Bitwise’s new Hyperliquid ETF (BHYP) surged to the top of its category after posting a roughly $19 million single-day inflow, the firm said — a milestone that CEO Hunter Horsley called “incredible to see.” Key numbers and context - Bitwise reported about $19 million of inflows into BHYP on the day, with total trading volume near $22 million — suggesting the session was dominated by buys rather than swaps or redemptions. - BHYP launched on the NYSE on May 15 and, less than two weeks later, Horsley says it’s now the world’s largest Hyperliquid ETF. - The fund debuted with a 0.34% sponsor fee; Bitwise waived that fee for the first month on the first $500 million of assets. Bitwise’s site lists BHYP on the NYSE and advises investors to review the prospectus and risk factors before investing. Relative demand looks strong - Kairos Research data shows spot HYPE ETFs absorbed 1.04% of Hyperliquid’s market capitalization in their first 10 trading days — a stronger market-cap-adjusted debut than early spot Bitcoin (0.59%), Ether (0.41%) and Solana (0.31%) ETFs. - That metric measures relative demand versus the size of the underlying market, not absolute dollars raised, but it highlights unusually strong early interest in the Hyperliquid theme. How Bitwise is aligning with Hyperliquid’s token model - Bitwise says it will allocate 10% of BHYP’s management fee to holding HYPE tokens on its balance sheet, a move intended to mirror Hyperliquid’s own token economics. Hyperliquid routes roughly 99% of protocol revenue through its Assistance Fund to repurchase HYPE, creating a secondary demand channel beyond ETF flows and staking rewards. - Bitwise CIO Matt Hougan noted that Hyperliquid’s token is designed so that rising trading activity on the platform benefits token holders and pointed to strong historical returns for the asset. Competition and market backdrop - Competing product 21Shares’ THYP saw about $1.2 million in first-day inflows; BHYP launched slightly later but has since pulled ahead in cumulative demand. - The HYPE inflow surge stood out amid selling pressure in larger crypto ETF categories: SoSoValue data showed nearly $334 million net outflow from spot Bitcoin ETFs and about $35.03 million net outflow from spot Ethereum ETFs on May 26. That contrast suggests investors are willing to rotate into smaller, faster-growing crypto themes even when large-cap ETFs face outflows. Ecosystem developments - Hyperliquid has drawn extra attention after Circle became the technical deployment partner for USDC on the platform and Coinbase was named the official USDC treasury deployer. USDC remains the primary collateral and quote asset across Hyperliquid’s trading ecosystem. Bottom line Bitwise’s BHYP has grabbed rapid investor attention, delivering the largest single-day inflow for the product to date and a market-cap-adjusted debut that outpaces earlier spot crypto ETFs. Bitwise’s fee allocation and alignment with Hyperliquid’s token mechanisms underscore its effort to link ETF economics with on-chain token demand — a positioning that may continue to attract flows as the broader ETF landscape shifts. Read more AI-generated news on: undefined/news