Hyperliquid's native token, HYPE, rose to $75.52 on Tuesday, hitting a new all-time high. Amid a generally weak market, progress on related ETFs and institutional inflows continue to support the token's recent gains.

Grayscale advances spot ETFs

Grayscale has filed a revised S-1 registration statement with the U.S. Securities and Exchange Commission to proceed with its spot Hyperliquid ETF. The product is proposed to use the ticker symbol HYPG and will have a management fee of 0.29%.

Bloomberg ETF analyst James Seyffart said that such revisions typically mean the product is closer to launch, potentially within days. If launched smoothly, competition among ETFs in the Hyperliquid sector will intensify further.

Bitwise products attract funding

Bitwise's Hyperliquid ETF, BHYP, continues to attract funds. Reports indicate that the fund recorded a net inflow of approximately $20 million last Friday, marking its largest single-day inflow since its launch.

Just 11 trading days after its listing, BHYP's assets under management have exceeded $100 million, with a cumulative net inflow of $81.8 million and an average daily turnover of approximately $35.1 million.

On-chain purchases continue

Bitwise also stated that it will hold 10% of its annual management fee revenue in the form of HYPE for at least 12 months. This arrangement is seen by the market as a further commitment to the Hyperliquid ecosystem.

According to on-chain analytics platform Lookonchain, Bitwise bought another 336,474 HYPE tokens in the past 24 hours, worth approximately $24.4 million at the time. The price has since retreated after reaching a new high, trading at around $72.28 at the time of writing.