PANews reported on May 20th that, according to The Block, two US spot ETFs tracking Hyperliquid—21Shares' THYP and Bitwise's BHYP—saw a combined net inflow of approximately $22.3 million in their first week of trading, with over $11 million flowing in on Tuesday alone. Analysts noted that in the first six trading days, the two Hyperliquid ETFs outperformed the Bitcoin ETF on three days and the Ethereum ETF on five days, based on market capitalization adjustments. On-chain data shows that Hyperliquid recently accounted for over 42% of all blockchain transaction fees, with almost all of its HYPE token's revenue being used for buybacks through the Assistance Fund. Bitcoin Suisse analysis indicates that the amount of HYPE purchased by the ETFs in the first six days was approximately 2.5 times the amount the fund purchased and burned. Bitwise previously stated that it would use a portion of its BHYP management fees to buy and stake HYPE.