UBS and other giants bet on HYPE ETF, with net capital inflows exceeding US$350 million
According to WooFunai, UBS (UBS.US), Bank of Montreal (BMO.US), and Zhenjie Capital centrally disclosed their holdings in 21SharesHyperliquidETF (THYP), BitwiseHyperliquidETF (BHYP), and GrayscaleHyperliquidStakingETF (HYPG) in the second quarter 13F documents, marking that traditional financial giants have officially laid out the Hyperliquid ecosystem through compliance channels Price exposure.
From a structural point of view, these data based on the 13F form are only static snapshots fixed on June 30 and cannot reflect subsequent dynamic adjustments. At the time, UBS held 60,956 THYP shares, 139,201 BHYP shares, and 4,250 HYPG shares; Bank of Montreal weighed 181,981 shares of BHYP.
Notably, the role of Zhenjie Capital is more complex. It is not only a position holder, but also a key market maker and authorized participant. As an authorized participant in THYP, Zhenjie Capital has the right to create or redeem ETF shares. This mechanism also applies to its Bitcoin spot ETF business — during the quarter, the market value of its positions in five Bitcoin spot ETFs surged from about US$438.4 million to about US$1.01 billion.
However, the 13F document did not reveal whether the increase in HYPE-related funds was due to long-term strategic allocation or only short-term operations to meet clients' trading needs and carry out arbitrage or risk hedging. All disclosed are fund shares, which are by no means directly held HypeTokens, and the documents cannot explain when the position was established or the status after June 30.
The more critical variables are the statistical limitations and data gaps in recent capital flows. According to SosoValue tracking, between August 7 and September 4, the five weekly data of HYPE-related funds listed in the US recorded positive net inflows, and the cumulative amount climbed from US$280.82 million to US$356.58 million. Among them, the net inflow for the latest week was US$12.27 million, compared to US$56.86 million in the previous week.
According to data compiled by WooFunai, although the positive net inflow indicates that there are more subscriptions than redemptions, there are serious gaps in these macro-traffic data: it is impossible to trace the source of funds, nor can it be identified whether the specific buyer is one of the three institutions mentioned above. Since 13F reflects positions held on June 30, and the traffic data covers August/September, it is a logical mistake to deduce that institutional positions were increased by simply superimposing the two, because the increase in ETF demand is not necessarily driven by UBS or Bank of Montreal, nor does it directly prove that HYPE price increases are due to institutional purchases.
Essentially, these ETF products expand their audience base by allowing investors to obtain price returns without buying, hosting, or trading HypeTokens on-chain through a brokerage account mechanism. However, holders are unable to obtain HypeTokens, have no control over fund wallets, and are also unable to use the Hyperliquid perpetual contract futures platform; they only have pure financial risk exposure.
Until mid-November, the third quarter 13F form reflecting positions held on September 30 was submitted, weekly ETF traffic data was still the only publicly available indicator for determining the emergence of new demand, even though it still failed to identify capital buyers or confirm institutional position adjustments. This is another typical example of traditional finance penetrating the Layer 1 ecosystem through standardized products after Bitcoin ETFs.