Grayscale is expected to launch its HYPE ETF soon, responding to the competitive landscape created by existing ETFs from 21Shares and Bitwise, which charge fees of 0.3% and 0.34% respectively. These ETFs have collectively garnered nearly $140 million in net inflows as investors seek exposure to HYPE, the token associated with the Hyperliquid platform. Hyperliquid has gained popularity among crypto traders, facilitating over $170 billion in monthly trading volume across various asset classes. As a result of this increased activity, HYPE reached a new all-time high of $75.3 on Monday, elevating its market capitalization to $16.7 billion, positioning it as the 10th largest cryptocurrency by market value. Grayscale's HYPE ETF is also set to offer staking opportunities to earn yield, a strategy that has been effective in attracting investors to similar crypto ETFs. This anticipated launch comes at a time when US-listed Bitcoin ETFs have faced significant net outflows, totaling nearly $3 billion over the last ten trading days, indicating a shift in investor sentiment.