HYPE ETFs see $26M in net outflows last week as investor sentiment cools

The two US-listed products tracking Hyperliquid’s native token recorded $26.4M in combined net outflows for the week of September 7-11, 2026, the latest in a string of losing weeks that has trimmed the funds’ cumulative gains considerably.

Who sold, and how much

Bitwise’s BHYP carried the heavier load of the selling pressure, accounting for $20.1M of the weekly outflow figure. 21Shares’ THYP contributed the remaining $6.3M.

The week of September 7-11 didn’t arrive in isolation. Over a 12-session stretch ending August 3, 2026, the two ETFs collectively shed $29.8M, suggesting the outflow pressure had been building for several weeks before the latest reported period.

Despite the recent bleeding, the cumulative picture still looks defensible on paper. Total net inflows since inception stand at roughly $330M, with combined net assets sitting at $430M, representing about 2.40% of HYPE’s total market capitalization.

Context: a strong start, then a gear shift

21Shares launched THYP on May 12, 2026, with Bitwise’s BHYP following shortly after. By summer, cumulative inflows had climbed to the $280M-$300M range, and a single session at the peak saw $25.5M flow in within one day.

Both BHYP and THYP offer pass-through staking rewards, meaning holders receive yield generated by the underlying HYPE staked on their behalf.

Hyperliquid is a decentralized perpetuals exchange. The ETF approvals represented a genuine institutional milestone for the project.

What the outflows actually signal

The altcoin ETF space is increasingly crowded. Solana, XRP, and a handful of other tokens now have competing products that didn’t exist at THYP and BHYP’s launch date.

Trackers like Farside Investors and SoSoValue monitor these flow figures and will be the first signals of whether the trend stabilizes or accelerates.

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