UBS (UBS.US) and other giants bet on HYPE ETF, net capital inflow exceeds US$350 million

According to Woofun AI, UBS (UBS.US), Bank of Montreal (BMO.US), and Jane Street Capital collectively disclosed their positions on 21Shares Hyperliquid ETF (THYP.US), Bitwise Hyperliquid ETF (BHYP.US), and Grayscale Hyperliquid Staking ETF (HYPG.US) in Q2 13F documents, marking Traditional financial giants officially lay out price exposure to the Hyperliquid ecosystem through compliant channels.

Structurally, these data, based on the 13F form, are only fixed as a static snapshot of June 30 and do not reflect subsequent dynamic adjustments. UBS (UBS.US) held 60,956 shares of THYP (THYP.US), 139,201 shares of BHYP (BHYP.US), and 4,250 shares of HYPG (HYPG.US); Bank of Montreal (BMO.US) weighed 181,981 shares of BHYP (BHYP.US).

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 (THYP.US), 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 $438.4 million to around $1.01 billion.

However, the 13F document did not reveal whether the increase in HYPE-related funds was due to a long-term strategic allocation or only a short-term operation to meet clients' trading needs, carry out arbitrage, or risk hedging. All disclosed are fund shares, which are by no means directly held HYPE tokens, and the documents cannot indicate 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 for 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 $12.27 million, compared to $56.86 million in the previous week.

According to data compiled by Woofun AI, 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, and it is impossible to identify whether the specific buyer is one of the three institutions mentioned above. Since 13F reflects positions held on June 30, and traffic data covers August/September, it is a logical mistake to deduce that institutional positions increase by simply adding the two, because the increase in demand for ETFs is not necessarily driven by UBS (UBS.US) or Bank of Montreal (BMO.US), nor does it directly prove that the HYPE price increase is due to institutional buying.

Essentially, these ETF products expand their audience base by allowing investors to obtain price returns without buying, hosting, or trading HYPE tokens on the chain through a brokerage account mechanism. However, holders cannot obtain HYPE tokens, are unable to control fund wallets, and are also unable to use the Hyperliquid perpetual contract futures platform, only to obtain pure financial risk exposure. Until mid-November, until the third-quarter 13F form reflecting positions held on September 30 was submitted, weekly ETF traffic data was the only publicly available indicator for determining the emergence of new demand, although it still failed to identify capital buyers or confirm institutional position adjustments. Following Bitcoin ETFs, this is another typical example of traditional finance penetrating the Layer 1 ecosystem through standardized products.