The HYPE ETF, a fund linked to the Hyperliquid ecosystem, has drawn nearly $160 million in inflows during a period when Bitcoin’s price was falling, highlighting a growing split between targeted fund demand and broader crypto market sentiment. The nearly $160 million flowing into the HYPE ETF represents a notable divergence from the wider market. While Bitcoin, the benchmark asset for crypto risk appetite, was losing ground, capital continued moving into a product tied to Hyperliquid’s decentralized exchange infrastructure.