HYPE hit an all-time high of $75.51 on June 2. The next day, its third US spot ETF launched. Grayscale's HYPG debuted on Nasdaq June 3 with a 0.29% fee and a ~$115M seed investment, the lowest-fee option among three competing products. It's also the only one that participates in HYPE's native staking, targeting ~2.2% additional annual yield. The broader category is gaining fast. The two earlier ETFs combined for $6.11M in opening-day volume, the strongest altcoin ETP debut of 2026, and have pulled in ~$132M in net inflows over their first three weeks. HYPG's first-day net inflow came in at $2.99M. On-chain, the accumulation picture is just as active. Whale 0xb5E4 TWAP-bought over $40M across 10 addresses in three days. Three separate wallets withdrew 557,400 HYPE (~$41.53M) from a centralized exchange and moved it straight into staking. HYPE is up ~70% over the past month. One date to watch: June 6. Another 9.92M HYPE unlocks for core contributors, worth roughly $684M. This is a monthly cadence event. The May 6 unlock passed without major disruption, but the size is significant. June 6 may be HYPE's first real test since ETF demand began accelerating. Whether fresh inflows can absorb another $684M in supply could determine the token's next move. Is the June 6 unlock a buying opportunity, or the first real challenge to HYPE's rally? #GrayscaleHYPEETF