HYPE ETFs surge past Bitcoin's debut with record-breaking demand

HYPE exchange-traded funds have made a remarkable start in the market. Their debut outpaced bitcoin’s ETF launch on a market-cap-adjusted basis earlier this year. Investor interest has been strong, with cumulative trading volume nearing $900 million since the funds began trading. Three regulated products now offer exposure to HYPE: 21Shares’ THYP, Bitwise’s BHYP, and Grayscale’s HYPG. Each holds the token directly and passes staking rewards to investors. The current annual staking rate is 2.25%, with roughly 45% of the eligible supply, or 434 million HYPE, locked in staking.

In their first 10 days, HYPE ETFs absorbed 1.04% of the token’s market capitalisation. This marked the strongest crypto ETF debut on record by that measure. Net inflows have since reached about $153 million.

On Monday, HYPE traded around $67, rising more than 7% in a single day. Options markets now suggest a 10% to 15% probability of the token hitting $100 by the end of July. Additionally, Hyperliquid routes about 97% of its trading fees to its Assistance Fund, tying token demand closely to trading activity. The rapid growth of HYPE ETFs reflects strong institutional and retail demand. With staking rewards and fee mechanisms supporting the ecosystem, the token’s market presence continues to expand. Trading volumes and price movements indicate sustained interest in the asset.