Two Hyperliquid Spot ETFs Saw Net Inflows Exceeding $22 Million in Their First Week

On May 20, according to The Block, two US spot ETFs tracking Hyperliquid—21Shares' THYP and Bitwise's BHYP—saw a combined net inflow of approximately $22.3 million in their first week, with a single-day inflow of over $11 million on Tuesday. Analysts stated that in the first 6 trading days, the two Hyperliquid ETFs outperformed Bitcoin ETFs in net inflows adjusted for market capitalization on 3 days, and outperformed Ethereum ETFs on 5 days. On-chain data shows that Hyperliquid recently accounted for over 42% of the total blockchain transaction fee revenue, with its token HYPE earnings almost entirely used for buybacks through the Assistance Fund. Bitcoin Suisse analysis pointed out that in the first 6 days, the amount of HYPE bought by ETFs was about 2.5 times the amount bought and burned by the fund. Bitwise previously stated that it would use a portion of BHYP's management fees to buy and stake HYPE.