21Shares Hyperliquid ETF Volume Surges 8x to $14M Within Days of Going Live

Bloomberg ETF analyst Eric Balchunas has highlighted the strong early performance of the 21Shares Hyperliquid ETF (THYP). 

According to Balchunas, the ETF’s daily turnover has already surged to tens of millions of dollars, nearly eight times its first-day trading volume.

Key Points

• The 21Shares Hyperliquid ETF’s daily trading volume surged to approximately $14.08 million just days after launch.
• The ETF’s turnover has skyrocketed 682% from its opening-day volume of roughly $1.8 million.
• Since launch, THYP’s share price has rallied 20.39%, climbing from about $23.49 to over $28.28.
• Goldman Sachs recently expanded its exposure to the Hyperliquid ecosystem by purchasing 654,630 shares of Hyperliquid Strategies Inc. 

21Shares Hyperliquid ETF Sees Strong Early Debut 

In an X post today, Balchunas highlighted THYP’s growing trading activity as a strong sign of organic investor interest. He noted that the ETF’s daily volume has expanded significantly since its debut.

The accompanying screenshot supports his claim. THYP launched on May 12, posting a first-day trading volume of $1.8 million. Although the ETF trailed other crypto-related launches, such as Bitwise’s Solana Staking ETF (BSOL), which generated $56 million in day-one volume, many market participants still viewed THYP’s debut as a solid start.

Since launch, THYP’s daily volume has climbed steadily to around $14.08 million, marking a 682% increase from its opening-day volume. Rising trading activity is important because it signals sustained investor participation and improved liquidity rather than a short-lived speculative surge.

THYP Share Price Climbs

Meanwhile, THYP’s share price has also recorded strong gains since launch. Over the past week, the ETF has risen 20.39%, climbing from a unit price of $23.49 to above $28.28. 

For context, the 21Shares Hyperliquid ETF offers investors exposure to the Hyperliquid ecosystem, a rapidly growing platform in crypto derivatives markets. Notably, 21Shares confirmed that each THYP share physically backs HYPE tokens.

To strengthen its position in the emerging Hyperliquid ETF market, 21Shares set THYP’s management fee at 0.30%, slightly below Bitwise’s 0.34%. 

Goldman Sachs Gains Exposure to Hyperliquid Ecosystem 

Hyperliquid has continued to attract attention for its dominance in on-chain perpetual futures trading and its ability to capture a significant share of sector-wide fees. At press time, HYPE ranks as the 10th biggest cryptocurrency, valued at $12.95 billion. 

The ecosystem recently received a major boost after Goldman Sachs reduced its exposure to XRP and Solana while acquiring a stake in Hyperliquid Strategies Inc., a Nasdaq-listed digital asset treasury company focused on the Hyperliquid ecosystem.

Specifically, Goldman Sachs’ 13F filing shows it acquired 654,630 shares of Hyperliquid Strategies, valued at approximately $3.3 million at the time of purchase.