Hyperliquid funds have turned around: inflows after a three-week streak of outflows
Spot funds on Hyperliquid (HYPE) recorded a net inflow of $2.84 million for the week through August 7, breaking a three-week streak of capital outflows. This is the first positive signal for the instrument since its launch in mid-May.
The reversal occurred against the backdrop of weak dynamics previously noted by JPMorgan analysts. Cumulative net inflows since launch have risen to $280.8 million, confirming a recovery in interest in the product after a period of turbulence.
Inflow into HYPE ETF after three weeks of outflows
HYPE funds launched in mid-May and showed steady inflows for several consecutive weeks. However, over the past three weeks, investors withdrew $30.6 million from the HYPE ETF. The peak outflow occurred during the week of July 27-31, when losses reached $14.7 million. The main impact fell on the Bitwise BHYP fund, which posted the worst result among all HYPE-based products.
JPMorgan strategist Nikolaos Panigirtzoglou attributes the weakening interest to growing competition in the segment. The price dynamics of the HYPE token mirrored capital movements: in late July, the cryptocurrency's value began to decline from just above $60 and fell to $55 in the first days of August. At the time of analysis, the token was trading around $54.75, losing about 3% in a day and 29% since reaching its record high of $76.87 on June 16.
Dynamics of other crypto ETFs
The HYPE recovery coincided with the return of significant capital to all major crypto funds: during the week of August 3-7, total inflows across the segment approached $1.1 billion. Bitcoin (BTC) funds attracted $853.5 million, offsetting the $61.5 million outflow from the previous week. Ethereum (ETH) funds added $244.9 million — the best result since mid-April.
Smaller products based on other altcoins, by contrast, showed more modest results. Investors poured only $145,000 into Solana (SOL) funds, compared to $7.2 million two weeks earlier. XRP funds (XRP) added $1 million after an inflow of $14.9 million the previous week.
This distribution of forces points to concentration. Investors put fresh capital into Bitcoin and Ethereum but trimmed positions in smaller cryptocurrencies. The modest inflow into HYPE ended the fund's most difficult period since launch.
My view: the return of inflows into HYPE is a positive but cautious signal. For now, it looks more like a technical correction after oversold conditions than a sustainable trend. For a confident recovery, the fund will need not only stabilization of the token's price but also growing interest in altcoins overall — and that directly depends on the broader market environment.