HYPE spot ETFs post a $7.96 million net outflow in one day, with Bitwise's BHYP taking $7.05 million

Where the money left

PANews reported the same $7.9598 million total. Both outlets cite SoSoValue, so they share one origin and we count them as one data source. SoSoValue's own page returned HTTP 403 to our request, and Farside's HYPE page did the same.

The two funds add up to $7.9599 million, within rounding of the total, so the reports imply that no other HYPE fund had a meaningful flow that day. They also leave about $145.6 million of cumulative inflow ($287M − $114M − $27.41M) with funds they do not name.

Even after this day, cumulative net inflow stands at $287 million against net assets of $374 million.

How large is $7.96 million

Set against Hyperliquid's own HYPE perpetual, the outflow is small.

The open interest value is our arithmetic: 22,417,098 HYPE × the $79.15 mark price.

Trading venues put that in more context. Hyperliquid's $277.3 million of 24-hour perp volume compares with about $140.9 million on OKX's HYPE perpetual (1,778,952 HYPE × $79.23), $44.9 million on Binance's HYPEUSDT spot pair and $42.1 million on Bitget's perpetual, all from public APIs at the same snapshot. Bitget also showed 2,555,326 HYPE of open positions. At the November 6 close of $78.49, the ETF outflow equals about 101,400 HYPE, or under 3% of the 3.54 million HYPE that traded on Hyperliquid's perpetual in 24 hours. That conversion is our arithmetic. The funds' actual token movements were not in the reports.

The size did rise from earlier in the week. Our November 3 report put the HYPE category's outflow for November 2 at about $2.86 million, so November 6 was about 2.8 times that figure.

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Solana funds lost more dollars on the same day but a similar proportion. Odaily's SOL report gives a $25.08 million outflow against $1.308 billion of net assets, or 1.92%, which suggests this was not a HYPE-only move. The same data set shows ZEC funds taking in $1.77 million, so it was not uniform across altcoin ETFs either.

21Shares' THYP page gives a fund-level check. As of November 6 it shows a net asset value of $45.35 per share, 1,200,000 shares outstanding and $54.42 million in assets, with a 0.30% management fee. At that NAV, $907,000 works out to about 20,000 shares. We could not open an equivalent Bitwise page: the addresses we tried returned 404.

What HYPE did around the outflow

Daily candles from Hyperliquid's public API, in UTC, show the heavy selling came a day earlier.

An ETF flow reported for November 6 can reflect a decision made after the November 5 fall, and U.S. trading hours do not line up with UTC candles. The reports do not say why holders sold, and we have no redemption data by investor, so any cause would be a guess.

By about 12:43 SGT on November 7 the HYPE mark price was $79.15, against $77.90 a day earlier, and it was still about 12% below the $89.97 open on October 31.

Other HYPE supply news this week

Three other items are larger or easier to measure than the ETF flow, and each deserves a separate look.

The team side comes first. PANews, citing on-chain analyst Yu Jin, reports that HyperLabs distributed 179,706 HYPE, about $14.49 million, to six team member wallets after redeeming it from staking. That is about 1.8 times the ETF outflow. A transfer to team wallets is not a sale, and the report shows none.

Buybacks run the other way. Odaily, citing Onchain Lens, reports that Hyperliquid bought back and burned 21,040 HYPE in 24 hours at an average of $77.93, or about $1.64 million. At that pace the ETF outflow equals about five days of burns.

Then there is the largest holder class. A PANews summary of the 8-K from Hyperliquid Strategies (PURR) puts its stake at 38.5 million HYPE on September 30, about 16% of a disclosed 238 million circulating supply. The ETFs' $374 million is about 4.7 million HYPE at today's mark, roughly 2% of that supply, which matches SoSoValue's 2.00% ratio. Decrypt separately reports that a PURR subsidiary has applied to become a U.S. futures commission merchant, pending regulatory approval.

What funding showed

Funding is the live read on whether traders are crowding one side. A sharp ETF exit that spooked derivatives traders could push it negative. It had not done so at this snapshot.

Rates come from each venue's public API and reset through the day, so the 24-hour costs are arithmetic on one reading. Positive funding means longs pay shorts. Our funding rates board tracks these across venues.

What to check before you trade HYPE

1. Read the fund split. A day driven 88.6% by one fund can come from one holder or one allocator, and a reader of the headline total cannot see that.
2. Compare funding on the venue you actually use. The table shows nearly a two-to-one spread between OKX and the other two.
3. Size your stop against recent range. HYPE moved from $84.85 to $76.15 inside the November 5 candle, a span of about 10% of that day's high.
4. If your coins sit on Binance, confirm the withdrawal route first. Our withdrawal state checks name HYPE among the assets to verify.

If you do trade the perpetual, the fee is the cost you control. Bitget lists HYPEUSDT perpetuals, and code nexu888 returns 60% of trading fees: a $10,000 trade × 0.06% taker = $6 fee, and $6 × 60% = $3.60 back, settled daily per our registry. That is on one side of a trade. Hyperliquid takes code NEXU888 if you prefer to trade on-chain, where our registry lists a 0.045% taker fee.

Quick answers

Did HYPE fall because of the ETF outflow?

The timing does not show that. The biggest fall, 8.58%, came in the November 5 UTC candle, and HYPE rose 2.47% in the November 6 candle.

Which HYPE ETF lost the most?

Bitwise's BHYP, with $7.05 million of the $7.96 million total, per SoSoValue data reported by Odaily.

Does an ETF outflow mean HYPE was sold on the market?

Not on the evidence here. The reports give dollar flows only, and we did not see how redemptions were settled or whether any fund sold tokens.

What we could not confirm

We could not open SoSoValue, Farside or Bitwise's fund page, so the flow figures rest on one data provider as reported by two outlets. The reports do not give the reason for the redemptions, and they do not name the funds holding the other $145.6 million of cumulative inflow.