I view spot crypto ETFs as an important bridge between TradFi [traditional finance] and DeFi [decentralized finance]. While it is difficult to determine the degree of overlap between HYPE ETF investors and hyperliquid users, the ETFs undoubtedly increase awareness of the platform,” he wrote in an email to CNBC. But the ETF experts cautioned that awareness is still low, competition is widespread, and risks remain high. 21shares points to its track record, having listed a HYPE product in Europe, in August 2025. Grayscale has the lowest expense ratio, at 0.29%, versus 21shares at 0.30% and Bitwise at 0.34%. Bitwise has strong relationships with family offices. $BTC.X