Bitwise's ETF clients bought more than $5 million worth of Hyperliquid's HYPE last week and have not sold any since the end of July, according to Arkham's onchain data. Arkham said all Bitwise-linked HYPE transactions recorded in August were purchases, signaling continued accumulation even as the token dropped more than 14% over the past 30 days while remaining up 118% year to date. The U.S. buying is tied to the Bitwise Hyperliquid ETF, which trades under BHYP on the New York Stock Exchange and launched in May 2026 as one of the first U.S. spot Hyperliquid products. Bitwise had also listed a Hyperliquid staking ETP in Europe in April. The accumulation is notable because Coinbase Institutional has described HYPE as behaving more like a claim on exchange revenue than a typical DeFi token, with Hyperliquid directing 97% of protocol fees into HYPE buybacks through an Assistance Fund.