Bitwise's New ETF: Tracking Hyperliquid's Crypto Token

Asset manager Bitwise is making moves with its latest filing for an exchange-traded fund (ETF) that focuses on the Hyperliquid token. This ETF, named Bitwise Hyperliquid ETF, aims to provide exposure to the value of Hyperliquid (HYPE), a token with unique benefits. The HYPE token offers discounts on the decentralized exchange (DEX) and is used for fee payments on the Hyperliquid blockchain. Bitwise's filing reveals plans for in-kind creation and redemptions, allowing investors to exchange fund shares for HYPE tokens. This feature adds a new layer of flexibility and efficiency to the ETF structure. However, the competition in the perpetual futures DEX space is heating up. Aster, a BNB Chain-based DEX, has seen a surge in trading volume and open interest, surpassing Hyperliquid's dominance. With Aster's recent success, the landscape for on-chain futures trading is evolving rapidly. Join us as we explore the potential impact of Bitwise's ETF launch, the dynamics of the DEX wars, and the future of crypto-based ETFs. Stay tuned for more insights into the exciting world of decentralized finance and its regulatory journey.