According to Coinshares, Hyperliquid (HYPE) remains strong, trading near all-time highs while US spot Bitcoin ETFs recorded 8 consecutive weeks of net outflows, with over $6.5 billion exiting since May 2026. Ethereum ETFs also weakened during the same period.

HYPE-focused ETFs have seen inflows every week since their launch in May, attracting approximately $161 million in June and bringing total assets under management across three US-based HYPE funds to around $336 million. Coinshares notes that Hyperliquid's tokenomics are resonating with investors, as the platform uses 99% of protocol fees to systematically buy back HYPE, creating a direct link between protocol activity and token demand.