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HYPE ETFs End Inflow Streak With First Outflow Since May

The first weekly outflow since May came as HYPE weakened, while Bitcoin and Ethereum ETFs drew money back in. The latest numbers show how fast demand for new DeFi products can change.

By Mike Hesp
• 2 min read
HYPE ETFs End Inflow Streak With First Outflow Since May

Key Takeaways

  • Spot Hyperliquid ETFs posted a weekly outflow of $7.26 million for the first time since May.
  • Cumulative net inflows came to $301.34 million, and net assets fell 12.7% to $306.03 million.
  • Bitcoin, Ethereum, XRP, and Solana funds pulled in capital, while HYPE lost more than 8% in a week.

Spot Hyperliquid ETFs saw their first weekly outflow since debuting in May, snapping a run of nine straight weeks of inflows. At the same time, Bitcoin and Ethereum funds were back in positive territory.

According to SoSoValue data, the HYPE products recorded an outflow of $7.26 million (€6.3 million) in the week ending July 17. That brought cumulative net inflows down from $308.6 million (€270 million) to $301.34 million (€264 million), while net assets slipped 12.7% over the same period to $306.03 million (€268 million).

HYPE Turns After a Strong Start

The shift is notable because the first U.S. HYPE ETFs only launched in May. The lineup includes both a spot fund and a leveraged version, each tied to the Hyperliquid token. But Hyperliquid is more than a token. The project runs on a layer 1 blockchain with a DEX for perpetual futures and spot trading, and its ecosystem also includes lending, borrowing, and an EVM environment.

That wider DeFi footprint makes the fund flows worth watching for investors trying to gauge whether institutional demand for newer crypto products can last after the initial burst of interest fades. At the very least, the latest pullback suggests that even a young ETF category can turn quickly when sentiment around the underlying token softens. In June, HYPE still reached a record high as inflows into the Hyperliquid funds kept building.

Bitcoin and Ethereum Pull in Money Again

HYPE moved lower, but the largest crypto funds went the other way. Bitcoin ETFs took in $75.67 million (€66.2 million), their second straight week of inflows after eight weeks of outflows. Ethereum ETFs added $105.44 million (€92.2 million), marking their strongest week since late April.

XRP funds also brought in $6.78 million (€5.9 million), while Solana products added almost $1 million (€0.9 million). Combined, those four fund groups attracted more than $188 million (€164 million). The split highlights how selective capital is in the crypto market right now, with more money flowing toward the biggest names than toward smaller, newer products.

Weak Token Price Pressures Sentiment

The outflow also came during a rough week for the HYPE token itself. Over the past seven days, the coin dropped more than 8%, making it the worst performer among the top 10 cryptocurrencies. HYPE briefly fell below $60 (€52) last week, though it has since climbed back above that level to $60.66 (€53).

The token set an all-time high of $76.85 (€67) on June 16, which makes the recent decline stand out even more. For European crypto watchers, next week’s data will be especially important in showing whether this was just a temporary move or the start of a broader rotation away from HYPE. The $60 (€52) area may remain an important marker for sentiment around the ETFs.

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