ETFs in 2026 are already being hyped now, and the crypto community is skilled at playing forward contracts.

Santiment indicates that in recent days, many traders have bet on HYPE declining, with funding rates turning negative, but the price continues to rise and short squeeze occurs, with open interest exceeding $1.92 billion. Despite widespread expectations that liquidations would suppress open interest, new entrants have kept it at high levels. The main driver of the rally is the popularity of the Hyperliquid ETF, as in 2026, Bitwise and 21Shares launched an ETF linked to HYPE, marking Hyperliquid's transition from niche DeFi to an institutional investment ecosystem.