The race to dominate the emerging Hyperliquid ETF market is accelerating following a major partnership between Coinbase Global Inc (NASDAQ:COIN) and the Hyperliquid ecosystem.
The catalyst came after Coinbase announced it would become Hyperliquid’s official treasury deployer for USDC liquidity management. Market participants viewed the move as a significant institutional endorsement of the fast-growing decentralized derivatives platform.
The announcement helped fuel a sharp rally in Hyperliquid’s native HYPE token, which climbed about 14.55% on Thursday, while Hyperliquid-linked ETFs also saw a spike in activity.
THYP Sees Record Trading Day
According to Michael Friedman, Director of Capital Markets at 21Shares, the firm’s recently launched 21Shares Hyperliquid ETF (NASDAQ:THYP) recorded its strongest trading session since inception.
“THYP had its best day yet seeing $8.1M in …
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