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CEO of Bitwise Hunter Horsley officially confirmed that the Bitwise Hyperliquid ETF (BHYP) led the global segment of funds tied to the headline asset of the decentralized finance sector, posting an industry-record daily inflow of $19.05 million.
Commenting on this result, Horsley pointed to the unique structure of the trading session, when, with the fund's total trading volume at $22 million, virtually the entire amount came from net capital inflow. This indicates the absolute dominance of buyers and the complete absence of local sell-offs by major players.
How Bitwise engineered its rise to the top of the Hyperliquid ETF market
For Horsley, this success clearly became an important strategic step, confirming Bitwise's ability to quickly seize leadership in new crypto assets. The fund led by him was able to pull liquidity away from its main competitor, 21Shares, increasing cumulative inflows to $55 million and securing Bitwise's status as the world's largest Hyperliquid asset manager.
Horsley and the Bitwise team skillfully played the card of product advantages, introducing a native staking mechanism into the regulated ETF with 67% of rewards distributed to investors and temporarily reducing fees to zero. This is what allowed the fund to overtake competitors over the short distance.
Combined with the fact that HYPE ETFs launched in the United States only two weeks ago, this setup gave Bitwise the necessary leverage to outpace rivals while it can still be done at a comparatively lower cost.
Interestingly, this triumph for the Hyperliquid ETFs coincided with broader institutional cooling toward the main cryptocurrencies. While traditional Bitcoin and Ethereum ETFs have recorded combined outflows of $1.64 billion since the beginning of May 2026, BHYP and THYP showed the market that investors are ready to move into more dynamic on-chain ecosystems.
At the scale of the entire crypto market, the HYPE ETF sector, with total assets of $117.38 million, remains niche for now. However, Bitwise has already built a long-term trigger into the fund's model, as 10% of the company's future management revenue will be directed toward buybacks of HYPE tokens, linking Bitwise's further commercial success to the growth of the ecosystem itself.
Dan Burgin
