CoinDesk
Spot XRP and Hyperliquid's HYPE emerged as the rare bright spots inside a brutal June for US-listed crypto ETFs, as bitcoin and ether products saw record outflows over the month. XRP-linked ETFs pulled in $59.4 million, a third consecutive month of net inflows though at a slower pace than the prior two, while HYPE funds notched $161 million in net additions, according to SoSoValue data.
Why it matters
The flows show a market that is not abandoning crypto exposure wholesale but is rotating. Bitcoin ETFs bled while XRP and HYPE vehicles attracted fresh capital, a sign that allocators still want on-chain access, just not via the names that led the last cycle. HYPE also carries fundamental tailwind: its parent, the decentralized exchange Hyperliquid, generated just over $80 million in fees over the past 30 days, ranking third among all protocols behind stablecoin issuers Tether ($486.9 million) and Circle Internet ($184.07 million), per DefiLlama.
Market impact
The case for further spot appreciation hinges on stabilization in BTC and broader risk assets. FxPro chief market analyst Alex Kuptsikevich noted July has historically been bitcoin's strongest month, with the asset closing higher in ten of the past fifteen Julys and posting an average gain of 19% in those years. Seasonality alone is no guarantee, though, and the piece's authors caution that strong spot ETF inflows may still be needed to lift BTC. Macro headwinds are not helping: SPDR Gold Shares slipped into a death cross this week, and BlackRock's IBIT dropped 35% after its own December death cross, framing the risk-off backdrop that has weighed on the complex.
Frequently asked questions
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How much did XRP and HYPE ETFs add in June?
XRP-linked ETFs pulled in $59.4 million in net inflows in June, a third consecutive month of net additions. HYPE funds attracted $161 million over the same period, according to SoSoValue data.
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Why are HYPE funds attracting inflows?
HYPE has fundamental backing from its parent DEX, Hyperliquid, which generated just over $80 million in fees over the past 30 days, ranking third among all protocols behind Tether and Circle Internet, per DefiLlama.
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How bad were bitcoin and ether ETF outflows in June?
Spot bitcoin and ether ETFs recorded record outflows over the month, according to the seed, even as XRP and HYPE vehicles drew fresh capital. The piece frames June as a brutal month for the cycle's leading ETF products.
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Does July historically favor bitcoin?
FxPro's Alex Kuptsikevich noted that bitcoin has closed higher in ten of the past fifteen Julys, with an average gain of 19% in positive years. The authors cautioned that seasonality alone may not be enough and that spot ETF inflows could still be needed.
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What is the death cross signal in the broader market?
The SPDR Gold Shares ETF slipped into a death cross this week, with its 50-day moving average crossing below the 200-day. BlackRock's IBIT fell into a death cross in December and has since dropped 35%, framing a wider risk-off backdrop for crypto.
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