Wall Street Draws Battle Lines Over Hyperliquid
Bitwise launches a US-listed Hyperliquid staking fund as CME pressures regulators over the same DEX. The signal is the institutional friction.
Bitwise just launched a US-listed fund built on Hyperliquid staking. ICE and CME are lobbying regulators to rein the same protocol in. They are both right. Only one of them is betting on the future.
The Institutional Contradiction
On May 14, Bitwise Asset Management filed its Hyperliquid fund to trade on a US exchange. BHYP offers spot exposure to HYPE plus the yield from protocol staking. It is a direct institutional endorsement of decentralized derivatives.
The same week, ICE and CME formally pressed US regulators to restrict Hyperliquid’s energy trading. They argued the DEX operates outside the risk control framework of traditional clearinghouses. They are