BITWISE，現場ETF和HYPE：Defi投資的新時代？

Bitwise申請過度流動性ETF的提交信號表明，在Defi中，機構興趣不斷增長，這可能是主流投資者開放的受監管途徑。

Bitwise, Spot ETF, and HYPE: A New Era for DeFi Investing?

BITWISE，現場ETF和HYPE：Defi投資的新時代？

Bitwise's move to file for a Hyperliquid ETF signals a growing institutional interest in DeFi, potentially opening regulated pathways for mainstream investors. This could democratize access to DeFi and channel new capital into the ecosystem.

Bitwise申請過度流動性ETF的提交信號表明，在Defi中，機構興趣不斷增長，這可能是主流投資者開放的受監管途徑。這可以使獲得Defi的訪問權限並將新資本傳達到生態系統中。

Bitwise's Bold Move: A Hyperliquid ETF

Bitwise的大膽動作：超流動ETF

Bitwise Asset Management has filed an S-1 registration statement with the SEC to launch a spot ETF tied to Hyperliquid's native token, HYPE. This is a big deal. If approved, it would be the first regulated ETF in the U.S. offering direct exposure to a dedicated DeFi token, expanding beyond Bitcoin and Ethereum ETFs.

Bitwise Asset Management已向SEC提交了S-1註冊聲明，以推出與Hyperliquid的本地令牌Hype相關的ETF。這很重要。如果獲得批准，它將是美國第一個受管制的ETF，它可以直接接觸專用的Defi令牌，從而擴展了比特幣和以太坊ETF。

What's the Hype About HYPE?

關於炒作的炒作是什麼？

Hyperliquid is a Layer 1 blockchain designed for DeFi, with a focus on perpetual futures trading. Bitwise analysts have praised Hyperliquid as a standout protocol, combining the best features of Bitcoin, Ethereum, and Solana. Its native token, HYPE, has seen significant growth since its launch, rallying over 1,200% last November.

Hyproliquid是設計用於DEFI的第1層區塊鏈，重點是永久期貨交易。比特幣，以太坊和索拉納的最佳特徵將Bitwise分析師稱讚了超級流動性作為出色的協議。自從推出以來，其本地代幣炒作已經顯著增長，去年11月集結了1,200％以上。

The ETF Details: In-Kind Creation and Redemption

ETF詳細信息：實物創造和救贖

The proposed Bitwise Hyperliquid ETF aims to be a physically backed ETF, meaning it will directly hold HYPE tokens. Coinbase Custody is expected to serve as the custodian. A key aspect is its in-kind creation and redemption mechanism, allowing shares to be exchanged directly for HYPE tokens. This method, recently approved by the SEC for other crypto products, is seen as more cost-effective.

所提出的比特超流動性ETF的目的是成為物理背支持的ETF，這意味著它將直接持有炒作令牌。共同託管人有望擔任託管人。一個關鍵方面是其實物創造和贖回機制，使股票直接交換為炒作令牌。該方法最近被SEC批准用於其他加密產品，被認為更具成本效益。

Regulatory Hurdles and Timelines

監管障礙和時間表

The SEC's approval process is the next big hurdle. While new generic listing standards could expedite crypto ETF approvals, the absence of CFTC-registered Hyperliquid futures contracts might complicate matters. This could mean a standard review period of up to 240 days. The SEC's decision will be a bellwether for future DeFi-focused investment products.

SEC的批准過程是下一個大障礙。儘管新的通用清單標準可以加快加密ETF批准，但缺乏CFTC註冊的超流利期貨合約可能會使事情變得複雜。這可能意味著最多240天的標準審核期。 SEC的決定將是未來以偏障投資產品的領先地位。

Winners and Losers in the DeFi ETF Race

贏家和失敗者在Defi ETF競賽中

If the ETF is approved, Hyperliquid stands to gain immensely, with increased liquidity, trading volume, and a broader user base. Bitwise would solidify its reputation as an innovative leader in the digital asset space. Custodial services like Coinbase Custody would also benefit. However, centralized exchanges might face increased competition as DeFi becomes more accessible. Other DEXs could also face pressure to secure their own ETF filings.

如果批准ETF，則超級流動性將大大獲得流動性，交易量和更廣泛的用戶群。 Bitwise將鞏固其作為數字資產領域創新領導者的聲譽。諸如Coinbase監護權之類的託管服務也將受益。但是，隨著FEFI變得更加易於訪問，集中式交流可能會面臨增加的競爭。其他DEX也可能面臨確保自己的ETF文件的壓力。

The Broader Significance: DeFi Legitimization

更廣泛的意義：Defi合法化

This ETF filing represents a shift in the perception and integration of DeFi into the financial landscape. It signifies growing institutional adoption of digital assets beyond Bitcoin and Ethereum. It also sets a new benchmark for transparency, liquidity, and regulatory compliance within the DEX space. The regulatory implications are critical, as the SEC's decision will influence the future of DeFi-focused investment products.

該ETF申請代表了Defi的感知和整合到金融領域的轉變。它表明，除了比特幣和以太坊以外的數字資產的機構採用越來越多。它還為DEX空間內的透明度，流動性和法規依從性樹立了新的基準。監管含義至關重要，因為SEC的決定將影響以偏見為中心的投資產品的未來。

What's Next? Monitoring the SEC and Hyperliquid's Progress

接下來是什麼？監視SEC和超級流動性的進度

The immediate future hinges on the SEC's review process. Market participants will be closely watching for any communications from the SEC and monitoring Hyperliquid's performance. Long-term, approval could unlock significant market opportunities, providing a regulated investment vehicle for a vast pool of investors. However, challenges remain, including regulatory scrutiny and the need for Hyperliquid to maintain its decentralization, security, and market integrity.

不久的將來取決於SEC的審查過程。市場參與者將密切關注SEC的任何通信，並監視超流動性的表現。長期，批准可以釋放大量的市場機會，為大量投資者提供受監管的投資工具。但是，仍然存在挑戰，包括監管審查以及對維持其權力下放，安全性和市場完整性的超流動性的需求。

Final Thoughts: A Defining Moment

最終想法：決定性的時刻

Bitwise's filing marks a defining moment in integrating DeFi into mainstream investment. It highlights the accelerating trend of institutional interest in DeFi. The outcome will dictate the trajectory of HYPE and serve as a critical indicator for the future of altcoin and DeFi-specific ETFs. So, keep your eyes peeled, folks! This could be the start of something big. Or not. Either way, it's gonna be interesting!

Bitwise的申請標誌著將Defi整合到主流投資中的決定性時刻。它突出了Defi機構興趣的加速趨勢。結果將決定炒作的軌跡，並成為altcoin和Defi特異性ETF的未來的關鍵指標。因此，睜大眼睛，伙計們！這可能是大事物的開始。或不。無論哪種方式，這都會很有趣！