Bitwise, 21Shares, and Grayscale launched the first-ever spot ETFs tracking a DeFi protocol token (HYPE), collectively attracting $160M in net inflows since mid-May — while Bitcoin ETFs suffered a record 13-day, $4.4B outflow streak. Zero HYPE ETF outflow days recorded.
Bitwise, 21Shares, and Grayscale launched the first-ever spot ETFs tracking a DeFi protocol token (HYPE), collectively attracting $160M in net inflows since mid-May — while Bitcoin ETFs suffered a record 13-day, $4.4B outflow streak. Zero HYPE ETF outflow days recorded.
A new institutional frontier opened in crypto ETFs, and Wall Street's biggest issuers are already there.
In May 2026, 21Shares listed THYP on May 12, followed by Bitwise's BHYP around May 15 — the first spot ETFs tracking HYPE, the native token of Hyperliquid, a decentralized perpetual futures exchange. Grayscale followed with the Grayscale Hyperliquid Staking ETF (HYPG) on Nasdaq on June 3, featuring a 0.29% management fee.
The numbers tell a striking divergence story. Combined net inflows across the three products have reached approximately $160 million, with BHYP leading at $87 million in cumulative inflows, THYP at $53 million, and HYPG at $15 million. A single Wednesday session produced a record $25.5 million single-day inflow. According to OpenPR, the funds have recorded zero outflow days.
This happened while spot Bitcoin ETFs were suffering through a record 13-day consecutive outflow streak totaling $4.4 billion. BlackRock's IBIT alone shed $3.3 billion. Fidelity's FBTC lost $456 million. Institutional BTC holdings fell 17% in Q1 to 261,000 BTC, per CoinShares' 13F analysis.
The contrast caught the attention of Nate Geraci, president of NovaDius Wealth Management, who highlighted the inflow pattern publicly.
Hyperliquid operates as a decentralized perpetual futures exchange on its own blockchain, running 24/7 for traders outside the US. It gained prominence during the US-Iran war when traders sought weekend access to oil markets, with crude oil volume alone hitting roughly $1 billion per day.
The platform's buyback model — using trading fees to repurchase HYPE tokens — creates a direct link between platform activity and token value, which ETF investors cite as a key differentiator.
Bitwise CIO Matt Hougan characterized the market as "1% penetrated into its potential market," adding "most people still don't know what hyperliquid is."
Grayscale's head of research Zach Pandl offered a broader interpretation: "Hyperliquid is bringing new investors from outside of the crypto ecosystem into this particular digital asset. I think it speaks to a much different type of investor than bitcoin."
The significance extends beyond the numbers. This marks the first time traditional finance ETF infrastructure has been deployed for a DeFi protocol token — not Bitcoin, not Ethereum, but a native exchange token. It suggests institutional crypto investment is evolving from "buy the majors" to targeted bets on crypto infrastructure.
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