Bitwise Hyperliquid ETF tops $30 million in assets as HYPE fund race accelerates

Bitwise Asset Management has achieved rapid success with its newly launched Bitwise Hyperliquid ETF (BHYP), which began trading on the New York Stock Exchange on May 15, 2026. Within one week of launch, the fund accumulated over $30 million in total net assets, demonstrating institutional demand for regulated spot exposure to the Hyperliquid ecosystem. The ETF carries a competitive management fee of 0.34% and represents Bitwise's strategic entry into the decentralized finance infrastructure market at a critical inflection point for the sector.

The BHYP launch has catalyzed exceptional ETF inflows for Hyperliquid-focused products. On May 19, 2026, Hyperliquid ETFs collectively attracted $11 million in daily inflows—a figure that exceeded simultaneous inflows across Bitcoin, Ethereum, XRP, and Solana combined. This concentration of capital reflects the market's conviction in Hyperliquid's fundamental value proposition. Combined with 21Shares' competing THYP offering, the two platforms have accumulated $22 million in inflows since the category's inception, with inflows growing approximately 8-fold from initial launch levels.

Hyperliquid's underlying ecosystem has matured considerably, providing institutional investors substantive operational rationale for exposure. The Layer 1 blockchain processed $2.9 trillion in trading volume during 2025—a 400% increase from the prior year—and currently commands approximately 60% of global onchain derivative open interest. The platform processes approximately 200,000 orders per second, establishing it as genuine financial infrastructure rather than speculative trading venue. The HYPE token has ascended to the tenth-largest cryptocurrency globally with market capitalization exceeding $11 billion.

Bitwise differentiated BHYP by incorporating in-house staking through its Bitwise Onchain Solutions division, enabling the fund to generate yield on underlying HYPE holdings. This feature provides shareholders additional return generation beyond token appreciation. Matt Hougan, Bitwise's Chief Investment Officer, positioned Hyperliquid as "one of the most compelling investment opportunities in crypto today," citing the platform's role in price discovery during geopolitical disruptions when traditional markets were offline—a key institutional risk-management argument for alternative financial infrastructure.