One must shudder at the spectacle: Bitwise’s spot Hyperliquid ETF, BHYP, has somehow gathered $40 million in assets in a mere eight days on the NYSE. This triumph is fueled by an 18-fold jump in inflows-because nothing says prudent investing like exponential hype, my dear.
On May 26, a Hyperliquid whale, clearly afflicted with a surplus of capital and a deficit of caution, opened a 10x leveraged long worth $9.1 million. This, we’re told, signals that the high-conviction crowd is chasing rallies alongside Bitwise’s latest financial contraption.
Hyperliquid ETF Inflows Climb 18-Fold
Bitwise CEO Hunter Horsley, in a moment of uncharacteristic modesty, noted that about $12 million of BHYP traded in the first 90 minutes of Tuesday’s session, boosting assets to $40 million just over a week after launch. One can hardly contain one’s excitement.
“~$12,000,000 of volume in 90 minutes-how utterly pedestrian. Now $40,000,000 AUM in a week. Investors apparently crave Hyperliquid exposure. Grateful to those who invest with Bitwise, though I suspect gratitude is reserved for the management fees.”
– Hunter Horsley (@HHorsley) May 26, 2026
After five sessions, Bitwise reported $30.5 million in AUM, $26.9 million in net inflows, and $9.2 million in average daily volume-numbers that would make a gambler blush.
“BITWISE IS BUYING HYPE
Bitwise ETF clients purchased $35.9M HYPE last week. That’s an 18x increase from the week before, when this farce began.
BHYP launched on May 15, 2026, and is the first HYPE ETF to be natively staked-how revolutionary.”
– Arkham (@arkham) May 26, 2026
Lookonchain flagged an additional 162,367 HYPE buy worth ~$10.11 million in two hours, taking Bitwise’s holdings to 723,361 HYPE as of May 21. The pace mirrors broader institutional demand, or so we’re told.
Whale Bets on Continued HYPE Momentum
On the same day, Lookonchain identified wallet 0x3ed4 opening a 10x long on 142,754 HYPE worth ~$9.1 million notional. Because why diversify when you can concentrate?
“Whale 0x3ed4 just chased the pump and opened a 10x long on 142,754 $HYPE($9.1M).
Liquidation price: $41.93-well below current levels, so nothing to worry about.
Yesterday, this whale also opened a 10x long on 13,356 $ZEC($8.24M). Clearly, a connoisseur of volatility.”
– Lookonchain (@lookonchain) May 26, 2026
The position carries a liquidation price of $41.93, which is safely beneath HYPE’s recent trading range-if you ignore the inherent absurdity of such bets.
The token hit an intraday high of $64.44 on Tuesday before settling near $61.82, up 26% over seven days. How utterly predictable.
The same wallet had opened an $8.24 million leveraged long on Zcash the prior day, fitting a broader pattern of whales treating altcoins like roulette wheels.
Spot HYPE ETF Race Heats Up
Meanwhile, competition for HYPE exposure intensifies. 21Shares listed THYP on Nasdaq days before Bitwise’s NYSE debut, Grayscale has filed, and VanEck has plans for the US and Europe-because one ETF is never enough.
BHYP differentiates with native staking via Bitwise Onchain Solutions, published wallet addresses, and a structure that uses 10% of fees to buy HYPE for the issuer’s balance sheet, held for 12 months. How scrupulously transparent.
Early flows holding through the post-launch cooldown depend on whether competitors transform filings into live products. One shudders to think.
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2026-05-26 22:47