James Ding
May 13, 2026 05:59
21Shares’ Hyperliquid ETF (THYP) debuts with $1.2M in net inflows and $1.8M trading volume, signaling moderate interest in crypto ETFs.
The first Hyperliquid exchange-traded fund (ETF) in the United States, launched by crypto asset manager 21Shares, recorded $1.2 million in net inflows and $1.8 million in trading volume on its debut day, according to data from May 13, 2026. Trading on the Nasdaq under the ticker THYP, the fund aims to track the spot price of the Hyperliquid (HYPE) token, which powers a perpetual futures platform with over $8.4 trillion in trading volume since its 2023 launch.
While the inflows were notable for an ETF debut, they pale in comparison to earlier crypto ETF launches. The Bitwise Solana Staking ETF (BSOL) and the Canary XRP ETF (XRPC) both recorded opening-day volumes exceeding $56 million in late 2025. Bloomberg ETF analyst James Seyffart described THYP’s debut as “better than your average ETF launch for sure but nothing too crazy.”
THYP’s competitive edge lies in its relatively low 0.3% management fee, undercutting Bitwise’s proposed 0.67% fee for its upcoming Hyperliquid Staking ETF (BHYP). Grayscale, another major player in the crypto ETF space, is also awaiting regulatory approval for its Grayscale HYPE ETF (GHYP), although pricing details for that product remain undisclosed.
The launch of THYP comes amid a regulatory shift in the U.S. Securities and Exchange Commission’s (SEC) approach to crypto ETFs. In September 2025, the SEC moved to “generic listing standards,” simplifying the approval process for crypto ETFs. This policy change has fueled a wave of new ETF filings, with the BHYP expected to follow THYP’s approval.
Despite the optimism surrounding these products, Seyffart has cautioned about the longevity of crypto ETFs, predicting that many could face liquidation by 2027 due to insufficient demand. A recent Bloomberg report highlighted a shrinking average lifespan for ETFs, dropping from 4.66 years in 2024 to 3.5 years in 2025, further underscoring concerns about market sustainability.
For now, THYP adds another option for institutional and retail investors seeking exposure to altcoins via traditional financial markets. Its performance in the coming months will likely be closely watched as a barometer for the broader appetite for crypto ETFs.
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