Bitwise Asset Management has taken a significant step towards launching its Hyperliquid ETF by submitting a second amended filing with the U.S. Securities and Exchange Commission (SEC). The updated filing proposes the ticker BHYP and a management fee of 0.67%, indicating that the launch could happen soon, according to Bloomberg ETF analyst Eric Balchunas. This move intensifies the competition with other asset managers like Grayscale Investments and 21Shares, both of which are also vying to launch their own Hyperliquid ETFs. The Hyperliquid ecosystem is experiencing robust growth, with its native token HYPE increasing by approximately 65% year-to-date in 2026 and 180% over the past year. Additionally, Q1 trading volume reached about $492.7 billion, solidifying Hyperliquid's position in decentralized derivatives trading. The potential launch of the BHYP ETF could represent a new phase in the crypto ETF market, expanding institutional access to alternative crypto assets and introducing innovative product structures, including staking yields.