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BTC 
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HYPE 
SOL Solana (SOL) and Hyperliquid (HYPE) exchange-traded funds currently account for nearly 80% of altcoin ETF trading volume other than Bitcoin and Ethereum products.
Highlights
Solana ETF has assets under management of US$904 million, while Hyperliquid funds attracted a net inflow of US$350 million.
These two types of products each account for approximately 2% of its base token market value.
Their growth suggests a demand for riskier cryptocurrency exposure, although Bitcoin's longer ETF history complicates direct comparisons.
Solana ETF Money Flow
According to an analysis report, Solana and Hyperliquid funds have made progress, while most institutions 'attention is still focused on spot Bitcoin (BTC) and Ethereum (ETH) ETFs. Solana ETF has assets under management of US$904 million. The Hyperliquid product, launched about two months ago, recorded a net inflow of $350 million. Together, these two types of altcoin ETFs account for nearly four-fifths of all ETF transactions excluding Bitcoin and Ethereum. Their assets and inflows account for approximately 2% of the market value of their respective tokens, which is still far behind those of bitcoin-related products.
The Bitcoin ETF holds nearly 9% of the cryptocurrency's market value. This gap may indicate that there is still room for expansion as investors become more familiar with altcoin products, but may also reflect Bitcoin's nearly two-year lead in the ETF market.
Hyperliquid Investor Risk
Funding flow patterns may also reflect different investor groups. SOL and HYPE have higher volatility, fewer regulatory precedents, and greater risk, making their ETFs more attractive to proactive allocators willing to accept greater price fluctuations. Bitcoin and Ethereum products attract more passive capital and benefit from mature market infrastructure. These investors may be less inclined to move money quickly, so their positions may be more permanent than the funds flowing into newer altcoin funds.
Solana and Hyperliquid are also working with regulators and developing infrastructure for real-world assets, which could expand their appeal. The current data is still small relative to Bitcoin ETFs, but suggests that institutional demand for cryptocurrencies is starting to expand beyond these two largest assets. The shift came after spot bitcoin funds opened regulated channels for traditional investors, and cryptocurrency ETFs expanded widely. Ethereum products have since broadened the market, while newer altcoin products are now testing how far demand can go along the risk curve.
