#ETF与衍生品 Seeing the news that Bitwise's Hyperliquid ETF has submitted a revision document, a clear timeline came to mind. Remember the wave of ETF applications in 2017? Back then, everyone was betting that the "spot Bitcoin ETF would be approved immediately," but it took over five years to materialize. This time, the 0.67% fee rate for the Hyperliquid ETF is honestly not considered low in the current ETF competition landscape—this is what the market has taught me.

The truly interesting part lies in the new developments in the derivatives track. Hyperliquid, as an independent public chain, itself represents the evolution of DEX and on-chain derivatives ecosystems over the past few years. Comparing to a decade ago, when all leverage trading depended on centralized exchanges, now there is an independent public chain born specifically for derivatives. This reflects the market’s genuine demand for decentralized risk management tools—no longer just conceptual hype.

The clauses 8( and the official stock code in the revision document indicate that the gap between argumentation and execution is just one step away. The previous phase of "upcoming listing" was for the 2024 spot Bitcoin and Ethereum ETFs, and everyone saw the market’s real response then. This time, the risk tolerance considerations involved in derivatives ETFs will be more complex, and approval may not be as swift.

History has shown me that whenever institutional-grade product tools start to mature, the market enters a new phase of development. Whether it’s good or bad depends on the subsequent execution.