Hyperliquid ETF adoption accelerates with Bitwise's BHYP reaching $166M in holdings and institutional interest (UBS, Jane Street) totaling $75M; concurrent Bitcoin spot ETF inflows of $175M and Hyperliquid's annualized revenue estimated at $193M highlight strong ecosystem momentum, offset by Chilean exchange Orionx shutting down with $7M+ shortfall.
DeFi & Yields ·
Bitwise's BHYP exchange-traded product has reached $166 million in tracked holdings, establishing itself as the largest Hyperliquid ETF offering. Institutional adoption is accelerating, with 30 known institutions holding approximately $74.9 million in Hyperliquid ETF exposure according to 13F filings, and UBS and Jane Street among firms with a combined $75 million in such holdings. Meanwhile, traditional crypto assets saw concurrent momentum, with spot Bitcoin ETFs recording $175 million in inflows and Ethereum ETFs recording $26.46 million in inflows.
Hyperliquid's ecosystem revenue generation appears substantial. Based on approximately $6.21 billion in USDC held within the AQA v2 wallet and a 30-day SOFR rate of roughly 3.65%, the indicative annualized revenue is estimated at about $193 million, translating to roughly $527,000 daily. If approximately 90% of this revenue flows to the Assistance Fund, it could create corresponding buyback pressure on HYPE. These estimates rely on on-chain balances and interest-rate assumptions rather than official Hyperliquid disclosures.
Headwinds in the broader ecosystem remain. Chilean exchange Orionx announced a shutdown following discovery of a $7 million-plus asset shortfall. TradeXYZ deployed its HIP-4 decentralized exchange, signaling continued protocol development on Hyperliquid.