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HYPE rallied after an updated filing from 21Shares signaled progress toward a US-listed Hyperliquid token ETF. The filing indicates the fund’s ticker will be THYP, and technical indicators suggest the market is already positioning for continued upside.
In a filing to the Securities and Exchange Commission (SEC), 21Shares said its HYPE ETF will use the ticker symbol THYP. The filing did not include the fee level, which was attributed to SEC comment and feedback. The update followed a separate announcement from Bitwise that provided its own HYPE ETF ticker and fee details.
Bitwise’s HYPE ETF is set to charge a 0.67% fee, described as one of the most expensive in the market. Taken together, the filings are viewed as evidence that the listing timeline is nearing.
The ETF narrative is supported by reported growth in Hyperliquid’s trading activity and revenue. DeFi Llama data cited in the article shows Hyperliquid’s network volume in the last 30 days was over $193 billion. The article also notes that Aster had $65 billion, while edgeX and Lighter handled $65 billion and $71 billion, respectively.
On stablecoin usage, the article states that Hype EVM has a stablecoin supply of $1.8 billion, and stablecoin volume in the last 30 days was over $9 billion.
TokenTerminal data cited in the article also highlights fee growth: Hyperliquid generated over $880 million in fees over the last 365 days, and over $51 million in the last 30 days. The article adds that all priority fees are incinerated.
The article’s main risk is that ETF demand may disappoint. It points to examples where other altcoin ETFs have struggled to attract inflows, including a Polkadot ETF that has not had a day of inflows, and Litecoin, Dogecoin, and Avalanche ETFs that reportedly had no inflows since approval.
It also notes that investors have largely favored spot ETFs for Bitcoin, Ethereum, XRP, and Solana. Separately, it flags a launch risk tied to the SEC process, including potential delays or changes to approval timelines or structure that could lead to a failed or late launch and immediate inflow disappointment.
On the daily chart, the article describes a strong rally over the past few months. It says HYPE rose from a low of $20 in January to around $43 at the time of writing, forming a sequence of higher highs and higher lows.
It also states that HYPE briefly crossed an important resistance level at $43.6, its highest level on March 18, which the article says invalidated a forming double-top pattern. The token is reported to be trading above the 50-day and 100-day Exponential Moving Averages (EMA) and above the Supertrend indicator, interpreted as a sign that bulls remain in control.
Based on this setup, the article’s next targets are the psychological level at $50, followed by an all-time high near $60, which it estimates is about 35% above the current level.
The article also cites the upcoming launch of Outcomes, described as Hyperliquid’s prediction platform. It frames this as a potential catalyst by positioning Hyperliquid as a competitor to networks such as Polymarket and Kalshi.

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