Bitcoin and Ethereum ETFs experienced a combined $112 million in outflows on Monday, while two Hyperliquid ETFs extended their streak of net buying to eight consecutive days.
Diverging Trends
This divergence underscores a growing split in institutional investment strategies. Traditional crypto funds are seeing capital flight amid macroeconomic uncertainty, while newer products linked to Hyperliquid’s high-growth infrastructure continue to attract demand.
Bitcoin ETFs led the losses with $105.2 million in outflows, while Ethereum ETFs shed $6.7 million, according to SoSoValue data. These movements follow a week in which digital asset investment products recorded $1.47 billion in outflows, the third-largest weekly total of 2026, according to CoinShares.
Bitcoin ETFs alone saw $1.315 billion in outflows, the largest weekly outflow of the year. Ethereum funds recorded $223 million in outflows. CoinShares attributed the risk-off sentiment to ongoing geopolitical tensions related to the Iran conflict, with outflows extending beyond the U.S. to Switzerland, Canada, and Hong Kong.
Hyperliquid ETFs See Gains
Meanwhile, the two Hyperliquid ETFs have posted net buying for eight consecutive days, adding $10.95 million on Monday. The streak began on May 13 with a $1.17 million net addition and has included daily flows ranging from $4.4 million to $25.5 million, with the largest single-day inflow of $25.5 million occurring on May 20.
The increase in HYPE ETF flows coincides with the token reaching a new all-time high of $64.21 on Sunday. The token has surged nearly 50% over the past month and boasts year-to-date gains exceeding 140%.
This rally follows the successful launch of HYPE ETFs and institutional support, particularly from Bitwise, which allocated 10% of the management fees from its newly launched Hyperliquid ETF (BHYP) to directly purchase and hold HYPE on its corporate balance sheet.
Market Analysis
Despite the contrasting flows, Tim Sun, senior researcher at HashKey Group, told Decrypt that the ETF outflows from Bitcoin and Ethereum are driven by a combination of price action and rising Treasury yields. “Bitcoin’s price has actually dropped below the average purchase price of the ETFs, triggering a certain degree of selling pressure,” he said. “Additionally, because the U.S. Treasury yield curve has shifted upward as a whole, it has suppressed the appetite for arbitrage capital.”
Sun added that the market is in a wait-and-see period, with options data showing no clear directional preference from either institutional or retail investors. “The market is primarily buying downside protection and reducing risk exposure, rather than making large-scale bets on a one-way crash or a rapid rebound,” he said.
Regarding Hyperliquid’s prospects, Sun cautioned that regulatory hurdles remain significant despite the platform’s growth. “The CME and ICE recently jointly pressured Congress to call for scrutiny over it. Regulatory risks not only exist but are continuously growing,” he said. “Conversely, though, this also proves that Hyperliquid’s own trading volume and business performance are remarkably prominent.”
Bitcoin is currently trading at around $77,140, down 0.3% over the past 24 hours, according to CoinGecko data.
On the prediction market Myriad, owned by Decrypt’s parent company Dastan, users now see a 74% chance that Bitcoin will retest $84,000 next, rather than dropping to $55,000. That number has decreased from 86% on May 14, mirroring Bitcoin’s decline from $81,700 to $74,500 last weekend.
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