Bitcoin Steady at $81K as Ethereum Lags and Hyperliquid ETF Debuts

Bitcoin is hovering around $81,000, while Ethereum continues to underperform compared to BTC. Hyperliquid (HYPE) is making its debut as an ETF on traditional US stock exchanges.

Bitcoin is holding steady around $81,000 on Wednesday morning, showing little change from the previous day

However, Bitcoin ETFs reported a $233 million outflow of capital on Tuesday.

Cryptoquant analyst Julio Moreno, meanwhile, is spreading cautious optimism. In his Bitcoin brief report yesterday , he emphasizes that the BTC indicator for bull and bear markets has moved back into positive territory for the first time since March 2023, which usually indicates rising BTC prices.

Pierre Rochard, CEO of The Bitcoin Bond Company, also sees a new situation. On X , he explains that BTC has apparently already passed the lows of this cycle. This Bitcoin bear market hasn’t crashed as deeply as in the past, which is largely thanks to ETFs and BTC companies like Strategy. But even Moreno remains very reserved with his forecast for the near future and considers it possible that the $81,000 per Bitcoin only marks a temporary high and that the risk of another downturn looms.

Ethereum is hovering around the $2,300 mark mid-week, a familiar pattern

Ethereum ETFs, with a $131 million outflow of capital on Tuesday, are also not exactly inspiring optimism.

The relative weakness of ETH is also clearly evident in its price development against Bitcoin. Ethereum has fallen below 0.02835, its lowest level since July 2025. In other words, Ethereum’s medium-term price movements are noticeably worse than Bitcoin’s, even though ETH reached an all-time high of nearly $5,000 in August 2025, a level that still stands today.

The ETH/BTC price curve is important for many crypto investors because it offers opportunities to take profits through portfolio reallocation. While Bitcoin is currently attempting to break out of its bear market, Ethereum seems to lack the necessary momentum to do so.

Altcoins showed mixed performance

With a 12 percent gain , Injective (INJ) is the day’s top performer. The DeFi project is currently scoring points as the basis for the stablecoin USDC, which Injective can now offer natively.

Humanity (H) is the day’s biggest loser with a 17 percent decline, but can also look back on a 145 percent month-to-date gain. Humanity focuses on digital identities in times when artificial intelligence is supposed to be distinguishable from humans.

The crypto sentiment barometer has been moving only slightly for days, remaining at “Neutral”, which is also a sign of an impending decision on the direction of the market.

Hyperliquid ETF debut highlights growing momentum in crypto markets

Hyperliquid, a decentralized cryptocurrency exchange for derivatives and other asset classes, has been a success story, with HYPE even breaking into the top ten most capitalized cryptocurrencies. Now, for the first time, HYPE is also being tracked by an ETF in the US, THYP, managed by 21shares.

Bloomberg analyst James Seyffart, writing on X, described the first trading day of the HYPE ETF as “very, very solid,” noting that the $1.8 million volume surpassed the results of many other ETF debuts. Bitwise is also working on a Hyperliquid ETF. One advantage of these ETFs is that, since HYPE allows staking, they can generate passive returns. Whether the offering will be well-received remains to be seen in the coming weeks and months.

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