SpaceX · Bitcoin · U.S. Treasury · Decrypt
Hyperliquid ETFs Draw In $172 million Since Launch as HYPE Hits All-Time High
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Hyperliquid ETFs have been on a tear, starkly defying recent macroeconomic headwinds and the broader crypto market’s Q2 cooling.
Key facts
- Bitwise's BHYP leads the HYPE ETF race with roughly $107 million in cumulative net inflows and $122.8 million in net assets, followed by 21Shares' THYP with $60 million and Grayscale's HYPG with $8.6
- Options markets imply a 10-15% chance HYPE reaches $100 by the end of July, Nick Forster, co-founder and CEO of on-chain options platform Derive, tweeted Monday
- The recently activated AQAv2 program lets $5 billion USDC earn a 4% yield; 90% of this earned yield is redirected to the AF, compounding the protocol's liquidity advantage and, in turn, the token
- The protocol’s native token, HYPE, reflects that momentum, surging over 73% in the past month and 196% in 2026 to hit a new all-time high of $75.96 Tuesday morning, per CoinGecko data
Summary
Cumulative HYPE ETF inflows hit nearly $172 million in roughly a month, with Bitwise’s BHYP leading at $106.6 million. Hyperliquid’s HIP-3 saw SpaceX's SPCX perpetuals attract $1.4 billion in volume in a single session. Institutional buyers are treating HYPE like a high-growth tech equity, prioritizing protocol revenue over non-yielding assets, Decrypt was told. The protocol’s native token, HYPE, reflects that momentum, surging over 73% in the past month and 196% in 2026 to hit a new all-time high of $75.96 Tuesday morning, per CoinGecko data.