Crypto ETFs See $4.4B Outflow Streak as HYPE Funds Stand Apart

U.S. spot bitcoin ETFs recorded a 13th straight session of outflows on Wednesday, bringing the drain since mid-May to $4.37 billion, according to CoinDesk, citing SoSoValue data. The weakness also spread to ether, solana and XRP funds, while Hyperliquid-linked HYPE products remained the only major crypto ETF group in the report with net new money coming in.

The move matters because ETF flows have become a closely watched signal of crypto demand, especially for bitcoin. CoinDesk reported that Citi told clients spot bitcoin ETF flows explain about 45% of weekly BTC price moves and called them a key gauge of investor adoption, adding that sentiment could remain subdued while flows are negative and U.S. crypto market structure legislation remains stalled.

On Wednesday, U.S. spot bitcoin funds lost another $396.60 million. BlackRock’s IBIT accounted for most of that total with $342.34 million in redemptions, while Fidelity’s FBTC lost $54.26 million. Total net assets across U.S. spot bitcoin ETFs fell to $82.83 billion from $104.29 billion on May 15, the last session before the outflow streak began.

Ether ETFs lost a combined $52.94 million on the day, led by BlackRock’s ETHA with $51.58 million in outflows. Solana funds shed $12.74 million, with Bitwise’s BSOL accounting for $11.56 million, and XRP funds lost $5.34 million, led by Bitwise’s flagship XRP ETF.

HYPE funds were the exception. CoinDesk reported that 21Shares’ THYP took in $2.99 million, lifting cumulative HYPE ETF net inflows to $139.51 million since its May 12 launch and total net assets to $192.01 million. Grayscale also launched its own Hyperliquid product, HYPG, on Wednesday, positioning it as the lowest-fee U.S. spot HYPE vehicle at a time when other major crypto ETF categories were in redemption.