Bitwise HYPE ETF Filing Updated – Can the Upcoming Launch Keep Prices Above $20?

A new U.S. spot Hyperliquid ETF (exchange-traded fund) might soon enter the market. Bloomberg ETF analyst Eric Balchunas reported that an amended filing dated December 15 included important details such as fees and a ticker, indicating that the launch is “imminent.”

Key Takeaways

The Hyperliquid ETF filing updates signal an imminent launch.
The ETF will feature a 0.67% annual management fee and a distinctive ticker (BHYP).
Institutional demand may heighten HYPE's value if the ETF is approved.
Speculative interest in HYPE futures has decreased significantly.
The current trading price is $27, reflecting a 54% drop from its all-time high.

Bitwise updates HYPE ETF filing - Will the 'imminent' launch keep price above $20?

Hyperliquid HYPE ETF

Will Institutional Demand Enhance HYPE Value?

If granted approval, this will be the first spot HYPE ETF, potentially increasing demand for the altcoin. McKenna, Managing Partner at crypto venture capital firm Arete, stated, “Based on my conversations, the larger asset managers are very much focused on Hyperliquid and see it as one of the few attractive investment opportunities based on the size of its cash flow.”

As of December 2025, Hyperliquid's decentralized exchange (DEX) and its Layer 1 (L1) blockchain have collectively amassed $824 million in revenue, all managed by a small team of just 11 people. Additionally, 21Shares has filed for its own spot HYPE ETF, further expanding the options available if both are approved. Beyond ETFs, Hyperliquid Strategies has completed a merger, creating the largest corporate treasury for HYPE.

Futures Demand for HYPE Faces Challenges

Despite these encouraging updates, speculative interest, as measured by total Open Interest (OI), has seen stagnation in the fourth quarter. The OI in the futures market fell from a peak of $2.1 billion in September to approximately $1 billion in December, marking a 50% drop in speculative interest over three months.

HYPE ETF

Source: Velo

Additionally, the broader cryptocurrency market also saw a contraction during this period. Concerns over HYPE’s monthly unlocks have unsettled some investors. Nevertheless, the project's token buyback program remains active, acquiring 73.8K HYPE in the last 24 hours. This buyback contrasts with staker rewards of 26.6K HYPE, creating a deflationary effect that may facilitate a recovery if market sentiment improves. However, analyst Altcoin Sherpa has warned that HYPE could dip to the low $20s amid a general market decline.

HYPE ETF

Source: TradingView

As of the latest report, HYPE is trading at $27, marking a significant 54% decline from its all-time high (ATH) of $59.

Final Thoughts

In summary, as Bitwise prepares for the potential launch of its HYPE ETF, attention turns to how institutional demand and market sentiment will shape the value of HYPE moving forward. Investors and analysts alike are keenly observing these developments.