bitwise added wintermute and flowdesk as HYPE ETF counterparties on april 10. wintermute accumulated $532m in BTC three days later. these are the same market makers running liquidity for blackrock's IBIT. hyperliquid is a 16-node perpetuals DEX with 11 employees generating $900m annual profit and 99% of revenue going to token burns. the SEC is now reviewing whether a protocol doing $2b daily in TradFi perps volume belongs in the same ETF category as bitcoin and ethereum. arthur hayes bought $1.1m more on april 11. the smart money isn't waiting for approval
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