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Spot HYPE ETFs attracted approximately $153 million in net inflows and generated nearly $900 million in cumulative trading volume within their first month on market. The three live products — 21Shares' THYP, Bitwise's BHYP, and Grayscale's HYPG — each hold HYPE directly and distribute staking rewards to investors, a structure that distinguishes them from the spot BTC and ETH wrappers that preceded them.
Why it matters
BHYP and THYP account for most of the trading activity, with HYPG a clear distant third by flow. The headline number matters less than the structure: these are the first US-listed ETFs that pass native staking yield through to shareholders, effectively letting investors collect network staking rewards inside a brokerage wrapper rather than running validator infrastructure themselves. Approximately 434 million HYPE — around 45% of the stakeable supply — is currently staked on the underlying network, meaning the on-chain yield pool backing these products is deep and active.
Market impact
$153M in net inflows over the first month is a credible launch tape for a single-asset ETF complex: it sits ahead of several spot SOL ETF debuts in relative terms, and the $900M cumulative volume signals real two-way flow, not just a launch-day allocation. The split between BHYP/THYP and HYPG will be the watched metric from here — a runaway leader would compress fees and concentrate liquidity, while a balanced split argues for durable competition.
Frequently asked questions
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Which spot HYPE ETFs are currently trading?
Three products are live: 21Shares' THYP, Bitwise's BHYP, and Grayscale's HYPG. All three hold HYPE directly and distribute staking rewards to investors.
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How much have spot HYPE ETFs raised in their first month?
Spot HYPE ETFs attracted approximately $153 million in net inflows and generated nearly $900 million in cumulative trading volume within their first month of trading.
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How do spot HYPE ETFs differ from spot BTC or ETH ETFs?
Unlike spot BTC and ETH ETF wrappers, the HYPE products hold the underlying token directly and pass native staking rewards through to shareholders, letting investors collect network yield inside a brokerage account.
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How much of the HYPE supply is staked?
Approximately 434 million HYPE — around 45% of the stakeable supply — is currently staked on the network, providing a deep yield pool backing the ETF products.
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Which HYPE ETF is leading in trading activity?
BHYP and THYP account for most of the trading activity, with Grayscale's HYPG trailing as a clear distant third by flow.
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