HYPE ETF Race: Grayscale Files Third Amendment as Inflows Hit $81M

21Shares vs Bitwise HYPE ETF: Who Is Winning the Inflow Race?

What happens when institutional money discovers a token that's up 101% this year — and three competing ETFs are all racing to catch that demand?

That's exactly where the HYPE ETF story stands today. Grayscale filed its third S-1 amendment with the SEC on May 22, 2026 for its proposed Hyperliquid ETF. The ticker, when approved, will be GHYP. It will trade on NASDAQ. The trust was formed in Delaware on January 8, 2026 — and every amendment since brings the launch date closer.

Source: X(formerly Twitter)

Market analyst confirmed the filing publicly. Issuers file amendments when they're responding to SEC feedback. Three amendments in under 60 days tells you both sides are actively working toward a live date. The HYPE ETF market is moving fast.

What Is the Grayscale HYPE ETF and How Far Along Is It?

An exchange-traded fund — lets you buy exposure to a crypto asset through a regular brokerage account. No wallet. No private key. Just a ticker you buy like a stock. Grayscale's proposed HYPE ETF does exactly that for Hyperliquid's native token.

The Grayscale filing holds HYPE directly in the trust's own accounts. A professional custodian protects the private keys. As of March 31, 2026, HYPE had a $9.4 billion market cap, ranked tenth globally by CoinMarketCap, and processed $232.7 million in 24-hour trading volume on that single day.

Grayscale filed Amendment 1 in April 2026. Amendment 2 followed on May 11. Amendment 3 landed on May 22. That's three rounds of SEC dialogue in roughly five weeks. The pace of these updates, according to Seyffart, suggests both parties are narrowing the gap between "proposed" and "approved."

The trust also intends to rebrand. Once the registration goes effective, Grayscale plans to rename it the Grayscale Hyperliquid Staking fund— a detail buried in the S-1 that signals the product may offer staking yield on top of simple token exposure.

21Shares vs Bitwise HYPE ETF: Who Is Winning the Inflow Race?

While Grayscale waits for SEC clearance, two products already trade on US exchanges.

21Shares launched its THYP fund on May 12, 2026 on NASDAQ. Bitwise followed with BHYP on the NYSE on May 14. In nine trading days, the two funds pulled in a combined $81 million in total assets. Cumulative net inflows hit $54 million across seven trading days alone, per SoSoValue data.

The single biggest day came on May 20, 2026. Total inflows reached $25.46 million — a new daily record. Here's how that day broke down:

• 21Shares THYP: $16.65 million in a single session, bringing its total historical net inflow to $34.89 million

• Bitwise BHYP: $8.81 million the same day, for a running total of $16.56 million since launch

• Combined 24-hour inflow of $16.1 million recorded again on May 22, per Arkham Monitor data

21Shares currently leads by roughly $20 million in total assets. One key reason: it charges a significantly lower annual fee than the Bitwise product. Lower fees mean more of your return stays in your pocket — and institutional investors track that difference closely.

Bitwise has countered with a unique move. The firm announced it will use a portion of its own fee revenue to buy the token on its own balance sheet. That adds direct corporate demand on top of the ETF inflows.

Both funds now hold nearly 0.6% of HYPE's entire circulating supply. That figure has grown every single day since launch. Not one net-negative day. That's a clean accumulation streak.

What Three HYPE ETFs on US Exchanges Mean for the Price

The token traded near $20 in January 2026. By May 21, it hit $57.16 — within 1% of its all-time high of $58. It's now up 101% year-to-date. The HYPE ETF inflows are the clearest near-term catalyst driving that move.

Peter Chung, Head of Research at Presto Research, made a striking comparison. Adjusted for market cap, institutional money is flowing into the HYPE ETF faster than it flowed into Bitcoin ETFs at the equivalent stage of their launch. That's a specific, data-backed claim that puts the current demand in sharp context.

Dominick John of Zeus Research added that the inflows reflect investors recognising Hyperliquid's usage-based revenue model. Hyperliquid now captures 42% of all on-chain trading fees in the DEX — decentralised exchange — market.

If Grayscale's GHYP gets SEC approval, three competing products would trade simultaneously on US exchanges. That scenario has never played out with an altcoin ETF in US market history. Three competing products means three separate pools of institutional buying, three sets of marketing budgets driving awareness, and three custodians holding the token off the open market.

Supply held off-market by spot fund custodians reduces the float available for regular trading. Less float with steady demand historically supports price. Based on public market analyst reports and assumptions — no exact outcomes are guaranteed.

Technical analysts note HYPE's RSI has crossed above 80, a level that signals the asset may be overbought in the short term. Key support levels cited by FinanceFeeds sit at $57.30, $54.14, $51.52, and $49.26 in case of a correction. All price data and projections are based on public market sources only.

Conclusion

The HYPE ETF story is no longer speculative. Two products are live, pulling in record inflows daily. Grayscale's third filing means a third product could join them soon. If Grayscale's GHYP gets listed, the US market will hold three competing HYPE ETF products — an altcoin first. Watch the NASDAQ for the GHYP ticker. That's the next milestone in this race.

YMYL Disclaimer 

This article is for informational purposes only and does not constitute financial or investment advice. Crypto presales are high-risk and readers should verify all information independently before making any financial decision.