Grayscale has registered the Hyperliquid (HYPE) statutory trust in Delaware, making it the fourth major asset management company seeking to launch a US spot HYPE ETF after Bitwise, VanEck, and 21Shares. Although institutional investors have shown strong interest, market sentiment for HYPE remains at a "panic" level due to factors such as monthly token unlocks, whale sell-offs, and competition from other perpetual DEXs like Lighter and Aster. While recent on-chain data shows some buying interest on dips, HYPE must regain the $28 level (which coincides with its 50-day moving average) to confirm a sustainable recovery.