Market analyst Aletheia released a report on Wednesday, taking a close look at the first six days of trading for Hyperliquid ETFs launched by 21Shares and Bitwise. The analysis focuses on how early inflows are stacking up across major crypto assets and what those moves may signal for demand going forward.
First Six Days Under The MicroscopeThe Solana (SOL) spot exchange-traded fund sector produced a different picture. According to the report, Solana posted higher market-cap-adjusted flows than Hyperliquid on four of the first six trading days.
On Tuesday, however, Hyperliquid spot ETFs recorded materially stronger inflows than any of their peers. The analyst emphasized that it’s still too early to say whether this spike is the start of a sustained trend, or whether it reflects a short-term burst of demand that may normalize over the coming days.
Hyperliquid Near Bull-Run HighsBeyond the raw inflow numbers, the report reveals another layer: the Hyperliquid spot ETFs are competing with the Assistance Fund — the platform’s economic structure for token buybacks — in terms of market buying pressure.
In the first six trading days, the ETFs bought 2.5 times as much HYPE as the Assistance Fund bought and burned. The “burning” element is important context, since it differs from a straightforward accumulation mechanism.
Still, when the discussion is framed around buying pressure and market impact, Aletheia argues that the ETFs are clearly adding to the fuel.
The combination of ETF-driven activity and increasing token demand has moved Hyperliquid close to current price peaks of $59 reached during last year’s bull run.
Featured image created with OpenArt, chart from TradingView.com
