New HYPE crypto ETFs attract $150M as Bitcoin and broader crypto market decline
By
Krysta Escobar
7h ago· 7 min readenNews
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Summary
While Bitcoin and other major cryptocurrencies are experiencing significant price declines, a new niche crypto investment product called HYPE exchange-traded funds (ETFs) is attracting investor interest. Bitwise and 21shares launched spot ETFs tracking HYPE, a decentralized crypto asset on the Hyperliquid blockchain, in May. These products (tickers BHYP and THYP) have raised nearly $150 million in assets and have seen positive performance despite the broader crypto market downturn.
Key quotes
· 3 pulledIn one very small, and at least to date obscure, corner of the crypto market, investors are rushing in rather than heading for the exits.
So-called HYPE exchange-traded funds are taking in new assets from investors at a time when the leading crypto bets, including bitcoin and ether, are tanking.
The products, which trade under the tickers BHYP and THYP, have raised close to $150 million in assets and since launch have mostly experienced positive performance.
As bitcoin dropped to its lowest price since 2024, investors flock to a new type of crypto investment linked to the hyperliquid platforms, HYPE ETFs.
