U.S. spot Hyperliquid ETFs recorded $25.5 million in combined net inflows on May 20 — the highest single-day figure since either product launched — as the underlying HYPE token surged to near all-time highs, according to data compiled by The Block.
The 21Shares Hyperliquid ETF (THYP), which began trading on May 12, led the session with $16.7 million in new capital, up from $5.3 million the previous day. The Bitwise Hyperliquid ETF (BHYP), launched on May 14, added $8.8 million, compared with $5.7 million on Tuesday. Combined cumulative net inflows since launch now stand at $54 million across seven trading days.
The inflow acceleration tracks closely with HYPE‘s price action. The token rose 17.3% over the 24 hours ending Thursday evening to $55.91, per The Block’s price page, with a market capitalization of roughly $13.4 billion. At its intraday peak, HYPE’s fully diluted valuation briefly surpassed Solana’s FDV of $54.2 billion, touching $54.7 billion, according to CoinGecko data. The token’s all-time high stands at approximately $59.3, reached in September 2025.
The record inflow day coincides with several converging catalysts. SpaceX pre-IPO shares began trading on the Hyperliquid platform Wednesday alongside a Binance listing, extending the protocol’s narrative as a venue for real-world asset exposure. Separately, the protocol’s annualized fee revenue has crossed $620 million, and its share of on-chain perpetuals volume now sits at 44% of the entire decentralized derivatives market, per Hyperliquid ecosystem data.
One structural factor investors are watching: only 23.84% of maximum token supply is currently in circulation, with the next scheduled unlock on June 6, 2026 targeting core contributors. That vesting event introduces potential short-term supply pressure, though the pace of institutional inflows suggests demand absorption is being tested in real time. Bitwise and 21Shares were both early to file for these products, with their respective tickers BHYP and THYP now establishing a track record ahead of what could be a broader wave of alt-asset ETF approvals.
