Morgan Stanley's Bitcoin ETF Nears $1 Billion as Hyperliquid Token Tests $100 Barrier

Singapore's Monetary Authority (MAS) claims no jurisdiction over Hyperliquid, a decentralized trading platform headquartered in Singapore. Hyperliquid confirms it is unregulated and not licensed by MAS. The platform reported $730.5M in revenue and $723.7M in net income over the past year, with significant trading volume. Hyperliquid is expanding its markets through HIP-3, its deployer-based perpetual futures system.

Morgan Stanley Investment Management (MSIM) seeks shareholder approval to convert eight Eaton Vance municipal bond funds, totaling nearly $10 billion, into ETFs. Seven will become new actively managed ETFs, while one will merge into an existing ETF (EVSM). The conversion aims to leverage growing demand for actively managed municipal ETFs, according to MSIM. Shareholders must vote on the proposal, with materials expected to be mailed around October 30, 2026.

Goldman Sachs reduced its price target for Morgan Stanley from $216 to $207, while maintaining a neutral rating. The change comes amid a 0.87% drop in Morgan Stanley's stock over the past day, though it has gained 6.58% over the year. The bank's valuation and earnings revisions are factors in the decision.

Hyperliquid, a decentralized perpetual-futures protocol, has attracted institutional capital with a $337 million OTC sale of its HYPE token. Its derivatives open interest is nearing $14.3 billion, signaling market recovery. Grayscale's custody expansion with BitGo indicates institutional confidence.

Hyperliquid (HYPE) is unlocking 3.75 million tokens, valued at approximately $340 million, which may create selling pressure. The company's strong revenue, buybacks, and liquidity could help absorb the new supply. Investors should monitor on-chain activity and exchange deposits for signs of market impact.

Hyperliquid's October 6 token unlock is 3.75M HYPE, not 9.9M as initially expected. The team's allocation is covered by an OTC deal with an institutional buyer, reducing immediate sell pressure. The unstaking process began around September 30, with tokens becoming available around October 7. The market impact is expected to be less than initially feared.