CoinDesk
Asset manager 21Shares is pointing to demand for a Hyperliquid-based ETF as evidence that investors are increasingly drawn to the around-the-clock liquidity that crypto-native markets offer — something traditional exchange-traded products have never been able to deliver.
Hyperliquid, the decentralised perpetuals exchange that has rapidly accumulated volume and a loyal on-chain user base, represents a new category of underlying for ETF structures: a protocol whose core value proposition is continuous, permissionless market access. 21Shares framing that demand as a signal rather than a niche request suggests the firm sees a structural shift in what institutional and retail allocators want from listed products.
The 24/7 trading angle is increasingly central to the crypto-ETF conversation. As spot Bitcoin and Ethereum ETFs mature in the US and Europe, issuers are competing on the depth of…
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