#ETF与衍生品 Bitwise's Hyperliquid ETF submission revision appears to be a positive signal of progress. From the details in the document, a 0.67% fee rate is considered moderate among spot ETFs, the stock code BHYP has been confirmed, and the completion of (a) clauses usually indicates that the process is nearing completion.

A key observation is the inclusion of Hyperliquid as an ecosystem token for derivatives trading platforms into the ETF product, which is noteworthy. First, it reflects a renewed recognition by institutions of the derivatives sector ecosystem. Second, if the listing proceeds smoothly, it could boost liquidity expectations for related derivatives platform tokens.

In the short term, attention should be paid to the listing timeline. Typically, the interval from submitting revision documents to official listing is 1-3 months, which suggests a high probability of landing in Q1. The flow of funds at that time will be quite indicative—monitoring whether whales move before and after the ETF listing, and whether derivatives trading volume grows in tandem.

As the mainstream way to onboard on-chain assets, each new product listing reshapes market expectations for the underlying assets. The significance of this event lies in opening the door for institutional allocation into the derivatives ecosystem.