Hyperliquid ETF debuts in the US, and the first day of trading went very well. According to Bloomberg analyst James Seyffart, it was a “very solid day.”
The new fund comes from crypto asset manager 21Shares. It attracted $1.2 million in net inflows on Tuesday . For its Nasdaq debut, the ETF saw $1.8 million in trading volume.
Seyffart said, “Very very solid day and better than your average ETF launch for sure but nothing too crazy.”
Why Hyperliquid ETF debuts with lower volume than peers
The trading volume for THYP (the ticker symbol) was a fraction of earlier buzzy crypto ETFs. For example, the Bitwise Solana Staking ETF (BSOL) pulled in $56 million on its opening day back in late October. Similarly, the Canary XRPETF (XRPC) brought in $58 million on its debut in November.
That said, 21Shares’ Hyperliquid ETF still had a strong start. It just didn’t reach the blockbuster levels of some predecessors.
What does the Hyperliquid ETF track?
THYP seeks to track the spot price of the Hyperliquid (HYPE) token. This token is tied to a perpetual futures platform of the same name. Since launching in 2023, that platform has facilitated over $8.4 trillion in trading volume.
A growing wave of altcoin ETFs
21Shares’ Hyperliquid ETF adds to a rising number of altcoins now packaged into Wall Street funds. Why? Because the Securities and Exchange Commission (SEC) has loosened its grip on crypto ETFs.
Back in September, the SEC moved away from case‑by‑case reviews of spot crypto ETFs. Instead, it adopted “generic listing standards.” As a result, approvals became much easier.
Competition and fees
THYP launched ahead of the Bitwise Hyperliquid Staking ETF (BHYP). Seyffart predicts that BHYP is next in line for SEC approval. Additionally, Grayscale is also waiting for a decision on its Grayscale HYPE ETF (GHYP).
When it comes to fees, THYP charges a 0.3% management fee. That is far lower than Bitwise’s proposed 0.67% fee for its Hyperliquid ETF. Grayscale has not yet set a fee for its product.
A note on ETF lifespans
In December, Seyffart predicted that many crypto exchange‑traded products would face liquidation by the end of 2027. The reason? A lack of demand.
His comments followed a Bloomberg report from April. That report found that the average lifespan of ETFs fell from 4.66 years in 2024 to about 3.5 years in 2025.
So far in 2026, dozens of ETFs have already been liquidated. However, none of them were notable crypto ETFs.
