JPMorgan said inflows into Hyperliquid (HYPE) spot ETFs have largely stopped, ending a two-month stretch in which the funds led non-bitcoin crypto ETF categories on an inflows-to-assets basis. The bank’s analysts estimated HYPE ETFs drew about $280 million cumulatively through June before reversing, with July posting more than $13 million in net outflows. They also cited a run of $29.8 million in outflows over twelve consecutive sessions through August 3. JPMorgan tied the shift to intensifying competition from newly regulated, U.S.-based perpetual futures platforms.

On Aug. 3, U.S. spot Bitcoin ETFs posted total net inflows of $170.1 million, reversing a $265.4 million net outflow recorded on July 31. BlackRock’s IBIT led with $111.4 million, followed by Fidelity’s FBTC at $33.4 million, while EZBC, BTCO and HODL also saw smaller gains. None of the 12 funds reported a net outflow, indicating a broader pickup in participation, according to Farside Investors.

Institutional wallets including Cumberland and Monetalis bought a combined $6.12 million of UNI at the $4.00 resistance level, while Wintermute previously moved more than $1 million of UNI through major exchanges. The concentrated buying coincided with large short liquidations in the $4.05–$4.15 range, creating mechanical demand that pushed UNI to $4.56. UNI has recently climbed back above $4.56 for the first time since May. If the price falls below $4.00, a potential downside target is $3.66.

Bitcoin climbed back above $64,000, while Ether reclaimed the $1,850 level. More than $95 million in short positions were forcibly liquidated across the market over the past four hours. The move reflects short-term bullish control and a concentrated squeeze in leveraged shorts. It also lifted major crypto assets broadly in a BTC-led sentiment reversal.

Global trading volume in tokenized stocks and ETFs climbed to $11.3 billion in July 2026, a record high, but the QQQB product accounted for 82% ($9.27 billion) of the total. Excluding QQQB, July volume was about $2.03 billion, down 30% from an estimated $2.91 billion in June. Binance bStocks made up 83.3% of overall activity, while volumes on xStocks fell and activity on Ondo and Backpack remained well below QQQB. The figures underline how concentrated and potentially unrepresentative the tokenized-equities market remains, creating a narrative challenge for projects tied to the theme without directly implying a price catalyst.

Spot Bitcoin ETFs recorded $172 million in net inflows in July 2026, reversing two straight months of heavy redemptions. They posted net outflows of $2.43 billion in May and a record $4.51 billion in June, for nearly $7 billion combined, while assets under management fell from above $58 billion to $51 billion. Despite the return to net inflows in July, overall flow momentum remained weak. The piece frames the discussion as a “Bitcoin vs. Ethereum ETF” comparison but does not provide Ethereum spot ETF flow figures.

The ETH/BTC exchange rate rose to 0.030, a three-month high, driven by Ethereum’s +24% monthly rise compared with Bitcoin’s +8%. On the technical front, the ratio has moved back above its 200-day moving average. In flows, U.S. spot Ethereum ETFs logged $103.9M in weekly net inflows, about three times the inflows into spot Bitcoin ETFs. On-chain supply has tightened, alongside expectations for the H2 2026 “Glamsterdam” upgrade to cut L1 fees by over 70% and increase throughput.

On July 28, 2026, the US Treasury sold $44 billion of seven-year debt at a 4.473% yield, 21.3 basis points higher than the June auction, with a 2.49 bid-to-cover ratio. On July 29, the Federal Reserve held the federal funds rate target range at 3.5%–3.75%. The higher government-backed yield lifts the risk-free benchmark and increases the opportunity cost of holding non-yielding, highly volatile assets such as Bitcoin, adding a macro-level headwind for crypto capital flows.