The first hyperliquid ETF began trading on Tuesday, and early signs suggest it has overcome a major hurdle in creating a new product: a strong day-to-day correlation with the stock market.
The fund was approved by the US Securities and Exchange Commission (SEC) and was created by crypto asset manager 21Shares, with the ETF now trading under the ticker $THYP on the Nasdaq.
Hyperliquid ETF Launch Recap
Bloomberg analyst James Seyffart outlined the fundamentals of the Hyperliquid ETF, providing a clear but subtle read on the numbers. Tuesday post at X, Seyffart said $THYP ended the day at $1.8 million in sales, describing it as “very solid” and stronger than the average ETF launch—though not in the category he would call unusual.
Along with the trading activities, 21Shares also shared some big announcements about the startup. The company set a fund management fee of 0.3%. By comparison, Morgan Stanley’s Bitcoin (BTC) exchange-traded fund, $MSBT, carries a much lower dividend yield of 0.14%.
In addition to pricing, 21Shares disclosed $1.2 million in total inflows on the first day of its Hyperliquid ETF, giving investors some insight into how quickly demand could build after launch.
Even so, a broader market may undermine long-term prospects. At the time of writing, the Hyperliquid symbol, HYPE, was down 3.5%, testing the $40 level as support.
This decline coincides with a period of market uncertainty stemming from Bitcoin’s recent rally after it failed to breach $83,000 during last week’s surge. If the $80,000 grant ends, some experts believe it this can lead to new improvements.
When sentiment turns sour, 21Shares’ Hyperliquid ETF will also offer 21Shares’ Hyperliquid ETF, especially if the stock softens after launch.
Bitwise And Grayscale Update HYPE ETF Filings
Looking beyond the launch of 21shares’ Hyperliquid ETF, attention now turns to other issuers. The market is watching Bitwise and Grayscale, both of which have updated their HYPE ETF listings, reinforcing the view that additions may soon follow.
The hope is that the efforts of the Hyperliquid ETF and the two asset managers will benefit from the management of the system, Paul Atkins said.
Graphic design created by OpenArt, chart from TradingView.com
