Bitwise clients holding the ETF spent over $5 million on the $HYPE token from Hyperliquid last week and have not sold since July. The price of $HYPE has fallen more than 14% over the past 30 days. However, since the beginning of the year, it is still up 118%.
According to data, Bitwise is one of the largest issuers of the $HYPE ETF and has not sold a single token since the end of July. All transactions noted in August were purchases. The information is sourced from Arkham Explorer and is not an official Bitwise report, meaning it reflects only blockchain transactions related to the company and its investors.
Although the amount of funds involved is small compared to the overall industry trend, it is precisely this trend that caught Arkham's interest. A firm consistently receiving tokens sends a completely different signal than one seeing outflows versus inflows.
Launch on the New York Stock Exchange Scheduled for May
The fund behind the asset purchases in the US is the Bitwise Hyperliquid ETF, trading under the ticker BHYP on the New York Stock Exchange. Bitwise introduced the fund on May 14, 2026, with trading beginning the next day. According to the company, this is one of the first Hyperliquid spot products available in the US and the first to utilize its own operational capabilities for staking through Bitwise Onchain Solutions.
Bitwise, which managed $11 billion in assets as of April 1, 2026, set a sponsor fee of 0.34% and offered zero fees for the first month on the first $500 million. "Hyperliquid has become one of the most attractive investment opportunities in crypto today," Matt Hougan stated in the launch announcement. He linked this to the $HYPE architecture, noting that trading on the platform directly benefits token holders.
Europe Got Its Version First
Bitwise launched a $HYPE product in Europe. On April 9, 2026, it listed the Bitwise Hyperliquid Staking ETP (BHYP) on Deutsche Börse Xetra. Bradley Duke, head of the company's European division, called the product a "timely addition" to the company's European product lineup and stated it was already the seventh such product from Bitwise.
The European ETP follows the Kaiko $HYPE Reference Rate LDNLF and has an annual fee of 0.85%. It aims for a net staking return of 1.00%, with 33% of that return retained by the issuer for operational expenses. Staking yield accrues daily and is paid back, thereby increasing the amount of crypto capital owned by each party over time.
Why Accumulation is Important for the Hype
The purchase involves a token that, according to Coinbase Institutional, behaves less like a typical DeFi asset and more like a claim on exchange revenue. In a note dated March 5, 2026, Coinbase researchers explained that Hyperliquid directs protocol fee revenue into an Assistance Fund, which converts 97% of it into $HYPE token buybacks, treating the bought-back tokens as retired supply. The company estimated annual fee revenue at approximately $1 billion.
It is this mechanism that explains why demand and flow metrics matter greatly here. According to Bitwise, at the time of launch, Hyperliquid had processed a trading mass of $2.9 trillion in 2025, more than 400% higher than the previous year, and holds roughly 60% of the world's open interest in on-chain derivatives. $HYPE has risen to the tenth position among the largest crypto assets by market capitalization, exceeding $11 billion. Whether Bitwise will continue to buy assets in August will be shown by Arkham's analysis sooner than anywhere else.
