HYPE exchange-traded funds have gone 12 consecutive trading sessions without a single dollar of new inflows, a dry spell that stretches from July 17 through August 3. Over that period, the three funds collectively shed $29.8 million in net outflows, with nine negative days and three flat ones. The streak marks a sharp reversal from the first month of trading, when the ETFs pulled in $161 million by June 14.
Where the money left
Bitwise's BHYP accounted for the bulk of the outflows — $22.5 million. 21Shares' THYP lost $5.3 million, and Grayscale's HYPG gave up $2 million. Cumulative reported flows through August 3 still sit at roughly $283 million: BHYP at $106.3 million, THYP at $50 million, and HYPG at $126.9 million. But those numbers mask the recent slide. By July 30, nearly $27 million had already exited the funds, meaning the pace of outflows accelerated in the final days of the period.
Staking rates and AUM drift
Each fund stakes a portion of its HYPE holdings, and that creates a gap between cumulative flows and actual assets under management. BHYP had $92.36 million in AUM as of August 2, with 70% of assets staked. THYP reported $50.95 million in AUM on July 31, with an intended staking range of 30% to 70%. Grayscale's HYPG, the largest by AUM at $109.35 million, had 94.31% of assets staked as of August 3. AUM can drift from cumulative flows due to price changes, staking rewards, fees, and distributions — so the outflows are only part of the story.
A broader ETF slowdown
The HYPE funds aren't alone in facing headwinds. Bitcoin and Ethereum ETFs saw $2.5 billion in outflows through June 18, while HYPE and XRP funds together drew less than $75 million combined. That context puts the HYPE outflows in perspective: the entire crypto ETF space has been under pressure, and the newer, smaller funds are feeling it most acutely.
HYPE token itself has felt the pressure. It traded at $53.94 on August 3, down 4.53% over seven days and 22.82% over the past month. The next few trading sessions will show whether the outflow trend continues or stabilizes — but for now, the streak of zero inflows is the longest since the ETFs launched.
