Investors Withdrew Cash From Crypto ETFs, Except for One Altcoin

US spot Hyperliquid (HYPE) exchange-traded funds (ETFs) drew about $605,000 in net inflows on November 3. Bitcoin (BTC) and Ethereum (ETH) ETFs lost $115.56 million and $85.35 million, respectively.

No other US crypto ETF group posted net inflows that day, according to SoSoValue data. However, the HYPE inflow offset less than 1% of what left Bitcoin and Ethereum funds.

Hyperliquid ETFs Catch a Bid After Weeks of Withdrawals

The HYPE ETF inflow came one session after the funds lost $2.86 million on November 2, according to SoSoValue. As a result, HYPE funds remain net negative for the week so far.

Over the past 30 days, HYPE ETFs recorded $45.07 million in net outflows. Their cumulative net inflows peaked at $356.58 million on September 4.

US spot crypto ETF net flows on November 3, showing the Hyperliquid ETF inflow against Bitcoin and Ethereum outflows. Source: SoSoValue/BeInCrypto

The figures do not point to investors rotating from the largest coins into HYPE. HYPE funds took in about $1 for every $330 that left Bitcoin and Ethereum ETFs.

Meanwhile, Ethereum ETF outflows have run for 7 straight trading days and total $656.68 million. The last Ethereum fund inflow came on October 23. 

Those flows connect to price through the funds’ holdings, which is where HYPE holders feel the effect.

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HYPE Price Edges Higher as Fund Assets Recover

HYPE traded at $84.10 at press time, up 1.09% over the past 24 hours, per BeInCrypto Markets. The token sits about 14% below its all-time high of $97.96, set on September 23.

Hyperliquid (HYPE) Price Chart. Source: BeInCrypto Markets

Spot HYPE ETFs hold the actual token. When investors buy new fund shares, the fund adds HYPE to back them. When investors redeem, the fund’s HYPE holdings shrink.

HYPE ETF assets equal about 2.11% of the token’s $20.04 billion market cap, per SoSoValue. Bitcoin and Ethereum funds hold 6.38% and 4.78% of their markets, respectively. At that scale, the November 3 inflow equals about 0.003% of HYPE’s market value.

Net assets in HYPE ETFs rose from $412.02 million to $423.04 million on November 3. Fresh inflows account for only $605,000 of that $11.02 million gain. The rest likely reflects the token’s price move.

HYPE ETFs also traded $13.55 million in shares that day, about 22 times the net inflow. Most of that volume reflects shares changing hands on exchanges rather than new money entering the funds.

For HYPE holders, that makes the flow trend more useful than any single day. HYPE ETFs have not posted back-to-back inflow days since October 1 and 2. A second straight inflow session would break that pattern.

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