Swiss-based asset manager 21Shares has filed to launch a Hyperliquid ETF, joining the recent surge of crypto-related fund applications amid growing investor demand for digital assets. The proposed ETF will offer exposure to Hyperliquid, a decentralized perpetual futures exchange gaining traction in the DeFi sector. This move follows a wave of new crypto ETFs targeting specific blockchain projects and DeFi protocols, signaling institutional confidence in on-chain trading platforms and the expanding integration of decentralized finance into traditional markets.