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Trading of the first-ever Hyperliquid exchange-traded fund (ETF) began on Tuesday, following its launch by crypto asset manager 21Shares. The fund, THYP ETF, marked an early US on-ramp to Hyperliquid exposure as competition intensifies among asset managers seeking crypto-linked investment products tied to specific blockchain ecosystems.
Bloomberg ETF analyst James Seyffart said the debut was stronger than the average ETF launch, even though it trailed the larger openings seen from XRP- and Solana-based crypto funds. According to Seyffart, THYP generated approximately $1.8 million in trading volume during its first day on the market.
While the launch was not characterized as explosive relative to some of the larger crypto ETF debuts, Seyffart described it as a strong start that exceeded the average ETF debut.
The ETF is viewed as significant because it provides exposure to Hyperliquid, which is currently considered the largest on-chain perpetual futures decentralized exchange.
Recent altcoin ETF launches tied to XRP and Solana drew substantially higher opening-day activity. Spot XRP products recorded roughly $58 million in opening-day trading, while Solana ETFs attracted around $57 million in first-day trading.
Seyffart also suggested that another Hyperliquid-focused investment product could soon reach the market. Bitwise is expected to potentially launch its own HYPE ETF in the United States.
Bitwise was the first firm to file for a US-based Hyperliquid ETF and has recently submitted a second amendment to its proposal. The update is intended to finalize operational details and expand the list of approved trading counterparties ahead of a possible approval. Bitwise has also introduced a European Hyperliquid staking ETP on Deutsche Börse Xetra.
Grayscale Investments is likewise pursuing a Hyperliquid-based fund.
At the same time, HYPE’s market performance cooled after strong gains in the prior few weeks. The token traded around $40.24 at press time, after a 2.42% decline during the daily session.
Intraday, HYPE initially traded above the $41 level before trending lower throughout the day. It briefly dipped below $40, then recovered some losses and stabilized in the $40.10 to $40.40 range.
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