21Shares' first U.S. Hyperliquid ETF drew $1.2 million in net inflows and $1.8 million in trading volume in its Nasdaq debut on Tuesday. Bloomberg analyst James Seyffart called the launch very solid and better than the average ETF debut. The first-day volume was far below the earlier launches of Bitwise's Solana staking ETF and Canary's XRP ETF, which each topped $50 million. In September, the SEC shifted to generic listing standards for spot crypto ETFs, making approvals easier.