Hyperliquid ETF Absorbs 1% of Market Cap in 10 Days
BITmarkets Team
May 28, 2026
Kairos compared cumulative inflows into newly launched spot crypto ETFs against the market value of each underlying asset at the time of launch.m Using that methodology, HYPE ETFs outperformed the launches of spot Bitcoin, Ether and Solana ETFs, which absorbed 0.59%, 0.41% and 0.31% of their respective market capitalizations.
Eric Balchunas also noted that the 21Shares Hyperliquid ETF (THYP) had risen 50% within two weeks of launch. Balchunas compared the performance to other ETFs, stating that Roundhill DRAM ETF took roughly five weeks to gain 50%, while iShares Bitcoin Trust ETF from BlackRock required around two months to reach a similar increase.
The data provides another indication of growing investor interest in Hyperliquid-linked investment products after initial trading activity for US-based HYPE ETFs from Bitwise and 21Shares accelerated following a relatively slow debut.
Kairos emphasized that the comparison does not imply HYPE ETFs attracted more capital in absolute dollar terms than Bitcoin or Ether ETFs. The metric excludes legacy outflows from products such as GBTC and ETHE and instead focuses specifically on new issuer demand relative to each asset’s market size.
HYPE ETFs outperform other altcoin funds in recent inflows
According to data from SoSoValue, HYPE ETFs recorded approximately $6.89 million in net inflows during their initial partial trading week from May 12 to May 15. That figure increased sharply to $68.02 million in net inflows during the week ending May 22. The performance made HYPE the largest altcoin-focused ETF category by inflows among the assets tracked during the latest full trading week.
Meanwhile, spot Bitcoin and Ether ETFs moved in the opposite direction during the same period. Spot Bitcoin ETFs recorded approximately $1 billion in net outflows during the week ending May 15, followed by another $1.26 billion in outflows the following week, bringing total two-week outflows to around $2.26 billion.
Spot Ether ETFs also experienced negative flows, with outflows totaling approximately $255.11 million and $215.99 million over the same respective periods.
Altcoin ETF interest expands beyond Bitcoin and Ether
Other altcoin-linked ETFs also recorded positive inflows, although at lower levels than Hyperliquid products. Spot XRP ETFs attracted approximately $22.04 million in inflows, while Solana-linked ETFs recorded around $15.63 million during the week ending May 22.
The growing activity suggests investor interest is increasingly expanding beyond Bitcoin and Ether into alternative crypto assets and newer blockchain ecosystems. The trend also reflects a broader diversification within the crypto ETF market as issuers continue launching products tied to emerging digital asset sectors and trading platforms.
Sources:
https://cointelegraph.com/news/hype-etfs-market-cap-inflows-bitcoin-ether
https://x.com/EricBalchunas/status/2059333607752179964
https://x.com/Kairos_Res/status/2059449437911421419
https://sosovalue.com/assets/etf/us-hype-spot
https://sosovalue.com/assets/etf/us-xrp-spot
