Flows And Liquidity

Latest edition · August 5, 2026

JPM Flows & Liquidity 2026 08 05

Hedge fund deleveraging in TMT and Multi Strat strategies in July has likely limited their future capacity to hold tech exposures. Meanwhile, rising policy uncertainty is pushing US Treasury term premia higher.

The report highlights that TMT Equity Sector and Multi Strat hedge funds suffered significant losses in July, potentially forcing a structural shift in their ability to sustain tech market concentration. Beyond equity markets, policy uncertainty regarding the Fed's stance has led to higher term premia in US Treasury markets. Concurrently, flows into hyperliquid ETFs have cooled off after a strong spring performance, reflecting increased competition and regulatory hurdles.

Key takeaways from the latest edition

• 1.TMT Equity Sector and Multi Strat hedge funds experienced significant deleveraging and losses in July, likely reducing their capacity to hold tech exposures.
• 2.Rising policy uncertainty following the FOMC meeting and Fed leadership comments is contributing to higher UST term premia.
• 3.Flows into hyperliquid ETFs have stalled following a strong surge in May and June, as competition from regulated platforms and other prediction markets intensifies.

What this series covers

• Flows & Liquidity
• Cross Asset Fund Flow Monitor
• Global Markets Strategy
• Cross Asset Positioning Monitor
• Room for policy uncertainty to push term premia higher
• Likely similar covering of yen shorts to the previous yen intervention of end-April/early-May
• The flows into hyperliquid ETFs stalled in July and August after surging in May and June
• Appendix

Edition archive

• JPM Flows & Liquidity 2026 08 05

  August 5, 2026

• JPM Flows Liquidity

  July 29, 2026

• JPM Flows Liquidity

  July 8, 2026