Key Takeaways
Why does the Bitwise HYPE ETF filing matter?
If approved, it will be the first spot HYPE ETF in the U.S., allowing exposure to one of the fastest-growing crypto ecosystems. 🐉💸
What’s next for the HYPE price?
HYPE has dropped 31% and erased the September gain amid short-term headwinds. 🚫📈
The $15 billion digital asset manager, Bitwise, has filed for the first U.S. Spot Hyperliquid [HYPE] ETF. 📄🚀
The update comes after the SEC unveiled a new and faster general listing standard (GLS) for crypto ETFs ahead of a massive wave of approvals expected in October. 🕵️♂️⏳
This would allow U.S. investors a much more convenient exposure to HYPE without worrying about wallet keys and security. A similar product is already live in the European market, via 21Shares ETP. 🔐🌍
As such, if the Bitwise proposal is approved, it would lift the altcoin to the level of Bitcoin [BTC], Ethereum [ETH], and Solana [SOL], which have ETF and crypto treasury demand. 🏆💰
Timeline and market reactions
Bloomberg ETF analyst James Seyffart was positive about the SEC greenlighting the application in the ‘near future.’ He said, 🤔
“Kinda up in air with the GLS approval. I don’t know the exact timing, but near future. So technically we likely have many that will be coming in the next month+”
Despite the positive outlook, HYPE has been under pressure amid a broader sell-off and competition from rival perpetual DEX like Aster. 🧙♂️⚔️
In fact, over the past week, a key whale has offloaded over $130 million of HYPE. The large player reduced its position by nearly half to 2.63 million HYPE (about $110M). 🐋💸
He rotated some of the profits to ASTER, further reinforcing rival competitors as HYPE’s short-term headwind. 🚫🤝
That being said, with the ETF expectation and corporate treasury trend, will HYPE’s recovery odds improve? 🤷♂️🔮
In fact, Polymarket betters were assigning a 32% probability that HYPE could reach $70 by 2025. 🎲📉
As of writing, though, HYPE’s speculative interest as measured by Open Interest (OI) was down 16% from $2.2 billion to $1.88 billion. 💸📉
The dip in demand in the Futures market and weak sentiment have dragged HYPE lower by 31%. It has dropped from $59.6 to $49 and attempted to hold above $40 at the time of writing. 🛑💰
The $40 aligned with the range low of a megaphone (white). A breakout below the pattern would be bearish, while a bullish breakout would be positive for HYPE. 📈📉
Meanwhile, whether the ETF expectation will ease the caution linked to upcoming monthly unlocks remains to be seen. 🤔🌀
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2025-09-26 14:37