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Crypto asset manager 21Shares launched its Hyperliquid ETF (THYP) on Tuesday, debuting with trading volumes that Bloomberg ETF analyst James Seyffart described as “very, very solid” for an ETF launch.
THYP is designed to give investors exposure to the Hyperliquid (HYPE) token without requiring them to own the cryptocurrency directly. Hyperliquid is described as the largest onchain perps decentralized exchange (DEX).
Seyffart said THYP finished its first day with $1.8 million in trading. “Very, very solid day and better than your average ETF launch for sure but nothing too crazy,” he posted on X.
For context on early altcoin ETF performance, the first-ever spot XRP ETF recorded $58 million in day-one trading volume in November. That figure exceeded Bitwise’s first-to-market Solana ETF, which generated $57 million on its first day.
Seyffart also predicted that Bitwise’s Hyperliquid exchange-traded fund will launch next. Bitwise was the first firm to seek approval to launch a HYPE-based fund in the U.S.
Last month, Bitwise filed a second amendment to its proposed spot Hyperliquid ETF. The filing expanded the list of approved trading counterparties and addressed remaining operational details ahead of the fund’s launch. Bitwise has also launched a European Hyperliquid Staking ETP on Deutsche Börse Xetra, and Grayscale is seeking a HYPE fund.
21Shares has said it plans to stake a significant share of its HYPE holdings.
As of 5:53 p.m. ET, HYPE was down about 4% and was trading at $40.31, according to The Block Price Page.
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