21Shares Hyperliquid ETF Sees Record Inflows as Coinbase Takes Role as Treasury Deployer

21Shares’ Hyperliquid ETF recorded its strongest trading session yet on Thursday, with about $8.1 million in trading volume and net inflows of roughly $4.9 million. According to the firm’s Director of Capital Markets, Michael Friedman, the ETF had its “best day yet” since launching earlier this week.

The product tracks exposure to Hyperliquid’s HYPE token and is among the first exchange traded funds tied to the asset. The inflow surge came shortly after increased attention around the ecosystem and rising trading activity.

The HYPE token had shed some gains by Friday morning but was still up about 8% to $43.63 up, according to Blockto market data.

Coinbase Role Boosts Market Sentiment

A key driver behind the momentum was Coinbase becoming Hyperliquid’s official treasury deployer for USDC. The development strengthened confidence around stablecoin flows within the platform, where USDC already plays a dominant role.

Market participants also pointed to HYPE’s strong price performance, which rose sharply during the session before settling with an 8% gain to around $43.63.

ETF Competition and Market Growth

Bitwise also launched a competing Hyperliquid ETF (BHYP) on the same day. Combined inflows across both products have now reached nearly $8.2 million, reflecting early but growing institutional interest in Hyperliquid-linked investment products.