Hyperliquid ETF saw a record single-day net inflow of $25.5 million, with institutional funds pouring into the HYPE ETF surpassing this year's Bitcoin ETF.

BlockBeats News, May 21st. On May 20th, the US Spot Hyperliquid ETF registered a net inflow of $25.5 million, marking the largest single-day inflow since its launch. Previously, the ETF saw net inflows of $4.4 million and $11 million on Monday and Tuesday, respectively.

Data shows that the 21Shares Hyperliquid ETF (THYP), launched on May 12th, saw a net inflow of $16.7 million on the same day, higher than the previous day's $5.3 million. The Bitwise Hyperliquid ETF (BHYP), which began trading on May 14th, recorded a net inflow of $8.8 million, up from $5.7 million the day before. Within the first seven trading days since launch, this type of ETF has accumulated a total net inflow of $54 million.

Presto Research's Research Director, Peter Chung, pointed out that when adjusted for market capitalization, institutional funds flowing into the HYPE ETF have outpaced the speed of inflows into Bitcoin ETFs in the same year. Zeus Research analyst Dominick John stated that the inflow of funds indicates that investors are seizing the entry opportunity in the infrastructure narrative and recognizing its transparent, usage-based revenue model.

Fueled by this, the HYPE price surged 17.3% in the past 24 hours to $55.91, with a current market capitalization of approximately $13.4 billion. The token previously hit a historical high of around $59.3 in September 2025. CoinGecko data shows that HYPE's fully diluted valuation briefly reached around $54.7 billion, momentarily surpassing Solana's $54.2 billion.

HashKey Group's Senior Researcher, Tim Sun, believes that the sustained inflow of funds into the HYPE ETF indicates the market is forming a new consensus, with decentralized trading platforms beginning to be incorporated into a broader financial infrastructure revamp. CoinEx's Chief Analyst, Jeff Ko, pointed out that the investment logic of HYPE and its related ETFs has structural differences compared to Bitcoin and Ethereum; Bitcoin is a non-yielding store of value, Ethereum is built around staking rewards, while HYPE is closer to equity in a cash-flow-generating trading platform because the platform uses most of the fees for open-market token buybacks, providing investors with a more familiar valuation framework.

On-chain data-wise, Hyperliquid has become a dominant force in on-chain perpetual contract and derivative trading. So far this week, the network has captured approximately 42% of the blockchain fee share, surpassing Tron's 22.6%, Solana's 10.6%, and Ethereum's 8%.