Bitwise CIO Says Selling Hyperliquid To Financial Advisors Is ‘Magic’, While BHYP Records Largest-Ever Daily Inflow

• Bitwise CIO Matt Hougan said Hyperliquid’s token buyback structure makes the investment thesis easy to explain to financial advisors.
• BHYP now holds more than $62 million in assets and over 1 million HYPE tokens.
• Combined inflows into the two U.S.-listed Hyperliquid ETFs have surpassed $117 million within 10 trading sessions.

Bitwise's Hyperliquid ETF (BHYP) pulled in roughly $19 million in a single day on Tuesday, marking its largest daily inflow to date and pushing the fund past its rival to become the world's largest Hyperliquid ETF.

"Having now done it a few times, I can say: discussing Hyperliquid with financial advisors is magic," Bitwise CIO Matt Hougan posted on X. "The fact that 99% of fees goes to buying back tokens makes the conversation so easy."

Bitwise CEO Hunter Horsley added that Tuesday's trading volume of roughly $22 million meant nearly all of it was net buying. "BHYP is now the largest Hyperliquid ETF in the world," he wrote. "Incredible to see investor interest."

Despite the uptick in ETF inflows, HYPE’s price fell nearly 4% in the last 24 hours amid broader market weakness to around $60. Retail sentiment around the decentralized exchange’s token continued to trend in ‘extremely bullish’ territory over the past day, accompanied by ‘extremely high’ levels of chatter.

Bitwise BHYP Overtakes Rival Hyperliquid ETF

The $19 million single-day haul helped push BHYP to $62.92 million in assets under management (AUM), with the fund now holding over 1 million HYPE tokens. Cumulative net inflows into BHYP stand at $55 million, according to data on SoSoValue.

BHYP’s price edged 0.8% lower in morning trade on Wednesday. Retail sentiment around the fund on Stocktwits fell to ‘bearish’ from ‘neutral’ territory over the past day. Chatter stayed at ‘extremely high’ levels. 

Its closest rival, 21Shares' Hyperliquid ETF (THYP), which launched on Nasdaq on May 12, recorded $44 million in cumulative net inflows. THYP’s price fell nearly 1% in morning trade, but retail sentiment around the fund remained in ‘bullish’ territory over the past day.

Together, the two U.S.-listed HYPE spot ETFs have crossed $117 million in combined inflows in just 10 trading sessions, with their largest combined day reaching $25.5 million. 

Hyperliquid’s Buyback Model Becomes Key Selling Point

BHYP launched on the NYSE on May 15 with a 0.34% sponsor fee, which was waived for the first month on the fund's first $500 million in assets. Bitwise also announced it would allocate 10% of BHYP's management fees to purchasing and holding HYPE on its balance sheet, directly mirroring Hyperliquid's own revenue model. 

Hyperliquid’s Assistance Fund has directed more than $1.16 billion in trading fees toward open-market HYPE buybacks since launch, according to DefiLlama data. The analytics platform also estimates that roughly 99% of the protocol’s perpetual futures and spot trading revenue flows back into the token repurchase mechanism.

Competition in the Hyperliquid ETF market is also beginning to intensify. Grayscale recently filed for its own HYPE ETF. BHYP currently maintains an early advantage after generating the strongest opening-day performance of any U.S.-listed spot altcoin ETF launched in 2026.

Read also: Crypto ‘Extreme Fear’ Returns With Bitcoin At $75K – Retail Traders Say BTC Bulls Missed The Tech Rally

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