Spot Hyperliquid ETFs posted $25.5 million in net inflows on Wednesday, the strongest daily total since launch. Farside data showed a sharp step up from $11 million on Tuesday and $4.4 million on Monday, bringing cumulative inflows to $54 million across the first seven trading days.
The biggest contribution came from the 21Shares Hyperliquid ETF (THYP), which drew $16.7 million after taking in $5.3 million a day earlier. The Bitwise Hyperliquid ETF (BHYP) added another $8.8 million, up from $5.7 million on Tuesday. The pace of allocations points to growing institutional interest in listed products tied to HYPE.
Researchers say institutions are building positions quickly
Peter Chung, head of research at Presto Research, said institutions are accumulating HYPE ETFs faster than Bitcoin ETFs on a market-cap-adjusted basis. In his view, the inflow pattern shows large investors are actively positioning around blockchain infrastructure connected to decentralized finance.
Tim Sun, senior researcher at HashKey Group, said continued ETF demand suggests investors are starting to treat decentralized exchanges as part of the next cycle of financial infrastructure. Hyperliquid has also continued to strengthen its position in onchain perpetual futures and derivatives trading. That matters because buyers are not only reacting to token momentum; they are also tracking business activity on the network.
HYPE rallies as Hyperliquid captures a large share of chain fees
HYPE advanced strongly during the ETF inflow streak. The token climbed 17.3% over 24 hours and traded near $55.91 late Thursday. Earlier in the day, Hyperliquid’s fully diluted valuation briefly reached about $54.7 billion, moving above Solana for a period.
Network data showed Hyperliquid accounted for roughly 42% of all blockchain fees this week. Tron generated 22.6%, while Ethereum and Solana posted smaller shares. Fee share has become one of the key reference points for analysts because it reflects actual trading activity and revenue on the platform.
Analysts compare HYPE’s structure to an exchange business
Dominick John, an analyst at Zeus Research, said HYPE offers investors a simpler way to gain exposure to blockchain infrastructure linked directly to network usage and trading revenue. That has made the token stand out for institutions looking for crypto assets with measurable operating metrics.
CoinEx chief analyst Jeff Ko said HYPE is structurally different from Bitcoin and Ethereum. Bitcoin is mainly treated as a store of value, while Ethereum is often discussed through staking income. HYPE, by contrast, operates more like an exchange business because the platform channels trading fees into open-market token buybacks. Analysts say that link between platform revenue and token mechanics is a major reason institutional capital is paying attention.