Spot HYPE ETF trading volume approaches $900 million, early demand indicates institutional interest

Odaily Odaily reports that approximately one month after the launch of the first spot HYPE ETFs, early trading data has been robust, indicating demand from institutional investors for Hyperliquid-related exposure.

Currently, three issuers offer HYPE investment products through regulated brokerage channels, including 21Shares' THYP, Bitwise's BHYP, and Grayscale's HYPG. The cumulative trading volume for these three products since their launch has neared $900 million, with net inflows reaching $153 million.

However, trading activity is not evenly distributed among the products. BHYP and THYP account for the majority of the volume, while the later-launched HYPG is still in its volume ramping phase.

Unlike some tokens that primarily rely on speculative demand, HYPE's value proposition is more directly linked to Hyperliquid's trading activity. Approximately 97% of Hyperliquid's transaction fees flow into the Assistance Fund, creating a linkage between trading volume and token demand through an automatic buyback mechanism.