Trading volume in the spot HYPE ETF approache…

According to Odaily Odaily, about a month after the first batch of spot HYPE ETFs were listed, early trading data showed strong performance, indicating that institutional investors have demand for Hyperliquid-related exposure. Currently, three issuers offer HYPE investment products through regulated brokerage channels: 21Shares' THYP, Bitwise's BHYP, and Grayscale's HYPG. Since their launch, these three products have accumulated nearly $900 million in trading volume and net inflows of $153 million. However, the trading activity of each product is uneven. BHYP and THYP contributed the majority of the trading volume, while HYPG, which was launched later, is still in the stage of increasing trading volume. Unlike some tokens that rely primarily on speculative demand, HYPE's value is more directly linked to Hyperliquid trading activity. Approximately 97% of Hyperliquid's trading fees go into the Assistance Fund, and an automatic buyback mechanism creates a correlation between trading volume and token demand.

Trading volume in the spot HYPE ETF approached $900 million, with early demand indicating institutional interest.

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