Spot ETF Inflows Lift HYPE to Eight-Month High

Two U.S.-listed spot HYPE exchange-traded funds attracted about $47.8 million in net inflows since launching last week, driving Hyperliquid’s native token HYPE to an intraday high above $57 on Thursday, its highest level since Sept. 20.

The inflows were concentrated in the 21Shares Hyperliquid ETF (THYP), which began trading on Nasdaq on May 12, and the Bitwise Hyperliquid ETF (BHYP), which debuted on the NYSE several days later. Analytics show the two products together took in roughly $47.8 million, with Wednesday recording the strongest combined session at about $25.4 million.

HYPE has gained more than 40% over the past seven days and was trading around $56 at the time of reporting, up nearly 16% over the previous 24 hours. The token remains about 3.4% below its all-time high.

One market analyst described the first-week volume growth as ‘giant step increases from Day One,’ calling the early traction unusual for newly listed ETFs. An analysis of token flows found the two spot products bought about 2.5 times as much HYPE as the Hyperliquid Assistance Fund burned during their first six trading days. The Assistance Fund channels roughly 97% of protocol fees into HYPE buybacks, a mechanism that removes tokens from circulation.

Derivatives market structure also affected price action. Funding rates on futures exchanges moved sharply negative, consistent with a buildup of short positions. As HYPE climbed, some bearish bets were unwound and forced liquidations contributed to upward pressure. Open interest on HYPE futures remained above $1.92 billion, indicating continued activity by leveraged traders.

A large asset manager filed an S-1 registration for a spot HYPE product in March. On-chain analysis attributed to that firm shows two wallets accumulated 510,387 HYPE, worth roughly $25 million, and staked the holdings last week.

A research analyst calculated that, on a market-cap-adjusted basis, the HYPE spot ETFs attracted more flows than Bitcoin on three of the first six trading days and more than Ethereum on five of those days; Solana had higher market-cap-adjusted flows on four of the six days.

The recent activity has combined exchange-listed inflows, protocol buybacks and derivatives positioning as concurrent factors in HYPE’s price movement.