In the 24 hours when BTC fell 2.36% and ETH fell 6.08%, $HYPE spot ETFs saw net outflows of KRW 21.3 billion last week, their third-largest weekly outflow on record, according to SoSoValue. Bitwise’s BHYP and 21Shares’ THYP accounted for most of the outflows.

Holders are facing the same reality: the product is still there, but the money has already left. Those considering entering see sentiment cooling, while project teams see marginal demand through the ETF channel retreating. U.S. $XRP spot ETFs also saw net outflows that same week—much smaller in scale, but moving in the same direction.

What’s worth watching isn’t the outflow in a single week, but whether the cumulative net inflows for these two ETFs remain positive—which, according to the source, they still are. How many weeks that holds up will say more about whether allocation-focused investors or traders are in the driver’s seat than one week of withdrawals.

#BTC #Crypto Fear Index