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Grayscale has updated its spot Hyperliquid (HYPE) ETF filing with the U.S. Securities and Exchange Commission, making it the third issuer to revise its application this month. The update includes a change in custody arrangements and a new trading ticker for the proposed fund.
In its SEC filing amendment, Grayscale changed the fund’s custody from Coinbase to Anchorage Digital. Following the update, the proposed ETF would trade under the ticker GHYP.
Grayscale’s latest move follows earlier amendments by other companies:
So far, VanEck is described as the only issuer that has not seen much movement on its HYPE application.
Commenting on the updated filings, Bloomberg ETF analyst James Seyffart said: “More signs of movement between issuers and the SEC.”
Grayscale’s update coincided with a large on-chain event involving HYPE. According to on-chain data cited in the report, Paradigm unstaked $88 million worth of HYPE, totaling 2.14 million tokens.
Paradigm is described as one of the largest HYPE investors, controlling 5.7% of HYPE’s circulating supply, or about 19.14 million HYPE. The report notes that the move could be aimed at seeding upcoming ETF funds or a direct sell-off, but it does not provide additional confirmation.
The report also states that the top 100 HYPE holders trimmed their positions by 40% earlier this week. It remains unclear whether this was part of a broader DeFi rout following the Kelp DAO exploit or linked to Paradigm’s unstaking.
Derive, an options platform, projected that HYPE could remain choppy between $40 and $50 until the end of April, citing “Gamma walls” around those levels.
“$HYPE shows massive long gamma walls at 40, 45, and 50. Green bars mean dealers buy dips and sell rips around those strikes. Translation: price gets pulled toward these levels and chops, not trends.”
Derive added that a strong move toward the upper band of $45-$50 could “amplify” a breakout scenario.
At the time of writing, the altcoin was down about 10% after a weekend sell-off. The pullback reportedly reached the $38-$40 area, which could act as short-term support. If that holds, the report says bulls may look again toward $45 or $50.
Conversely, a sustained move below $40 could lead short-sellers to push HYPE toward the $36-$34 zone, described as another support area.
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