Bitwise Clients Fuel Hyperliquid Surge Amid Slowing Revenue

Bitwise, a well-established player in the crypto ETF space, has seen its clients buy more than $5 million worth of Hyperliquid (HYPE) cryptocurrency over the past week. This surge in buying is part of a larger trend that saw HYPE ETFs record fresh inflows in recent sessions, lifting total net inflows to $283.56 million.

However, it's not all good news for HYPE. Revenue from Hyperliquid has slowed significantly, with monthly figures showing a 33% decline from June to July. August is also shaping up to be another weaker month, with revenue running at about $12 million through its first ten days.

The strong revenue generated by the trading engine, Hypercore, is still the main driver of Hyperliquid's revenue, accounting for around $788 million compared to roughly $13 million from other sources. This dependence on trading activity could limit the network's support for the price if it continues to decline.