Grayscale has made a pivotal strategic shift in its Hyperliquid ETF filing with the SEC, abruptly replacing industry giant Coinbase with Anchorage Digital as its designated custodian. The move, driven by competition, concentration, and regulatory considerations, signals a potential seismic reordering in crypto custody as Hyperliquid emerges with staggering $2.6 trillion in notional derivatives volume projected for 2025-2026, positioning it as a formidable challenger to established exchanges.

Will Hyperliquid Rally Following Grayscale’s ETF Update?

Hyperliquid (HYPE) is seeing quite a price dip despite the larger market experiencing a slight rebound. According to CoinGecko data, HYPE’s price has fallen 0.5% in the last 24 hours and 8.6% over the previous week. However, the asset has maintained gains in the other time frames, rallying by 11.9% in the 14-day charts, 4.7% in the previous month, and 126% since late April 2025.

Furthermore, it is unclear if the SEC will approve Grayscale’s Hyperliquid ETF. Nonetheless, chances are high that the financial regulator will green light the crypto-based exchange traded fund, given its track record of approving several crypto ETFs in the last year. ETFs have become a key price driver for crypto assets, as seen in the case of Bitcoin (BTC) and Ethereum (ETH), both of which hit new peaks in 2025 thanks to increased ETF inflows.

Hyperliquid (HYPE) could see a price rebound in the coming days, given that Bitcoin (BTC) is showing signs of a price reversal. BTC is now facing resistance at around $75,000-$76,000, a rise from its previous resistance level of $72,000-$73,000.

The Federal Reserve may also reduce interest rates in May, although an April rate cut is unlikely. A rate cut could lead to increased risky investments as borrowing becomes easier. Hyperliquid (HYPE) could see a price rally if and when rates go down.