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- 21Shares launched the first U.S. spot HYPE ETF on Nasdaq.
- Hyperliquid integrations helped Phantom generate $20 million in revenue.
- Whale accumulation of HYPE surged 272% ahead of the ETF debut.
The U.S. crypto market is getting its first spot Hyperliquid ETF, marking another step in the expansion of institutional access to alternative digital assets. Asset manager 21Shares confirmed that its spot HYPE ETF, trading under the ticker THYP, will begin trading on Nasdaq on May 12 with a 0.30% management fee.
The launch comes as interest in Hyperliquid’s ecosystem continues to grow, fueled by rising adoption of decentralized perpetual trading and strong whale accumulation of the HYPE token.
Wall Street Gains Exposure to Hyperliquid
The new ETF gives traditional investors a regulated way to access HYPE without directly holding the token. Analysts view the move as significant because Hyperliquid has become one of the dominant decentralized perpetual trading platforms in crypto.
Unlike many decentralized exchanges focused solely on crypto assets, Hyperliquid has expanded into commodities, indices, and prediction markets. That broader product mix has helped position the platform as a multi-asset trading ecosystem rather than a niche crypto protocol.
The ETF debut could also open the door for additional institutional products. Both Bitwise and Grayscale Investments recently updated their own HYPE ETF filings, signaling growing competition in the sector.
Phantom Integration Generates $20 Million
Hyperliquid’s expansion has also been supported by major wallet integrations. Wallet providers including Phantom, MetaMask, and Rabby Wallet now use Hyperliquid infrastructure to power in-wallet perpetual trading.
Under Hyperliquid’s builder code revenue-sharing model, partner wallets receive a portion of trading revenue. Since integrating Hyperliquid last July, Phantom alone has reportedly generated around $20 million from the partnership.
The protocol stated that more than 100 teams now rely on Hyperliquid infrastructure for perpetual trading services. That rapid adoption has strengthened the platform’s dominance in decentralized derivatives trading.
Whale Accumulation Raises Attention
Market data also points to rising investor confidence ahead of the ETF launch. According to Nansen data, whale accumulation of HYPE jumped 272% over the past week.
At the same time, the percentage of token supply held by large investors reportedly climbed from 47% to 70% during May. The increase suggests strong demand even as HYPE traded sideways between $40 and $45 since mid-April.
Still, some caution remains. Exchange balances for HYPE have also risen sharply, potentially signaling incoming selling pressure or increased staking activity. That has left traders watching closely to see whether the token can maintain support above the $40 level after the ETF launch hype fades.
Also Read: Hyperliquid Warning Signal? Massive Sell-Off Sparks Bearish Outlook
The arrival of the first spot HYPE ETF represents a major milestone for Hyperliquid and the broader decentralized trading market. Institutional access through Nasdaq could increase visibility and liquidity for the token, while wallet integrations and whale accumulation continue to support ecosystem growth.
However, with exchange supply rising and volatility still possible, investors will be monitoring whether HYPE can sustain momentum after the initial excitement surrounding the ETF debut.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
