Hyperliquid price traded around $47 on October 29, but with 21Shares filing for a spot exchange-traded fund tracking the HYPE token, fresh gains are likely to propel it above the crucial $50 mark.

While a new filing outlining a proposal to list an exchange-traded fund tracking Hyperliquid’s native token has failed to trigger immediate reaction across the market, the token’s price hovering around $47 means bulls are within range of the $50 level.

The asset manager 21Shares’ filing of Form S-1 for a Hyperliquid (HYPE) ETF on Wednesday came as the crypto market welcomed a trio of spot ETFs. 

Hyperliquid price amid ETF buzz

Solana, Litecoin and Hedera saw fund launches amid Securities and Exchange Commission’s accelerated listing standard.

Yet, the native tokens of these cryptocurrencies, namely SOL, LTC and HBAR all saw limited upside action as Bitcoin and Ethereum struggled. A bounce for equities that had Nvidia storming to world’s first $5 trillion company by market cap did not register for BTC and altcoins.

This outlook reflected in Hyperliquid price, with the token rejecting around $49.31 and revisiting lows of $46.29. However as Coin Insider Daily data shows, HYPE remains 30% up this past week. 

Although altcoins remained muted in the wake of Bitwise, Grayscale, and Canary’s launch of spot ETFs, analysts have pointed to decent debut volumes as a sign of what could follow. Spikes for these alts will likely cascade to markets eyeing more launches.

For HYPE, the S-1 registration statement filed with the SEC adds to a similar application from Bitwise. 21Shares submitted a 2x leveraged HYPE ETF filing to the SEC on October 17.

Apart from ETF hype, the Hyperliquid token has potential bullish catalysts in exchange listings, launch of Hyperliquid treasury strategies and overall market exuberance.