HYPE exchange-traded funds recorded their first weekly outflow since launching in May, snapping a nine-week run of net inflows. The funds lost $7.26 million in the week ending July 17, according to SoSoValue data. Cumulative net inflows for HYPE ETFs dropped from $308.6 million to $301.34 million, and net assets fell 12.7% to $306.03 million.
The numbers
The outflow marks a sharp reversal for a product that had drawn steady investor interest since its debut. The $7.26 million exit is modest relative to the total assets, but the shift in direction is notable. HYPE ETFs now hold about $306 million in net assets, down from a peak of roughly $350 million in late June.
Meanwhile, the broader crypto fund market saw strong demand. Bitcoin ETFs pulled in $75.67 million, their second straight positive week after eight consecutive weeks of outflows. Ethereum ETFs added $105.44 million — their best weekly haul since late April. XRP funds gained $6.78 million, and Solana products collected nearly $1 million. Combined, the four major fund groups — Bitcoin, Ethereum, XRP and Solana — attracted over $188 million.
HYPE token lags
The HYPE token itself has been under pressure. It dropped over 8% in the past week, making it the biggest loser among the top 10 cryptocurrencies. The token fell below $60 last week before recovering to trade at $60.66. Over the same period, the total crypto market cap stayed roughly flat, meaning HYPE significantly underperformed.
The timing isn't great for the ETF. A token price decline can spook fund investors, especially in a product that tracks the spot price. Whether the outflow is a one-week blip or the start of a trend will depend on whether HYPE can stabilize.
All eyes are on this week's flow data. If HYPE ETFs see another week of redemptions, it would confirm a shift in sentiment. If they bounce back to inflows, the July 17 week could be written off as a profit-taking pause. The next SoSoValue report, due Friday, will tell the story.
