#ETF与衍生品 Seeing that Bitwise's Hyperliquid ETF is about to launch, with a fee rate of 0.67% and the stock code BHYP already confirmed, I have to say this: it is indeed a signal, but don't rush to follow the trend.

Having gone through so many cycles, I’ve noticed a pattern — derivatives and ETFs are increasing, but retail investors’ chances of making money are actually decreasing. Why? Because after institutional investors enter the market, liquidity does increase, but the pricing power shifts as well. Those high-leverage, high-fee products may seem convenient, but in reality, they are traps set for you.

Hyperliquid itself is a derivatives trading platform, and now it’s packaged as an ETF to be launched in the US stock market. The logic behind this is clear — to attract traditional financial capital. But you need to ask yourself: Is this underlying asset stable enough? Has the exchange behind it been risk-assessed?

It’s not that you can’t touch it, but don’t treat it as a "safe investment." With a fee rate of 0.67% deducted annually, over ten years, it could eat into your returns. More importantly, once liquidity dries up or extreme market conditions occur, you might not be able to sell it at all or get caught in a trap.

My advice is: if you insist on participating, start with a small amount to test the waters and understand how it performs under extreme conditions. Don’t rush in just because it’s "about to launch" — that’s exactly the kind of chasing psychology that institutions want. The most important thing to survive long on-chain is to stay alive.