#ETF与衍生品 Bitwise's 0.67% fee rate is quite interesting—BHYP is about to go live. As an on-chain derivatives exchange, what does the launch of this ETF product mean? The compliance of risk assets is further deepening.

From a copy-trading perspective, the launch of such products usually triggers a wave of liquidity restructuring. I noticed that when tracking top traders in the Solana ecosystem before, many of them had aggressive trading styles on Hyperliquid—high leverage, quick in and out—which is exactly the type I would be cautious to follow. Once the ETF takes effect, the scenario will change: institutional funds entering the market will dilute the advantages of those wild traders, and increased liquidity depth means better slippage, but it also means the alpha space is shrinking.

My strategy adjustment is as follows— for the existing Hyperliquid copy-trading list, I will reduce the position size, and instead focus more on traders who arbitrage between spot ETFs and derivatives. It’s not that derivatives copy-trading is no longer profitable, but at this stage, more precise selection is needed. The 0.67% fee rate is still acceptable, but as the management scale grows, the holding period will lengthen, which is not very friendly to ultra-short-term copy-traders.

Continue to observe and see who the new liquidity ultimately flows to.