Hyperliquid’s HYPE token jumped to a record high of 75 dollars as newly launched U.S. spot exchange-traded funds continued to pull in fresh money, even while Bitcoin and Ethereum products saw sustained outflows.
HYPE ETFs post 14 straight days of inflows
Two HYPE spot ETFs have recorded 14 consecutive trading days of net inflows through June 2, drawing more than 136 million dollars in total. Those inflows absorbed about 0.9 percent of HYPE’s total market capitalization and lifted the asset to the fifth-largest crypto spot ETF in the United States by cumulative net inflows.
Data show the Bitwise Hyperliquid fund BHYP accounted for roughly 82.96 million dollars of that amount as of June 2. On June 2 alone, BHYP attracted a net 3.149 million dollars, pushing its historical net inflows close to 83 million dollars.
Across all funds tied to the token, total net inflows into HYPE-related spot ETFs had reached more than 137 million dollars by June 2.
Crypto ETF flows diverge
The strength in HYPE products contrasts sharply with broader crypto ETF trends.
Over the same period, U.S. spot Bitcoin and Ethereum ETFs registered persistent withdrawals. Bitcoin funds posted continuous outflows of about 2.43 billion dollars, while Ethereum products saw roughly 540 million dollars in net redemptions. A BNB ETF went four straight days without new inflows.
Measured against market capitalization, HYPE’s two-week inflow outpaced the early performance of other major crypto ETFs. In their first two weeks, U.S. Bitcoin spot ETFs absorbed only about 0.2 percent of Bitcoin’s market value, Ethereum products saw outflows of around 400 million dollars, and Solana ETFs attracted roughly 380 million dollars, equal to about 0.47 percent of that asset’s value.
Since mid-May, U.S. spot Bitcoin ETFs have endured a record 10 consecutive sessions of net outflows, draining approximately 2.96 billion dollars and pushing their year-to-date flows into negative territory for the first time in 2026.
Grayscale launches low-fee Hyperliquid staking ETF
Grayscale is adding another source of demand. The firm filed an amended registration on June 2 for a Hyperliquid Staking ETF, which the U.S. Securities and Exchange Commission declared effective the same day.
The fund began trading on June 3 under the ticker HYPG with two million HYPE tokens as seed capital and a management fee of 0.29 percent, the lowest among U.S. Hyperliquid competitors. Market participants expect the product to broaden liquidity and deepen institutional participation around the token.
Protocol buybacks underpin demand
Beyond ETFs, Hyperliquid’s internal token buyback system has become a key source of steady demand.
The protocol’s “Assistance Fund” allocates 99 percent of all transaction fees to purchase HYPE on the open market. To date, the mechanism has repurchased more than 1.1 billion dollars’ worth of tokens, and updated figures show buybacks have surpassed 1.16 billion dollars.
The platform’s application revenue over a recent 30-day period reached 57.9 million dollars, ranking it second among all blockchains by that metric. Daily income feeding the Assistance Fund has generally ranged between one and three million dollars.
Combined with ETF inflows, this automatic buying has created a sizable buffer against selling pressure, particularly from scheduled token unlocks.
Large unlock to test absorption capacity
Attention is now turning to a substantial core-contributor unlock expected in early June.
Reports indicate that on or around June 5 or 6, tokens worth approximately 713.8 million dollars will be released, representing about 2.54 percent of the total supply and earmarked for core contributors. Separately, a 38.7‑million‑dollar team tranche is due on June 6 under an ongoing monthly schedule that began in January.
Market analysts suggest ETF participants have so far been relatively insensitive to unlock events, but the upcoming release is seen as a key test of whether ETF inflows and protocol buybacks can continue to absorb new supply without destabilizing prices.
Major holders continue to accumulate
Despite the looming unlock, large market participants have been adding to their positions.
Venture firm a16z has been building a sizable stake in HYPE since August 2025 and is now estimated to be the largest external holder, with more than 3.09 million tokens worth about 223 million dollars in a single wallet. On-chain data show multiple affiliated addresses continuing to buy between 49 and 59 dollars per token. One such address has accumulated about 3.55 million tokens at a total cost near 170.7 million dollars since mid-April.
Galaxy Digital has also increased its exposure. In May, the firm acquired about 158,100 HYPE tokens worth 8.8 million dollars. On June 3, on-chain records show Galaxy withdrew 179,000 tokens, valued around 12.62 million dollars, from an exchange, signaling continued accumulation.
Hyperliquid Strategies’ PURR set for index inclusion
Hyperliquid’s footprint in traditional markets is expanding through Hyperliquid Strategies, the Nasdaq-listed vehicle trading under the ticker PURR.
PURR holds 22.3 million HYPE tokens valued at roughly 1.617 billion dollars and repurchased about three million of its own shares in the first quarter of 2026 for 10.5 million dollars.
On May 22, FTSE Russell’s preliminary rebalance indicated PURR will be added to the Russell 3000 Index after the market close on June 26. The index tracks around 3,000 of the largest U.S. public companies, with approximately 10.6 trillion dollars benchmarked to its family of indices.
The inclusion is expected to prompt passive index-tracking funds to buy PURR shares, potentially directing additional capital indirectly toward HYPE exposure.
Outlook: demand versus new supply
The combination of record ETF inflows, aggressive protocol buybacks, and continued accumulation by large trading firms has created a strong demand backdrop for HYPE even as legacy Bitcoin and Ethereum products struggle with outflows.
Whether that demand can fully offset the upcoming token unlocks will be a key factor in determining whether HYPE can sustain or extend its recent record highs in the weeks ahead.
To understand how ETFs move crypto prices, explore our detailed guide on ETF mechanics and market impact today.
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