The crypto market has received little support from capital inflows recently. U.S. spot$BTC (+0.48%)ETFs have now recorded eight consecutive weeks of outflows—the longest streak since their launch—with more than $6.5 billion flowing out since May. In $ETH (-1.07%)-ETFs, inflows have slowed, while Strategy, the Saylor-led #bitcoinTreasury company, sold 3,588 $BTC (+0.48%) to finance dividends on preferred shares. Against the backdrop of these challenging market conditions, $HYPE (-0.97%) continues to trade near its all-time high.
#hyperliquid-ETFs have recorded inflows every week since their launch in May, including approximately $161 million in June, bringing the total assets under management (AUM) of the three U.S. products to about $336 million. The European products have additionally recorded a volume of over 55 million US dollars. While these figures are still small in absolute terms, on a market-capitalization-adjusted basis, this ranks $HYPE (-0.97%) rank among the strongest crypto ETF launches to date. Their relative strength compared to the broader crypto market remains clearly evident.
In our view, this is a strong signal that the tokenomics of $HYPE (-0.97%) are resonating with investors. The allocation of 99% of platform fees toward the systematic buyback of $HYPE (-0.97%) creates a direct link between protocol activity and token demand, thereby giving the asset a value creation mechanism that clearly stands out in the current market.
