The trading volume of the spot HYPE ETF approaches 900 million dollars, with early demand indicating institutional interest
About a month after the launch of the first spot HYPE ETF, early trading data shows strong performance, indicating that institutional investors have a demand for Hyperliquid-related exposure. Currently, three issuers have provided HYPE investment products through regulated brokerage channels, including 21Shares' THYP, Bitwise's BHYP, and Grayscale's HYPG. Since their launch, the three products have accumulated a trading volume of nearly $900 million, with net inflows reaching $153 million. However, the trading activity of each product is not balanced, with BHYP and THYP contributing the majority of the trading volume, while the later-launched HYPG is still in the ramp-up phase.
Unlike some tokens that primarily rely on speculative demand, HYPE's value logic is more directly linked to Hyperliquid trading activity. Approximately 97% of Hyperliquid's trading fees go into the Assistance Fund, creating a linkage between trading volume and token demand through an automatic buyback mechanism.
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