Hyperliquid ETF launches with $1.8M debut, trailing XRP and Solana ETFs but marking a strong start.

The first-ever Hyperliquid exchange-traded fund (ETF), THYP by 21Shares, began trading with $1.8 million in volume on its first day. While this debut was smaller than recent XRP and Solana ETF launches, it exceeded the average ETF launch performance, highlighting growing interest in Hyperliquid's decentralized perpetual futures platform. Bitwise and Grayscale are also developing Hyperliquid-based investment products, signaling increased competition in crypto ETFs. Despite the ETF's launch, the HYPE token price slightly declined after recent gains, trading near $40.