HYPE ETFs pull $160M as THYP/BHYP surge amid BTC & ETH outflows

HYPE ETFs are gaining strong momentum even as Bitcoin ETFs and Ether ETFs see heavy outflows. Two newly launched U.S. spot HYPE token ETFs—21Shares’ THYP and Bitwise’s BHYP—have reportedly attracted close to $160M in net inflows since mid-May 2026, with early-week net flows ranging roughly from $22M to $54M and a single Wednesday session reaching about $25.5M combined. Pricing and structure also look supportive. THYP charges a 0.30% expense ratio and BHYP 0.34%, with early fee waivers mentioned. The timing is notable: the HYPE inflow surge coincides with a week when BTC ETFs posted more than $1B in outflows, suggesting some rotation from BTC/ETH into alternative exposure. The article’s core thesis is demand linkage. Hyperliquid uses the HYPE token for fees and staking, and the report highlights buyback/staking alignment that could mechanically reinforce flows into the underlying token. It also cites a past large trade where a USDC-funded HYPE position was sold at a sizable profit. Watch the risk side. Grayscale is reportedly considering a Hyperliquid-linked staking ETF, which could add a yield component versus today’s spot products. But HYPE’s smaller-cap liquidity could raise tracking/slippage risks during volatility—important for traders sizing positions in HYPE ETFs.