The Hyperliquid ETF inflow streak is not just a bullish headline anymore. It is starting to become a supply story. 13 straight days of net inflows sounds small when yesterday’s number is only $1.28M, but the important part is not one day. It is the consistency. Slow daily buying through ETF rails can quietly remove liquid supply from the market before most retail traders even notice. That is why the 1.15% circulating supply figure matters. More than 1 in 100 $HYPE tokens now sitting inside just two ETFs means the market is no longer only being shaped by active traders on Hyperliquid. A new passive holder base is forming around the asset. And passive capital behaves differently. It does not chase every candle. It does not rotate in and out like perp traders. It usually buys through a structured product, sits there, and turns circulating tokens into parked supply. That can become powerful in both directions. In a strong market, it tightens float and makes upside moves sharper because fewer tokens are available for normal trading. But in a weak market, it also concentrates sentiment. If ETF flows reverse, the same vehicle that absorbed supply can become a visible pressure point. So this is not simply “HYPE is getting ETF demand.” The deeper signal is that Hyperliquid is moving from a crypto-native trading asset into an institutional access asset. That changes how the market should read it. The question is no longer only whether Hyperliquid users are active. The question is whether outside capital keeps treating $HYPE as the cleanest way to bet on the onchain perps economy. Because once ETFs start holding meaningful supply, price action stops being only about exchange volume. It becomes about float control, institutional appetite, and whether the market believes Hyperliquid can stay the center of onchain trading. $BTC $HYPE $ZEC #HYPEHitsNewATH #StrategySellsBitcoin