Market researcher Aletheia released a report on Wednesday, looking at the first six days of trading for Hyperliquid ETFs launched by 21Shares and Bitwise. This review looks at how startups are growing in major crypto assets and what trends may indicate they need to move forward.
The First Six Days Under the Microscope
In market-adjusted terms, Aletheia found that Hyperliquid ETFs made more moves than Bitcoin (BTC) on three of the first six trading days. The same comparison also showed strength against Ethereum (ETH): The Hyperliquid ETF traded higher than Ethereum on five out of six days.
The Solana (SOL) real estate group created a different picture. According to the report, Solana posted higher market volatility than Hyperliquid in four of the first six trading days.
On Tuesday, however, Hyperliquid spot ETFs posted stronger entries than any of their peers. The analyst stressed that it is still too early to say whether the rise is the beginning of a long-term trend, or indicates a short-term burst that may occur in the coming days.
Hyperliquid Near Bull-Run Highs
Beyond the entry numbers, the report shows another aspect: the Hyperliquid spot ETFs are competing with the Support Fund – the financial system of the platform for the purchase of tokens – in terms of market pressure.
In the first six trading days, ETFs bought HYPE 2.5 times more than the Mutual Fund bought and burned. The “burn” thing is very important, because it differs from the straight line method.
However, when the discussion is based on buying pressure from the market, Aletheia argues that ETFs are adding fuel.
A combination of ETF-driven activity and a surge in tokens has pushed Hyperliquid closer to the current $59 price range reached during last year’s bull run.
Data from CoinGecko shows the altcoin trading at $51.88 while the listing has risen 33% over the past week alone. At this level, the indicator is only 12% below its current record, leaving room – at least – to be able to “discover” the sector if the funds related to the ETF continue to build.
Graphic design created by OpenArt, chart from TradingView.com
