From on-chain data to ETF capital flows, this wave of HYPE can be considered as DeFi infrastructure being stamped and certified by TradFi.

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.