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The first-ever Hyperliquid ETF, trading under the ticker THYP, posted $1.8 million in volume on its debut session — a result Bloomberg ETF analyst James Seyffart described as "very, very solid" and above the average ETF launch, even if it stopped short of a blockbuster opening.
Seyffart noted that Bitwise's own Hyperliquid ETF is expected to launch next, setting up a competitive two-product market around the HYPE token. The sequential launches suggest institutional appetite for structured exposure to Hyperliquid is real, with asset managers moving quickly to capture early-mover positioning in what remains a niche but fast-growing corner of the DeFi derivatives space.
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