Bloomberg ETF analyst James Seyffart described the debut as stronger than the average ETF launch, despite trailing the larger openings seen from XRP- and Solana-based funds. Meanwhile, Bitwise and Grayscale are also pursuing Hyperliquid-based investment products in the United States. Hyperliquid ETF Opens Trading Trading of the first-ever Hyperliquid exchange-traded fund (ETF) officially began on Tuesday when crypto asset manager 21Shares launched its THYP ETF. According to James Seyffart, the ETF generated approximately $1.8 million in trading volume during its first day on the market. While the debut was not considered explosive compared to some of the larger crypto ETF launches, Seyffart described the performance as a strong start that exceeded the average ETF debut. The fund is important because it provides exposure to Hyperliquid, which is currently considered to be the largest on-chain perpetual futures decentralized exchange. The launch came during a period of increasing competition among asset managers looking to introduce crypto-based investment products tied to blockchain ecosystems. Recent altcoin ETF launches linked to XRP and Solana generated much larger first-day volumes, with spot XRP products recording roughly $58 million and Solana ETFs attracting around $57 million in opening-day trading activity. Seyffart also suggested that another Hyperliquid-focused investment product could soon reach the market, with Bitwise expected to potentially launch its own HYPE ETF in the United States. Bitwise was the first firm to file for a US-based Hyperliquid ETF and recently submitted a second amendment to its proposal to finalize operational details and expand the list of approved trading counterparties ahead of a possible approval. The company already introduced a European Hyperliquid staking ETP on Deutsche Börse Xetra. Meanwhile, Grayscale Investments is also pursuing a Hyperliquid-based fund. At the same time, HYPE’s market performance over the past 24 hours cooled after strong gains in the past few weeks. The token traded around $40.24 at press time, after recording a 2.42% decline during the daily session. HYPE price over the past 24 hours (Source: CoinCodex) Intraday price action showed HYPE initially trading above the $41 level before gradually trending lower throughout the day. The asset briefly dipped below the $40 mark before recovering some losses and stabilizing near the $40.10 to $40.40 range.
