Bitwise HYPE ETF resumes $10.5M accumulation after four-day pause

Bitwise's Hyperliquid exchange-traded fund resumed accumulating HYPE on Sept. 4, buying $10.5 million of the token in its biggest tracked daily purchase since late August, Arkham data shows.

The transaction was the fund's largest since a $23.2 million purchase on Aug. 27, according to blockchain intelligence platform Arkham, which flagged the activity on Sept. 6. Arkham estimates Bitwise-linked addresses have accumulated about $166.3 million in HYPE since the product launched in May, a total that makes BHYP the largest HYPE ETF by tracked wallet value.

The renewed accumulation adds regulated spot demand to a token already supported by Hyperliquid's fee-funded buybacks, which removed another 9,730 HYPE from supply in the 24 hours to Sept. 6.

ETF purchases are not a single investor trade

The $10.5 million movement should not be read as one investor buying that much in fund shares. Exchange-traded crypto products create and redeem shares through authorized participants, and the trust may receive cash or tokens as part of that process. HYPE acquisitions can therefore reflect net share creations, liquidity management or settlement activity involving several investors.

Blockchain data can identify transfers between labeled addresses but cannot always reveal their commercial purpose. Address ownership can change, and internal custody movements can resemble purchases unless analysts identify the sending address and transaction route. Arkham's figures are third-party estimates rather than audited fund-flow data, and the reported four-day pause refers only to activity involving wallets the platform recognizes.

Regulated demand meets protocol buybacks

BHYP's purchases form one part of HYPE's demand structure. Hyperliquid separately uses revenue from trading fees to acquire HYPE through its Assistance Fund, a mechanism that has removed 48.42 million tokens from supply — about 4.84 percent of the original one-billion maximum — worth roughly $4.14 billion at current prices, per Onchain Lens. Those purchases are not ETF inflows and should not be combined with BHYP's activity.

Bitwise has also pledged to use 10 percent of BHYP's management fees to buy and hold HYPE on its corporate balance sheet, a commitment separate from the assets backing fund shares. The fund, which began trading on NYSE Arca on May 15, holds HYPE directly with Anchorage Digital Bank as custodian and targets staking 70 percent of its assets.

HYPE traded near $85.45 on Sept. 6, up about 1.5 percent over 24 hours and roughly 3 percent below its $88.06 record set Sept. 3. Resistance sits near $86.15, with the record zone between $87.66 and $88.06; a break above that area would open fresh price discovery, while weakness below $83.70 could expose the Sept. 2 area near $80.25.

Bitwise competes with HYPE products from 21Shares and Grayscale, which has prepared a fund carrying the HYPG ticker and a proposed 0.29 percent fee. HYPE-linked products drew more than $100 million in reported inflows during their first ten trading sessions, and 30 institutions held about $74.9 million across Hyperliquid ETFs as of June 30.

Official Bitwise disclosures — net asset value, shares outstanding and SEC filings — offer the clearest test of Arkham's $166.3 million estimate. Quarterly reports arrive after the transactions they cover, while daily fund disclosures can use valuation times that differ from Arkham's live blockchain calculations. Investors should also watch for revisions to Arkham's address labels, since a custody transfer or newly identified address could change the estimate without representing fresh demand.

No evidence ties the $10.5 million purchase to a specific move in HYPE's price, which responds to broader crypto conditions, derivatives flows and protocol buybacks alongside ETF accumulation.

This article is for informational purposes only and does not constitute investment advice.