Grayscales bold claim amid third Hyperliquid ETF filing: Bigger than NASDAQ!

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Grayscale‘s bold claim amid third Hyperliquid ETF filing: ’Bigger than NASDAQ!

Bitcoin Ethereum News

Hyperliquids [HYPE] price has been trending higher for the past week thanks to the capital inflows from its ETFs. Bitwise and 21Shares issued the two HYPE ETFs that fueled this rally.

Bitwises HYPE ETF [BHYP] was already pulling an average trading volume of $19 million per day. The total inflows over the 10 trading days were at $100 million from 1.72 million HYPE bought.

Notably, the third Hyperliquid ETF is getting closer, with Grayscale filing their fourth amendment with the SEC on the 28th of May.

Grayscale Hyperliquid Staking ETF launch gets closer

Grayscales update for their HYPE ETF would include a staking feature. However, the fees were yet to be determined, which usually signals the product is about to be launched.

The most important change to the filing was the seed capital investment of 2 million HYPE tokens, currently valued at $113 million. The capital in exchange for HYPE would be channeled to Hyper Holdings Global LP.

Source: sec.gov/Archives

Grayscale tipped Hyperliquid to be a financial powerhouse, referencing its perp Futures growth, buybacks, and other factors. The two factors showed strong usage and capital returns in the Hyperliquid ecosystem.

This growing number of ETFs is stemming from the massive backing in the Hyperliquid project.

Bitwise and NYSE backing HYPEs growth

For instance, Jeffrey Sprecher, the founder and executive chairman of ICE, the parent company of the NYSE, backed the Hyperliquid project, especially on the revenue front.

According to Jeffrey, Hyperliquid could be bigger than Nasdaq. He said,

By the way, the number of billionaires that are being created doing this. This Hyperliquid that we‘re talking — if you haven’t heard about it, it‘s bigger than NASDAQ, okay？ It’s 11 people. You look at it, you‘re like, wow, that’s pretty something.

Hyperliquid had the highest revenue-to-employee ratio across all global companies. Its $59.65 million revenue per employee was 32 times higher than second-placed Robinhood.

Source: X

The Head of Research at Bitwise, Ryan Rasmussen, echoed the growing demand in HYPE ETFs. He echoed the capital inflows, saying,

We stake in-house at Bitwise, so investors realize more of the overall rewards. A dollar in means a dollar into Hyperliquid, thats really the best way to think about it.

Institutions taking profits

However, after 10 trading days of the HYPE ETFs, large investors, institutions, and some retailers were taking their profits at around $60.

For instance, Galaxy Digital unstaked 1 million HYPE worth $61.5 million and sent half of the amount to exchanges. According to Arkham, 500K HYPE, worth $30.36 million, was deposited into Bybit and OKX, potentially for sale.

Source: Onchain Lens

Therefore, as HYPE ETF hype continues to drive the altcoins price, traders should be wary of institutions dumping on them.

However, with such backing from industry leaders, HYPE remains bullish on a long-term scale.