Hyperliquid’s spot ETFs went from Wall Street darling to cautionary tale in about two months. After launching in mid-May to considerable fanfare, the HYPE token’s exchange-traded products have now posted nearly $30 million in net outflows, according to JPMorgan, as investors rotate into competing altcoin wrappers and broader market sentiment cools.
The reversal is striking given how the debut went. On May 20, HYPE ETFs pulled in $25.5 million in a single day, a figure that actually outperformed Bitcoin ETFs on a market-cap-adjusted basis during multiple of their own debut sessions. By late May, cumulative net inflows had reached roughly $75 million. By June and July, that number had swelled to around $280 million.
From record inflows to red ink
The party didn’t last. July marked the inflection point, with more than $13 million in net outflows reported for the month. The bleeding continued into August, with a $29.8 million net outflow streak extending across twelve consecutive sessions through August 3.
HYPE’s price dropped approximately 13% from its June peaks during July. Two spot HYPE products, BHYP and THYP, launched between May 12 and May 15. They represent the first US-listed spot ETFs for the decentralized perpetuals exchange’s native token, a milestone that initially generated significant trading volume in the hundreds of millions of dollars. But even at their peak, these products remained dwarfed by flagship Bitcoin and Ethereum funds.
