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Bitwise-linked BHYP address deposits 39,310 HYPE to Coinbase as ETF outflows widen

Bitwise-linked BHYP address deposits 39,310 HYPE to Coinbase as ETF outflows widen

Onchain Lens linked the wallet to Bitwise’s BHYP Hyperliquid ETF, while SoSoValue data showed BHYP was the only HYPE spot ETF with withdrawals on July 28 and July 29.

HYPE

Fact Check
The originating source, Onchain Lens (@OnchainLens), posted on 2026-07-28 that Bitwise's BHYP Hyperliquid ETF moved 39,310 HYPE (~$2.13M) to Coinbase, with a total of 280,690 HYPE (~$17.35M) transferred over recent weeks, while retaining 354,040 HYPE unstaked (~$19.25M) and $34.62M worth staked in Hyperliquid. These figures match the claim exactly, including the 280,690 HYPE total and retained staked/unstaked positions. BlockBeats independently reports the same event citing Onchain Lens. This is an on-chain analytics observation attributed to a single monitoring firm (Arkham API data), so it reflects that provider's wallet attribution rather than an official Bitwise disclosure; hence not maximal certainty. CoinNess cites a slightly different total (286,900 vs 280,690), a minor discrepancy that does not affect the core claim.
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Summary

A wallet identified by Onchain Lens as linked to Bitwise’s BHYP Hyperliquid ETF transferred another 39,310 HYPE worth about $2.13 million to Coinbase, bringing total transfers to the exchange over recent weeks to 280,690 HYPE worth about $17.35 million. Exchange inflows are often watched as a possible sign of selling pressure, though they do not confirm tokens were sold. Separately, SoSoValue data showed HYPE spot ETFs recorded net outflows of $1.2404 million on July 28 and $8.7803 million on July 29, U.S. time, with BHYP the only fund in the category to post withdrawals on both days. BHYP’s cumulative historical net inflow was reported at $113 million on July 28 and $104 million on July 29, while total HYPE spot ETF net assets were reported at $269 million and cumulative category inflows at $289 million on July 28, versus $252 million and $280 million on July 29; the July 29 data also showed a 2.12% net asset ratio. The Bitwise-linked wallet still held about 354,040 HYPE worth about $19.25 million, plus about $34.62 million equivalent of staked HYPE on Hyperliquid.

Terms & Concepts
  • HYPE: The token involved in the reported Coinbase transfers, ETF exposures, and holdings on Hyperliquid.
  • exchange inflows: Crypto assets transferred onto trading platforms, often monitored for clues about possible selling activity.
  • spot ETF: Exchange-traded fund holding the underlying asset directly.