Bitwise's Hyperliquid spot exchange-traded fund (ETF) 'BHYP' posted $40 million in assets under management (AUM) eight trading days after listing on the New York Stock Exchange (NYSE).

On May 26 (local time), blockchain outlet BeInCrypto reported that institutional inflows into Hyperliquid were rising. It said large investors also supported the uptrend by building 10-times leveraged long positions.

Bitwise CEO Hunter Horsley (헌터 호슬리) said BHYP recorded about $12 million in trading volume in the first 90 minutes of the session. He said AUM rose to $40 million a little more than a week after listing. He said investors want Hyperliquid exposure.

The pace of inflows also accelerated. Bitwise tallied BHYP AUM at $30.5 million over the first five trading days, with net inflows of $26.9 million and average daily trading volume of $9.2 million. On-chain data firm Arkham said on May 26 that Bitwise ETF investors bought a total of $35.9 million worth of HYPE in the previous week. That was 18 times the amount compared with the first week after the ETF launched.

On-chain buying also continued. Lookonchain tallied an additional purchase of 162,367 HYPE over two hours, worth about $10.11 million. It said Bitwise holdings rose to 723,361 HYPE as of May 21.

A whale investor also placed a bullish bet that day. Wallet 0x3ed4, tracked by Lookonchain, opened a 10-times long position worth 142,754 HYPE, about $9.1 million. The liquidation price is $41.93. Lookonchain pointed out that the wallet built a leveraged long position by following the surge.

The token price also showed strength. HYPE rose as high as $64.44 intraday before trading around $61.82. It is up 26 percent over the past seven days. The same wallet opened a 10-times long position in Zcash (ZEC) worth $8.24 million the previous day.

In the market, competition in Hyperliquid spot ETFs is accelerating. 21Shares listed a Hyperliquid spot ETF, 'THYP', on Nasdaq ahead of Bitwise's NYSE listing. Grayscale also filed for a HYPE spot ETF, and VanEck confirmed plans to launch a HYPE spot ETF in the United States and Europe.

Bitwise is also highlighting differences in product structure. BHYP applies native staking through the Bitwise Onchain Solution and disclosed the fund wallet address. It uses 10 percent of the annual management fee to buy HYPE for the issuer's financial statements, and holds that amount for at least 12 months.

Whether early inflows will continue beyond the post-listing excitement depends on how quickly rivals turn filings into actual products. With institutional and whale funds flowing in around HYPE at the same time, the next point to watch is whether spot ETF competition spreads into a phase of expanding token demand.

What a week. Here’s the Bitwise Hyperliquid ETF $BHYP Trading Report after the first five days.* - $30.5M in AUM - Average daily volume: $9.2M - Total inflows: $26.9M - The only spot Hyperliquid ETF to stake assets in-house - The only spot Hyperliquid ETF to publish the fund’s… pic.twitter.com/G7UcuwmWO1