Grayscale's actions are ridiculously fast, directly arranging for Hyperliquid's spot ETF application, planning to send HYPE to NASDAQ. Although currently the staking feature has been temporarily cut off for approval purposes, the S-1 document specifically leaves room for it; those who understand know this is the standard 'get on the bus first, buy the ticket later.'
From a macro perspective, institutions' penetration into native on-chain protocols has transitioned from public chains to the decentralized derivatives track. Grayscale is in such a hurry to stake its claim because it sees Hyperliquid's dominance in on-chain infrastructure and wants to forcibly redirect this liquidity to the US secondary market.
This kind of compliance packaging feels somewhat familiar to seasoned investors — the institutions eat meat in front while we watch the basis from behind. However, this does mark the official entry of DeFi leaders into the eyes of traditional finance, and this liquidity overflow is beneficial for long-term logic, but in the short term, we need to see how the SEC reacts. Do you all think this wave can pass smoothly? #Grayscale #ETF #Hyperliquid #CryptoMacro $HYPE
