Key Highlights
- Bitwise submitted its second amendment for the Hyperliquid ETF, incorporating the $BHYP ticker symbol along with a 67-basis-point management fee.
- Eric Balchunas from Bloomberg ETF analysis suggested these additions indicate an imminent product rollout.
- HYPE has climbed approximately 65% since January 2026, currently valued near $41.96, with annual gains reaching roughly 182%.
- Arthur Hayes acquired 26,022 HYPE tokens valued above $1 million, marking his initial buy in close to three months.
- Hyperliquid secured a position among the top 10 cryptocurrency derivatives exchanges by trading volume during early April, recording $492.7 billion in Q1 activity.
Bitwise Asset Management has submitted its second amendment for the Hyperliquid spot ETF proposal to the United States Securities and Exchange Commission. The revised documentation incorporates the $BHYP ticker symbol and establishes a management fee of 67 basis points, equivalent to 0.67%.
Eric Balchunas, senior ETF analyst at Bloomberg, highlighted the amendment on X, explaining that such specifications generally indicate imminent product availability. He observed that HYPE has delivered 200% returns annually and suggested Bitwise appears eager to capitalize on current momentum.
Bitwise became the initial asset manager to file for a Hyperliquid ETF with the SEC, submitting its application in September 2025. The firm competes with Grayscale, which filed during late March 2026, alongside 21Shares, which submitted its application one month following Bitwise’s initial filing.
Upon regulatory approval, the ETF would become available on the NYSE Arca exchange, providing investors with direct access to HYPE’s spot market pricing. Bitwise disclosed in a previous amendment that the fund might pursue additional yield through HYPE staking mechanisms, a feature that Grayscale and 21Shares have yet to incorporate in their proposals.
Hayes Accumulates Over $1 Million in HYPE Tokens
On-chain intelligence from Lookonchain reveals that Arthur Hayes, BitMEX co-founder and previous chief executive, acquired 26,022 HYPE tokens valued just above $1 million on April 11. This transaction represents his first HYPE accumulation in approximately three months.
Hayes currently maintains a position of 247,344 HYPE tokens, representing approximately $10.44 million in total value, with unrealized profits hovering around $2.5 million.
The purchase occurred as HYPE rebounded past the $40 threshold. The token had declined below $27 during late February following the outbreak of conflict in Iran, subsequently rallied to $44 in mid-March, retreated to $34, and recovered to approximately $42 when Hayes executed his transaction.
Balchunas from Bloomberg commented on X: “Bitwise w another update to Hyperliquid ETF includes ticker $BHYP and fee 67bps. Typically that means launch soon. HYPE is up 200% in past yr so they prob trying to strike while iron hot.”
Token Valuation and Exchange Performance
Data from CoinGecko shows HYPE currently trading near $41.96, representing approximately 65% appreciation from early 2026 and roughly 182% gains measured across the trailing 12 months.
CoinGlass, a blockchain analytics service, documented in early April that Hyperliquid had achieved entry into the top 10 cryptocurrency derivatives exchanges based on trading activity. Throughout Q1 2026, Hyperliquid processed $492.7 billion in total trading volume, securing ninth position immediately behind Coinbase with a differential of approximately $90 billion.
As of April 11, 2026, HYPE maintained a price level of approximately $41.96 based on CoinGecko market data.
