The first-ever Hyperliquid ETF hit Nasdaq on Tuesday, and the market’s reaction was complicated.
HYPE token slipped roughly 2.4% to around $40.20 even as institutional access to the asset officially opened up, a classic “buy the rumour, sell the news” pattern that crypto veterans will recognise immediately. What happened behind those numbers, and what it signals for where HYPE goes next, is worth unpacking carefully.
Crypto asset manager 21Shares launched its Hyperliquid ETF under the ticker THYP, giving traditional investors regulated exposure to HYPE without ever touching a crypto wallet.
Okay, $THYP finished the day at $1.8 million in trading. Very very solid day and better than your average ETF launch for sure but nothing too crazy. Expecting @Bitwise's Hyperliquid ETF to be the next launch.
Hyperliquid https://t.co/4RWzMBJT2D pic.twitter.com/fg3Nm5cV15
— James Seyffart (@JSeyff) May 12, 2026
According to Bloomberg ETF analyst James Seyffart, THYP closed its debut day with $1.8 million in trading volume and $1.2 million in net inflows, “very, very solid,” Seyffart posted to X, and better than your average ETF launch.
Context matters, though: the first spot XRP ETF pulled $58 million on day one last November, and Bitwise’s Solana ETF matched it at $57 million. THYP’s debut was respectable, not explosive.
The contrast between institutional enthusiasm and token price action raises a real question about where HYPE’s near-term momentum actually sits — and whether the ETF pipeline building behind THYP changes the picture.
Exclusive for 99Bitcoin’s Readers: Earn $10 USDC When you Sign Up for Binance
Can Hyperliquid (HYPE) Price Recover From Its Post-ETF Dip?
HYPE USDT closed Tuesday at around $40.20 to $40.31, down roughly 2.4 to 4% over 24 hours despite what should have been a bullish catalyst. Price dipped below $40 intraday, a psychologically important level now functioning as near-term support.
The pullback looks like profit-taking after a pre-announcement run-up rather than any fundamental deterioration. Post-launch exhaustion is one of the most predictable patterns in crypto.
The $40 level is the line to watch.
Hold it on a daily close, and the base case is sideways consolidation while the market digests the new ETF structure and waits for the next catalyst. Bitwise’s competing HYPE ETF is likely next in line according to analyst Seyffart, and Grayscale is pursuing its own HYPE fund.
The institutional access story is still expanding, not peaking. If multiple ETF launches hit in quick succession, fresh demand waves push HYPE toward $45 to $48.
Lose $40 decisively, and the next meaningful support sits around $36, where consolidation occurred before the approval rally.
The honest read is that HYPE is pausing, not reversing. But pauses can last longer than anyone expects.
Maxi Doge is Becoming the Memecoin to Watch this Cycle
HYPE at $40, with multiple ETFs queuing behind it, is genuinely interesting, but it’s also an asset that now has Wall Street-grade infrastructure. The easy early-stage upside is largely priced in. Traders hunting for asymmetric risk are rotating attention toward earlier-stage opportunities where institutional money hasn’t yet arrived.
One presale generating attention in that space is Maxi Doge (MAXI), a meme token built on Ethereum that leans hard into trading culture, think 1000x leverage energy meets gym-bro viral humor, with actual mechanics underneath.
The project has raised $4,776,485.82 at a current price of $0.0002818, with dynamic staking APY for holders and a competition structure that rewards active traders through leaderboard prizes. A dedicated Maxi Fund treasury handles liquidity and partnership development.
The tagline, “never skip leg day, never skip a pump”, gives you a clear picture of the community it’s building. The risk is real: meme tokens are high-volatility, low-certainty plays, and presale projects carry execution risk that established assets don’t.
DISCOVER: Best Meme Coin ICOs to Invest in 2026
Join The 99Bitcoins News Discord Here For The Latest Market Updates
Why you can trust 99Bitcoins
Established in 2013, 99Bitcoin’s team members have been crypto experts since Bitcoin’s Early days.
Weekly Research
100k+Monthly readers
Expert contributors
2000+Crypto Projects Reviewed
