HYPE jumps 30% in one week as Hyperliquid ETFs attract $22M in inflows

Hyperliquid's native token HYPE climbed above $52 on Wednesday, extending a weekly gain of more than 30% as momentum builds across both institutional and onchain markets. The rally follows the launch of Bitwise's Hyperliquid ETF, BHYP and 21Shares Hyperliquid fund, THYP, drawing early attention from investors and analysts.

The funds have shown strong initial traction, quickly scaling in both volume and price performance. Hyperliquid ETFs have now pulled in a total of $22 million in inflows.

"Hyperliquid ETF $THYP is growing volume each day since launch in the tens of millions now, 8x over Day One, which is really good sign of organic interest. It also went up 20% right out of the gate, that def helps the cause," Bloomberg analyst Eric Balchunas wrote in an X post on Wednesday.

Hyperliquid ETFs' volume strengthens institutional demand

Early flow data suggests the ETFs are already outperforming legacy crypto products on a relative basis. According to analyst Aletheia, the first two Hyperliquid spot ETFs recorded market-cap-adjusted inflows that exceeded Bitcoin ETFs on three days and Ethereum ETFs on five of their first six trading days.

The demand has translated into meaningful buy-side pressure across HYPE markets. ETF issuers collectively purchased 2.5 times more HYPE than Hyperliquid's Assistance Fund acquired and burned over the same period, tightening the circulating supply while amplifying upward price momentum.

Institutional positioning appears to be shifting alongside these developments. Goldman Sachs revealed it has exited positions in Solana (SOL) and XRP ETFs, while gaining exposure to HYPE treasury Hyperliquid Strategies, according to a 13F filing.

Bitwise CIO Matt Hougan also framed Hyperliquid as a structural evolution in crypto markets, describing it as a "super app" targeting the $600 trillion global asset market rather than the $3 trillion crypto sector alone. 

Hougan highlighted HYPE's Gen 2 token model, which allocates 99% of fees to buybacks, alongside rapid revenue growth estimated at $800 million to $1 billion annually. He argued that these dynamics position the token as undervalued and reflective of a maturing crypto ecosystem.

Bitwise has also leaned into Hyperliquid's transparency ethos by publishing the wallet addresses associated with its BHYP ETF, allowing investors to monitor flows and activity in real time.

"Hyperliquid's DNA is all about transparency. Everything is onchain. Don't trust, verify," the firm wrote on X.

On-chain activity further reinforces the bullish narrative. Smart money tracker Lookonchain reported that a whale deposited 19 million USDC to acquire more than 76,600 HYPE, worth approximately $3.8 million, with purchases continuing as the token broke above the $50 level.

Another large wallet exited spot exposure while opening a sizable short position, highlighting that, despite strong upward momentum, traders are still actively hedging and testing the rally's sustainability.

HYPE is trading at $52.8 at the time of publication, up 10% over the past 24 hours.