Key Highlights
- Grayscale submitted an S-1 filing to the SEC for a spot Hyperliquid ETF, following Bitwise and 21Shares
- HYPE recorded approximately 21% gains this week, hovering between $40 and $43
- HYPE temporarily surpassed Cardano (ADA) in market capitalization, reaching the top 10
- BitMEX co-founder Arthur Hayes projects a $150 valuation for HYPE by August 2026
- Hyperliquid processes approximately $500 million in daily trading volume, allocating 97% of revenue toward HYPE buybacks
Grayscale has submitted an S-1 registration statement to the US Securities and Exchange Commission seeking approval for a spot Hyperliquid ETF. The proposed fund would list on Nasdaq with the ticker GHYP, utilizing Coinbase as its custodian. Management fee details remain undisclosed at this stage.
This submission positions Grayscale among three major asset managers pursuing Hyperliquid ETF products. Bitwise initiated its filing in September and revised the application in December to incorporate staking features. 21Shares submitted its proposal in October with provisions for potential staking integration.
Grayscale indicated that staking could be incorporated into the GHYP product in the future, though concrete plans remain unconfirmed. Staking functionality would enable investors to generate additional returns beyond potential appreciation in HYPE’s price.
Market Performance Accompanies ETF Momentum
The series of ETF applications arrives during a period of strong performance for HYPE. The token advanced approximately 21% throughout the week, establishing a trading range between $40 and $43. This rally enabled Hyperliquid to temporarily exceed Cardano (ADA) by market capitalization, securing a brief position within the top 10 cryptocurrencies.
ADA experienced gains as well, trading around $0.29, though the increase proved insufficient to maintain its ranking position. Crypto analyst Ali Martinez identified a potential buy opportunity for ADA, noting that the token must maintain support at $0.23 to enable a potential advance toward $0.32 and $0.37.
Arthur Hayes, BitMEX co-founder, has announced a $150 price projection for HYPE by August 2026. This target suggests approximately 5x growth from previous levels around $30. Hayes emphasizes that Hyperliquid’s economic model — which channels roughly 97% of platform revenue into HYPE buybacks — creates a direct connection between the token’s value and actual platform earnings.
Trading Volume Supports Token Economics
Hyperliquid operates a decentralized perpetual futures exchange. The platform processes between $40 billion and $100 billion in weekly trading volume, establishing itself as the dominant platform in this segment based on DeFiLlama metrics.
Daily volume has approached $500 million during recent activity peaks. The platform continues to expand its offerings, including initiatives to bring the S&P 500 on-chain.
Multiple competitors such as Aster, Lighter, and edgeX emerged in 2025 and have captured modest market share, though Hyperliquid maintains clear leadership in most weekly periods.
Aggregate weekly perpetual swap volume across all platforms has ranged between $125 billion and $300 billion this year — exceeding double the volume observed during the comparable period last year.
HYPE maintains its position in the $40–$43 range following the 21% weekly advance.
