超级流动性上的钻头赌注：在perp dex战争中的斑点ETF备案

钻头用超流动的ETF将其帽子扔到了环上，但是炒作可以在永久性dexs的残酷世界中保持其优势吗？

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?

加密货币世界的嗡嗡声，“钻头，斑点ETF，perp dex”动作！随着PERP DEX景观变得荒野，Bitwise正在用建议的超流动ETF进行移动。这个大胆的游戏会得到回报吗？

Bitwise Goes All In on HYPE

钻头全力以赴

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申请了直接固定令牌的斑点超流动ETF（HYPE）。这使得投资者在不直接用钱包和私钥摔跤的情况下利用超流动性的潜力。另外，ETF支持实物创造和赎回，这意味着您可以将ETF共享为实际的大肆宣传令牌。 SEC最近给了这种方法绿灯，称其为“更有效，更昂贵”。

Hyperliquid: The Crypto Standout?

超流动性：加密货币出色？

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.

一位位分析师甚至称Hyperliquid为“出色的协议”，将比特币，以太坊和索拉纳的最佳位融合在一起。确实高度赞美！ Hyperliquid是一个专注于永久期货交易的1层区块链。他们最近推出了由USDC支持的Stablecoin USDH，并增加了稳定的交易选项。

Perp DEX Arena: Hyperliquid vs. the Competition

PERP DEX竞技场：超流动与比赛

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.

但这并不是所有的阳光和彩虹都用来过度流动。永恒的期货dex市场变得越来越拥挤。尽管Hyperliquid一直是主要的球员，但像BNB连锁店的Aster这样的竞争对手却在其脚跟上nip弱。有一次，Aster的24小时交易量增加了超级流动性！虽然炒作令牌略有下降，但HBAR的兴趣也飙升，即使其价格下降，ETF申请正在增强对山寨币的信心。

Regulatory Hurdles and the Road Ahead

监管障碍和前进的道路

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，从而启动了SEC审核过程。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的一般上市规则，可能会加快问题的速度，但有一个收获：它适用于在CFTC许可的交易所交易至少六个月的加密资产。由于没有与CFTC注册的超流利期货合约，因此Bitwise可能会面临延误。

The Bottom Line

底线

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.

超流动性ETF可能是改变游戏规则的人，使机构对访问权限进行了监管，并将更多的流动性注入市场。但是，超流动性需要在快节奏的Perp Dex世界中保持竞争力，并在监管迷宫中浏览。 ETF批准赔率很高，彭博分析师为Altcoin Spot ETF提供了90％的机会。

So, What's Next?

那么，下一步是什么？

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会放心大拇指吗？超流动会保持其主导地位吗？只有时间会证明。但是可以肯定的是：加密ETF和PERP DEX的世界变得越来越令人兴奋。睁大眼睛 - 这将是一个疯狂的旅程！