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Bitcoin spot ETFs lose ground as Hyperliquid sees inflows; institutional money moves against the trend

Three Hyperliquid spot exchange-traded funds have recorded net inflows of nearly $172 million about a month after their May launch, while about $5.6 billion left bitcoin spot ETFs over the same period, sharply splitting institutional flows. Hyperliquid’s HYPE token rose more than 73 percent over the past month and hit a record $75.96 on June 16. Market participants cite protocol fee generation, buybacks and USDC-related liquidity as drivers.