Hyperliquid (HYPE) Price: Bitwise ETF Filing Moves Closer to Launch as Arthur Hayes Buys Again

TLDR

• Bitwise filed a second amendment to its Hyperliquid ETF application, adding ticker $BHYP and a 0.67% management fee.
• Bloomberg ETF analyst Eric Balchunas said this typically means a product launch is coming soon.
• HYPE is up 65% since the start of 2026, trading around $41.96, and up roughly 182% over 12 months.
• Arthur Hayes bought 26,022 HYPE tokens worth over $1 million, his first purchase in almost three months.
• Hyperliquid broke into the top 10 crypto derivatives platforms by volume in early April, generating $492.7 billion in Q1 trading volume.

Bitwise Asset Management has filed a second amendment to its Hyperliquid spot ETF application with the US Securities and Exchange Commission. The updated filing adds the ticker $BHYP and sets a management fee of 0.67%, or 67 basis points.

Bloomberg senior ETF analyst Eric Balchunas noted the update on X, saying these details typically signal that a product is ready to launch soon. He added that HYPE is up 200% over the past year and that Bitwise is likely trying to move quickly.

Bitwise was the first firm to submit a Hyperliquid ETF filing with the SEC, doing so in September 2025. It faces competition from Grayscale, which filed in late March 2026, and 21Shares, which filed one month after Bitwise.

If approved, the ETF would trade on the NYSE Arca exchange and give investors direct exposure to the spot price of HYPE. Bitwise also indicated in an earlier amendment that the fund may generate extra returns through HYPE staking, something neither Grayscale nor 21Shares has mentioned.

Arthur Hayes Buys $1 Million in HYPE

On-chain data from Lookonchain shows that Arthur Hayes, co-founder and former CEO of BitMEX, bought 26,022 HYPE tokens for just over $1 million on April 11. This was his first HYPE purchase in nearly three months.

Hayes now holds 247,344 HYPE, worth approximately $10.44 million, with an unrealized gain of around $2.5 million.

The buy came as HYPE climbed back above the $40 mark. The token had dipped below $27 in late February after the war in Iran began, then surged to $44 in mid-March, pulled back to $34, and recovered to around $42 at the time of the purchase.

HYPE Performance and Platform Growth

According to CoinGecko, HYPE is trading around $41.96, up about 65% from the start of 2026 and up roughly 182% over the past 12 months.

Blockchain analytics platform CoinGlass reported in early April that Hyperliquid had broken into the top 10 crypto derivatives platforms by volume. During Q1 2026, Hyperliquid generated $492.7 billion in trading volume, placing it just behind Coinbase in ninth place by roughly $90 billion.

HYPE was trading at approximately $41.96 as of April 11, 2026, according to CoinGecko data.

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