Bitwise Hyperliquid ETF

BHYP

Valor de mercado US$ 142 mi

Crypto ETFs have remained resilient in 2026 despite higher rates and legislative roadblocks. With bitcoin prices back near $85,000, bitcoin ETFs (and the broader crypto ETF universe) have been back on investors' radars.

Bitwise Hyperliquid ETF is rated Hold due to weakening buyback support and sharp asset contraction. BHYP's investment case hinges on Hyperliquid's buybacks, which have slowed from $64M to $30M monthly, failing to absorb new HYPE supply. Staking yield is less compelling as buybacks lag unlocks; BHYP trades at a 1.44% discount to NAV amid declining AUM and muted demand.

Key Takeaways: Bitcoin remains dominant, but that ETF demand has become more selective toward the lowest-cost products. Hyperliquid ETFs show that investors still reward differentiated use cases, flexibility, and credible growth narratives.

As Bitcoin and Ethereum struggle, new HYPE ETFs are attracting strong inflows, backed by staking rewards and token buybacks.

A little-known segment of the cryptocurrency world is reportedly attracting attention amid a market downturn. “HYPE” exchange-traded funds (ETFs) have begun taking in new assets from investors even as the price of bitcoin falls, CNBC reported Saturday (June 6).

HYPE, or hyperliquid, ETFs attracted nearly $160 million in inflows within days of launch, even as bitcoin and ether ETFs dropped along with the prices of underlying cryptocurrencies. ETF experts say that investors are drawn to this new crypto space for its buyback model, which uses platform trading fees to repurchase HYPE tokens and creates a direct link between activity and value.

Issuers are still driving forward with crypto launches, with around 30 new products already launched so far in 2026. Understandably, net flows across the broader asset class have been weak due to pressured spot prices.