Image credit: 21Shares logo
21Shares says early demand for its Hyperliquid-linked ETFs points to investor interest in markets that trade around the clock, not only during traditional exchange hours.
The firm launched THYP and TXXH on May 12, positioning them as the first U.S. ETFs tracking Hyperliquid. THYP provides unleveraged exposure, while TXXH offers 2x daily exposure to HYPE.
THYP Draws $5M Inflows and $8M Volume
Eli Ndinga said THYP attracted more than $5 million in inflows within days of launch. The fund also generated about $8 million in trading volume on Thursday alone, giving 21Shares an early signal that investors want regulated exposure to newer crypto trading venues beyond Bitcoin and Ethereum.
21Shares framed the early activity as a sign that investors are looking for products tied to crypto-native market infrastructure, not only major tokens.
Hyperliquid’s 24/7 Access Drives ETF Pitch
Ndinga said Hyperliquid’s appeal goes beyond the HYPE token itself. He said the platform gives traders continuous access to crypto and markets such as oil, silver and gold through an always-on venue, including during periods when traditional exchanges are closed.
He pointed to recent Iran-related tensions as an example of when traders used Hyperliquid after legacy markets had shut. The argument fits 21Shares’ broader strategy. In October 2025, the firm filed for a passive U.S. Hyperliquid ETF as asset managers rushed to launch more crypto-linked products on brokerage platforms.
TXXH Offers 2x Daily HYPE Exposure
The leveraged fund, TXXH, is designed to deliver twice the daily performance of HYPE. 21Shares says the product uses derivatives such as swaps, futures and options rather than holding the token directly.
The firm also warns that investors can lose all or substantially all of their investment. That makes TXXH a higher-risk product aimed at traders seeking amplified daily exposure rather than long-term passive holders.
Euronext Weighs Continuous Trading Demand
The broader 24/7 trading debate is also reaching traditional market infrastructure. On May 20, Euronext CEO Stéphane Boujnah said the exchange operator would be prepared if demand for continuous trading increases, while noting that 24/7 markets are operationally complex.
For 21Shares, Hyperliquid is a test of that shift. Early THYP inflows and TXXH’s leveraged structure give investors a regulated way to trade the 24/7 market theme through ETF products.
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Fhumulani Lukoto
Cryptocurrency Journalist
Fhumulani Lukoto holds a Bachelors Degree in Journalism enabling her to become the writer she is today. Her passion for cryptocurrency and bitcoin started in 2021 when she began producing content in the space. A naturally inquisitive person, she dove head first into all things crypto to gain the huge wealth of knowledge she has today. Based out of Gauteng, South Africa, Fhumulani is a core member of the content team at Coin Insider.