#ETF与衍生品 Seeing Bitwise's Hyperliquid ETF launching soon with a fee rate of 0.67%, my first reaction isn't excitement but caution. Over the past few years, I've seen too many derivative traps — every new product launch is branded with "mechanism innovation" and "low fees," but what happens? Retail investors remain the same, being cut to pieces by high leverage and complex mechanisms.

Hyperliquid itself is a high-risk derivatives exchange, and its nature of perpetual contracts and leveraged trading determines its gameplay — this is not a prudent investment tool. Now packaging it as an ETF actually lowers people's alertness. You see, once it’s regulated, you think it’s safe? Wrong. An ETF is just a financial product format; it doesn't change the risk attributes of the underlying assets.

True value investors should ask themselves: Why do I need an ETF that tracks the performance of a derivatives exchange? If the answer is "following the trend" or "making quick money," then you should be alert. History repeatedly teaches us that each bull market has new tricks to cut the leeks — this time might be no different. It’s not that it will definitely collapse, but participants need to be clear about what they are betting on and how much loss they can bear.

The secret to surviving long on the chain is: the more complex the product, the more cautious you should be.