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People are underestimating how well HYPE ETF products are performing right now.
Looking only at absolute net flows, the numbers already look strong. But absolute flows do not tell the whole story.
The more interesting question is:
How large are those inflows relative to the underlying asset’s market cap?
To make the comparison cleaner, we looked at the first seven trading days of the BTC, ETH, SOL and HYPE ETF launches, comparing cumulative net inflows against each asset’s market cap.
What we found is that HYPE has already the strongest crypto ETF launches on a market-cap-adjusted basis, despite having only two products in the current flow set.
On a daily cumulative basis, HYPE started behind BTC and SOL. That makes sense: the product set was still ramping, and early flows were concentrated in only 1 issuer.
But after day 5, the curve began to accelerate sharply.
One important detail: Bitwise’s BHYP was not even live for the full 7-day window.
So the HYPE numbers are not coming from a fully mature ETF lineup yet. Part of the sample only includes 21Shares’ THYP, while BHYP started contributing later in the window.
That makes the acceleration after day 5 even more interesting.
There is one important caveat: BTC and ETH had a unique Grayscale overhang.
GBTC and ETHE were converted from large existing trusts, and early ETF flows were heavily distorted by holders exiting or rotating into cheaper products once ETF conversion unlocked liquidity at, or near, NAV.
That weighed on aggregate BTC and ETH net flows, especially ETHE.
So this is not a perfect comparison, but it is still striking: when you adjust for market cap, HYPE’s early ETF demand looks much stronger than most people realize.
If this pace continues, and additional filed products such as Grayscale’s come to market quickly, HYPE could end up being the strongest crypto ETF launch by far on a market-cap-adjusted basis.
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