• Hyperliquid (HYPE) eyes a breakout as 21Shares submits an S-1 filing with the SEC to launch the Hyperliquid Spot ETF.
• The token is moving within a broadening wedge pattern forming over 150+ days on HYPE’s weekly chart.
• Experts forecast a potential 2X move toward $100, with strong technical and on-chain indicators.

Hyperliquid (HYPE) is witnessing a downward price movement, reflecting a period of correction after recent gains. Over the past 24 hours, the token has declined by nearly 1.05%. However, over the past week, HYPE has still managed to post an impressive 31.47% surge, showing strong market interest and volatility.

At the time of writing, HYPE is trading at $47.41, accompanied by a 24-hour trading volume of $589.82 million, which represents a 12.15% drop compared to the previous day. Despite the current pullback, the token maintains a solid market capitalization of $15.94 billion.

Source: CoinMarketCap

21Shares Files for Hyperliquid Spot ETF with the SEC

A prominent crypto analyst, Marty Party, noted that 21Shares has filed an S-1 registration with the U.S. Securities and Exchange Commission (SEC) to launch a spot ETF tied to HyperliquidX’s HYPE token. The proposed 21Shares Hyperliquid ETF would let U.S. investors gain regulated exposure to HYPE without direct ownership, marking a major step in linking traditional finance with DeFi.

Source: X

If approved, the ETF will hold HYPE tokens in custody and track their price across major exchanges. The filing highlights growing institutional demand for crypto ETFs, with analysts calling it a key move that could drive mainstream adoption of protocol-native tokens through regulated investment products.

Also Read: Hyperliquid (HYPE) Price Rises 10% After Robinhood Trading Launch, Is $59 Next?

HYPE Broadening Wedge Shows 2X Bullish Move to $100

Moreover, the crypto analyst, Alex Clay, highlighted that HYPE continues to illustrate its solid fundamentals and extensive ecosystem development. Analysts point to its steady development, increased partnerships, and growing network activity as some of the key determinants that have given investors a boost in confidence. The trend is quick to gather momentum and put HYPE among the top promising initiatives in this market cycle.

Source: X

Technically, HYPE has actually been making a broadening wedge formation for more than 150 days on its weekly chart. In fact, analysts find this to be a highly indicative and strong positive signal that a 2X rally to $100 is about to happen. The fact is that the market sentiment is actually positive, which has made many believe that a 2x rally for HYPE is not only probable but inevitable.

HYPE Community Dominates With 67% Bullish Votes

According to the data from CoinMarketCap, the market sentiment from the community shows that there is a largely positive attitude towards market bias, with 67% of investors displaying positivity in market growth. It is observed that out of a total of 74.3K votes cast, market positivity is leading.

Source: CoinMarketCap

On the other hand, 33% of the participants have a bearish outlook and foresee a possible drop. Although this number is lower, it is still a substantial number. The caution expressed by this group offsets the market sentiment and reveals a balance of confidence and wariness.

Also Read: HYPE Faces Massive Pressure: Can Rising Volume Spark a Reversal?