Bitwise has built up this HYPE pretty aggressively—up 18x in a week. Are institutions genuinely FOMO, or are they seeing some signals that we haven’t noticed? With the BHYP listing plus off-chain events in the market, the HyperLiquid ecosystem narrative is starting to complete the loop.

Bitwise repurchased 162,367 HYPE tokens, bringing the total holdings to 723,361 tokens, with an estimated value of approximately $40.37 million; last week, ETF clients bought about $35.9 million, a 18-fold increase compared to the previous week. BHYP was listed on the NYSE on May 15, 2026, becoming the first native staked HYPE ETF, following the listing of 21Shares THYP. The HYPE ETF saw a net inflow of about $54 million to $75 million in its first 8 days. HyperLiquid also launched a standardized outcome market based on off-chain events, allowing the trading of contracts related to real-world results.