In today’s crypto ETF update, Bitwise’s BHYP ETF recorded its first net sale of HYPE since launching, ending a streak of continuous buying. The development attracted attention across the market because BHYP had only experienced inflows since its debut.
Despite the outflow, the fund remains in a strong position. Total purchases continue to far exceed sales, showing that investor demand for HYPE has remained largely intact.
First Outflow Ends Buying Streak
Market analytics firm Arkham Intelligence reported that asset manager Bitwise’s spot Hyperliquid ETF, BHYP, has recorded its first outflow since launch. According to Arkham, investors sold $2.9 million worth of HYPE on Friday, marking the first net sale since the ETF went live. The withdrawal ended a streak of continuous buying that had followed the fund’s launch. To date, BHYP has consistently attracted fresh capital from investors seeking exposure to HYPE.
Despite the sale, overall demand remains strong. Arkham noted that investors have still net bought $89.4 million worth of HYPE since the ETF launched. This shows that buying activity has continued to far outweigh selling pressure. For context, Bitwise’s Hyperliquid ETF, BHYP, launched and began trading on the NYSE on May 15, 2026. The fund recorded $4.31 million in trading volume on its opening day, highlighting strong early investor interest.
More recently, BHYP attracted $7.68 million in net inflows during the first week of June, showing that demand remained healthy before the latest outflow. Meanwhile, the latest outflow may indicate that some investors took profits following HYPE’s strong performance in recent weeks.
Grayscale Continues Aggressive HYPE Accumulation
Meanwhile, the ETF sale comes shortly after Arkham revealed that asset manager Grayscale continues to aggressively purchase HYPE through its HYGP ETF. The analytics firm reported that Grayscale bought approximately $5 million worth of HYPE within 48 hours.
The development also comes amid ongoing controversy surrounding Maelstrom founder Arthur Hayes and his HYPE holdings. On June 4, Hayes announced that he had sold all of his HYPE holdings after the token rallied strongly.
However, market intelligence platform Lookonchain recently claimed in a post on X that a wallet linked to Hayes had purchased 33,978 HYPE tokens worth approximately $2.09 million. The report quickly fueled speculation that Hayes had re-entered the market only days after exiting his position.
Hayes, however, directly responded under the post and denied purchasing any HYPE. His response further confused market participants, with traders debating whether the wallet was linked to him or whether the transaction had been misinterpreted.
HYPE Strengthens Its Position in the Crypto Market
HYPE has remained one of the strongest-performing cryptocurrencies over the past few months, attracting significant attention from both retail and institutional investors. The token has benefited from growing adoption of the Hyperliquid ecosystem and continued interest from major asset managers.
Interestingly, CoinGecko data shows that HYPE has climbed to the 9th position among all cryptocurrencies by market capitalization. The milestone makes HYPE the second DeFi token to ever break into the top 10 cryptocurrencies, highlighting the rapid growth of the Hyperliquid ecosystem and increasing demand for the token.
According to CoinMarketCap, HYPE is up 8.6% and trading near $64. The latest gain reflects continued investor interest in the token despite recent ETF outflows and ongoing market speculation surrounding major holders.
Josiah Oluwadare
