Expert Projects HYPE Token Upside as Bitwise Files for Hyperliquid ETF With SEC

An expert has projected a significant upside for the HYPE token, despite its recent dip in the market. This comes as Bitwise filed for a spot Hyperliquid ETF with the U.S. SEC. The move could open the door for Wall Street investors to gain direct exposure to the token.

Expert Maintains Bullish HYPE Outlook

Despite the recent downturn in the HYPE price, Crypto analyst Ardi highlighted that every time the token has reached a new all-time high, it has followed with a 20% pullback before rallying higher. 

According to him, the token’s current consolidation is no different, suggesting another breakout may be imminent. He dismissed the “Aster is killing Hyperliquid” narrative as reactive commentary. Ardi then pointed to recurring bullish patterns in HYPE’s trading history instead.

This disclaimer from Ardi comes after  BNB Chain-based Aster saw explosive growth, with its token surging 2,200% in just one week. During the same period, the token dropped 25%, raising concerns over whether the platform can maintain its dominance. Notably, prominent trader James Wynn predicted “slow death” for Hyperliquid.

The token is currently trading at $42, down 24% over the past week. However, its daily trading volume remains up by 18%, indicating high volatility.

Bitwise Pushes Hyperliquid ETF Filing

Against this backdrop, Bitwise submitted a Form S-1 with the SEC for the Bitwise Hyperliquid ETF. The fund is designed to hold the token directly. By doing this, conventional investors would be able to access opportunities without having to deal with wallets or on-chain transactions.

Uniquely, the ETF allows for in-kind creations and redemptions, meaning shares can be swapped for HYPE tokens instead of cash. This structure is designed to reduce costs and enhance efficiency.

The review process could last up to 240 days under the new SEC generic listing standards. The filing itself is seen as a milestone for the altcoin’s adoption in mainstream finance. Bitwise is not alone in pushing for the ETF product.

Reports suggest VanEck is preparing its own Hyperliquid ETF with a staking feature. They are also launching a parallel exchange-traded product in Europe. Executives at the firm believe such listings could set the stage for the coin to be added to major exchanges like Coinbase.

In other developments, Hyperliquid’s ecosystem is growing. Its stablecoin USDH went live on HyperCore, with more than $15 million minted within 24 hours. The stablecoin launch comes as Aster briefly overtook the platform in daily revenue. This shows the growing competition in the DEX sector.