Hyperliquid ETF Inflows Stall as Competition Mounts, JPMorgan Data Shows

A sharp deceleration in Hyperliquid ETF inflows is resetting expectations for the crypto exchange-traded fund market, after the product category briefly dominated in May and June.

JPMorgan analysts now report that demand for the single-protocol funds stalled out in July and August as rival offerings multiplied and investor capital rotated into broader-based crypto products.

The bank’s data, highlighted in the original report, shows that the window of hyper-concentrated ETF demand may be narrower than many issuers expected. For two months, Hyperliquid-linked ETFs commanded the lion’s share of net new money flowing into crypto funds.

That streak has now broken, and the slowdown is notable not just for its speed but for what it suggests about how institutional allocators are approaching the expanding menu of crypto wrappers.