Bitcoin and Ether exchange-traded funds closed a 13-day outflow streak on June 3, 2024, with $396 million leaving the products that day. The streak marked the longest sustained pullback this year for the pair. While the largest crypto ETFs bled, HYPE ETFs — a newer entrant focused on the Hyperliquid ecosystem — attracted $2.99 million in inflows on the same session.
The 13-day outflow run
The outflow streak that ended June 3 drained money from Bitcoin and Ether ETFs for nearly two consecutive trading weeks. The $396 million exit on the final day alone made up a significant chunk of the cumulative losses over the period. The run followed a stretch of net positive flows earlier in the spring.
No single trigger is obvious from the data alone. But the consistent selling suggests institutional holders were de-risking across the board — not just rotating between the two assets.
HYPE ETFs go the other way
On the same day Bitcoin and Ether ETFs saw their worst exit of the streak, HYPE ETFs recorded positive flows of about $3 million. That’s a small number next to the outflows, but it stands out because it was a buy order in a market where most crypto ETF money was heading out the door.
HYPE ETFs began trading early this year and have drawn steady, if modest, interest from traders looking for exposure to the Hyperliquid ecosystem. The June 3 inflow suggests at least some investors saw the broader selloff as a chance to add positions in a different corner of the crypto ETF market.
The contrast between the two flow patterns is stark. It’s not a rotation — the amounts don’t match — but it shows that not all crypto ETFs are moving in lockstep.
The data covers only ETF flows, not spot or derivatives markets. Whether the outflow streak resumes or reverses in the coming weeks will depend on macro cues and crypto-specific sentiment — neither of which is predictable from this snapshot alone.
