#ETF与衍生品 Bitwise's Hyperliquid ETF revision document has been submitted, adding clause 8(a), a 0.67% fee rate, and the BHYP stock ticker—these details usually indicate that the product is not far from official launch.

From an on-chain perspective, what’s worth paying attention to is not the ETF itself but the underlying capital flow signals. Hyperliquid, as an on-chain derivatives platform, if the ETF launches smoothly, it will bring direct inflows of traditional financial capital. The launch of such products often results in noticeable trading volume and position changes on the contract side—depending on whether whale accounts have pre-positioned accordingly.

A 0.67% fee rate is not low for a spot ETF, but it’s still reasonable compared to the risk premium of derivatives products. The key is to observe the actual capital inflow speed after listing and the leverage usage on the contract side, as these data reflect the true attitude of institutional investors.

In the short term, focus on tracking BHYP’s daily trading volume and large account position changes on the Hyperliquid platform, which will be important references for judging whether subsequent capital can continue to flow in.