ETF from 21Shares based on Hyperliquid had a confident start in the US, although it is still far from the most high-profile crypto fund launches.
On the first day of trading, the fund attracted about $1.2 million in net inflows and showed a trading volume of $1.8 million after debuting on Nasdaq.
Bloomberg analyst James Seyffart called the launch a very solid start, though he noted that there is nothing extraordinary in the numbers so far.
At the same time, THYP volumes are still noticeably behind other high-profile crypto ETFs in recent months.
For example, the Bitwise Solana Staking ETF (BSOL) attracted about $56 million on its launch day, while the Canary XRP ETF (XRPC) gathered around $58 million on its first trading day.
THYP tracks the spot price of the Hyperliquid (HYPE) token, which is linked to the platform of the same name for trading perpetual futures. Since its launch in 2023, Hyperliquid has already seen over $8.4 trillion in trading volume.
The appearance of THYP continues the trend of altcoins entering Wall Street through ETF products. This became possible after the SEC began to soften its approach to crypto funds.
Read also: XRP Shows Growth in Real-World Use: Number of Transactions Up 65% Year Over Year
Back in September, the regulator abandoned individual reviews of each spot crypto ETF and switched to more universal listing rules. As a result, the process of approving new funds has become significantly easier.
THYP was launched ahead of the expected Bitwise Hyperliquid Staking ETF (BHYP), which, according to Seyffart, may be the next candidate for SEC approval.
In addition, the Grayscale HYPE ETF (GHYP) is still awaiting a decision from the regulator.
The THYP fee is 0.3%, which is noticeably lower than Bitwise, where the future fund’s fee is stated as 0.67%. Grayscale has not yet disclosed its fee.
At the same time, Seyffart warned back in December that by the end of 2027, many crypto ETFs may close due to weak demand.
Later, Bloomberg reported that the average lifespan of ETFs decreased from 4.66 years in 2024 to about 3.5 years in 2025.
In just the first months of 2026, dozens of ETFs have already closed on the market, although there have not yet been any major crypto funds among them.
