<p>与 Hyperliquid 相关的 ETF 正迅速演变为华尔街最新的加密基础设施交易之一，因为发行商竞相推出与快速增长的去中心化衍生品生态系统相关的产品。</p>
<p><strong>Kam Benbrik</strong>，<strong>Bitwise Asset Management's Bitwise Onchain Solutions</strong> 部门的研究主管表示，这个故事不再仅仅是关于代币的曝光——它越来越多地涉及到获取可验证的实时链上金融活动。</p>
<p>&#34;拥有一个完全链上的订单簿意味着每个订单和交易都直接记录在区块链上，&#34; Benbrik 说。&#34;没有链下匹配引擎，也没有可以在后台重新排序或延迟交易的操作员。&#34;</p>
<p>这种区别正成为日益增长的 Hyperliquid ETF 推出潮的核心。本月早些时候，Bitwise 推出了 <strong>Bitwise Hyperliquid ETF</strong> (NYSE: BHYP)，这是美国上市的首批现货 Hyperliquid 产品之一，也是首个通过 <strong>Bitwise Onchain Solutions</strong> 整合内部质押的产品。</p>
<p>该推出紧随 <strong>21Shares</strong> 推出的两个与 Hyperliquid 相关的基金：<strong>21Shares Hyperliquid ETF</strong> (NASDAQ: THYP)，提供现货 HYPE 曝光和质押奖励，以及杠杆 2 <strong>1Shares 2x Long HYPE ETF</strong> (NASDAQ: TXXH)。报告还显示，包括 Grayscale 在内的公司已提交竞争产品，因为发行商急于在这一迅速成为加密 ETF 最快增长细分市场的领域中建立早期领先地位。</p>
<p><strong>另请阅读：</strong>
<strong>一个鲜为人知的加密交易在 Coinbase 行动后突然吸引了 ETF 资金</strong></p>
<h2>Hyperliquid 的架构正成为核心投资论点</h2>
<p>与通用区块链不同，Hyperliquid 是专门围绕交易基础设施设计的。Kam 解释说，该网络将其交易引擎（称为 HyperCore）与其智能合约环境 HyperEVM 分开。</p>
<p>&#34;Hyperliquid 有两个区块链层。第一个是 HyperCore，处理订单簿、匹配、保证金和协议级别的清算逻辑，&#34; Kam 说。&#34;第二个是 HyperEVM，一个与 HyperCore 并行的通用 EVM 层。&#34;</p>
<p>&#34;关键的结构优势在于金融原语（HyperCore）不会与 HyperEVM 上的内容争夺区块空间。&#34;</p>
<p>这种设计越来越受到寻求接触能够产生可衡量经济活动的协议的 ETF 发行商和机构投资者的共鸣，而不仅仅是纯粹投机的加密叙事。</p>
<p>Kam 表示，完全链上的结构为机构提供了传统交易所无法轻易提供的东西：透明的市场基础设施。</p>
<p>&#34;头寸、抵押品和价格都是可验证的，这对零售和机构用户来说都是一个真正的产品特性。&#34;</p>
<p>在 Coinbase 和 Circle 扩大其在 Hyperliquid 的 USDC 流动性基础设施的参与后，机构案例进一步得到加强。Kam 将这一合作关系描述为&#34;非常重要&#34;，并补充说&#34;受监管和美国上市公司的参与&#34;减少了机构在评估该平台时的不确定性。</p>
<h2>ETF 正在超越加密贝塔，朝向链上收入曝光</h2>
<p>Hyperliquid ETF 的快速出现也标志着 加密投资 的更广泛转变：ETF 越来越多地针对具有可观察费用生成、流动性流动和实时经济产出的协议。</p>
<p>&#34;因为一切都是公开的并记录在链上，所以实时跟踪协议生成的收入变得非常容易，&#34; Kam 说。</p>
<p>这种透明度在传统金融中难以复制，交易场所每季度而不是持续披露财务指标。Hyperliquid 的区块链结构允许投资者直接在链上监控费用生成、流动性活动和回购流动。</p>
<p>Kam 还建议，ETF 本身可能会加速去中心化交易基础设施的采用。</p>
<p>&#34;ETF 为基础资产带来了资本、可见性和机构基础设施，这增强了协议的经济性和信誉，随着时间的推移，&#34;他说。</p>
<p>与 Hyperliquid 相关的产品的兴起正值加密 ETF 在比特币和以太坊之外的更广泛扩展之际。最近与 Solana、XRP、质押策略、杠杆加密曝光和去中心化金融协议相关的推出表明，发行商越来越多地将区块链基础设施本身视为一个可投资的主题。</p>
<p>目前，Hyperliquid 似乎正在成为这一转变的最清晰例子之一，在这个例子中，ETF 投资者不仅仅是在购买对代币的曝光，而是在购买一个持续、透明并且越来越具规模的基于区块链的交易系统。</p>
<p><strong>另请阅读：</strong>
<strong>今日股市：标准普尔 500、纳斯达克 100 期货下滑，通胀担忧笼罩华尔街——XP、Atmos Energy、GE Aerospace 备受关注</strong></p>
<p><em>图片来源：Shutterstock</em></p>

COIN

RIOT

GBTC

<p>华尔街越来越关注超流动性 ETF，这些 ETF 利用透明的去中心化金融基础设施进行交易。Bitwise 的 Kam Benbrik 强调了完全链上订单簿的重要性，这使得金融活动能够实时跟踪。像 Bitwise 超流动性 ETF 和 21Shares 的产品的推出，标志着 ETF 向针对去中心化金融中可观察收入生成的方向转变。这一趋势反映了对区块链基础设施作为投资主题的日益关注，超越了传统的加密货币投资</p>

<p>Hyperliquid-linked ETFs are rapidly evolving into one of Wall Street's newest crypto infrastructure trades, as issuers race to launch products tied to the fast-growing decentralized derivatives ecosystem.</p>
<div class="lb-trans"><p>与 Hyperliquid 相关的 ETF 正迅速演变为华尔街最新的加密基础设施交易之一，因为发行商竞相推出与快速增长的去中心化衍生品生态系统相关的产品。</p>
</div><p><strong>Kam Benbrik</strong>, Head of Research at <strong>Bitwise Asset Management's Bitwise Onchain Solutions</strong> division, says the story is no longer just about token exposure — it is increasingly about gaining access to verifiable, real-time on-chain financial activity.</p>
<div class="lb-trans"><p><strong>Kam Benbrik</strong>，<strong>Bitwise Asset Management's Bitwise Onchain Solutions</strong> 部门的研究主管表示，这个故事不再仅仅是关于代币的曝光——它越来越多地涉及到获取可验证的实时链上金融活动。</p>
</div><p>&#34;Having a fully onchain order book means that every order and trade is recorded directly on the blockchain,&#34; Benbrik said. &#34;There is no off-chain matching engine and no operator that can reorder or delay transactions in the background.&#34;</p>
<div class="lb-trans"><p>&#34;拥有一个完全链上的订单簿意味着每个订单和交易都直接记录在区块链上，&#34; Benbrik 说。&#34;没有链下匹配引擎，也没有可以在后台重新排序或延迟交易的操作员。&#34;</p>
</div><p>That distinction is becoming central to the growing wave of Hyperliquid ETF launches. Earlier this month, Bitwise launched the <strong>Bitwise Hyperliquid ETF</strong> (NYSE: BHYP), one of the first U.S.-listed spot Hyperliquid products and the first to integrate in-house staking through <strong>Bitwise Onchain Solutions</strong>.</p>
<div class="lb-trans"><p>这种区别正成为日益增长的 Hyperliquid ETF 推出潮的核心。本月早些时候，Bitwise 推出了 <strong>Bitwise Hyperliquid ETF</strong> (NYSE: BHYP)，这是美国上市的首批现货 Hyperliquid 产品之一，也是首个通过 <strong>Bitwise Onchain Solutions</strong> 整合内部质押的产品。</p>
</div><p>The launch followed <strong>21Shares</strong>' rollout of two Hyperliquid-linked funds: the <strong>21Shares Hyperliquid ETF</strong> (NASDAQ: THYP), which provides spot HYPE exposure with staking rewards, and the leveraged 2 <strong>1Shares 2x Long HYPE ETF</strong> (NASDAQ: TXXH). Reports also suggest firms, including Grayscale, have filed competing products as issuers rush to establish an early lead in what is quickly becoming one of crypto ETFs' fastest-growing niches.</p>
<div class="lb-trans"><p>该推出紧随 <strong>21Shares</strong> 推出的两个与 Hyperliquid 相关的基金：<strong>21Shares Hyperliquid ETF</strong> (NASDAQ: THYP)，提供现货 HYPE 曝光和质押奖励，以及杠杆 2 <strong>1Shares 2x Long HYPE ETF</strong> (NASDAQ: TXXH)。报告还显示，包括 Grayscale 在内的公司已提交竞争产品，因为发行商急于在这一迅速成为加密 ETF 最快增长细分市场的领域中建立早期领先地位。</p>
</div><p><strong>Read Also:</strong>
<strong>A Little-Known Crypto Trade Is Suddenly Pulling In ETF Money After Coinbase Move</strong></p>
<div class="lb-trans"><p><strong>另请阅读：</strong>
<strong>一个鲜为人知的加密交易在 Coinbase 行动后突然吸引了 ETF 资金</strong></p>
</div><h2>Hyperliquid's Architecture Is Becoming the Core Investment Thesis</h2>
<div class="lb-trans"><h2>Hyperliquid 的架构正成为核心投资论点</h2>
</div><p>Unlike general-purpose blockchains, Hyperliquid was designed specifically around trading infrastructure. Kam explained that the network separates its trading engine, known as HyperCore, from its smart-contract environment, HyperEVM.</p>
<div class="lb-trans"><p>与通用区块链不同，Hyperliquid 是专门围绕交易基础设施设计的。Kam 解释说，该网络将其交易引擎（称为 HyperCore）与其智能合约环境 HyperEVM 分开。</p>
</div><p>&#34;Hyperliquid has two blockchain layers. The first is HyperCore, which handles the order book, the matching, the margin, and the liquidation logic at the protocol level,&#34; Kam said. &#34;The second is HyperEVM, a general-purpose EVM layer that sits alongside HyperCore.&#34;</p>
<div class="lb-trans"><p>&#34;Hyperliquid 有两个区块链层。第一个是 HyperCore，处理订单簿、匹配、保证金和协议级别的清算逻辑，&#34; Kam 说。&#34;第二个是 HyperEVM，一个与 HyperCore 并行的通用 EVM 层。&#34;</p>
</div><p>&#34;The key structural advantage is that the financial primitives (HyperCore) don’t compete for blockspace with what is on HyperEVM.&#34;</p>
<div class="lb-trans"><p>&#34;关键的结构优势在于金融原语（HyperCore）不会与 HyperEVM 上的内容争夺区块空间。&#34;</p>
</div><p>That design is increasingly resonating with ETF issuers and institutional investors seeking exposure to protocols that generate measurable economic activity rather than purely speculative crypto narratives.</p>
<div class="lb-trans"><p>这种设计越来越受到寻求接触能够产生可衡量经济活动的协议的 ETF 发行商和机构投资者的共鸣，而不仅仅是纯粹投机的加密叙事。</p>
</div><p>Kam said the fully on-chain structure gives institutions something traditional exchanges cannot easily provide: transparent market infrastructure.</p>
<div class="lb-trans"><p>Kam 表示，完全链上的结构为机构提供了传统交易所无法轻易提供的东西：透明的市场基础设施。</p>
</div><p>&#34;Positions, collateral, and prices are all verifiable, which is a real product feature for both retail and institutional users.&#34;</p>
<div class="lb-trans"><p>&#34;头寸、抵押品和价格都是可验证的，这对零售和机构用户来说都是一个真正的产品特性。&#34;</p>
</div><p>The institutional case was further strengthened after Coinbase and Circle expanded their involvement in Hyperliquid's USDC liquidity infrastructure. Kam described the partnership as &#34;very important,&#34; adding that the participation of &#34;regulated and US-listed companies&#34; reduces uncertainty for institutions evaluating the platform.</p>
<div class="lb-trans"><p>在 Coinbase 和 Circle 扩大其在 Hyperliquid 的 USDC 流动性基础设施的参与后，机构案例进一步得到加强。Kam 将这一合作关系描述为&#34;非常重要&#34;，并补充说&#34;受监管和美国上市公司的参与&#34;减少了机构在评估该平台时的不确定性。</p>
</div><h2>ETFs Are Moving Beyond Crypto Beta Toward On-Chain Revenue Exposure</h2>
<div class="lb-trans"><h2>ETF 正在超越加密贝塔，朝向链上收入曝光</h2>
</div><p>The rapid emergence of Hyperliquid ETFs also signals a broader shift in crypto investing: ETFs are increasingly targeting protocols with observable fee generation, liquidity flows, and real-time economic output.</p>
<div class="lb-trans"><p>Hyperliquid ETF 的快速出现也标志着 加密投资 的更广泛转变：ETF 越来越多地针对具有可观察费用生成、流动性流动和实时经济产出的协议。</p>
</div><p>&#34;Because everything is public and recorded onchain, it becomes very easy to track the revenue a protocol is generating in real time,&#34; Kam said.</p>
<div class="lb-trans"><p>&#34;因为一切都是公开的并记录在链上，所以实时跟踪协议生成的收入变得非常容易，&#34; Kam 说。</p>
</div><p>That transparency is difficult to replicate in traditional finance, where trading venues disclose financial metrics quarterly rather than continuously. Hyperliquid's blockchain structure allows investors to monitor fee generation, liquidity activity, and buyback flows directly on-chain.</p>
<div class="lb-trans"><p>这种透明度在传统金融中难以复制，交易场所每季度而不是持续披露财务指标。Hyperliquid 的区块链结构允许投资者直接在链上监控费用生成、流动性活动和回购流动。</p>
</div><p>Kam also suggested that ETFs themselves could accelerate the adoption of decentralized trading infrastructure.</p>
<div class="lb-trans"><p>Kam 还建议，ETF 本身可能会加速去中心化交易基础设施的采用。</p>
</div><p>&#34;ETFs bring capital, visibility, and institutional infrastructure to the underlying asset, and that strengthens the protocol’s economics and credibility over time,&#34; he said.</p>
<div class="lb-trans"><p>&#34;ETF 为基础资产带来了资本、可见性和机构基础设施，这增强了协议的经济性和信誉，随着时间的推移，&#34;他说。</p>
</div><p>The rise of Hyperliquid-linked products comes amid a broader expansion of crypto ETFs beyond Bitcoin and Ethereum. Recent launches tied to Solana, XRP, staking strategies, leveraged crypto exposure, and decentralized finance protocols suggest issuers are increasingly treating blockchain infrastructure itself as an investable theme.</p>
<div class="lb-trans"><p>与 Hyperliquid 相关的产品的兴起正值加密 ETF 在比特币和以太坊之外的更广泛扩展之际。最近与 Solana、XRP、质押策略、杠杆加密曝光和去中心化金融协议相关的推出表明，发行商越来越多地将区块链基础设施本身视为一个可投资的主题。</p>
</div><p>For now, Hyperliquid appears to be emerging as one of the clearest examples of that shift, in which ETF investors are not simply buying exposure to a token but to a blockchain-based trading system operating continuously, transparently, and increasingly at institutional scale.</p>
<div class="lb-trans"><p>目前，Hyperliquid 似乎正在成为这一转变的最清晰例子之一，在这个例子中，ETF 投资者不仅仅是在购买对代币的曝光，而是在购买一个持续、透明并且越来越具规模的基于区块链的交易系统。</p>
</div><p><strong>Read Also:</strong>
<strong>Stock Market Today: S&amp;P 500, Nasdaq 100 Futures Slip As Inflation Fears Grip Wall Street—XP, Atmos Energy, GE Aerospace In Focus</strong></p>
<div class="lb-trans"><p><strong>另请阅读：</strong>
<strong>今日股市：标准普尔 500、纳斯达克 100 期货下滑，通胀担忧笼罩华尔街——XP、Atmos Energy、GE Aerospace 备受关注</strong></p>
</div><p><em>Image: Shutterstock</em></p>
<div class="lb-trans"><p><em>图片来源：Shutterstock</em></p>
</div>

EXCLUSIVE: Wall Street Is Betting On A Market Where 'Nothing Happens Off-Chain'

- Hyperliquid 相关 ETF 正在迅速成为华尔街新兴的加密基础设施交易。  
- Bitwise 和 21Shares 等公司已推出多款 Hyperliquid 相关产品，助力市场增长。  
- 这种全链结构为机构投资者提供透明的市场基础设施，推动加密投资新模式。

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独家报道：华尔街正在押注一个 “所有事情都在链上发生” 的市场