In one very small, and at least to date obscure, corner of the crypto market, investors are rushing in rather than heading for the exits. So-called HYPE exchange-traded funds are taking in new assets from investors at a time when the leading crypto bets, including bitcoin and ether, are tanking.
In May, Bitwise and 21shares launched spot ETFs tracking indexes for HYPE, a decentralized crypto asset that operates on its own blockchain, hyperliquid. The products, which trade under the tickers BHYP and THYP, have raised close to $150 million in assets and since launch have mostly experienced positive net inflow days, something that caught the attention of Nate Geraci, president of NovaDius Wealth Management.