Addresses associated with Bitwise’s Hyperliquid ETF BHYP hold about $166.3 million worth of HYPE, according to Wu Blockchain’s report citing Arkham data. That total makes BHYP the largest HYPE ETF when measured by tracked holdings, the report said.
The same report said the fund purchased roughly $10.5 million of HYPE on Friday. That transaction followed four consecutive days without a purchase and was described as the fund’s largest single-day buy since it acquired $23.2 million on August 27.
Tracked addresses put BHYP at the top of its category
The ranking in the source is specific: BHYP is the largest HYPE ETF by tracked holdings. The underlying measure is the value of HYPE held by addresses associated with the product, as identified through Arkham. The reported amount is approximately $166.3 million rather than a rounded statement about the fund’s broader size.
That distinction defines what the update establishes. It reports an on-chain holdings snapshot tied to associated addresses and compares BHYP with other HYPE ETFs on that basis. The source does not provide a table naming the other products, their holdings or the margin separating BHYP from the next-largest product. It also does not state the number of HYPE tokens held by the tracked addresses.
Friday’s purchase ended a four-day pause
The roughly $10.5 million Friday purchase supplies the latest activity behind the holdings figure. Its timing is notable within the short sequence described by the source because the fund had gone four consecutive days without buying. The purchase resumed activity but remained below the separately reported $23.2 million acquisition on August 27.
The source characterizes the Friday transaction as the largest single-day purchase since that August 27 buy. It does not list every transaction between those two points or state whether the $166.3 million valuation changed because of purchases, changes in HYPE’s market price, or both. The supported conclusion is narrower: the associated addresses held the reported value, and the latest identified purchase broke the four-day gap.
The report provides a holdings snapshot, not a forecast
Both principal figures describe observed holdings and purchase activity. The $166.3 million amount concerns the value of HYPE in associated addresses, while the $10.5 million amount concerns Friday’s purchase. They measure different parts of the update and should not be treated as interchangeable.
The comparison with the August 27 purchase adds historical context without establishing a continuing purchase schedule. No future transaction, target allocation or projected holdings level is stated in the source. Based on the reported data, BHYP’s position is defined by its current lead among HYPE ETFs in tracked holdings and by a Friday purchase that was its biggest in the period since August 27.
