First Hyperliquid ETF Launches with $1.8 Million in Day-One Trading Volume

21Shares Debuts First HYPE ETF with Solid Opening

Crypto asset manager 21Shares officially launched its Hyperliquid ETF (THYP) on Tuesday, marking a significant milestone as the first investment product of its kind to begin trading. According to Bloomberg ETF Analyst James Seyffart, the fund posted solid performance in its debut session.

THYP concluded its first trading day with $1.8 million in volume, a figure Seyffart characterized as notably strong for an ETF launch. "Very, very solid day and better than your average ETF launch for sure but nothing too crazy," the analyst noted on social media platform X.

The exchange-traded fund provides investors with exposure to the HYPE token without requiring direct ownership of the underlying cryptocurrency. Hyperliquid operates as the largest onchain perpetuals decentralized exchange in the market.

Comparing HYPE to Other Altcoin ETF Debuts

While the $1.8 million opening day volume represents a respectable launch, it falls considerably short of recent altcoin ETF debuts. The first-ever spot XRP ETF generated $58 million in day-one trading volume when it launched last November. That figure narrowly exceeded Bitwise's Solana ETF, which posted $57 million in its inaugural session as the first-to-market product tracking SOL.

Bitwise and Grayscale Preparing Similar Products

Seyffart predicts that Bitwise's Hyperliquid exchange-traded fund will be the next to launch. Bitwise was actually the first firm to seek regulatory approval for a HYPE-based fund in the United States.

Last month, Bitwise filed a second amendment to its proposed spot Hyperliquid ETF, expanding the list of approved trading counterparties and finalizing remaining operational details ahead of the fund's anticipated launch. The asset manager has already introduced a European Hyperliquid Staking ETP on Deutsche Börse Xetra.

Grayscale is also pursuing approval for its own HYPE fund, adding another major player to the growing list of firms seeking to offer regulated exposure to the Hyperliquid ecosystem.

Staking Component Differentiates 21Shares Offering

21Shares has indicated plans to stake a significant portion of its HYPE holdings, potentially providing additional yield generation for fund investors beyond simple price exposure. This staking strategy could differentiate the product from competitors in an increasingly crowded altcoin ETF marketplace.

HYPE Token Price Movement

The HYPE token traded down approximately 4% at $40.31 as of 5:53 p.m. ET, according to The Block Price Page. The modest decline suggests the ETF launch did not create immediate upward price pressure on the underlying asset.

Growing Institutional Interest in Altcoin ETFs

The launch of the first Hyperliquid ETF continues a broader trend of traditional financial products bringing institutional-grade access to alternative cryptocurrency assets. Following the successful rollout of spot Bitcoin and Ethereum ETFs, asset managers have increasingly turned their attention to tokens with strong use cases and established user bases.

As the largest onchain perpetuals DEX, Hyperliquid represents a key infrastructure component of the decentralized finance ecosystem, making it an attractive candidate for regulated investment products. The sequential launches of multiple HYPE ETFs from competing asset managers underscore growing institutional appetite for diversified cryptocurrency exposure beyond the two largest digital assets.