Catenaa, Thursday, May 21, 2026- Hyperliquid-linked exchange-traded funds attracted nearly $8.2 million in combined net inflows this week after 21Shares reported its strongest trading day yet and Coinbase became the official treasury deployer for the decentralized perpetual trading platform’s stablecoin ecosystem.
21Shares said its newly launched Hyperliquid ETF recorded about $8.1 million in trading volume and nearly $4.9 million in net inflows on Thursday, marking the fund’s strongest daily performance since launching earlier this week.
Michael Friedman, director of capital markets at 21Shares, said investor activity may have been boosted by Coinbase’s expanding relationship with Hyperliquid and strong gains in the HYPE token.
Coinbase became the official treasury deployer for Hyperliquid after Native Markets, operator of the platform’s USDH stablecoin, granted Coinbase rights to purchase USDH brand assets.
USDC has remained the primary stablecoin used across Hyperliquid since the platform launched in 2023, according to Coinbase.
The move deepens ties between Coinbase and the rapidly growing decentralized perpetual futures platform, which has emerged as one of crypto’s largest onchain derivatives exchanges.
Friedman said the combination of Coinbase’s involvement and rising HYPE prices likely helped drive investor demand for the ETF.
The HYPE token surged about 14.5% during Thursday trading before giving back part of those gains Friday morning.
The token still traded roughly 8% higher at around $43.63 by Friday, according to market data from The Block.
Investors buying shares in Hyperliquid ETFs gain exposure to the HYPE token without directly holding cryptocurrency assets themselves.
The 21Shares product became the first Hyperliquid ETF to launch earlier this week.
Bitwise followed Thursday with the launch of its competing Hyperliquid ETF under the ticker BHYP.
ETF Race Intensifies
The rapid launches reflect growing competition among crypto asset managers seeking to expand beyond Bitcoin and Ethereum products.
Altcoin-focused ETFs tied to assets including Hyperliquid, Solana, XRP and BNB have accelerated in recent months as regulators show increasing openness toward broader crypto investment products.
Analysts say institutional demand for regulated crypto exposure remains strong despite volatility across digital asset markets.
Hyperliquid has gained attention for dominating the decentralized perpetual futures market, where traders speculate on cryptocurrency prices using leveraged contracts executed directly on blockchain infrastructure.
The platform’s rapid growth has also positioned HYPE among the crypto sector’s strongest-performing tokens during recent trading sessions.
