Bloomberg ETF analyst James Seyffart disclosed on X that 21Shares US has updated its Hyperliquid ETF filing documents, confirming the stock ticker as THYP. The industry interpreted this update as an official, formal document adjustment in response to comments from the U.S. Securities and Exchange Commission (SEC). At the time of the news, fee information had not yet been disclosed in the documents. After the news broke, the HYPE token immediately jumped.
21Shares THYP Filing Update: Competing With Bitwise in the Hyperliquid ETF Market
(Source: James Seyffart)
During the SEC’s review process for crypto ETFs, it typically asks applicants to update their filings by issuing comment letters. Industry observers viewed 21Shares’s update as a signal that the application is moving into a deeper layer of review. Seyffart noted that this update is “one step closer to getting the Hyperliquid ETF listed in the U.S.”
A few days before 21Shares updated its filing, Bitwise had already announced the ticker and fees for its HYPE ETF, setting the management fee at 0.67%—one of the highest-fee crypto ETFs in the market. Both applicants are waiting for the SEC’s final ruling, and the application timelines are accelerating toward convergence.
Hyperliquid Platform Fundamentals: 11 Employees Generate $880 Million in Fee Revenue
The market appeal of the Hyperliquid ETF is built on the platform’s astonishing on-chain fundamentals network effects:
Hyperliquid Core Data Snapshot
30-day trading volume: Over $193 billion (DeFi Llama data); the industry’s second-largest Aster is only $65 billion
365-day fee revenue: More than $880 million (Token Terminal data); achieved with just 11 employees
30-day fee revenue: Over $51 million, with all priority fees permanently burned
Hype EVM stablecoin supply: $1.8 billion; stablecoin trading volume over the past 30 days exceeds $9 billion
Upcoming catalyst: Predictive markets platform Outcomes is expected to launch, directly competing with Polymarket and Kalshi
Key Risks and Technical Outlook
Hyperliquid ETF faces a core risk widely discussed in the industry: uncertainty in demand for altcoin ETFs. After the Polkadot (Polkadot) ETF was approved, there has been zero net inflow to date. The same is true for popular altcoin ETFs such as Litecoin, Dogecoin, and Avalanche. Currently, market capital is highly concentrated in ETFs of mainstream assets such as Bitcoin, Ethereum, Ripple, and Solana. Hyperliquid’s DeFi dominance and fee fundamentals could be potential differentiators, but whether it can attract ETF capital inflows still needs to be validated by the market.
On the technical side, HYPE’s daily chart shows the token rising from the $20 low on January 20 to around $43 currently. It briefly broke through the key resistance at $43.6 (the March 18 high), alleviating concerns about a double-top formation. It is currently above the 50-day and 100-day exponential moving averages (EMA) and the Supertrend indicator, with bullish momentum in control. The next key psychological level is $50—if it breaks, the historical high around $60 would be roughly 35% above the current level.
Frequently Asked Questions
What does the 21Shares update to the Hyperliquid ETF filing mean?
This update is a common procedural step in response to the SEC’s review comments, indicating that the application is entering a deeper stage of review. Industry analysts interpret it as progress toward getting the Hyperliquid ETF listed in the U.S., but the specific approval timeline still depends on the SEC’s final decision.
How do 21Shares’s THYP and Bitwise’s HYPE ETF differ?
The main difference is the fee rate. Bitwise has already disclosed a 0.67% management fee, which is a relatively high-fee product among crypto ETFs; 21Shares’s THYP has not yet publicly disclosed its management fee. Both are intended to track the performance of the HYPE token and provide institutional investors with a compliant exposure channel to Hyperliquid assets.
Could the Hyperliquid ETF repeat the “zero net inflow” predicament seen with altcoin ETFs like Polkadot?
This is the industry’s core concern and risk. Multiple recently approved altcoin ETFs (Polkadot, Litecoin, Dogecoin, Avalanche) have not seen meaningful net inflows—investor capital remains highly concentrated in mainstream asset ETFs. Hyperliquid’s dominance in the DeFi space and its fee fundamentals may be differentiators, but whether they can translate into ETF capital inflows ultimately still depends on market demand.
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