Bitwise Asset Management has launched the Bitwise Hyperliquid ETF (NYSE:BHYP), marking a significant entry into the rapidly expanding market for Hyperliquid-linked investment products. This fund, which begins trading on Friday, is notable for being the first U.S. ETF to incorporate in-house staking through Bitwise Onchain Solutions. It aims to meet the growing investor demand for decentralized finance (DeFi) products beyond traditional cryptocurrencies like Bitcoin and Ethereum. The Bitwise Hyperliquid ETF offers spot exposure to the HYPE token, which has become one of the top 10 cryptocurrencies by market cap, exceeding $11 billion. Additionally, the fund features a competitive sponsor fee of 0.34%, waived to 0% for the first month on the initial $500 million in assets. Hyperliquid, a Layer 1 blockchain focused on decentralized derivatives trading, has seen its trading volume soar to $2.9 trillion in 2025, a 400% increase from the previous year. This launch intensifies competition in the Hyperliquid ETF category, with other firms like 21Shares also introducing HYPE-linked ETFs, reflecting the growing institutional and retail interest in DeFi.