#ETF与衍生品 Seeing the news that Bitwise has submitted a revision for the Hyperliquid ETF, with a fee rate set at 0.67% and stock code BHYP, I can't help but recall the ups and downs of the ETF sector over the years.

I still remember the fierce competition for Bitcoin spot ETFs in 2021, with everyone predicting when they would be approved. It took over three years before they finally launched in 2024. At that time, many institutions were trading derivatives and leveraged products, but the market taught everyone a lesson—the retail investors play with leverage, while institutions eat options. Looking back today, spot-based funds are actually the most stable.

The Hyperliquid case is interesting. From its explosive growth last year to a gradual cooling this year, the emergence of institutional-level ETFs indicates that the market is transitioning from speculation to allocation. A fee rate of 0.67% is reasonable compared to other Bitwise products. But the key point here isn't the fee itself—it's that the derivatives sector always has to reach this stage: first, futures become popular, then the chaos of perpetual options, and finally, institutional-grade structured products.

There's a detail worth pondering. Over the years, I've seen many project lifecycles, but only a few make it to being included in ETFs. To reach this stage, a project must either have solid fundamentals or enough market hype to sustain it. Hyperliquid's trading volume data looks good, but whether it can maintain long-term value like Bitcoin spot holdings is the real test.

History shows us that the listing of ETFs often marks a watershed—retail investors chasing highs gradually give way to institutional holdings. The next step depends on whether Hyperliquid's ecosystem can withstand the test of time.