现货HYPE ETF成交额逼近9亿美元，早期需求显示机构兴趣

Odaily Planet Daily News: Approximately one month after the listing of the first spot HYPE ETFs, early trading data has shown strong performance, indicating demand from institutional investors for exposure related to Hyperliquid.

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 of these three products since their launch has approached $900 million, with net inflows reaching $153 million.

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

Unlike some tokens that primarily rely on speculative demand, HYPE's value logic 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.