It has been roughly a month since the first spot HYPE ETFs debuted on the market, and early volume data is strong, suggesting institutional appetite for Hyperliquid.

Three issuers now offer regulated brokerage exposure to HYPE: (THYP) from 21Shares, (BHYP) from Bitwise, and (HYPG) from Grayscale.  Cumulative volume across the three has approached $900 million since launch, with net inflows reaching $153 million.

HYPE distinguishes itself from tokens whose value proposition relies more heavily on speculative demand. This is because about 97% of Hyperliquid's trading fees are directed to the Assistance Fund, creating a direct link between trading volume and token demand through an automatic buyback mechanism.

Expand Chart

All three ETFs hold (HYPE) directly and pass staking rewards onto investors. At current staking levels, the reward rate sits at approximately 2.25% annually, with rewards accrued every minute, distributed daily, and automatically compounded. Roughly 45% of the eligible supply is currently staked, representing approximately 434 million HYPE.

Volume across the three products has been uneven, with BHYP and THYP accounting for the bulk of activity while HYPG, the most recent entrant, continues to ramp.

Sustained ETF inflows at this pace would represent a meaningful demand signal, though months two and three will give us a more reliable gauge of conviction than launch-window volume.

Meanwhile, U.S. spot Bitcoin ETFs are set to hit the $2 trillion cumulative trading volume milestone amid mounting outflows.

This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.