Hyperliquid ETFs are pulling more capital as funds and family offices rotate out of ETH▼$1,795.90, SOL▼$73.49 wrappers to chase the newer trade, analysts say.
Hyperliquid‘s HYPE▲$73.25 token now has a new path into brokerage accounts, and early demand suggests some investors are using it as a fresher alternative to other tokens.
Keyrock, the crypto market maker, said in its Monday market note that funds and family offices have rotated out of Ethereum and Solana ETF products to be exposed to HYPE in the same wrapper structure, following the listing of two new Hyperliquid products on U.S. exchanges:
- The 21Shares Hyperliquid ETF, a Nasdaq-listed wrapper trading under THYP, launched on May 12 with a 0.3% expense ratio.
- Bitwise followed days later with the Bitwise Hyperliquid ETF, a New York Stock Exchange-listed product trading under BHYP with a 0.34% sponsor fee.
Read also: HYPE One Step Away From ATH: Hyperliquid Token Surges 20.5% in 24 Hours
Hyperliquid ETFs See “Organic Interest”
Keyrock said the two HYPE ETFs drew more than $1.1 million in daily net inflows on May 12, rising to a record $25.4 million on May 20. Two days later, by May 22, cumulative net inflows into the products had reached $75 million, while total net assets stood at around $81 million.
Despite being in its first week since launch, Keyrock stated that the liquidity was reflective of “organic interest” from institutions who had been unable to access HYPE in the past due to the friction involved with on-chain onboarding. The analysts said:
“This week’s surge, creations outrunning the buyback, is the uptrend dynamic in miniature. In a rally, ETF inflows can become the larger source of demand, while in a drawdown the fee-funded buyback keeps removing supply and matters more.”
During the same timeframe, spot Ethereum ETFs posted $216 million in net outflows, with BlackRock’s ETHA accounting for $189 million of the withdrawals, according to SoSoValue data.
Spot Solana ETFs drew $15.6 million in net inflows over the same week, though that’s still far below the $75 million pulled into HYPE products.
Read more: Bitcoin ETF Flows May 2026: 6-Day Outflow Streak Pushes Market Close to Negative for the Year
