# ETF与衍生品

#ETF与衍生品 Seeing Cathie Wood's latest insights really resonates with me! She clearly articulates the positioning of these three assets—BTC, ETH, and SOL—Bitcoin as the gateway to the global monetary system and institutional entry, Ethereum as infrastructure for institutions, and Solana as the space for consumer application imagination. This layered approach actually reflects the profound changes happening in the crypto world.
What excites me most is that traditional financial giants are truly taking action. Major institutions like Morgan Stanley, Bank of America, and Wells Fargo are officially

#ETF与衍生品 Seeing Hyperliquid's market share drop from 80% to 20%, many are pessimistic, but I actually feel more excited. Behind this decline is actually a strategic upgrade — shifting from a B2C model competing for user traffic to building "liquidity AWS" as a B2B infrastructure.
In the short term, it's indeed painful, as competitors seize the opportunity to capture market share, and incentives can't keep up. But in the long run, the power of HIP-3 and Builder Codes has just begun to show. Imagine any developer being able to deploy their own derivatives markets on Hyperliquid — perpetual stoc

#ETF与衍生品 Seeing Hyperliquid's market share drop from 80% to 20%, I've seen this scene too many times before. The ICO boom in 2017, the DeFi summer in 2020, the NFT frenzy in 2021—each time, one or two projects briefly dominate the scene, only to stumble amid competition and strategic adjustments.
But this time, I see something different.
Hyperliquid's decline on the surface is a loss of market share, but fundamentally it's a pain point shifting from B2C to B2B. This transition may seem like a misstep, but in reality, it's a bet on future infrastructure competition. Remember when AWS first lau

#ETF与衍生品 Seeing Hyperliquid's market share drop from 80% to 20%, many people are starting to pessimistically view this once-dominant derivatives leader. But if you only look at surface data to draw conclusions, you're really missing a brilliant strategic turnaround.
This is actually a very interesting case—Hyperliquid is evolving from a "liquidity aggregator" into "liquidity's AWS." In simple terms, it no longer just aims to be the strongest exchange but wants to become the infrastructure for the entire derivatives ecosystem.
The key lies in the new mechanisms HIP-3 and Builder Codes. Imagine

#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, whe

#ETF与衍生品 After reviewing Cathie Wood's latest insights, the framework remains clear: BTC as the entry point for institutions, ETH as infrastructure, and SOL targeting consumer applications. The key point she emphasizes is the institutional deployment path—through the ETF channel.
The replay data from the 1011 flash crash is worth noting: BTC has the strongest liquidity and was sold off first, with other tokens experiencing larger declines. This confirms a pattern—under panic sentiment, funds tend to flee low-liquidity assets first. The current question is when giants like Morgan Stanley, Bank

#ETF与衍生品 Seeing Hyperliquid's market share drop from 80% to 20%, many people are pessimistic. But I believe this is precisely the most easily misunderstood moment.
On the surface, it looks like a setback, but in essence, it is a strategic shift—from "I am all-powerful" to "I empower." Hyperliquid has abandoned aggressive expansion on the B2C side and instead is building a "liquidity AWS," enabling third-party developers to freely create derivatives markets through HIP-3, and allowing any frontend (Phantom, MetaMask, etc.) to access the complete trading ecosystem via Builder Codes.
This may se

#ETF与衍生品 Seeing Cathie Wood's remarks, my thoughts have returned to the crazy market of 2017. At that time, no one cared about BTC's liquidity; everyone was chasing the hundredfold returns of altcoins. And this year, during the 1011 flash crash, Bitcoin demonstrated true resilience—it was the first to be sold off, but also the fastest to recover. This is not a coincidence; it is a sign of an ecosystem maturing.
A decade of accumulation, from retail dominance to institutional participation, from wild growth to institutionalized entry, we see a clear iterative trajectory. The three-layer framew

#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, its

#ETF与衍生品 Seeing Cathie Wood's latest insights, I am reminded of the pitfalls I have encountered over the years. She said BTC is the main entry point for institutional investment, ETH is the infrastructure layer, and SOL is for consumer applications — this judgment itself is not problematic, but the issue is that many people go all in immediately after hearing this, completely ignoring the risks.
What did the flash crash on 1011 tell us? BTC has the strongest liquidity but was the first to be hammered down. Other coins experienced even larger declines. This is not a positive signal; it’s a war