超級流動性上的鑽頭賭注：在perp dex戰爭中的斑點ETF備案

鑽頭用超流動的ETF將其帽子扔到了環上，但是炒作可以在永久性dexs的殘酷世界中保持其優勢嗎？

The crypto world's buzzing with 'Bitwise, Spot ETF, Perp DEX' action! Bitwise is making moves with a proposed Hyperliquid ETF as the Perp DEX landscape gets wilder. Will this bold play pay off?

加密貨幣世界的嗡嗡聲，“鑽頭，斑點ETF，perp dex”動作！隨著PERP DEX景觀變得荒野，Bitwise正在用建議的超流動ETF進行移動。這個大膽的遊戲會得到回報嗎？

Bitwise Goes All In on HYPE

鑽頭全力以赴

Bitwise filed for a spot Hyperliquid ETF (HYPE) that would directly hold the token. This lets investors tap into Hyperliquid's potential without directly wrestling with wallets and private keys. Plus, the ETF supports in-kind creations and redemptions, meaning you can swap ETF shares for actual HYPE tokens. The SEC recently gave the green light to this approach, calling it "more efficient and less costly."

Bitwise申請了直接固定令牌的斑點超流動ETF（HYPE）。這使得投資者在不直接用錢包和私鑰摔跤的情況下利用超流動性的潛力。另外，ETF支持實物創造和贖回，這意味著您可以將ETF共享為實際的大肆宣傳令牌。 SEC最近給了這種方法綠燈，稱其為“更有效，更昂貴”。

Hyperliquid: The Crypto Standout?

超流動性：加密貨幣出色？

One Bitwise analyst even called Hyperliquid a "standout protocol," blending the best bits of Bitcoin, Ethereum, and Solana. High praise indeed! Hyperliquid is a Layer 1 blockchain focused on perpetual futures trading. They recently launched their stablecoin, USDH, backed by USDC, adding a stable trading option.

一位位分析師甚至稱Hyperliquid為“出色的協議”，將比特幣，以太坊和索拉納的最佳位融合在一起。確實高度讚美！ Hyperliquid是一個專注於永久期貨交易的1層區塊鏈。他們最近推出了由USDC支持的Stablecoin USDH，並增加了穩定的交易選項。

Perp DEX Arena: Hyperliquid vs. the Competition

PERP DEX競技場：超流動與比賽

But it's not all sunshine and rainbows for Hyperliquid. The perpetual futures DEX market is getting crowded. While Hyperliquid has been a major player, rivals like Aster on the BNB Chain are nipping at its heels. At one point, Aster's 24-hour trading volume tripled Hyperliquid's! While the HYPE token dipped slightly, interest in HBAR surged even as its price declined, suggesting the ETF filings are bolstering confidence in altcoins.

但這並不是所有的陽光和彩虹都用來過度流動。永恆的期貨dex市場變得越來越擁擠。儘管Hyperliquid一直是主要的球員，但像BNB連鎖店的Aster這樣的競爭對手卻在其腳跟上nip弱。有一次，Aster的24小時交易量增加了超級流動性！雖然炒作令牌略有下降，但HBAR的興趣也飆升，即使其價格下降，ETF申請正在增強對山寨幣的信心。

Regulatory Hurdles and the Road Ahead

監管障礙和前進的道路

Bitwise submitted its filing under Form S-1, kicking off the SEC review process. Form 19b-4 also needs approval, which could take up to 240 days. The SEC's recent approval of general listing rules for crypto ETFs could speed things up, but there's a catch: it applies to crypto assets traded on a CFTC-licensed exchange for at least six months. Since there aren't any Hyperliquid futures contracts registered with the CFTC, Bitwise might face delays.

Bitwise在表格S-1下提交了文件，從而啟動了SEC審核過程。表格19b-4也需要批准，最多可能需要240天。 SEC最近批准了Crypto ETF的一般上市規則，可能會加快問題的速度，但有一個收穫：它適用於在CFTC許可的交易所交易至少六個月的加密資產。由於沒有與CFTC註冊的超流利期貨合約，因此Bitwise可能會面臨延誤。

The Bottom Line

底線

A Hyperliquid ETF could be a game-changer, giving institutions regulated access and injecting more liquidity into the market. But Hyperliquid needs to stay competitive in the fast-paced Perp DEX world and navigate the regulatory maze. The ETF approval odds are high, with Bloomberg analysts giving altcoin spot ETFs a 90% chance.

超流動性ETF可能是改變遊戲規則的人，使機構對訪問權限進行了監管，並將更多的流動性注入市場。但是，超流動性需要在快節奏的Perp Dex世界中保持競爭力，並在監管迷宮中瀏覽。 ETF批准賠率很高，彭博分析師為Altcoin Spot ETF提供了90％的機會。

So, What's Next?

那麼，下一步是什麼？

Will the SEC give Bitwise the thumbs up? Will Hyperliquid maintain its dominance? Only time will tell. But one thing's for sure: the world of crypto ETFs and Perp DEXs is getting more exciting by the minute. Keep your eyes peeled – it's gonna be a wild ride!

SEC會放心大拇指嗎？超流動會保持其主導地位嗎？只有時間會證明。但是可以肯定的是：加密ETF和PERP DEX的世界變得越來越令人興奮。睜大眼睛 - 這將是一個瘋狂的旅程！