#ETF与衍生品 Seeing Bitwise's Hyperliquid ETF about to launch with a fee rate of 0.67%, I must calmly remind you—this is not a signal to get in; rather, it's a clear indication to understand where the risks lie.

Derivative ETFs sound high-end, but what is their essence? Leverage, hedging, high-frequency trading packaged as derivative tools. Over the years, I've seen too many people dazzled by the "institutional-grade product" packaging, only to realize during extreme market conditions that they fundamentally do not understand the true risks of their holdings.

The key question is: the derivative ecosystem on this chain, Hyperliquid, is still in its early development stage. Liquidity pressure, clearing risks, contract liquidations—these can happen at any time. A newly launched ETF tracking such an immature asset, with a fee rate that’s not cheap, can the small gains you make offset the volatility risks?

My advice is this—if you really want to get exposure to derivatives, ask yourself three questions: First, do I understand the risk mechanisms of this underlying asset? Second, can I withstand a 50% drawdown? Third, do I really need what this 0.67% fee rate can provide?

This isn’t to say you should definitely avoid it, but don’t be fooled by the "official" appearance of a listed product. Recognizing the lifecycle of on-chain assets is most important; popularity comes and goes quickly. Stay vigilant—living longer is more valuable than making quick money.