HYPE ETFs recorded the strongest market-cap-adjusted demand among major crypto ETF launches.
Spot HYPE exchange-traded funds absorbed 1.04% of Hyperliquid's market capitalization in their first 10 trading days, the highest reading by that measure among major spot crypto ETF launches to date, according to Kairos Research. The firm calculated cumulative net flows into new spot crypto ETF issuers as a share of each underlying asset's market cap at the time of launch.
By that metric, HYPE ETFs outpaced spot BTC ETFs, which absorbed 0.59% of Bitcoin's market cap at launch, spot ETH ETFs at 0.41%, and spot SOL ETFs at 0.31%. Kairos excluded legacy trust redemptions from GBTC and ETHE to isolate demand from new issuers rather than conversions out of existing products.
Bloomberg ETF analyst Eric Balchunas said the 21Shares Hyperliquid ETF, ticker THYP, had gained 50% since launching two weeks earlier. He compared that pace to Roundhill's DRAM ETF, which took five weeks to post a comparable gain, and to BlackRock's spot Bitcoin ETF IBIT, which took two months to reach the same threshold.
SoSoValue data shows HYPE ETFs recorded $6.89 million in net inflows during their partial launch week from May 12 to May 15. Inflows then rose to $68.02 million for the full week ending May 22, making HYPE the largest altcoin-linked ETF inflow category among the asset classes tracked for that period, according to SoSoValue.
Spot BTC and ETH ETFs moved in the opposite direction over the same two periods. Spot BTC ETFs recorded $1 billion in net outflows in the week ending May 15 and $1.26 billion in the week ending May 22, bringing combined two-week outflows to $2.26 billion, according to SoSoValue. Spot ETH ETFs saw $255.11 million and $215.99 million in outflows over the same respective periods.
Other altcoin-linked spot ETFs also recorded net inflows during the week ending May 22, though below HYPE in total volume. Spot XRP ETFs drew $22.04 million, while spot SOL ETFs recorded $15.63 million over the same period, according to SoSoValue data.
The Kairos comparison does not indicate that HYPE ETFs raised more capital in absolute terms than BTC or ETH funds. The metric adjusts for the relative size of each asset's market, making it a measure of proportional demand rather than total dollar flows. At the same time, the divergence between HYPE inflows and the concurrent outflows from BTC and ETH ETFs points to a rotation in short-term institutional and retail appetite toward newer altcoin products.
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