- Bitwise’s BHYP ETF secured a record $19 million inflow on Tuesday, becoming the world’s largest Hyperliquid ETF.
- The fund now holds over $62 million in assets and more than 1 million HYPE tokens.
- Combined inflows for U.S.-listed Hyperliquid ETFs have surpassed $117 million in just 10 trading sessions.
- Bitwise CIO Matt Hougan highlighted Hyperliquid’s token buyback model as a key selling point for financial advisors.
Bitwise’s Hyperliquid ETF (BHYP) attracted approximately $19 million in a single day this Tuesday, marking its largest daily inflow and helping it overtake its rival to become the world’s largest fund dedicated to the Hyperliquid token. The surge pushed BHYP’s assets under management to $62.92 million, according to data on SoSoValue.
Bitwise CIO Matt Hougan posted on X that discussing Hyperliquid with financial advisors is straightforward because 99% of fees go to buying back tokens. “The fact that 99% of fees goes to buying back tokens makes the conversation so easy,” he said. CEO Hunter Horsley added that Tuesday’s trading volume of roughly $22 million indicated nearly all activity was net buying.
Despite the ETF’s success, HYPE’s price fell nearly 4% in the last 24 hours amid broader market weakness, trading around $60. However, retail sentiment around the decentralized exchange’s token continued to trend in ‘extremely bullish’ territory.
BHYP’s closest rival, 21Shares’ Hyperliquid ETF (THYP), launched on Nasdaq on May 12 and has recorded $44 million in cumulative net inflows. Consequently, the two U.S.-listed HYPE spot ETFs have crossed $117 million in combined inflows within 10 trading sessions.
The key investment thesis centers on Hyperliquid’s buyback model. Hyperliquid’s Assistance Fund has directed over $1.16 billion in trading fees toward open-market HYPE buybacks since launch, according to DefiLlama data. The analytics platform estimates roughly 99% of the protocol’s revenue flows into this token repurchase mechanism.
Meanwhile, competition is intensifying as Grayscale recently filed for its own HYPE ETF. BHYP maintains an early advantage after generating the strongest opening-day performance of any U.S.-listed spot altcoin ETF launched in 2026.
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