Hyperliquid Spot ETFs Post $15.62 Million Weekly Outflow

U.S. spot exchange-traded funds tracking Hyperliquid (HYPE) recorded $15.6168 million in net outflows during the Nov. 2–6 trading week, according to the latest group figures. The total represented the third-largest weekly withdrawal in the funds’ history. Bitwise’s BHYP and 21Shares’ THYP accounted for $15.3927 million of that decline.

The group’s cumulative net inflows remained at $287 million. Net assets stood at $374 million, equal to 2% of HYPE’s total market capitalization at the time of the latest figures.

By Tom Whitfield

Where did the $15.62 million outflow land?

The withdrawal was concentrated in the two funds named in the data. Bitwise’s BHYP recorded $12.0678 million, or 77.3% of the group’s outflow. 21Shares’ THYP lost $3.3249 million, or 21.3%.

Together, the two fund-level figures total $15.3927 million, or 98.6% of the reported decline. The remaining $224,100 accounts for 1.4%. Bitwise’s outflow was 3.6 times 21Shares’ outflow.

That concentration does not establish why investors redeemed shares. The reported data contain no transaction-level explanation, investor attribution or evidence of one coordinated seller. The figures also provide no on-chain trace, so the $15.6168 million should not be treated as a matched amount of HYPE sold on Hyperliquid.

The weekly outflow equaled 5.4% of the group’s $287 million in cumulative net inflows. That comparison places the third-largest withdrawal against the net inflow balance recorded by the products. The figures do not disclose average purchase prices, holding periods or investor identities, so they cannot establish realized gains or losses.

How much remained in cumulative ETF inflows?

Bitwise’s BHYP recorded $114 million in cumulative net inflows, and 21Shares’ THYP recorded $27.41 million. Together, the two products accounted for $141.41 million, or 49.3%, of the group’s $287 million total. The remaining $145.59 million was attributed to other funds in the group.

Flow totals and asset balances did not match. The group’s $374 million in net assets exceeded its $287 million in cumulative net inflows by $87 million. The figures do not allocate that gap, so it would be inaccurate to label it investor profit, fees or another specific item without additional disclosure.

At the stated 2% ratio, the $374 million balance corresponds to an implied HYPE market capitalization of $18.7 billion. The comparison measures ETF assets against token valuation, not the share of HYPE supply held by fund investors or the volume traded on Hyperliquid. It remains a reporting-period snapshot.

What does the data show about market structure?

The weekly data show a sharper concentration than the cumulative figures. BHYP generated 77.3% of the outflow but represented 39.7% of cumulative net inflows; THYP generated 21.3% of the outflow and 9.6% of cumulative net inflows. That divergence makes BHYP the immediate fund-level flow variable to monitor, although it does not establish a durable change in the ETF lineup.

The immediate operational fact is a $15.6168 million weekly net outflow across the wrappers. The data do not show a change in HYPE’s circulating supply, protocol activity or exchange liquidity because they contain none of those measurements. BHYP supplied 77.3% of the weekly outflow, while THYP supplied 21.3%.

Any broader market-structure change remains unconfirmed. Another week of heavy BHYP redemptions would show persistent concentration in the product responsible for the largest reported weekly outflow; a reversal would indicate Nov. 2–6 was episodic. The next weekly flow disclosure is the first checkpoint for any broader market-structure change.