The cryptocurrency market is witnessing a new development with Bitwise filing for a Hyperliquid ETF, drawing attention to the HYPE token’s potential future performance. Trading at approximately $42, HYPE has become the center of market discussion following this institutional move.
Bitwise submitted an S-1 filing to launch an exchange-traded fund that would directly hold and track the HYPE token. The proposed Bitwise Hyperliquid ETF would offer investors direct exposure to HYPE, similar to the Bitcoin and Ethereum ETFs launched last year. The filing does not yet specify which exchange would list the ETF, its ticker symbol, or fee structure.
The ETF would feature in-kind creation and redemption, allowing investors to exchange shares in the fund for actual HYPE tokens rather than cash. This approach, approved by the SEC in July, is considered more cost-effective and efficient for crypto products.
This filing represents the first step in the approval process. While the ETF will need a Form 19b-4 to begin SEC review, which could take up to 240 days, the agency has recently approved generic listing standards to accelerate crypto ETF approvals. However, Bitwise noted in its filing that “there are currently no Hyperliquid futures contracts registered with the CFTC.”
Market analyst Ali Charts has identified HYPE as sitting in a “golden zone” that could support a price rebound. The current price of $42 aligns with earlier projections, with the analyst suggesting potential movement toward $55 if support levels hold.
Technical indicators show HYPE has tested critical Fibonacci retracement levels multiple times, establishing a solid technical foundation. The token’s market structure shows consolidation within a stable channel despite earlier price volatility.
Another projection from CoinGape suggested a potential $72 target for HYPE, which complements the overall bullish outlook for the asset. Long-term price predictions emphasize mid-term expansion potential toward $55, reinforcing positive market sentiment.
The institutional interest in HYPE extends beyond the ETF filing. Hyperion DeFi announced a $10 million treasury expansion, increasing its holdings to over 1.7 million HYPE tokens. This treasury expansion, coupled with the ETF momentum, has strengthened market confidence in HYPE’s outlook.
These institutional moves suggest HYPE is well-positioned to maintain support while targeting higher price levels. The combination of regulatory filing and treasury expansion indicates growing conviction in the asset’s growth potential.
However, HYPE faces increasing competition in the perpetual futures DEX market. Aster, a perpetual futures DEX on BNB Chain, has seen a recent surge in trading volume and open interest that surpasses Hyperliquid’s metrics.
According to DefiLlama, Aster’s 24-hour trading volume exceeded $35.8 billion, more than triple Hyperliquid’s $10 billion. CoinGlass data shows Aster’s token open interest reached $1.15 billion on Thursday, up from under $143 million just days earlier.
Meanwhile, open interest on the HYPE token decreased 1.85% over the past day to $2.2 billion, with the token’s price falling 3.5% to $42.5.
The surge in DEX trading volumes, which hit an all-time high of $70 billion on Thursday, indicates growing activity in decentralized perpetual futures markets. Hyperliquid, which has long held the top position for on-chain futures trading, now faces serious competition from Aster following its token launch earlier this month.
Bitwise’s filing comes at a time of intensifying competition between perpetual futures DEXs, potentially positioning HYPE for increased institutional attention despite market challenges.
The HYPE token currently sits at a critical juncture with strong institutional signals emerging. Investors may view this as a strategic moment for positioning ahead of the potential ETF approval.
The post Hyperliquid (HYPE) Price: Bitwise Files S-1 for ETF as Token Trades at $42 appeared first on Blockonomi.
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