First US Hyperliquid ETF Clocks $1.2M Inflows on Debut

Crypto asset manager 21Shares’ first Hyperliquid exchange-traded fund in the US drew $1.2 million in net inflows and saw $1.8 million in trading volume on its Nasdaq debut.

“Very very solid day and better than your average ETF launch for sure but nothing too crazy,” Bloomberg analyst James Seyffart said as the ETF finished its first day of trading on Tuesday.

Still, the 21Shares Hyperliquid ETF (THYP) debut trading volume was a fraction of the volume compared to earlier buzzy crypto ETFs, such as the Bitwise Solana Staking ETF (BSOL), which attracted $56 million on its opening day in late October, and the Canary XRP ETF (XRPC), which brought in $58 million on its debut in November.

THYP seeks to track the spot price of the Hyperliquid (HYPE) token, which is tied to the perpetual futures platform of the same name that has facilitated over $8.4 trillion in trading volume since launching in 2023.

Source: 21Shares

21Shares’ Hyperliquid ETF adds to a growing number of altcoins that have been packaged into funds made available on Wall Street, as the Securities and Exchange Commission has loosened its grip on crypto ETFs.

In September, the SEC moved away from a case-by-case review of spot crypto ETFs in favor of “generic listing standards,” making approvals of crypto ETFs easier.

THYP was launched ahead of the Bitwise Hyperliquid Staking ETF (BHYP), which Seyffart predicted is next in line for SEC approval.

Grayscale is also awaiting the SEC’s decision on its Grayscale HYPE ETF (GHYP).

Related: Trader loses $3M as leveraged Fartcoin position unwinds on Hyperliquid 

THYP carries a 0.3% management fee, far lower than the 0.67% fee proposed by Bitwise for its Hyperliquid ETF. Grayscale is yet to set a fee for its ETF.

In December, Seyffart predicted that many crypto exchange-traded products would be liquidated by the end of 2027 due to a lack of demand. 

His comments came before a Bloomberg report in April that found that the average lifespan of ETFs fell from 4.66 years in 2024 to about 3.5 years in 2025. 

Dozens of ETFs have already been liquidated across the first few months of 2026, though none were notable crypto ETFs.

Magazine: Solana vs Ethereum ETFs, Facebook’s influence on Bitwise: Hunter Horsley 

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