Whale opens 10x HYPE long as Bitwise’s BHYP hits $40M

Bitwise’s spot Hyperliquid ETF (BHYP) collected about $40 million in assets within eight trading days of its May 15 NYSE debut, while an on-chain wallet opened a 10x leveraged long on 142,754 HYPE, a notional position of about $9.1 million.

Bitwise reported roughly $12 million of BHYP traded in the first 90 minutes of May 26, bringing fund assets to about $40 million a week after launch. After five trading sessions the firm reported $30.5 million in assets under management, $26.9 million in net inflows and average daily trading volume near $9.2 million.

On-chain data showed an increase in ETF-related HYPE purchases in the week after launch, with Bitwise clients buying about $35.9 million of HYPE, an 18-fold rise from the first week of flows. Additional on-chain activity included a roughly $10.11 million purchase of 162,367 HYPE within a two-hour window, taking Bitwise’s disclosed holdings to about 723,361 HYPE as of May 21.

Bitwise has published fund wallet addresses and said it natively stakes HYPE held for the ETF through Bitwise Onchain Solutions. The fund’s structure directs 10% of annual management fees to buy HYPE for the issuer’s balance sheet, with those tokens held for at least 12 months.

On May 26, on-chain tracking identified wallet 0x3ed4 opening a 10x leveraged long on 142,754 HYPE with a notional value near $9.1 million and a liquidation price around $41.93. HYPE traded as high as $64.44 intraday that day and settled near $61.82, about 26% higher than seven days earlier.

The same wallet opened an approximately $8.24 million leveraged long on Zcash the previous day.

Competition for spot HYPE products has increased. One issuer listed a spot HYPE ETF on Nasdaq days before Bitwise’s NYSE listing. Other firms have filed or confirmed plans to launch spot HYPE ETFs in the U.S. and Europe.

Hunter Horsley, Bitwise’s chief executive, wrote on Twitter: “Investors want exposure to Hyperliquid. Grateful to those that choose to invest with Bitwise.”