TL;DR:
The spot ETFs of the token HYPE, tied to the decentralized trading platform Hyperliquid, recorded the strongest capital inflows in relative terms among all crypto ETF debuts to date. According to an analysis by Kairos Research, these funds absorbed 1.04% of their underlying token’s market capitalization during their first ten trading days, surpassing what was recorded at the spot ETF launches of Bitcoin, Ethereum and Solana.
The metric used by Kairos compares cumulative net flows into new ETF issuers against the market capitalization of the underlying asset at the time of launch. Under that criterion, Bitcoin ETFs captured 0.59% of their market cap, Ethereum ETFs 0.41%, and Solana ETFs 0.31%. This comparison excludes redemptions from legacy vehicles such as GBTC and ETHE, focusing exclusively on new issuer demand.
Spot hyperliquid:native ETFs have absorbed 1.04% of HYPE's market cap in their first 10 trading days
Strongest debut of any spot crypto ETF to date
HYPE: 1.04%
BTC: 0.59%
ETH: 0.41%
SOL: 0.31%(new-issuer cohort, GBTC/ETHE outflows stripped due to them being legacy trust… pic.twitter.com/XBu46IJGxn
— Kairos Research (@Kairos_Res) May 27, 2026
Bloomberg ETF analyst Eric Balchunas noted that the 21Shares Hyperliquid ETF, trading under the ticker THYP, gained 50% in just two weeks since its launch. Balchunas compared that pace to the Roundhill DRAM ETF, which took five weeks to reach the same return, and to BlackRock’s IBIT, which needed two months.
Weekly flow data from SoSoValue shows the ETF’s growth trajectory. In the partial week from May 12 to 15, HYPE ETFs recorded $6.89 million in net inflows. The following week, which closed on May 22, that figure surged to $68.02 million, making them the altcoin category with the highest positive flows for the period.
The contrast with Bitcoin and Ethereum is stark. Spot BTC ETFs accumulated $2.26 billion in net outflows over those two weeks. Ethereum ETFs recorded outflows of $255.11 million and $215.99 million over the same periods. Other altcoin ETFs also posted positive flows: XRP received $22.04 million and Solana $15.63 million in the latest week.
Kairos clarified that the market cap-adjusted comparison does not imply that HYPE ETFs raised more money in absolute terms than Bitcoin or Ethereum ETFs, whose markets are significantly larger.
