Hyperliquid's recent ETF filing has surfaced an interesting structural requirement: a mandatory 40% derivatives allocation that the market hasn't fully developed yet. This creates a chicken-and-egg scenario where major institutions like BlackRock and Fidelity essentially need to build out the futures infrastructure before the fund can actually go live. The timing is notable—a $6.3B market cap protocol is effectively getting institutional-grade market architecture constructed for assets potentially 10x its current size. Bitwise's filing pushed forward on December 30th, signaling serious momentum around this infrastructure buildout. The real story here isn't just about an ETF launch; it's about which institutions will shape the derivatives landscape before everyone else shows up.