ChainCatcher reported, citing The Block, that the first spot HYPE ETFs have been live for about one month and have already approached $900 million in cumulative trading volume. The products have also recorded cumulative net inflows of $153 million. The reported figures show the early activity around regulated ETF products that provide exposure to HYPE through direct holdings.
Three regulated HYPE ETF products are now live
There are currently three institutions offering regulated HYPE ETFs: 21Shares with THYP, Bitwise with BHYP, and Grayscale with HYPG. All three ETFs directly hold HYPE. According to the report, the products also pass approximately 2.25% in annualized staking yield to investors, combining direct spot exposure with a staking-yield distribution arrangement.
The early data highlighted by The Block centers on two metrics: trading volume and net inflows. About one month after the first spot HYPE ETFs came to market, cumulative trading volume has nearly reached $900 million, while cumulative net inflows stand at $153 million. These figures describe how much activity has taken place across the products and how much capital has entered them on a net basis.
Fee buybacks and staking supply
The report also noted a key feature of HYPE’s structure: about 97% of trading fees are sent directly into a buyback fund. This creates a direct link between trading volume and token demand. At the same time, around 45% of the eligible supply has already been staked, representing approximately 434 million HYPE. These details sit alongside the ETF structure, under which the funds directly hold HYPE and pass about 2.25% annualized staking yield to investors.
In terms of volume distribution among the three ETFs, BHYP and THYP currently dominate. HYPG, which launched later than the other products, remains in the stage of accumulating assets. As a result, the reported early trading activity is concentrated mainly in Bitwise’s BHYP and 21Shares’ THYP, while Grayscale’s HYPG is still building its capital base.