U.S. spot Bitcoin ETFs have shed nearly $5.6 billion since Hyperliquid ETFs launched, highlighting market divergence.

Volume across the three products has been uneven, with BHYP and THYP accounting for the bulk of activity while HYPG continues to ramp.

U.S. spot Bitcoin ETFs have shed nearly $5.6 billion since Hyperliquid ETFs launched, highlighting market divergence.