Investors Pour $54 Million into Newly Minted Hyperliquid Funds, Sending HYPE Token to Unprecedented Heights

A surge in investor interest has propelled the two US-listed Hyperliquid exchange-traded funds (ETFs) to amass a staggering $54 million in net inflows over their inaugural seven trading sessions. This impressive trajectory began with the launch of the 21Shares Hyperliquid ETF (THYP) on the Nasdaq exchange on May 12, 2026, closely followed by the Bitwise Hyperliquid ETF (BHYP) on the New York Stock Exchange (NYSE) on May 15, 2026. Both funds provide investors with a regulated avenue to access HYPE, the native token of the Hyperliquid protocol, and notably, neither fund experienced net outflows during this period.

A significant influx of capital occurred on May 20, 2026, with net inflows reaching a peak of $25.5 million, marking the highest single-day total since the funds' inception. This substantial investment was divided between THYP, which garnered $16.6 million, and BHYP, which attracted $8.8 million. The following day, May 21, 2026, saw an additional $16.15 million in inflows, with $7.7 million allocated to THYP and $8.45 million to BHYP. The combined total of $41.65 million over these two days accounted for over three-quarters of the cumulative seven-session inflows.

Concurrently, the value of HYPE witnessed a remarkable 46% increase over a seven-day period, culminating in an all-time high of $62.24 on May 21, 2026. This surpassed the token's previous all-time high of approximately $59, which was recorded in September 2025. The token had been trading below this peak for over eight months prior to the May 21 session, making this recent surge particularly noteworthy. The timing of this price increase coincided with the peak inflows into the ETFs.

In a move to further bolster its commitment to the Hyperliquid ecosystem, Bitwise announced on May 18, 2026, that it would allocate 10% of the management fees from BHYP to purchasing and holding HYPE on its balance sheet. This decision was made shortly after BHYP's launch on May 15, 2026, which featured a 0.34% sponsor fee that was waived for the first month on the fund's initial $500 million in assets. Bitwise's actions are aligned with Hyperliquid's revenue model, where 99% of protocol revenue is dedicated to HYPE buybacks. By making this commitment, Bitwise has positioned its balance sheet to directly benefit from the growth of HYPE, alongside its ETF offering.

Matt Hougan, Chief Investment Officer at Bitwise, expressed his enthusiasm for Hyperliquid's potential, stating, "Hyperliquid is one of the most important crypto projects to emerge in years. I still think investors are underestimating its impact and its value." This sentiment, voiced on May 18, 2026, reflects Hougan's confidence in the project's future prospects and underscores the strategic decision to commit a portion of management fees to HYPE purchases. As the cryptocurrency market continues to evolve, the performance of Hyperliquid and its associated ETFs will be closely watched by investors and industry observers alike.