HYPE funds attract millions as investors dump bitcoin and ether ETFs

Crypto fund flows are showing a shift, with significant outflows from Bitcoin ETFs (over $1 billion last week) and Ether ETFs (another $215 million). This indicates a cooling investor appetite for broad exposure to the largest cryptocurrencies. However, capital is not leaving the crypto market entirely; instead, it's being redeployed into alternative tokens. Spot products for Hyperliquid's hype token (HYPE) attracted $72.38 million, while XRP and Solana ETFs saw inflows of $22 million and $15.6 million, respectively. Analysts suggest this rotation is towards newer narratives and away from crowded large-cap assets. The hype token has seen a significant price rally, increasing 59% in the past month, outperforming Bitcoin. Hyperliquid, the platform behind the hype token, has also shown strong network activity and revenue growth, partly due to its integration of USDC and its success in trading volumes for real-world asset perpetual futures.

(Source：CoinDesk)