HYPE has rallied roughly 20% over the past two days, surpassing the $46 mark since October last year. Bullish momentum has picked up on the back of the news that Bitwise\u2019s spot Hyperliquid ETF starts trading on NYSE today under the ticker BHYP. This is the first US crypto ETF where the issuer is running its own staking infrastructure rather than outsourcing it.<\/p>\n\n
The sponsor fee is set at 0.34%, waived entirely for the first 30 days on the fund\u2019s first $500 million in assets. Two days ago on May 13, 21Shares launched its own HYPE ETF<\/a>, which routes its staking through third-party providers. That one design choice has brought up the first real margin contest in the institutional Hyperliquid product race.\u00a0<\/p>\n Introducing the Bitwise Hyperliquid ETF $BHYP\u2014offering 100% direct exposure to spot HYPE. And the first to use in-house staking, rather than a third-party staking provider.<\/p>\n Starts trading tomorrow.<\/p>\n Why Hyperliquid? \u2014 Bitwise (@Bitwise) May 14, 2026<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n News that Coinbase is becoming the official USDC treasury deployer on Hyperliquid has added fuel to the rally. HYPE is currently trading at a market cap of $11.8 billion and ranks as the tenth-largest crypto asset.<\/p>\n Bitwise will stake the fund\u2019s HYPE holdings through their own staking arm called Bitwise Onchain Solutions. This is a unique position since other US Hyperliquid ETF filings, including the 21Shares product that went live on Tuesday, relies on outside operators to handle the staking. <\/p>\n Third-party staking operators take a cut of the rewards, and on a network where the base HYPE staking yield hovers around 2.2%, that haircut compounds across the lifetime of an ETF position. Bitwise keeping it in-house is how it can afford to undercut on fees while still earning a margin on the staked portion.<\/p>\n Grayscale is next in line to launch its Hyperliquid ETF but a launch date is yet to be confirmed. This in-house staking play has effectively reshaped how institutions can approach future flings. <\/p>\n The fact now is that institutions sit with two choices: build out a staking stack from scratch, which takes the kind of validator relationships Bitwise has been developing for over a year, or accept thinner margins and try to compete on distribution alone.\u00a0<\/p>\n Inflow and volume data from 21Shares\u2019 THYP ETF highlights just how much demand is on the table at the moment. The ETF recorded $1.8 million in trading volume on its first trading day, then crossed $8.31 million in traded value by Thursday. Data from SoSoValue<\/a> shows that, in the first few days of trading, cumulative total net inflow stands at $2.52 million.\u00a0<\/p>\n\n
We believe Hyperliquid is one of the most important onchain\u2026 pic.twitter.com\/Of55iF1AMW<\/a><\/p>\nThe In-House Staking Play No One Else Has\u00a0<\/h2>\n
Early Flows Show the Demand Is Real\u00a0<\/h2>\n