The U.S. spot HYPE ETF has made a strong debut, outperforming other crypto ETFs in terms of demand. According to data from SoSo Value, the product has seen aggregate net inflows as a percentage of market cap jump to 1.04% over the past ten days.
Compared to the spot BTC ETF, HYPE's relative demand is nearly double its market cap. This performance has earned it the title of 'strongest debut of any spot crypto ETF to date' by Kairos Research.
The strong inflows have lifted HYPE's price to a new all-time high (ATH) of $64.9 on Tuesday. Option traders are now betting on the altcoin's potential to reach $80 if it clears a price range of $60-$65.5.