HYPE ETFs Capture 1% Market Share Within Initial 10-Day Trading Period, Reports Kairos
Within just 10 trading days, spot HYPE ETFs captured 1.04% of Hyperliquid's total market capitalization, surpassing the initial performance of both Bitcoin and Ether ETF launches.
During their initial 10 trading days, spot Hyperliquid exchange-traded funds captured 1.04% of HYPE's total market capitalization, marking the most robust crypto ETF launch when measured by one market-cap-adjusted demand indicator, as reported by Kairos Research.
The analysis from Kairos examined cumulative net flows entering new spot crypto ETF issuers relative to the market capitalization of each corresponding asset during launch. When measured by this indicator, HYPE ETFs surpassed spot Bitcoin, Ether and Solana ETF launches, which captured 0.59%, 0.41% and 0.31% of their corresponding market capitalizations respectively.
Eric Balchunas, Bloomberg ETF analyst, noted that the 21Shares Hyperliquid ETF (THYP) had climbed 50% since its launch two weeks prior. The analyst drew comparisons to Roundhill's DRAM ETF, which he noted required five weeks to achieve 50% gains, and BlackRock's spot Bitcoin ETF, IBIT, which he indicated took two months to reach the same milestone.
This information provides an additional indicator of initial demand for Hyperliquid-linked funds following increased trading activity in US-based HYPE ETFs from Bitwise and 21Shares after an initially sluggish launch.
It's important to note that the comparison doesn't indicate HYPE ETFs attracted more capital than Bitcoin or Ether ETFs in absolute dollar amounts. The metric developed by Kairos excludes GBTC and ETHE outflows to eliminate legacy trust redemptions and concentrates on new-issuer demand proportional to each asset's market size.
HYPE leads altcoin ETF inflows as spot Bitcoin outflows top $2 billion
According to SoSoValue data, HYPE ETFs attracted $6.89 million in net inflows throughout their partial launch week spanning May 12 to May 15, subsequently climbing to $68.02 million in net inflows for the week concluding May 22. This growth positioned HYPE as the leading altcoin-linked ETF inflow category among the assets tracked for the most recent complete trading week.
Conversely, spot Bitcoin and Ether ETFs trended in the opposite direction during these identical time periods. Spot BTC ETFs experienced $1 billion in net outflows during the week concluding on May 15 and $1.26 billion for the week ending May 22, accumulating two-week outflows totaling $2.26 billion. Spot Ether ETFs witnessed $255.11 million and $215.99 million in outflows during these same periods, as documented by SoSoValue.
Concurrently, additional altcoin-linked spot ETFs also registered positive flows, albeit below HYPE levels during the most recent complete trading week. Spot XRP ETFs attracted $22.04 million, whereas Solana registered $15.63 million in inflows for the week concluding May 22.