Hyperliquid (HYPE) spot exchange-traded funds have absorbed 1.04% of the token's market capitalization in their first 10 trading days, the strongest spot crypto ETF debut on record.
Key Points:
- Spot HYPE ETFs pulled in flows equal to 1.04% of market cap in 10 days, ahead of Bitcoin at 0.59%, Ether at 0.41% and Solana at 0.31%.
- US HYPE funds hold $117.38 million in net assets, with cumulative net inflows of $95.36 million across two listed products.
- HYPE traded near $62.90 at press time after touching an all-time high above $64.
Kairos Research Findings
The reading comes from Kairos Research, which compared cumulative net flows into new spot crypto ETF issuers against each underlying asset's market value at launch.
Spot Bitcoin (BTC) ETFs absorbed 0.59% of market cap over the same 10-day window. Ether (ETH) funds reached 0.41% and Solana (SOL) products 0.31%, the firm said.
Kairos used a new-issuer cohort and stripped out GBTC and ETHE outflows, since both were legacy trust conversions rather than fresh launches. The firm also tested the figures against circulating supply and said HYPE still led under that adjustment.
Figures tracked by SoSoValue back up the picture. Total net assets across US HYPE spot ETFs stood at $117.38 million, with cumulative net inflows of $95.36 million and daily inflows of $20.45 million.
Also Read: XRP Funds Defy Selloff With $117M May Haul, No Outflow Days
Why Investors Are Watching
The metric matters because it sizes demand against the underlying token rather than ranking funds by raw dollar inflows. In dollar terms, Bitcoin products remain far larger.
Bloomberg ETF analyst Eric Balchunas noted that 21Shares' THYP rose 50% within two weeks of launch, a pace he contrasted with five weeks for Roundhill's DRAM ETF and two months for BlackRock's IBIT.
Bitwise's BHYP on the NYSE and 21Shares' THYP on Nasdaq are the two listed products in the dataset. BHYP drew $19.05 million on May 26, lifting cumulative inflows to $55 million, while THYP added $1.41 million for a $44 million total.
Bitwise CEO Hunter Horsley said on X that roughly $22 million in BHYP volume that day was "almost all of it buys," with the fund overtaking THYP as the largest Hyperliquid ETF.
HYPE Price Trajectory
HYPE traded near $62.90 at press time. The token hit an all-time high of $64.44 on Tuesday before easing slightly.
The rally has been steep. HYPE climbed roughly 26% over the past seven days and has more than doubled since the start of the year, ranking the token among the largest crypto assets by market value. In mid-May, the token traded near $46 when the first US spot funds opened, far below the highs reached this week.
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