TechFlame News — About a month after the first batch of spot HYPE ETFs launched, early trading data has shown strong performance, indicating institutional demand for exposure to Hyperliquid.

Three issuers currently offer HYPE-linked investment products through regulated brokerage channels: 21Shares’ THYP, Bitwise’s BHYP, and Grayscale’s HYPG. Since their launch, the cumulative trading volume across these three products has approached $900 million, with net inflows reaching $153 million.

However, trading activity has not been evenly distributed. BHYP and THYP have contributed the majority of the volume, while the later-launched HYPG is still in its ramp-up phase.

Unlike tokens that rely primarily on speculative demand, HYPE’s value logic is more directly tied to trading activity on the Hyperliquid network. Approximately 97% of trading fees on Hyperliquid are directed into the Assistance Fund, creating a feedback loop between trading volume and token demand through an automatic buyback mechanism.