JPMorgan: Hyperliquid ETF fund inflows have stagnated, and competition pressure among trading platforms has intensified

According to CoinDesk, JPMorgan stated that the Hyperliquid (HYPE) ETF led the inflow of funds into non-Bitcoin crypto funds in May and June, but related demand has basically stagnated in July and early August, reflecting growing concerns about its competitive prospects.

Analysts led by Nikolaos Panigirtzoglou pointed out that decentralized platforms like Hyperliquid face significant pressure on market share. After the launch of regulated crypto perpetual futures products in the U.S., some trading activity may shift from overseas decentralized platforms to compliant centralized exchanges, which have advantages in licensing, compliance, and investor protection.

JPMorgan also mentioned that Hyperliquid is expanding its prediction market business, but competition in this area is also intensifying. Although HYPE has become the fourth largest asset in corporate crypto treasuries after BTC, ETH, and SOL, it remains uncertain whether it can continue to gain market share from larger ecosystems like Solana and XRP.

Currently, the assets under management for BTC and ETH ETFs are approximately $77 billion and $10 billion, respectively, while other crypto ETFs, including SOL, XRP, and HYPE, have a combined size of only about $2 billion to $3 billion. HYPE has fallen over 3% in the past 24 hours, trading at around $55.30.