Bitwise Breaks a Four-Day Silence With a 10.5 Million USD HYPE Purchase — and Arkham Says Its ETF Is Now the Biggest in the Market

Bitwise’s HYPE fund wakes up after a four-day pause

Bitwise’s Hyperliquid exchange-traded fund resumed accumulating HYPE on Sept. 4 after four straight days without a tracked purchase, ending the longest recent gap in the fund’s on-chain buying history. Wallets linked to the fund acquired approximately 10.5 million USD worth of the token, according to blockchain intelligence platform Arkham, which reported the movement on Sept. 6.

The purchase was BHYP’s largest tracked acquisition since a 23.2 million USD transaction on Aug. 27. Arkham estimates that Bitwise-linked addresses have now accumulated roughly 166.3 million USD in HYPE since the product launched, a figure that would make BHYP the largest HYPE ETF by tracked token holdings.

What the wallets can and cannot tell you

The 10.5 million USD transaction should not automatically be read as a single investor buying 10.5 million USD of fund shares. Exchange-traded crypto products create and redeem shares through authorized participants, and the trust may receive cash or tokens as part of that process depending on its operating structure. Its HYPE acquisitions can therefore reflect net share creations, liquidity management or settlement activity involving several investors.

Blockchain data can identify transfers between labeled addresses, but it cannot always reveal the commercial purpose of every transfer. Address ownership can change, and internal custody movements can resemble purchases unless analysts identify the sending address and the transaction route. Arkham’s figures should be treated as third-party estimates rather than audited fund-flow data, and the reported four-day pause refers only to activity involving wallets recognized by the platform. It does not prove the fund received no investor orders during that period.

The fund holds the token directly

Bitwise announced BHYP in May as a US-listed product designed to hold HYPE outright rather than through derivatives. The fund began trading on NYSE Arca on May 15 after commencing operations one day earlier. Its SEC registration documents state that the trust primarily seeks to reflect the value of its HYPE holdings, minus operating expenses and liabilities, and Bitwise markets the vehicle as an ETF, while its regulatory documents describe it as a Delaware statutory trust issuing exchange-traded shares.

The structure gives brokerage customers regulated exposure to HYPE without requiring a crypto wallet or direct interaction with Hyperliquid. Investors still face the token’s price risk, fund expenses, potential tracking differences and the risks of crypto custody. BHYP’s quarterly report names Anchorage Digital Bank as the trust’s custodian and confirms that part of the fund’s holdings can be staked to generate rewards. Bitwise’s product page lists a target of staking 70 percent of the trust’s assets and reported a 2.25 percent gross staking reward rate and a 1.18 percent net rate in early September, figures that can change and do not represent guaranteed returns.

The ranking depends on attribution

Arkham’s description of BHYP as the largest HYPE ETF is broadly consistent with the fund’s strong early demand, but the 166.3 million USD estimate should not be presented as official assets under management unless Bitwise publishes an equivalent figure. Tracked token value can differ from net assets, which incorporate liabilities, cash, accrued fees and other accounting items, and the dollar value of an identified wallet moves continuously with HYPE’s market price.

Bitwise competes with products from 21Shares and Grayscale, among others. Grayscale has prepared a fund carrying the HYPG ticker and a proposed 0.29 percent fee, part of an accelerating fee race in the HYPE ETF market. BHYP attracted substantial demand soon after launching, with Bitwise CEO Hunter Horsley reporting roughly 19 million USD in daily inflows during May, and HYPE-linked products collectively surpassed 100 million USD in reported inflows during their first ten trading sessions.

ETF buying is only one piece of HYPE demand

BHYP’s purchases form just one part of the token’s demand structure. Hyperliquid itself operates a protocol mechanism that uses trading-fee revenue to acquire HYPE through its Assistance Fund, and those buybacks are not ETF inflows. Hyperliquid had deployed more than 1.16 billion USD in fee revenue for HYPE purchases by late May, according to earlier reporting. Bitwise has also created a separate connection: the manager pledged to use 10 percent of BHYP’s management fees to purchase and hold HYPE on its corporate balance sheet, though those purchases belong to Bitwise rather than the trust and should not be counted as fund holdings.

The clearest test of Arkham’s estimate will come from Bitwise’s official holdings, net asset value and shares outstanding. Investors should also watch for revisions to Arkham’s address labels, since a custody transfer or newly identified address could change the estimate without representing fresh demand. No evidence presented so far establishes that the 10.5 million USD purchase moved HYPE’s price, which responds simultaneously to broader crypto conditions, derivatives positioning, protocol buybacks and trading activity.

Market snapshot at press time: Bitcoin trades near 79,734 USD, down 0.4 percent over 24 hours, while Ethereum changes hands around 2,491 USD and Solana near 106 USD, per CoinGecko data.