21Shares' Hyperliquid ETF hits best-ever inflows day at $4.9M as Coinbase joins as USDC treasury deployer!

21Shares' Hyperliquid ETF recorded its strongest single-day performance on Thursday, booking $4.9 million in net inflows and $8.1 million in trading volume, according to Michael Friedman, the firm's Director of Capital Markets. Friedman told The Block the milestone coincided with a significant structural announcement: Coinbase has become Hyperliquid's official treasury deployer for USDC.

The Coinbase integration is more than a branding win — it signals institutional-grade treasury infrastructure backing the protocol, which is the kind of legitimizing event that tends to unlock a new tier of allocator. Friedman suggested the announcement likely contributed to the ETF's record day.

HYPE, the underlying token, is up 8% in the past 24 hours, suggesting the market is pricing the Coinbase relationship as a structural positive rather than a short-term catalyst.