In a remarkable turn of events within the cryptocurrency market, XRP and Hyperliquid’s HYPE have emerged as standout performers, defying the overall trend of significant fund outflows from U.S. spot crypto exchange-traded funds (ETFs). Data from SoSoValue indicates that XRP-linked ETFs recorded inflows of $59.4 million in June, marking the third consecutive month of net gains, although the pace of these inflows has slowed compared to the previous two months.
Meanwhile, HYPE funds saw an impressive $161 million in net inflows during the same period. This marked a stark contrast to the broader ETF market, where bitcoin ETFs faced unprecedented outflows exceeding $4 billion. Ethereum (ETH) ETFs were not spared, recording outflows of $528.99 million, while Solana (SOL) ETFs also declined, shedding $786,000.
The strong inflow into XRP and HYPE funds suggests a potential for significant spot price appreciation, particularly if bitcoin and the wider cryptocurrency market manage to stabilize. Notably, HYPE has additional backing at the foundational level: its governing body, the decentralized exchange Hyperliquid, has generated over $80 million in fees within the past 30 days, as reported by DefiLlama. This positions Hyperliquid as the third highest among all protocols in terms of fees, trailing only behind stablecoin leaders Tether, which reported $486.9 million, and Circle Internet, with $184.07 million.
Looking ahead, the prospect for July appears optimistic. Alex Kuptsikevich, the chief market analyst at FxPro, commented that July historically tends to be a positive month for bitcoin, further fueling expectations of market stabilization and potential growth. As investors keep a close watch on these developments, XRP and HYPE might just set a different trajectory amid a turbulent landscape.
