Bitwise has filed for a Hyperliquid (HYPE) ETF, designated with the ticker BHYP, featuring a 0.67% management fee. This move aims to cater to institutional investors seeking exposure to the Hyperliquid protocol without engaging directly with decentralized exchanges (DEXs). The Hyperliquid protocol, known for its high-performance DEX, has generated $650 million in revenue this year, with 99% allocated to token buybacks. A proposal to remove 37 million HYPE tokens from circulation is currently under consideration, with a decision expected by December 24. Despite recent price fluctuations, the protocol's activity remains robust, reflecting sustained interest and engagement from the crypto community.