Bitwise Wants to Launch an ETF on HYPE Despite the Rise of Aster

Hyperliquid is no longer a crypto outsider. From a young platform with meteoric growth, it has risen to become a solid asset among perpetual contract DEXs. Its native crypto, HYPE, is now a cornerstone of its ecosystem, used to pay fees or access discounts. This maturity attracts asset managers like Bitwise, who are already dreaming of an ETF named after it. A product that would allow institutional investors to access HYPE without touching a single line of code.

HYPE faces the American regulatory challenge

Bitwise has officially requested SEC approval to launch a spot ETF backed by the HYPE token . This product would hold tokens directly and allow in-kind exchanges, meaning delivery of HYPE instead of cash. This mechanism was validated by the SEC in July to reduce operational costs.

But Bitwise’s ambition faces a reality: HYPE is not listed on Coinbase or Binance US. Furthermore, no futures contract on this token is registered with the CFTC. Result? No accelerated procedure. A response could take up to 240 days.

Meanwhile, HYPE remains under pressure. Its price hovers around 42 dollars, despite this significant news. The lack of simple access for American crypto investors maintains a form of lock: many see the ETF as a promise but not yet as a valuation lever.

VanEck: rivalry, crypto strategy, and a head start on Bitwise

VanEck does not intend to remain a bystander. It is also preparing a HYPE ETF , but with a staking dimension. In parallel, Europe will have its own product via a developing ETP. The VanEck team even plans to use part of the fund’s profits to buy HYPE tokens on the secondary market. A way to support the ecosystem while generating gains.

Kyle Dacruz, Director of Digital Products at VanEck, points out that Hyperliquid already generates strong interest. For him, the demand is real, and the proposed ETF could act as a catalyst. The idea? To create an attractive flagship product to accelerate HYPE adoption, especially among the major crypto exchanges still hesitant to list it.

But another piece joins this puzzle: Agora. This startup, co-founded by the son of VanEck’s CEO, wants to issue the USDH stablecoin on HyperCore. Although the team insists on separating the two projects, some observers see a strategic alignment.

The Bitwise–VanEck battle is just beginning. And while the giants strive to get the first green light, crypto investors are still waiting for a simple HYPE listing in the United States. One more paradox in a sector used to contradictions.

Aster shakes the scene, but Hyperliquid strengthens its game

While ETFs are awaited, the market has chosen Aster. This platform, powered by BNB Chain, saw its daily volume reach 35.8 billion dollars, tripling that of Hyperliquid. Its ASTER token soared 2,200% in seven days. A tidal wave.

But some call for caution. Ardi, a well-known analyst in the crypto world, sees the current drop as just a technical pullback. In his view, HYPE follows a classic pattern: each peak is followed by a pullback, then another surge. He therefore considers the thesis of a collapse against Aster premature and urges observing past cycles before drawing hasty conclusions.

Hyperliquid continues to build. Evidence includes the recent launch of its USDH stablecoin. In just 24 hours, more than 15 million dollars were issued on HyperCore. A clear message: even under attack, the protocol does not back down.

Key figures to remember this week:

• Aster volume: 35.8 billion $ in 24h 
• Hyperliquid volume: 10 billion $;
• ASTER open interest: 1.15 billion $;
• HYPE open interest: 2.2 billion $;
• Weekly HYPE variation: -25%, but +18% volume.

October could reshuffle all the cards. The SEC must rule on a much-anticipated Solana ETF . If approved, this could open a regulatory boulevard for other files, including Hyperliquid’s. A new era for crypto ETFs could begin… provided the light finally turns green.