Bitwise-linked wallets acquired about $10.5 million in HYPE on Sept. 4, ending four days without tracked BHYP purchases, Arkham data show. The transaction was the fund's largest tracked allocation since a $23.2 million purchase on Aug. 27 and brought Arkham's estimate of cumulative acquisitions since launch to $166.3 million. Bitwise has not confirmed that figure, and wallet values should not be treated as audited assets under management or definitive ETF flow data. BHYP began trading on NYSE Arca on May 15 after commencing operations a day earlier, offering exchange-traded shares backed by direct HYPE holdings. Regulatory documents name Anchorage Digital Bank as custodian, while Bitwise targets staking 70% of fund assets. Hyperliquid's Assistance Fund separately uses trading-fee revenue to acquire HYPE, a mechanism distinct from ETF creations and redemptions.