Hyperliquid's HYPE token is trading near its all-time high while U.S. spot bitcoin ETFs bleed capital, according to Coinshares. More than $6.5 billion has left those bitcoin funds since May, yet HYPE-focused products have drawn inflows every week since launching.
Hyperliquid's HYPE token keeps trading near its all-time high even as the broader crypto market drains capital, Coinshares said. Luke Nolan, a senior research associate at the firm, told Bitcoin.com News that crypto has had very little help from flows recently, pointing to sustained pressure across major digital asset investment products.
Bitcoin ETFs post eight straight weeks of outflows
The pressure shows most clearly in the ETF data. Nolan said U.S. spot bitcoin ETFs have recorded eight straight weeks of outflows, the longest streak since launch. More than $6.5 billion has exited those funds since May, while ethereum ETFs weakened over the same period.
The selling accelerated across two months. Fund tracking data from SoSoValue and Farside Investors showed redemptions of about $2.43 billion in May 2026. That figure then surged to a record monthly net outflow of $4.06 billion in June. Strategy added to the pressure, selling 3,588 BTC during the week to fund preferred stock distributions.
Why HYPE is drawing inflows
HYPE has moved the other way. Three spot ETFs now track the native token of the Hyperliquid blockchain, and according to Nolan, HYPE-focused ETFs have recorded inflows every week since launching in May. The products drew roughly $161 million in June, lifting assets across the three U.S. funds to about $336 million, while European HYPE products now manage more than $55 million.
Coinshares tied that demand to the token's design. Using 99% of platform fees to systematically buy back HYPE creates a direct link between protocol activity and token demand, the firm said, describing a value-accrual mechanism that stands out in the current market. According to Coinshares: "This is a strong signal that Hyperliquid's tokenomics are resonating with investors."
That split leaves bitcoin and ethereum investment products facing sustained outflows even as investors keep buying into Hyperliquid's economic design.
Source: Bitcoin News
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