Hyperliquid的「華爾街時刻」：ETF吸金1億美元，DAT入選羅素3000

Original Author: Claude, Shenchao TechFlow

Introduction: Jeff Sprecher, founder and CEO of ICE (the parent company of the New York Stock Exchange), publicly praised Hyperliquid at the Bernstein investor conference on May 27, calling it "bigger than Nasdaq" and saying, "I wish I was a lot younger and could go compete." This statement came just 12 days after ICE jointly lobbied the CFTC with CME to "crack down" on Hyperliquid.

Sprecher also revealed that the NYSE has secretly integrated a blockchain settlement system. The HYPE token hit a new all-time high of $64 this week, with two spot ETFs absorbing over $100 million in their first 10 days. Its DAT company, PURR, has been included in the Russell 3000 Index.

On May 27, during an interview at Bernstein's Annual Strategic Decisions Conference, Jeff Sprecher, founder and CEO of Intercontinental Exchange (ICE), delivered a rare assessment of Hyperliquid laden with clear personal admiration.

"This Hyperliquid thing that we're talking about, if you haven't seen it, it's bigger than Nasdaq, okay? 11 people. You see that, you go, wow, that's pretty incredible," Sprecher said. He quickly added: "I love that. I wish I was a lot younger and could go compete. By the way, there's a lot of billionaires being minted doing that."

ICE is the parent company of the New York Stock Exchange and also operates one of the world's largest energy futures markets. Sprecher's remarks represent the most direct public endorsement of Hyperliquid from the highest levels of traditional finance to date.

12 Days After Joint Lobbying 'Crackdown,' CEO's Tune Changes Drastically

The shock value of Sprecher's praise lies in the timeline.

On May 15, Bloomberg reported that executives from CME and ICE had warned the CFTC and Capitol Hill officials that Hyperliquid's decentralized perpetual contract trading could pose risks of market manipulation and sanctions evasion, demanding its inclusion within the traditional financial regulatory framework. Following the news, HYPE fell nearly 9%.

Just 12 days later, the head of ICE publicly expressed admiration at one of Wall Street's most important investor conferences.

Addressing this apparent contradiction directly at the Bernstein conference, Sprecher said: "There was a headline that made it look like we are scared. We are not scared. We actually talk to these people, understand what they're doing. They're understanding our world, we're understanding their world. So in that sense, it's a mutual admiration."

However, he quickly pivoted to the core regulatory demand: "What we said to the regulators is, could we do that too? Why are you stopping us from doing it while it's already happening? Could we have a level playing field? This administration is very pro-digital. If you think it's legal, then let us do it; if you think it's illegal, why didn't they get the nasty letters that you send us?"

This statement reveals the true logic behind ICE's lobbying of the CFTC: not to shut down Hyperliquid, but to demand regulatory deregulation for themselves, allowing traditional trading platforms to participate in the on-chain derivatives market.

On the Eve of SpaceX's IPO: Hyperliquid as a 'Shadow Pricing Venue'

Sprecher's focus on Hyperliquid is not abstract; he has a very specific observation point: SpaceX is set to debut on Nasdaq around June 12 with a valuation of approximately $1.75 trillion, while Hyperliquid is already trading derivatives contracts based on SpaceX.

"I think what really elevated it was SpaceX. They have listed SpaceX derivatives trading. It will be very interesting on June 11 when SpaceX officially prices, to see what this price discovery is in the private market, and whether that price influences the IPO itself," Sprecher said. "Regulators and market participants will say this is either completely irrelevant or highly relevant."

He then calculated an extreme scenario: considering Hyperliquid allows up to 100:1 leverage, if retail investors flood into SpaceX derivatives, the notional on-chain exposure "could potentially be larger than the IPO itself."

"So I say you can't ignore it. I don't know if we should embrace it or hate it yet, but I suspect by June we'll all have an answer."

HYPE ETFs Absorb $100M in 10 Days, PURR Enters Russell 3000

Sprecher's comments came at a juncture where Hyperliquid is undergoing intense mainstream adoption.

On May 12 and 15, 21Shares and Bitwise launched the first U.S. HYPE spot ETFs (tickers THYP and BHYP) on Nasdaq and the NYSE, respectively.

According to bitcoin.com, the two funds saw cumulative net inflows exceeding $100 million within their first 10 trading days, absorbing 1.04% of HYPE's total market cap – a higher percentage by market cap ratio than the concurrent debut performance of Bitcoin and Ethereum ETFs. Bitwise recorded a single-day net inflow of $19.05 million on May 27, becoming the world's largest HYPE ETF.

On May 22, FTSE Russell published the preliminary list for the June 2026 Russell US Index reconstitution. Hyperliquid Strategies (Nasdaq: PURR) appeared on the additions list for the Russell 3000 Index, effective June 26.

PURR is currently the largest HYPE treasury company, holding approximately 20 million HYPE (valued at around $799 million as of April 29), along with $103 million in cash and no debt. Inclusion in the Russell 3000 means passive funds tracking the index will be forced to buy PURR, further bridging HYPE's transmission link to traditional capital markets.

The HYPE token broke through $64 this week to hit a new all-time high, with a year-to-date gain of approximately 150%, significantly outperforming Bitcoin over the same period. According to CoinGecko data, HYPE currently has a market cap of around $12.7 billion, ranking tenth among crypto assets.

Jeff Yan Heads to Washington, Hyperliquid Policy Center Fights Back

Facing lobbying pressure from CME and ICE, Hyperliquid chose to respond head-on.

On May 15, Hyperliquid founder Jeff Yan revealed that he and the Hyperliquid Policy Center (HPC) had held meetings with policymakers in Washington D.C.

HPC is an independent research and advocacy organization established in February 2026, led by Jake Chervinsky, former Policy Director at the Blockchain Association and former Chief Legal Officer at Variant. Its startup funding was 1 million HYPE allocated by the Hyper Foundation.

Yan stated on platform X that the meetings discussed "how on-chain trading as a financial innovation has clear global user demand" and "the regulatory pathway to bring on-chain derivatives markets to the U.S."

In response to Bloomberg's report on CME and ICE's lobbying, HPC stated that the markets Hyperliquid provides are "more beneficial and less risky than traditional centralized trading platforms" and anticipated that the CFTC would develop a specific regulatory framework for on-chain derivatives platforms.

An interesting detail: CME and ICE themselves are currently facing parallel investigations by the CFTC and the DOJ for "well-timed" oil futures trades that occurred on their respective platforms just before federal policy announcements.

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