In a surprising twist within the crypto market, HYPE exchange-traded funds (ETFs) are experiencing a surge in investment, even as leading cryptocurrencies like Bitcoin and Ether face significant declines. Launched by Bitwise and 21shares, these ETFs have collectively attracted nearly $150 million in assets. They focus on Hyperliquid, a decentralized asset that operates on its own blockchain and features a unique revenue model where 99% of fees are used to buy back HYPE tokens, creating a direct link between trading activity and asset value. Grayscale has also entered the market with its Hyperliquid Staking ETF, which has garnered $4.5 million in assets shortly after launch. Experts believe these ETFs could facilitate broader adoption of decentralized finance by providing a more accessible entry point for traditional investors. However, challenges remain, including rising competition and regulatory uncertainties, particularly in the U.S. market. As of now, the HYPE ETFs are viewed as a potential bridge between traditional finance and the decentralized finance ecosystem.