🚀 HYPE or Hoax? 21Shares’ ETF Gamble in the Crypto Wild West!

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21Shares, ever the audacious soul, has penned a letter to the SEC begging for a Hyperliquid ETF-a golden ticket to the HYPE token’s chaotic kingdom.

21Shares, with trembling fingers and a heart full of ambition, has flung its Form S-1 across the desk of the SEC, demanding immediate action. This proposed Hyperliquid ETF, if blessed by the bureaucratic gods, shall grant investors regulated access to a realm where HYPE tokens dance to the tune of chaos. A masterstroke? A gamble? Only time will whisper the answer. 🎲

New ETF: A Love Letter to Decentralized Finance’s Most Egotistical Protocol

The ETF’s arrival coincides with a frenzy of crypto fund applications, as if Wall Street and Silicon Valley have entered a dance-off. Hyperliquid, a Layer 1 blockchain, claims to be the playground for perpetual futures trading-a kingdom where derivatives reign supreme and wallets grow fat. Or perhaps they simply evaporate. 🧨

Hyperliquid’s October performance? A symphony of absurdity: $278.9 billion in trading volume, $105.2 million in fees. Institutions, like moths to a flame, flock to its glow, oblivious to the possibility of a midsummer night’s crypto crash. 🌌

Related Reading: 21Shares’ Injective ETF Drama: A Tale of Two Blockchains | Live Bitcoin News

This ETF, a passive beast, will mirror HYPE’s price, minus the inevitable toll of expenses. And if luck favors it, staking rewards may sprinkle some glitter atop its dull existence. A yield? Perhaps. A mirage? Possibly. 🌈

HYPE, Hyperliquid’s native token, is both sword and shield-used for staking and governance, while the protocol showers it with buybacks like confetti at a dystopian carnival. Valuation models, once tools of sanity, now strain to justify its existence. 🤯

Regulatory Maze and Bitwise’s Shadow: A Race Against Time

But lo! Bitwise, the rival, has already filed its Hyperliquid ETF proposal in September 2025. A duel of titans? Or a tragicomedy of bureaucratic foot-races? The SEC, currently distracted by a government shutdown, may yet delay its verdict until the next ice age. 🕰️

The HYPE token’s 1500% price surge is the stuff of legends-or a fever dream. Institutions, desperate for compliant exposure, now chase this phantom, while the SEC’s staff, few and far between, sip coffee and ponder the meaning of it all. ☕

21Shares’ proposal, a bold stroke on the canvas of finance, seeks to bridge DeFi’s wild frontier with the staid world of regulation. If approved, it may grant legitimacy to a sector where volatility is the only constant. Or it may collapse under the weight of its own hubris. Either way, the SEC’s decision looms like a storm cloud. ⛈️

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2025-10-30 07:01