- SEC just greenlit Grayscale’s Hyperliquid Staking ETF.
- HYPE remains resilient amid the bearish crypto market sentiment, raising expectations of its eventual leap to $100.
Grayscale, the largest digital asset-focused investment platform, broke the news on Wednesday about the US Securities and Exchange Commission’s (SEC) approval of its Hyperliquid Staking ETF (HYPG) Exchange-Traded Fund (ETF). The latest development helped HYPE maintain its footing near its all-time high despite the broader crypto market drawdown.
Key Features of the Grayscale Hyperliquid Staking ETF
Grayscale Hyperliquid Staking ETF passively invests in HYPE, providing investors with exposure to the Hyperliquid protocol’s native token. The product also stands out for its staking rewards, which average at 2.2% to 2.3% annually.
Hyperliquid is a high-performance, decentralized Layer-1 blockchain. It operates an integrated decentralized exchange (DEX) and order book model that can process up to 200,000 transactions per second (TPS) with near-real-time block finality.
Additionally, HYPE’s unique value proposition lies in its zero gas fees for traders, no KYC (Know Your Customer) requirements, on-chain transparency, a flat $1 withdrawal fee, 4% referral discount for users, up to 40% max staking discount, 0.015% maker fees, and 0.045% taker fees.
What’s more, Hyperliquid allocates 99% of its protocol fee to maintain deep liquidity for token buybacks. The design ensures constant buy pressure within its ecosystem to enable seamless arbitrage.
Grayscale’s new Hyperliquid ETF builds upon these advantages to bridge the gap between decentralized finance (DeFi) and traditional capital markets.
Analysts Eye HYPE’s Rally to $100
Hyperliquid has remained resilient amid the mass crypto liquidation, which wiped out nearly $1 billion in leveraged positions over the past 24 hours. Bitcoin’s (BTC) extended pull toward the $65K territory by Wednesday, and more than half-a-billion dollar net outflows in spot Bitcoin ETFs on Tuesday’s market close were the primary catalysts for the trend.
HYPE slid to $67 temporarily before rallying back above $73 in the last 24 hours. To date, the consensus expects the token to resume its climb above the $75.52 record it recently achieved.
Analysts continue to keep an eye on HYPE’s momentum. They believe that if the token continues to print higher highs and higher lows on the chart, it could eventually lead to a break above the $100 psychological resistance.
Market expectations align with the bullish outlook from former BitMEX CEO Arthur Hayes for HYPE. However, he plotted his target at around $150, citing Hyperliquid’s strong fundamentals as the basis of his bold prediction.
Furthermore, Hayes even forecasted that HYPE will outperform the rest of the top 10 cryptocurrencies by market cap before year-end.
