#GrayscaleHYPEETF HYPG Is Live. Now Watch the Unlock. Grayscale's Hyperliquid Staking ETF launched on Nasdaq June 4 at 0.29%, the lowest fee among three U.S. HYPE ETFs. It also does something the others don't: it passes staking yield to holders, historically around 2.2% annually. Day 1 net inflow came in at $2.99M. Not explosive, but this is an institutional product and institutional allocation moves slowly. The on-chain signal is more interesting than the ETF number. Whale 0xb5E4 TWAP-bought over $40M across 10 addresses in three days, spreading the buy to minimize market impact. Separately, three wallets pulled 557,400 HYPE (roughly $41.53M) off Kraken and moved it straight into staking. Not into a cold wallet. Into staking. That's conviction with a time horizon attached. Two distinct types of smart money are accumulating simultaneously: one through a structured ETF wrapper, one directly on-chain. Both are sizing up ahead of the same event. June 6: 9.92M HYPE unlocks. That's $684M worth, 2.54% of total supply, hitting the market in a single day. This is the variable that changes everything. If the ETF inflows and staking flows absorb the unlock, HYPE holds its range and the thesis compounds. If sellers dominate and the unlock becomes distribution, the recent accumulation looks early. $2.99M Day 1 ETF inflow versus $684M unlock on Friday. The math is the story. How are you positioning around the June 6 unlock? Share your thoughts in the comments 👇 $HYPE $BTC $NEAR