US Spot HYPE ETFs Log $4.95M Net Outflow, Led by Bitwise and Grayscale Funds

A single-day outflow split across the two largest HYPE funds is less a verdict on Hyperliquid than a reminder of how concentrated these products still are: with total net assets around $431 million and cumulative inflows of $329 million, one session's redemptions are modest against the accumulated base. The composition matters more than the headline figure, since Bitwise and Grayscale together drove the move rather than a broad retreat. Whether the outflow reflects routine rebalancing or the start of a sustained reversal in spot HYPE demand is the open question, and the next few sessions' flow direction will be the tell.