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▲ Hyperliquid (HYPE), USA/AI-generated image
As Coinbase partnered with the Hyperliquid ecosystem, funds began to pour into the Hyperliquid-linked ETF market, which had previously received relatively little attention.
According to Benzinga on May 15 (local time), competition around the Hyperliquid ETF market is accelerating after Coinbase Global announced it would become the official treasury deployer for Hyperliquid's USDC liquidity management. Market participants interpreted this move as a significant signal of institutional investor confidence in the rapidly growing decentralized derivatives platform.
Coinbase's announcement also impacted the surge in price of HYPE, Hyperliquid's native cryptocurrency. HYPE rose approximately 14.55% on Thursday, and trading activity in Hyperliquid-linked ETFs also significantly increased. Michael Friedman, Head of Capital Markets at 21Shares, stated that the 21Shares Hyperliquid ETF (THYP) recorded its strongest trading day since its launch.
According to Friedman, THYP recorded $8.1 million in trading volume and approximately $4.9 million in net inflows that day. He attributed the trading volume and capital inflows to a combination of HYPE's strong performance on the day, the joint announcement by Coinbase and Hyperliquid, Coinbase's management of Hyperliquid USDC liquidity, and the plan to gradually reduce USDH.
Benzinga reported that ETF issuers are moving to preempt investor demand for cryptocurrency infrastructure products beyond Bitcoin (BTC) and Ethereum (ETH). The article also mentioned the Bitwise Hyperliquid ETF (BHYP) as one of the US-listed spot Hyperliquid ETFs that integrates staking functionality.
Hyperliquid has emerged as one of the fastest-growing ecosystems in decentralized finance (DeFi). According to the BHYP launch press release, the Hyperliquid Layer 1 blockchain processed approximately $2.9 trillion in trading volume in 2025 and accounted for about 60% of global on-chain derivatives open interest. The platform handles approximately 200,000 orders per second and has expanded its scope to include spot trading, lending, borrowing, and HyperEVM, an Ethereum-compatible smart contract.
The recent influx of funds into Hyperliquid ETFs indicates that Wall Street is beginning to view decentralized trading infrastructure as the next institutional investment theme in the cryptocurrency market. With Coinbase's involvement in liquidity management, the surge in HYPE's price, and the expansion of THYP's trading volume, the Hyperliquid ecosystem has emerged as a new competitive axis in the cryptocurrency ETF market.
*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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