Solana and Hyperliquid ETFs quietly capture most altcoin fund flows

Two altcoin exchange-traded funds are pulling in the bulk of money going into crypto ETFs beyond Bitcoin and Ether, according to data published July 21 in The Block's Data & Insights newsletter.

Solana ETFs hold roughly $904 million in assets under management, while Hyperliquid funds have taken in about $350 million in net inflows despite launching only two months ago, The Block reported. Between them, the two products account for nearly 80% of trading volume across ETFs tied to tokens other than Bitcoin and Ether — a concentration that has drawn little attention while investors and press focus on the far larger spot Bitcoin and Ethereum funds.

For scale, The Block notes that Bitcoin has close to 9% of its market capitalization held inside ETF products. Solana and Hyperliquid ETFs remain well below that share. The Block's analysts frame the gap two ways and decline to pick one: it could mean altcoin ETFs have room to grow as they win acceptance, or it could simply reflect Bitcoin's roughly two-year head start rather than a level alts are destined to reach.

The newsletter also cautions that these flows are "likely skewed by investor type." SOL and HYPE, it argues, sit further out on the risk curve — less regulatory precedent, higher volatility — so they attract allocators with higher risk tolerance, whereas Bitcoin and Ether draw stickier, more passive money. That is the analysts' interpretation, not a measured figure.

Key facts

• Solana ETFs: ~$904 million AUM — The Block Data & Insights, July 21, 2026.
• Hyperliquid ETFs: ~$350 million net inflows, launched roughly two months ago — The Block.
• SOL and HYPE ETFs combined: nearly 80% of non-BTC/ETH ETF volume — The Block.
• Bitcoin: nearly 9% of market cap held in ETF products, cited as a comparison benchmark — The Block.

The real-world read

Treat the framing with care. This is a single secondary source — The Block's in-house newsletter — not fund-issuer filings or on-chain data, and the underlying AUM and flow figures aren't attributed to a named provider or dated methodology, so they can't be independently checked here. The "flying under the radar" hook is the newsletter's own; a product capturing 80% of a niche category isn't obscure so much as the category itself is small next to spot BTC and ETH.

Note also the outlet's own disclosure: The Block is majority-owned by Foresight Ventures, a crypto investor whose anchor LP is the exchange Bitget. The piece is editorial data commentary, not sponsored, but the ownership is worth keeping in view on flow stories that flatter altcoin demand. The forward-looking bits — that regulatory engagement and RWA rails "may open the door" to more investors — are explicitly the analysts' speculation, hedged as such, and shouldn't be read as fact.

Opinion, and whose

The Block's Data & Insights team: the AUM gap versus Bitcoin "suggests altcoin ETFs may benefit further" — while conceding it may instead reflect Bitcoin's head start. All forecasting here is theirs, and hedged.

This is news coverage, not investment advice.