Bitwise Hyperliquid ETF Hits $40M as HYPE Whale Bets Fuel Rally

Bitwise’s spot Hyperliquid ETF (BHYP) has rapidly gained momentum, reaching $40 million in assets under management just eight trading days after debuting on the New York Stock Exchange. The surge comes as institutional investors and crypto whales increase exposure to Hyperliquid (HYPE), driving strong market demand for the token.

Bitwise CEO Hunter Horsley revealed that BHYP generated nearly $12 million in trading volume within the first 90 minutes of trading on May 26. The ETF had already accumulated $30.5 million in AUM after its first five sessions, alongside $26.9 million in net inflows and an average daily trading volume of $9.2 million.

Blockchain analytics platform Arkham reported that Bitwise ETF clients purchased approximately $35.9 million worth of HYPE last week. This represented an 18-fold increase compared to the ETF’s opening week, highlighting accelerating institutional interest in Hyperliquid exposure.

Additional on-chain data from Lookonchain showed Bitwise buying another 162,367 HYPE tokens valued at roughly $10.11 million in just two hours. As of May 21, the asset manager reportedly held more than 723,000 HYPE tokens.

At the same time, whale traders appear to be aggressively backing the rally. A wallet identified as 0x3ed4 opened a 10x leveraged long position on 142,754 HYPE, worth around $9.1 million. The trade carries a liquidation price of $41.93, significantly below current market levels.

HYPE recently climbed to an intraday high of $64.44 before stabilizing near $61.82, posting a 26% gain over the past week. Analysts say growing ETF demand, ecosystem buybacks, and increased whale activity are helping sustain bullish momentum for the token.

Competition in the spot HYPE ETF market is also intensifying. 21Shares recently launched its THYP ETF on Nasdaq, while Grayscale and VanEck continue pursuing their own Hyperliquid ETF offerings in the United States and Europe.