Bitcoin is cratering, but a new Wall Street crypto hype is on the rise

Bitcoin dropped to its lowest price since 2024, but investors are flocking to new HYPE exchange-traded funds tied to the decentralized crypto asset Hyperliquid, which have raised nearly $150 million in assets. The products, launched by firms including Bitwise and 21shares, have seen mostly positive net inflows, driven by Hyperliquid's role as a decentralized perpetual futures exchange and a weekend trading platform that gained traction during geopolitical tensions. Grayscale also launched its own version, and industry observers see this as a sign of a still-immature market with room for growth.