21Shares Hyperliquid ETF Volume Surges 8x As $HYPE Breaks Past $50

THYP Volume Picks Up Steam After Nasdaq Debut

The @21shares_us Hyperliquid ETF, trading under the ticker $THYP, is gaining momentum on Nasdaq as daily trading volumes climb 8x from their levels at launch. According to @EricBalchunas, the fund is now processing tens of millions of dollars in daily volume, with organic investor interest accelerating in the weeks since it first listed.

21Shares launched two exchange-traded products on Nasdaq on May 13, 2026, the first U.S.-listed funds to track Hyperliquid's HYPE token. The 21Shares Hyperliquid ETF ($THYP) offers spot exposure with integrated staking rewards, while the 21Shares 2x Long HYPE ETF (TXXH) offers leveraged exposure. Day-one trading saw approximately $1.8 million in volume and $1.2 million in net inflows, with a 0.30% management fee that 21Shares said was the lowest for any Hyperliquid ETF at launch. Since then, volume has expanded significantly, and $THYP's price has appreciated roughly 20% from its initial listing level, signaling strong institutional appetite for Hyperliquid exposure.

The 21Shares Hyperliquid ETF is designed to track the price of HYPE, a decentralized crypto asset that operates entirely on its own blockchain, Hyperliquid. THYP is structured as a 33-Act spot exchange-traded product, tracking the FTSE Hyperliquid Index. The trust can stake between 30% and 70% of its HYPE holdings through Figment, with staking rewards split roughly 70% to the trust and 30% to the provider, with the first distribution scheduled for June 30.

$HYPE Rally Adds Context to ETF Demand

The ETF activity is running alongside a broader $HYPE price rally. With a price increase of 20.90% in the last 7 days, Hyperliquid ($HYPE) is outperforming the global cryptocurrency market, which is down 4.70% over the same period. The token has been pushing toward and past the $50 level, having climbed sharply from its year-to-date low of $20.

The 21Shares and Bitwise HYPE ETFs have seen strong early inflows signaling institutional demand, though two major market makers withdrew roughly $100 million in liquidity after CME and ICE urged stricter regulatory oversight of Hyperliquid.

Hyperliquid itself processes roughly $8 billion in daily trading volume, commands more than 50% of DEX perpetual open interest, and has handled over $4 trillion in cumulative volume since launch. Trading fees generate roughly $56 million per month, with more than 95% funneled to daily open-market HYPE buybacks. That fundamental backdrop appears to be a key driver behind the institutional interest now flowing into products like $THYP.

21Shares is bringing its Hyperliquid thesis into the U.S. market at a time when crypto ETF competition keeps widening beyond Bitcoin and Ethereum. The growing volume in $THYP suggests that push is beginning to find traction.

Sources:
21Shares Official Press Release: THYP and TXXH Launch (GlobeNewswire)
Unchained Crypto: 21Shares Launches THYP and TXXH on Nasdaq
CoinGecko: Hyperliquid (HYPE) Live Price and Market Data