Bitwise updates HYPE ETF filing – Will the ‘imminent’ launch keep price above $20?

ambcryptoPublished on 2025-12-16Last updated on 2025-12-16

Abstract

A U.S. spot Hyperliquid ETF (BHYP) from Bitwise could soon launch, as an amended filing with details like a 0.67% fee is seen as "imminent" by analysts. This ETF, offering staking rewards, would be the first of its kind for HYPE, potentially boosting institutional demand. Despite positive developments, including a major merger creating the largest HYPE treasury, futures market interest has declined 50% since September. The token, trading at $27 (down 54% from its ATH), faces pressure from broader market weakness and could drop further, though deflationary tokenomics from buybacks may support a recovery.

A U.S. spot Hyperliquid ETF (exchange-traded fund) could soon hit the markets.

According to a Bloomberg ETF analyst, Eric Balchunas, the amended filing on the 15th of December, alongside the inclusion of fees, ticker, and other details, meant that the launch was “imminent.”

The latest updated filing added a 0.67% annual management fee and a ticker (BHYP). Additionally, the fund will have a staking plan to share rewards with investors.

Will institutional demand boost HYPE value?

If approved, the product will be the first spot HYPE ETF, offering an extra demand line for the altcoin.

For McKenna, Managing Partner at crypto VC firm Arete, the ‘institutional access’ to Hyperliquid [HYPE] will be a dominant focus in 2026. He added,

“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 cashflow.”

Collectively, the DEX and its Layer 1 (L1) have generated a cumulative revenue of $824 million as of December 2025, yet it is run by a team of only 11.

That said, 21Shares also filed for a spot HYPE ETF and would add to the list if approved. Besides ETFs, Hyperliquid Strategies finalized a merger that formed the largest HYPE corporate treasury.

Futures demand for HYPE stagnates

Despite the positive updates, speculative interest, as tracked by total Open Interest (OI), has remained flat in Q4.

The Futures market’s OI has declined from $2.1 billion peak in September to around $1 billion in December. That’s a 50% decrease in speculative interest in the past three months.

However, the broader crypto market also contracted over the same period. Besides, HYPE’s monthly unlocks spooked some investors.

Even so, the project’s token buyback is still in full swing and acquired 73.8K HYPE in the past 24 hours.

Compared to staker rewards of 26.6K HYPE, the asset was deflationary, a condition that could help boost recovery if market sentiment improves.

Still, analyst Altcoin Sherpa cautioned that altcoin could slip to the low $20’s amid broader market weakening.

At press time, HYPE traded at $27, down 54% from its all-time high (ATH) of $59.

Final Thoughts

  • HYPE could soon join the U.S. spot altcoin ETF club following the recent Bitwise amended filing.
  • However, speculative interest and price action remain muted amid broader market weakness.

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