TLDR
- Bitwise filed an S-1 form to launch a spot Hyperliquid ETF that would directly hold HYPE tokens
- HYPE price trades at $42 with analyst forecasting potential climb to $55 based on technical analysis
- Hyperion DeFi expanded treasury with $10M HYPE purchase, totaling 1.7 million tokens
- Competition intensifies as Aster DEX surpassed Hyperliquid in trading volume and open interest
- ETF would offer in-kind redemptions but still needs Form 19b-4 filing for SEC approval process
Asset manager Bitwise filed an S-1 form with the Securities and Exchange Commission to launch a spot Hyperliquid ETF. The filing represents the first step toward creating an exchange-traded fund that would directly hold HYPE tokens.
NEW: @BitwiseInvest files for Hyperliquid ETF. HYPE pic.twitter.com/l3WaXRmo8Z
— James Seyffart (@JSeyff) September 25, 2025
The proposed Bitwise Hyperliquid ETF would track the value of HYPE tokens held by the fund. The product would offer in-kind creation and redemptions, allowing investors to exchange fund shares for actual HYPE tokens instead of cash.
Bitwise has not yet disclosed which exchange would list the ETF or what fees it plans to charge. The company also needs to file a Form 19b-4 to begin the formal approval process with the SEC.
Should I get back on the $HYPE train fam? pic.twitter.com/kNADDHUzks
— Arthur Hayes (@CryptoHayes) September 26, 2025
The approval process could take up to 240 days once the second filing is complete. The SEC recently approved generic listing standards for crypto ETFs to speed up approvals for qualifying assets.
However, the filing notes that no HYPE futures contracts are currently registered with the Commodity Futures Trading Commission. This could complicate the approval timeline since newer standards require six months of CFTC-regulated trading.
Technical Analysis Points to Recovery Potential
Market analyst Ali Charts identified HYPE as trading within a key technical zone that could support a price rebound. The token currently trades at $42, which aligns with the analyst’s earlier projections.
$42 looks like a golden buy-the-dip zone for Hyperliquid $HYPE before a rebound to $55. pic.twitter.com/Vx3lCoUT0E
— Ali (@ali_charts) September 25, 2025
The analyst forecasts potential movement toward $55 if current support levels hold. HYPE has tested critical Fibonacci retracement levels multiple times, establishing a technical foundation for recovery.
Chart patterns indicate the token may be positioned for mid-term expansion if it maintains current support zones. The technical setup suggests a golden zone that could serve as a launching point for higher prices.
Institutional Investment Increases Treasury Holdings
Hyperion DeFi announced a $10 million treasury expansion focused on HYPE tokens. The purchase brought the organization’s total holdings to more than 1.7 million tokens.
The treasury expansion represents institutional confidence in the token’s long-term prospects. The move comes as traditional finance shows growing interest in DeFi derivatives markets.
Competition Intensifies in DEX Market
Aster, a perpetual futures DEX on BNB Chain, has emerged as a major competitor to Hyperliquid. The platform’s trading volume surpassed $35.8 billion in the past 24 hours, more than tripling Hyperliquid’s $10 billion volume.
Open interest on Aster tokens reached $1.15 billion on Thursday, up from under $143 million on September 20. The rapid growth demonstrates shifting competitive dynamics in the perpetual futures market.
Hyperliquid previously held the top position for onchain futures trading but now faces pressure from newer entrants. Total DEX perpetual trading volumes hit an all-time high of $70 billion on Thursday.
HYPE open interest declined 1.85% over the past day to $2.2 billion while the token’s price fell 3.5% to $42.5 according to CoinGlass data.
