Hyperliquid ETFs Pull In $22.3 Million as THYP Volume Builds

CryptoProwl

Wed, May 20, 2026 at 12:35 PM EDT 2 min read

Hyperliquid’s (CRYPTO: $HYPE) first U.S. ETF wrappers are finding a larger audience less than two weeks after launch, turning what began as a modest debut into one of the more closely watched altcoin ETF stories of the month.

The two Hyperliquid-linked funds have drawn $22.3 million in early net inflows, according to The Block, with analysts pointing to improving volume and signs of organic demand rather than a single launch-day burst.

Most of the attention is still on the 21Shares Hyperliquid ETF (NASDAQ: $THYP), which gives investors exposure to HYPE through a traditional brokerage account while integrating staking rewards. The fund launched alongside the 21Shares 2x Long HYPE ETF (NASDAQ: $TXXH), giving U.S. investors both spot-style and leveraged access to the token tied to Hyperliquid’s onchain derivatives exchange.

More From Cryptoprowl:

• Ripple, The Company Behind XRP, Is Valued At $50 Billion

• Eightco Secures $125 Million Investment From Bitmine And ARK Invest, Shares Surge

• Blockchain Projects Decline 75% As Developers Shift To A.I.

• Stanley Druckenmiller Says Stablecoins Could Reshape Global Finance

• New York Stock Exchange Invests $600 Million In Polymarket

  The volume trend has become part of the story. Bloomberg ETF analyst Eric Balchunas said in a post on X that THYP’s volume has grown each day since launch and is now in the tens of millions, calling it a “really good sign of organic interest.” The table attached to his post showed turnover rising from about $1.8 million on May 12 to $14.1 million on May 19, while the fund’s last price moved from $23.49 to $28.28 over the same stretch.

Bitwise added a second U.S. product days later, with its Hyperliquid ETF (NYSE: $BHYP) starting trading on May 15. The fund offers HYPE exposure with staking rewards through Bitwise Onchain Solutions, adding another issuer to a category that barely existed a week earlier.

The growing ETF activity is landing while Hyperliquid’s underlying exchange continues to draw attention from traders. 21Shares said Hyperliquid commands more than 50% of decentralized perpetual futures open interest and processes roughly $8 billion in daily volume.

The early flow base is still small beside the largest crypto ETF launches, but the pattern is notable: Hyperliquid is moving from onchain trading venue to a public-market product category faster than most DeFi assets have managed.

Hyperliquid (CRYPTO: HYPE) is currently trading at $51.67 U.S. per digital token.