Whale Opens $9.1M 10x Long as Bitwise HYPE ETF Tops $40M

A crypto whale opened a 10x leveraged long on 142,754 Hyperliquid (HYPE) tokens, placing roughly $9.1 million notional behind the trade, while Bitwise’s spot Hyperliquid ETF (BHYP) recorded about $40 million in assets within eight trading days of its New York Stock Exchange listing. The leveraged position and ETF inflows occurred on May 26, 2026. Bitwise launched BHYP on the NYSE on May 15, 2026.

Bitwise reported that roughly $12 million of BHYP traded in the first 90 minutes of trading on May 26, which lifted the fund’s assets to about $40 million just over a week after launch. After five trading sessions, the fund’s reported figures included $30.5 million in assets under management, $26.9 million in net inflows and $9.2 million in average daily volume.

On-chain analytics firms recorded that clients associated with the ETF purchased about $35.9 million of HYPE in the week before May 26, an 18-fold increase from initial flows the prior week. Additional blockchain monitoring identified a block buy of 162,367 HYPE valued at roughly $10.1 million within a two-hour window, bringing Bitwise’s reported holdings to 723,361 HYPE as of May 21.

Blockchain monitors flagged wallet 0x3ed4 opening the 10x long on 142,754 HYPE. The position carried a liquidation price around $41.93, below recent intraday trading levels; HYPE traded to an intraday high near $64.44 on May 26 and settled near $61.82, up about 26% over the previous seven days. The same wallet opened an approximately $8.24 million leveraged long on Zcash (ZEC) the day before.

Bitwise’s BHYP product natively stakes HYPE through an on-chain unit and publishes fund wallet addresses for transparency. The fund’s fee structure directs 10% of annual management fees to buy HYPE for the issuer’s balance sheet, with those holdings subject to a minimum 12-month hold. Bitwise has described using on-chain accumulation to back the fund’s exposure.

Other issuers have listed or filed for spot HYPE ETFs in recent days, increasing the number of products offering direct HYPE exposure in U.S. and European markets.

Hunter Horsley, Bitwise’s chief executive, posted an intraday trading update on Twitter, writing: ‘~$12,000,000 of volume traded on $BHYP in the first 90 minutes so far today. Now $40,000,000 AUM, just over a week since launch. Investors want exposure to Hyperliquid. Grateful to those that choose to invest with Bitwise.’

On-chain buybacks and other ecosystem activity were also observed during the same period.