Hyperliquid ETF nears launch
Bitwise filed updated S-1 for Hyperliquid ETF, with expense ratio at 0.67%. HYPE price surged over 12% weekly amid rising open interest above $1B.
$HYPE's OI just hit $8.21B - #2 protocol has $2.09B - The next 9 combined still don't match it - But the real number: 14.6X - That's OI/TVL - Every $1 in collateral backs $14.60 in open positions. Most DEXes park your money and call it liquidity. Meanwhile, Hype did $7.41B volume yesterday, $2.33M fees in the last 24 hours. 11 people built this monster.
why am I bullish on Hyperliquid? The entire ecosystem orbits around a token, HYPE. L1, perp, defi, LSTs, staking, off-ramps payment, prediction markets, RWAs, tokenised stock and more. All these are accruing values back to Hyperliquid native token, HYPE. This is why hype is one of the strongest tokens in the market and has been performing well even in the bear market. let's look at what $HYPE is used for. Hype is a deflationary token that undergoes massive demand, buyback and burn from its L1 protocol and ecosystem daily activities like trading fees, staking, governance, gas fees on hyperEVM, token auctions, priority fees HIP-3 and HIP-4 deployment and so on. Hyperliquid generates $1.5M to $2.2M fees daily on trading only, in which 97% of it is used to buy back Hype on open market and permanently burn them out to zero address by assistant fund. currently, the Assistance fund (AF) has bought back 43.15M HYPE worth $1.05B and burnt them forever. That is exactly 14.44% of the circulating supply already bought, burned and removed from circulation. Fees from HyperEVM transactions, HIP-3 deploying tokenised stocks which require 500k HYPE stake and upcoming HIP-4, priority fees auction sales on Hyperliquid all demand $HYPE token and burn. basically, the more products, volume, fees, the more demand on HYPE and the more the circulating supply reduces. The higher the price. I still believe that more and more products are yet to launch on Hyperliquid and the defi eco, HyperEVM is still early with over $5.1B total value locked. Hyperliquid is on a mission to house all finances.
Price: $44.988 (+7.17% in 24h)
Trend: The 15-minute chart shows a strong recovery from the daily low of $41.949. The price is currently fighting to stay above the MA30 ($44.63) and MA10 ($44.74).
Key Drivers (The "Hype")
The current price action is fueled by two major catalysts visible in your screenshots:
Bitwise ETF Amendment: Bitwise filed an updated S-1 for the Hyperliquid ETF (BHYP) on April 10, adding a 0.67% fee and a staking mechanism. This is seen as a "late-stage" signal that a U.S. launch may be imminent.
Arthur Hayes Accumulation: On-chain data confirmed Arthur Hayes purchased 26,022 HYPE ($1.1M) after a 3-month break, signaling whales are doubling down with a long-term target of $150.
Burn Mechanism: Hyperliquid’s tokenomics (HyperEVM and HIP-1 fees) are actively burning $HYPE, creating deflationary pressure as platform volume stays high.
Short Setup (Scalp Outlook)
While the overall narrative is bullish, the short-term chart is hitting a ceiling near the $45.30 resistance (today's high).
Entry Zone: $45.00 – $45.25 (Looking for a rejection/fakeout of the local high).
Take Profit (TP): $44.40 (Testing the MA30/recent support wick).
Stop Loss (SL): $45.60 (Above the daily high to protect against a breakout).
the project is Hyperliquid - HyperEVM gas fees --> burn $HYPE - HIP-1 trading fees --> burn $HYPE - Spot deployment gas --> burn $HYPE - HIP-3 deployment gas -> burn $HYPE Soon we will see order-priority rate burning more $HYPE followed by its HIP - 4 deployments and trading. believe me there is not enough $HYPE I'm seeing $75 in the chart sooner than you think hyperliquid
Saya bukan mau bikin kalian FOMO. Keputusan tetap di tangan masing-masing. Saya juga pernah salah ambil posisi. Dulu pegang Sonic ( $S) ujung-ujungnya cut loss. Jadi saya coba lihat $HYPE lebih objektif. Secara garis besar, performanya kuat YTD naik +184%. Tapi di balik kenaikan harga, ada hal yang perlu diperhatikan. Di harga sekitar $40, menurut saya valuasinya belum tentu matang. Yang bikin saya was-was adalah circulating supply baru 26,59%. Artinya, sebagian besar supply belum beredar. Kalau token dirilis bertahap tanpa demand/penyerapan yang kuat, tekanan ke harga bisa besar. Kita juga pernah lihat pola serupa di sektor perp DEX sebelumnya seperti $dYdX dan $GMX. Sekarang kompetitor juga makin banyak $Lighter, $Aster, dan lainnya. Jadi kesimpulannya ? $HYPE menarik, tapi tidak cukup dinilai dari harga yang naik saja. Masih butuh analisa lebih dalam roadmap berikutnya pertumbuhan user volume trading revenue/profit protocol token unlock & distribusi supply kekuatan menghadapi kompetitor Bukan sekadar ikut hype.
The pattern is simple: when an L1 ships real ways to have positive experiences onchain, it tends to drag the market with it. That was true for Ethereum, it was true for Solana, and more recently it’s been true for Hyperliquid. Here is why I think Fogo can do the same with perps, predictions, and composable DeFi and why I don’t spend much time worrying about the current macro sentiment of the day
hyperliquid’s HIP‑4 bolts prediction markets directly onto perps and spot via unified margin. 14% of polymarket’s top traders are already active on hyperliquid, representing ~$1.43b of polymarket flow. today they split capital across two venues; post‑HIP‑4, the same stack can collateralize both event risk and levered perps in one account. polymarket has no token, no staking, no moat beyond UX; switching cost is nil. hyperliquid charges 0.9% on wins versus polymarket’s 1–2%, and prediction fees are fat relative to perps. even modest share gains add real dollars to a ~$900m annualized run‑rate that’s 99% routed into buybacks. the world cup kicks off june 11, HIP‑4 is weeks away. that timing is not a coincidence. // zero illusion
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
HYPE is just too strong. Even after the rebalance, it blasted through the range. If it doesn’t start to chop, I may look to close the position and wait for some sideways action. After 1 month: > 4.34% PNL > $800 fees Basically SOL is back to the price I originally bought at and I have an extra $800 after a month.