21Shares says Hyperliquid ETF demand shows appetite for 24/7 trading

Latest developments: 21Shares says its new Hyperliquid ETF saw strong early traction after launching in the U.S.

• Eli Ndinga, global head of research at 21Shares, told Jennifer Sanasie on CoinDesk's Public Keys that the product recorded more than $5 million in inflows within days of launch.
• The ETF also generated roughly $8 million in trading volume on Thursday alone, according to Ndinga.
• He said the firm previously launched a Hyperliquid product in Europe and viewed bringing the strategy to U.S. investors as a priority.
• The launch comes as asset managers race to roll out crypto-linked ETFs tied to newer blockchain ecosystems.

What this means: 21Shares is betting Hyperliquid can evolve beyond crypto trading into a broader financial marketplace.

• Ndinga said Hyperliquid’s appeal comes from letting traders access crypto, oil, silver and gold markets around the clock.
• He pointed to trading activity during recent geopolitical tensions involving Iran, when investors used Hyperliquid after traditional markets closed.
• Silver trading on Hyperliquid at one point represented roughly 2% of CME silver volume, he said.
• Ndinga argued the platform reflects demand for 24/7 financial infrastructure that traditional exchanges cannot currently provide.

The competition: The Hyperliquid ETF market is already getting crowded.

• Bitwise launched a competing Hyperliquid product days after 21Shares entered the market.
• Ndinga said 21Shares differentiates itself through its experience managing staking-enabled exchange-traded products.
• He said the firm relies on third-party staking providers rather than in-house infrastructure, arguing that approach improves transparency and reduces potential conflicts of interest.
• Ndinga said investors evaluating competing products should focus on custody, staking uptime and operational track records.

Reading between the lines: Hyperliquid’s growth is attracting attention from traditional finance circles.

• Ndinga described Hyperliquid as “beyond a crypto story,” calling it a broader financial innovation story.
• He said traders increasingly view the platform as a way to gauge market sentiment across multiple asset classes.
• Ndinga cited pre-IPO token activity tied to AI chipmaker Cerebras as an example of traders using Hyperliquid to assess demand before public listings.
• He added that traditional finance professionals increasingly recognize the value of always-on trading infrastructure.

The complication: Regulatory uncertainty remains one of the biggest risks for Hyperliquid.