Spot HYPE ETFs have done nearly $900 million in combined volume across the first wave of products, including Bitwise, 21Shares and Grayscale’s HYPG. The early tape matters because HYPE is moving from CT-native perp venue bet into regulated ETF rails, with Grayscale’s June 3 Nasdaq launch adding another distribution channel after Bitwise and 21Shares. This is the cleanest signal yet that institutions want Hyperliquid exposure without touching the venue directly.

TLDR by @Benthic

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