Inflow into HYPE-ETF halted: first week of outflows since launch
For the first time since their launch, spot exchange-traded funds on Hyperliquid (HYPE) ended the week with net capital outflows. A nine-week streak of continuous inflows was broken, coinciding with a noticeable weakening in the token's price.
In the week ending July 17, $7.26 million was withdrawn from HYPE funds. The cumulative net inflow since launch decreased from $308.6 million to $301.34 million, while assets under management fell by 12.7% to $306.03 million. This marks the first outflow in the product's history, drawing close market attention.
Contrast against leaders
Interestingly, the dynamics of HYPE-ETFs differ sharply from the situation with blue-chip funds. Bitcoin ETFs showed inflows for the second consecutive week — $75.67 million in the reporting period, following an eight-week outflow streak. Ethereum funds recorded their highest weekly inflow since late April, attracting $105.44 million. Products on XRP and Solana also ended in positive territory, gathering $6.78 million and about $1 million, respectively. Collectively, these four categories attracted over $188 million, highlighting capital selectivity.
HYPE — week's underperformer among top 10
The ETF outflow coincided with a poor period for the native Hyperliquid token. Over the week, HYPE fell by more than 8% — the worst performance among the ten largest cryptocurrencies by market capitalization. The price dipped below the $60 mark but later partially recovered to $60.66 at the time of analysis. HYPE sales occurred amid a broader correction in the altcoin market, yet the token showed weaker dynamics than the global market: the total cryptocurrency capitalization remained virtually unchanged over the reporting period.
My analysis: It is still difficult to determine whether this outflow is an isolated episode of profit-taking or the start of a larger capital rotation from HYPE into other assets. The return of investors to the funds will directly depend on the token's ability to hold the current support level around $60. Data from the coming week will be decisive for understanding the further trend.