HYPE extended its rally from above $50 to above 60 USDT on May 21 and later above $62, setting a new all-time high as demand around Hyperliquid accelerated. Hyperliquid-linked spot ETFs recorded $16.15 million in net inflows on May 21, led by the Bitwise Hyperliquid ETF at $8.44 million and the 21Shares Hyperliquid ETF at $7.71 million, lifting total net assets to $81.13 million within nine days and cumulative inflows to $63.96 million after a record $25.46 million of net inflows on May 20. Bloomberg ETF analyst Eric Balchunas said 21Shares’ Hyperliquid ETF THYP saw trading volume rise from $1.8 million on its first day to about $14 million by May 19, while another report put daily volume at about 2.2 billion yen. According to Bitwise CEO Hunter Horsley, BHYP also recorded more than $30 million in same-day trading volume and surpassed $30 million in assets, while Bitwise published wallet addresses showing about $19.78 million in HYPE that it said was fully staked. Reporting additionally cited adjusted inflow strength versus Bitcoin products, DeFi-native speculation, and Grayscale’s pursuit of a competing Hyperliquid ETF as factors drawing attention to the market.