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The first Hyperliquid ETF began trading on Tuesday, achieving $1.8 million in volume on its first day. Created by 21Shares and approved by the SEC, it trades under the ticker $THYP on Nasdaq.
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The first Hyperliquid ETF officially began trading on Tuesday, and early signs suggest it cleared a key hurdle for a new product: a strong first day relative to typical exchange-traded product launches.
The fund was approved by the US Securities and Exchange Commission (SEC) and was created by crypto asset manager 21Shares, with the ETF now trading under the ticker $THYP on the Nasdaq.
Bloomberg analyst James Seyffart weighed in on the debut Hyperliquid ETF debut, offering what amounted to a clear-but-cautious read on the numbers. In a Tuesday post on X, Seyffart said $THYP finished the day at $1.8 million in trading, describing it as “very very solid” and stronger than an average ETF launch—though not in a category that he would label as extraordinary.
Alongside the trading activity, 21Shares also shared key launch disclosures. The firm set the fund’s management fee at 0.3%. By comparison, Morgan Stanley’s spot Bitcoin (BTC) exchange-traded fund, $MSBT, carries the lowest fee at 0.14%.
In addition to pricing, 21Shares disclosed $1.2 million in net inflows on day one for its Hyperliquid ETF, giving investors another datapoint for how quickly demand may have formed after the launch.
Even so, the broader market context may complicate near-term performance expectations. At the time of writing, Hyperliquid’s native token, HYPE, was down 3.5%, testing the $40 level as support.
The daily chart shows HYPE’s drop to the $40 support on Tuesday. Source: HYPEUSDT on TradingView.com
This decrease coincides with a period of market uncertainty brought on by Bitcoin’s recent retrace after failing to breach $83,000 during last week’s surge. If the $80,000 support breaks, some analysts believe this might lead to a new correction.
If sentiment worsens again, it could potentially weigh on demand for 21Shares’ Hyperliquid ETF offering as well—particularly if inflows soften after the initial launch period.
The first Hyperliquid ETF recorded a trading volume of $1.8 million on its launch day.
The Hyperliquid ETF was created by crypto asset manager 21Shares, with a management fee set at 0.3%.
The Hyperliquid ETF's management fee of 0.3% is higher than Morgan Stanley's spot Bitcoin ETF, which has a fee of 0.14%.

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Looking beyond 21shares’ Hyperliquid ETF launch, attention is now turning to other issuers. The market is watching Bitwise and Grayscale, both of which have updated their spot HYPE ETF filings, strengthening the sense that additional products could follow soon.
The expectation is that these Hyperliquid ETF efforts by the two asset managers may benefit from the current regulatory environment in the country, with a now pro-crypto Securities and Exchange Commission led by Paul Atkins.
Featured image created with OpenArt, chart from TradingView.com