U.S. spot Bitcoin ETFs recorded more than $1.26 billion in net outflows last week, extending a six-day streak of institutional withdrawals, while spot Ether funds shed an additional $215 million over the same period, according to data from SoSoValue. The combined exit marks the sharpest sustained outflow episode from the two flagship crypto ETF categories since early 2026.
The capital is not leaving the asset class — it is rotating. Funds tracking Hyperliquid’s HYPE token absorbed approximately $72 million in inflows across two newly launched U.S. spot products, while XRP-linked ETFs attracted $22 million and SOL funds added $15.6 million over the same stretch, per CoinDesk. The divergence in flows underscores a tactical pivot by some institutional allocators toward narrative-driven, higher-beta tokens over broad large-cap exposure.
HYPE itself hit a new all-time high of $64.21 on May 24, gaining +59% for the month. The token is supported by a structural protocol mechanic that directs approximately 97% of platform fees toward continuous token buybacks, providing a persistent bid independent of external sentiment. Hyperliquid’s expanding product suite — perpetual futures on equities, commodities, and pre-IPO assets — has drawn particular interest from European traders facing limited access to equivalent instruments on regulated domestic venues.
BTC is currently trading near $77,300, down roughly 2.7% on the week after briefly testing the $74,344 level over the weekend. BlackRock’s IBIT reported $61.45 million in single-day outflows on Wednesday and Fidelity’s FBTC logged an additional $10.12 million, according to Investing.com. Morgan Stanley’s MSBT was among the few products registering modest inflows during the streak. On the Ether side, BlackRock’s ETHA led outflows at $184.59 million for the week, with only 21Shares’ ETHB finishing in positive territory.
The bifurcation in fund flows — steady exits from large-cap products alongside targeted buying in altcoin ETFs — points to a tactical rather than structural rotation. Whether this broadens into a sustained altcoin rally or reverses as BTC stabilizes around the $77,000 support zone will be the central market question heading into this week, with PCE data, jobless claims, and housing figures all scheduled to test the macro backdrop.
