Українська
Русский
English
HYPE ETF Issuers Bought the Equivalent of 1% of Hyperliquid’s Market Capitalization in 10 Days — Kairos
Spot exchange-traded funds (ETFs) based on Hyperliquid ($HYPE) accumulated coins valued at 1.04% of the cryptocurrency’s market capitalization, and it took them no more than 10 days to do so. Kairos Research drew attention to this.
The specialists called this the strongest launch among all crypto ETFs. $HYPE ETFs outperformed instruments based on Bitcoin (BTC), Ethereum (ETH), and Solana ($SOL), among others. Over a similar period, their figures were 0.59%, 0.41%, and 0.31%, respectively.
The calculations were based on the asset’s total market value at the time of the ETF launch.
Source: Kairos Research.
Bloomberg ETF analyst Eric Balchunas noted that 21Shares Hyperliquid (THYP) has risen by 50% since its debut two weeks ago. The expert clarified that it took Roundhill Memory ETF (DRAM) five weeks to achieve a similar result, while BlackRock’s iShares Bitcoin Trust (IBIT) needed two months.
His colleague James Seyffart linked the adoption of the instrument to the platform’s “real revenue-generation model”: the higher the trading volumes, the greater the burning / deflation of supply, which resembles the buyback of securities from the market.
According to him, the DEX’s dominance — 43% of all network fees — and its ability to provide price discovery even on weekends for oil or pre-IPO shares such as SpaceX attracts traditional traders from TradFi who need round-the-clock liquid contracts.
Competition in the Segment
From May 12 to May 15, inflows into $HYPE ETFs reached $6.89 million. The following week, by May 22, the metric jumped to $68.02 million.
Source: SoSoValue.
In this respect, exchange-traded funds based on Hyperliquid outpaced other altcoin products. For example, inflows into ETPs based on $XRP ($XRP) and Solana ($SOL) amounted to $31.8 million and $7.7 million, respectively, according to CoinShares.
Earlier, Forbes linked $HYPE’s rise to an ATH above $62 to its built-in buyback mechanism.
Since its launch, the platform has accumulated more than $1.16 billion in total revenue, with practically all of these funds going toward those purposes. The program cannot be suspended: it is built into the protocol and is executed in every block under any market conditions.
See also: "Bitcoin Is Squeezed Between $74,000 Support and $80,000 Options"
