Spot HYPE ETFs have absorbed a larger share of Hyperliquid’s market capitalization in their first 10 trading days than comparable spot crypto ETF launches for Bitcoin, Ethereum and Solana, according to Kairos Research. The firm said the products’ early asset accumulation marks the strongest debut it has tracked for a spot crypto ETF on that basis.
Hyperliquid ETFs Mark Strongest Debut In Crypto ETF History
Kairos said spot HYPE ETFs absorbed 1.04% of HYPE’s market capitalization over their first 10 trading days. That compares with 0.59% for spot Bitcoin ETFs, 0.41% for spot Ethereum ETFs and 0.31% for spot Solana ETFs across the same initial trading window, using a new-issuer cohort and stripping out GBTC and ETHE outflows because those products were legacy trust conversions.
“Spot HYPE ETFs have absorbed 1.04% of HYPE’s market cap in their first 10 trading days,” Kairos wrote on X. “Strongest debut of any spot crypto ETF to date. HYPE: 1.04%. BTC: 0.59%. ETH: 0.41%. SOL: 0.31%.”
The comparison is notable because it frames demand relative to the underlying asset’s market size rather than simply ranking ETF launches by dollar inflows. In absolute terms, Bitcoin products still operate on a much larger scale. But Kairos’ metric suggests that, adjusted for the size of the underlying token market, HYPE’s ETF launch has drawn unusually strong early demand.
SoSoValue data supports the picture of a fast start. The platform lists total net assets across US HYPE spot ETFs at $117.38 million, equal to 0.88% of HYPE’s market capitalization, with cumulative total net inflows of $95.36 million. Daily net inflows stood at $20.45 million, while total value traded reached $53.76 million.
The market currently consists of two listed products in the SoSoValue dataset: Bitwise’s BHYP on NYSE and 21Shares’ THYP on Nasdaq. BHYP accounted for the larger daily inflow on May 26, taking in $19.05 million and bringing cumulative net inflows to $55 million. THYP added $1.41 million on the day, with cumulative net inflows of $44 million.
Assets were more evenly split. SoSoValue listed BHYP with $62.92 million in net assets, representing 0.47% of HYPE market capitalization, while THYP held $54.46 million, or 0.41%. Trading activity was also balanced: BHYP recorded $23.30 million in value traded, compared with $30.35 million for THYP. Both products closed higher on the day, with BHYP up 9.49% and THYP up 9.44%.
Kairos also addressed a methodological question around whether the 1.04% figure was based on circulating supply. In response to a user, the firm said it avoided that approach because of uncertainty around the correct way to calculate HYPE’s circulating supply.
“No – given disputes on how to properly calc HYPE circ supply we did a different methodology you can see in bottom right hand corner,” Kairos wrote. “We ran the same thing using circ supply and the results are roughly the same even when you include & exclude GBTC & ETHE.”
That caveat matters because ETF absorption metrics can shift depending on whether analysts use total market capitalization, free float, circulating supply or adjusted supply. Kairos’ argument is that HYPE’s relative lead remains intact even under alternative supply assumptions and even when legacy trust dynamics are handled differently.
At press time, Hyperliquid traded at $62.90.
