President Donald Trump said U.S. regulators are working to bring Hyperliquid, a popular offshore venue for perpetual futures, to the U.S. The price of Hyperliquid token jumped 22% after the remark.
“I understand that Mike [Selig] is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion,” said Trump at a White House crypto meeting Wednesday, referring to the Commodity Futures Trading Commission Chairman Michael Selig.
If Hyperliquid enters the U.S., it will bring a competitor to Coinbase and Kalshi, which recently got approval to offer perpetual futures, which are contracts that allow traders to bet on the price of crypto or other assets with leverage without an expiry date.
Hyperliquid, an exchange and blockchain founded by Harvard graduate Jeff Yan in 2023, doesn’t operate a U.S.-regulated exchange and its interface prohibits U.S. users from trading through it. One regulatory pathway would be petitioning regulators to allow U.S.-regulated firms to offer perpetual futures to their clients on markets that trade, clear and settle on Hyperliquid’s public blockchain, Jake Chervinsky, CEO of Hyperliquid Policy Center, told The Information in a recent interview.
Hyperliquid generated $4.4 million in revenue over the past 24 hours, burning $4.24 million worth of HYPE.
According to monitoring by Onchain Lens, decentralized exchange platform Hyperliquid generated approximately $4.4 million in revenue over the past 24 hours, while burning HYPE tokens worth around $4.24 million in the same period.
4 minutes ago
Japanese and South Korean stock indexes opened higher, with South Korea’s KOSPI index rising 3.2% at the open.
According to Bitget market data, the Nikkei 225 index opened 461.11 points higher on Thursday, August 20, with a 0.71% gain to 65,787.53 points. South Korea’s KOSPI index opened 3.2% higher, with SK Hynix surging over 7% and Samsung Electronics climbing more than 3%.
4 minutes ago
Linera claims it aims to become the 'next Hyperliquid' and will promote the LNRA token sale.
New public blockchain Linera, founded by former Libra employees, announced today that it aims to become the "next Hyperliquid" and teased an upcoming LNRA token sale. Linera said it is following Hyperliquid’s playbook: building its own dedicated chain, focusing on consumer products, operating with a small team, generating real revenue first, and prioritizing user rewards. Its core product is a real-time prediction market at app.linera.xyz, which can launch, operate, and settle within one minute. The project uses a parallel microchains architecture, supporting thousands of small markets to run simultaneously, with final confirmation times typically under one second—solving congestion and high fees that plague general-purpose blockchains in real-time use cases. All markets operate on a pure player-versus-player (PvP) model, with no house and no external market makers required. The core team numbers just five members. Users who earn badges by engaging with the product will get priority access to an exclusive subscription pool for the LNRA sale. Detailed sale information will be announced at a later date.
4 minutes ago
US CFTC Seeks Public Comment on AI Computing Power Futures
As industry giants begin to accept compute power as a tradable asset, the U.S. Commodity Futures Trading Commission (CFTC) is seeking public comments on compute power futures contracts. Multiple exchanges, including CME Group (CME), Intercontinental Exchange (ICE), and emerging fintech firm Architect Financial Technologies, have announced plans to launch such contracts once regulatory approval is secured. These exchanges argue that establishing a compute power futures market would help end-users and speculators hedge against risks like energy shortages or other issues that could hinder technological progress for AI developers. CFTC Chair Michael Selig said in a Wednesday statement: "Without a robust compute power derivatives market, the U.S. cannot win the AI race. This public comment period is the first step toward establishing clear rules for the U.S. compute power market." One of the issues covered in the CFTC’s public comment process is how compute power futures differ from other derivatives or underlying commodities already regulated by the agency. If compute power futures are permitted to list on CFTC-regulated exchanges, further standardization of variables affecting compute power prices may be required, including price indices used for settlement reference and other related factors.
4 minutes ago
U.S. stocks: The three major indexes closed higher this morning, Moderna surged 177%, and crypto-related stocks rallied sharply.
According to market data from BIT (Bit.com), U.S. stocks closed on Wednesday: the Dow Jones Industrial Average initially rose 0.22%, the S&P 500 gained 0.21%, and the Nasdaq advanced 0.16%. Moderna (MRNA.O) surged 176.9%, while Merck (MRK.N) climbed 12.6%. Moderna and Merck announced that their jointly developed personalized mRNA cancer vaccine intismeran autogene (formerly mRNA-4157/V940), in combination with Merck’s immunotherapy drug Keytruda (pembrolizumab), met both the primary endpoint and key secondary endpoints in the Phase III clinical trial (INTerpath-001) for patients with high-risk melanoma (skin cancer). Marvell Technology (MRVL.O) rose over 9.8%, SK Hynix (SKHY.O) gained 0.35%, SanDisk (SNDK.O) fell 3.5%, and Micron Technology (MU.O) dropped 0.39%. In terms of crypto-related stocks: Strategy’s share price rose 11.95% to $103.58, having surged more than 13% intraday; Coinbase climbed 9.05% to $159.47; stablecoin issuer Circle increased 9.44% to $78.50; and Ethereum reserve firm BitMine gained 9.68% to $20.05.
4 minutes ago
Key takeaways from Trump’s crypto-friendly remarks: He disclosed that the U.S. government has discussed accumulating a "significant amount" of Bitcoin, vowed to end the "war on crypto" entirely, and urged the prompt passage of the Genius Act.
U.S. President Donald Trump met with executives from crypto and fintech firms including Coinbase, Ripple, Robinhood, Gemini, and Chainlink at the White House’s Roosevelt Room on Wednesday local time, delivering a speech in support of cryptocurrencies. Trump said his administration has “completely ended the war on cryptocurrencies,” noting the industry is thriving, and the U.S. must retain its “undisputed leadership” in areas such as Bitcoin, cryptocurrencies, prediction markets, and artificial intelligence, while committing to becoming the “world’s crypto capital.” He added that the U.S. government has discussed accumulating “significant quantities” of Bitcoin and other cryptocurrencies, claiming crypto assets “have greatly eased pressure on the U.S. dollar.” Meanwhile, he urged Congress to pass a “fair version” of the Clarity Act (Digital Asset Market Clarity Act) promptly, arguing this would keep the U.S. ahead of China and other countries. Trump also noted that the SEC Chair is working to bring Hyperliquid to the U.S. market in a compliant manner, and highlighted policy achievements including the signed Genius Act (stablecoin legislation), strategic Bitcoin reserves, and the ban on central bank digital currencies (CBDCs).
Hyperliquid generated $4.4 million in revenue over the past 24 hours, burning $4.24 million worth of HYPE.
According to monitoring by Onchain Lens, decentralized exchange platform Hyperliquid generated approximately $4.4 million in revenue over the past 24 hours, while burning HYPE tokens worth around $4.24 million in the same period.
4 minutes ago
Japanese and South Korean stock indexes opened higher, with South Korea’s KOSPI index rising 3.2% at the open.
According to Bitget market data, the Nikkei 225 index opened 461.11 points higher on Thursday, August 20, with a 0.71% gain to 65,787.53 points. South Korea’s KOSPI index opened 3.2% higher, with SK Hynix surging over 7% and Samsung Electronics climbing more than 3%.
4 minutes ago
Linera claims it aims to become the 'next Hyperliquid' and will promote the LNRA token sale.
New public blockchain Linera, founded by former Libra employees, announced today that it aims to become the "next Hyperliquid" and teased an upcoming LNRA token sale. Linera said it is following Hyperliquid’s playbook: building its own dedicated chain, focusing on consumer products, operating with a small team, generating real revenue first, and prioritizing user rewards. Its core product is a real-time prediction market at app.linera.xyz, which can launch, operate, and settle within one minute. The project uses a parallel microchains architecture, supporting thousands of small markets to run simultaneously, with final confirmation times typically under one second—solving congestion and high fees that plague general-purpose blockchains in real-time use cases. All markets operate on a pure player-versus-player (PvP) model, with no house and no external market makers required. The core team numbers just five members. Users who earn badges by engaging with the product will get priority access to an exclusive subscription pool for the LNRA sale. Detailed sale information will be announced at a later date.
4 minutes ago
US CFTC Seeks Public Comment on AI Computing Power Futures
As industry giants begin to accept compute power as a tradable asset, the U.S. Commodity Futures Trading Commission (CFTC) is seeking public comments on compute power futures contracts. Multiple exchanges, including CME Group (CME), Intercontinental Exchange (ICE), and emerging fintech firm Architect Financial Technologies, have announced plans to launch such contracts once regulatory approval is secured. These exchanges argue that establishing a compute power futures market would help end-users and speculators hedge against risks like energy shortages or other issues that could hinder technological progress for AI developers. CFTC Chair Michael Selig said in a Wednesday statement: "Without a robust compute power derivatives market, the U.S. cannot win the AI race. This public comment period is the first step toward establishing clear rules for the U.S. compute power market." One of the issues covered in the CFTC’s public comment process is how compute power futures differ from other derivatives or underlying commodities already regulated by the agency. If compute power futures are permitted to list on CFTC-regulated exchanges, further standardization of variables affecting compute power prices may be required, including price indices used for settlement reference and other related factors.
4 minutes ago
U.S. stocks: The three major indexes closed higher this morning, Moderna surged 177%, and crypto-related stocks rallied sharply.
According to market data from BIT (Bit.com), U.S. stocks closed on Wednesday: the Dow Jones Industrial Average initially rose 0.22%, the S&P 500 gained 0.21%, and the Nasdaq advanced 0.16%. Moderna (MRNA.O) surged 176.9%, while Merck (MRK.N) climbed 12.6%. Moderna and Merck announced that their jointly developed personalized mRNA cancer vaccine intismeran autogene (formerly mRNA-4157/V940), in combination with Merck’s immunotherapy drug Keytruda (pembrolizumab), met both the primary endpoint and key secondary endpoints in the Phase III clinical trial (INTerpath-001) for patients with high-risk melanoma (skin cancer). Marvell Technology (MRVL.O) rose over 9.8%, SK Hynix (SKHY.O) gained 0.35%, SanDisk (SNDK.O) fell 3.5%, and Micron Technology (MU.O) dropped 0.39%. In terms of crypto-related stocks: Strategy’s share price rose 11.95% to $103.58, having surged more than 13% intraday; Coinbase climbed 9.05% to $159.47; stablecoin issuer Circle increased 9.44% to $78.50; and Ethereum reserve firm BitMine gained 9.68% to $20.05.
4 minutes ago
Key takeaways from Trump’s crypto-friendly remarks: He disclosed that the U.S. government has discussed accumulating a "significant amount" of Bitcoin, vowed to end the "war on crypto" entirely, and urged the prompt passage of the Genius Act.
U.S. President Donald Trump met with executives from crypto and fintech firms including Coinbase, Ripple, Robinhood, Gemini, and Chainlink at the White House’s Roosevelt Room on Wednesday local time, delivering a speech in support of cryptocurrencies. Trump said his administration has “completely ended the war on cryptocurrencies,” noting the industry is thriving, and the U.S. must retain its “undisputed leadership” in areas such as Bitcoin, cryptocurrencies, prediction markets, and artificial intelligence, while committing to becoming the “world’s crypto capital.” He added that the U.S. government has discussed accumulating “significant quantities” of Bitcoin and other cryptocurrencies, claiming crypto assets “have greatly eased pressure on the U.S. dollar.” Meanwhile, he urged Congress to pass a “fair version” of the Clarity Act (Digital Asset Market Clarity Act) promptly, arguing this would keep the U.S. ahead of China and other countries. Trump also noted that the SEC Chair is working to bring Hyperliquid to the U.S. market in a compliant manner, and highlighted policy achievements including the signed Genius Act (stablecoin legislation), strategic Bitcoin reserves, and the ban on central bank digital currencies (CBDCs).
Hyperliquid (HYPE), ABD Başkanı Donald Trump’ın Hyperliquid hakkında yaptığı açıklamanın ardından kripto para piyasasının gündemine oturdu. Trump, Beyaz Saray’daki toplantıda ABD Menkul Kıymetler ve Borsa Komisyonu (SEC) Başkanı Paul Atkins’in Hyperliquid’in ABD pazarına girişini sağlamak için çalıştığını söyledi. Açıklamanın ardından HYPE fiyatı Bitstamp borsasında 80 dolar seviyesine fitil attı ve sonrasında yaklaşık 71 dolar seviyesine geriledi.
Bu açıklama yalnızca fiyat hareketi açısından değil, ABD’nin merkeziyetsiz finans ve türev platformlarına yönelik yaklaşımı açısından da dikkat çekiyor. Özellikle bir düzenleyici kurum başkanının belirli bir projeyi doğrudan ABD pazarına taşımaya yönelik çalıştığının kamuoyuna açıklanması oldukça sıra dışı bir gelişme olarak değerlendiriliyor.
Trump Hyperliquid (HYPE) Hakkında Neler Söyledi? Trump, 19 Ağustos’ta Beyaz Saray’da dijital varlık ve finans sektörünün temsilcileriyle gerçekleştirilen toplantıda Hyperliquid’in ABD’ye girişine ilişkin önemli mesajlar verdi. Toplantıya SEC Başkanı Paul Atkins’in yanı sıra Emtia Vadeli İşlemler Komisyonu (CFTC) Başkanı Mike Selig ve Coinbase ile Ripple gibi sektörün önde gelen şirketlerinden temsilciler katıldı.
Trump’ın açıklamasına göre Atkins, Hyperliquid’in ABD pazarında faaliyet gösterebilmesi için çalışmalar yürütüyor. Bu gelişme, Trump yönetiminin dijital varlık sektörüne yönelik daha açık ve destekleyici düzenleme yaklaşımının yeni bir örneği olarak görülüyor.
Hyperliquid Nedir Ve Neden Öne Çıkıyor? Hyperliquid, özellikle merkeziyetsiz sürekli vadeli işlemler piyasasıyla tanınan yüksek performanslı bir Layer-1 blok zinciri ağıdır. Platformun HyperCore altyapısı, sürekli vadeli işlemler ile spot piyasadaki emir defterlerini tamamen zincir üzerinde çalıştırıyor.
Hyperliquid’in teknik kapasitesi de projeyi rakiplerinden ayıran önemli unsurlardan biri. Resmi verilere göre ağ saniyede yaklaşık 200.000 emir işleyebilecek kapasiteye sahip.
Platformun ekosistemindeki temel dijital varlık ise HYPE olarak öne çıkıyor. HYPE; ağ güvenliği, işlem ücretleri ve ekosistemdeki çeşitli işlevler için kullanılıyor.
HYPE Token İçin 1 Milyar Dolarlık Mekanizma HYPE fiyatındaki yükselişi destekleyen en önemli unsurlardan biri token ekonomisi. Hyperliquid’in resmi verilerine göre platformdaki işlemlerden elde edilen yıllık 1 milyar doların üzerindeki ücret, programatik olarak HYPE geri alımlarında kullanılıyor.
Bu mekanizma, platform faaliyetleri ile HYPE token arasındaki ekonomik bağlantıyı güçlendiriyor. İşlem hacminin ve platform gelirlerinin yüksek kalması durumunda geri alım mekanizması token üzerinde uzun vadeli talep oluşturabilecek faktörlerden biri olarak öne çıkıyor.
Trump’ın açıklamasının ardından HYPE fiyatının 80 dolar seviyesini aşarak yeni zirve oluşturması da piyasanın gelişmeyi olumlu karşıladığını gösterdi. Ancak fiyat daha sonra geri çekilerek yaklaşık 71 dolar seviyesine geldi.
Hyperliquid (HYPE) Fiyatı İçin Bundan Sonra Ne Olabilir? HYPE anlık olarak 71 dolar seviyesinde fiyatlanıyor. Yaşanan geri çekilme, kısa vadeli yatırımcıların kâr satışına yöneldiğini gösterebilir.
Bunun yanında ABD pazarına olası giriş sürecinin somut düzenleyici adımlara dönüşmesi, HYPE açısından yeni bir katalizör yaratabilir. Özellikle SEC ve CFTC gibi iki önemli düzenleyici kurumun başkanlarının aynı toplantıda yer alması, gelişmenin önemini artırıyor.
ABD düzenlemelerinden gelecek yeni açıklamalar ve Hyperliquid’in işlem hacmi, HYPE’ın sonraki yönü açısından belirleyici olabilir
Bu içerik kesinlikle yatırım tavsiyesi niteliği taşımamaktadır. Piyasalar yüksek risk içermektedir ve yatırım kararlarınızı almadan önce kendi araştırmanızı yapmanız önemlidir.
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Wednesday was already shaping up to be the best for crypto assets in recent memory, with bitcoin trading the highest since June as President Donald Trump scheduled a meeting with industry leaders.
Then the big news hit.
Around 3 p.m. ET, the president hinted at regulating Hyperliquid, the decentralized exchange that's been garnering popularity among traders as the home base of "perpetual futures" trading – the swap-like derivatives contracts with high leverage and no expiration that have been a thorn in the side of incumbent exchanges this year – despite U.S. residents not being allowed on the platform.
"I understand that [Commodity Futures Trading Commission Chair] Mike [Selig] is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion," Trump said in a press conference.
Shares of Hyperliquid Strategies (PURR), the publicly traded treasury company that owns HYPE tokens, surged 30% before the closing bell, bringing the stock's year-to-date gain to more than 163%. HYPE, the digital token that powers the exchange's blockchain-based settlement and operations, jumped 18% to just below record highs. Shares of Cboe Global Markets dropped 3.5%, Miami International Holdings fell 3.1% and CME Group slid 1.7%.
Hyperliquid shares in the past day
"We've been trying for awhile to figure out how to get into the U.S. and the CFTC has been quite responsive, but when Trump says it at a press conference, it means it's a priority," David Schamis, CEO of Hyperliquid Strategies and founding partner at Atlas Merchant Capital, said in a call after the bell on Wednesday.
"You can't do something like this and make new rules – you see how hard it is to get Clarity [Act] passed. You have to figure out how to make it work with rules existing today," he added. The Clarity Act is a bill that would establish a regulatory framework for cryptocurrencies.
Options volume in Hyperliquid was almost eight times the 30-day average, with more than 120,000 calls traded versus under 8,000 puts. Traders bought almost 45,000 calls and sold 29,000. About $10 million in premium exchanged hands, with the biggest single trades coming about a half-hour after the announcement when someone bought 2,000 8-strike calls expiring in November and December for about $510,000.
There was also a flurry of heavy call-trading activity in the hours before the announcement. Just shy of $2 million in calls of various strikes and expiries traded before 3 p.m., including some trades that carried signs of indiscriminate and rushed buying indicative of someone eager to get in on a trade.
In one case, around 11 a.m., someone spent $65,000 trading 719 of the 8-strike calls expiring in mid-October, paying 90 cents each for a contract that had just 67 open positions coming into Wednesday. Those calls are now worth $2.45 each, meaning the trader was up about $111,000 by the close.
"These by definition were opening trades so you're asking me to believe someone went out in front of this announcement and sold a bunch of upside call opening trades?" said Dennis Davitt, CNBC contributor and co-founder of Millbank Dartmoor Portsmouth, an investment firm managing more than $500 million in institutional assets. "I hope they have a robust alibi."
Trading in the iShares Bitcoin Trust ETF (IBIT) was more than 4.5 times the 30-day average even before the Hyperliquid headlines as Treasury yields retreated, and investors overall pivoted toward underperforming sectors of the past year. Bitcoin volatility measured by Volmex Labs' BVIV Index jumped 13% after hitting a year-to-date low of 35.5 Friday.
Whether Hyperliquid's success translates into a bitcoin price revival remains to be seen. Shares of Michael Saylor's Strategy rallied nearly 13% Wednesday, while Coinbase surged almost 10%. Both are down roughly 30% year-to-date after bitcoin posted the worst year relative to the S&P 500 since 2019
"We have four things on our balance sheet," said Schamis. "Two billion of HYPE token, cash, common equity, and deferred tax liability. No debt and no funky converts."
Correction: Hyperliquid Strategies does not own the Hyperliquid exchange.
President Donald Trump said US regulators are working to bring Hyperliquid, a fast-growing crypto platform, into the country, offering one of the clearest signals yet that the White House wants to pull a major piece of the industry’s offshore market infrastructure onshore.
“I understand that Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion. Working very hard on that,” Trump said at a White House event, referring to Commodity Futures Trading Commission Chairman Michael Selig.
Hyperliquid operates outside the US and is not officially open to American traders. Bringing it onshore would mean giving it a legal way to use the platform under US oversight.
It was co-founded by Jeff Yan, a former trader at Hudson River Trading. The main developer of the platform, Hyperliquid Labs, is based in Singapore.
The comments immediately rippled through an ecosystem of assets tied to Hyperliquid, including HYPE, the platform’s cryptocurrency, and Hyperliquid Strategies, a publicly traded company whose strategy is built around holding the token.
Shares of Hyperliquid Strategies, which trades under the ticker PURR, jumped as much as 31 per cent on Aug 19. The company is a digital-asset treasury, essentially a listed vehicle that accumulates cryptocurrency, and its focus on HYPE gives traditional equity investors an indirect way to bet on Hyperliquid’s growth.
Shares of mainstream US exchange operators fell to session lows. Cboe Global Markets declined as much as 6.1 per cent while CME Group fell as much as 3.4 per cent.
Hyperliquid is a crypto exchange best known for perpetual futures, leveraged contracts that allow traders to speculate on cryptocurrency prices without an expiration date.
It has captured Wall Street’s attention this year after drawing demand for contracts tied to real-world assets, including equities and commodities.
The platform, which runs on its namesake blockchain, has grown into a major venue for a kind of trading that historically flourished largely outside the US because of regulatory restrictions.
“Trump’s comments on Hyperliquid and the immediate reaction in HYPE are another indication of how quickly the regulatory and political backdrop for digital assets is shifting,” said Ayesha Kiani, chief operating officer at Monarq Asset Management.
“What’s notable isn’t just the price move but it’s that decentralised market infrastructure is increasingly entering mainstream policy conversations.”
The CFTC has recently laid out conditions under which regulated US platforms can offer perpetual contracts, part of a broader Trump administration effort to move crypto businesses and trading activity into the American financial system.
Exactly how a platform like Hyperliquid can legally offer perps products in the US remains unclear, with compliance requirements potentially undercutting its decentralised appeal.
In any case, a path into the US would open Hyperliquid to a much larger pool of customers and capital, while testing whether a trading model initially forged outside traditional US rules can be operate within them.
“Hyperliquid has been the poster child for convergence: the idea that traditional asset classes are going to be traded, margined and settled 24/7 on crypto rails,” said Joshua Lim, global co-head of markets at FalconX.
“It’s exhilarating to see the administration and regulators acknowledge them as a market structure innovator and opening up access to US market participants.” BLOOMBERG
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Hyperliquid generated $4.4 million in revenue over the past 24 hours, burning $4.24 million worth of HYPE.
According to monitoring by Onchain Lens, decentralized exchange platform Hyperliquid generated approximately $4.4 million in revenue over the past 24 hours, while burning HYPE tokens worth around $4.24 million in the same period.
4 minutes ago
Japanese and South Korean stock indexes opened higher, with South Korea’s KOSPI index rising 3.2% at the open.
According to Bitget market data, the Nikkei 225 index opened 461.11 points higher on Thursday, August 20, with a 0.71% gain to 65,787.53 points. South Korea’s KOSPI index opened 3.2% higher, with SK Hynix surging over 7% and Samsung Electronics climbing more than 3%.
4 minutes ago
US CFTC Seeks Public Comment on AI Computing Power Futures
As industry giants begin to accept compute power as a tradable asset, the U.S. Commodity Futures Trading Commission (CFTC) is seeking public comments on compute power futures contracts. Multiple exchanges, including CME Group (CME), Intercontinental Exchange (ICE), and emerging fintech firm Architect Financial Technologies, have announced plans to launch such contracts once regulatory approval is secured. These exchanges argue that establishing a compute power futures market would help end-users and speculators hedge against risks like energy shortages or other issues that could hinder technological progress for AI developers. CFTC Chair Michael Selig said in a Wednesday statement: "Without a robust compute power derivatives market, the U.S. cannot win the AI race. This public comment period is the first step toward establishing clear rules for the U.S. compute power market." One of the issues covered in the CFTC’s public comment process is how compute power futures differ from other derivatives or underlying commodities already regulated by the agency. If compute power futures are permitted to list on CFTC-regulated exchanges, further standardization of variables affecting compute power prices may be required, including price indices used for settlement reference and other related factors.
4 minutes ago
U.S. stocks: The three major indexes closed higher this morning, Moderna surged 177%, and crypto-related stocks rallied sharply.
According to market data from BIT (Bit.com), U.S. stocks closed on Wednesday: the Dow Jones Industrial Average initially rose 0.22%, the S&P 500 gained 0.21%, and the Nasdaq advanced 0.16%. Moderna (MRNA.O) surged 176.9%, while Merck (MRK.N) climbed 12.6%. Moderna and Merck announced that their jointly developed personalized mRNA cancer vaccine intismeran autogene (formerly mRNA-4157/V940), in combination with Merck’s immunotherapy drug Keytruda (pembrolizumab), met both the primary endpoint and key secondary endpoints in the Phase III clinical trial (INTerpath-001) for patients with high-risk melanoma (skin cancer). Marvell Technology (MRVL.O) rose over 9.8%, SK Hynix (SKHY.O) gained 0.35%, SanDisk (SNDK.O) fell 3.5%, and Micron Technology (MU.O) dropped 0.39%. In terms of crypto-related stocks: Strategy’s share price rose 11.95% to $103.58, having surged more than 13% intraday; Coinbase climbed 9.05% to $159.47; stablecoin issuer Circle increased 9.44% to $78.50; and Ethereum reserve firm BitMine gained 9.68% to $20.05.
4 minutes ago
Key takeaways from Trump’s crypto-friendly remarks: He disclosed that the U.S. government has discussed accumulating a "significant amount" of Bitcoin, vowed to end the "war on crypto" entirely, and urged the prompt passage of the Genius Act.
U.S. President Donald Trump met with executives from crypto and fintech firms including Coinbase, Ripple, Robinhood, Gemini, and Chainlink at the White House’s Roosevelt Room on Wednesday local time, delivering a speech in support of cryptocurrencies. Trump said his administration has “completely ended the war on cryptocurrencies,” noting the industry is thriving, and the U.S. must retain its “undisputed leadership” in areas such as Bitcoin, cryptocurrencies, prediction markets, and artificial intelligence, while committing to becoming the “world’s crypto capital.” He added that the U.S. government has discussed accumulating “significant quantities” of Bitcoin and other cryptocurrencies, claiming crypto assets “have greatly eased pressure on the U.S. dollar.” Meanwhile, he urged Congress to pass a “fair version” of the Clarity Act (Digital Asset Market Clarity Act) promptly, arguing this would keep the U.S. ahead of China and other countries. Trump also noted that the SEC Chair is working to bring Hyperliquid to the U.S. market in a compliant manner, and highlighted policy achievements including the signed Genius Act (stablecoin legislation), strategic Bitcoin reserves, and the ban on central bank digital currencies (CBDCs).
4 minutes ago
Kalshi Seeks CFTC Approval for Copper Perpetual Futures, Prediction Market Platforms Accelerate Expansion Into Derivatives Sector
Prediction market platform Kalshi has submitted an application to the U.S. Commodity Futures Trading Commission (CFTC) to launch copper price-linked perpetual futures contracts. According to an August 18 filing, the proposed COPPERPERP contract will track copper spot prices priced in U.S. dollars per pound, utilizing price data from blockchain data service provider Pyth Network. The contract will be cash-settled with no physical copper delivery involved. Unlike traditional futures, perpetual futures have no expiration date, enabling traders to hold positions long-term without rolling over, and maintain price alignment with the spot market via a periodic funding rate mechanism between long and short parties. This application signals Kalshi’s further expansion beyond the bounds of traditional event prediction markets into the commodities and financial derivatives space. Earlier this May, Kalshi secured CFTC approval to launch bitcoin perpetual futures. Additionally, the firm has recently submitted applications for stock index perpetual futures. Copper, a critical raw material for infrastructure including power grids, construction, electric vehicles, electronic devices, and AI data centers, is already widely traded on exchanges such as CME COMEX, London Metal Exchange (LME), and Shanghai Futures Exchange.
Coinbase has added more than 290 perpetual contract markets to the Base App through Hyperliquid, giving eligible users access to leverage of up to 50 times.
Summary
More than 290 perpetual markets are available through the Base App. Hyperliquid executes the trades while users remain inside their existing wallets. Leverage reaches 50x on supported markets, raising the risk of liquidation. Users in the United States, United Kingdom, and Canada cannot access the product. According to an Aug. 19 report, Coinbase said that the integration covers Bitcoin, Ethereum, and contracts tied to stocks and commodities, although the leverage limit varies by market.
Coinbase brings Hyperliquid trading into Base App Rather than operating a separate derivatives venue inside the Base App, Coinbase is routing perpetual contract orders to Hyperliquid for execution. Users can open and manage positions without leaving their existing wallets, according to the company.
Coinbase Head of Engineering Chintan Turakhia described Hyperliquid as one of the highest-performance on-chain perpetual trading protocols, pointing to its liquidity and execution speed as reasons for the integration.
“Because we support multiple chains and ecosystems, this integration lets our users tap into its deep liquidity and speed without ever leaving their existing wallet,” Turakhia said in a statement.
The arrangement keeps the trading interface inside the Base App while relying on Hyperliquid’s infrastructure to process orders. Coinbase did not disclose whether it receives a share of trading fees, pays Hyperliquid for order execution, or applies additional charges to trades placed through the app.
Perpetual contracts let traders take long or short positions on an asset without buying the underlying instrument. Unlike dated futures, the contracts have no fixed expiry, while funding payments between long and short traders help keep their prices close to the referenced market.
Alongside Bitcoin and Ethereum, the available markets include contracts linked to equities and commodities. Coinbase did not provide a complete list of the supported markets in its announcement, and leverage can fall below the advertised 50x maximum depending on the asset.
The stock-linked products provide price exposure through derivatives rather than ownership of company shares. Traders therefore do not receive voting rights, dividends or other rights normally attached to the underlying stock.
A June report on pre-IPO perpetuals examined Coinbase’s contracts tied to private companies, including SpaceX, OpenAI, and Anthropic. Such products rely on constructed reference prices because privately held companies do not have continuously traded public shares.
Up to 50x leverage raises liquidation risk Using 50x leverage allows a trader to control a position worth 50 times the capital committed as margin. The same structure can amplify losses, with relatively small price changes capable of exhausting the funds supporting a position.
Coinbase said positions may be liquidated when losses pass the applicable maintenance threshold. Hyperliquid’s execution system can close a position if the trader no longer has enough collateral to keep it open, although the precise liquidation level depends on the market, position size, and leverage selected.
Turakhia said perpetual contracts account for about 75% of current cryptocurrency trading volume, describing the product as the most requested addition among frequent Base App users.
“Perps are where the volume is—roughly 75% of all crypto trading today is perps, not spot,” he said.
Coinbase did not identify the dataset or measurement period behind the 75% figure. Trading-volume estimates can differ depending on whether a calculation includes centralized exchanges, decentralized protocols, dated futures, options, and exchanges that do not publish independently verified figures.
Hyperliquid has developed into one of the largest on-chain venues for perpetual contracts. A May review of the protocol cited industry trackers showing that it processed more monthly perpetual volume than several competing decentralized platforms combined.
For Base App users, the integration removes the need to open a separate Hyperliquid interface before entering a position. Coinbase, however, has not said whether the Base App will offer every Hyperliquid order type or provide the same trading controls available through Hyperliquid’s native platform.
US users remain blocked from Base App perpetuals Coinbase said the new perpetual product is unavailable in the United States, the United Kingdom, Canada, and other jurisdictions that restrict leveraged cryptocurrency derivatives.
American customers therefore cannot use the Base App integration to trade Hyperliquid perpetuals. Coinbase offers separate futures products in the United States through Coinbase Financial Markets, a futures commission merchant registered with the Commodity Futures Trading Commission and a member of the National Futures Association.
According to Coinbase’s risk disclosures, its regulated U.S. futures service can liquidate positions if a customer’s margin ratio reaches 100%. The company also warns that leveraged futures may produce losses exceeding the amount initially deposited.
Funds placed in a U.S. Coinbase Financial Markets futures account fall under CFTC customer-protection rules, including segregation requirements. Coinbase states that ordinary spot balances held by Coinbase Inc. do not receive the same protection.
Hyperliquid perpetuals inside the Base App are separate from the regulated U.S. futures service. Coinbase has not announced a timetable for seeking American access to the new integration or identified a U.S.-regulated entity that would offer the contracts.
The geographic limits also exclude UK users from the product, even though Coinbase has recently expanded other services in the country. In August, the exchange began rolling out access to almost 4,000 U.S. stocks for eligible UK customers, with trading available 24 hours a day on weekdays.
Base App has returned its focus to financial products The Hyperliquid integration follows a change in Base App’s product priorities after its earlier focus on social feeds, creators, and creator tokens failed to produce the user growth its developers expected.
As crypto.news reported in July, Base creator Jesse Pollak said the network had fallen behind in prediction markets and perpetual futures while concentrating on social products.
Pollak wrote that demand for the social features had “disintegrated completely” and called the creator-led approach the “wrong bet.” He subsequently stepped back from leading the Base App to concentrate on the development of the Base blockchain, while Coinbase resumed control of the application.
Trading, payments, stablecoins, and AI agents have since taken a more prominent role in the app’s development. Coinbase has also pursued an “Everything Exchange” model that combines crypto markets with stocks, derivatives, prediction markets, and other financial products.
In July, coverage of prediction markets showed that Coinbase had described the category as one of its fastest-growing products. The company’s first-quarter 2026 shareholder materials said retail derivatives had passed $200 million in annualized revenue, while derivatives volume over the previous 12 months had risen 169% year over year.
Base already offered perpetual trading through Avantis and prediction markets through Limitless, but Pollak acknowledged in July that both products trailed larger competitors. Dune Analytics data cited at the time showed that Limitless accounted for about 0.5% of monthly prediction-market notional volume.
Japanese and South Korean stock indexes opened higher, with South Korea’s KOSPI index rising 3.2% at the open.
According to Bitget market data, the Nikkei 225 index opened 461.11 points higher on Thursday, August 20, with a 0.71% gain to 65,787.53 points. South Korea’s KOSPI index opened 3.2% higher, with SK Hynix surging over 7% and Samsung Electronics climbing more than 3%.
4 minutes ago
Linera claims it aims to become the 'next Hyperliquid' and will promote the LNRA token sale.
New public blockchain Linera, founded by former Libra employees, announced today that it aims to become the "next Hyperliquid" and teased an upcoming LNRA token sale. Linera said it is following Hyperliquid’s playbook: building its own dedicated chain, focusing on consumer products, operating with a small team, generating real revenue first, and prioritizing user rewards. Its core product is a real-time prediction market at app.linera.xyz, which can launch, operate, and settle within one minute. The project uses a parallel microchains architecture, supporting thousands of small markets to run simultaneously, with final confirmation times typically under one second—solving congestion and high fees that plague general-purpose blockchains in real-time use cases. All markets operate on a pure player-versus-player (PvP) model, with no house and no external market makers required. The core team numbers just five members. Users who earn badges by engaging with the product will get priority access to an exclusive subscription pool for the LNRA sale. Detailed sale information will be announced at a later date.
4 minutes ago
US CFTC Seeks Public Comment on AI Computing Power Futures
As industry giants begin to accept compute power as a tradable asset, the U.S. Commodity Futures Trading Commission (CFTC) is seeking public comments on compute power futures contracts. Multiple exchanges, including CME Group (CME), Intercontinental Exchange (ICE), and emerging fintech firm Architect Financial Technologies, have announced plans to launch such contracts once regulatory approval is secured. These exchanges argue that establishing a compute power futures market would help end-users and speculators hedge against risks like energy shortages or other issues that could hinder technological progress for AI developers. CFTC Chair Michael Selig said in a Wednesday statement: "Without a robust compute power derivatives market, the U.S. cannot win the AI race. This public comment period is the first step toward establishing clear rules for the U.S. compute power market." One of the issues covered in the CFTC’s public comment process is how compute power futures differ from other derivatives or underlying commodities already regulated by the agency. If compute power futures are permitted to list on CFTC-regulated exchanges, further standardization of variables affecting compute power prices may be required, including price indices used for settlement reference and other related factors.
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U.S. stocks: The three major indexes closed higher this morning, Moderna surged 177%, and crypto-related stocks rallied sharply.
According to market data from BIT (Bit.com), U.S. stocks closed on Wednesday: the Dow Jones Industrial Average initially rose 0.22%, the S&P 500 gained 0.21%, and the Nasdaq advanced 0.16%. Moderna (MRNA.O) surged 176.9%, while Merck (MRK.N) climbed 12.6%. Moderna and Merck announced that their jointly developed personalized mRNA cancer vaccine intismeran autogene (formerly mRNA-4157/V940), in combination with Merck’s immunotherapy drug Keytruda (pembrolizumab), met both the primary endpoint and key secondary endpoints in the Phase III clinical trial (INTerpath-001) for patients with high-risk melanoma (skin cancer). Marvell Technology (MRVL.O) rose over 9.8%, SK Hynix (SKHY.O) gained 0.35%, SanDisk (SNDK.O) fell 3.5%, and Micron Technology (MU.O) dropped 0.39%. In terms of crypto-related stocks: Strategy’s share price rose 11.95% to $103.58, having surged more than 13% intraday; Coinbase climbed 9.05% to $159.47; stablecoin issuer Circle increased 9.44% to $78.50; and Ethereum reserve firm BitMine gained 9.68% to $20.05.
4 minutes ago
Key takeaways from Trump’s crypto-friendly remarks: He disclosed that the U.S. government has discussed accumulating a "significant amount" of Bitcoin, vowed to end the "war on crypto" entirely, and urged the prompt passage of the Genius Act.
U.S. President Donald Trump met with executives from crypto and fintech firms including Coinbase, Ripple, Robinhood, Gemini, and Chainlink at the White House’s Roosevelt Room on Wednesday local time, delivering a speech in support of cryptocurrencies. Trump said his administration has “completely ended the war on cryptocurrencies,” noting the industry is thriving, and the U.S. must retain its “undisputed leadership” in areas such as Bitcoin, cryptocurrencies, prediction markets, and artificial intelligence, while committing to becoming the “world’s crypto capital.” He added that the U.S. government has discussed accumulating “significant quantities” of Bitcoin and other cryptocurrencies, claiming crypto assets “have greatly eased pressure on the U.S. dollar.” Meanwhile, he urged Congress to pass a “fair version” of the Clarity Act (Digital Asset Market Clarity Act) promptly, arguing this would keep the U.S. ahead of China and other countries. Trump also noted that the SEC Chair is working to bring Hyperliquid to the U.S. market in a compliant manner, and highlighted policy achievements including the signed Genius Act (stablecoin legislation), strategic Bitcoin reserves, and the ban on central bank digital currencies (CBDCs).
4 minutes ago
Kalshi Seeks CFTC Approval for Copper Perpetual Futures, Prediction Market Platforms Accelerate Expansion Into Derivatives Sector
Prediction market platform Kalshi has submitted an application to the U.S. Commodity Futures Trading Commission (CFTC) to launch copper price-linked perpetual futures contracts. According to an August 18 filing, the proposed COPPERPERP contract will track copper spot prices priced in U.S. dollars per pound, utilizing price data from blockchain data service provider Pyth Network. The contract will be cash-settled with no physical copper delivery involved. Unlike traditional futures, perpetual futures have no expiration date, enabling traders to hold positions long-term without rolling over, and maintain price alignment with the spot market via a periodic funding rate mechanism between long and short parties. This application signals Kalshi’s further expansion beyond the bounds of traditional event prediction markets into the commodities and financial derivatives space. Earlier this May, Kalshi secured CFTC approval to launch bitcoin perpetual futures. Additionally, the firm has recently submitted applications for stock index perpetual futures. Copper, a critical raw material for infrastructure including power grids, construction, electric vehicles, electronic devices, and AI data centers, is already widely traded on exchanges such as CME COMEX, London Metal Exchange (LME), and Shanghai Futures Exchange.
U.S. stocks: The three major indexes closed higher this morning, Moderna surged 177%, and crypto-related stocks rallied sharply.
According to market data from BIT (Bit.com), U.S. stocks closed on Wednesday: the Dow Jones Industrial Average initially rose 0.22%, the S&P 500 gained 0.21%, and the Nasdaq advanced 0.16%. Moderna (MRNA.O) surged 176.9%, while Merck (MRK.N) climbed 12.6%. Moderna and Merck announced that their jointly developed personalized mRNA cancer vaccine intismeran autogene (formerly mRNA-4157/V940), in combination with Merck’s immunotherapy drug Keytruda (pembrolizumab), met both the primary endpoint and key secondary endpoints in the Phase III clinical trial (INTerpath-001) for patients with high-risk melanoma (skin cancer). Marvell Technology (MRVL.O) rose over 9.8%, SK Hynix (SKHY.O) gained 0.35%, SanDisk (SNDK.O) fell 3.5%, and Micron Technology (MU.O) dropped 0.39%. In terms of crypto-related stocks: Strategy’s share price rose 11.95% to $103.58, having surged more than 13% intraday; Coinbase climbed 9.05% to $159.47; stablecoin issuer Circle increased 9.44% to $78.50; and Ethereum reserve firm BitMine gained 9.68% to $20.05.
1 seconds ago
Key takeaways from Trump’s crypto-friendly remarks: He disclosed that the U.S. government has discussed accumulating a "significant amount" of Bitcoin, vowed to end the "war on crypto" entirely, and urged the prompt passage of the Genius Act.
U.S. President Donald Trump met with executives from crypto and fintech firms including Coinbase, Ripple, Robinhood, Gemini, and Chainlink at the White House’s Roosevelt Room on Wednesday local time, delivering a speech in support of cryptocurrencies. Trump said his administration has “completely ended the war on cryptocurrencies,” noting the industry is thriving, and the U.S. must retain its “undisputed leadership” in areas such as Bitcoin, cryptocurrencies, prediction markets, and artificial intelligence, while committing to becoming the “world’s crypto capital.” He added that the U.S. government has discussed accumulating “significant quantities” of Bitcoin and other cryptocurrencies, claiming crypto assets “have greatly eased pressure on the U.S. dollar.” Meanwhile, he urged Congress to pass a “fair version” of the Clarity Act (Digital Asset Market Clarity Act) promptly, arguing this would keep the U.S. ahead of China and other countries. Trump also noted that the SEC Chair is working to bring Hyperliquid to the U.S. market in a compliant manner, and highlighted policy achievements including the signed Genius Act (stablecoin legislation), strategic Bitcoin reserves, and the ban on central bank digital currencies (CBDCs).
1 seconds ago
Kalshi Seeks CFTC Approval for Copper Perpetual Futures, Prediction Market Platforms Accelerate Expansion Into Derivatives Sector
Prediction market platform Kalshi has submitted an application to the U.S. Commodity Futures Trading Commission (CFTC) to launch copper price-linked perpetual futures contracts. According to an August 18 filing, the proposed COPPERPERP contract will track copper spot prices priced in U.S. dollars per pound, utilizing price data from blockchain data service provider Pyth Network. The contract will be cash-settled with no physical copper delivery involved. Unlike traditional futures, perpetual futures have no expiration date, enabling traders to hold positions long-term without rolling over, and maintain price alignment with the spot market via a periodic funding rate mechanism between long and short parties. This application signals Kalshi’s further expansion beyond the bounds of traditional event prediction markets into the commodities and financial derivatives space. Earlier this May, Kalshi secured CFTC approval to launch bitcoin perpetual futures. Additionally, the firm has recently submitted applications for stock index perpetual futures. Copper, a critical raw material for infrastructure including power grids, construction, electric vehicles, electronic devices, and AI data centers, is already widely traded on exchanges such as CME COMEX, London Metal Exchange (LME), and Shanghai Futures Exchange.
1 seconds ago
Trump again criticizes the Federal Reserve's high interest rate policy, saying the US should bear lower financing costs.
US President Donald Trump once again criticized the Federal Reserve’s interest rate policy on Wednesday, stating that amid positive economic data, the central bank should not block interest rate cuts, and that the US should pay “much lower” interest rates. Trump said Federal Reserve Chair Kevin Warsh is “doing a good job,” but criticized the Federal Reserve Board for having “political factors,” noting that some members were appointed by Obama, Biden, and himself, and may support keeping rates high for political reasons. He added that in the past, improving economic data typically led to lower interest rates, but now “the better the data, the higher the rates instead.” Trump argued that interest rate cuts would not only boost economic growth, but also reduce financing pressure on the US’s nearly $40 trillion debt. However, the Federal Reserve has not raised rates since 2023, and launched a rate-cut cycle in the second half of 2025, cutting rates six times in total. The minutes of the Fed’s July meeting showed that most officials believe that if inflation fails to cool further, it may still be necessary to maintain high rates in the future. Trump also complained that US interest rates are higher than those of some overseas economies, citing Switzerland’s benchmark rate of around 0.5% as an example, calling the US’s current rate of about 3.5% “unreasonable.” On the same day, the US Treasury Department announced an expansion of its long-term Treasury bond repurchase operations, at least doubling the scale of its 10-year to 30-year Treasury bond repurchases from $2 billion per operation to $4 billion, to boost liquidity in the long-term bond market. Markets view the move as helpful in easing recent upward pressure on US Treasury yields.
1 seconds ago
US crypto-related stocks surged collectively, with Strategy gaining nearly 12% and Coinbase rising 9%.
As Bitcoin approaches $70,000, crypto-related stocks notched their largest single-day gain since summer on Wednesday, with major players including Strategy (MSTR), Coinbase (COIN), Circle (CRCL), and BitMine (BMNR) rallying sharply. Bitcoin reserve firm Strategy’s stock rose 11.95% to $103.58, surging over 13% at one point during the session. Crypto exchange Coinbase gained 9.05% to $159.47; stablecoin issuer Circle climbed 9.44% to $78.50; and Ethereum reserve firm BitMine jumped 9.68% to $20.05. The rally was primarily driven by Bitcoin’s short-covering squeeze. As Bitcoin pushed toward $70,000, numerous bearish positions were forced to liquidate, leading to nearly $2 billion in crypto market liquidations over the past 24 hours. Additionally, the U.S. Treasury expanded its long-term Treasury repurchase operations, improving market liquidity expectations and spurring broad gains in risk assets. Stocks like Strategy and Coinbase were also boosted by short covering: both firms had previously ranked among Wall Street’s most heavily shorted stocks, and as share prices rebounded rapidly, some short sellers were forced to buy to close positions, further amplifying gains. Strategy currently holds around 840,000 Bitcoin, with its stock price highly correlated to BTC’s value. BitMine, meanwhile, holds approximately 5.82 million ETH, making it one of the publicly listed companies with the closest pure exposure to Ethereum. However, despite the sharp rebound, Strategy, Coinbase, and BitMine are still down year-to-date. The market is now closely watching whether Bitcoin can break through and hold the $70,000 resistance level to determine if this rally marks a trend reversal or a short-term short squeeze.
1 seconds ago
HYPE surges more than 22% in 24 hours; Trump says US SEC Chair is pushing Hyperliquid to enter the U.S. in a compliant manner.
Per HTX market data, HYPE has jumped over 22% in the past 24 hours, currently trading at $71.94. On the news front, US President Donald Trump stated that SEC Chair is working to advance Hyperliquid’s entry into the US market. Trump noted that relevant efforts are ongoing, with the goal of enabling Hyperliquid to operate under the US regulatory framework. No specific implementation plan or timeline has been disclosed yet. Earlier, Hyperliquid representatives discussed digital asset regulatory issues with the US SEC Crypto Assets Working Group, covering Hyperliquid’s ecosystem, technical architecture, and market regulatory pathways.
U.S. President Donald Trump met with executives from crypto and fintech firms including Coinbase, Ripple, Robinhood, Gemini, and Chainlink at the White House’s Roosevelt Room on Wednesday local time, delivering a speech in support of cryptocurrencies. Trump said his administration has “completely ended the war on cryptocurrencies,” noting the industry is thriving, and the U.S. must retain its “undisputed leadership” in areas such as Bitcoin, cryptocurrencies, prediction markets, and artificial intelligence, while committing to becoming the “world’s crypto capital.” He added that the U.S. government has discussed accumulating “significant quantities” of Bitcoin and other cryptocurrencies, claiming crypto assets “have greatly eased pressure on the U.S. dollar.” Meanwhile, he urged Congress to pass a “fair version” of the Clarity Act (Digital Asset Market Clarity Act) promptly, arguing this would keep the U.S. ahead of China and other countries. Trump also noted that the SEC Chair is working to bring Hyperliquid to the U.S. market in a compliant manner, and highlighted policy achievements including the signed Genius Act (stablecoin legislation), strategic Bitcoin reserves, and the ban on central bank digital currencies (CBDCs).
On October 10 last year, a Friday, a tariff headline hit an over-leveraged market, and roughly $19 billion in positions were liquidated within 24 hours, most of them longs, most of them retail.
Bitcoin fell from above $120,000 to around $105,000. Solana lost 40% before finding a bid, and more than 1.6 million accounts went to zero or close to it. Prices eventually stabilized. The people did not come back the same way.
Ten months on, October 10 will be remembered less for the crash itself than for what it did to retail behavior. The risk appetite survived. It just stopped showing up in the same places.
Biggest Crypto Liquidations of All-Time. Source: Coinglass
A Drawdown for Some, a Wipeout for Others
The October 10 crash showed how different spot and futures trading are, if it wasn’t clear before. A spot trader took a brutal hit that day, but they still held on to their coins. They can still wait for prices to eventually go back up. But a perpetual futures trader likely has nothing left.
Rebuilding capital from zero is a different project than sitting through a bad year.
Every dataset since carries the mark. On-chain perp volumes fell for five straight months after October, from $1.36 trillion to under $700 billion, with no bounce in between.
An estimated 38% of altcoins now sit near all-time lows, a worse reading than the aftermath of FTX, and the median altcoin trades roughly 79 percent below its cycle peak.
Tokens that carried multi-billion-dollar valuations in September learned in October that there was no bid underneath them until they were 50-80% lower.
Something else shifted alongside the prices. With stock markets setting records on AI, crypto stopped being the only destination for risk capital, and investors started demanding an answer to a question this industry dodged for years: what is a token actually worth when speculators’ attention moves elsewhere?
Bitcoin Price Chart Since October 10, 2025. Source: CoinGecko
Why Hyperliquid Went Up While Markets Crashed
Hyperliquid is instructive because it had an answer. HYPE traded down into the mid-$20s over the winter, then set a new all-time high near $77 in June on the back of more than $650 million in annual revenue, and now carries a market cap above $12 billion.
A crypto business with real cash flow got repriced upward in the middle of a bear market. The wave of perpetual DEXs that launched to copy it mostly did not, because they were not creating new traders so much as renting the same ones from each other.
One prominent venue lost 83% of its monthly volume the moment its incentive season ended. The industry kept adding venues while the pool of perp traders shrank. Hyperliquid is starting to look like the exception, not the template.
Hyperliquid Monthly Revenue and TVL. Source: DeFilLama
The Game That Never Needed Leverage
Meanwhile, the traders everyone assumed would be the first casualties were barely noticed. Meme coin traders came through October relatively intact because their game never ran on leverage, and by January, while altcoins bled out, pump.fun was printing an all-time high above $2 billion in daily volume.
Roughly 97% of meme coins die. Every serious participant knows it and plays anyway. There is no white paper to read and usually no technology to evaluate. Because dead tokens are part of the design, the way lost hands are part of poker.
What gets analyzed instead is holder counts, wallet concentration, supply distribution, who bought and when, and how fast attention is spreading. Market structure, attention, and social coordination. That is the asset.
The closest analogy is competitive gaming rather than investing. These traders grind, refine their tactics, study the other players at the table, and treat a losing trade as one bad round in a long session rather than a failed thesis.
The goal is not to invest in an asset. It is to win a PvP game.
Where the Volume Went
So are the perpetual futures dying along with the altcoin market it grew up on? The volume data points the other way.
In the first five months of 2026, exchanges processed $1.32 trillion in perpetual futures tied to stocks, indices, and commodities, against $104 billion in all of 2025. The first regulated tokenized-equity perps went live in February.
The S&P 500 now has a licensed on-chain perpetual, and when Wall Street closes on Friday afternoon, these contracts keep trading through the weekend, increasingly setting the price Monday opens against.
Some exchanges, like Phemex, launched TradFi futures. This is because users have been demanding it through their behavior, if not their words.
Tesla, Apple, Nvidia, gold, silver, and the major indices now trade around the clock on the same USDT account and margin system as their crypto positions, and volume crossed $100 million on day one. Nobody was holding out for another altcoin listing. They wanted something worth trading at 3 a.m. on a Sunday.
As today’s meme coin traders age and accumulate capital, many of them will likely diversify into exactly these markets, on rails they already know how to use.
The Rewiring: Crypto Will Never Be the Same Again
The 2020 version of this industry, hundreds of tokens sustaining deep valuations and deep perp books all at once, is probably gone for good. What replaced it is narrower and more honest.
On one end, a fast, explicitly player-versus-player game in the memecoin ecosystem. On the other hand, perpetual futures are quietly becoming infrastructure for global markets.
The market that produced the last altcoin boom may never come back. The infrastructure it built is getting started, and it is already moving markets far beyond crypto. Our job is to be where speculation is going, not where it was.
Hyperliquid, Ethereum, and Solana have all seen notable price increases, each rising by over 20% in the past 24 hours. Hyperliquid’s native token HYPE was around $72.19 with a 23.1% gain, while Ethereum’s ETH stood at approximately $1,921.93. Solana’s recent surge is attributed to ongoing developments within its network, rather than a single major market event. These price movements place all three assets among the strongest performers in the crypto top 100 for the day. Market participants appear to be showing significant interest, particularly in Solana, as its price momentum increases the likelihood of reaching higher targets in August.
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Key Takeaways The recent price surge in Solana suggests market participants are optimistic about its potential to reach higher price targets within August. Hyperliquid’s HYPE token rise is consistent with strong interest due to its token-burn and buyback mechanics. Ethereum’s steady price increase aligns with continued market confidence in its long-term utility and relevance. What to Watch Observers will be monitoring whether Solana can sustain its upward momentum, with potential catalysts including network upgrades and institutional interest. The focus will also be on any developments from the Solana Foundation and ecosystem leaders, particularly as they relate to technological upgrades and potential ETF approvals. Market participants may also keep an eye on macroeconomic factors that could influence broader market trends.
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Term Structure
Contract Odds Δ since publish Volume 24h September 1 2026 0.1% — — View market → September 1 2026 0.9% — — View market → September 1 2026 0.9% — — View market → September 1 2026 1.3% — — View market → September 1 2026 16.2% — — View market → September 1 2026 66.4% — — View market → September 1 2026 7% — — View market → September 1 2026 1.2% — — View market → September 1 2026 0.4% — — View market → September 1 2026 0.1% — — View market → September 1 2026 0.7% — — View market →
The move marks one of the most direct pushes by a decentralised finance platform to bring an on-chain product into the U.S. regulatory mainstream.
What Are IPOPs?
The groups cite that track record as evidence of genuine market demand. , a gap the groups argue shows these contracts can produce meaningful pricing signals ahead of a public listing.
The Regulatory Ask
The petition builds on prior engagement with Washington. The latest filing takes that conversation a step further by putting specific rule proposals on the table.
The push comes as U.S. regulators are already rethinking how they approach perpetual products more broadly. Whether that regulatory momentum extends to equity-linked pre-IPO contracts remains to be seen.
Sources:
Crypto Briefing: Hyperliquid Policy Center and trade[XYZ] petition SEC for pre-IPO perpetual framework
MoneyCheck: Hyperliquid urges SEC to allow pre-IPO perpetual markets for U.S. investors
Proskauer Rose: The CFTC approves U.S.-listed perpetual futures
Unitree Robotics stock opened 629% above its IPO price in Shanghai on Wednesday, overshooting the valuation crypto derivatives traders had priced into pre-IPO perpetual futures.
The Hangzhou company raised about 6.1 billion yuan, or $905 million. Its stock opened at 1,100 yuan against an offer price of 150.8 yuan, then pared gains to 968.1 yuan.
Pre-IPO Perps Called the Unitree Stock Pop and Still Undershot ItPerpetual futures tracking Unitree changed hands near $100 on Hyperliquid on Tuesday. That level implied a valuation of $40.5 billion, according to Bloomberg.
The offering itself valued the robot maker at nearly $9 billion. Perp pricing, therefore, signaled a first-day gain of roughly 347%. The open delivered 629%.
Perpetual futures for CXMT, the Chinese memory-chip maker, also pointed to a sharp rally before its debut last month.
IPO-linked perps have attracted growing attention this year, particularly for highly anticipated listings. Contracts tracking SpaceX, for example, drew significant trading interest ahead of its June IPO.
Most equity-linked perpetuals give traders exposure to US companies. CXMT and Unitree mark a notable expansion of that market, offering exposure to companies listed on the mainland China market.
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DeepSeek Money Meets a 50,000 Robot ForecastUnitree’s IPO drew strong demand from both retail and institutional investors. Last week, the Chinese robotics maker said its offering was more than 8,000 times oversubscribed among retail investors.
The company’s existing backers include Chinese technology giant Tencent. DeepSeek, the Chinese artificial intelligence (AI) company, has also invested about 140.8 million yuan ($19.6 million) in Unitree.
The firm also unveiled its latest humanoid robot, Superman, on Monday ahead of the IPO. The company says the robot can perform a standing jump of more than 2 meters and reach a top running speed of 12.66 meters per second.
The strong investor interest comes as expectations for China’s humanoid robotics industry continue to rise. In June, Morgan Stanley nearly doubled its 2026 forecast for Chinese humanoid shipments to 50,000 units, up from 28,000. The bank expects the market to grow from $2 billion this year to $15 billion by 2030.
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Hyperliquid Policy Center and trade[XYZ] asked the U.S. Securities and Exchange Commission on Aug. 18 to create a regulatory framework for pre IPO perpetual contracts.
Summary
Hyperliquid Policy Center and trade[XYZ] submitted five proposed regulatory pillars for pre IPO perpetual contracts. IPOP holders receive price exposure without shares, voting rights, allocation rights, or issuer claims whatsoever. Five completed trade[XYZ] markets preceded listings by between one and twenty five calendar days only. SEC has posted the letter publicly but has not endorsed or approved the proposed products. CFTC policy says equity perpetuals would benefit from coordinated review by both federal regulators together. The SEC added the joint submission to its public IPO modernization docket. Posting the letter confirms its receipt but does not mean the agency supports its recommendations or has approved the products.
The groups call the proposed instrument an IPOP. It would provide cash settled price exposure to a company approaching a public listing without conveying shares, voting rights, IPO allocations or claims against the issuer.
Hyperliquid proposal seeks five regulatory pillars The 15 page letter asks the SEC and Commodity Futures Trading Commission to determine whether equity linked perpetuals are security futures or security based swaps. The classification would decide which registration, trading venue, clearing and margin requirements apply.
The groups also proposed rules covering product disclosures, listing eligibility, investor access and market integrity. They recommended disclosures addressing funding rates, leverage, liquidations, pricing methods, settlement and contract conversion rather than treating holders as equity owners.
Americans should have access to pre-IPO perpetuals.
Cerebras opened 89% above its IPO price. SK Hynix 14%. SpaceX 11%. Each time, a public market on Hyperliquid signaled the gap before trading began.IPO modernization offers a chance to put that price signal to work for issuers… https://t.co/FAIMrUYHIq
— Hyperliquid Policy Center (@HyperliquidPC) August 18, 2026 Listing rules could limit an IPOP to a defined period after a company publicly files registration documents. Oracle and settlement procedures would be announced in advance, while changes would need disclosure.
Market integrity provisions could include audit trails, conflict controls and restrictions on deployers or affiliates trading while holding material nonpublic information. A phased rollout could also impose leverage and position limits before expanding access to retail investors.
Five markets underpin the price discovery argument Trade[XYZ] told the SEC it had completed five IPOP markets tied to Cerebras, Quantinuum, SpaceX, SK Hynix and ChangXin Memory Technologies. The products operated for between one and 25 days before the referenced listings.
According to the applicants’ data, each contract’s final price before trading began was within 0.44% to 7.23% of the relevant stock’s opening price. Four U.S. offerings priced between 10.8% and 38.4% below the IPOP level recorded one day earlier.
Those figures support the groups’ claim that continuously traded derivatives “could” provide issuers and underwriters with an independent measure of demand. They do not establish how the products would perform across a larger or less active group of listings.
The SEC has not independently endorsed those performance claims. A five market sample is also too limited to establish that similar contracts would consistently improve IPO pricing.
As previously reported, the SpaceX product exposed a regulatory gray zone around private markets. SpaceX had not authorized the contract and received no proceeds from its trading.
Oracle risk remains central to investor protection Pre IPO perpetuals depend on pricing and settlement rules designed by market deployers. Unlike listed stocks, private companies may lack a continuous, authoritative market price before their public debut.
Trade[XYZ] experienced a related problem after one unusually low SK Hynix share transaction entered its oracle inputs. As crypto.news reported, the SK Hynix pricing anomaly pushed the perpetual’s mark price down about 18% and triggered liquidations.
Trade[XYZ] later agreed to cover eligible losses as a discretionary measure. The company said its oracle followed its published design, although the external transaction involved only one share in a thin trading session.
The episode supports the letter’s call for disclosed oracle rules and market controls. It also shows why an accurate technical process may still produce a price that does not represent a deep or durable market.
SEC and CFTC must settle product classification Trade[XYZ] currently operates these markets offshore and excludes U.S. persons. No approved U.S. pre IPO perpetual framework presently gives American retail traders access to the products described in the letter.
The CFTC’s May 29 policy established case by case review for perpetual contracts outside the Bitcoin product it approved for KalshiEX. The related policy text said equity based perpetuals would benefit from coordinated SEC and CFTC review.
The agencies have separately asked whether a cash settled perpetual referencing an equity security could qualify as a security future. Their eventual answer would determine whether current security futures rules can accommodate an instrument tied to a company whose shares have not yet started trading.
No response deadline applies to the Hyperliquid submission, and the SEC does not have to adopt its recommendations. Further steps could include staff discussions, another request for comment, joint agency guidance or formal rulemaking.
The White House Tech Leadership Summit is taking place today, with Trump attending alongside the chairs of the SEC and CFTC and multiple crypto industry executives.
Crypto journalist Eleanor Terrett posted that the White House Tech Leadership Conference will kick off at 2:30 PM ET today. U.S. President Donald Trump is expected to deliver remarks alongside SEC Chair Paul Atkins and CFTC Chair Selig. Expected attendees from crypto and traditional finance sectors include Coinbase CEO Brian Armstrong, Ripple CEO Brad Garlinghouse, Payward/Kraken Co-CEO Arjun Sethi, Gemini co-founders Cameron Winklevoss and Tyler Winklevoss, Chainlink co-founder Sergey Nazarov, a16z partner Chris Dixon, Blockchain.com CEO Peter Smith, BitGo CEO Mike Belshe, and others. Additionally, leaders of industry groups such as the Digital Chamber, Blockchain Association, and Crypto Council for Innovation, as well as ICE (parent company of the New York Stock Exchange) CEO Jeff Sprecher and Nasdaq CEO Adena Friedman, are also set to attend. Patrick Witt, executive director of the White House Crypto Council, will also participate in the conference.
4 minutes ago
The yield on the 30-year U.S. Treasury note fell 10 basis points intraday to 5.18%.
According to Bitget data, the yield on the US 30-year Treasury bond fell 10 basis points intraday to 5.18%.
4 minutes ago
US retail investors’ put option buying volume surged, with defensive demand rising, though they continued to buy tech stocks on dips.
According to data from research firm Vanda Research, U.S. retail trading behavior has clearly shifted to a defensive posture since April this year. While the total volume of direct stock purchases has declined, the buying volume of put options for the 12 most popular stocks favored by retail investors in 2026 has nearly doubled compared to the first quarter; the proportion of related option purchases to net cash purchases has also risen from around 26% to 110%. Kaidi Meng, global equity strategist at Vanda, noted that unlike the past when retail investors almost uniformly "buy the dip", this year they have become more selective, starting to rotate quickly between stocks, or allocate protective put options while purchasing individual stocks. Since mid-April, trading activity in bullish tech ETFs has dropped by around 50%, while bearish ETF activity has fallen by about 35%, indicating that overall long exposure has contracted. However, data from Charles Schwab shows that retail investors as a whole have not turned bearish. In July, the number of buyers on its platform still outnumbered sellers by more than two times, and the STAX trading activity index rose from 59.12 in June to 59.80, hitting its highest level since January 2022. Retail investors continued to buy high-volatility popular individual stocks during tech stock pullbacks, while funds also rotated from Nvidia to other assets. Joe Mazzola, chief trading and derivatives strategist at Charles Schwab, said some investors are selling put options on Nvidia, Micron, and SanDisk to collect option premiums, while moderately increasing holdings of low-cost QQQ put options to hedge against downside risks in the broader tech sector. He believes that current portfolio defensive moves are evident, but not overly aggressive.
4 minutes ago
The Nasdaq Biotechnology Index hits a new high, with MRNA surging 153%.
According to market data from BIT (bit.com), the Nasdaq Biotechnology Index climbed 5.3% to hit a new all-time high, while Moderna (MRNA) surged 153%.
4 minutes ago
X Layer launches RWA ecosystem liquidity incentive program, with a total incentive pool of $5 million.
According to official announcements, X Layer has officially launched its RWA ecosystem liquidity incentive program, with a total incentive pool of $5 million, aimed at enhancing the liquidity and trading experience of RWA ecosystem assets. The incentive will be implemented in multiple rounds; the first round will allocate $300,000 in liquidity incentives, covering liquidity for all RWA-related trading pairs, including pairs of RWA assets and stablecoins, as well as pairs of RWA assets and ecosystem tokens. It is reported that X Layer is continuously refining its RWA ecosystem infrastructure to support the on-chain issuance, trading, and circulation of more RWA assets.
4 minutes ago
Binance Blockchain Week will be held in Bangkok, Thailand in November, focusing on the integration of traditional finance and the crypto industry.
Binance announced that Binance Blockchain Week will take place at the Queen Sirikit National Convention Center (QSNCC) in Bangkok, Thailand, from November 28 to 29, 2026. This marks the event’s return to Asia after previous editions in Singapore, Istanbul, Paris, and Dubai. The conference, themed "EVOLVE", is expected to gather thousands of developers, institutional investors, fintech leaders, and policymakers, focusing on industry trends including institutional adoption of Bitcoin, stablecoin payments, institutional DeFi, RWA tokenization, tokenized stocks, cross-border payments, the integration of AI and the crypto sector, and regulatory frameworks. Binance Co-CEO Richard Teng noted that Asia will be a key market for the next phase of development and large-scale adoption of traditional finance and the crypto industry. Co-CEO and co-founder He Yi added that the next wave of mass crypto asset adoption will be driven by accessibility, education, and products that deliver real value, with Binance continuing to explore ways to make crypto assets more accessible, trustworthy, and integrated into daily financial life.
Key Highlights HYPE maintains trading position around $59.37, continuing its upward trajectory for the second consecutive session with buyers eyeing the $60.00 threshold. Major whale activity detected as 57,000 HYPE tokens valued at $3.36 million were withdrawn from Coinbase, indicating strong accumulation behavior. Hyperliquid Policy Center submitted formal recommendations to the SEC advocating for regulatory framework around pre-IPO futures trading. Derivatives market activity surged with an 18.98% increase to $1.74 billion, while short liquidations significantly exceeded long positions. Critical resistance zone identified at $62.48, with potential extension toward $68.00 if bullish momentum continues. The native token of Hyperliquid continues to demonstrate resilience on Tuesday, maintaining its position above the $59.00 threshold as market participants show renewed confidence in the asset.
Hyperliquid (HYPE) Price Currently valued at approximately $59.37, HYPE has established itself firmly above critical moving average indicators including the 50-day, 100-day, and 200-day EMAs. Technical indicators show the MACD has flipped bullish, while the Relative Strength Index hovers around 56, suggesting sustained buying pressure without entering overbought territory.
On-chain analytics revealed that a freshly established wallet address extracted 57,000 HYPE tokens from Coinbase, representing a $3.36 million transaction. This type of exchange withdrawal generally indicates reduced selling pressure as tokens move into cold storage, a pattern frequently associated with long-term holding strategies.
Despite this bullish signal, data shows net spot market inflows to exchanges reached $3.38 million during the same period. This indicates aggregate token deposits exceeded withdrawals, potentially introducing near-term supply dynamics that could temper immediate price appreciation.
Source; Coinglass Futures Market Shows Increased Engagement HYPE derivatives markets experienced substantial growth, with trading volume climbing 18.98% to reach $1.74 billion. Open Interest registered a modest increase of 0.73%, settling at $2.54 billion, while options trading volume exploded by 174.12% to $2.09 million.
The 24-hour Long/Short Ratio currently stands at 0.9689, reflecting a slight tilt toward bearish positioning. However, liquidation data tells a different story: short positions were forced to close to the tune of $1.14 million in the past day, substantially outpacing the $599,760 in long liquidations, suggesting bulls maintain control of price action.
Breaking: Hyperliquid Strategies is surging after Stan Druckenmiller's Family Office disclosed a new $23,150,000 stake in the company as of Q2$PURR has added ~$66,700,000 in market cap today pic.twitter.com/w8fp3JoNCb
— Autopilot (@joinautopilot) August 17, 2026
Cryptocurrency analyst Bluntz shared observations on social platform X, highlighting that HYPE completed an 86-day consolidation period during which both range extremes were tested and reclaimed. He emphasized that billionaire investor Stanley Druckenmiller recently allocated $23 million into HYPE through PURR, characterizing the technical and fundamental alignment as compelling.
SEC Receives Pre-IPO Futures Trading Proposal In a significant regulatory development, Hyperliquid Policy Center partnered with trade[XYZ] to submit comprehensive feedback to the US Securities and Exchange Commission. This correspondence directly addresses the regulator’s ongoing solicitation for innovative approaches to enhance the traditional IPO framework.
The submission references five completed cycles of pre-IPO perpetual futures markets on the Hyperliquid platform and identifies five critical regulatory considerations: proper classification of trading instruments, requirements for issuer transparency, listing standards and safeguards, market surveillance mechanisms, and democratized access for domestic retail investors.
Hyperliquid contends that U.S. market participants have been systematically excluded from valuable pre-listing price discovery, using SpaceX as a case study where the token traded at $135 before the official listing price of $150.
From a technical perspective, HYPE successfully defended the $53.67 support zone and has recaptured the $57.10 level. The immediate resistance target remains $62.48, with a successful breakthrough potentially opening the path toward $68.00. Should bearish pressure reemerge, traders will monitor $57.10 and $53.67 as critical support levels.
HYPE, the native token of the decentralized exchange Hyperliquid, continued its upward movement on Tuesday, trading near $59.37 and maintaining bullish momentum for a second consecutive session. Buyers are now watching the $60.00 psychological mark as a potential breakout point.
Technical indicators and whale accumulationThe current HYPE price remains above key 50-day, 100-day, and 200-day exponential moving averages, indicating a solid technical foundation. The MACD has formed a positive crossover, while the Relative Strength Index is at 56, signaling active buying without overextending into overbought conditions.
On-chain data shows significant whale activity, with a newly created wallet withdrawing 57,000 HYPE tokens—worth approximately $3.36 million—from Coinbase. Such large withdrawals are typically interpreted as long-term accumulation strategies, suggesting reduced short-term selling pressure as assets are moved off-exchange for cold storage.
Despite this accumulation, the total spot exchange inflow reached $3.38 million in the same period, indicating that more tokens were deposited than withdrawn. This balance between deposits and withdrawals suggests that while accumulation is taking place, near-term supply pressures may persist and affect price momentum.
Derivatives market activityActivity in HYPE’s derivatives market has increased notably, with total trading volume rising 18.98% to $1.74 billion. Open interest saw a marginal uptick of 0.73%, reaching $2.54 billion, while options volume surged 174.12% to $2.09 million.
The 24-hour Long/Short Ratio remains near parity at 0.9689, indicating a slight bearish positioning. However, short liquidations reached $1.14 million—exceeding long liquidations of $599,760—highlighting that bullish traders continue to hold an advantage in recent price action.
MetricCurrent ValueChangeSpot trading volume$1.74 billion+18.98%Open Interest$2.54 billion+0.73%Options volume$2.09 million+174.12%Short liquidations$1.14 million—Long liquidations$599,760—High-profile investors have taken note. Cryptocurrency analyst Bluntz commented on X that HYPE completed an 86-day consolidation period, with both ends of the trading range tested and recaptured. He also pointed out that billionaire investor Stanley Druckenmiller has allocated $23 million into HYPE through PURR, describing a strong alignment between technical indicators and fundamental factors.
HYPE has ended an 86-day sideways period, reclaiming key levels, while Stanley Druckenmiller’s $23 million investment through PURR underlines strong technical and fundamental alignment for the token.
Stanley Druckenmiller is a prominent American investor known for his work in macroeconomic investing. PURR, Druckenmiller’s investment vehicle, enables him to take positions in digital assets through structured allocations.
Mini dictionary: PURR, an investment fund used by institutional and high-net-worth investors to gain exposure to specific cryptocurrencies or tokenized assets, often employed as a proxy to access digital markets indirectly.
SEC policy push and updated resistance levelsThe Hyperliquid Policy Center, in partnership with tradeXYZ, submitted policy recommendations to the US Securities and Exchange Commission regarding the regulation of pre-IPO futures trading. Their proposal addresses five core areas: instrument classification, issuer transparency standards, listing requirements, surveillance mechanisms, and broader retail access.
Hyperliquid raised concerns about US investors being left out of early-stage price discovery, citing an example where the pre-listing token for SpaceX traded at $135 before reaching $150 upon official listing. The platform’s proposal calls for expanded access to these markets under regulatory oversight.
Technically, HYPE has defended the $53.67 support and reclaimed the $57.10 area. Immediate resistance is found at $62.48, with a potential extension toward $68.00 if the bullish trend holds. Critical supports are located at $57.10 and $53.67 should the current momentum reverse.
If HYPE breaks through the $62.48 resistance, price targets may extend to $68.00, while key support remains at $53.67 if market sentiment weakens.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Hyperliquid [HYPE] is expanding its derivative model to include pre-IPO perpetuals, opening a new market for equity-linked speculation.
Early results from five completed markets show traders can highlight valuation gaps before public listings begin. Cerebras opened 89% above its IPO price, while SK Hynix and SpaceX opened 14% and 11% higher.
These gaps show why continuous pre-listing markets could matter, as public demand becomes visible before banks finalize offering prices.
Broader application by Hyperliquid may draw in additional equity-focused traders. As a result, this reduces its reliance on speculative activity related to cryptocurrency derivatives.
Source: X Issuers may also receive additional pricing references, resulting in smaller first-day premium pricing at listing and allow issuers to retain more value during the listing process.
However, expansion only becomes meaningful if these markets develop deep liquidity and sustained participation.
Still, stronger volume and open interest across future IPOPs would confirm whether Hyperliquid can build a viable derivatives market outside crypto.
Hyperliquid activity expands beyond crypto Interest in Hyperliquid’s wider market coverage is already showing through its broader derivatives activity. Open Interest (OI) at Hyperliquid has grown to over $11 billion, with over 264,000 active perpetual traders as of early August.
Source: Coinmarketman These figures indicate that new markets have been attracting numerous participants.
However, the financial impact of these changes is relatively less clear-cut than the activity itself. Despite increased trading activity, the total amount of capital flowing into Hyperliquid’s treasury from transaction fees continues to decline.
HIP-3 markets help explain this divergence, as deployers retain part of the fees generated through their markets. Thus, an increase in traded volume or other market metrics will likely not lead to an equal increase in Hyperliquid’s treasury income.
Sustained increases in both activity and retained fees would show whether expansion is strengthening Hyperliquid’s economic base.
In addition to increasing its exposure to broader markets, Hype faces another form of supply pressure. In two trades, Multicoin Capital sent 172,710 HYPE worth approximately $10.15 million to Coinbase Prime.
Although these transfers put the HYPE at a higher proximity to market liquidity, they do not confirm sales.
Source: OnChain Lens Still, Multicoin retains 2.16 million HYPE worth $126.63 million, making the remaining position far more significant than this transfer alone.
Therefore, this single transfer is significantly less than the remaining position. A series of future transfers may be interpreted by traders as continued distributions, which may negatively affect Hype’s price.
However, limited follow-through would reduce that concern, making Coinbase Prime movements and spot volume important for confirming whether actual selling develops.
Final Summary Hyperliquid [HYPE] expansion is attracting activity, though fee growth remains key. Multicoin’s $10.15 million HYPE transfer adds potential selling pressure despite its larger remaining position.
CANADA - 2025/09/28: In this photo illustration, the Hyperliquid (Hyper Liquid) logo is seen displayed on a smartphone screen. (Photo Illustration by Thomas Fuller/SOPA Images/LightRocket via Getty Images)
SOPA Images/LightRocket via Getty Images
"Supply cliffs get packaged as sentiment, but the actual selling is largely mechanical," said Dat Ngo, a certified public accountant at Vetted Prop Firms, in written comments. "In the typical construction the recipient has tax liability upon vesting (which is day + current day price), regardless of selling. That means a chunk will immediately get sold off just to pay a tax bill."
"HyperLabs unlocked another 433,025 $HYPE($23.46M) and has been gradually depositing the tokens into exchanges, including Flowdesk and OKX, likely to sell," the onchain research account @lookonchain posted on August 8.
"Around 433,000 $HYPE unlocked over the weekend. Great projects don't magically ignore supply and demand," the trader @MrStakamoto posted two days later. HYPE trades 22.7% below its June 16 record. The trackers project another 9.92 million for September 6, some $589 million at Monday's $59.39 and nine days before the Federal Reserve's September 15-16 meeting.
"Remove all discretionary supply, cut the 38% incentive and burn unclaimed airdrop tokens. Unscheduled vesting is arguably worse than fixed as you can't forecast it out," the trader @0xpostrich posted on August 13, under the heading "Hyperliquid float problem." The Hyper Foundation announces a claim amount around the 6th of each month, and it has landed far under the schedule's 9.92 million every time, at 173,217 HYPE in March.
"$HYPE buys back 1 of every 7 tokens on its unlock schedule," the token-unlock data service Tokenomist posted on August 14. "The vesting schedule unlocks 9.92M $HYPE a month to Core Contributors, 81.8M over nine months. The Assistance Fund bought back 11.9M of that on-chain, 14%, a 7:1 ratio in token counts." DefiLlama puts Hyperliquid's 30-day trading fees at $41.7 million, and the HYPE the fund buys is burned. Total supply is down to 955.3 million against a 1 billion cap.
'The Danger Is Margin'"Margin is what makes an already publicized calendar event a difficult event to navigate," said Ashley Akin, a certified public accountant at the broker TMGM, in written comments. "$581M to unlock is digestible by the market if it is not over-leveraged; the danger is margin placed on top." With two events stacked days apart, she said, "it seems reasonable to pare back size prior to the date, rather than trade through it."
That margin sits on the largest onchain perpetual futures venue, which challengers have attacked for two years.
"We're interested in Morpho markets, Aave markets. We're interested in like Hyperliquid perps," MacBrennan Peet, founder and chief executive of Project 0, said on the On The Margin podcast of the venues his DeFi prime brokerage cross-margins for clients. When one of them, Drift, was exploited, "as with any like traditional market prime broker, we isolated risk, we contained risk in that event to Drift specific lenders," he said.
"The only restriction being that, you know, you can't trade through some news events like nonfarm payrolls was this morning," James Sixsmith, founder and chief executive of Take Profit Trader, said on the On The Margin podcast. That rule is the one difference between his firm's simulated accounts and its live ones. Onchain perps carry no equivalent, including the trading Telegram put in front of a billion users.
"Liquidations down 71%. Volume down 50%. BTC unchanged. This isn't consolidation, it's abstention," the macro account @Richmanvn posted Sunday. "Everyone is flat into Wednesday's FOMC minutes." The minutes cover the July 28-29 meeting, where three officials dissented in favor of a hike from the 3.50% to 3.75% range. Jackson Hole follows August 27-29.
"That is leverage bleeding out slowly. I do not see $BTC sustaining above $65K before the September FOMC while open interest keeps unwinding," the market commentary account @CryptoChannel24 posted on August 15, as open interest and prices fell together.
Bitcoin sits at $63,840, 49% below its October 2025 record and 1.2% lower on the week, and prediction market bettors dumped their rate cut hopes in the spring.
"Seeing an event on the calendar doesn't help steady nerves; all it really does is increase the time we have available to craft a narrative for why this time it's different," said Sira Masetti, founder of consultancy Bias for Growth, in written comments.
CANADA - 2025/09/28: In this photo illustration, the Hyperliquid (Hyper Liquid) logo is seen displayed on a smartphone screen. (Photo Illustration by Thomas Fuller/SOPA Images/LightRocket via Getty Images)
SOPA Images/LightRocket via Getty Images
"Supply cliffs get packaged as sentiment, but the actual selling is largely mechanical," said Dat Ngo, a certified public accountant at Vetted Prop Firms, in written comments. "In the typical construction the recipient has tax liability upon vesting (which is day + current day price), regardless of selling. That means a chunk will immediately get sold off just to pay a tax bill."
"HyperLabs unlocked another 433,025 $HYPE($23.46M) and has been gradually depositing the tokens into exchanges, including Flowdesk and OKX, likely to sell," the onchain research account @lookonchain posted on August 8.
"Around 433,000 $HYPE unlocked over the weekend. Great projects don't magically ignore supply and demand," the trader @MrStakamoto posted two days later. HYPE trades 22.7% below its June 16 record. The trackers project another 9.92 million for September 6, some $589 million at Monday's $59.39 and nine days before the Federal Reserve's September 15-16 meeting.
"Remove all discretionary supply, cut the 38% incentive and burn unclaimed airdrop tokens. Unscheduled vesting is arguably worse than fixed as you can't forecast it out," the trader @0xpostrich posted on August 13, under the heading "Hyperliquid float problem." The Hyper Foundation announces a claim amount around the 6th of each month, and it has landed far under the schedule's 9.92 million every time, at 173,217 HYPE in March.
"$HYPE buys back 1 of every 7 tokens on its unlock schedule," the token-unlock data service Tokenomist posted on August 14. "The vesting schedule unlocks 9.92M $HYPE a month to Core Contributors, 81.8M over nine months. The Assistance Fund bought back 11.9M of that on-chain, 14%, a 7:1 ratio in token counts." DefiLlama puts Hyperliquid's 30-day trading fees at $41.7 million, and the HYPE the fund buys is burned. Total supply is down to 955.3 million against a 1 billion cap.
'The Danger Is Margin'"Margin is what makes an already publicized calendar event a difficult event to navigate," said Ashley Akin, a certified public accountant at the broker TMGM, in written comments. "$581M to unlock is digestible by the market if it is not over-leveraged; the danger is margin placed on top." With two events stacked days apart, she said, "it seems reasonable to pare back size prior to the date, rather than trade through it."
That margin sits on the largest onchain perpetual futures venue, which challengers have attacked for two years.
"We're interested in Morpho markets, Aave markets. We're interested in like Hyperliquid perps," MacBrennan Peet, founder and chief executive of Project 0, said on the On The Margin podcast of the venues his DeFi prime brokerage cross-margins for clients. When one of them, Drift, was exploited, "as with any like traditional market prime broker, we isolated risk, we contained risk in that event to Drift specific lenders," he said.
"The only restriction being that, you know, you can't trade through some news events like nonfarm payrolls was this morning," James Sixsmith, founder and chief executive of Take Profit Trader, said on the On The Margin podcast. That rule is the one difference between his firm's simulated accounts and its live ones. Onchain perps carry no equivalent, including the trading Telegram put in front of a billion users.
"Liquidations down 71%. Volume down 50%. BTC unchanged. This isn't consolidation, it's abstention," the macro account @Richmanvn posted Sunday. "Everyone is flat into Wednesday's FOMC minutes." The minutes cover the July 28-29 meeting, where three officials dissented in favor of a hike from the 3.50% to 3.75% range. Jackson Hole follows August 27-29.
"That is leverage bleeding out slowly. I do not see $BTC sustaining above $65K before the September FOMC while open interest keeps unwinding," the market commentary account @CryptoChannel24 posted on August 15, as open interest and prices fell together.
Bitcoin sits at $63,840, 49% below its October 2025 record and 1.2% lower on the week, and prediction market bettors dumped their rate cut hopes in the spring.
"Seeing an event on the calendar doesn't help steady nerves; all it really does is increase the time we have available to craft a narrative for why this time it's different," said Sira Masetti, founder of consultancy Bias for Growth, in written comments.
According to monitoring by TradingBeats (formerly Hyperinsight), two whales have collectively shorted 50,838 ETH on Hyperliquid, valued at approximately $98 million.
The White House Tech Leadership Summit is taking place today, with Trump attending alongside the chairs of the SEC and CFTC and multiple crypto industry executives.
Crypto journalist Eleanor Terrett posted that the White House Tech Leadership Conference will kick off at 2:30 PM ET today. U.S. President Donald Trump is expected to deliver remarks alongside SEC Chair Paul Atkins and CFTC Chair Selig. Expected attendees from crypto and traditional finance sectors include Coinbase CEO Brian Armstrong, Ripple CEO Brad Garlinghouse, Payward/Kraken Co-CEO Arjun Sethi, Gemini co-founders Cameron Winklevoss and Tyler Winklevoss, Chainlink co-founder Sergey Nazarov, a16z partner Chris Dixon, Blockchain.com CEO Peter Smith, BitGo CEO Mike Belshe, and others. Additionally, leaders of industry groups such as the Digital Chamber, Blockchain Association, and Crypto Council for Innovation, as well as ICE (parent company of the New York Stock Exchange) CEO Jeff Sprecher and Nasdaq CEO Adena Friedman, are also set to attend. Patrick Witt, executive director of the White House Crypto Council, will also participate in the conference.
4 minutes ago
The yield on the 30-year U.S. Treasury note fell 10 basis points intraday to 5.18%.
According to Bitget data, the yield on the US 30-year Treasury bond fell 10 basis points intraday to 5.18%.
4 minutes ago
US retail investors’ put option buying volume surged, with defensive demand rising, though they continued to buy tech stocks on dips.
According to data from research firm Vanda Research, U.S. retail trading behavior has clearly shifted to a defensive posture since April this year. While the total volume of direct stock purchases has declined, the buying volume of put options for the 12 most popular stocks favored by retail investors in 2026 has nearly doubled compared to the first quarter; the proportion of related option purchases to net cash purchases has also risen from around 26% to 110%. Kaidi Meng, global equity strategist at Vanda, noted that unlike the past when retail investors almost uniformly "buy the dip", this year they have become more selective, starting to rotate quickly between stocks, or allocate protective put options while purchasing individual stocks. Since mid-April, trading activity in bullish tech ETFs has dropped by around 50%, while bearish ETF activity has fallen by about 35%, indicating that overall long exposure has contracted. However, data from Charles Schwab shows that retail investors as a whole have not turned bearish. In July, the number of buyers on its platform still outnumbered sellers by more than two times, and the STAX trading activity index rose from 59.12 in June to 59.80, hitting its highest level since January 2022. Retail investors continued to buy high-volatility popular individual stocks during tech stock pullbacks, while funds also rotated from Nvidia to other assets. Joe Mazzola, chief trading and derivatives strategist at Charles Schwab, said some investors are selling put options on Nvidia, Micron, and SanDisk to collect option premiums, while moderately increasing holdings of low-cost QQQ put options to hedge against downside risks in the broader tech sector. He believes that current portfolio defensive moves are evident, but not overly aggressive.
4 minutes ago
The Nasdaq Biotechnology Index hits a new high, with MRNA surging 153%.
According to market data from BIT (bit.com), the Nasdaq Biotechnology Index climbed 5.3% to hit a new all-time high, while Moderna (MRNA) surged 153%.
4 minutes ago
X Layer launches RWA ecosystem liquidity incentive program, with a total incentive pool of $5 million.
According to official announcements, X Layer has officially launched its RWA ecosystem liquidity incentive program, with a total incentive pool of $5 million, aimed at enhancing the liquidity and trading experience of RWA ecosystem assets. The incentive will be implemented in multiple rounds; the first round will allocate $300,000 in liquidity incentives, covering liquidity for all RWA-related trading pairs, including pairs of RWA assets and stablecoins, as well as pairs of RWA assets and ecosystem tokens. It is reported that X Layer is continuously refining its RWA ecosystem infrastructure to support the on-chain issuance, trading, and circulation of more RWA assets.
4 minutes ago
Binance Blockchain Week will be held in Bangkok, Thailand in November, focusing on the integration of traditional finance and the crypto industry.
Binance announced that Binance Blockchain Week will take place at the Queen Sirikit National Convention Center (QSNCC) in Bangkok, Thailand, from November 28 to 29, 2026. This marks the event’s return to Asia after previous editions in Singapore, Istanbul, Paris, and Dubai. The conference, themed "EVOLVE", is expected to gather thousands of developers, institutional investors, fintech leaders, and policymakers, focusing on industry trends including institutional adoption of Bitcoin, stablecoin payments, institutional DeFi, RWA tokenization, tokenized stocks, cross-border payments, the integration of AI and the crypto sector, and regulatory frameworks. Binance Co-CEO Richard Teng noted that Asia will be a key market for the next phase of development and large-scale adoption of traditional finance and the crypto industry. Co-CEO and co-founder He Yi added that the next wave of mass crypto asset adoption will be driven by accessibility, education, and products that deliver real value, with Binance continuing to explore ways to make crypto assets more accessible, trustworthy, and integrated into daily financial life.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Hyperliquid [HYPE] whale accumulation strengthened demand again after one newly created wallet withdrew 57,000 tokens, worth $3.36 million, from Coinbase.
Importantly, the withdrawal moved those tokens away from Coinbase’s immediately tradable liquidity. Therefore, the transaction strengthened HYPE’s whale accumulation narrative despite the competing exchange-side conditions elsewhere.
Large withdrawals usually tighten the accessible supply when holders retain tokens outside centralized trading venues. However, one wallet alone could not establish a broader accumulation trend without supporting demand elsewhere.
The deal instead delivered a valuable demand signal to the evolving market structure of HYPE. Meanwhile, HYPE continued its recovery movement, which reinforced the significance of the accumulation.
Recent $3.38M inflow pressures whale demand Activity on the exchange was against the whale withdrawal narrative, with HYPE having a recent Netflow of +$3.38 million in the spot segment. Unlike the Coinbase withdrawal, positive netflow represented more tokens entering exchanges than leaving them overall, creating supply pressure.
That meant capacity for exchange-side supplies had to be increased for trading or distribution, so the reading added to the potential for exchange-side supplies.
More significantly, the divergence established a direct competition between the accumulation of whales in isolated areas with the wider exchange flows. There is a need for additional whale demand for this return in liquidity to have any real meaningful effect for supply to tighten.
Source: CoinGlass Derivatives expand while shorts absorb pressure The derivatives market saw wider participation by trading volume rising 18.98% to $1.74 billion in HYPE.
Open Interest (OI) too rose by 0.73% to $2.54 billion, while there was a slight increase in outstanding leveraged exposure. On the other hand, Options Volume jumped 174.12% to $2.09 million as trading activity expanded into perpetual markets beyond options.
Options OI rose by 2.25% to $18.44 million, adding another layer of growing exposure. The overall positioning was slightly short weighted, though, as the 24-hour Long/Short Ratio dropped to 0.9689. Liquidations offered a different lens to look at the performance of those positions in HYPE’s recovery.
Short liquidations totaled $1.14 million in 24 hours, almost double the $599.76K in long liquidations. The total value of total liquidations was $1.74 million for the period. Thus, the increased volume was accompanied by a higher pressure against short positions, helping the buyers despite the short positioning bias.
Source: CoinGlass Can HYPE extend recovery toward $62? Price recovery strengthened after HYPE defended the $53.67 support region and subsequently reclaimed $57.10.
At the time of analysis, HYPE traded near $59.59, placing the market between reclaimed support and the next resistance at $62.48.
Additionally, the day’s directional edge was with the buyers as +DI closed at 24.91, while -DI closed at 12.92. ADX, however, stayed at 16.04, showing weak momentum building up on the ongoing trend.
Despite the buyers’ advantage, the weak ADX reading dampened the bullish DMI reading. A sustained hold above $57.10 would preserve the recovery structure and keep $62.48 within reach. A move above $62.48 would solidify the push higher and may bring the medium-term $68.00 resistance level into focus.
Alternatively, renewed selling could pressure $57.10 again before exposing $53.67. Therefore, HYPE needed stronger directional participation to convert its rebound into a broader price expansion.
Source: TradingView Final Summary Fresh whale accumulation supports HYPE, but rising exchange supply could restrain further gains. HYPE reclaimed $57.10, while expanding derivatives activity keeps $62.48 firmly in focus.
Hyperliquid’s platform-wide open interest has crossed the $12B threshold, a level the decentralized perpetuals exchange hasn’t touched since October 10. The milestone signals a steady climb back toward the platform’s previous highs and reflects broadening trader appetite for on-chain derivatives.
For a protocol that runs its own Layer-1 blockchain dedicated entirely to perpetual futures trading, reclaiming $12B in open interest is more than a vanity metric. It’s a proxy for how much capital traders are willing to park in leveraged positions on a decentralized venue, essentially a confidence vote denominated in billions.
What’s driving the recovery A significant chunk of this growth traces back to HIP-3 markets, Hyperliquid’s framework that lets third-party developers spin up bespoke perpetual contracts. The twist: many of those contracts aren’t crypto assets at all. They’re tied to traditional financial instruments like the S&P 500 and individual equities.
HIP-3 open interest alone has surpassed $4B at points, which means roughly a third of the platform’s total positioning has come from traders betting on stocks and indices through crypto rails.
Earlier in 2026, Hyperliquid had already crossed the $10B open interest mark as it expanded into commodities and real-world assets. The jump from $10B to $12B suggests the expansion isn’t just attracting curiosity, it’s retaining capital.
Hyperliquid has also captured a record 9.5% share of centralized exchange perpetual open interest, competing against incumbents like Binance and Bybit.
Context and the road back The pre-downturn peak for Hyperliquid’s open interest sat around $15.85B, so the platform still has ground to cover before setting new all-time highs. The October decline was part of a broader market correction that compressed positioning across crypto derivatives venues. Recovering to $12B puts Hyperliquid roughly 75% of the way back to its previous ceiling.
HYPE, the platform’s native token, handles governance, staking, and transaction fees on the Hyperliquid blockchain, with a maximum supply capped at 1 billion tokens. As trading volumes and open interest climb, demand for HYPE naturally increases since every transaction on the chain requires it for gas.
The platform’s architecture is deliberately different from competitors that build on top of existing chains like Ethereum or Arbitrum. By operating its own Layer-1, Hyperliquid controls the entire stack, from consensus to order matching.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Avalanche Leadership Reshuffle: Ava Labs Welcomes New President
Former Ava Labs President John Wu announced a leadership adjustment on X, appointing Charley Cooper as the new president and Lydia as CFO, while Wu transitions to a senior advisor role to focus on long-term strategy and institutional relations. Cooper, who has backgrounds in the U.S. Department of Defense, CFTC and traditional financial institutions, plus over a decade of blockchain experience, is seen as the right person to drive Avalanche’s next phase of growth. As of press time, AVAX’s market capitalization stands at $2.77 billion per HTX market data, with its all-time peak hitting nearly $30 billion in 2021.
28 minutes ago
Stablecoin yield application Osero, backed by a Sky-led investment, has officially launched.
Stablecoin yield project Osero has announced the official launch of its application, now open to all users. Official website data shows Osero currently offers an annual percentage yield (APY) of 3.52%, supporting stablecoins including USDC.e, USDe, AUSD, GHO, PYUSD, RLUSD, USDD, USDG, USDtb, and frxUSD. Its returns are generated from sUSDS and the Sky Ecosystem’s savings rate mechanism. Earlier reports indicated that Osero was incubated by Stablewatch and closed a $13.5 million funding round in May this year, led by the Sky Ecosystem and Plasma.
28 minutes ago
A source familiar with the situation has revealed that Iran is considering striking military targets in Europe if the U.S. escalates the conflict.
Sources familiar with the matter said Iran is considering expanding its strike range to include military targets in Europe if Trump escalates the conflict. The sources added that Iran’s military has assessed striking U.S. military assets in Southeast European countries such as Bulgaria, and also evaluated plans to cut undersea cables in the Strait of Hormuz amid escalating tensions. (Financial Times)
28 minutes ago
Embodied intelligence firm MouShen Intelligence completes nearly 500 million yuan in Pre-A+ round financing.
Embodied intelligence firm Moushen Intelligence recently closed a nearly 500 million yuan Pre-A+ financing round. The round was jointly invested by leading state-owned fund Shenbao Yiben Fund, Orient Securities, Shaanxi High-Tech Industry Investment Co., Ltd., industrial investors Anyu Fund, Tianmeng Investment, and Jianyuan Tianhua; existing shareholders Chuanghehui Capital, Xuhui Capital, and Gengxin Capital also made oversubscribed follow-on investments. As a result, Moushen Intelligence’s valuation has surged over 10 times in the first half of the year, making it one of the fastest-growing embodied brain enterprises in the industry. (Science and Technology Board Daily)
28 minutes ago
Yesterday, Bitcoin ETFs posted a net inflow of $189.3 million, while Ethereum ETFs registered a net inflow of $71.4 million.
According to monitoring by Farside Investors, U.S. spot Bitcoin ETFs posted a net inflow of $189.3 million yesterday, with IBIT contributing $143.6 million of that total. This marks the second consecutive day of net inflows for Bitcoin ETFs overall. Ethereum ETFs saw a net inflow of $71.4 million, while ETHA recorded a net inflow of $64.7 million.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Avalanche Leadership Reshuffle: Ava Labs Welcomes New President
Former Ava Labs President John Wu announced a leadership adjustment on X, appointing Charley Cooper as the new president and Lydia as CFO, while Wu transitions to a senior advisor role to focus on long-term strategy and institutional relations. Cooper, who has backgrounds in the U.S. Department of Defense, CFTC and traditional financial institutions, plus over a decade of blockchain experience, is seen as the right person to drive Avalanche’s next phase of growth. As of press time, AVAX’s market capitalization stands at $2.77 billion per HTX market data, with its all-time peak hitting nearly $30 billion in 2021.
28 minutes ago
Stablecoin yield application Osero, backed by a Sky-led investment, has officially launched.
Stablecoin yield project Osero has announced the official launch of its application, now open to all users. Official website data shows Osero currently offers an annual percentage yield (APY) of 3.52%, supporting stablecoins including USDC.e, USDe, AUSD, GHO, PYUSD, RLUSD, USDD, USDG, USDtb, and frxUSD. Its returns are generated from sUSDS and the Sky Ecosystem’s savings rate mechanism. Earlier reports indicated that Osero was incubated by Stablewatch and closed a $13.5 million funding round in May this year, led by the Sky Ecosystem and Plasma.
28 minutes ago
A source familiar with the situation has revealed that Iran is considering striking military targets in Europe if the U.S. escalates the conflict.
Sources familiar with the matter said Iran is considering expanding its strike range to include military targets in Europe if Trump escalates the conflict. The sources added that Iran’s military has assessed striking U.S. military assets in Southeast European countries such as Bulgaria, and also evaluated plans to cut undersea cables in the Strait of Hormuz amid escalating tensions. (Financial Times)
28 minutes ago
Embodied intelligence firm MouShen Intelligence completes nearly 500 million yuan in Pre-A+ round financing.
Embodied intelligence firm Moushen Intelligence recently closed a nearly 500 million yuan Pre-A+ financing round. The round was jointly invested by leading state-owned fund Shenbao Yiben Fund, Orient Securities, Shaanxi High-Tech Industry Investment Co., Ltd., industrial investors Anyu Fund, Tianmeng Investment, and Jianyuan Tianhua; existing shareholders Chuanghehui Capital, Xuhui Capital, and Gengxin Capital also made oversubscribed follow-on investments. As a result, Moushen Intelligence’s valuation has surged over 10 times in the first half of the year, making it one of the fastest-growing embodied brain enterprises in the industry. (Science and Technology Board Daily)
28 minutes ago
Yesterday, Bitcoin ETFs posted a net inflow of $189.3 million, while Ethereum ETFs registered a net inflow of $71.4 million.
According to monitoring by Farside Investors, U.S. spot Bitcoin ETFs posted a net inflow of $189.3 million yesterday, with IBIT contributing $143.6 million of that total. This marks the second consecutive day of net inflows for Bitcoin ETFs overall. Ethereum ETFs saw a net inflow of $71.4 million, while ETHA recorded a net inflow of $64.7 million.
Avalanche Leadership Reshuffle: Ava Labs Welcomes New President
Former Ava Labs President John Wu announced a leadership adjustment on X, appointing Charley Cooper as the new president and Lydia as CFO, while Wu transitions to a senior advisor role to focus on long-term strategy and institutional relations. Cooper, who has backgrounds in the U.S. Department of Defense, CFTC and traditional financial institutions, plus over a decade of blockchain experience, is seen as the right person to drive Avalanche’s next phase of growth. As of press time, AVAX’s market capitalization stands at $2.77 billion per HTX market data, with its all-time peak hitting nearly $30 billion in 2021.
28 minutes ago
Stablecoin yield application Osero, backed by a Sky-led investment, has officially launched.
Stablecoin yield project Osero has announced the official launch of its application, now open to all users. Official website data shows Osero currently offers an annual percentage yield (APY) of 3.52%, supporting stablecoins including USDC.e, USDe, AUSD, GHO, PYUSD, RLUSD, USDD, USDG, USDtb, and frxUSD. Its returns are generated from sUSDS and the Sky Ecosystem’s savings rate mechanism. Earlier reports indicated that Osero was incubated by Stablewatch and closed a $13.5 million funding round in May this year, led by the Sky Ecosystem and Plasma.
28 minutes ago
A source familiar with the situation has revealed that Iran is considering striking military targets in Europe if the U.S. escalates the conflict.
Sources familiar with the matter said Iran is considering expanding its strike range to include military targets in Europe if Trump escalates the conflict. The sources added that Iran’s military has assessed striking U.S. military assets in Southeast European countries such as Bulgaria, and also evaluated plans to cut undersea cables in the Strait of Hormuz amid escalating tensions. (Financial Times)
28 minutes ago
Embodied intelligence firm MouShen Intelligence completes nearly 500 million yuan in Pre-A+ round financing.
Embodied intelligence firm Moushen Intelligence recently closed a nearly 500 million yuan Pre-A+ financing round. The round was jointly invested by leading state-owned fund Shenbao Yiben Fund, Orient Securities, Shaanxi High-Tech Industry Investment Co., Ltd., industrial investors Anyu Fund, Tianmeng Investment, and Jianyuan Tianhua; existing shareholders Chuanghehui Capital, Xuhui Capital, and Gengxin Capital also made oversubscribed follow-on investments. As a result, Moushen Intelligence’s valuation has surged over 10 times in the first half of the year, making it one of the fastest-growing embodied brain enterprises in the industry. (Science and Technology Board Daily)
28 minutes ago
Yesterday, Bitcoin ETFs posted a net inflow of $189.3 million, while Ethereum ETFs registered a net inflow of $71.4 million.
According to monitoring by Farside Investors, U.S. spot Bitcoin ETFs posted a net inflow of $189.3 million yesterday, with IBIT contributing $143.6 million of that total. This marks the second consecutive day of net inflows for Bitcoin ETFs overall. Ethereum ETFs saw a net inflow of $71.4 million, while ETHA recorded a net inflow of $64.7 million.
On August 18, blockchain analytics platform Onchain Lens reported that Multicoin Capital transferred 172,710 HYPE tokens, valued at around $10.15 million, to Coinbase Prime, raising questions about potential selling activity from one of HYPE’s most prominent institutional holders.
Market impact of the transferHYPE, backed by the Hyperliquid decentralized exchange, has recently ranked among the top 10 crypto assets by market capitalization. With a market cap of approximately $13 billion and a current trading price near $58.59, as reported by DefiLlama, large-scale token transfers have the potential to influence market sentiment significantly.
While direct sales have not been confirmed, market observers often interpret substantial inflows to major exchanges as early signs of possible liquidation. Elevated awareness of such transfers has intensified as the token’s price remains well below its earlier June peak of $76.87.
Multicoin Capital’s position in HYPEDespite the recent transfer, Multicoin Capital, a crypto investment firm known for actively supporting emerging blockchain projects, continues to be a major HYPE holder. According to Onchain Lens, the firm still holds around 2.16 million HYPE, valued at nearly $126.63 million, making the latest movement a relatively modest trim instead of a substantial exit.
Coinbase Prime, the institutional platform operated by Coinbase, provides custody, trading, and financing solutions for large-scale clients. Transfers to platforms such as Coinbase Prime are often classified as either preparation for potential sales or custody management.
Onchain Lens described this transaction as “likely to sell,” prompting caution among traders due to the high profile of the institution involved.
Mini dictionary: Multicoin Capital is a prominent digital asset investment firm specializing in tokens, blockchain projects, and supporting new Web3 infrastructure initiatives.
Exchange inflows and liquidity concernsThe market reads major token inflows to exchanges as a sign of additional supply that could exert downward price pressure. Although HYPE’s open interest sits around $11.8 billion, its liquidity remains more limited than larger cryptocurrencies, amplifying the price impact from large holders’ transactions.
After a period in which Hyperliquid’s biggest holders have made visible token movements, further actions by Multicoin Capital continue to attract market scrutiny.
MetricValueHYPE current price$58.59June peak price$76.87Current market cap$13 billionOpen interest$11.8 billionMulticoin’s remaining HYPE2.16 million ($126.63 million)Latest transfer172,710 HYPE ($10.15 million)Multicoin Capital has continued to engage with speculation about its intentions, as large transfers to exchanges may spook investors, particularly when liquidity is limited and open interest remains high.
Previous statements and ongoing debateFollowing a previous $291 million combined HYPE unstaking executed by Multicoin Capital and Paradigm in July, which led to price volatility, Multicoin Capital’s co-founder Tushar Jain stated that the unstaking aimed to enhance privacy and rotate wallets rather than initiate sales. On-chain analysts at Markets Alpha backed this by showing the tokens were moved to custody providers rather than exchanges.
The latest transfer, however, marks a shift as tokens have entered Coinbase Prime, an institutionally focused exchange platform more directly linked with trading and settlement. This difference in transaction destination has drawn additional attention to the $10.15 million movement, though there is still no evidence indicating an active sale has taken place.
Multicoin Capital previously stated that wallet movements were for privacy and operational security, not immediate selling, underscoring the ongoing debate about investor intentions during large crypto transfers.
Fundamental outlook for HYPEDespite short-term selling pressure, Hyperliquid reported revenue of $873 million on approximately $2.9 trillion in trading volume for 2025, representing nearly 59% of open interest in the decentralized derivatives market. According to Multicoin Capital’s June valuation report, nearly all protocol revenue is allocated to HYPE buybacks and subsequent burning, underlining the token’s deflationary structure.
Multicoin’s analysts estimated in their forecast that HYPE could eventually reach approximately $319 by 2028, although actual outcomes may depend on market dynamics and investor behavior in the interim.
While the recent transfer has intensified short-term speculation, Multicoin Capital’s substantial remaining stake in HYPE ensures it will remain a focal point for traders monitoring large-scale token moves.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
An independent advocacy group tied to the Hyperliquid ecosystem is making its case to Washington: let traders bet on IPO prices before companies actually go public, and do it on-chain.
The Hyperliquid Policy Center (HPC) and trade[XYZ] submitted a comment letter to the US Securities and Exchange Commission on August 18, urging the agency to build a regulatory framework around what they’re calling IPOPs, or pre-IPO perpetual contracts. These are cash-settled derivative instruments that reference anticipated public company listings, settling in USDC rather than delivering any actual shares.
What exactly are IPOPs The contracts don’t grant ownership rights, voting power, or any allocation in the actual IPO. What they do provide is a continuous, market-implied valuation for private companies that operates around the clock.
Five active IPOP markets currently operate on the Hyperliquid platform through trade[XYZ]’s HIP-3 deployment. Among the most notable are SpaceX (trading under the ticker SPCX) and Cerebras (CBRS), two companies whose pre-IPO perpetual prices have closely tracked their actual IPO opening levels.
The numbers behind the petition Hyperliquid’s pre-IPO markets have generated approximately $1.46 billion in cumulative trading volume, with open interest sitting around $106 million as of early June. The SpaceX IPOP launched on May 18 and quickly became one of the most closely watched contracts in the market.
trade[XYZ] has been the primary contributor to these volumes, operating as the interface layer between Hyperliquid’s on-chain infrastructure and the IPOP market structure. The HIP-3 deployment framework handles the listing and settlement mechanics, while the perpetual contract design eliminates the expiration dynamics that complicate traditional futures.
The regulatory chess game This isn’t HPC’s first conversation with the SEC. The group, founded in February 2026 under CEO Jake Chervinsky, met with the SEC’s Crypto Task Force on July 14 to discuss perpetual markets more broadly. The comment letter represents the next step in what appears to be a deliberate, multi-touch regulatory engagement strategy.
The letter itself isn’t just a plea for approval. HPC included specific recommendations around disclosures, listing standards, leverage limits, and safeguards against market manipulation.
One of the more politically interesting elements: the letter advocates for retail investor access. In traditional finance, pre-IPO exposure has been almost exclusively the domain of venture capital funds, institutional allocators, and high-net-worth individuals. The pitch here is that IPOPs democratize that access without requiring anyone to actually hold pre-IPO shares.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Telegram applies for the '.gram' domain, planning to provide exclusive domain names for its 1 billion users.
Telegram founder Pavel Durov announced in a post on his personal channel that the messaging app has applied for the .gram domain suffix. If the application is approved by the Internet Corporation for Assigned Names and Numbers (ICANN), Telegram’s roughly 1 billion users will be able to get their own second-level domains. Durov cited examples: Telegram usernames like @durov would map to durov.gram, while @monk would correspond to monk.gram. Users can also input a command to host and create interactive websites on Telegram.
2 hours ago
Google plans to spend $10 million acquiring data from bankrupt airline Spirit Airlines to train its AI models.
Google has agreed to acquire certain corporate data from bankrupt airline Spirit Airlines for $10 million to improve its products and AI models. The data includes internal emails, Microsoft Teams chat logs, calendars, spreadsheets, booking and frequent flyer records, as well as marketing, productivity, operations and employee human resources data. Spirit stated that the data delivered to Google will be anonymized to remove personally identifiable information. The deal faces competition: AI data firm Mercor previously bid $7.5 million for the same set of data. The transaction still requires approval from a U.S. bankruptcy court, with U.S. bankruptcy judge Sean Lane scheduled to review it on Wednesday local time. Spirit Airlines ceased operations in May this year and is selling its remaining assets through bankruptcy proceedings. As AI companies ramp up demand for high-quality training data, internal corporate business data is emerging as a new type of data asset for AI model training and product optimization.
2 hours ago
Bitcoin’s volatility falls to a cycle low, as traders shift to AI stocks and prediction markets.
Bitcoin’s recent volatility has dropped to multi-year lows, with its 30-day realized volatility standing at around 42%, compared to the S&P 500’s roughly 18% — marking the narrowest gap in volatility between the two assets on record. The market is stuck in a stalemate between buyers and sellers: sell-offs by corporates and mining firms cap upside gains, while deleveraging and ongoing accumulation by long-term holders limit downside declines. As Bitcoin’s volatility eases, some short-term traders have shifted their risk appetite to assets like AI stocks, tokenized equities, stock perpetuals, and prediction markets. A NYDIG study notes that short-term traders tend to chase volatility, narrative momentum, and upside potential, with “traders targeting 5x or 10x returns” now having options including Bitcoin, Nvidia, gold, stock perpetuals, 0DTE options, and sports event contracts. Data shows that monthly trading volume of traditional asset perpetuals on crypto platforms has surged more than fivefold from $52 billion in January to $268 billion in June. Meanwhile, South Korean retail traders have clearly shifted from cryptocurrencies to AI-related stocks, with trading volumes on major South Korean crypto exchanges falling by up to around 80% year-over-year. CoinDesk points out that the Bitcoin market is currently more like in a “dormant” state, with falling trading participation, shrinking market depth, and regulatory uncertainty combining to suppress volatility. If U.S. crypto regulation makes substantial progress, the macro environment shifts, or a new market narrative emerges, the current low-volatility regime could be broken, and thinner liquidity may further amplify price swings.
2 hours ago
NVIDIA: Multi-GPU UMAP can process 870GB of vector data in 8 minutes, achieving a maximum speedup of 74 times.
NVIDIA has released a technical blog announcing that its cuML and cuVS libraries now support multi-GPU UMAP functionality, enabling distributed execution of dimensionality reduction for large-scale vector data across multiple GPUs—significantly cutting runtime while preserving embedding quality. NVIDIA noted that during tests on the MIRACL dataset (containing 106 million vectors, totaling ~870GB) run on a DGX system equipped with 8 H100 GPUs, cuML’s multi-GPU UMAP completed end-to-end processing in just 8 minutes, delivering up to 74x speedups over projected CPU-based implementations. Prior CPU-based solutions failed to process the full dataset even with 2TB of memory. The approach works by partitioning data into multiple clusters, building local k-nearest neighbor (kNN) graphs in parallel across different GPUs, then merging these into a global graph, thereby overcoming the memory constraints of a single GPU. NVIDIA added that this technology can reduce hundreds-of-GB UMAP tasks that previously took hours or even days to process down to just minutes.
2 hours ago
Market News: Anthropic Plans to Raise Over $10 Billion in Credit Lines Ahead of Its IPO
Market sources say Anthropic is asking lead banks to provide around $1.25 billion each in loans, while other major participating banks are expected to contribute roughly $1 billion apiece. Separately, reports indicate the credit line Anthropic aims to raise ahead of its IPO could exceed its $10 billion target.
2 hours ago
Axios reporter: The White House will host a tech leaders event with Trump tomorrow, and prediction market firms have not been invited.
According to Axios reporter Alex Isenstadt, the White House plans to co-host an event with President Trump tomorrow, with several tech industry leaders in attendance. White House sources noted that prediction market firms have not been invited to the event and will not participate. BlockBeats previously reported that on August 15, insiders disclosed that U.S. President Trump is expected to attend a crypto industry innovation conference at the White House next week, where he will hold discussions with executives from multiple crypto firms, as well as heads of prediction market and AI companies. Attendees of the conference include leaders from firms such as Coinbase, Ripple, Gemini, Robinhood, Polymarket, and Kalshi. All these executives are members of the newly established Innovation Advisory Committee of the U.S. Commodity Futures Trading Commission (CFTC). Sources said the conference is scheduled to take place at the Eisenhower Executive Office Building adjacent to the White House, aiming to hold policy dialogues around innovative fields including U.S. fintech, crypto assets, prediction markets, and artificial intelligence. CFTC Chairman Mike Selig and other government advisors are also expected to attend, while Treasury Secretary Bessent and Commerce Secretary Lutnick may be present.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Arthur Hayes says he is ending his retirement to lead Flop Labs, a new startup building a token for AI agents. The FLOP airdrop lands in Q4 2026, while the blockchain behind it only arrives in Q1 2027.
In other words, the token will exist before the chain it runs on. Almost nothing else about the project is on paper yet.
I’m coming out of retirement to lead @flop_labs $FLOP is food for your AI agent.
No presale
No VCs
100% fair launch
Let’s build the agentic economy’s currency together fam and get fucking rich!
More details to come, but expect a massive airdrop in Q4, genesis block Q1 27 https://t.co/ChnTAAFRUh
— Arthur Hayes (@CryptoHayes) August 18, 2026
Follow us on X to get the latest news as it happens
FLOP Airdrop Comes Before the BlockchainHayes revealed the plan on X (Twitter) on Tuesday, hours after the official Flop Labs account introduced the project. He also rewrote his bio to read CEO of Flop Labs.
Flop Network calls itself a proof-of-useful-inference protocol. In plain terms, AI agents would pay FLOP for computing power and memory. Miners supply that power, while validators check the work, according to the project’s website.
Here is the catch. The airdrop arrives a full quarter before the network’s first block. Until then, recipients would hold a claim on a chain that does not exist.
The paper trail is just as thin. The project has published one landing page, three application forms, and one overview graphic. There is no whitepaper, no supply schedule, no named chain, and no audit. Meanwhile, Hayes brings roughly 806,000 X followers to a Flop Labs account that counted 570 at launch.
Fair Launch Promises and Missing DetailsThe pitch leans on the absence of insiders. No presale, no venture capital (VC) allocation, and a 100% fair launch. It echoes Bittensor (TAO), the best-known AI network to launch without investors.
“It’s very easy to understand the Bittensor opportunity when you see it as Bitcoin-like: fair launch, no VC funding round, completely decentralized.”
“But instead of rewarding Bitcoin miners, it incentivizes people to solve the world’s problems.”
~ @BarrySilbert pic.twitter.com/0sRZ7uwT8C
— xTAO – a Bittensor company (@xtaohq) May 27, 2026
Yet one group already knows how it will get paid. Key opinion leaders (KOLs) will earn FLOP based on their communities’ activity. That role is the most detailed part of the project so far.
Hayes also carries heavy history into this launch. He co-founded BitMEX in 2014 and co-created the perpetual swap, the contract that now dominates crypto trading volume. He pleaded guilty to a US Bank Secrecy Act charge in 2022 and received a presidential pardon in 2025.
BitMEX announced its closure in July after an 11-year run, and BeInCrypto examined why BitMEX shut down. Hayes’ retirement therefore lasted less than a month.
His recent trades add tension. In June, tracking firm Lookonchain tied a $2.09 million Hyperliquid (HYPE) purchase to Hayes days after he sold the token. He denied the disputed HYPE buyback.
The problem FLOP targets is real, however. Deutsche Telekom is helping build AI agent payment rails, and Hayes himself has warned an AI credit bust could reshape markets.
For now, FLOP is a promise attached to a famous name. The next tests are simple. Publish a whitepaper, name the chain, and show what airdrop recipients actually receive.
Hyperliquid (HYPE) retains a broad bullish outlook, trading above $59.00 on Tuesday. The decentralized exchange (DEX) native token marks the second consecutive day of gains as bulls return, eyeing a short-term breakout above $60.00.
Hyperliquid pushes for pre-IPO markets rulesHyperliquid Policy Center and trade[XYZ], a leading deployer of perpetual markets built on the Hyperliquid blockchain, have jointly filed a comment letter in response to the United States (US) Securities and Exchange Commission’s (SEC) call for ideas to modernize the Initial Public Offering (IPO) process.
The letter laid out the pricing record of at least five trade[XYZ] pre-IPO perpetual (IPOP) markets that have completed their full life cycle on Hyperliquid. The letter also highlights questions the agency would need to resolve before opening IPOP markets for trading in the US.
An IPOP is a streamlined financial instrument that lets traders express directional views on a referenced issuer’s equity ahead of a scheduled listing, with transparent, continuously updated public pricing. It is a useful direction indicator for a stock that has been traded publicly before. However, holding an IPOP does not represent actual shares, allocation, voting rights or a claim of any form against the referenced issuer. It is solely meant for price exposure in the weeks before equities are publicly listed.
The five key items the Hyperliquid Policy Center urged the SEC to consider include the instrument's classification, issuer disclosure, listing-eligibility guardrails, market integrity and onshore IPOP for all investors.
Hyperliquid argues that Americans are missing out on pre-IPO exposure opportunities, including SpaceX, which was priced at $135 and listed at $150.
“They (American investors) had the signal in plain view and no way to trade it. Under a new framework that the Commission has the authority to write, American investors and issuers could join others around the world in benefitting from the innovation that pre-IPO markets afford,” the Hyperliquid Policy Center said in the press release statement.
Technical analysis: HYPE rises as bulls return HYPE trades at $59.37, maintaining a constructive bullish bias as price holds above the 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs). This stacked EMA configuration beneath spot reinforces a supportive backdrop, while the Moving Average Convergence Divergence (MACD) indicator has turned firmly positive and the Relative Strength Index (RSI) near 56 suggests steady, rather than overstretched, upside momentum.
HYPE/USDT daily chartImmediate support lies at the 50-day EMA at $58.33, followed by the 100-day EMA at $56.76, with the 200-day EMA at $51.68 emerging as a deeper bullish line in the sand if sellers intensify. On the topside, the prevailing downward resistance trendline remains the key barrier. A sustained break above this structural cap would likely open the door for a continued recovery, while failure to clear it could see HYPE/USDT moderating back toward the clustered EMA support zone.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Bitcoin, altcoins, stablecoins FAQs Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
Hyperliquid Policy Center and trade[XYZ] have filed a joint comment letter with the US Securities and Exchange Commission proposing pre IPO perpetual markets as a tool to improve price discovery before public listings.
The letter responds to the SEC’s request for ideas to modernize the IPO process and argues that pre IPO perpetuals, or IPOPs, could give investors and issuers a continuous public market signal before shares begin trading.
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Unlike private secondary markets, IPOPs do not provide ownership, voting rights, allocations, or claims against the underlying company. Instead, they give traders price exposure to an anticipated listing before the stock enters public markets.
The groups pointed to five completed trade[XYZ] IPOP markets on Hyperliquid, including Cerebras, SpaceX, SK Hynix and ChangXin Memory Technologies. According to the filing, US offerings were priced between 10.8% and 38.4% below where their respective IPOP markets traded the previous day.
The groups argue that these markets could help issuers and underwriters assess investor demand before setting an offering price, potentially reducing large gaps between IPO pricing and opening trades.
The letter asks the SEC and Commodity Futures Trading Commission to clarify how equity linked perpetuals should be classified and regulated. It also recommends disclosure requirements focused on contract mechanics, leverage, liquidation thresholds and settlement rules.
Additional proposals include eligibility rules limiting when IPOPs can launch, market integrity requirements and a phased framework that could eventually allow US retail investors to access the products.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
Hyperliquid (HYPE) price has gained 13.99% in August, making it the strongest performer among the top 10 crypto assets this month.
However, exchange-traded fund flows, large holder activity, and derivatives positioning now point in different directions.
HYPE Outpaces Bitcoin and Ethereum as ETF Demand SlowsCryptoRank data show HYPE up 13.99% for the month. This runs roughly 3.3 times Solana’s (SOL) 4.26% gain and 6.8 times Bitcoin’s (BTC) 2.07% uptick.
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August Month-To-Date Performance of the Top 10 Crypto Assets Excluding Stablecoins. Source: BeInCrypto/CryptoRankXRP (XRP) is the only major asset in the red, down 5.98%. It has spent the month trailing its major peers while large holders kept buying.
The latest gain comes after a period of decline. HYPE fell 21.94% from its record high until early August, before rebounding. A 13.99% gain off a 21.94% drawdown still leaves the token short of its prior mark.
Meanwhile, institutional demand has yet to return in any sustained form. SoSoValue data shows that HYPE ETFs saw three consecutive weeks of outflows through July 31.
Flows turned positive in the first two weeks of August. The recovery has since stalled, with no new inflows recorded since August 10.
Holders Show Mixed BehaviorLarge holders moved in both directions this month. On-chain trackers recorded several wallets buying while others sold.
A wallet linked to Maven11 Capital withdrew 202,705 HYPE from OKX last week. Monetalis-linked wallets sold 3.72 million Uniswap (UNI) via Cumberland and bought 171,543 HYPE, worth $9.56 million, over the weekend.
FRESH WALLET ACCUMULATES 57,000 HYPE
A fresh wallet accumulated and withdrew 57K $HYPE (~$3.36M) from Coinbase.
— Onchain Lens (@OnchainLens) August 18, 2026
Selling ran in parallel. One whale sold 923,743 HYPE worth $53.02 million last week.
“HyperLabs unlocked another 433,025 HYPE ($23.46M) and has been gradually depositing the tokens into exchanges, including Flowdesk and OKX, likely to sell,” Lookonchain reported in early August.
Sophisticated Traders Lean Short Derivatives positioning leans the other way. Nansen data show whales, smart traders, and public figures all net short. Funding stands at 0.00125% per hour, near 10.95% annualized, so longs currently pay shorts.
Spot flows offer no tiebreaker. Nansen recorded $5.7 million in HYPE leaving exchanges over seven days, alongside heavy accumulation on centralized exchanges and over-the-counter across 30 days.
Each dataset answers a different question, and none confirms the others. Renewed ETF creations would show institutional buyers returning. A shift in the whale cohort to net long would signal the same from derivatives. Neither has happened yet.
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Hyperliquid’in yerel tokeni HYPE, kurumsal yatırımcı ilgisinin desteğiyle yeniden yükseliş ivmesi kazanarak piyasada dikkatleri üzerine çekti. Son 24 saatte yüzde 2,28 değer kazanıp 59,19 dolar seviyesine ulaşan HYPE, hafta sonu gördüğü dip seviyelerden yüzde 16’nın üzerinde toparlanmayı başardı. Fiyat hareketindeki bu güçlü toparlanma, yatırımcıların HYPE’ye yönelik ilgisinin yeniden arttığını gösterirken, gözler şimdi kritik 60 dolar direncine çevrildi. Özellikle Grayscale ve Bitwise müşterilerinin yaklaşık 2,8 milyon dolarlık HYPE alımı gerçekleştirmesi, kurumsal talebin fiyat üzerindeki etkisini güçlendiren önemli gelişmelerden biri olarak öne çıkıyor.
HYPE Fiyatında Gözler 60 Dolar Direncinde HYPE fiyatındaki toparlanmanın ardından yatırımcıların odağında 60 dolar seviyesi bulunuyor. Kripto analisti Umair Orakzai, son günlerde artan alım baskısının fiyat yapısını güçlendirdiğini belirtiyor. Günlük kapanışın 60 dolar üzerinde gerçekleşmesi halinde HYPE için 66 dolar bölgesine doğru yeni bir yükseliş alanı oluşabileceği değerlendiriliyor. Buna karşılık 60 dolar direncinin aşılamaması satış baskısının yeniden güçlenmesine neden olabilir. Özellikle 55 dolar seviyesinin altına inilmesi, kısa vadeli görünümün zayıflaması açısından önemli bir sinyal olarak takip ediliyor.
İlginizi Çekebilir: Balinalar Bu Altcoini Borsalardan Çekiyor: Yükseliş Sinyali mi?
Arkham verilerine göre geçen hafta Hyperliquid odaklı ETF fonlarında HYPE satışı görülmedi. Fonların mevcut pozisyonlarını koruduğu veya yeni alımlar gerçekleştirdiği belirtilirken, Grayscale ve Bitwise müşterilerinin yaklaşık 2,8 milyon dolarlık HYPE alımı yapması dikkat çekti. Bu gelişme, hafta sonundaki düşük seviyelerden sonra yaşanan güçlü toparlanmayı destekleyen önemli faktörlerden biri oldu. Kurumsal talebin devam etmesi, HYPE fiyatının kritik direnç bölgesini test etmesi açısından önem taşıyor.
Piyasada HYPE İçin Yükseliş Beklentisi Güçleniyor Bitcoin fiyatındaki toparlanma ve kripto piyasasındaki genel risk iştahının yeniden güçlenmesi, HYPE üzerindeki alım baskısını destekleyen önemli faktörler arasında yer alıyor. Piyasadaki olumlu havanın devam etmesi halinde yatırımcıların altcoinlere yönelik ilgisinin de artabileceği değerlendiriliyor. Önümüzdeki dönemde özellikle ETF bağlantılı fonların HYPE pozisyonlarında değişiklik yapıp yapmayacağı ve 60 dolar seviyesinde oluşacak fiyat hareketi yakından izlenecek. Kurumsal alımların sürmesi ve HYPE’nin bu direncin üzerinde kalıcılaşması, yükseliş beklentilerinin daha da güçlenmesini sağlayabilir.
Değerlendirme HYPE fiyatındaki toparlanma, kurumsal yatırımcıların gerçekleştirdiği alımların da etkisiyle piyasada dikkat çekici bir görünüm oluşturuyor. Özellikle ETF bağlantılı fonlarda satış görülmemesi ve yeni alımların gelmesi, yükseliş hareketinin arkasındaki talebi destekleyen önemli gelişmeler arasında yer alıyor. HYPE’nin 60 dolar seviyesinin üzerinde günlük kapanış gerçekleştirmesi, mevcut yükseliş trendinin güç kazanması açısından kritik bir eşik olabilir. Bu direncin aşılması ve üzerinde kalıcılık sağlanması halinde yatırımcıların odağı 66 dolar bölgesine çevrilebilir. Buna karşılık 60 doların aşılamaması durumunda kısa vadeli kâr satışları ve fiyat dalgalanmaları görülebilir.
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Hyperliquid (HYPE) has shown renewed momentum, driven by continued institutional interest and positive ETF-linked fund activity. As the token’s price trend strengthens, analysts point to key resistance levels that could define its near-term direction.
ETF Holdings Fuel HYPE MomentumHYPE is currently priced at $59.19, recording a 2.28% increase in the last 24 hours. Trading volume reached $259 million, contributing to a total market capitalization of $14.94 billion.
ETF-linked funds, including those managed by Grayscale and Bitwise, have either maintained or increased their HYPE holdings over the past week. These institutions, recognized for their regulated investment products, collectively acquired approximately $2.8 million worth of HYPE recently. Arkham data shows that not a single Hyperliquid ETF reduced its holdings during this period, underlining sustained institutional support.
Mini dictionary: Grayscale and Bitwise are prominent crypto asset management firms offering investment products that give institutional and accredited investors exposure to digital assets through regulated, ETF-like structures.
A significant recovery has been noted, with HYPE rebounding by over 16% from last weekend’s lower levels, reflecting a marked improvement in market sentiment.
Technical Analysis Signals Next TargetsCrypto analyst Umair Orakzai commented that HYPE could attempt further gains, citing recent positive buying pressure. During Monday’s session, the token opened at $57.14, briefly dipped to $57.05, and then climbed higher. The narrow price range and small lower wick suggest that liquidity remains accessible below current levels.
A decisive daily close above $60 could pave the way for HYPE to reach the short-term target of $66. If, however, the price fails to sustain this breakout, resistance may spark renewed selling pressure, resulting in possible consolidation between $55 and $60. Should the token fall below $55, a period of sideways movement or further weakening is likely.
LevelSupport/ResistancePotential Outcome$55SupportPossible consolidation or weakness below this point$60Key resistanceBreakout could target $66$66Short-term targetUptrend continuation above this levelAnalysts and investors are closely watching whether HYPE can maintain its momentum, with ETF accumulation seen as a possible catalyst for sustained bullish sentiment.
Clients from Grayscale and Bitwise spent about $2.8 million on HYPE, highlighting notable demand from institutional investors through ETF-related products.
Market Context and OutlookThe recent uptick in HYPE’s price comes as broader crypto sentiment improves, assisted by Bitcoin’s ongoing climb. Market participants are monitoring whether ETF inflows can continue, potentially offering further support to HYPE’s recovery efforts.
While accumulation in ETF-linked funds can reinforce the uptrend, a setback at resistance may keep HYPE consolidating. The next week’s performance may offer clearer direction for the token.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
