Mars Finance reports that, according to The Block, two U.S. spot ETFs tracking Hyperliquid—21Shares’ THYP and Bitwise’s BHYP—saw a total net inflow of approximately $22,300,000 in their first week after launch, with more than $11,000,000 inflow recorded on Tuesday alone. Analysts say that, during the first 6 trading days, the two Hyperliquid ETFs had 3 days of net inflow adjusted by market value that outperformed the Bitcoin ETF, and 5 days that outperformed the Ethereum ETF. On-chain data shows that Hyperliquid has recently accounted for more than 42% of all network blockchain fee revenue, and nearly all returns from its token HYPE were used for the Assistance Fund.

MarsBitNews

2026-05-20 23:15:57

Mars Finance News, according to The Block, tracking Hyperliquid’s two U.S. spot ETFs—21Shares’ THYP and Bitwise’s BHYP—saw total net inflows of approximately $22,300,000 in their first week, with more than $11,000,000 in inflows recorded in a single day on Tuesday. Analysts said that, in the first 6 trading days, the two Hyperliquid ETFs recorded net inflows adjusted by market value that were stronger than Bitcoin ETFs on 3 days and stronger than Ethereum ETFs on 5 days. On-chain data shows that Hyperliquid recently accounted for more than 42% of total blockchain fee revenue across the network, and nearly all the returns of its token HYPE were used to repurchase via the Assistance Fund. Bitcoin Suisse’s analysis pointed out that, within the first 6 days, the amount of HYPE bought by the ETF was about 2.5 times the amount of HYPE bought and burned by the fund. Bitwise previously said it would use part of BHYP’s management fee to buy and stake HYPE.

HYPE18.35%

BTC0.25%

ETH-0.21%

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GateUser-72e48736

· 5h ago

The fee income ratio is a better indicator of actual activity than TVL, and Hyperliquid's PMF validation is quite good.

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GateUser-7df43e29

· 7h ago

22M doesn't seem like much, but keep in mind these are two new ETFs, and the on-chain ecosystem is still in the early stages.

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ForkMoment

· 7h ago

THYP and BHYP's first week reached 22 million dollars; institutional entry was faster than expected.

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UnderTheGlassDome

· 8h ago

Compared to the inflow performance of BTC and ETH ETFs, funds are indeed looking for new narratives.

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HotAirBalloonViewingSchedule

· 8h ago

The Assistance Fund buyback mechanism is quite cleverly designed, essentially finding a long-term buyer for HYPE.

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CrystalBallForSentiment

· 8h ago

Hyperliquid's data is indeed impressive; the fee income accounts for 42%, which is a bit outrageous.

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