Spot HYPE ETF trading volume approaches 900 million dollars, early demand indicates institutional interest

Odaily reports that about one month after the launch of the first spot HYPE ETFs, early trading data has shown strong performance, indicating institutional investors have demand for Hyperliquid-related exposure.

Currently, three issuers offer HYPE investment products through regulated broker channels, including 21Shares’ THYP, Bitwise’s BHYP, and Grayscale’s HYPG. Since their debut, the combined trading volume of these three products has approached $900 million, with net inflows reaching $153 million.

However, trading activity among the products is not evenly distributed; BHYP and THYP contributed most of the trading volume, while HYPG, which launched later, is still in the process of ramping up.

Unlike some tokens that mainly rely on speculative demand, HYPE’s value logic is more directly linked to Hyperliquid’s trading activity. About 97% of Hyperliquid’s trading fees go into the Assistance Fund and, through an automatic buyback mechanism, create a correlation between trading volume and token demand.