HYPE Checks In, Checks Out: Hyperliquid ETFs Vacuum $172M While Bitcoin ETFs Bleed $5.6B 🚀

Hyperliquid's native token, HYPE, climbed to a new all-time high of $75.96 on Tuesday, capping a 73% rally over the past month and a 196% gain year-to-date, according to CoinGecko data. The move came as three newly launched Hyperliquid ETFs pulled in roughly $172 million in net inflows since their May debut, while spot Bitcoin ETFs shed almost $5.6 billion over the same window, per SoSoValue figures.

Bitwise's BHYP leads the trio with about $107 million in cumulative net inflows and $122.8 million in net assets. 21Shares' THYP follows with $60 million, and Grayscale's HYPG has brought in $8.6 million. Combined trading volume across the three products has approached $900 million, a figure that underscores the pace at which capital has rotated into the products since launch.

Unlike Bitcoin ETFs, which have bled assets amid geopolitical tension and rising Treasury yields, the HYPE products are being framed by issuers and observers as a bet on a protocol that generates recurring, measurable fees. "HYPE's resilience indicates that the market is beginning to price in protocol fundamentals," Jeff Mei, COO of BTSE, told Decrypt. "The Assistance Fund burn creates supply pressure, and Coinbase's $5 billion USDC program injects sustained liquidity that compounds Hyperliquid's competitive moat."

A 21Shares report dated May 14 pointed to Hyperliquid's "shift toward diversifying revenue streams," highlighting fee generation from commodities, equities, outcome and pre-IPO markets beyond crypto perpetuals. The platform drew particular attention with its pre-market pricing of the CBRS perpetual, which matched the eventual NASDAQ opening price within 1.3%, and with a SpaceX-linked contract that pulled in roughly $1.4 billion in volume in a single session, accounting for about 30% of HIP-3 volume that day, according to data from hl.eco.

That SpaceX exposure proved short-lived for some retail traders. Binance, Bybit and Bitget refunded customers who had sought tokenized SpaceX (SPCX) shares via xStocks after the tokenized equities platform was unable to secure allocations of the underlying shares, the firms said. "Due to xStocks' inability to deliver the underlying assets, no SpaceX allocations were received," Bybit wrote on X. "Investors can actually see the [Hyperliquid] protocol capturing market share and generating meaningful fees, which makes the value proposition very different," Sammi Li, CEO of 21Shares, said.