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As Bitcoin crashes, the HYPE ETF bucked the trend and pulled in nearly $160 million—igniting a fresh wave of crypto enthusiasm on Wall Street

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Crypto Mars News: On June 6, despite the recent continuous decline of Bitcoin and Ethereum, ETF products tracking the Hyperliquid ecosystem token HYPE have been surprisingly popular among investors. The spot ETFs HYPE launched by Bitwise and 21Shares in May this year (with codes BHYP and THYP respectively) attracted nearly $150 million in assets within a few days of listing, with most trading days seeing net inflows. Grayscale launched the Hyperliquid Staking ETF (HYPG) this week, which currently has an asset size of $4.5 million. Bitwise Chief Investment Officer Matt Hougan stated that Hyperliquid’s market penetration is currently only about 1%, and most investors still do not understand this project. Hyperliquid is a decentralized perpetual contract trading platform built on an independent blockchain. It rapidly gained popularity during last year's US-Iran conflict for providing weekend crude oil trading channels, with daily trading volume reaching approximately $1 billion at its peak. Zach Pandl, Head of Research at Grayscale, said that the HYPE ETF mainly attracts new investors who have not previously participated in the crypto market, rather than Bitcoin capital rotation. Analysts believe that Hyperliquid’s biggest appeal lies in its unique value capture mechanism — 99% of the platform’s fee revenue is used to buy back HYPE tokens, similar to stock buybacks by listed companies, creating a direct link between platform activity and token value, making it easier for traditional equity investors to understand. As of now, the 21Shares Hyperliquid ETF manages $75.8 million in assets, and the Bitwise Hyperliquid ETF manages $71.14 million. Industry insiders believe that spot ETFs are becoming an important bridge connecting traditional finance and DeFi, helping to increase Hyperliquid’s visibility and promote mainstream adoption. However, analysts also warn that Hyperliquid is still not directly accessible in the US, with regulatory approval possibly delayed until 2027, and competition from traditional finance and DeFi platforms may continue to intensify.
BTC3.37%
HYPE0.89%
ETH5.92%
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