HYPE today +21%, but THYP ETF's first-day net inflow was only $1.2 million

On May 12, 21Shares THYP ETF launched on Nasdaq — the world's first physical HYPE ETF. Day-1 actual data: net inflow of $1.2 million, trading volume of $1.8 million. Three days later today: peak at $46.93, +21%, market cap of $11.1 billion, entering the global top 10.
First-day net inflow comparison:
・BTC IBIT (2024.01.10) $109 million
・ETH ETF (2024.07.23) $107 million
・HYPE THYP (2026.05.12) $1.2 million — less than the first two by 2%
On May 14, Coinbase became Hyperliquid's official USDC treasury partner. $5 billion USDC reserve interest "most" flows back to the Assistance Fund to automatically buy back HYPE, with an annualized approximately $200 million, equivalent to a market cap of 1.8%.
ETF's first-day $1.2 million didn't push the price; what drove the +21% was the story of "ETF is coming." When inflows truly stabilize, the narrative premium has already been transferred to you.
From the September 2025 ATH of $59.37, it is still 21% below the current level. #Gate广场五月交易分享 $HYPE