HYPE spot ETFs bled $26.4 million in combined net outflows during the week of Sept. 7-11, 2026, the latest setback for U.S.-listed products tracking the Hyperliquid decentralized perpetuals exchange token.
Bitwise's BHYP absorbed $20.1 million of selling pressure. The 21Shares THYP ETF contributed $6.3 million in outflows.
This extends a brutal stretch. Over 12 sessions ending Aug. 3, 2026, the two ETFs shed $29.8 million combined—a clear signal outflow pressure had been building for weeks. A brief respite came during the week ending Aug. 7, when the products took in $2.84 million, according to SoSoValue data.
Despite the recent capital flight, the numbers still tell a growth story. Total net inflows since inception stand at roughly $330 million. Combined assets under management for BHYP and THYP are $430 million—representing approximately 2.4 percent of HYPE's market cap and a substantial institutional footprint.
21Shares launched THYP on May 12, 2026. Bitwise followed with BHYP shortly after. By summer, cumulative inflows had climbed to the $280 million to $300 million range, with a peak single day that saw $25.5 million pour in—evidence of real institutional demand at launch.
Both products offer pass-through staking rewards, giving holders yield generated by underlying HYPE tokens staked on their behalf. The ETF approvals marked a watershed moment for Hyperliquid, opening the asset to traditional finance capital flows.
The competitive landscape has shifted. Solana, XRP, and other altcoins now have their own exchange-traded products—options that did not exist when HYPE's ETFs debuted.
But on-chain data tells a different story. Whale activity shows conviction persists. One whale purchased 116,427 HYPE tokens valued at $9.91 million. A separate whale acquired $26 million in HYPE tokens the same day. The divergence between ETF redemptions and whale accumulation suggests institutional selling may be meeting deep-pocketed conviction buyers.
