The first U.S. Hyperliquid ETF opened with a solid, if not breakout, first trading session, giving HYPE its initial test inside regulated brokerage accounts. The 21Shares Hyperliquid ETF, trading under the ticker THYP, finished its debut with $1.8 million in volume, placing it above many smaller crypto ETF launches but below the stronger first-day showings seen from recent XRP, Solana and Chainlink-linked products.
THYP Debuts With Solid Hyperliquid ETF Volume
THYP began trading as 21Shares brought its Hyperliquid product to market alongside the 21Shares 2x Long HYPE ETF, ticker TXXH. The issuer has described THYP as offering “direct spot exposure” to HYPE while integrating staking rewards, while TXXH is designed to provide leveraged exposure. 21Shares also noted that THYP is a 33-Act spot ETP and is not registered under the Investment Company Act of 1940, meaning shareholders do not receive the same protections available in 40-Act ETFs and mutual funds.
Bloomberg ETF analyst James Seyffart framed the first session as constructive but not exceptional. “Okay, THYP finished the day at $1.8 million in trading. Very very solid day and better than your average ETF launch for sure but nothing too crazy. Expecting Bitwise’s Hyperliquid ETF to be the next launch.” The distinction between trading volume and net inflows is important for market participants: the $1.8 million figure reflects turnover in THYP shares, not a clean measure of new capital allocated to the fund.
The closing figure followed a slower, though respectable, start. Seyffart had posted earlier: “The first Hyperliquid ETF went live today — $THYP from @21shares. Opening volume in the first 2.5 hours is ~$750,000.” By the close, THYP had more than doubled that early tally, giving Hyperliquid a measurable first read from U.S. brokerage-market investors.
Bitwise BHYP Emerges as the Next HYPE ETF Test
Bitwise is now the next issuer in focus for the HYPE ETF market. Its SEC filing for the Bitwise Hyperliquid ETF says the product is expected to list on NYSE Arca under ticker BHYP and is designed to provide exposure to the value of Hyperliquid held by the trust, less operating expenses. A later filing lists a 0.67% annual sponsor fee and states that the trust’s secondary objective is to earn staking rewards, with roughly 85% of staking-generated HYPE retained by the trust after staking expenses.
For Hyperliquid, the arrival of THYP marks a TradFi access point for an asset tied to one of the largest on-chain perpetuals venues. 21Shares has described Hyperliquid as commanding more than 50% of DEX perpetual open interest and processing roughly $8 billion in daily volume. The ETF wrapper gives investors a way to obtain HYPE exposure through brokerage accounts without direct token custody, exchange onboarding or validator participation.
Against the broader post-spot-Ethereum wave of single-token crypto products, THYP’s debut sits in the lower-middle range. Canary’s XRPC recorded $59 million in first-day volume, while Bitwise’s BSOL generated $57.9 million; REX-Osprey’s XRPR and DOJE posted about $38 million and $17 million, respectively. Chainlink products were lower than that top group, with Grayscale’s GLNK around $13 million and Bitwise’s CLNK at $3.24 million, while HBAR opened at $8.6 million, Litecoin’s LTCC and Grayscale’s GDOG were closer to $1.4 million, and the first SUI spot ETF launches finished with combined first-day volume below $150,000.
THYP’s opening session does not indicate a failed launch, but it also does not show the kind of immediate demand seen in the largest recent altcoin ETF debuts. The next signal will come from Bitwise’s expected BHYP launch and whether it expands the addressable HYPE ETF market or divides early demand across competing products. For now, Hyperliquid has made it onto U.S. ETF screens, with investor interest present but selective.
AI Transparency Note: This article was prepared with the assistance of an AI system based on the sources listed and was reviewed, edited, and approved by a human editor before publication. All quotes, data points, and factual claims are intended to be grounded in the cited source material; however, errors cannot be ruled out entirely.
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