Bitwise’s ETF clients spent more than $5 million on Hyperliquid’s HYPE token in the past week and have not sold any holdings since July. Despite a 14% decline in HYPE’s price over the last 30 days, the token remains up 118% since the start of the year.
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AAPLOngoing accumulation and market signals
Blockchain analytics platform Arkham reported that Bitwise ranks among the largest HYPE ETF issuers and has not sold a single HYPE token since the end of July. All August transactions conducted by the firm and its associated investors were purchases, according to Arkham Explorer. This data represents on-chain activity and is not an official statement from Bitwise.
While the recent investment amount is relatively minor compared to the broader crypto sector, Arkham pointed out that the accumulation trend is significant. Consistent buying by a major player often signals increasing confidence in the token’s underlying fundamentals.
Arkham highlighted that a firm consistently acquiring tokens sends a markedly different message than one balancing outflows against inflows.
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Bitwise launches Hyperliquid ETF on NYSE
Bitwise debuted its Hyperliquid ETF (BHYP) on the New York Stock Exchange in May 2026. Trading began a day after its May 14 launch. The company stated that this was among the first spot Hyperliquid products available in the United States and featured a unique staking capability managed through Bitwise Onchain Solutions.
As of April 1, 2026, Bitwise reported $11 billion in assets under management. The company set a sponsor fee of 0.34% for the ETF but waived all fees for the first month on investments up to $500 million.
Matt Hougan, Chief Investment Officer at Bitwise, described Hyperliquid as “one of the most compelling investment opportunities in crypto today,” crediting the platform’s underlying architecture for channeling trading activity directly to token holders.
European expansion and product features
Bitwise also expanded the HYPE product to Europe with the listing of the Bitwise Hyperliquid Staking ETP (BHYP) on Deutsche Börse Xetra on April 9, 2026. Bradley Duke, Head of Europe at Bitwise, described the listing as a timely addition to the firm’s European offerings and said it is the company’s seventh such product.
The European ETP tracks the Kaiko HYPE Reference Rate LDNLF index and carries an annual expense ratio of 0.85%. It targets a 1.00% net staking reward, with a third of staking rewards kept by Bitwise to cover operational costs. Staking revenue is collected daily and compounded, increasing each investor’s overall crypto holdings over time.
Token mechanics and trading impact
Coinbase Institutional characterized HYPE as a token that behaves more like a claim on exchange revenue rather than a purely DeFi asset. In a March 5, 2026 note, Coinbase researchers detailed that the Hyperliquid protocol channels its fees into an Assistance Fund, which converts 97% of this revenue into buybacks of the HYPE token, effectively reducing the circulating supply. Coinbase estimated annualized protocol fees at approximately $1 billion.
Demand and transaction flows are key for HYPE’s ongoing price movement. Hyperliquid recorded $2.9 trillion in trading volume in 2025, representing a year-over-year increase exceeding 400%, and currently accounts for about 60% of global on-chain derivative open interest, according to Bitwise. With a market value above $11 billion, HYPE ranks as the tenth-largest cryptocurrency by market capitalization.
Whether Bitwise continues accumulating HYPE through August is expected to be reflected first in Arkham’s blockchain data.
