XRP, HYPE and ZEC ETFs lose $7.02 million: where the outflows came from

The arithmetic behind $7.02 million

The exact combined figure in the reports is $7,021,700. The three category amounts reconcile without a remainder:

$529,500 XRP + $2,859,800 HYPE + $3,632,400 ZEC = $7,021,700.

All values in the table come from the SoSoValue figures reproduced by Odaily. The asset values are the report's as-of-publication snapshots; they are not an earlier opening balance or a forecast of the next day's holdings.

ZEC and HYPE together account for $6,492,200, calculated by adding their two outflows. That is about 92.5% of the combined amount. A reader focused on XRP should therefore avoid assigning the entire $7.02 million headline to XRP funds. The category's reported $529,500 is much smaller than the aggregate.

The combined number also covers only these three categories. The opened reports do not give a total for every U.S. crypto ETF. Calling this a market-wide ETF withdrawal would widen the claim beyond the supplied figures. A portfolio containing other tokens needs their own flow records before its owner can make a broader comparison.

XRP: the reported withdrawal sits in one named fund

According to the reports, Canary XRP ETF, ticker XRPC, was the only XRP fund to record a net outflow that day. Its reported withdrawal was $529,500. The same account gives XRPC historical cumulative net inflows of $485 million. For the XRP category as a whole, the reported cumulative figure was $1.808 billion and total net assets were $1.425 billion. PANews's XRP breakdown.

Those figures describe three separate scopes: one fund's daily flow, that fund's cumulative flow and the category's cumulative flow. Keeping the fund ticker beside the amount prevents an easy mistake: assigning XRPC's $485 million cumulative inflow to the entire XRP category.

The daily outflow equals approximately 0.109% of XRPC's reported $485 million cumulative inflow. This is our arithmetic: $529,500 divided by $485 million, multiplied by 100. It measures the day's reported withdrawal against that cumulative figure. It does not supply the fund's investment return or the percentage change in its share price.

Compared with the category's reported $1.425 billion net assets, the daily $529,500 withdrawal is approximately 0.0372%. That comparison uses a different denominator and answers a different question. Readers comparing XRP with HYPE and ZEC should use the category asset denominator consistently, rather than mixing one fund's cumulative flows with another category's total assets.

HYPE: two reported fund withdrawals explain the category total

For HYPE, the reports name 21Shares Hyperliquid ETF, ticker THYP, with a $1,450,200 net outflow, followed by Bitwise Hyperliquid ETF, ticker BHYP, with $1,409,600. Adding those figures produces the category's $2,859,800 outflow exactly. The difference between the two withdrawals is $40,600. Odaily's fund figures.

THYP accounts for approximately 50.7% of that daily HYPE outflow and BHYP about 49.3%, calculated from the two amounts above. The larger withdrawal is therefore only slightly larger in dollar terms. A headline naming just THYP would leave out almost half of the reported category withdrawal.

Their cumulative inflows have a different distribution. The reports put THYP at $29,287,500 and BHYP at $125 million. THYP's daily outflow divided by its cumulative inflow is approximately 4.95%; BHYP's equivalent ratio is about 1.13%. Those comparisons explain why similar daily amounts can look different against each fund's reported history. They do not establish why either fund recorded an outflow.

The reports give cumulative inflows of $300 million for the HYPE category. The two named funds' cumulative amounts add to $154,287,500. We keep the category total and the named-fund subtotal separate because the reports do not provide a complete cumulative fund table. Filling the gap with an unnamed fund or an assumed transaction would invent information.

For a like-for-like asset comparison, HYPE's $2,859,800 daily outflow divided by its reported $412 million net assets is approximately 0.694%. It is the highest of the three category ratios calculated here, even though ZEC has the largest outflow in dollars.

ZEC: the largest dollar withdrawal, with positive cumulative inflows

Zcash ETF, ticker ZCSH, recorded a $3,632,400 net outflow, according to the reports. Its historical cumulative net inflow was $218 million. The reported ZEC category totals were also $218 million in cumulative inflows, alongside $668 million in net assets. PANews's ZEC figures.

The daily withdrawal equals approximately 1.67% of the reported $218 million cumulative inflow. Against $668 million in category net assets, it is approximately 0.544%. Those calculations use the same $3,632,400 numerator but different denominators. Neither calculation turns the daily flow into a token-price change.

The cumulative inflow remains positive in the reported snapshot. Subtracting the daily withdrawal from $218 million again would require knowing whether the cumulative value already incorporates the day. The articles present it as the current cumulative figure; they do not label it a pre-withdrawal balance. We therefore do not subtract the same outflow a second time.

A ZEC holder has a useful distinction to carry into the next session: ZEC led the three categories by reported dollars withdrawn, while HYPE led when the daily withdrawal was divided by reported category assets. The ranking changes with the question. Choose the comparison before choosing a trade.

What changes when the asset bases are combined

The three reported category asset values add to $2.505 billion: $1.425 billion + $412 million + $668 million. Dividing the $7,021,700 withdrawal by that total gives approximately 0.280%. The combined ratio describes the three categories together. It conceals the spread between HYPE's approximately 0.694%, ZEC's 0.544% and XRP's 0.0372%.

A reader using only the combined ratio loses that individual distribution. A reader using only the largest dollar amount loses the comparison with each category's reported size. Record the daily dollar amount and the withdrawal-to-category-assets calculation beside each other. The first identifies which category lost more dollars; the second compares that amount with its own reported asset base.

The categories' cumulative net inflows add to $2.326 billion: $1.808 billion + $300 million + $218 million. Cumulative inflows and the $2.505 billion in reported assets are separate measures. We do not label their difference fund profit or attribute it to a particular transaction. The opened reports do not provide the accounting detail needed for that attribution.

Keep daily flow, cumulative flow and net assets in separate columns when saving the observation. Include its date. On the next update, identify which column changed before comparing amounts. That prevents a cumulative amount from becoming a claimed daily flow, or an asset-value change from being described as a new subscription without supporting records.

These sums and ratios are our calculations from the reported category figures. They include no other ETF category. A revision to an individual row would require recalculating both the headline total and the relevant ratios.

What the flow figures do not explain

Neither opened report identifies the investors responsible for the withdrawals, gives their reasons or establishes the time of a corresponding token-market transaction. A claim that investors sold specifically because of a price event would need evidence connecting the decision and the event. These figures alone do not provide that connection.

The reports also give category net-asset ratios of 1.80% for XRP, 2.07% for HYPE and 3.44% for ZEC. We do not use those percentages as daily withdrawal rates: the reports list them separately from the dollar flows. Our withdrawal-to-assets percentages above are calculations with explicit numerators and denominators.

For the next observation, preserve the November 2 date and the individual fund tickers. Compare the next daily record against that same category before describing an outflow streak. One day's negative number cannot establish consecutive withdrawals, and this research did not open an earlier daily series.

Checks for an existing token position

1. Open the details of your existing XRP, HYPE or ZEC position in the service where you hold it. Record the displayed product name and position size before editing an order. Match the asset to its row above: the $7.02 million combined figure belongs to all three categories, while XRP alone accounts for $529,500.

2. For an existing perpetual position, read its contract name and settlement asset, then record the funding and margin information displayed for that position. Keep those account observations beside the ETF date, November 2, Eastern Time. Use NexuAlpha's funding-rates page for a separate market comparison, matching the asset and observation time before comparing figures.

3. Keep any liquidation information separate from the ETF flow record. The liquidations page covers a different question from the November 2 fund withdrawals. Record each observation's time before trying to connect them.

For an ETF holding, open the existing holding details and match its full fund name and ticker with the report: XRPC, THYP, BHYP or ZCSH. If the ticker differs, leave that holding outside the named-fund comparison until you have its own daily record. A category headline cannot identify the flow of a different fund. For the next update, look for a dated fund-level table that can confirm the category total and any revisions, rather than treating the same SoSoValue observation in another outlet as a new day of withdrawals.

Quick answers

Which category contributed the most to the $7.02 million total?

ZEC, at $3,632,400, or about 51.7% of the three-category total. HYPE followed at $2,859,800 and XRP at $529,500. These amounts cover November 2, Eastern Time.

Was HYPE's withdrawal concentrated in THYP?

The two named daily amounts were close: THYP at $1,450,200 and BHYP at $1,409,600. Together they equal the reported HYPE category withdrawal. Their cumulative inflow totals were different.

Does the report show XRP funds losing $7.02 million?

XRP's reported category withdrawal was $529,500. The $7,021,700 amount is the sum of XRP, HYPE and ZEC. Applying that total to one token would misstate the source.

Do the reports establish a price forecast?

They report flows and asset snapshots, without verifying a future token price or a cause for the withdrawals. The next useful evidence is the next dated category and fund record, with any revision to the figures above identified explicitly.