21Shares files for hyperliquid ETF amid HYPE’s seven-day rally

On Wednesday, crypto asset manager 21Shares filed an ETF proposal with the SEC aimed at tracking the price of HYPE, the native token of the hyperliquid blockchain network, which has increased 34.6% in the last seven days.

“This filing really pushes fundamentals front and center and is something Wall Street will need to take seriously,” according to Andrew Van Aken, a data scientist at blockchain analytics firm Artemis. 

The platform has seen more than $278.9 billion in perpetuals trading volume for October so far, helping it generate nearly $105.2 million worth of fees in the same period. The metrics make it one of the most profitable protocols in the crypto space and a leading venue for on-chain perpetuals trading. 

Hyperliquid consistently takes the top belt in daily fees and uses them to buy back a majority of the token, “something analysts can really dig into and ‘value’ using traditional methods,” Van Aken told Sherwood News. 

In January, hyperliquid jump-started the Assistance Fund, which allocates 99% of fees for open market acquisitions of HYPE tokens. Since its inception, the wallet of the Assistance Fund has accumulated around 34.1 million tokens worth $1.6 billion, on-chain data shows. 

Van Aken argued Wall Street needs to take the network seriously because “while many struggle to find valuation models for crypto protocols, hyperliquid is an absolute cash cow that also has significant growth areas in tokenized stocks, prediction markets and even stablecoin revenue.”