---
title: "A Little-Known Crypto Trade Is Suddenly Pulling In ETF Money After Coinbase Move"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/286615328.md"
description: "Coinbase Global Inc has partnered with the Hyperliquid ecosystem, becoming the official treasury deployer for USDC liquidity management. This partnership has led to a 14.55% surge in Hyperliquid's HYPE token and increased trading activity in ETFs linked to Hyperliquid, including a record-breaking $8.1M trading volume for the 21Shares Hyperliquid ETF."
datetime: "2026-05-15T20:05:40.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/286615328.md)
  - [en](https://longbridge.com/en/news/286615328.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/286615328.md)
---

# A Little-Known Crypto Trade Is Suddenly Pulling In ETF Money After Coinbase Move

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 traded value and net inflows of ~$4.9M," Friedman said.

"Volume and inflows were likely driven by a combination of factors including HYPE being the top performing asset on the day up ~14.55% on the day as of the US close. Additional traction was likely generated by the joint announcement by Coinbase and Hyperliquid around Coinbase managing USDC liquidity on Hyperliquid and a phase out of USDH."

**Read Also: 21Shares Bets Big On Hyperliquid With New Crypto ETFs Amid DeFi Boom**

The inflow momentum stems from ETF issuers rushing to capitalize on growing investor appetite for crypto infrastructure products beyond traditional exposure to Bitcoin and Ethereum. On Friday, the **Bitwise Hyperliquid ETF** (NYSE:BHYP), one of the first U.S.-listed spot Hyperliquid ETFs with integrated staking capabilities.

## Wall Street Bets On DeFi Infrastructure

Hyperliquid has rapidly emerged as one of the fastest-growing ecosystems in decentralized finance. The Layer 1 blockchain processed roughly $2.9 trillion in trading volume in 2025, according to the BHYP launch press release, while commanding nearly 60% of global on-chain derivatives open interest.

The platform also handles approximately 200,000 orders per second and has expanded into spot trading, lending, borrowing and Ethereum-compatible smart contracts through HyperEVM.

The recent ETF launches suggest Wall Street firms are increasingly betting that decentralized trading infrastructure could become crypto's next major institutional investment theme.

_Image: Shutterstock_

### Related Stocks

- [COIN.US](https://longbridge.com/en/quote/COIN.US.md)
- [THYP.US](https://longbridge.com/en/quote/THYP.US.md)

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