#ETF与衍生品 Bitwise's Hyperliquid ETF has submitted a revision document. Here's a summary of the core information: The 8(a) clause has been approved, with a fee rate of 0.67% and code BHYP. This set of data essentially confirms that the product has entered the final pre-listing stage.

From an on-chain perspective, what does this mean? Once the ETF is approved, a large amount of institutional capital channels will open. As a derivatives trading platform, Hyperliquid itself has limited liquidity volume, and institutional entry will directly increase demand for HLP. What to watch now is: first, when will large funds start building positions on-chain; second, whether the movements of existing whale addresses will respond in advance; third, whether open positions in derivatives contracts can withstand potential liquidity shocks.

The fee rate of 0.67% compared to existing BTC spot ETF products reflects competitive pressure. It is recommended to focus on monitoring fund flows on Hyperliquid contracts in the near term, especially on-chain activity of institutional wallets, which often reflects true market expectations better than price fluctuations.