#ETF与衍生品 Bitwise's Hyperliquid ETF revision document has been submitted, and the 0.67% fee rate setting is quite interesting. The ETF space is becoming increasingly competitive, with derivatives tools for Bitcoin, Ethereum, and various altcoins. Having more options is a double-edged sword for copy traders.

Someone asked me before how I view ETFs versus direct derivatives trading. My answer is: it depends on your risk management system. The benefits of ETFs are clear—transparent fees, low clearing risk, and suitability for long-term, conservative holdings. But skilled traders who actively manage positions are often more active in the derivatives market, where volatility and opportunities are greater.

Therefore, the approach to copy trading should be split like this: if you're copying experienced traders focused on value investing or low-frequency strategies, consider allocating ETF positions to them; if you're copying short-term traders or highly skilled active traders, you should pay attention to the trends in the derivatives market.

The Hyperliquid ecosystem has been quite hot recently. The launch of new ETF tools might attract more institutional funds into the market, which is beneficial for market liquidity. But my current stance is to stay on the sidelines—wait until this product is officially launched, then observe the market response and trading volume data. That will be the real basis for judging the value of copy trading.