US investors pour $161M into HYPE ETFs after Nasdaq debut

Three U.S.-listed HYPE spot ETFs collected $161 million in net inflows in the month after THYP began trading on Nasdaq. June 5 was the only session with an outflow, a $2.9 million redemption from Bitwise’s BHYP; every other trading day showed positive inflows.

Hyperliquid restricts U.S. users from trading directly on its platform, so brokerage-listed ETFs from issuers including Bitwise and 21Shares have become the primary way U.S. investors can gain HYPE exposure without using a non-custodial wallet.

On-chain and market metrics show heavy activity on Hyperliquid. Data indicate 30-day perpetual futures volume at about $240.5 billion, seven-day volume at $72.4 billion, 24-hour volume near $9.4 billion and cumulative perp volume around $4.66 trillion. Open interest stands near $8.6 billion. Using those inputs, annualized fee generation exceeds $1 billion and annualized protocol revenue is roughly $886 million.

Issuer disclosures and the on-chain fee methodology show that about 99% of perpetual-fee revenue flows to an Assistance Fund that buys back HYPE tokens. Bitwise describes nearly all trading revenue as recycled into open-market buybacks. Bitwise’s BHYP lists $93.53 million in assets under management and reports holding about 1.587 million HYPE as of June 10, a gross staking reward rate of 2.25%, a net staking reward of 1.18% and roughly 70% of fund assets staked.

Matt Hougan, Bitwise’s chief investment officer, described current market adoption as “1% penetrated its potential,” and said many investors remain unfamiliar with Hyperliquid. Peter Chung, head of research at Presto Research, observed that early data show institutions moving into HYPE ETFs faster on a market-cap-adjusted basis than they did into Bitcoin ETFs.

HYPE reached an all-time high of $75.48 on June 2, is up about 160% year-to-date and trades near $61, giving a fully diluted valuation approaching $69 billion.

Hyperliquid’s HIP-3 framework allows permissionless perpetual futures on any asset with a price feed. HIP-3 activity has shifted some volume into traditional markets; on some days crypto’s share of platform volume fell from about 90% to roughly 65%, with top-traded contracts including the S&P 500, silver, Nasdaq-100 and crude oil. HIP-3 open interest rose to about $1.7 billion in mid-May, more than 150% higher than in February. Trade.xyz, a major HIP-3 deployer, accounted for roughly $1.58 billion of that open interest and has processed over $100 billion in volume since October 2025.

ETF inflows add a third demand channel alongside staking rewards and protocol buybacks. Issuers model scenarios tied to volume: a bull scenario where 30-day perp volume remains above $200 billion and HIP-3 open interest exceeds $3 billion would support annualized revenue near current levels or rise toward a $1.2 billion upside projected by one issuer. A base scenario assumes high but plateauing volume. A downside scenario where monthly perp volume falls below about $150 billion could reduce revenue to a $350 million–$450 million range and correspond with modeling that implies a HYPE price in the $15–$19 range.

Token unlock schedules could add supply pressure that outpaces buybacks at lower revenue levels. ETF outflows would likely amplify downward moves given HYPE’s concentrated float. Fund prospectuses list specific risks, including staking-related slashing, loss of rewards, redemption-timing risk, centralization and validator attack vectors, and regulatory uncertainty.

Bitwise has committed 10% of BHYP management fees to purchase and stake HYPE on its balance sheet as a structural demand measure. Market participants say whether that allocation, combined with the protocol’s buyback engine, will absorb future selling depends on whether the high volume figures continue. The next test for the ETFs will be whether inflows persist as early buyers consider taking profits and as the exchange’s trading volumes evolve.