Hyperliquid ETFs Attract $150 Million Amid Bitcoin Selloff
New spot ETFs tracking HYPE, the token of decentralized exchange Hyperliquid, have attracted nearly $150 million in assets since launching in May 2026. Hyperliquid gained prominence last summer when the U.S.-Iran conflict drove traders to seek weekend access to oil markets on decentralized platforms. The inflows stand out because they are occurring while Bitcoin and Ether ETFs are experiencing significant outflows, suggesting a new category of crypto investor is emerging.
Three asset managers — Bitwise, 21Shares, and Grayscale — have launched spot ETFs tracking HYPE, the native token of Hyperliquid, a decentralized perpetual futures exchange operating on its own blockchain. The products, trading under tickers BHYP, THYP, and HYPG, have collectively raised close to $150 million in assets and have seen mostly positive net inflow days since launch. Hyperliquid drew widespread attention last summer when geopolitical tensions between the U.S. and Iran pushed traders toward decentralized platforms for around-the-clock access to commodity markets, with crude oil volume reaching roughly $1 billion per day on the platform. A key draw for traditional investors is Hyperliquid's revenue model: 99% of platform trading fees are used to buy back HYPE tokens, a mechanism analogous to corporate share buybacks that equity investors readily understand. Industry executives say the ETFs serve as a bridge for investors who want exposure without the technical complexity of setting up digital wallets or navigating decentralized exchanges. Experts caution, however, that awareness remains low, competition in the DeFi space is intense, and the asset carries substantial risk.
What's missing
The article does not address regulatory scrutiny these ETFs may face, nor does it detail the risks specific to decentralized perpetual futures exchanges, such as smart contract vulnerabilities or the lack of U.S. investor protections on the underlying platform.
How coverage differed
Only one source (CNBC) was provided, framing the story with cautious optimism and quoting primarily ETF issuers and asset managers who have a financial interest in promoting these products. Independent skeptical voices are largely absent from the coverage.
What different sources said
- CNBCCenter
Bitcoin is cratering, but a new Wall Street crypto hype is on the rise
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