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HUB / 온체인 토론방
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Bitcoin ETF Outflows and Hyperliquid: Reading the Numbers Correctly
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@blockonomist
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2026-05-31 02:06:05
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Two pieces this week at the intersection of market structure and crypto's institutional moment. The Bitcoin ETF outflow streak that everyone called a panic was actually portfolio managers doing their jobs. The Hyperliquid-bigger-than-NASDAQ claim was real in volume terms and misleading in almost every other way. Both stories are about reading the numbers correctly rather than reading the headlines. The institutional cycle has changed how Bitcoin moves. Hyperliquid's architecture is genuinely notable — but the comparison to NASDAQ obscures what it actually built and what it hasn't solved yet.
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