Bitwise wants to launch an ETF on hype despite the dazzling breakthrough of Aster

Hyperliquid is no longer an Crypto outsider. From a young platform to the meteoric ascent, it went to the status of solid value among the perpetual contracts. His native, hype crypto is today a cornerstone of his ecosystem, used to pay the costs or access discounts. This maturity attracts asset managers like Bitwise, who already dreams of an ETF in his name. A product that would allow institutions to access the hype without touching a single line of code.

Hype in the face of the American regulatory challenge

Bitwise officially asked for approval of the dry to launch an ETF Spot backed by hype token. This product would directly hold tokens and allow exchanges in kind, that is to say via hype delivery instead of cash. This mechanism was validated by the dry in July to reduce operational costs.

But Bitwise's ambition comes up against a reality: hype is not listed on Coinbase or Binance US. In addition, no term on this token is registered at the CFTC. Result ? No accelerated procedure. It will be necessary to wait up to 240 days for an answer.

Meanwhile, Hype remains under pressure. Its price stagnates around $ 42, despite this weight news. The lack of simple access for American crypto investors maintains a form of blocking: many see the ETF as a promise, but not yet as a valuation lever.

Vaneck: rivalry, crypto strategy and advance on Bitwise

Vaneck does not intend to stay a spectator. He also prepares A Hype ETFbut with a Staking dimension. And in parallel, Europe will be entitled to its own product thanks to an ETP in gestation. The Vaneck team even plans to use part of the fund's profits to buy hype tokens on the secondary market. A way to support the ecosystem while generating gains.

Kyle Dacruz, director of digital products at Vaneck, recalls that Hyperliquid already arouses great interest. For him, the demand is very real, and the ETF envisaged could play a role of catalyst. The idea? Create a sufficiently attractive call product to accelerate the adoption of hype, especially with large crypto exchanges still cautious to reference it.

But another piece is added to this puzzle: Agora. This startup, co -founded by the son of the CEO of Vaneck, wants to make the stablecoin USDH on Hypercore. Although the team insists on the separation of the two projects, some observers see it as a strategic alignment.

The Bitwise – Vaneck battle is just beginning. And while the giants are trying to get the first green light, Crypto investors are still waiting for a simple hype list in the United States. One more paradox, in a sector accustomed to contradictions.

Aster shakes the scene, but hyperliquid muscle his game

While the ETFs are waiting, the market has chosen Aster. This platform, powered by the BNB Chain, saw its daily volume reaching $ 35.8 billion, tripling that of Hyperliquid. His token Aster jumped 2,200 % in seven days. A tidal wave.

But some call for caution. Ardi, analyst well known in the crypto universe, sees in the current fall a simple technical withdrawal. According to him, Hype follows a classic diagram: each summit is followed by a withdrawal, then a new flight. He therefore judges the thesis of a collapse in the face of Aster premature, and invites us to observe the past cycles before drawing hasty conclusions.

Hyperliquid continues to build. This is evidenced by the recent launch of its stablecoin USDH. In just 24 hours, more than $ 15 million was issued on Hypercore. A clear message: even attacked, the protocol does not retreat.

The figures to remember this week:

• ASTER volume: $ 35.8 billion in 24 hours
• Hyperliquid volume: $ 10 billion;
• Open Interest Aster: $ 1.15 billion;
• Open Interest Hype: $ 2.2 billion;
• Hype weekly variation: -25 %, but +18 % volume.

October may well rebatch all the cards. The dry must decide on a highly anticipated Solara ETF. In the event of approval, this could open a regulatory boulevard for other files, including that of Hyperliquid. A new era for Crypto ETF could start … provided that the light finally goes green.