Hyperliquid ETF Sees $1.2M Inflows in Strong US Market Debut

21Shares’ Hyperliquid ETF made its US debut with what analysts described as a “very solid day” of trading, although volumes remained below those seen during some of the more high-profile crypto ETF launches.

21Shares’ first Hyperliquid exchange-traded fund in the US recorded $1.2 million in net inflows and generated $1.8 million in trading volume during its debut on the Nasdaq exchange.

“Very very solid day and better than your average ETF launch for sure but nothing too crazy,” Bloomberg analyst James Seyffart said as the ETF finished its first day of trading on Tuesday.

However, trading volume for the 21Shares Hyperliquid ETF (THYP) remained far below the levels recorded by earlier high-profile crypto ETF launches, such as the Bitwise Solana Staking ETF (BSOL), which drew $56 million on its opening day in late October, and the Canary XRP ETF (XRPC), which generated $58 million during its debut in November.

Hyperliquid Platform Surpasses $8.4 Trillion in Trading Volume

THYP aims to track the spot price of the Hyperliquid (HYPE) token, which is linked to the perpetual futures platform of the same name that has processed more than $8.4 trillion in trading volume since its launch in 2023.

21Shares’ Hyperliquid ETF joins a growing list of altcoins that have been turned into investment funds available on Wall Street, as the US Securities and Exchange Commission has eased its stance on crypto ETF approvals.

In September, the US Securities and Exchange Commission shifted away from reviewing spot crypto ETFs on a case-by-case basis and adopted “generic listing standards,” a move that simplified the approval process for crypto exchange-traded funds.

THYP launched ahead of the Bitwise Hyperliquid Staking ETF (BHYP), which James Seyffart predicted could be the next crypto ETF to receive approval from the US Securities and Exchange Commission.

Grayscale Investments is also waiting for a decision from the US Securities and Exchange Commission regarding its proposed Grayscale HYPE ETF (GHYP).

THYP comes with a 0.3% management fee, considerably lower than the 0.67% fee proposed by Bitwise Asset Management for its Hyperliquid ETF. Grayscale Investments has not yet announced a fee structure for its ETF product.

In December, James Seyffart predicted that a large number of crypto exchange-traded products could be shut down by the end of 2027 because of insufficient investor demand.

His remarks were made ahead of an April report from Bloomberg, which found that the average lifespan of ETFs declined from 4.66 years in 2024 to roughly 3.5 years in 2025.

Dozens of ETFs have already been shut down during the opening months of 2026, although none of the closures involved major crypto-focused exchange-traded funds.