摩根大通：Hyperliquid ETF资金流入降温，竞争加剧或影响市场份额

Odaily News J.P. Morgan stated that Hyperliquid (HYPE)-related ETFs were among the strongest performers in terms of inflows among non-Bitcoin crypto funds in May and June. However, as market competition intensifies, their inflow momentum has notably slowed in July and early August, raising growing concerns about the protocol's future competitiveness.

The team of J.P. Morgan analyst Nikolaos Panigirtzoglou noted in a report that Hyperliquid ETFs' inflow ratio relative to assets under management (AUM) led other non-BTC crypto funds in May and June, but this trend has since faded.

Hyperliquid has become one of the most closely watched growth projects in the crypto market this year, with its native token HYPE surging as traders heavily utilize its decentralized perpetual contracts trading platform. This rapid growth has made Hyperliquid one of the largest crypto ecosystems outside of Bitcoin and Ethereum, attracting attention from institutional funds, corporate treasury investors, and ETF issuers.

However, J.P. Morgan believes that decentralized derivatives platforms are facing competitive pressure from regulated centralized exchanges. As crypto perpetual contracts products under the U.S. regulatory framework gradually launch, some trading activity may shift from offshore decentralized platforms like Hyperliquid to compliant trading venues.

Additionally, the report noted that Hyperliquid is expanding into the prediction market business to reduce its reliance on perpetual contract trading fee revenue, but this sector also faces intensifying competition.

J.P. Morgan stated that although Hyperliquid is one of the best-performing projects in the crypto market this year and has become the fourth-largest asset in corporate crypto reserves (trailing only Bitcoin, Ethereum, and Solana), uncertainty remains over whether it can continue expanding its market share against competitors such as Solana and XRP.

Data shows that Bitcoin and Ethereum ETFs currently hold approximately $77 billion and $10 billion in assets under management, respectively, while other crypto ETFs, including Solana, XRP, and Hyperliquid, collectively hold only about $2 billion to $3 billion. (CoinDesk)