Hyperliquid ETF inflows surge eightfold as Bitwise and 21Shares capture investor capital
With the HYPE token trading near $51.31, early adopters Bitwise and 21Shares are leading the charge, while VanEck and Grayscale prepare their own filings.
Daily net inflows into the newly launched Hyperliquid exchange-traded funds have increased approximately eightfold since their introduction, reaching roughly $11 million on 19 May. This surge in capital has pushed the total net assets of these products beyond $30 million, coinciding with the HYPE token trading at approximately $51.31. The rapid accumulation of assets highlights growing institutional appetite for direct exposure to the Hyperliquid ecosystem.
Bitwise and 21Shares are currently the only Hyperliquid ETFs actively trading, with both funds offering staking services to their investors. The fee structures differ slightly between the two managers, with Bitwise charging a 0.34% management fee and 21Shares levying 0.30%. Bitwise has taken additional steps to enhance transparency by publishing the onchain addresses where it holds its HYPE assets, allowing for greater visibility into its holdings.
In a move to align its interests with token holders, Bitwise has committed to directing 10% of all fees generated from its ETF toward the purchase of HYPE. This strategy distinguishes its product offering in a nascent market where asset managers are still defining the mechanics of crypto-native financial products. The commitment to buy back the underlying asset adds a layer of demand dynamics to the fund’s operational model.
The launch of these ETFs arrives at a time when Hyperliquid’s underlying infrastructure is generating significant revenue. According to data cited by The Block, Hyperliquid’s Fee Engine captures 43% of all onchain fees, generating roughly $11 million weekly. This revenue stream is primarily driven by perpetual futures, which continue to out-monetise other onchain activities, providing a fundamental revenue base for the ecosystem.
While Bitwise and 21Shares dominate the current landscape, the market is expected to expand as other major asset managers enter the fray. VanEck and Grayscale have both filed applications for Hyperliquid ETFs, although neither product is yet live. Their pending filings signal broader industry interest in creating regulated vehicles for HYPE exposure, potentially increasing competition and liquidity in the coming months.
