HYPE Experiences Significant Net Outflow Amid Record Highs

HYPE reached a new high of approximately $61 on May 21, according to BlockBeats On-chain Detection. Despite setting new records in the following days, with prices around $64, the net inflow through cross-chain bridges significantly decreased, shifting to a net outflow. In the most recent UTC trading day, Hyperliquid's cross-chain bridge saw a total outflow of $149 million, with a single-day net outflow of $91 million. Since HYPE first reached its new high, the cumulative net outflow has reached $110 million. Earlier data indicated that on the day of the new high, the net inflow of USDC through the Hyperliquid-Arbitrum bridge surged to $173 million, marking the highest level in nearly 10 months. As of the latest update, a significant portion of these funds has been withdrawn, but $63.3 million remains on-chain.