Hyperliquid News: Grayscale HYPE ETF Application May Boost HYPE Gains

Gate News, March 23, 2026 — This week, the overall movement of major cryptocurrencies remained stable, but Hyperliquid’s native token HYPE performed notably well, with a seven-day increase of nearly 6%, trading slightly above $40. Its rise was mainly driven by Grayscale submitting an application for the “Grayscale HYPE ETF,” which, if approved, would be listed on Nasdaq, providing investors with a new way to access crypto assets.

HYPE’s trading activity has significantly increased, especially after the U.S. and Israel launched attacks on Iran. The Hyperliquid platform saw a surge in commodity trading, including assets like oil and gold, which can also be traded over the weekend, allowing speculators to continue trading during traditional market closures. So far this year, HYPE has gained 56%, attracting considerable investor attention.

Meanwhile, Bitcoin remained stable over the past week, trading at $70,943 as of 10 a.m. New York time, with limited volatility. Ethereum rose about 4% in 24 hours, reaching $2,163 per coin. Despite some U.S. investors selling off Ethereum ETFs this week, the overall price saw a slight increase. XRP also rose nearly 4% during the same period, trading at $1.44 on Saturday.

Hyperliquid’s popularity is further reflected on its trading platform. The S&P 500 index approved Trade[XYZ] to launch new derivative contracts on its exchange, allowing non-U.S. investors to participate in the stock index. Two days after the launch, the 24-hour trading volume reached $100 million, making it one of the top ten most active markets on the blockchain.

Analysts note that the rise of HYPE indicates growing market demand for innovative ETF products and decentralized trading platforms, while also showing that, amid global geopolitical uncertainties, investors remain actively seeking actionable crypto opportunities.