Hyperliquid ETF Sees $1.2 Million Net Inflow on US Debut..."Wall Street Bets on Next-Gen Altcoins"

▲ Hyperliquid (HYPE), US/AI generated image

21Shares' first US Hyperliquid (HYPE) exchange-traded fund recorded a net inflow of $1.2 million on its Nasdaq debut. Trading volume was tallied at $1.8 million, and while it fell short of the performance of some previously hyped cryptocurrency ETF launches, it was considered a solid start by general ETF launch standards.

Cointelegraph reported on the 13th that the 21Shares Hyperliquid ETF (THYP) recorded a net inflow of $1.2 million and a trading volume of $1.8 million on its first day of listing on Nasdaq in the US. Bloomberg analyst James Seyffart commented on the first day's performance, saying, “It was a very solid day and definitely better than the average ETF launch.”

However, THYP's first-day trading volume was significantly lower compared to other recently prominent cryptocurrency ETFs. The Bitwise Solana Staking ETF (BSOL) recorded a trading volume of $56 million on its launch day at the end of October last year, and the Canary XRP ETF (XRPC) attracted $58 million upon its debut in November last year.

THYP is a product that tracks the spot price of the Hyperliquid token. Hyperliquid is a token linked to a perpetual futures platform of the same name, which has processed over $8.4 trillion in trading volume since its launch in 2023.

The launch of 21Shares' Hyperliquid ETF is an example of the growing trend of tradable altcoin-based funds on Wall Street. The US Securities and Exchange Commission (SEC) adopted general listing standards in September, moving away from an individual review-centric structure for spot cryptocurrency ETF review methods, which was seen as making the cryptocurrency ETF approval process easier.

THYP was launched ahead of the Bitwise Hyperliquid Staking ETF (BHYP). Seyffart believes BHYP is next in line for SEC approval. Grayscale is also awaiting an SEC decision on its Grayscale HYPE ETF (GHYP).

In the fee competition, THYP appears to have an advantage. THYP's management fee is 0.3%, lower than the 0.67% proposed by Bitwise for its Hyperliquid ETF. Grayscale has not yet set the fees for its related ETF.

Seyffart previously predicted in December last year that many cryptocurrency exchange-traded products could be liquidated by the end of 2027 due to lack of demand. Cointelegraph reported that while several ETFs have already been liquidated in the first few months of 2026, no notable cryptocurrency ETFs were included.

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