#加密货币ETF Seeing the news that Bitwise has submitted a revision for the Hyperliquid ETF, my mind immediately recalled the patterns of ETF filings I've seen over the years. A fee rate of 0.67%, a clear stock code BHYP, comprehensive terms (—I'm very familiar with this process. From the fierce competition for Bitcoin spot ETFs in North America in 2021, to the successive approvals of Ethereum ETFs, and now the wave of ETFization in leveraged tokens and derivatives, each submission of revision documents signifies an important market milestone.

Interestingly, the fact that the relatively new derivatives trading platform Hyperliquid can be incorporated into the ETF framework essentially reflects the industry's exploration of on-chain leveraged trading compliance and institutionalization. Looking back, many said there would never be a Bitcoin ETF, then others said there wouldn't be an Ethereum ETF, and now even derivatives protocols are entering the traditional financial product sequence.

What do we see in this process? It’s the gradual quantification of risk, the institutionalization of high-frequency trading demands, and the slow widening of the gap between regulation and innovation. Of course, leverage tools are always a double-edged sword; low fees also mean intense market competition. But from a cyclical and historical perspective, the emergence of such products usually signals that a particular niche is moving from the fringes to the mainstream. In the 2025 crypto market, derivatives ETFs may become a new narrative focus.