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Why is Bitwise Hype ETF Filing important?
If approved, it is the first spot hype in the US and can be exposed to one of the fastest growing crypto ecosystems.
What’s next for the hype price?
The hype fell 31%, erasing September profits amid a short-term headwind.
Bitise, a $15 billion digital asset manager, has it Submit For the first US spot High fat [HYPE] ETF.
The update comes after the announcement of Crypto ETF’s new, faster, general list standard (GLS) ahead of the expected major wave of approval in October.
This will allow investors to have more convenient exposure to hype without worrying about wallet keys or security. Similar products already available Live In the European market, via 21Shares ETP.
So, if Bitwise proposal is approved, it lifts altcoin to the level of Bitcoin [BTC], Ethereum [ETH]and Solana [SOL]there is demand for ETFs and the Ministry of Cryptocurrency.
Timeline and market reactions
Bloomberg ETF analyst James Seyfert was positive about the SEC, which is greenlighting applications for the “near future.” he I said,
“We’ll be in the air with GLS approval. We don’t know the exact timing, but it’s in the near future.
Despite the positive outlook, the hype is under pressure amid wider sales and competition from rivals like Aster.
In fact, last week, the important whales Off-road Over $130 million hype. The large players have reduced their positions by nearly half, reducing the hype of 2.63 million (approximately $110 million).
He spins some of his profits into Aster, further strengthening his rival competitors as a short-term headwind of hype.
That being said, will ETF expectations and the trends in the Corporate Treasury improve the recovery odds for hype?
in fact, Polymarket Betters had allocated a 32% chance that the hype could reach $70 by 2025.
However, at the time of writing, Hype’s speculative interest measured by Open Interest (OI) fell 16% from $2.2 billion to $1.888 billion.
Lower demand and weak sentiment in the futures market have lowered hype by 31%. It fell from $59.6 to $49, and at the time of writing it was trying to hold over $40.
Source: hype/usdt, tradingView
$40 is lined up with the lower range of megaphones (white). Breakouts below the pattern are bearish, and bullish breakouts are positive for hype.
Meanwhile, whether ETF expectations will ease future linked attention Monthly unlock I can’t see it yet.