Bitwise HYPE ETF Hits $40M in Daily Volume as Hyperliquid Hits All-Time High

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• Bitwise says its HYPE ETF traded over $40 million on its last trading day this week, with $11 million in inflows as Grayscale plays catch-up.

• One analyst says HYPE will hit $100 and calls it the best crypto trade in the market, shortly after it hit a new all-time high at $61.86

Bitwise’s Hyperliquid (HYPE) ETF completed its first full week with over $40 million in single-day trading volume as Wall Street sought exposure to the leading DeFi token.

According to Bitwise CEO Hunter Horsley, the ETF, which trades under the ticker BHYP, brought in $11 million in inflows on Friday, capping a successful debut. BHYP currently has $30.5 million in assets under management and averaged $9.2 million in daily volume over the week, Bitwise revealed.

What a week. Here’s the Bitwise Hyperliquid ETF $BHYP Trading Report after the first five days.*

– $30.5M in AUM
– Average daily volume: $9.2M
– Total inflows: $26.9M
– The only spot Hyperliquid ETF to stake assets in-house
– The only spot Hyperliquid ETF to publish the fund’s… pic.twitter.com/G7UcuwmWO1

— Bitwise (@Bitwise) May 22, 2026

BHYP was the second HYPE ETF to launch in the US market, debuting on May 15. The first was THYP by 21Shares, which had launched two days earlier. As we reported, it had recorded $1.8 million in trading volume on its first day, with $1.2 million in net inflows.

In a separate update, 21Shares revealed that THYP had recorded $37.2 million in assets under management in its first week, with $12.5 million in trading volume. In its first week, THYP had staked 75% of the HYPE it held, generating 1.68% of staking rewards.

Grayscale Chases the HYPE ETF Train Amid New ATH

While Bitwise and 21Shares have the first-mover advantage, Grayscale is rushing to catch up. On Friday, the crypto investment firm submitted its third amendment to the SEC for its HYPE ETF, which will trade under the ticker GHYP once it receives the agency’s approval.

According to James Seyffart, an ETF specialist at Bloomberg, “we have to assume we are getting closer to a launch where we’ll have three HYPE ETFs on U.S. exchanges.”

NEW: @Grayscale submits another Hyperliquid ETF filing! This one is amendment #3. Ticker will be $GHYP when it launches. Have to assume we are getting closer to a launch where we'll have three hyperliquid:native ETFs on U.S. exchanges pic.twitter.com/lvrR3qbxM6

— James Seyffart (@JSeyff) May 22, 2026

One of the amendments that Grayscale has added is direct staking within the fund’s structure. Bitwise and 21Shares launched their ETFs with this feature included, but they handle the staking differently.

Bitwise runs its staking fully in-house through its own validator infrastructure. They also stake a larger share of their holdings and publish all the fund’s addresses on-chain. 21Shares stakes its HYPE through Figment, which gets a 30% share of the staking reward.

HYPE currently trades just below $60, dipping slightly after hitting its new all-time high of $61.86 on Thursday. Perhaps most notably, HYPE hit a record high in a bear market when most cryptos have been bleeding. In the past week alone, it gained 42%, while BTC lost 3%, ETH and XRP bled 5% and Bitcoin Cash shed 15.5%. Year-to-date, HYPE has gained 129%, the highest of all top 50 coins.

So what actually happened to $HYPE and why did we hit a new ATH of $62 in a “bear market”?

The market finally started realizing Hyperliquid is not trading like another alt anymore.

Most coins need the whole market to go up before they can move.$HYPE is doing the opposite.… pic.twitter.com/JfQ9KpKLqE

— Havoc.hl 𝕏 (@Havochl_) May 23, 2026

Analyst Michaël van de Poppe projects HYPE will hit $100 in its current run. In a recent interview, he stated:

“Hyperliquid is structurally undervalued. European traders can’t access perps anywhere else. That’s why HYPE has been growing as fast as it has.”