Hyperliquid's HYPE token has emerged as a leader in the crypto market, gaining 16% over the past 24 hours to trade around $45. This surge is attributed to the recent launch of Bitwise's Hyperliquid ETF, which allows investors direct exposure to HYPE, and Coinbase's announcement of becoming the official USDC treasury deployer for Hyperliquid. The ETF debuted with a 0.34% sponsor fee, waived for the first month on the first $500 million in assets. Alongside HYPE, other altcoins like Flare's FLR and Unibase's UB also recorded gains of 14% and 11%, respectively. Despite Bitcoin remaining below its 200-day moving average, the overall market displayed bullish trends, with cumulative crypto futures volume rising 14% to $220 billion. Additionally, Canton Network's CC token saw a 16% increase in open interest, indicating strong market interest. Overall, the developments signal a growing interest in decentralized exchanges and tokenized assets, particularly during periods when traditional markets are closed.