Crypto is mired in a bear market of sorts, with bitcoin and ether down 40% and 60% from their highs.

For crypto bulls it stings more than that, because crypto has been dead money this year while other assets, AI-related stocks especially, have ripped higher.

But one token is bucking the trend. HYPE, the native token of the Hyperliquid blockchain, recently hit an all-time high and is up roughly 160% since the start of the year. Two ETFs tied to it launched this month and already hold a combined $122 million.

The Bitwise Hyperliquid ETF (BHYP) charges a 0.34% expense ratio, and the 21Shares Hyperliquid ETF (THYP) charges 0.30%.

With a $17 billion market cap, HYPE is the ninth-most valuable crypto asset, according to…