In short
- Cumulative HYPE ETF inflows reached $172 million in almost one month, while Bitwise’s BHYP leads at $106.6 million.
- Hyperliquid’s HIP-3 saw SpaceX’s ongoing SPCX attract $1.4 billion in one round.
- Institutional buyers are seeing HYPE as an overarching technology, prioritizing protocol costs over non-deliverable products, Decrypt was told.
Hyperliquid ETFs have been on a tear, largely mocking recent economic growth and a cold Q2 in the crypto market.
The protocol’s token, HYPE, reflects this rise, surging 73% in the past month and 196% in 2026 to hit $75.96 on Tuesday morning. CoinGecko data.
The performance of Institutional Funds has also said the same. Three that have just been released Hyperliquid ETFs have taken in about $172 million in entries in the web since their May debut, when Bitcoin ETFs have lost about $5.6 billion at the same time, according to SoSoValue data.
The difference reflects the growing interest in creating fee plans and its mark on news-driven, speculative, and non-issued altcoins.
Bitwise’s BHYP leads the HYPE ETF race with about $107 million in total inflows and $122.8 million in assets, followed by 21Shares’ THYP with $60 million and Grayscale’s HYPG with $8.6 million. The cumulative total of these three products is close to $900 million.
A different kind of demand
Unlike Bitcoin ETFs, which are managed by macro and have bled capital Jeff Mei, COO of BTSE, said Jeff Mei, COO of BTSE, in the midst of global uncertainty and rising Treasury yields, the HYPE ETF shows confidence. Decrypt.
“The strength of the HYPE shows that the market has started to overestimate the value of the protocol,” Mei said. “Burning Fund Support creates pressure, and Coinbase’s $5 billion USDC program injects stable liquidity that includes Hyperliquid competition.”
Diversity is also connected Hyperliquid is “change the way to get money,” according to 21Shares’ May 14 reportwhich demonstrated its ability to generate fees from sources beyond crypto perpetuals, including assets, funds, results and pre-IPO markets.
Although CBRS’s pre-IPO stock price has caught the attention of Wall Street by comparing its NASDAQ opening price within 1.3%, the SpaceX IPO of the platform strengthened its value.
SpaceX’s permanent SPCX, launched by TradeXYZ via the unlicensed HIP-3 platform, attracted about $1.4 billion in one session, according to sources. hl.eco. This deal made up about 30% of HIP-3’s total volume that day.
“Investors can see the (Hyperliquid) protocol taking market share and making payments, which makes the profits very different,” Sammi Li, CEO of Ju.com, said. Decrypt.
What is driving the corporate jet?
The two components of the construction and reinforcement of the organizational theory.
The first is the protocol’s core Assistance Fund (AF) system, which automatically channels between 97% and 99% of Hyperliquid’s trading capital into purchases, creating a real-time, seamless link between daily trading volume and demand for common assets.
The second is Hyperliquid’s multi-billion dollar system change stablecoin layer. This includes Coinbase, which is the official financial intermediary on the platform where USDC reserves are available. The recently opened AQAv2 program allows $5 billion USDC to obtain a yield of 4%; 90% of the proceeds are sent to the AF, including the access to the protocol, and the token to buy the flywheel.
Li agreed, adding that Hyperliquid is not dependent on a bull market. “In fact, volatile markets often create more trading opportunities,” he said. “When traders are hedging and repositioning, the volume remains strong, and that’s what drives the money. The market seems to be realizing that.”
What’s next?
Li said the most important metric going forward for Hyperliquid is not price but whether the protocol continues to attract users, the amount of money, and the volume. “If Hyperliquid continues to perform as it has been operating and maintain a presence in the emerging market, I would not be surprised to see institutional interest continue,” he said.
So far, the numbers and fundamentals are on Hyperliquid’s side. In a month in which Bitcoin ETFs lost billions, HYPE ETFs gained $172 million, and this difference shows no signs of change.
The options market means that the chance of 10-15% HYPE will reach $ 100 by the end of July, Nick Forster, co-founder and CEO of the options platform on the chain Derive, tweeted Monday.
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