HYPE Near Record Highs as U.S. Spot Bitcoin ETFs Shed $6.5B

Hyperliquid’s HYPE token is trading close to its all-time high even as U.S. spot bitcoin exchange-traded funds have recorded eight consecutive weeks of net redemptions, with more than $6.5 billion withdrawn since May.

Fund-tracking data show outflows accelerated over May and June. Roughly $2.43 billion left in May, followed by a record monthly net outflow of about $4.06 billion in June. One fund sold roughly 3,588 BTC during a single week to fund preferred stock distributions.

Three U.S. spot ETFs that provide brokerage access to HYPE launched in May. The Bitwise Hyperliquid ETF (BHYP) stakes holdings to generate yield. The 21Shares Hyperliquid ETF (THYP) tracks the FTSE Hyperliquid Index. The Grayscale Hyperliquid Staking ETF (HYPG) is the newest entrant. Coinshares reported the three U.S. HYPE funds attracted about $161 million in June, bringing combined assets under management to roughly $336 million. European HYPE products now manage more than $55 million.

Coinshares highlighted Hyperliquid’s tokenomics, saying the protocol directs 99% of platform fees to systematic HYPE buybacks. The firm described the market-cap-adjusted performance of HYPE as notably strong versus the broader crypto market. Luke Nolan, senior research associate at Coinshares, noted that crypto had received “very little help from flows recently” and added: “Against these tough market conditions, Hyperliquid (HYPE) continues to trade near its all-time high.”

Coinshares cautioned that continued strength for HYPE will depend on ongoing protocol activity, steady platform fee generation to fund buybacks, persistent investor demand for the token and broader market conditions. The gap in performance between HYPE and major bitcoin and ethereum products underscores differences in token design and ETF structures that can lead to varied investor responses.