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Despite the decline in Bitcoin and Ethereum prices, ETF products tracking the Hyperliquid ecosystem token HYPE have attracted a large influx of funds. The HYPE spot ETFs (codes BHYP and THYP) launched by Bitwise and 21Shares in May this year have attracted a total of $150 million in asset inflows, while Grayscale's Hyperliquid Staking ETF (HYPG) launched this week has an asset size of $4.5 million. As of now, the assets under management of the 21Shares Hyperliquid ETF are $758 million, and the Bitwise Hyperliquid ETF is $711 million. The Hyperliquid platform attracts investors' attention through the mechanism of repurchasing HYPE tokens through fee income, but its use in the United States is still limited, and regulatory approval may need to wait until 2027.