Bitwise Nears Hyperliquid ETF Launch as Token Holds Gains Above $42

Bitwise Asset Management is moving into the final stage of launching a US-listed exchange-traded fund tied to Hyperliquid, with its latest regulatory filing arriving alongside sustained strength in the underlying token.

Regulatory filing and potential approval window

Bitwise filed a second amended S-1, a step that typically signals the application is nearing the end of the review process. The filing timing coincides with a period in which an ETF approval could fall within a relatively short window, often cited as between two and four weeks.

Fund structure: BHYP, fee level and staking yield

The ETF is expected to trade under the ticker BHYP and include a staking component. Bitwise set the management fee at 0.67% and outlined a target net yield of roughly 1%, which would be reflected in the fund’s net asset value.

The staking feature is designed to allow the fund to generate yield by participating in network validation, differentiating it from traditional spot ETFs that typically provide only price exposure.

Price action tracks the ETF narrative

Hyperliquid’s token, HYPE, has stabilized near $42 after a sharp move higher that followed the ETF filing. The article describes a steady upward trend with higher lows forming since early April and resistance levels gradually being absorbed.

Short-term indicators were also cited as supportive: RSI is holding near the low-60s, while MACD has flattened after an earlier expansion phase—suggesting momentum is cooling without reversing. Overall, the move is characterized as consolidation after a strong run rather than signs of exhaustion.

Market reaction: liquidations and supply reduction

Following the ETF-related update, HYPE rose from around $35 to above $42. The move triggered more than $12.7 million in liquidations, with short positions accounting for the majority, consistent with a short-squeeze dynamic.

Separately, the network reached a deflationary milestone. On April 9, buybacks exceeded token emissions, reducing circulating supply by over 15,000 HYPE in a single day.

Europe rollout as a live test

Bitwise has already launched a similar product in Europe. The Bitwise Hyperliquid Staking ETP began trading on Deutsche Börse Xetra on April 9 under the same BHYP ticker. The product is positioned to give institutional investors exposure to HYPE while capturing staking rewards on a daily basis.

The European launch is described as a proof of concept for the US ETF, providing insight into demand and operational performance.

Underlying growth and positioning by larger players

The article points to strengthening platform metrics for Hyperliquid, including an increase in its share of the decentralized derivatives market from 3.5% to around 7% over the past year. It also notes multi-million-dollar allocations from new wallets after the ETF update.

This is presented as evidence that the rally may involve participation beyond retail speculation, including larger players positioning ahead of a potential ETF launch.

Competition and the broader ETF shift

Bitwise is described as leading the effort, but competition is building. Grayscale and 21Shares are also preparing similar filings, though Bitwise is said to be ahead due to the advanced stage of its application.

The move into Hyperliquid reflects a broader shift in the ETF market toward more specialized exposure beyond core cryptocurrencies.

Potential impact if approved

If approved, the ETF could support Hyperliquid’s transition from a niche derivatives platform toward an institutional-grade asset. For investors, the combination of the filing and the token’s price action is framed as signaling that the market is positioning for approval, though not fully pricing it in yet.