PANews reported on May 13th that, according to The Block, Bloomberg ETF analyst James Seyffart stated that 21Shares' Hyperliquid ETF saw a trading volume of $1.8 million on its first day of trading, a "very solid" first-day performance, better than typical ETF launches, but not particularly impressive. This fund is the first Hyperliquid ETF to begin trading, allowing investors to gain price exposure without holding HYPE tokens. In comparison, the first spot XRP ETF saw a first-day trading volume of $58 million, and the first Solana ETF saw $57 million.

Seyffart predicts that Bitwise's Hyperliquid ETF will be the next similar product to go public. Bitwise submitted its second amendment last month, finalizing the pre-listing operational details. Grayscale is also seeking to launch a HYPE fund.