Jun. 6 at 6:47 PM
In one very small, and at least to date obscure, corner of the crypto market, investors are rushing in rather than heading for the exits. So-called HYPE exchange-traded funds are taking in new assets from investors at a time when the leading crypto bets, including bitcoin
and ether
, are tanking.
In May, Bitwise and 21shares launched spot ETFs tracking indexes for HYPE, a decentralized crypto asset that operates on its own blockchain, hyperliquid. The products, which trade under the tickers BHYP
and THYP
, have raised close to
$150 million in assets and since launch have mostly experienced positive net inflow days, something that caught the attention of Nate Geraci, president of NovaDius Wealth Management.
Grayscale launched its own Grayscale Hyperliquid Staking ETF (HYPG) on Wednesday.
“This is a market that’s 1% penetrated into its potential market. Most people still don’t know what hyperliquid is,” Bitwise Matt Hougan chief investment officer told CNBC.
$BTC.X
$HYPG