BITmarkets Team
May 13, 2026
Bloomberg analyst James Seyffart described the launch as a relatively strong start compared with typical ETF debuts. “Very very solid day and better than your average ETF launch for sure but nothing too crazy,” Seyffart said after the fund’s first trading session on Tuesday.
The 21Shares Hyperliquid ETF (THYP) is designed to track the spot price of the HYPE token, which is linked to the Hyperliquid perpetual futures platform. Since launching in 2023, the platform has reportedly facilitated more than $8.4 trillion in trading volume.
Crypto ETF competition continues to expand
Despite a solid launch, THYP’s debut trading volume remained significantly lower than several high-profile crypto ETF launches earlier in the year. The Bitwise Solana Staking ETF (BSOL) attracted around $56 million in opening-day trading volume in October, while the Canary XRP ETF (XRPC) recorded approximately $58 million during its November debut.
The launch of THYP adds to the growing list of altcoin-focused investment products reaching Wall Street as the Securities and Exchange Commission continues easing its approach toward crypto ETFs. In September, the SEC shifted away from reviewing spot crypto ETFs on a strictly case-by-case basis, instead introducing broader “generic listing standards” that simplified the approval process for certain crypto investment products.
More Hyperliquid ETFs may follow
THYP entered the market ahead of the planned Bitwise Hyperliquid Staking ETF (BHYP), which Seyffart said could be next in line for regulatory approval. Meanwhile, Grayscale Investments is also awaiting an SEC decision regarding its proposed Grayscale HYPE ETF (GHYP). 21Shares’ ETF carries a 0.3% management fee, notably lower than the 0.67% fee proposed by Bitwise for its competing product. Grayscale has not yet disclosed pricing details for its ETF.
Seyffart previously suggested in December that many crypto exchange-traded products could face liquidation by the end of 2027 due to insufficient investor demand. His comments came before a Bloomberg report in April indicated that the average lifespan of ETFs had declined from 4.66 years in 2024 to roughly 3.5 years in 2025.
Although numerous ETFs have already been shut down during the first months of 2026, none of the closures involved major crypto-related products.
Sources:
https://cointelegraph.com/news/us-first-hyperliquid-etf-clocks-1m-net-inflow-in-very-solid-debut
https://x.com/21shares_us/status/2054311553961529642