Over the past 13 trading sessions, crypto ETFs tracking Bitcoin, Ether, Solana, and XRP have lost a combined $4.4 billion. BlackRock's IBIT, the largest Bitcoin ETF, shed $342 million on Wednesday alone. Meanwhile, Hyperliquid's HYPE products were the only major crypto ETF category to attract net new money during this stretch.
The $4.4 Billion Exodus
The outflow wave swept across the board. Bitcoin ETFs took the biggest hit, but Ether, Solana, and XRP funds weren't spared. All joined a broader redemption wave that's now lasted nearly three full trading weeks. The combined $4.4 billion figure makes this one of the sharpest drawdowns for crypto ETFs since the products launched.
Hyperliquid's Lone Green Spot
Hyperliquid's HYPE products stood alone. While every other major category bled, HYPE attracted net new money. The facts don't say exactly how much, but the distinction is clear: investors still wanted exposure to HYPE even as they dumped everything else. It's a stark contrast that leaves analysts — and the market — wondering what's different about that product.
IBIT's Wednesday Wipeout
BlackRock's IBIT saw $342 million exit on Wednesday. That's a single-day number that would be notable in any market, but it's especially stark given the context of sustained outflows. IBIT had been a darling of the Bitcoin ETF space since launch, so this week's action marks a sharp reversal. The ETF still holds tens of billions, but the trend line is pointing the wrong way.
What Comes Next
The streak of outflows now stretches 13 sessions. There's no sign of a letup yet. The next few days will show whether this is a temporary shakeout or the start of a longer redemption cycle. For now, the red keeps piling up — and only HYPE is swimming against the current.
