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What Is Happening in Crypto ETFs? How Capital Inflows and Outflows Affect the Market
Spot exchange-traded funds (ETFs) linked to Hyperliquid have recorded an uninterrupted streak of net inflows since trading began on 12 May.
Since the launch of spot ETFs tied to Hyperliquid in the United States on 12 May, the products have maintained a continuous series of daily inflows, while similar funds focused on Bitcoin and Ethereum have continued to experience capital outflows.
During the latest trading session, two $HYPE ETFs from 21Shares and Bitwise attracted a combined $16 million, according to SoSoValue data. Across all seven trading days, total inflows reached $64 million.
On the first day of trading, 12 May, the first Hyperliquid ETF attracted $1.2 million. Analysts described it as a solid, though not spectacular, debut. Meanwhile, the price of the $HYPE token surged by 50% over the week.
Yesterday, on 21 May, Hyperliquid reached a new all-time high of $62.14. As of 17:30 Kyiv time on Friday, the asset was trading near $60 and ranked tenth among the world’s largest cryptocurrencies by market capitalisation ($15.5 billion). Since the beginning of the year, the token has gained 140%.
US-based ETFs tied to Bitcoin, by contrast, have recorded outflows for five consecutive days. This week alone, investors withdrew $1.15 billion from these funds. The previous week saw outflows of $1 billion. ETFs linked to Ethereum are showing a similar trend: outflows have continued for nine straight days, with $209 million withdrawn this week and $255 million the week before.
This week, Truth Social, the social media platform associated with Donald Trump, also withdrew applications to launch crypto ETFs tied to Bitcoin, Ethereum, and a basket of crypto “blue-chip” assets. The company stated that now is not the right time to launch exchange-traded crypto funds.
Price Performance
Leading cryptocurrencies declined over the past week. The price of Bitcoin traded around $80,000 seven days ago and is now hovering near $77,000 (-3.7%). Ethereum fell by 5%, declining from $2,260 to $2,130.
The total cryptocurrency market capitalisation dropped by 0.5% over the past 24 hours to $2.59 trillion. Among the top 100 cryptocurrencies, NEAR Protocol posted the strongest gains (+32%). The largest decline came from Humanity Protocol, which lost 8%.
The Crypto Fear & Greed Index currently stands at 28 out of 100, placing the market in the “fear” zone, where it has remained for the past week. This suggests that market participants are inclined towards selling cryptocurrencies.
See also: "$1.07 Billion Withdrawn From Crypto Funds Amid Geopolitical Risks"
