New Wallet Takes $155 Million Short Position on BTC and XRP.

A new wallet has taken a short position on both Bitcoin (BTC) and Ripple (XRP) with a combined position value of over $155 million. The wallet deposited 4.22 million USDC into Hyperliquid and opened a leveraged short position on BTC and XRP, with the position's notional value exceeding $155 million.

Bitwise has filed an S-1 for a Hyperliquid (HYPE) ETF, drawing significant attention to the HYPE token's potential future performance. As of September 12, 2025, HYPE is trading at approximately $42, with analysts suggesting a potential rise to $55. This move follows Bitwise's submission of an S-1 filing to launch an exchange-traded fund (ETF) that would directly hold and track the HYPE token, similar to the Bitcoin and Ethereum ETFs launched last year. The proposed Bitwise Hyperliquid ETF would offer investors direct exposure to HYPE through in-kind creation and redemption, a cost-effective and efficient approach for crypto products Hyperliquid (HYPE) Price: Bitwise Files S-1 for ETF as Token Trades at $42^[1].

Market analysts have identified HYPE as sitting in a "golden zone" that could support a price rebound. The current price of $42 aligns with earlier projections, with the analyst suggesting potential movement toward $55 if support levels hold. Technical indicators show HYPE has tested critical Fibonacci retracement levels multiple times, establishing a solid technical foundation. The token's market structure shows consolidation within a stable channel despite earlier price volatility Hyperliquid (HYPE) Price: Bitwise Files S-1 for ETF as Token Trades at $42^[1].

Institutional interest in HYPE extends beyond the ETF filing. Hyperion DeFi announced a $10 million treasury expansion, increasing its holdings to over 1.7 million HYPE tokens. This treasury expansion, coupled with the ETF momentum, has strengthened market confidence in HYPE's outlook Hyperliquid (HYPE) Price: Bitwise Files S-1 for ETF as Token Trades at $42^[1]. However, HYPE faces increasing competition in the perpetual futures DEX market. Aster, a perpetual futures DEX on BNB Chain, has seen a recent surge in trading volume and open interest that surpasses Hyperliquid’s metrics Perp DEX Volume Hits Record $67B as BNB’s Aster Overtakes Hyperliquid^[2].

A new wallet has taken a short position on both Bitcoin (BTC) and Ripple (XRP) with a combined position value of over $155 million. The wallet deposited 4.22 million USDC into Hyperliquid and opened a leveraged short position on BTC and XRP, with the position's notional value exceeding $155 million .

The surge in DEX trading volumes, which hit an all-time high of $70 billion on Thursday, indicates growing activity in decentralized perpetual futures markets. Hyperliquid, which has long held the top position for on-chain futures trading, now faces serious competition from Aster following its token launch earlier this month Perp DEX Volume Hits Record $67B as BNB’s Aster Overtakes Hyperliquid^[2].

The HYPE token currently sits at a critical juncture with strong institutional signals emerging. Investors may view this as a strategic moment for positioning ahead of the potential ETF approval. The Bitwise filing comes at a time of intensifying competition between perpetual futures DEXs, potentially positioning HYPE for increased institutional attention despite market challenges Hyperliquid (HYPE) Price: Bitwise Files S-1 for ETF as Token Trades at $42^[1].