New ETFs that directly hold HYPE tokens have attracted more investment in their first ten days of trading than similar ETFs for Bitcoin, Ethereum, and Solana did at their launches, according to Kairos Research. The firm notes this is the most successful launch they’ve observed for a spot crypto ETF based on the speed of asset growth.
Hyperliquid ETFs Mark Strongest Debut In Crypto ETF History
According to Kairos, newly launched spot HYPE ETFs attracted 1.04% of HYPE’s total market value within their first ten days of trading. This is a significantly higher percentage than what similar ETFs for Bitcoin (0.59%), Ethereum (0.41%), and Solana (0.31%) achieved during their initial ten-day period. These figures exclude older trust products like GBTC and ETHE, and focus on new ETF launches to provide a fair comparison.
According to Kairos, the new Spot HYPE ETFs have attracted 1.04% of HYPE’s total market value in their first ten days of trading. This is the best performance for any spot crypto ETF launch so far. For comparison, Bitcoin ETFs took in 0.59% of Bitcoin’s market cap, Ethereum ETFs 0.41%, and Solana ETFs 0.31% in their initial trading period.
This comparison is interesting because it looks at demand based on the size of the market for the asset itself, instead of just how much money the ETF has taken in. While Bitcoin ETFs still handle much larger amounts overall, this new way of measuring things shows that the HYPE ETF has seen surprisingly strong demand early on, considering the size of its underlying token market.
Looking at the SoSoValue data, we’re seeing strong initial traction. Currently, US HYPE spot ETFs hold $117.38 million in net assets, which represents about 0.88% of HYPE’s total market cap. We’ve observed cumulative net inflows of $95.36 million so far, with a particularly strong day yesterday showing $20.45 million in net inflows and a total trading volume of $53.76 million.
Currently, two exchange-traded products based on SoSoValue are available: Bitwise’s BHYP, listed on the NYSE, and 21Shares’ THYP, on Nasdaq. On May 26th, BHYP saw higher daily investment, with $19.05 million in inflows, bringing its total net inflows to $55 million. THYP received $1.41 million in inflows that day, for a total of $44 million.
The value of assets was fairly similar for both products. SoSoValue’s BHYP held $62.92 million in net assets, which was 0.47% of the total HYPE market value, while THYP held $54.46 million, or 0.41%. Trading volume was also comparable, with $23.30 million worth of BHYP being traded and $30.35 million for THYP. Both products saw price increases during the day, with BHYP rising by 9.49% and THYP by 9.44%.
Kairos clarified how they arrived at the 1.04% figure, explaining it wasn’t based on the number of HYPE tokens currently in circulation. They avoided using circulating supply in their calculations because determining that number accurately for HYPE proved difficult.
Kairos explained they used a different method to calculate the circulating supply of HYPE because there was disagreement on how to do it correctly. They shared that running the calculation with and without including GBTC and ETHE yielded similar results, as detailed in the bottom right corner of their explanation.
It’s important to note that how analysts measure an ETF’s impact can vary depending on the data they use – things like total market value, publicly available shares, or adjusted supply. Kairos argues that HYPE still maintains its advantage, even if different measurement methods or considerations regarding existing trust are applied.
At press time, Hyperliquid traded at $62.90.
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2026-05-27 19:12