Hyperliquid (HYPE) exchange-traded products recorded their first weekly outflow since launching in May, shedding $7.26 million in the week ending July 17, according to CoinShares' latest Digital Asset Fund Flows report. The outflow ended a run of nine consecutive weeks of inflows for HYPE spot ETFs.
Nine-week streak breaks
Data from CoinShares shows that the $7.26 million pulled out last week snapped a streak that began shortly after the HYPE ETFs hit the market in May. Until July 17, investors had poured money into the funds every week, building a cumulative inflow of roughly $65 million over that period.
The reversal comes without any notable change in the underlying HYPE token price, which traded in a narrow range through the week. The report does not identify the specific driver behind the outflow, but it notes that the broader digital asset fund category saw net inflows of $1.35 billion during the same period, meaning HYPE's retreat was an outlier.
What the data says
CoinShares compiles its weekly report from the filings of major ETF issuers and asset managers. The $7.26 million figure represents the net difference between new money entering HYPE ETFs and existing holdings being redeemed. It is the largest single-week net outflow for the products since their launch.
For context, the previous nine weeks saw inflows ranging from $1.5 million to $12.8 million. The report does not break out which specific HYPE ETF products saw the most redemptions, nor does it attribute the move to any particular investor type.
What comes next
The coming weeks will show whether the outflow is a one-off blip or the start of a broader trend. HYPE remains one of the newer digital asset ETFs, having launched just over two months ago. The CoinShares report for the week ending July 24 will provide the first indication of whether investor sentiment has shifted permanently or if the nine-week inflow streak was simply due for a pause.
