Amidst Bitcoin's sharp decline, the HYPE ETF bucked the trend, attracting nearly $160 million, igniting a new wave of crypto fever on Wall Street.

According to BlockBeats, on June 6th, despite the recent decline in Bitcoin and Ethereum, ETFs tracking Hyperliquid's ecosystem token HYPE have bucked the trend and attracted significant investment. The HYPE spot ETFs (ticker symbols BHYP and THYP, respectively), launched by Bitwise and 21Shares in May, attracted nearly $150 million in inflows within days of listing, with net inflows on most trading days. Grayscale's Hyperliquid Staking ETF (HYPG), launched this week, currently has $4.5 million in assets under management. Bitwise's Chief Investment Officer, Matt Hougan, stated that Hyperliquid's market penetration is currently only about 1%, and most investors are still unfamiliar with the project. Hyperliquid is a decentralized perpetual contract trading platform built on an independent blockchain. It rapidly gained popularity during last year's conflict between the US and Iran by providing access to weekend crude oil trading, with daily trading volume reaching approximately $1 billion at one point. Zach Pandl, Head of Research at Grayscale, stated that the HYPE ETF attracts more new investors who haven't previously participated in the crypto market, rather than Bitcoin fund rotation. Analysts believe Hyperliquid's biggest appeal lies in its unique value capture mechanism—99% of the platform's transaction fee revenue is used to buy back HYPE tokens, similar to stock buybacks by listed companies. This directly links platform activity to token value, making it easier for traditional equity investors to understand. As of now, the 21Shares Hyperliquid ETF manages $75.8 million in assets, and the Bitwise Hyperliquid ETF manages $71.14 million. Industry insiders believe that spot ETFs are becoming an important bridge connecting traditional finance and DeFi, helping to increase the Hyperliquid platform's visibility and drive mainstream adoption. However, analysts also caution that Hyperliquid is still not directly usable in the US, and regulatory approval may not be available until 2027. Furthermore, competition from traditional financial and DeFi platforms may continue to intensify.