Grayscale files ETF for Hyperliquid's HYPE token

Grayscale has filed an S-1 registration statement with the SEC to launch the Grayscale HYPE ETF, aiming for a Nasdaq listing under the ticker GHYP. This move comes amid the surging popularity of the Hyperliquid decentralized exchange, which has seen its native token, HYPE, experience significant growth. The Hyperliquid network's weekly derivatives trading volume has surpassed $50 billion, with substantial daily fee revenue, positioning it as a dominant player. Analysts like Arthur Hayes predict a significant price increase for HYPE, potentially reaching $150. The ETF would allow broader access to this burgeoning crypto derivatives market, including trading on traditional assets.