According to analysts, U.S. exchange-traded funds linked to HYPE saw a 50% escalate in trading volume on Wednesday, a scarce move for newly debuting ETFs.
The two Hyperliquid (HYPE) ETFs from issuers Bitwise and 21Shares have seen a combined trading value of almost $41 million since their launch earlier this month, with trading volume increasing since their debut, According to to SoSoValue.
Bloomberg ETF analyst Eric Balchunas he said on Wednesday in post [on] the first day and then abandon OR oblivion for months until [people] notice this. It’s scarce to build in the first week like this.”
Balchunas attributed the rise of ETFs to “launching at the perfect time because EVERYTHING (stocks, bonds, gold, BTC [Bitcoin]cryptocurrencies) has been down lately, except for HYPE.
Source: Eric Balchunas
The Hyperliquid token has gained 120% this year, and in the last day it increased by 18.5% to $56, According to to CoinGecko. Traders have started flocking to the token and platform, and some analysts see it as the next cryptocurrency buzzword as it has captured a large share of the cryptocurrency perpetual futures market.
Over the past year, the S&P 500 has gained 8.6%, the tech-heavy Nasdaq 100 has gained 16% and Bitcoin has fallen 11%.
The ruling comes a day after Bitwise, one of two issuers of the U.S. HYPE ETF, said investors had mispriced HYPE, arguing that the platform was more than just a cryptocurrency exchange but a “super-app” spanning multiple asset classes.
Related: Hyperliquid expects 55% price increase after Silicon Valley investor’s ‘massive HYPE purchase’
21Shares was the first to launch a HYPE fund in the US, launching its 21Shares Hyperliquid ETF (THYP) on May 12 and generating net inflows of $1.2 million, well below other altcoin ETF launches such as those for Solana staking.
The Bitwise Hyperliquid ETF (BHYP) debuted later this week on May 14 with $750,000 in net inflows,
Both ETFs recorded their highest day of net inflows on Wednesday, with total net inflows of $25.5 million. The 21Shares ETF recorded $16.6 million, while the Bitwise ETF recorded $8.8 million.
Crypto asset manager Grayscale also filed to create a Hyperliquid ETF in March, and the planned fund is currently being processed by U.S. regulators.
X Lookonchain account he said on Wednesday that two Grayscale-affiliated portfolios purchased and staked $25 million worth of HYPE over the past week, but it’s unclear whether the move is related to the company’s planned ETF.
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