What Changed for Hyperliquid ETFs in September?

Hyperliquid's spot ETFs ballooned to $502 million in September, yet the investors actually putting money in were heading for the exits. Find out who stepped in to fill that gap and what it signals for HYPE's price stability.

As of September 25, 2026, Hyperliquid‘s (CRYPTO:HYPE) three U.S. spot ETFs held a total of $502 million in net assets. However, the money investors poured into these funds has declined to $342 million, down from a peak of $356.6 million on September 4. This means the Hyperliquid ETFs grew in value even as around $14 million flowed out.

These ETFs, which include Bitwise’s BHYP, Grayscale’s HYPG, and 21Shares’ THYP, hold HYPE tokens worth about 2.5% of HYPE’s market value. In contrast, U.S. spot Bitcoin ETFs typically hold about 6.3% of all Bitcoin. So, what changed for Hyperliquid ETFs in September, and who is currently buying HYPE?

Three Hyperliquid ETFs Hold $502 Million, but Their Inflows Remain Below the September 4 Peak

While total net assets reflect the funds’ current valuation based on HYPE’s price, cumulative net inflow reflects all money invested minus any withdrawals. The substantial $160 million difference between these two figures mainly reflects HYPE’s price appreciation, as it trades near $94, just shy of its all-time high from September 19. Therefore, the funds grew primarily from rising prices, not new investments.