$HYPE Long on it.

Grayscale has just submitted the fifth revision of the Hyperliquid Staking ETF, proposing to use approximately 2 million HYPE tokens as seed assets, valued at about $130 million. Nasdaq has approved HYPG for listing, pending SEC approval.

1. Grayscale has previously submitted four revisions to the SEC; this ongoing revision indicates substantial progress in regulatory communication. If the ETF is approved and listed, it will directly open a compliant funding channel for HYPE, attracting hundreds of billions of Wall Street funds, fundamentally changing the supply and demand dynamics.

2. The HIP-4 prediction market is officially live, with a nominal trading volume of 6.05 million contracts on the first day. The World Cup will kick off on June 11. As a high-cost product, prediction markets only need to capture a moderate market share to generate significant annualized revenue, with 99% of that revenue used for HYPE buybacks.

3. Dual buy pressure from both market funds and protocol layers resonates. a16z-related addresses have accumulated 9.18 million HYPE tokens at an average price of $38.77, with a total cost of about $356 million. Currently, unrealized gains exceed $86 million, most of which are staked and locked. Bitwise allocates 10% of its HYPE ETF management fee income to continuously buy HYPE and record it on the balance sheet. Hyperliquid’s open interest has surged to $9.66 billion, setting a new high. Protocol buybacks, institutional holdings, and ETF funds simultaneously drain circulating supply, and the bearish outlook is no longer tenable. #阿贵Btc