Hyperliquid Enters Hashdex's Crypto ETF, Becoming Fifth-Largest Holding
Hyperliquid has become the fifth-largest holding in Hashdex's Nasdaq CME Crypto Index ETF (NCIQ), with a 3.36% weighting as of September 1, 2026. This addition takes the fund to nine assets from eight, placing HYPE behind only Bitcoin, Ethereum, XRP, and Solana. The inclusion of HYPE in the regulated investment product provides institutional investors with another way to gain exposure to the token.
Multicoin Capital Sells Off Position in Hyperliquid
Despite being one of the most prominent institutional backers of Hyperliquid, Multicoin Capital has been selling off its position in the token. The firm accumulated roughly 4 million HYPE in February and March 2026, but has since sold close to 75% of its position. This reduction in Multicoin's position comes despite the firm's bullish research report on June 25, 2026, which projected HYPE could reach $319 by 2028.
Why the Addition of HYPE Matters
The inclusion of HYPE in Hashdex's NCIQ ETF is significant because it provides institutional investors with another way to gain exposure to the token. Previously, investors had to buy HYPE directly to get exposure to it. Now, with HYPE included in a regulated fund, money flowing into the fund is spread across its holdings by weight, giving institutional investors another way to buy the token.
Three Forces Shaping HYPE
Three forces are currently shaping HYPE: Multicoin's remaining position, HYPE's 3.36% weighting in NCIQ, and the $78 to $80 support area. If Multicoin slows its selling, HYPE keeps its place in NCIQ, and the price holds that support, the different sources of demand will start to reinforce each other. If those supports weaken at the same time, the ETF addition and buybacks may not be enough to offset the selling.
What to Watch Next
Investors should keep a close eye on Multicoin's selling activity, HYPE's weighting in NCIQ, and the price's performance around the $78 to $80 support area. If these factors continue to support the token, it could lead to increased demand and a potential price increase. However, if the selling continues and the supports weaken, the ETF addition and buybacks may not be enough to offset the selling, potentially leading to a price decrease.
Hyperliquid's Buybacks and Institutional Support
Hyperliquid has been using roughly 99% of its protocol revenue to buy back and burn HYPE, giving the token support from the network itself. Additionally, 30 institutions, including UBS, Jane Street, and Bank of Montreal, held a combined $75 million across HYPE funds. This institutional support, combined with the token's buybacks, could help to support the price of HYPE.
Conclusion
The addition of HYPE to Hashdex's NCIQ ETF is a significant development for the token. With institutional investors now having another way to gain exposure to HYPE, the token's price could be influenced by the buying and selling activity of these investors. As the three forces shaping HYPE continue to play out, investors should keep a close eye on Multicoin's selling activity, HYPE's weighting in NCIQ, and the price's performance around the $78 to $80 support area.