A spot ETF for Hyperliquid (HYPE) could be coming to U.S. markets sooner than many expected. Bitwise has just filed an amended S-1 registration statement with the SEC, and Bloomberg analyst Eric Balchunas believes the Bitwise Hyperliquid ETF might be imminent.
According to the filing, the fund will trade on the NYSE Arca under the ticker BHYP. Bitwise plans to charge a management fee of 0.67%, while Anchorage Digital Bank will act as the custodian, securing the fund’s net assets.
Balchunas noted that HYPE is up over 200% in the past year, and Bitwise appears to be “striking while the iron is hot.” The analyst’s comments highlight the growing momentum behind the perpetual DEX and its native token.
Bitwise Hyperliquid ETF Joins a Growing Race
Bitwise isn’t alone in racing to launch a HYPE ETF. 21Shares filed for a similar product back in October 2024, shortly after Bitwise made its initial move. More recently, Grayscale filed for its own Hyperliquid ETF under the ticker GHYP. The competition among major ETF issuers signals strong institutional interest in the Hyperliquid ecosystem.
HYPE Price Pops as Whales Accumulate
The news has already impacted the market. HYPE climbed back above the psychological $40 level, posting an 18% gain over the past week. That makes it one of the best-performing major cryptocurrencies during that period.
Whales are also loading up. On-chain data shows that BitMEX co-founder Arthur Hayes received 26,022 HYPE tokens (worth roughly $1.1 million) from market maker Flowdesk. His total holdings now sit at 247,334 HYPE, valued at over $10.4 million — a gain of more than $2.5 million. Hayes recently called HYPE “the only thing” he’s buying right now.
Hyperliquid’s HIP-3 Markets Are Exploding
The ETF filing comes as Hyperliquid’s HIP-3 markets gain serious traction. These markets allow trading beyond crypto, including commodities like gold, silver, and oil. Since the start of March — around the time the US-Iran war began — daily open interest in these markets has consistently exceeded $1 billion, per Hyperscreener data. That kind of volume suggests a rapidly maturing platform.
My Thoughts
This is a big deal. A Bitwise Hyperliquid ETF would bring one of the largest perpetual DEXs directly into traditional brokerage accounts. The 0.67% fee is competitive, and Anchorage’s custody adds legitimacy. But what really excites me is the HIP-3 commodity markets. If Hyperliquid can capture even a fraction of traditional commodity futures volume, the HYPE token could see sustained demand. Arthur Hayes accumulating is a strong signal, the guy knows a thing or two about trading infrastructure. Watch for the SEC’s response. If approved, HYPE could be the next big institutional crypto narrative.
