At the time Bitcoin is under severe pressure having lost more than half of its value, a new and until recently unknown to the broad investment common crypto narrative gains space on Wall Street.
It is the ETFs associated with HYPE, Hyperliquid's token, a decentralised derivative platform, which within a few days managed to attract nearly $160 million.
The image is impressive precisely because it moves against the general current. Bitcoin's spot ETFs record outflows, large cryptocurrency prices decline, but new products that monitor HYPE raise funds at a rate that even surprised market people.
The new «bet» of Wall Street
In May, Bitwise and 21shares launched spot ETF monitoring indicators linked to HYPE. According to CNBC reports, products, with BHYP and THYP pickers, have already raised around $150 million in assets. Grayscale followed Wednesday, with Grayscale Hyperliquid Standing ETF.
According to Matt Hoogan, chief investment manager of Bitwise, the market is still at a very early stage. As he notes, most investors do not even know what Hyperliquid is, which leaves, according to its supporters, significant growth margins.
Hyperliquid is a decentralised perpetual futures trading platform, built on its own blockchain. It operates around the clock for investors outside the US and came to the fore when the U.S. war crisis – Iran increased demand for access to markets even over the weekend.
Why it attracts investors
The element that makes HYPE different, according to ETF experts, is the repurchase model. In the case of Hyperliquid, most of the supplies produced on the platform are used to buy back the token.
In other words, there is a more direct link between platform activity and asset value. This is something that traditional investors can understand more easily, as it reminds of the re-purchase of shares from listed companies.
For many, HYPE ETFs operate as a bridge between the traditional financial market and the world of decentralised funding. They offer exposure to a new crypto ecosystem without requiring the investor to open a digital wallet or directly use a decentralised platform.
The numbers behind the frenzy
By Friday, the 21shares ETF had $75,8 million under management, while Bitwise's product had $71,14 million. Grayscale's newest ETF had raised $4.5 million.
Grayscale offers the lowest cost, with an express ratio of 0.29%, versus 0.30% of 21shares and 0.34% of Bitwise. Bitwise, for its part, is considered to have strong relations with family offices, while 21shares highlights her experience of a corresponding product launched in Europe in 2025.
Risks are not missing
Despite enthusiasm, experts warn CNBC that the market remains new, unstable and extremely competitive. Hyperliquid's recognition is still limited, while the platform is not available in the US.
Regulatory uncertainty also remains a critical factor. Zach Puddle of Grayscale estimates that a possible access of American users to the platform could come around 2027, as long as there is sufficient regulatory clarity for decentralised markets.
By then, the landscape may have changed drastically. Entrance of traditional players, competition from other platforms and the very variability of the market crypto can quickly overturn the narrative.
For now, however, the message is clear: while Bitcoin loses its glow within the sell off, Wall Street seeks the next big crypto bet. And for now, his name is Hyperliquid.
preferred source on Google
To show more articles by Maritime in your searches easily and quickly, you must add the site to your preferred sources. You can do it by going Here..
