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Analysts Call HYPE ETF the Strongest Debut Among Spot Crypto Funds
- Spot ETFs on $HYPE absorbed 1.04% of the token’s market capitalization during their first 10 trading days.
- By this metric, the product outperformed spot ETFs on Bitcoin, Ethereum, and Solana.
- Bloomberg analyst Eric Balchunas said that THYP rose by 50% in the two weeks after its launch.
Spot ETFs on Hyperliquid ($HYPE) absorbed 1.04% of the token’s market capitalization during their first 10 trading days, according to analysts at Kairos Research.
“Spot Hyperliquid native ETFs have absorbed 1.04% of $HYPE’s market cap in their first 10 trading days.
Strongest debut of any spot crypto ETF to date.
$HYPE: 1.04%
BTC: 0.59%
$ETH: 0.41%
SOL: 0.31%New-issuer cohort; GBTC / ETHE outflows stripped out because they are legacy trust products…”
— Kairos Research, May 27, 2026
According to their data, this is the strongest debut among all spot cryptocurrency ETFs at the time of writing. For comparison, the equivalent figure for Bitcoin is 0.59%, for Ethereum — 0.41%, and for Solana — 0.31%.
Kairos Research clarified that the calculation applies to the new cohort of issuers. The analysts did not include outflows from GBTC and ETHE.
One X user, formerly Twitter, called the figure “very interesting.” In his view, $HYPE may attract a broader range of capital from traditional finance due to several factors:
- product-market fit at a large scale;
- a clearly defined value-accrual model for the token;
- a clear and compelling roadmap for transforming the derivatives trading platform into universal exchange infrastructure.
“The combination of these factors creates a foundation for fundamental investment analysis, where people do not need to believe in ‘magic internet money’ to understand the upside potential,” he wrote.
Bloomberg analyst Eric Balchunas also drew attention to THYP’s performance after launch. According to him, the product rose by 50% in just two weeks.
Balchunas noted that this could be a record for a non-leveraged ETF. According to him, IBIT needed two months to achieve such a result.
Hyperliquid Development
As a reminder, the $HYPE price previously updated its all-time high amid activity from institutional investors.
Bitwise CIO Matt Hougan also called Hyperliquid the most important crypto project of recent years and considers $HYPE undervalued. BitMEX CEO Arthur Hayes said that the $HYPE token could rise to $150 if Hyperliquid maintains strong financial performance and active trading volumes.
In addition, FalconX believes that the Hyperliquid platform has begun competing with traditional exchanges and prediction-market operators.
