Spot HYPE products outpace Bitcoin, Ethereum, and Solana ETF launches by absorption rate
Spot Hyperliquid ETFs absorbed 1.04% of HYPE’s market capitalization during their first 10 trading days, exceeding the relative absorption rates of comparable spot crypto ETF launches, according to Kairos Research.
The metric compares demand relative to underlying asset market size rather than absolute dollar inflows. Bitcoin spot ETFs absorbed 0.59% of BTC’s market cap in the same window. Ethereum spot ETFs absorbed 0.41%, and Solana spot ETFs absorbed 0.31%, Kairos stated.
Kairos excluded legacy trust conversions like Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE) from the comparison, since those products represented conversions of existing trusts rather than fresh demand signals.
“Spot HYPE 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,” Kairos Research posted on X.
Two spot HYPE ETF products trade in US markets: Bitwise’s BHYP on NYSE and 21Shares’ THYP on Nasdaq. As of May 26, BHYP held $62.92 million in net assets and THYP held $54.46 million, for a combined $117.38 million across both products. This represented 0.88% of HYPE’s total market capitalization.
BHYP accounted for $55 million in cumulative net inflows, while THYP accumulated $44 million. On May 26 alone, BHYP recorded $19.05 million in daily net inflows and THYP recorded $1.41 million, bringing the day’s total inflows to $20.45 million across both products.
Trading volume reflected strong interest. BHYP traded $23.30 million in value on May 26, while THYP traded $30.35 million, for a combined $53.76 million in daily value traded.
Both products posted gains on May 26. BHYP’s price increased 9.49% while THYP’s price rose 9.44%. Hyperliquid’s underlying token traded at $62.90 at press time.
Kairos addressed methodological concerns around HYPE’s circulating supply calculation. The firm stated that results remained “roughly the same even when you include & exclude GBTC & ETHE” using alternative supply assumptions, validating the comparison across different computational approaches.
Grayscale filed a third Hyperliquid ETF amendment with the SEC, signaling continued institutional interest in spot HYPE products. SoSoValue provided data tracking ETF assets throughout the period.
