Following a four-day pause with no reported purchases, Bitwise’s Hyperliquid ETF (ticker: BHYP) has re-entered the market. On September 4, the ETF made a fresh move by purchasing $10.5 million worth of HYPE tokens. The transaction marked the largest single-day purchase for Bitwise’s trust since its $23.2 million buy on August 27.
On-chain tracking data from Arkham shows that wallet addresses tied to Bitwise’s operations now hold $166.3 million in assets since the product’s launch. This accumulation figure is derived from external public blockchain data rather than official balance announcements from the asset manager. BHYP debuted on the NYSE Arca stock exchange on May 15, 2026, following the trust structure going operational on May 14. The HYPE tokens are not self-custodied by the ETF issuer, but are held in an institutional custody system managed by Anchorage Digital Bank.
Staking Mechanism and Price Trends
The BHYP product structure implements a target allocation model that deploys 70% of deposited assets into the Hyperliquid staking protocol. This staking scheme generated a gross yield of around 2.25% in early September. The yield drops to a net rate of 1.18% for investors after deducting recurring management fees.
HYPE tokens traded at $86 on September 6, posting a 2.6% gain over the past 24 hours. This price level places the layer-1 asset less than 2% below its all-time high of $88.06.
Daily Supply Burn
Beyond institutional inflows, the Hyperliquid protocol reduces circulating supply through an automated Assistance Fund system. Over the past 24 hours, the network’s internal mechanism burned 9,730 HYPE, worth approximately $829,500.
Cumulative HYPE burns have now reached 48.42 million tokens, representing 4.84% of the initial 1 billion token supply cap. At current price levels, the total mark-to-market value of the burned tokens stands at $4.14 billion. The pace of ETF purchases alongside the supply reduction mechanism continues to tighten HYPE’s available supply on the open market.
Reported via crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
