Bitwise has submitted an S-1A with a fee of 0.67% and ticker BHYP, making the possibility of launching the Hyperliquid spot ETF in the U.S. 'imminent.'
This move could create a new demand channel for HYPE if approved, as institutional cash flow begins to pay attention to the project due to real revenue and an expanding ecosystem.
MAIN CONTENT
Bitwise updates the profile: fee 0.67%/year, ticker BHYP, indicates the listing date is approaching.
Institutional interest increases; cumulative revenue of 824 million USD; 21Shares also files for an ETF.
OI futures HYPE decreased ~50% in Q4; buyback exceeds stake rewards, creating short-term deflationary pressure.
Bitwise adds a fee of 0.67% and ticker BHYP, signaling that the Hyperliquid spot ETF is about to launch.
The amendment filing on 15/12 includes a management fee of 0.67%/year and ticker BHYP, which Eric Balchunas describes as 'imminent,' indicating that the listing possibility is very close.
According to the updated filing, the fund also plans to implement staking to distribute rewards to investors. Previously, Bloomberg's ETF analyst, Eric Balchunas, noted that updates on fees, ticker, and other details are signs of an 'imminent' launch.
For traders monitoring derivatives (OI/funding/liquidation) and liquidity, BingX may serve as a practical reference to assess market readiness ahead of the listing.
Institutional cash flow may drive HYPE demand.
If approved, this will be the first HYPE spot ETF, providing an additional access channel for institutional capital and traditional investors.
McKenna (Managing Partner at Arete) said that "large asset managers are focused on Hyperliquid" due to the project's cash flow scale. He predicts that institutional 'access' to Hyperliquid will be the focal point in 2026, reinforcing the argument for sustainable demand for HYPE.
"Based on my conversations, large asset managers are very focused on Hyperliquid and see it as one of the few attractive investment opportunities based on its cash flow scale."
- McKenna, Managing Partner at Arete, X, 2025
Hyperliquid's DEX and Layer 1 have generated cumulative revenue of 824 million USD as of December 2025, while the team consists of only about 11 people, indicating high operational efficiency (source: DefiLlama).
Alongside Bitwise, 21Shares has also filed for the HYPE spot ETF, indicating product diversification is on the horizon if approved.
At the enterprise level, Hyperliquid Strategies has completed its merger, forming the largest corporate treasury of HYPE, helping to bolster long-term confidence in the asset.
OI futures HYPE weakened in Q4 despite ETF news.
OI in the futures market dropped from a peak of 2.1 billion USD in September to around 1 billion USD in December, equivalent to a reduction of 50% over three months.
The sideways trend of OI reflects the overall contraction of the crypto market during the same period, coupled with monthly unlocks of HYPE making some investors more cautious about short-term risks.
In the past 24 hours, the token buyback program remains active and has purchased 73,800 HYPE, while the rewards for stakers are 26,600 HYPE; this balance creates a deflationary effect, which may support recovery as sentiment improves.
However, Altcoin Sherpa warns that HYPE could retreat to a low zone of 20 USD if the overall market weakens further.
At the time of writing, HYPE trades around 27 USD, down 54% from its all-time high of 59 USD, indicating significant volatility potential ahead of the ETF event.
Conclusion: The HYPE spot ETF could appear soon, but price volatility will still depend on derivative cash flow.
Bitwise is nearing the finish line with a fee of 0.67% and ticker BHYP; 21Shares has joined the fray. However, OI futures are declining and market sentiment is weak, preventing HYPE's price from breaking out, although factors like buyback exceeding stake rewards are forming a basis for supply contraction.
Frequently asked questions
When can the Hyperliquid spot ETF (HYPE) launch in the U.S.?
The S-1A draft on 15/12 with a fee of 0.67% and ticker BHYP is considered a sign of 'imminence,' but there is no official listing date yet; waiting for SEC approval is necessary.
What is noteworthy about Bitwise's ETF?
The updated filing proposes a management fee of 0.67%/year, ticker BHYP, and a staking plan to distribute rewards to investors if approved.
What is the current trend of HYPE derivatives?
OI futures fell from 2.1 billion USD to around 1 billion USD in Q4 (~50%). However, the buyback in the past 24 hours exceeded stake rewards, creating a deflationary effect supporting supply.
Source: https://tintucbitcoin.com/gia-hype-etf-bitwise-tren-20-usd/
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