ETF Filing & Structure - Bitwise filed for a Hyperliquid ETF with ticker BHYP and a fee of 67 basis points [1] - This ETF represents the first perpetuals decentralized exchange (perps DEX) being packaged for traditional finance (TradFi) [1] Hyperliquid Protocol Performance - Hyperliquid generated $650 million in revenue this year, with 99% allocated to buybacks [1] - The protocol has $308 billion in volume without direct DEX interaction [1] Tokenomics & Market Sentiment - Team unlocks involve 10 million tokens monthly, but ETF inflows could potentially absorb months of selling pressure [1] - Cantor Fitzgerald published overweight research in the same week as the filing [1] Institutional Interest - Wall Street is seeking exposure to Hyperliquid's protocol [1]