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Spot HYPE ETFs outpace Bitcoin and Ethereum in debut, with strong on-chain growth in May 2026.

Protocol Fundamentals
27 May 2026
Blockonomi
View Source
Bullish
pluang ai news

Spot HYPE ETFs absorbed 1.04% of their market cap in the first 10 days, surpassing Bitcoin's 0.59% and Ethereum's 0.41%. This marks the strongest debut for any spot crypto ETF to date, reflecting strong investor demand. Meanwhile, Hyperliquid's protocol metrics show significant growth, with TVL rising from $4.28B to $5.16B and DEX volume increasing from $108M to $146M in May 2026. The protocol controls 55% of decentralized perpetual exchange TVL and processed $190B in volume last month, positioning it alongside major centralized exchanges like Binance.

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