#加密货币ETF Seeing the news that Bitwise's Hyperliquid ETF has submitted a revision document, I have a few heartfelt words to say. Listing an ETF sounds impressive, but this is precisely the time when we need to be more cautious.

In the early days, I saw too many projects attract retail investors with expectations of "soon to be listed" and "big institutions entering," only for the price to be pushed to absurd levels, and institutions had already started to offload in batches. Now that the ETF concept is hot, the same old tricks are just wearing different disguises.

A 0.67% fee rate seems reasonable, but you need to ask yourself—what exactly is Hyperliquid? What are the fundamentals of this ecosystem? Is the team truly building or just telling stories? These are the core issues that determine whether you can survive long-term.

My experience is: the more popular and backed by big institutions something is, the more you should think in the opposite direction about risks. Approving a revision document ≠ the project has value; listing ≠ guaranteed profit. Be wary of the FOMO mentality that "if you miss this, you'll miss it forever," as this mindset is exactly what whales love to exploit.

Waiting until the product is truly launched to observe its performance is much safer than blindly chasing hype. After all, surviving on-chain for the long term is far more important than chasing quick gains.