Bitwise Withdraws Bitcoin Ethereum ETF to Double Down on HYPE

Bitwise has withdrawn its proposed Bitcoin & Ethereum ETF registration, redirecting focus toward Hyperliquid's HYPE token amid softer inflows and rising competition. The move follows Hedgeye Asset Management's June 10-11 filings for the HBIT ETF, which combines spot Bitcoin exposure with options-based hedging to reduce downside risk. HBIT trades some upside potential for protection using FLEX options and proprietary signals, while BTC traded at $62,719 during the initial filings. Bitwise's pivot includes acquiring 77,097 HYPE tokens worth $5.18 million, underscoring shifting institutional priorities in crypto products.