New exchange-traded funds tracking hyperliquid, a decentralized crypto asset, have gathered nearly $150 million amid broader crypto declines.
Hyperliquid-focused exchange-traded funds (ETFs) have amassed close to $150 million in assets since their May launch, defying a broader crypto downturn. Bitwise and 21shares introduced spot ETFs tracking hyperliquid, a decentralized perpetual futures exchange, under tickers BHYP and THYP. Grayscale later entered the space with its Hyperliquid Staking ETF (HYPG).
The funds have seen mostly positive net inflows, contrasting with outflows from major crypto assets like bitcoin and ether. Hyperliquid, operating on its own blockchain, gained traction last summer when traders sought weekend access to oil markets during geopolitical tensions. Daily trading volume in crude oil alone reached roughly $1 billion.
Despite its recent visibility, industry figures note hyperliquid remains largely unknown among mainstream investors. The asset’s niche appeal has not dampened early enthusiasm, with market participants highlighting its potential for growth.