Spot HYPE ETFs have posted the strongest launch performance, relative to the underlying token’s market size, of any spot crypto ETF debuts tracked to date — according to research from Kairos Research.
What Kairos found
- Over their first 10 trading days, spot HYPE ETFs absorbed 1.04% of HYPE’s market capitalization, Kairos said on X.
- By comparison, spot Bitcoin ETFs absorbed 0.59%, spot Ethereum ETFs 0.41% and spot Solana ETFs 0.31% over the same initial trading window.
- Kairos used a new-issuer cohort and excluded outflows from legacy trust conversions (GBTC and ETHE) to make the comparisons cleaner.
Why this matters
Measured against the size of the underlying token market rather than raw dollar flows, HYPE’s ETF launch shows unusually strong early demand. Bitcoin ETFs still dwarf others in absolute assets, but Kairos’ market-cap-adjusted metric highlights how big a bite HYPE ETFs have taken out of their token’s supply so far.
SoSoValue’s market snapshot
Third-party data from SoSoValue corroborates the fast start:
- Total net assets across U.S. HYPE spot ETFs: $117.38 million (about 0.88% of HYPE market cap).
- Cumulative net inflows: $95.36 million.
- Daily net inflows: $20.45 million.
- Total value traded: $53.76 million.
Two products dominate the market:
- Bitwise’s BHYP (NYSE): $62.92M in net assets (0.47% of HYPE market cap); cumulative inflows $55M. On May 26 it took in $19.05M and recorded $23.30M in traded value. BHYP closed the day up 9.49%.
- 21Shares’ THYP (Nasdaq): $54.46M in net assets (0.41%); cumulative inflows $44M. It added $1.41M on May 26 and saw $30.35M traded, closing up 9.44%.
Methodology note and caveat
Kairos addressed whether its 1.04% figure depends on circulating supply. The firm said it avoided using circulating supply because of disputes over how to calculate HYPE’s float, and instead used an alternate methodology (details in its post). Kairos added that running the analysis using circulating supply produced “roughly the same” results, even with different treatments of GBTC and ETHE flows. The choice of market-cap metric (total MC, free float, circulating supply, etc.) can change ETF-absorption percentages, so Kairos’ caveat is material — but the firm argues HYPE’s lead holds up under various assumptions.
Market price
At press time, HYPE traded at $62.90.
Bottom line
Relative to its market cap, HYPE’s ETF debut appears to be the strongest yet among spot crypto ETFs — a sign of concentrated demand for exposure to the token through regulated ETF wrappers, even if absolute asset levels remain small compared with Bitcoin products.
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