TechFlame News, citing CoinDesk, JPMorgan said that the Hyperliquid (HYPE) ETF led inflows into non-Bitcoin crypto funds at one point in May and June, but demand has largely stalled since July and early August, reflecting growing concerns about its competitive outlook. Analysts led by Nikolaos Panigirtzoglou noted that decentralized platforms like Hyperliquid are facing significant market share pressure. Following the launch of regulated crypto perpetual futures products in the U.S., some trading activity may shift from offshore decentralized platforms to regulated centralized exchanges, which hold advantages in licensing, compliance, and investor protection. JPMorgan also said Hyperliquid is expanding into the prediction market business, but competition in that space is intensifying as well. While HYPE has become the fourth-largest asset in corporate crypto treasuries after BTC, ETH, and SOL, whether it can continue to capture market share from larger ecosystems like Solana and XRP remains uncertain. Currently, BTC and ETH ETFs manage approximately $77 billion and $10 billion in assets, respectively, while other crypto ETFs—including SOL, XRP, and HYPE—collectively hold only about $2 billion to $3 billion. HYPE is down over 3% in the past 24 hours, trading at around $55.30.