Can Hyperliquid retest $50 as Grayscale updates HYPE ETF filing?

Grayscale has updated its Spot Hyperliquid [HYPE] filing, marking the third issuer to make changes this month.  In the filing with the SEC, Grayscale changed its custody from Coinbase to Anchorage Digital and will trade under the ticker GHYP.  Another issuer, Bitwise, was the first one to file amendments to its filing on the 10th of April. It included its ticker symbol and annual management fee of 0.67% for the fund.  On the 15th of April, 21Shares also updated its filing and included a ticker symbol THYP and a staking provision of 30%-70% of the fund holdings for yield.  So far, the only issuer that has not seen much movement for its HYPE application is VanEck. Commenting on the updated filings, a Bloomberg ETF analyst, James Seyffart, said,  More signs of movement between issuers and the SEC Paradigm unstakes $88M HYPE: Will HYPE defend $40? That said, Grayscale’s latest update coincided with Paradigm’s massive unstake of $88 million HYPE (2.14 million tokens), according to on-chain data. For perspective, Paradigm is one of the largest investors, controlling 5.7% of HYPE’s circulating supply or about 19.14 million HYPE.  Paradigm’s move could be to help seed some upcoming ETF funds or a likely direct sell-off.  Intriguingly, the top 100 HYPE holders had significantly trimmed their positions earlier this week by 40%. Whether this was part of a broader DeFi rout after the Kelp DAO exploit or linked to Paradigm unstaking remained unclear.  That said, Derive, an Options platform, projected that HYPE could remain choppy between $40-$50 until the end of April, citing Gamma walls around these levels.  $HYPE shows massive long gamma walls at 40, 45, and 50. Green bars mean dealers buy dips and sell rips around those strikes. Translation: price gets pulled toward these levels and chops, not trends. However, the firm added that a strong move towards the upper band of $45-$50 could ‘amplify’ a breakout scenario.  At the time of writing, the altcoin was down about 10% following the weekend sell-off. But the pullback hit the $38-$40, which could act as a short-term support. If so, bulls may eye $45 or $50 again.  Conversely, a sustained drop below $40 could prompt short-sellers to drag HYPE to the $36-$34 level (red), another key support zone below $40.  Final Summary Grayscale updated its spot HYPE ETF filing, switching from Coinbase to Anchorage Digital for the fund’s custodian partner. Crypto Option platform Derive projected that HYPE could drop below $50 until the end of April, but a breakout was feasible if the price hit the $45-$50 range.