ETF from Bitwise for the HYPE token showed the strongest start among all spot altcoin funds launched in the US in 2026.
On the first trading day, May 15, the BHYP fund reached a volume of about $4.31 million.
This is 33% higher than the debut of the ETF for Chainlink under the ticker CLNK, which previously showed the best result with a volume of $3.23 million.
The ETF for Avalanche (BAVA) was also noticeably outpaced by HYPE. The difference was about 65%.
An additional boost to the market was given by the THYP fund from 21Shares, which began trading on Nasdaq back on May 12 and collected about $1.8 million in volume on its first day.
In total, both ETF for HYPE have already collected about $6.11 million in initial turnover.
For comparison, all eight previous spot altcoin fund launches in the US in 2026 together collected about $6.41 million.
BHYP showed the best start among altcoin ETFs in the US for 2026.
Trading Volumes Still Outpace Real Inflows
High trading volumes do not always mean a direct inflow of new money into the ETF.
The main part of the turnover is usually formed by market makers, arbitrage deals, speculators, and retail traders.
However, inflows are considered a more important indicator because they reflect the real volume of capital entering the fund through the issuance of new ETF shares.
In the first four trading days, THYP has already attracted about $10.6 million in net inflows.
This allowed the fund to reach fifth place among all altcoin funds launched in the US in 2026.
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Currently, only BAVA with $21.2 million, CLNK with $21 million, VAVX with $13.9 million, and GSUI with $12.2 million are higher.
At the same time, THYP entered the market noticeably later than the other funds.
Moreover, its result has already turned out to be about $2 million higher than the total inflows of ETF SUIS, TSUI, TDOT and GAVA combined.
According to DeFiLlama, the trading volume of perpetual futures on Hyperliquid over the past 30 days reached $178.5 billion.
For the week, the figure was about $42 billion, and open interest remains near $8.9 billion.
Since launch, the total trading volume of perpetuals on the platform has already exceeded $4.44 trillion.
The overall crypto perpetual futures market in 2025 reached a volume of $61.7 trillion. For comparison, spot crypto trading for the same period was about $18.6 trillion.
At the same time, many offshore platforms, including Hyperliquid, restrict access for users from the US.
ETF partially solves this problem, as investors can now buy HYPE through regular brokerage accounts in the familiar American infrastructure.
| Place | ETF | Token | Total Inflows | Comment |
| 1 | BAVA | AVAX | $21.2 million | Leader among altcoin ETFs of 2026 |
| 2 | CLNK | LINK | $21 million | Almost caught up with BAVA |
| 3 | VAVX | AVAX | $13.9 million | Earlier launch helped gain inflows |
| 4 | GSUI | SUI | $12.2 million | ETF with SUI staking |
| 5 | THYP | HYPE | $10.6 million | Reached fifth place in just four days |
| 6 | TSUI | SUI | $5.1 million | Moderate but stable inflows |
| 7 | SUIS | SUI | $1.7 million | Weak results despite interest in SUI |
| 8 | TDOT | DOT | $1.6 million | More modest demand compared to other ETFs |
| 9 | GAVA | AVAX | $0.47 million | Lowest inflows among the presented funds |
How HYPE ETFs Differ
21Shares launched the THYP fund on Nasdaq back on May 12. This is a spot ETP for HYPE with direct access to the token, the ability to earn staking income, and a 0.30% annual fee.
A few days later, on May 15, Bitwise brought its BHYP fund to NYSE. It also gives direct exposure to HYPE and uses its own staking model. The fund’s fee is 0.34%, but Bitwise temporarily waives it for the first month for the first $500 million in assets.
Bitwise currently manages about $11 billion in assets and offers more than 70 investment products.
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This is largely what may have helped BHYP show such a strong start. An additional role was played by the fact that THYP managed to demonstrate real investor interest in HYPE over several trading sessions.
As a result, the trading volume of BHYP on the first day was almost 2.4 times higher than that of THYP.
Both funds are betting on staking as one of the main advantages, but at the same time warn investors about the risks.
21Shares specifically points out possible losses due to slashing, technical problems, and limited liquidity. The size of staking rewards can also change depending on network conditions. Bitwise uses a similar approach in its own staking model.
At the same time, HYPE remains a much more volatile asset than bitcoin or ether. Because of this, the risks for such ETF are noticeably higher, as the HYPE market is still less liquid and less integrated into institutional infrastructure.
In addition, the record start of BHYP so far only reflects trading volumes. The market has not yet received full data on net capital inflows into the fund.
Therefore, it is THYP with its $10.6 million in inflows that now looks like a more indicative example of real investor interest in HYPE.
What Comes Next
Now the market will be watching to see whether the ETF for HYPE will attract stable real inflows, and not just high trading volumes in the first days after launch.
If BHYP shows strong capital inflows in the coming weeks, and THYP continues to grow its assets after the initial hype, both funds could quickly rise to become among the largest altcoin funds of 2026 by volume of attracted funds.
| Scenario | BHYP Inflow Signal | THYP Inflow Threshold | Total HYPE ETF Inflow | How the Market May Perceive It |
| Strong Growth Scenario | BHYP shows confident inflows after record start | THYP rises above $20–25 million | More than $30 million | HYPE becomes one of the strongest altcoin funds of 2026, and the market begins to see Hyperliquid infrastructure as a long-term bet |
| Strong but Calm Launch | BHYP records moderate positive inflows | THYP moves toward $15–20 million | $20–30 million | HYPE ETFs confirm steady interest, but remain in the middle group among altcoin funds |
| Interest Only at the Start | High BHYP volumes do not translate into real inflows | THYP remains below $15 million | Less than $20 million | The market sees the launch as a result of hype, market makers, and short-term speculation |
| Weak Conversion of Interest | BHYP shows minimal or zero inflows | Inflows into THYP slow sharply after the first week | At the level of small launches | HYPE ETFs begin to resemble weaker altcoin launches of 2026, where initial interest quickly faded |
To surpass GSUI and VAVX in inflows, THYP needs to attract about another $10–15 million.
And to reach the level of CLNK and BAVA the fund will need about $10 million more.
If the total inflow into ETF for HYPE exceeds $30 million, the market will already be able to see Hyperliquid as one of the most successful altcoin ETF launches of 2026.
In this case, investors will likely begin to view the Hyperliquid infrastructure not as a short-term hype, but as a full-fledged long-term bet within the crypto derivatives market.
But there is also the opposite scenario.
If the main part of the initial volumes of BHYP was provided by market makers and arbitrage deals, and inflows into THYP begin to slow rapidly after the first week, the launch of the altcoin funds may be seen as just a successful start without long-term continuation.
Especially if THYP fails to consolidate above $15 million in inflows, and BHYP shows weak inflow of new money despite high trading volumes.
Then ETF for HYPE risks repeating the fate of weaker altcoin funds of 2026, where a loud launch did not lead to sustainable growth of assets under management.
For now, the market sees two important numbers: a record start for BHYP in trading volume and $10.6 million in inflows for THYP in just four trading sessions.
The coming weeks will show whether these results can turn into a full-fledged story of long-term demand for ETFs related to Hyperliquid.
