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Hyperliquid token approaches $41. The asset has gained 60% since the beginning of the year
The native token of the largest decentralized crypto derivatives exchange Hyperliquid ($HYPE) has increased by approximately 60% since the beginning of the year.
The asset’s market capitalization is approaching $10 billion, driven by a new wave of investor interest.
$HYPE ranks 11th by market capitalization. Source: CoinGecko.
Hyperliquid leads among perpetual futures (“perps”) trading platforms in both open interest and daily trading volume ($7.7 billion and $4.4 billion respectively). The gap from the nearest competitor, Aster, is significant.
Perp DEX ranking by open interest and trading volume. Source: CoinGecko.
Bitwise filing
Asset manager Bitwise has submitted a second amendment to its S-1 filing to launch a spot ETF based on $HYPE. Ahead of the expected listing, the firm updated its list of counterparties and disclosed operational details.
According to the document, the fund’s trading partners will include FalconX, Flowdesk, Nonco, and Wintermute. Meanwhile, the A1 entity affiliated with Anchorage has been removed from the list.
The upcoming exchange-traded product has received the ticker BHYP. The management fee will be 0.67% annually. Anchorage Digital Bank has been selected as the custodian, while CF Benchmarks will calculate the daily pricing benchmark.
According to Bloomberg Intelligence analyst Eric Balchunas, the disclosure of the ticker and fee structure indicates an imminent launch of the instrument.
The fund plans to allocate the majority of its assets to staking, keeping 30% as a liquidity reserve. The fee on staking rewards will be 15%. One of the staking operators may be Attestant.
On April 9, Bitwise Europe listed a similar staking-enabled product on the German exchange Xetra under the same ticker BHYP.
Hayes is not sleeping
According to analysts at Lookonchain, former BitMEX CEO Arthur Hayes purchased 26,022 $HYPE worth approximately $1.1 million. This is his first purchase of the asset in the past three months.
The former BitMEX head did not miss the chance to boast about the purchase. Source: Arthur Hayes.
Hayes’ portfolio now holds 247,334 $HYPE with a total value of $10.44 million. His unrealized profit on this position exceeds $2.5 million.
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