Track market-moving stories before they get noisy

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.

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UBS Group has assigned a "Buy" rating to SpaceX, with a target price of $210.

UBS Group initiates research coverage on SpaceX (SPCX.O), assigns a Buy rating, and sets a target price of $210.

12 minutes ago

Coinbase Secures UK MiFID License, Enabling It to Offer Investment Services in the UK

According to official announcements, Coinbase today announced it has received authorization from UK regulators to offer investment services in the UK. In simple terms, this means Coinbase is no longer limited to crypto-related services, and can now provide traditional financial investment products to UK users. This authorization is not merely a regulatory milestone, but will bring more investment options to UK users. Going forward, institutional investors and professional traders will be able to trade derivatives including cryptocurrencies, stocks, and commodity perpetual futures; retail users will also be able to trade stocks on the Coinbase platform for the first time. Coinbase noted this is just the first step in its product expansion, with more investment services planned for launch in the future.

12 minutes ago

Morningstar: Samsung Electronics' revenue expectations may disappoint investors.

Morningstar analyst Jing Jie Yu said investors may feel somewhat disappointed with Samsung Electronics' revenue outlook. He noted that the company’s projected operating profit is in line with market expectations, but its revenue forecast of 171 trillion won is slightly below the consensus. This underperformance is likely due to DRAM price increases falling short of expectations, which may have spooked investors who were increasingly betting on a structural rally in memory chip prices. As investors grew more cautious, Samsung Electronics’ stock closed down 6.9%, trimming its year-to-date gain to just under 150%.

12 minutes ago

Citi assigns SpaceX a "Buy" rating, with a target price of $200.

Citigroup initiates coverage on SpaceX (SPCX.O), assigning a Buy rating and setting a target price of $200.

12 minutes ago

He Yi: Binance Earn has cumulatively distributed over $1.2 billion in yields to stablecoin holders.

Binance co-founder He Yi stated in a social media post that "A key metric I’ve long focused on is the value created for users. Since 2022, Binance Earn has cumulatively distributed over $1.2 billion in yields to stablecoin holders. In the long run, the real opportunity lies not only in providing users with market access, but also in helping them continuously generate value from their assets."

12 minutes ago

Strive CEO: No need to sell the company's reserve Bitcoin holdings even if Bitcoin falls to 1 cent.

Strive CEO Matt Cole said in an interview that even if Bitcoin falls to 1 cent and remains at that level for 18 months, Strive will face no issues, does not need to take any action, and will not have to sell a single BTC. No price level will trigger a forced liquidation for Strive.

12 minutes ago

Key Takeaways Table of Contents

Key TakeawaysModerate Projection: $180–$300 Through 2031Optimistic Outlook: $500–$800Conservative Scenario: $40–$80Distinguishing Factors for HYPE Hyperliquid currently dominates decentralized perpetual futures trading by volume Base case projections estimate HYPE between $180 and $300 by 2031 Optimistic outlook projects HYPE could climb to $500–$800 as it captures centralized exchange market share Conservative estimates place HYPE between $40 and $80 if regulatory and competitive headwinds intensify Weighted probability analysis suggests a $315 price target for 2031 In less than two years, Hyperliquid has transformed from an emerging decentralized exchange into a dominant force in on-chain derivatives trading. The platform now handles billions in daily transaction volume.

Hyperliquid (HYPE) Price The exchange operates with a functional revenue model. Trading activity generates protocol fees, and the platform continues attracting users away from traditional centralized exchanges.

Beyond perpetual futures, the ecosystem is evolving. The introduction of HyperEVM and additional financial instruments is expanding the platform’s capabilities and use cases.

Moderate Projection: $180–$300 Through 2031 The moderate forecast presumes that decentralized trading platforms will continue capturing market share from their centralized counterparts. Hyperliquid maintains its leadership position in perpetual futures while successfully expanding into spot trading, lending protocols, and tokenized financial products.

In this scenario, HYPE is projected to reach a price range of $180 to $300 by 2031. This corresponds to a fully diluted market capitalization of approximately $180 billion to $300 billion.

Even at these valuations, significant growth potential remains compared to the largest cryptocurrency networks.

Optimistic Outlook: $500–$800 The optimistic projection envisions Hyperliquid transcending competition within the decentralized space and directly capturing significant market share from major centralized exchanges like Binance, Bybit, and OKX.

Institutional market participants would increasingly execute perpetual futures contracts on-chain. Meanwhile, HyperEVM matures into a comprehensive ecosystem supporting decentralized lending, stablecoin infrastructure, and tokenized real-world assets.

Under these conditions, HYPE could reach valuations between $500 and $800, representing a fully diluted market cap ranging from $500 billion to $800 billion.

Conservative Scenario: $40–$80 Hyperliquid operates in an intensely competitive environment. Platforms including dYdX, GMX, Vertex, and Drift are all vying for the same liquidity pools and user base.

Regulatory scrutiny of perpetual futures markets represents another significant risk factor. Numerous jurisdictions continue examining this sector with heightened attention.

Additionally, scheduled token unlocks and expanding circulating supply could create sustained selling pressure, particularly if user growth and volume fail to meet expectations.

Under conservative assumptions, HYPE would trade within a $40 to $80 range through 2031.

Distinguishing Factors for HYPE Unlike numerous alternative cryptocurrencies, HYPE derives its value from measurable trading volume rather than speculative narratives alone. This positions it more similarly to exchange equity than traditional crypto tokens.

Hyperliquid already produces verifiable economic value. Should decentralized derivatives markets continue outpacing broader market growth, the platform is strategically positioned to capture disproportionate benefits.

The probability-weighted forecast derived from this analysis indicates a price target of approximately $315 by 2031.

Hyperliquid (@HyperliquidX) $HYPE has overtaken Dogecoin (@dogecoin) $DOGE to claim ninth place in the global cryptocurrency market cap rankings, marking one of the more notable ranking shifts of the current cycle.

What Is Driving the Move The rally has been underpinned by a combination of rising platform usage, competitive fees, and a mechanical buyback programme embedded directly in the protocol. Around 99% of fees from Hyperliquid's perpetuals and spot order book are routed to the Assistance Fund, which continuously purchases and burns HYPE tokens, removing them permanently from circulating supply. The result is a structural link between trading volume and token demand: the more the exchange trades, the more tokens get bought and destroyed.

That volume has been substantial. Hyperliquid has now crossed $1.1 billion in cumulative buybacks, with the protocol recording a single buyback of $283 million, described as the largest in the industry since the start of 2026. The platform has burned over 41 million tokens to date, reducing circulating supply by roughly 4.2%.

Geopolitical tension also played a role. When Middle East volatility spiked, Hyperliquid's around-the-clock trading gave it an edge over venues that observe fixed daily halt periods. TD Securities noted that the platform's oil perpetual futures volume jumped from $25 million to over $550 million across three weekends of the US-Israel-Iran conflict, as traders sought continuous price discovery when traditional markets were closed.

Where HYPE Stands Now HYPE set an all-time high of $76.87 on June 16, 2026. At the time of writing, the token sits approximately 9% below that level, having gained 13.3% over the prior seven days, according to CoinGecko data. The token has risen roughly 205% since January 2026.

Institutional interest has added further support. The Bitwise spot HYPE ETF began trading in May 2026 and spot HYPE ETF products collectively recorded $111 million in inflows as of June 30, a contrast to outflows seen in Bitcoin and Ethereum funds over the same period.

The broader narrative around the ranking change reflects a shift in what the market is rewarding. DOGE, which held a top-ten position for much of the past two years, has lacked comparable fundamental catalysts. Analysts have noted that the 2026 cycle has broadly favoured tokens with clear revenue streams over legacy meme coins.

Sources:
DeFiLlama: Hyperliquid Protocol Fees and Revenue
Crypto Briefing: Hyperliquid Records Largest Crypto Buyback at $283M Since January
Watcher.Guru: Hyperliquid Overtakes Dogecoin, Eyes New All-Time High

Morningstar: Samsung Electronics' revenue expectations may disappoint investors.

Morningstar analyst Jing Jie Yu said investors may feel somewhat disappointed with Samsung Electronics' revenue outlook. He noted that the company’s projected operating profit is in line with market expectations, but its revenue forecast of 171 trillion won is slightly below the consensus. This underperformance is likely due to DRAM price increases falling short of expectations, which may have spooked investors who were increasingly betting on a structural rally in memory chip prices. As investors grew more cautious, Samsung Electronics’ stock closed down 6.9%, trimming its year-to-date gain to just under 150%.

2 minutes ago

Citi assigns SpaceX a "Buy" rating, with a target price of $200.

Citigroup initiates coverage on SpaceX (SPCX.O), assigning a Buy rating and setting a target price of $200.

2 minutes ago

He Yi: Binance Earn has cumulatively distributed over $1.2 billion in yields to stablecoin holders.

Binance co-founder He Yi stated in a social media post that "A key metric I’ve long focused on is the value created for users. Since 2022, Binance Earn has cumulatively distributed over $1.2 billion in yields to stablecoin holders. In the long run, the real opportunity lies not only in providing users with market access, but also in helping them continuously generate value from their assets."

2 minutes ago

Strive CEO: No need to sell the company's reserve Bitcoin holdings even if Bitcoin falls to 1 cent.

Strive CEO Matt Cole said in an interview that even if Bitcoin falls to 1 cent and remains at that level for 18 months, Strive will face no issues, does not need to take any action, and will not have to sell a single BTC. No price level will trigger a forced liquidation for Strive.

2 minutes ago

US stock storage sector is generally down in pre-market trading, with Western Digital falling more than 6%.

According to BIT (bit.com) market data, the US stock market's storage sector is seeing broad pre-market declines, with Seagate Technology (STX) down 4.96%, Western Digital (WDC) down 6.14%, SanDisk (SNDK) down 5.43%, and Micron Technology (MU) down 5.46%.

2 minutes ago

Nansen has integrated Hyperliquid perpetual contract trading, supporting smart money and on-chain data analysis.

According to official announcements, blockchain analytics platform Nansen has officially launched Hyperliquid Perpetual (Perp) trading functionality, now available to all web and mobile users. Users can execute Hyperliquid perpetual trades directly within Nansen while tracking on-chain activities of Smart Money, whale addresses, and prominent investors, with real-time access to key metrics including funding rates, long-short position ratios, and wallet-level position distributions—enabling an integrated "research-to-trade" experience. Nansen added that the platform has also launched the Hyperliquid Perps Leaderboard, which supports filtering by Smart Money, whales, and top traders, and sorting by performance over the past 7 days, 30 days, or all-time, helping users quickly identify top-performing wallet addresses. Additionally, users can deposit funds from external wallets within the app, bridge assets from connected Solana or Base wallets to Hyperliquid, and receive asset transfers directly from other Hyperliquid addresses. Beyond trading features, Nansen has expanded its data coverage of the Hyperliquid ecosystem, including on-chain activity monitoring for HyperFND and the Hyperliquid Data API. Users can track real-time active HyperEVM addresses, contract deployments, and ecosystem growth, while development teams can access real-time Smart Money perpetual positions, unrealized profit and loss (PnL), account health, full transaction history, and performance data via the API—supporting quantitative analysis, strategy development, and application building.

2 minutes ago

Ill Bloom Vulnerability Drains $3.1 Million From Crypto Wallets: Are You Exposed?

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.

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BlackRock withdrew 7,546 ETH from Coinbase Prime, valued at approximately $13.2 million.

According to monitoring by Onchain Lens, BlackRock has just purchased and withdrawn 7,546 ETH from Coinbase Prime, valued at approximately $13.2 million.

6 minutes ago

Coinbase launches spot trading for Grove (GROVE)

According to official news, Coinbase announced it will list Grove (GROVE) for spot trading starting July 6, 2026. If liquidity requirements are met, the GROVE-USD trading pair will open in supported regions later today.

6 minutes ago

Influenced by news that Strategy sold Bitcoin to pay dividends, STRC rebounded to break above $90.

According to market data from BIT (bit.com), Strategy’s preferred stock STRC has rebounded above $90, trading at $90.125, with a 2.57% intraday gain. Earlier reports noted that Strategy sold 3,588 Bitcoin last week, generating $216 million in proceeds to pay dividends on its digital credit securities. As of July 5, the company’s Bitcoin reserves fell to 843,775 coins, alongside $2.55 billion in U.S. dollar reserves.

6 minutes ago

BlackRock Withdraws 7,546 ETH From Coinbase Prime, Worth Around $13.2 Million

According to monitoring by Onchain Lens, BlackRock just purchased and withdrew 7,546 ETH from Coinbase Prime, worth approximately $13.2 million.

6 minutes ago

Four wallets are holding 2x longs on $DEXE on @Aster_DEX, with a combined unrealized profit of ~$1.32M.

The $DEXE price keeps climbing today. Four wallets are holding 2x longs on $DEXE on @Aster_DEX, with a combined unrealized profit of ~$1.32M. The highest return has reached 104.57%.

6 minutes ago

Crypto mining firm Riot Platforms transfers 500 BTC to NYDIG Custody.

According to monitoring by Onchain Lens, publicly listed Bitcoin mining firm Riot Platforms has deposited 500 BTC, valued at around $30.9 million, with NYDIG Custody, likely for sale.

6 minutes ago

Hyperliquid (HYPE) is arguably one of the best-performing cryptocurrencies in 2026. The exchange and its native token have seen incredible growth over the last year. The upswing is especially commendable given the larger bearish market environment. Hyperliquid (HYPE) has now overtaken Dogecoin (DOGE) to become the ninth-largest cryptocurrency project by market cap. HYPE’s price has risen by 3.4% in the daily charts and 13.3% in the weekly charts, according to CoinGecko data. Hyperliquid (HYPE) is currently down by just 8.8% from its all-time high of $76.87. Let’s discuss why the cryptocurrency has gained such traction this year and if it can hit a new peak soon.

Source: CoinGeckoWhy Is Hyperliquid Surging?Source: CoinCodexHyperliquid’s (HYPE) surge came after a rise in the the sue of the Hyperliquid exchange. Oil futures saw massive trade volume in 2026 amid heightened Middle East tensions. Unlike other exchanges that were closed for a certain period of the day, Hyperliquid was open 24/7. This made is extremely popular among traders. The exchange’s popularity was further propelled by its low fees. As a result, Hyperliquid’s native token, HYPE, climbed to an all-time high of $76.87 on June 16, 2026.

Hyperliquid continues to garner users to its platform as its native token overtakes Dogecoin (DOGE). The surge in the number of users and also returning clients has directly led to a surge in the exchange’s native token. Hyperliquid also uses a majority of its fees for buy backs. The surge in fee collection from increased trading on the platform has led to higher buy backs, consequently leading to a supply dip.

Will The Asset Hit Another All-Time High?Hyperliquid (HYPE) delivered incredible gains in bearish times. Therefore, it is difficult to predict the asset’s trajectory. The larger cryptocurrency market seems to be rebounding from its recent dip. The rally comes amid softer jobs data for June 2026. The low jobs may have led to a re-thinking of the Federal Reserve’s chances of raising interest rates.

Also Read: XRP Makes a Comeback, Rising 10% in a Week: Is $1.50 the Next Stop?

If the market continues its upswing Hyperliquid (HYPE) could hit a new all-time high very soon. However, bearish forces loom overhead and fresh volatility could change the tide ever so quickly.

According to monitoring by OnchainLens, the smart money address 0x15a, which has been dormant for several months, deposited $1 million USDC into Hyperliquid and opened a 40x leveraged long position of 200 BTC, with the position valued at roughly $12.58 million. The address’s last on-chain activity occurred in March this year, and its historical cumulative profit from perpetual contracts stands at approximately $2.28 million.

Relevant content

Jiang Zhuoer: Strategy’s approved 20,000 BTC for sale will likely be fully sold.

Jiang Zhuoer, founder of BTC mining pool BTC.TOP, posted that U.S. crypto asset firm Strategy has sold 3,588 BTC for $216 million. This marks Strategy’s first large-scale BTC sell-off, carried out despite holding $2.55 billion in cash reserves — enough to cover 17.6 months of interest payments — and voluntarily selling more BTC than required to meet its interest obligations. This move signals the breakdown of Strategy’s long-held "never sell BTC" narrative. Jiang said he does not understand the reason behind Strategy’s current large-scale sell-off, noting that even if it lacks U.S. dollars, it could continue raising funds by issuing additional common stock. While this would reduce BTC holdings per share, he argues that preserving the "never sell" narrative and related beliefs is far more important than per-share BTC metrics. If Strategy fails to repurchase BTC at lower prices after the sell-off, it will also lead to a decline in per-share BTC holdings. Jiang added that Strategy’s willingness to bear this cost can only be interpreted as its preparation to conduct significant BTC swing trading. Jiang further stated that the 20,000 BTC already approved by Strategy’s board will almost certainly be sold in full. He believes that during the upcoming bull market phase, the market may witness a sell-off by an entity holding hundreds of thousands of BTC.

7 minutes ago

American Bitcoin adds 500 BTC to its holdings, bringing its total BTC holdings to 8,000.

Bitcoin mining firm American Bitcoin, backed by the Trump family, has increased its holdings by 500 BTC, bringing its total position to 8,000 BTC.

7 minutes ago

Dell’s stock surges more than 8% after Trump’s public crypto endorsement

According to market data from BIT (bit.com), Dell’s stock has risen more than 8%, currently trading at $427.26. In an earlier report, US President Donald Trump publicly said, "Go buy a Dell computer," once again endorsing Dell. Regarding Dell’s previous donation to the "Trump account," Trump stated, "We will find a way to get that money back."

7 minutes ago

Trump responds to whether the "Trump account" includes Bitcoin: "It might happen."

According to Reuters, when asked whether the "Trump account" might hold Bitcoin, Trump stated: "It could happen."

7 minutes ago

Trump: Early investment is key, and the stock market will soar.

Trump said that thanks to the Trump Account, newborns today will hold a massive financial advantage by the time they turn 18. While promoting the account’s launch ceremony, he heavily touted early investment as a means to build long-term wealth, noting that the Dow Jones, Nasdaq, and S&P 500 have all risen recently. “I think the market will skyrocket,” he said, urging families to keep investing rather than cashing out. (Jinshi)

7 minutes ago

Viewpoint: Strategy’s BTC sale helps restore market confidence in STRC and mitigate short-term tail risks for Bitcoin

Grayscale Research Head Zach Pandl published a note stating that in his view, Strategy’s sale of Bitcoin is a necessary move to restore market confidence in STRC and its overall structure. Last week’s partial Bitcoin sale by Strategy further reduced short-term tail risks for Bitcoin, and STRC is expected to continue performing well going forward. As previously reported, Strategy sold 3,588 Bitcoin last week, generating $216 million in proceeds to pay dividends on its digital credit securities. As of July 5, the company’s Bitcoin reserves stood at 843,775 coins, alongside $2.55 billion in U.S. dollar reserves.

7 minutes ago

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.

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BNY Mellon: Urgency for further Federal Reserve tightening has diminished.

Jeff, Senior Macro Strategist at the Bank of New York Mellon, pointed out that weak U.S. labor data and improved inflation metrics have reduced the urgency for the Federal Reserve to implement further monetary tightening. However, this does not resolve lingering questions about whether the growth slowdown is within a controllable range or whether policy expectations have been overly adjusted. He remarked, “The global narrative is growing less unified.” In the U.S., the key question is whether the Federal Reserve can maintain patience without inflation risks reemerging; in Europe, meanwhile, the focus of discussions has shifted from urgent inflation management to issues including economic growth, fiscal credibility, and defense financing.

11 minutes ago

Recently, only two whales on Hyperliquid have completed position building for MU, with the average entry price for long positions standing at $1,019.

According to Hyperinsight’s monitoring, following the U.S. stock market’s closure for Independence Day last Friday, U.S. stock trading volumes slowed sharply over the weekend, with MU’s 24-hour volume reaching just $99 million. Only one whale built and held a MU (Micron Technology) position on Hyperliquid over the weekend. This whale’s address (0x93c) was created three days ago and currently only engages in long MU trades on Hyperliquid. Approximately three hours ago, the address opened another long position of 1,319.5 MU with 7x leverage, worth roughly $1.33 million, at an average entry price of $1,002 and a liquidation price of $904. Separately, only one whale also opened a MU position during last Friday’s market closure and has held it since. This whale currently holds a long position valued at approximately $8.31 million, with an average entry price of $1,036, and is currently in a slight unrealized loss.

11 minutes ago

DeFi protocol Summer Finance hacked, $6 million in losses

According to Blockaid's monitoring, DeFi protocol Summer Finance is under ongoing attack, with approximately $6 million in assets stolen so far.

11 minutes ago

JPMorgan Chase maintains an "Overweight" rating on Tencent, with a target price of HK$690.

JPMorgan said in a report that uncertainties surrounding Tencent’s WeChat AI Agent include whether it can fully integrate into the WeChat platform, the extent of its transaction permissions, and whether Tencent can build a supply system accessible to AI Agents without relying on existing e-commerce platforms to open inventory. With Tencent launching the beta test for WeChat AI Agent in June, the bank has significantly boosted its confidence in the agent’s value creation framework. The Agent service is now sufficiently visible, enabling a clear distinction between its existing components and areas still under development. This has shifted WeChat AI Agent from an AI initiative with no clear timeline to a phased rollout project with observable milestones. The bank believes the initial impact of WeChat AI Agent’s launch on Tencent’s stock price will likely stem from a reduction in risk premium and higher valuation multiples, rather than short-term earnings per share growth. It assigned Tencent an "Overweight" rating, with a target price of HK$690.

11 minutes ago

South Korea is pushing forward civil enforcement rules for virtual assets, with plans to allow courts to seize and liquidate crypto assets.

South Korea’s Supreme Court has issued a legislative notice for the Partial Amendment to the Civil Execution Rules, which will for the first time bring virtual assets under the scope of civil compulsory enforcement. Following a public comment period, the amended rules are set to take effect on October 1, 2026. Key provisions include: Compulsory enforcement of claims for digital asset transfers (courts may launch enforcement via seizure orders, barring third-party debtors like trading platforms from transferring assets to the debtor, while restricting the debtor from disposing of such claims); Compulsory enforcement of digital assets themselves (courts may seize virtual assets held by the debtor, which will be taken over by enforcement officers, with the debtor prohibited from disposal); Liquidation methods: Seized digital assets can be monetized via transfer orders or auction orders. For assets with low liquidity, conversion into other digital assets prior to auction is allowed.

11 minutes ago

Garret Jin increases his short position on ZEC, with the position valued at $14.9 million.

According to monitoring by Onchain Lens, Garret Jin, agent of the "BTC OG Insider Whale", has increased his ZEC short position to 32,759.57 ZEC, worth $14.9 million. Garret still holds a 5x leveraged BTC long position valued at $80 million, currently with a loss exceeding $16.38 million.

11 minutes ago

BNY Mellon: Urgency for further Federal Reserve tightening has diminished.

Jeff, Senior Macro Strategist at the Bank of New York Mellon, pointed out that weak U.S. labor data and improved inflation metrics have reduced the urgency for the Federal Reserve to implement further monetary tightening. However, this does not resolve lingering questions about whether the growth slowdown is within a controllable range or whether policy expectations have been overly adjusted. He remarked, “The global narrative is growing less unified.” In the U.S., the key question is whether the Federal Reserve can maintain patience without inflation risks reemerging; in Europe, meanwhile, the focus of discussions has shifted from urgent inflation management to issues including economic growth, fiscal credibility, and defense financing.

11 minutes ago

Recently, only two whales on Hyperliquid have completed position building for MU, with the average entry price for long positions standing at $1,019.

According to Hyperinsight’s monitoring, following the U.S. stock market’s closure for Independence Day last Friday, U.S. stock trading volumes slowed sharply over the weekend, with MU’s 24-hour volume reaching just $99 million. Only one whale built and held a MU (Micron Technology) position on Hyperliquid over the weekend. This whale’s address (0x93c) was created three days ago and currently only engages in long MU trades on Hyperliquid. Approximately three hours ago, the address opened another long position of 1,319.5 MU with 7x leverage, worth roughly $1.33 million, at an average entry price of $1,002 and a liquidation price of $904. Separately, only one whale also opened a MU position during last Friday’s market closure and has held it since. This whale currently holds a long position valued at approximately $8.31 million, with an average entry price of $1,036, and is currently in a slight unrealized loss.

11 minutes ago

DeFi protocol Summer Finance hacked, $6 million in losses

According to Blockaid's monitoring, DeFi protocol Summer Finance is under ongoing attack, with approximately $6 million in assets stolen so far.

11 minutes ago

JPMorgan Chase maintains an "Overweight" rating on Tencent, with a target price of HK$690.

JPMorgan said in a report that uncertainties surrounding Tencent’s WeChat AI Agent include whether it can fully integrate into the WeChat platform, the extent of its transaction permissions, and whether Tencent can build a supply system accessible to AI Agents without relying on existing e-commerce platforms to open inventory. With Tencent launching the beta test for WeChat AI Agent in June, the bank has significantly boosted its confidence in the agent’s value creation framework. The Agent service is now sufficiently visible, enabling a clear distinction between its existing components and areas still under development. This has shifted WeChat AI Agent from an AI initiative with no clear timeline to a phased rollout project with observable milestones. The bank believes the initial impact of WeChat AI Agent’s launch on Tencent’s stock price will likely stem from a reduction in risk premium and higher valuation multiples, rather than short-term earnings per share growth. It assigned Tencent an "Overweight" rating, with a target price of HK$690.

11 minutes ago

South Korea is pushing forward civil enforcement rules for virtual assets, with plans to allow courts to seize and liquidate crypto assets.

South Korea’s Supreme Court has issued a legislative notice for the Partial Amendment to the Civil Execution Rules, which will for the first time bring virtual assets under the scope of civil compulsory enforcement. Following a public comment period, the amended rules are set to take effect on October 1, 2026. Key provisions include: Compulsory enforcement of claims for digital asset transfers (courts may launch enforcement via seizure orders, barring third-party debtors like trading platforms from transferring assets to the debtor, while restricting the debtor from disposing of such claims); Compulsory enforcement of digital assets themselves (courts may seize virtual assets held by the debtor, which will be taken over by enforcement officers, with the debtor prohibited from disposal); Liquidation methods: Seized digital assets can be monetized via transfer orders or auction orders. For assets with low liquidity, conversion into other digital assets prior to auction is allowed.

11 minutes ago

Garret Jin increases his short position on ZEC, with the position valued at $14.9 million.

According to monitoring by Onchain Lens, Garret Jin, agent of the "BTC OG Insider Whale", has increased his ZEC short position to 32,759.57 ZEC, worth $14.9 million. Garret still holds a 5x leveraged BTC long position valued at $80 million, currently with a loss exceeding $16.38 million.

11 minutes ago

BNY Mellon: Urgency for further Federal Reserve tightening has diminished.

Jeff, Senior Macro Strategist at the Bank of New York Mellon, pointed out that weak U.S. labor data and improved inflation metrics have reduced the urgency for the Federal Reserve to implement further monetary tightening. However, this does not resolve lingering questions about whether the growth slowdown is within a controllable range or whether policy expectations have been overly adjusted. He remarked, “The global narrative is growing less unified.” In the U.S., the key question is whether the Federal Reserve can maintain patience without inflation risks reemerging; in Europe, meanwhile, the focus of discussions has shifted from urgent inflation management to issues including economic growth, fiscal credibility, and defense financing.

11 minutes ago

DeFi protocol Summer Finance hacked, $6 million in losses

According to Blockaid's monitoring, DeFi protocol Summer Finance is under ongoing attack, with approximately $6 million in assets stolen so far.

11 minutes ago

JPMorgan Chase maintains an "Overweight" rating on Tencent, with a target price of HK$690.

JPMorgan said in a report that uncertainties surrounding Tencent’s WeChat AI Agent include whether it can fully integrate into the WeChat platform, the extent of its transaction permissions, and whether Tencent can build a supply system accessible to AI Agents without relying on existing e-commerce platforms to open inventory. With Tencent launching the beta test for WeChat AI Agent in June, the bank has significantly boosted its confidence in the agent’s value creation framework. The Agent service is now sufficiently visible, enabling a clear distinction between its existing components and areas still under development. This has shifted WeChat AI Agent from an AI initiative with no clear timeline to a phased rollout project with observable milestones. The bank believes the initial impact of WeChat AI Agent’s launch on Tencent’s stock price will likely stem from a reduction in risk premium and higher valuation multiples, rather than short-term earnings per share growth. It assigned Tencent an "Overweight" rating, with a target price of HK$690.

11 minutes ago

South Korea is pushing forward civil enforcement rules for virtual assets, with plans to allow courts to seize and liquidate crypto assets.

South Korea’s Supreme Court has issued a legislative notice for the Partial Amendment to the Civil Execution Rules, which will for the first time bring virtual assets under the scope of civil compulsory enforcement. Following a public comment period, the amended rules are set to take effect on October 1, 2026. Key provisions include: Compulsory enforcement of claims for digital asset transfers (courts may launch enforcement via seizure orders, barring third-party debtors like trading platforms from transferring assets to the debtor, while restricting the debtor from disposing of such claims); Compulsory enforcement of digital assets themselves (courts may seize virtual assets held by the debtor, which will be taken over by enforcement officers, with the debtor prohibited from disposal); Liquidation methods: Seized digital assets can be monetized via transfer orders or auction orders. For assets with low liquidity, conversion into other digital assets prior to auction is allowed.

11 minutes ago

Garret Jin increases his short position on ZEC, with the position valued at $14.9 million.

According to monitoring by Onchain Lens, Garret Jin, agent of the "BTC OG Insider Whale", has increased his ZEC short position to 32,759.57 ZEC, worth $14.9 million. Garret still holds a 5x leveraged BTC long position valued at $80 million, currently with a loss exceeding $16.38 million.

11 minutes ago

Analysis: Bitcoin rebounds, yet spot trading volume shrinks rapidly, with risks of long squeezes in derivatives accumulating.

Crypto analyst Murphy notes that as Bitcoin rebounded from $58,000 to nearly $64,000, its spot relative volume plummeted rapidly. A rebound unsupported by spot demand is unlikely to form the foundation of a trend reversal, often being merely a sentiment-driven recovery rally, so its sustainability demands close monitoring. On the positive front, the USDC/USDT exchange rate has retreated from 1.001 to 1.0006, signaling waning exit intentions and recovering trading activity. While major stablecoins on trading platforms still remain in net outflow, the outflow magnitude has continued to narrow, and this marginal improvement in funding conditions underpins the rebound’s continuation. However, the weakening of spot drivers means derivatives have gained relatively more weight. The 7-day average long premium for perpetual contracts has climbed steadily to $160,000 per hour, indicating taker buy orders have persistently pushed perpetual contract prices above spot levels. Open interest has declined somewhat but remains significantly higher than levels in February this year. The current long premium is still within a normal range, but as the rebound persists, the risk of a long squeeze will keep building. Once open interest rebounds again, fierce battles between bulls and bears will trigger faster and more violent volatility—a hidden risk that requires advance attention.

11 minutes ago

South Korea is pushing forward civil enforcement rules for virtual assets, with plans to allow courts to seize and liquidate crypto assets.

South Korea’s Supreme Court has issued a legislative notice for the Partial Amendment to the Civil Execution Rules, which will for the first time bring virtual assets under the scope of civil compulsory enforcement. Following a public comment period, the amended rules are set to take effect on October 1, 2026. Key provisions include: Compulsory enforcement of claims for digital asset transfers (courts may launch enforcement via seizure orders, barring third-party debtors like trading platforms from transferring assets to the debtor, while restricting the debtor from disposing of such claims); Compulsory enforcement of digital assets themselves (courts may seize virtual assets held by the debtor, which will be taken over by enforcement officers, with the debtor prohibited from disposal); Liquidation methods: Seized digital assets can be monetized via transfer orders or auction orders. For assets with low liquidity, conversion into other digital assets prior to auction is allowed.

7 minutes ago

Garret Jin increases his short position on ZEC, with the position valued at $14.9 million.

According to monitoring by Onchain Lens, Garret Jin, agent of the "BTC OG Insider Whale", has increased his ZEC short position to 32,759.57 ZEC, worth $14.9 million. Garret still holds a 5x leveraged BTC long position valued at $80 million, currently with a loss exceeding $16.38 million.

7 minutes ago

Analysis: Bitcoin rebounds, yet spot trading volume shrinks rapidly, with risks of long squeezes in derivatives accumulating.

Crypto analyst Murphy notes that as Bitcoin rebounded from $58,000 to nearly $64,000, its spot relative volume plummeted rapidly. A rebound unsupported by spot demand is unlikely to form the foundation of a trend reversal, often being merely a sentiment-driven recovery rally, so its sustainability demands close monitoring. On the positive front, the USDC/USDT exchange rate has retreated from 1.001 to 1.0006, signaling waning exit intentions and recovering trading activity. While major stablecoins on trading platforms still remain in net outflow, the outflow magnitude has continued to narrow, and this marginal improvement in funding conditions underpins the rebound’s continuation. However, the weakening of spot drivers means derivatives have gained relatively more weight. The 7-day average long premium for perpetual contracts has climbed steadily to $160,000 per hour, indicating taker buy orders have persistently pushed perpetual contract prices above spot levels. Open interest has declined somewhat but remains significantly higher than levels in February this year. The current long premium is still within a normal range, but as the rebound persists, the risk of a long squeeze will keep building. Once open interest rebounds again, fierce battles between bulls and bears will trigger faster and more violent volatility—a hidden risk that requires advance attention.

7 minutes ago

ANSEM posts a short-term rally of 25%, with its current market cap standing at $380 million.

According to GMGN monitoring, Solana ecosystem meme coin ANSEM surged 25% within one hour, with its market cap rebounding to around $380 million, posting a 30% 24-hour gain and trading volume exceeding $39.7 million over the same period. The rally is likely due to Ansem himself (X: blknoiz06) announcing the completion of a new round of airdrop distribution, totaling approximately $7 million. BlockBeats Note: Meme coin trading is highly volatile, largely dependent on market sentiment and concept hype, with no actual value or use cases; investors should exercise caution regarding risks.

7 minutes ago

HTX Genesis Hackathon Attracts Over 30 Teams from Top Universities at Home and Abroad

According to official social media announcements, the HTX Genesis Hackathon—hosted by HTX DAO and B.AI, and co-organized by OpenCSG, TinTinLand, and OpenCity—has entered the preliminary screening phase. More than 100 developer teams have registered for the event, with participants hailing from over 30 top universities across 22 global cities, including Tsinghua University, Fudan University, the National University of Singapore, and the University of Edinburgh. The hackathon offers a total prize pool of 20,000 USDT and over $100,000 in computing power support. Participating teams will innovate in areas such as $HTX use cases, B.AI ecosystem applications and computing power services, AI Agent finance, on-chain asset management, trading infrastructure, DAO tools, and smart financial operating systems. The HTX Genesis finals will be held offline on July 19 during the World Artificial Intelligence Conference (WAIC) in Shanghai.

7 minutes ago

Whale MK4 opened a long position in LIT at $1.29, with an unrealized profit of $6.7 million.

According to monitoring by OnchainLens, crypto whale MK4 (@mk4_lul) holds a 5x leveraged long position in LIT, with a position value of $13 million, an entry price of $1.29, and current unrealized profit of $6.7 million. The whale’s wallet address has amassed a lifetime total profit of $173.68 million.

7 minutes ago

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Glassnode published a report disclosing that its on-chain metric, the Hyperliquid Entry Price Heatmap, displays traders’ specific position entry prices. Currently, a large volume of long positions in the $72,000–$76,000 range and short positions established around $60,000 are in unrealized losses, leaving the Bitcoin market highly vulnerable to both upward and downward price swings. Price fluctuations could further trigger cascading liquidations.

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Solana’s active addresses over the past seven days rose 38% year-on-year to 31.38 million, ranking first among all public blockchains.

According to on-chain analyst Ai Yi (@ai_9684xtpa), meme coins continue to be a key factor driving growth in public blockchain metrics. Solana’s active address count jumped 38% year-over-year to 31.38 million over the past seven days, ranking first among major public chains by a large margin; its transaction volume rose 9.8% in the same period, while transaction fees climbed 38%. The analyst added that today, fueled by CZ’s response, trading activity for BSC meme coins has picked up noticeably, and BSC’s on-chain data is expected to post strong performance tomorrow.

13 minutes ago

Meme coin CZ on the BSC chain briefly surged past $80 million in market capitalization, hitting an all-time high.

According to GMGN monitoring, the BSC-based meme coin CZ (The Final Form Bull) briefly exceeded $80 million in market capitalization, hitting an all-time high, and is currently at $76 million, with a 24-hour surge of 380 times and trading volume of approximately $43.7 million over the same period. Earlier reports noted that crypto blogger @TCryptochicks released a series of "riddle" images, after which Binance founder CZ retweeted the post and replied: "Water (drop) your BNB wallet", reigniting market hype around celebrity-linked meme coins. BlockBeats Note: Meme coin trading is highly volatile, mostly dependent on market sentiment and conceptual hype, with no actual value or practical use cases. Investors should exercise caution and be mindful of the associated risks.

13 minutes ago

Current funding rates on major centralized (CEX) and decentralized (DEX) exchanges show that bearish momentum for Bitcoin (BTC) and Ethereum (ETH) is easing, with market sentiment remaining neutral to slightly bearish.

According to Coinglass data, current funding rates on major centralized (CEX) and decentralized (DEX) crypto exchanges show that the bearish sentiment for Bitcoin (BTC) and Ethereum (ETH) has weakened compared to earlier, but most platforms have not yet formed sustained bullish signals. Specifically, BTC funding rates on multiple platforms hover around the 0.0100% benchmark line, reflecting an overall neutral-to-weak pattern. For ETH, funding rates on multiple platforms have risen above the 0.005% threshold, with ETH’s long sentiment recovering slightly stronger than BTC’s, though no broad bullish signal has emerged yet. BlockBeats Note: Funding rates are fees set by crypto trading platforms to maintain the balance between perpetual contract prices and their underlying asset prices, typically applied to perpetual swaps. They function as a fund exchange mechanism between long and short traders; platforms do not collect this fee, instead using it to adjust the cost or return of holding contracts to keep contract prices aligned with underlying asset prices. A 0.01% funding rate is the benchmark. A rate above 0.01% indicates widespread bullish market sentiment, while a rate below 0.005% signals widespread bearish sentiment.

13 minutes ago

The probability that the CLARITY Act will be signed into law in 2026 has risen to 52%.

According to Polymarket data, the probability that the CLARITY Act will be signed into law in 2026 has climbed to 52%, a 12-percentage-point increase from July 3. On the news front, the U.S. Major County Sheriffs' Association (MCSA) announced that after initially raising concerns about how the bill would affect illicit financial investigations, it no longer opposes the CLARITY Act. Analysts note that the MCSA’s shift in stance has eliminated a key barrier to the bill’s advancement, improving its feasibility of moving to a Senate vote. Still, opposition from the banking sector to stablecoin yield products and DeFi regulation remains a major source of uncertainty.

13 minutes ago

South Korean chip stocks have extremely high leverage concentration, with the asset size of SK Hynix’s leveraged ETF exceeding four times its average daily trading volume.

The Kobeissi Letter stated in a post that leverage levels in South Korean chip stocks have spiraled out of control. Total assets of single-stock leveraged and inverse ETFs tracking SK Hynix currently stand at roughly $19 billion, more than four times the stock’s approximately $4.5 billion average daily trading volume (ADTV) this year. Meanwhile, leveraged ETFs linked to Samsung hold around $12.4 billion in assets, a 176% premium over its roughly $4.5 billion ADTV. The Hong Kong-listed 2x long SK Hynix ETF has about $13 billion in assets, roughly double SK Hynix’s average daily stock trading volume — the largest gap among major stocks tracked by leveraged ETFs. By comparison, leveraged ETFs tied to Micron Technology (MU) hold roughly $9.9 billion in assets, below its approximately $27.5 billion ADTV; leveraged ETFs for Tesla (TSLA) and NVIDIA (NVDA) have around $6 billion and $5.6 billion in assets respectively, also far lower than their respective ADTVs of roughly $23.6 billion and $28.8 billion. Leverage concentration in South Korean chip stocks has reached extremely high levels.

13 minutes ago

Intel is considering adopting a double-sided power supply architecture for its 1.4nm process technology to catch up with TSMC and Samsung.

Intel is considering adopting a dual-side power supply architecture (utilizing both front and back sides) for its 1.4-nanometer ultra-fine process to catch up with competitors. Industry sources said Intel originally planned to use PowerDirect, a dedicated backside power supply technology, for its 1.4-nm base process 14A, but is now considering introducing a dual-side architecture that leverages both front and back sides in its subsequent 14A2 process. Intel previously announced plans to achieve 1.3x higher chip density on its 14A process compared to 18A; the 14A process targets an M0 pitch of around 28nm, while the 14A2 process could push the M0 pitch to 21nm via a half-node improvement. Intel will maintain a backside power network as its primary setup, while reallocating some front-side metal interconnects for auxiliary power and clock signals to compensate for insufficient power headroom caused by scaling and lithography limitations. Intel’s 14A process is scheduled to enter risk production in 2028 and mass production in 2029. The chipmaker needs to release the 0.9 version of its 14A process design kit (PDK) to external customers this October, and secure firm orders from large fabless clients within the following 18 months. By comparison, TSMC plans to ship its true 1.4nm A14 products in 2028, while Samsung Electronics aims to commercialize its SF2Z, a modified 2nm process utilizing backside power supply technology, in 2027.

13 minutes ago

Gold dropped approximately $100 on Hyperliquid’s perpetual futures contract on July 4, with prices dipping below $4,090 before snapping back. The whole thing played out in roughly a minute. The flash crash occurred on Hyperliquid’s XAU perpetual contract, a synthetic instrument that tracks the price of gold using oracle feeds rather than physical delivery. Arbitrage bots and market makers quickly moved to close the gap between Hyperliquid’s price and the oracle reference, stabilizing the contract.

Hyperliquid’s gold perp was operating in thin liquidity conditions when this crash hit. Market makers and arb bots identified the price deviation from the oracle and bought the dip to restore equilibrium. But “self-corrected” doesn’t help the trader who got liquidated during the 60-second window when prices were in freefall.

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This isn’t Hyperliquid’s first rodeo with sudden price dislocations on non-crypto assets. Back in late May, the SPACEX-USDH pre-IPO perpetual contract crashed 45% after an oracle mishandled data related to a stock split. That incident liquidated $1.51 million across 1,393 positions. The gold crash appears smaller in absolute dollar terms, but the pattern is familiar: thin liquidity plus oracle-dependent pricing plus leverage equals occasional chaos.

Hyperliquid’s commodity ambitions Hyperliquid now supports over 300 perpetual and spot markets, spanning crypto tokens, commodities like gold and silver, and even indices. HIP-3 permissionless markets hit a record daily trading volume of $5.2 billion in early 2026. In January, Hyperliquid’s native HYPE token surged 24% partly driven by soaring silver futures volume on the platform.

What this means for investors For traders using leverage on commodity perps, the lesson is straightforward: position sizing matters more on platforms where a $100 wick can materialize and vanish in under a minute. Stop losses on thin markets can become stop-market orders that execute far from your intended exit. The gap between “the system eventually self-corrects” and “traders don’t get hurt” remains significant, and it widens every time someone adds leverage to a synthetic gold position during off-hours on a holiday weekend when traditional venues are closed and the usual liquidity providers aren’t active.

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.

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U.S. spot Bitcoin ETFs posted a cumulative net outflow of roughly $527 million over the four trading days ending July 2, marking their eighth consecutive week of net outflows and setting the longest weekly outflow streak since the product category launched. While the sector recorded a single-day net inflow of $221.72 million on July 2, ending a prior streak of 10 consecutive trading days with total outflows of around $2.71 billion, the overall weekly outflow trend remained unreversed. Among the products, Fidelity’s FBTC saw a single-day net inflow of $165.96 million, while ARKB (from ARK and 21Shares) posted a net inflow of $91.84 million. In contrast, BlackRock’s IBIT logged a net outflow of $40.43 million that day, marking its 11th consecutive trading day of redemptions, with total outflows reaching roughly $2.2 billion. Separately, U.S. spot Ethereum ETFs recorded a weekly net outflow of $13.67 million for the week ending July 2, extending their streak of weekly net outflows to eight consecutive weeks and matching the all-time longest outflow streak. However, the sector has posted net inflows for two consecutive trading days, with BlackRock’s ETHA notching a $29.74 million net inflow on July 2. Meanwhile, U.S. Hyperliquid ETFs saw a weekly net inflow of $4.32 million, the lowest single-week inflow since their launch in mid-May, a sharp slowdown from the prior week’s record $111.36 million net inflow.

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Vitalik: Ethereum to enter 'Lean Ethereum' phase, core protocol may undergo full overhaul in the next 3–4 years

Ethereum co-founder Vitalik Buterin published a post stating that Ethereum researchers recently held a meeting in Berlin, continuing discussions with client teams initiated in Svalbard in April, to update the blockchain’s long-term protocol roadmap. Vitalik noted that "Lean Ethereum" is not a single upgrade, but a series of protocol evolutions to be rolled out gradually over the next 3 to 4 years—its impact is comparable to The Merge as Ethereum’s second major iteration, while the current phase may mark its third major evolution. He outlined core upcoming changes for Ethereum: replacing direct execution verification with recursive STARK proofs, integrating post-quantum cryptography, adjusting the consensus mechanism to a decoupled design of available chain and finality, and implementing multi-dimensional gas models alongside state structure restructuring. At the state level, Ethereum may form a "two-tier state structure" around 2030, consisting of ~2TB of traditional dynamic state and ~100TB of new scalable state to support scaling needs across different application scenarios. Vitalik emphasized that privacy capabilities will no longer be an add-on feature, but a core goal of protocol design. The system will also rely more on formal verification to boost security, and push the EVM toward higher-level abstractions, with the underlying layer potentially transitioning gradually to RISC-V or leanISA architectures. Key parameters including gas limits, blob sizes, and block times will be adjusted multiple times over the next few years, as Ethereum continues scaling via client optimizations and protocol upgrades. Vitalik concluded that Ethereum is entering a phase of continuous restructuring and scaling, aiming to complete underlying system upgrades without disrupting the existing application ecosystem.

6 minutes ago

The U.S. CLARITY Act has made further progress, while the county sheriffs' organization has shifted to a neutral stance.

The Major County Sheriffs Association (MCSA) has shifted its stance on the CLARITY Act from opposition to neutrality. In a letter to Senate Banking Committee Chairman Tim Scott and Senator Elizabeth Warren, the organization noted that some of its concerns about Section 604 of the bill have been addressed. Previously, the MCSA had warned that the provision could undermine, to some extent, law enforcement capabilities targeting illegal financial activities related to crypto assets. Section 604 is tied to the Blockchain Regulatory Certainty Act, with its core focus on limiting liability for developers of decentralized protocols. Supporters argue that developers should not be held liable as intermediaries for user actions, while law enforcement agencies had earlier raised fears that the provision could create regulatory and enforcement "loopholes" that would hinder investigations into cases like money laundering, ransomware, drug trafficking, and terrorist financing. Despite the neutral stance, the MCSA still calls for including local law enforcement agencies in relevant research and coordination mechanisms in future revisions to boost digital asset crime investigation capabilities. Analysts say this change removes a key obstacle to the CLARITY Act’s progress, boosting its feasibility of advancing to a Senate vote. However, opposition from the banking sector to stablecoin yield products and DeFi regulation remains a major uncertainty.

6 minutes ago

Perspective: The next phase of tokenization will be "customized investment portfolios", rather than just improving settlement efficiency.

Thomas Sy, head of multi-asset solutions at New York Life Investment Management (NYLIM), stated that the next core application of tokenization will be "personalized portfolio construction" rather than just improving settlement efficiency or extending trading hours. NYLIM manages approximately $807 billion in total assets, with about $110 billion overseen by Sy’s team. He noted that blockchain technology will enable asset management firms to customize complex portfolio strategies for different investors at scale—a capability the traditional financial system currently struggles to deliver. Sy added that the future of asset management will center on "high customization," and blockchain is the only technological path capable of achieving this at scale. He emphasized that tokenization is not limited to putting ETFs, bonds or private credit on the blockchain; the key is to restructure the very way portfolios are built. He also pointed out that current portfolios often mix ETFs, bonds and private assets, but personalized strategies are difficult to scale due to operational complexity. Tokenization is expected to "embed customization logic into the assets themselves," reducing operational costs and boosting efficiency. Additionally, Sy said stablecoins have become a key entry point for traditional finance to access on-chain markets. Currently, the stablecoin market capitalization exceeds $300 billion, and they are being used for cross-border payments and fund management. He believes this trend will gradually drive institutional demand for on-chain yield-generating assets. On decentralized finance (DeFi), NYLIM is still researching related applications, but Sy stressed that institutional participation requires more mature infrastructure, including improved tokenized collateral, clearing mechanisms and prime brokerage systems.

6 minutes ago

US national debt has hit $39 trillion, sparking long-term concerns, with analysts warning the risk of an unsustainable fiscal path is rising.

The size of U.S. national debt has risen to around $39 trillion, with public debt equivalent to the total U.S. GDP. Annual interest payments have reached roughly $1 trillion, exceeding the defense budget. The U.S. Treasury system traces its origins to the debt consolidation reform promoted by Alexander Hamilton in 1790, when the federal government assumed the war debts of individual states and promised full repayment, thereby establishing the U.S. credit system and laying the foundation for the global status of the U.S. dollar and U.S. Treasuries. Today, U.S. Treasuries are regarded as one of the core assets of the global financial system, underpinning the reserve currency status of the U.S. dollar and widely held by central banks and financial institutions worldwide. However, as the debt scale continues to expand, market concerns about its long-term sustainability have intensified. According to calculations from the University of Pennsylvania’s Wharton Budget Model (PWBM), when the debt-to-GDP ratio exceeds around 210%, the fiscal system may face unsustainability risks. Currently, the U.S. ratio stands at roughly 100%, and the U.S. Congressional Budget Office projects it could rise to 175% by 2056. Analysts note that in scenarios of rising healthcare spending and persistent fiscal deficits, this risk threshold could be reached earlier, and the long-term stability of the debt structure is facing more stringent market and policy tests.

6 minutes ago

Iran’s new supreme leader remains unaccounted for, as Tehran continues to hold mourning events for Khamenei.

According to CNN, mourning events for late Supreme Leader Ayatollah Ali Khamenei are ongoing in Tehran and multiple Iranian cities, drawing an estimated millions of participants, and will run through July 9. Meanwhile, the international community is uncertain about his successor. Reports indicate his son Mojtaba Khamenei has not made a public appearance, sparking concerns over the power transition and actual governance. Iran’s Islamic Revolutionary Guard Corps (IRGC) has also warned of security threats targeting the country in the coming days. On the regional front, abnormal shipping activity has been observed in the Strait of Hormuz, with multiple vessels turning back while attempting to transit, and the situation remains uncertain. Separately, U.S. President Donald Trump and Israeli Prime Minister Benjamin Netanyahu have held a phone call and agreed to meet in the U.S. soon, with outside attention focused on further coordination between the two countries amid tensions with Iran.

6 minutes ago

Bitcoin broke through $63,000 this morning, erasing all losses from the end of June, with XRP leading gains among major cryptocurrencies.

Bitcoin rose above $63,000 earlier today for the first time in two weeks, up roughly 3.6% from last week and nearly erasing losses from late June. The rally unfolded during thin trading volume for the U.S. Independence Day holiday, with low liquidity widely seen as amplifying short-term volatility. Among major cryptocurrencies, XRP gained 5.3% to reach $1.18, notching a nearly 10% weekly rise and lifting its market cap to around $73 billion, overtaking USDC to become the fifth-largest crypto asset. On-chain data shows XRP holders’ average losses have hit an extreme historical level, leading some traders to view this as a sentiment reversal signal. Ether (ETH) climbed 3.2% to approximately $1,793, with a weekly gain of ~11.5%; Dogecoin (DOGE) rose 2.6%; Solana (SOL) added around 13.2% week-over-week, extending the broader rebound trend. Analysts attribute the rally to Federal Reserve officials signaling easing inflation pressure, weaker non-farm payroll data, and short covering, with Bitcoin bouncing rapidly from below $60,000 to above $63,000. The market’s future trajectory will hinge on upcoming U.S. inflation data and the return of institutional liquidity after the holiday.

6 minutes ago

Hyperliquid (HYPE) price is hovering near $69. The bullish crossover reflects increasing buying pressure. Zooming in on the altcoin market, Hyperliquid (HYPE) attempts to trade on the upside, breaking bearish chains. If the bulls turned stronger, they would dictate their further trajectory. The charts exhibit the short-term fading of bearish momentum. 

Also, the technical setup is flipping positive, as the asset hovers within the green zone. The bullish price structure confirms that buyers are dominating the broader market trend of HYPE.

Moreover, Hyperliquid is currently trading near the $69.25, with a 6.34% gain in value over the last 24 hours, according to CoinMarketCap data. The price is holding above the daily low noted at $65.00, and below the daily high of $69.30.

The trading pattern of the asset shows that the short-term momentum would find significant resistance at $69.57, followed by a range above $69.90. The bulls would hit a higher level, which decides HYPE’s trajectory. On the other hand, the first support level of Hyperliquid is likely found below $68. A weaker move toward the $68.50 range confirms the bearish dominance, and more downside could trigger losses. 

What Does HYPE’s Technical Chart Setup Point To?  The four-hour chart shows that the Moving Average Convergence Divergence (MACD) line is above the signal line and both are above the zero line. It indicates that bullish momentum is gaining strength within a positive trend. The bullish crossover reflects increasing buying pressure. 

This setup supports continued upward price movement, provided buying interest remains strong and momentum is sustained.

In addition, the daily Relative Strength Index is resting at around 67.92, which hints at strong bullish momentum. The value is approaching the 70 range, the overbought zone, showing that buyers are firmly in control. 

While the trend still favours further gains, the market is beginning to near an area where buying momentum could slow and profit-taking may emerge. This reading supports continued bullish price action, but traders should also watch for signs of momentum cooling if the RSI moves above 70.

Crypto Market Highlights

Bearish Clouds Gather as $2.13B in Bitcoin and Ethereum Options Expire

Content Writer | Crypto Enthusiast | Bridging Literature and Blockchain

Two protocol upgrades turned Hyperliquid from a crypto perpetuals exchange into something closer to an operating system for markets. HIP-3 lets anyone with enough staked HYPE launch a perpetuals exchange for stocks, oil, or gold. HIP-4 adds prediction markets that settle without a token vote. Here is how both work, what they have built so far, and where the risks sit.

Hyperliquid spent its first two years being described as the fastest decentralized perpetuals exchange in crypto. The description was accurate and incomplete. Since late 2025, the network has been executing a more ambitious plan: turning its core trading infrastructure into a platform that other builders deploy markets on top of, the way developers deploy apps on cloud infrastructure. Grayscale Research made the comparison explicit in a June 2026 note, writing that Hyperliquid now looks less like a stock exchange and more like Amazon Web Services.

Two upgrades carry that transformation. HIP-3, live on mainnet since October 13, 2025, opened perpetual futures listing to outside builders and brought tokenized stocks, commodities, and indices onto the platform at scale. HIP-4, live since May 2, 2026, added a second market primitive built for prediction markets and other event contracts. Together they explain why seven of the top ten markets by volume on a crypto exchange are now things like Nvidia stock and gold, and why the platform is picking a direct fight with Polymarket and Kalshi.

This guide walks through what each proposal does, how the mechanics work, what has happened since launch, and what can still go wrong.

First, the basics: what a HIP is Hyperliquid is a layer 1 blockchain built around a fully on-chain central limit order book. Its core engine, HyperCore, processes around 200,000 orders per second and handles matching, margining, and liquidations for every market on the chain. A separate component, the HyperEVM, runs Ethereum-style smart contracts on the same consensus layer. The native token, HYPE, secures the network through staking, pays fees, and absorbs most protocol revenue through a continuous buyback program. Cumulative protocol revenue passed $1 billion in late June 2026, with an annualized run rate near $840 million.

Changes to the protocol arrive through Hyperliquid Improvement Proposals, or HIPs, which the community debates and HYPE stakers weigh in on before the core contributors ship the code. The first two set the pattern. HIP-1 created the standard for launching spot tokens, with ticker slots sold through recurring Dutch auctions, so listing a token became a market process instead of an application form. HIP-2 added a protocol-native liquidity mechanism that seeds order books for new tokens automatically, solving the empty-book problem that kills most new listings on other venues. Both dealt with spot markets, and both introduced ideas that return later: auctions as the allocation mechanism for scarce listing slots, and protocol-level guarantees standing behind builder-created markets. The third and fourth proposals took those ideas after the two bigger prizes: perpetual futures on everything, and event contracts on anything.

HIP-3: builder-deployed perpetuals Before HIP-3, listing a new perpetual market on Hyperliquid worked the way it works on most exchanges: the core team decided. That created a bottleneck and a gatekeeper, two things the platform’s own community had complained about as the asset universe stayed narrow while demand for stock and commodity exposure grew.

HIP-3, called Builder-Deployed Perpetuals, removed the gatekeeper. Since October 2025, any builder who stakes 500,000 HYPE can deploy an independent perpetuals exchange on HyperCore, without core team approval. At current prices near $64, that stake represents roughly $32 million, a number that matters for reasons covered below.

The deployer controls nearly everything about their market. They choose the assets, the oracle that sets the mark price, the collateral token, margin requirements, leverage limits, funding parameters, and the front-end experience. The first three assets in any HIP-3 exchange deploy without an auction. Additional assets go through a Dutch auction shared across all HIP-3 deployers, similar to the HIP-1 ticker auctions.

What the deployer does not control is the plumbing. HIP-3 markets inherit the full HyperCore stack: the same matching engine, the same order types, the same margining and liquidation logic, and the same solvency guarantees as the validator-operated markets. A trader interacting with a builder-deployed market gets the same execution quality as on the flagship crypto perps.

The economic design has three pillars:

The stake is a bond, not just a ticket. The 500,000 HYPE can be slashed if the deployer misbehaves, for example by manipulating an oracle or breaking market rules, and the requirement holds for 30 days even after a deployer halts all markets. Fees split down the middle. HIP-3 markets charge users twice the fee of validator-operated perps, and the deployer keeps 50%. The protocol collects the same revenue per trade either way, so builder markets grow the pie without cannibalizing it. Cross margin has eligibility standards. Validators only allow cross margin on HIP-3 assets with sufficient observable liquidity, a reliable external oracle, and resistance to price manipulation, and any 50% intraday move in the reference price triggers a review. The design goal is alignment: builders with $32 million at stake and a 50% revenue share have every reason to run clean, liquid, well-oracled markets, and a slashing mechanism waits for the ones who do not.

What HIP-3 actually built The proposal would be a footnote if nobody used it. The opposite happened. The first market, a synthetic Nasdaq-style index called XYZ100, went live within days of activation. Its deployer, TradeXYZ, then built out United States equities including Nvidia, Tesla, Google, and Amazon, plus gold and silver contracts benchmarked to COMEX front-month futures, and later secured official licensing rights to the S&P 500 ticker, a landmark moment for a DeFi protocol.

The numbers followed. Open interest across HIP-3 markets passed $1.43 billion within months of launch. By spring 2026, seven of Hyperliquid’s top ten markets by volume were tokenized equities or commodities, not crypto pairs. During the West Asia crisis earlier this year, when traditional commodity venues closed for the weekend, traders moved to Hyperliquid to trade oil, gold, and silver around the clock, and HIP-3 markets drove up to 40% of the platform’s total volume. Non-crypto assets showed 60% trader retention in late March, a signal that around-the-clock access to traditional markets is a durable product, not a novelty. At peak HIP-3 activity the platform generated $2.3 million in daily fees, funding $11 million in HYPE buybacks.

Other deployers took different angles. Kinetiq built around its liquid staking token. Liminal used HIP-3 markets to run fully on-chain delta-neutral yield strategies across equities, FX, and commodities, including markets collateralized with yield-bearing assets like Ethena’s USDe. In June, Hyperliquid and TradeXYZ launched the FOMO app, a single interface for trading equities, pre-IPO stocks, crypto, indices, and commodities. Access also spread through consumer wallets: HIP-3 markets can be traded through any Hyperliquid-compatible front end, including Phantom.

The listing economics also flipped in a way worth pausing on. Under the old model, and on centralized exchanges generally, a new asset waits for an exchange’s business development calendar, and projects have long complained about the cost and opacity of the process. Under HIP-3, listing latency collapsed from a governance or negotiation timeline to a deployment transaction plus an auction, and the gatekeeping moved from relationships to capital. A pre-launch project that wants a perpetual market for hedging no longer needs a major venue’s blessing; it needs a deployer willing to run the market. Comparable systems show how unusual this is: dYdX v4 still routes every new market through a governance vote with a week or two of latency, and GMX listings run through its core team. Hyperliquid is the first chain-level implementation where market creation itself carries no approval step.

The concentration is the caveat. TradeXYZ accounts for more than 90% of all HIP-3 open interest, and Blockworks Research has flagged the deployer economics as a structural risk: with a roughly $30 million lockup, auction costs, and stiff competition, a smaller deployer’s break-even period can stretch to four years. Blockworks has proposed lowering the stake for small builders and letting them keep 100% of revenue until they recover their costs. Hyperliquid’s own documentation says the 500,000 HYPE threshold is expected to fall as the infrastructure matures. Until it does, HIP-3 is permissionless in principle and an oligopoly in practice.

HIP-4: outcome markets HIP-3 covered continuous markets, things with a price that moves all day. It could not cleanly handle discrete events. A perpetual future needs an oracle that updates continuously with limits of roughly 1% deviation per update, a design suited to leveraged trading on a live price and incompatible with questions that jump from uncertainty to a hard answer in one instant, like an election call or an inflation print.

HIP-4, announced on February 2, 2026 and live on mainnet since May 2, added a purpose-built primitive for exactly that. Outcome markets are fully collateralized contracts that settle to exactly 0 or 1 at expiry. Each market has two sides, typically Yes and No, and the order books for the two sides are merged: an order to buy Yes at a price of 0.62 is the same order as one to sell No at 0.38, so all liquidity concentrates in one book. Positions are collateralized in USDH, the network’s native stablecoin, and because every position is fully backed, there is no liquidation risk.

The market lifecycle has a distinctive opening. Each new outcome market starts with a single-price clearing auction lasting around 15 minutes, during which traders submit limit orders but nothing executes. The auction clears at the price that matches the most volume, and unfilled orders roll into continuous trading on the standard order book. The mechanism exists to concentrate early liquidity and produce a fair opening price instead of a thin, gappy first print. It borrows a page from how traditional exchanges open trading each morning, which is fitting for a protocol that keeps hiring ideas from the market structure it wants to replace.

The architecture runs natively inside HyperCore, sharing the matching engine, order types, and throughput of every other market on the chain. That matters for one under-discussed reason: liquidity providers can quote prediction markets with the same tooling and speed they use on perps, instead of the bespoke market-making setups that thinner prediction venues require. Deep books were always the missing ingredient on long-tail event markets, and Hyperliquid’s bet is that professional liquidity follows familiar infrastructure.

The fee structure is openly aggressive. Opening or minting an outcome position costs nothing. Fees apply only on closing, burning, or settling, and makers pay zero. That pricing targets Polymarket and Kalshi, which processed a combined $44.8 billion in June on the back of the World Cup, and the community reaction at announcement made the intent plain. When the proposal dropped in February, crypto.news covered the market pricing in exactly that ambition, with traders framing HIP-4 as Hyperliquid trying to house all of finance.

Initial markets are curated and validator-deployed, starting with recurring daily Bitcoin price threshold contracts that reset each day, run by the prediction platform Outcomexyz. Planned categories include politics, sports, macro data releases, crypto events, and entertainment. A later phase opens permissionless deployment: builders will stake 1,000,000 HYPE per market slot, slashable and burned if validators find oracle manipulation, invalid state transitions, or prolonged downtime. One slot supports rolling and recurring markets, recycling after each settlement.

Settlement without a token vote The deepest difference between HIP-4 and the incumbent on-chain prediction markets is not fees. It is how truth gets decided.

Polymarket outsources contested resolutions to UMA’s optimistic oracle, where token holders vote on disputed outcomes, an architecture that has produced repeated controversies in 2026, including a $60 million market on a Strategy Bitcoin sale that resolved against the documented facts. The full mechanics and failure modes of that system are covered in our companion guide to how prediction markets resolve.

HIP-4 replaces the token vote with the chain itself. Settlement runs through Hyperliquid’s validator set executing automated resolution against pre-specified, objective data sources. There is no dispute window, no escalation, and no path for a token holder with a position in the market to also vote on its outcome. The trade-off is scope: deterministic settlement works for objective questions with a clean data source, which is why the first markets are price thresholds. Ambiguous questions, the kind that generate the worst oracle disputes elsewhere, are exactly the kind HIP-4’s design avoids listing.

What all of this looks like from the trader’s side For a user, the machinery above mostly disappears. HIP-3 markets sit in the same interface as the flagship crypto perps, trade through the same API, and settle against the same margin account. A trader shorting gold on a builder-deployed market places the order the same way they would short Ethereum, and the differences show up in three places worth knowing.

Fees are higher on builder markets. The headline rate on a HIP-3 perp is twice the validator-operated rate, which at base tiers works out to roughly 3 and 9 basis points for makers and takers before discounts, with the deployer keeping half. Staking discounts, referral rebates, and collateral-based reductions still apply on top, so an active HYPE staker narrows the gap considerably.

Oracle quality varies by deployer. On validator-operated markets, the network itself maintains the price feed. On a HIP-3 market, the deployer chooses and operates the oracle, which is why the mark price on a weekend oil contract can drift from where Monday’s COMEX open eventually prints. During the West Asia crisis, Hyperliquid’s oil market traded on its own oracle through days when no traditional reference price existed at all. That independence is the product and the risk in one feature.

Collateral differs by market. Most markets margin in stablecoins, but HIP-3 supports alternative collateral where the deployer enables it, including yield-bearing assets, and HIP-4 outcome positions collateralize in USDH. Settlement demand for outcome markets flows through the stablecoin into the same fee-and-buyback loop that already routes nearly all protocol revenue toward HYPE, which is why analysts treat HIP-4 volume as a direct token catalyst rather than a side business.

The practical entry points have multiplied too. Beyond the native app, HIP-3 and HIP-4 markets surface through Phantom, through the FOMO app for the equities lineup, and through any front end built on the public API, since every builder market shares the unified HyperCore order flow.

The risk column Every part of the story above has a counterweight, and an honest explainer lists them.

Deployer concentration is the loudest one. A permissionless system where one builder holds 90% of open interest has recreated a gatekeeper one level up, and the $32 million entry stake keeps it that way for now. Regulatory exposure is the second. Hyperliquid operates without KYC in most of the world, the United Kingdom’s FCA has declared the platform unauthorized, and pending United States market structure legislation could either validate or constrain synthetic stock perpetuals, a product category regulators have barely begun to examine. Institutional ceilings are the third: a June JPMorgan report saw limited institutional demand for perpetual futures generally, citing unbounded basis risk and missing clearing protections, which matters for a token whose valuation leans on volume growth. And the products themselves are dangerous instruments. Leveraged perpetuals on any underlying can liquidate a position in minutes, and cross margin across markets adds its own failure modes.

There is a subtler risk in the oracle layer that the slashing design only partially covers. A deployer’s oracle is a single point of interpretation for its markets, and unusual conditions expose the gap: when traditional venues close and a HIP-3 commodity market keeps trading, the mark price is whatever the deployer’s methodology says it is, with no external reference to check against until markets reopen. Validators review any 50% intraday reference move and slashing punishes proven manipulation, but a subtly mispriced weekend, honest or otherwise, transfers money between longs and shorts without tripping any threshold. Traders in builder markets are underwriting oracle methodology whether they think about it or not.

None of that has slowed the platform yet. Hyperliquid controls an estimated 70% of on-chain perpetuals volume, spot HYPE ETFs drew $111 million in inflows in late June while Bitcoin and Ethereum funds bled, and the ecosystem is spending on the long game, including a $29 million policy center in Washington. Whether the moat holds is a different question from whether it exists.

The bigger picture for L1 competition HIP-3 and HIP-4 also reframe what layer 1 blockchains compete on. Ethereum and Solana fight over DeFi liquidity, users, and fees, a race with its own 2026 scoreboard. Hyperliquid opted out of the general-purpose contest and vertically integrated one thing: markets. The bet is that an exchange-shaped blockchain with permissionless market creation captures more value than a general-purpose chain hosting exchange apps. dYdX tried a dedicated appchain with governance-gated listings. GMX built on someone else’s layer 2. Hyperliquid is the first to make market creation itself permissionless at the chain layer, and the early evidence, an order of magnitude expansion in what can be traded on-chain, suggests the design space was bigger than the industry assumed.

What to watch from here Three markers will tell the story over the next year. First, whether the HIP-3 stake requirement drops and the deployer set widens beyond one dominant builder. Second, whether HIP-4 volume becomes measurable against Polymarket and Kalshi once permissionless deployment opens and categories expand past crypto prices. Third, whether regulators treat builder-deployed stock perpetuals as an innovation to license or a loophole to close. The upgrades themselves are shipped and working. The open question, as always in this industry, is what survives contact with scale.

Frequently asked questions What is Hyperliquid HIP-3? HIP-3, called Builder-Deployed Perpetuals, is a Hyperliquid protocol upgrade live since October 13, 2025. It lets any builder who stakes 500,000 HYPE deploy an independent perpetual futures exchange on HyperCore, choosing the assets, oracle, collateral, and fee capture, while inheriting Hyperliquid’s matching engine, margining, and liquidation systems. It moved market listing from a core team decision to a permissionless, stake-secured process.

What is Hyperliquid HIP-4? HIP-4 is the outcome markets upgrade, announced February 2, 2026 and live on mainnet since May 2, 2026. It adds fully collateralized event contracts that settle to exactly 0 or 1 at expiry, with merged Yes and No order books, USDH collateral, no liquidation risk, and zero fees to open a position. It is Hyperliquid’s entry into prediction markets.

How much does it cost to deploy a HIP-3 market? A deployer must stake 500,000 HYPE, worth roughly $32 million at current prices near $64. The stake is slashable for misconduct and must be held for 30 days even after all of the deployer’s markets are halted. The first three assets deploy without an auction; additional assets go through a shared Dutch auction. Documentation says the threshold should fall over time.

What can you trade on HIP-3 markets? Builder-deployed markets cover tokenized United States equities such as Nvidia, Tesla, Google, and Amazon, index products including a licensed S&P 500 contract and the Nasdaq-style XYZ100, commodities such as gold, silver, and oil benchmarked to COMEX and other references, FX, and long-tail crypto assets. Seven of Hyperliquid’s top ten markets by volume are now non-crypto assets.

How does HIP-4 settlement differ from Polymarket? Polymarket resolves contested markets through UMA’s optimistic oracle, where token holders vote on disputed outcomes. HIP-4 settlement is deterministic: Hyperliquid’s validator set resolves each contract against a pre-specified objective data source, with no dispute window and no token vote. The design avoids governance attacks but limits markets to questions with clean, objective answers.

Who is TradeXYZ? TradeXYZ is the dominant HIP-3 deployer, accounting for more than 90% of builder-deployed open interest. It launched the first HIP-3 market, the XYZ100 index, built out the equities and commodities lineup, secured S&P 500 ticker licensing, and co-launched the FOMO trading app with Hyperliquid in June 2026. Its dominance is also the center of the deployer concentration debate.

Is trading on Hyperliquid safe? The protocol has strong solvency engineering and a clean track record on its core markets, but the products are high-risk by nature. Leveraged perpetuals can liquidate quickly, HIP-3 markets depend on each deployer’s oracle quality, the UK’s FCA lists the platform as unauthorized, and synthetic stock perpetuals sit in a regulatory gray zone. Position sizing and jurisdiction checks matter.

Does HIP-4 have liquidation risk? No. Outcome positions are fully collateralized in USDH at purchase, so the maximum loss is the amount paid for the position and no liquidation engine is involved. That distinguishes outcome markets from perpetuals, where leverage means positions can be forcibly closed. The risk in outcome markets is being wrong about the event, or holding through a settlement data error.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Digital asset markets are volatile and you can lose your entire investment. Always do your own research. Information current as of July 3, 2026.

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TLDR: VALR will launch more than 200 perpetual markets through a direct Hyperliquid integration on July 6. The rollout marks Hyperliquid’s first direct integration with a centralized crypto exchange. New contracts span crypto assets, equities, indices, commodities, precious metals, and forex pairs. Mobile access will follow after the web launch as VALR expands its derivatives infrastructure. VALR, Africa’s largest crypto exchange by trade volume, will introduce more than 200 perpetual markets through a direct integration with Hyperliquid, expanding its derivatives offering beyond digital assets. The products will cover crypto, equities, indices, commodities, precious metals, and foreign exchange pairs. 

The launch marks the first direct integration of Hyperliquid by a centralized exchange. Web access is scheduled to go live on July 6, with mobile support arriving shortly afterward.

VALR and Hyperliquid Expand Cross-Asset Perpetual Trading VALR announced the upcoming launch of its new Perps product through posts on X and a company blog update. The exchange said the offering will add more than 200 markets to its platform.

According to VALR, users will open and manage positions directly through the exchange’s interface. Hyperliquid will provide the on-chain infrastructure, liquidity sourcing, and trade execution capabilities.

The integration extends VALR’s derivatives architecture, which first introduced perpetual products in 2023. The exchange described the launch as an expansion of its existing derivatives business rather than a standalone product.

Hyperliquid Hub stated that the rollout represents the first direct integration of Hyperliquid by a centralized exchange. The account also noted that traders will gain access to several asset classes through a single interface.

Web-based trading will become available on July 6. VALR said mobile application support will follow shortly after the initial launch.

Hyperliquid Integration Adds Equities, Commodities, and Forex Markets The new perpetual contracts span multiple global asset classes. VALR said the product will allow users to take long or short positions with leverage.

The equities offering includes contracts linked to companies such as NVIDIA Corporation, Tesla, Inc., Apple Inc., and pre-IPO markets including SpaceX.

The platform will also provide exposure to global stock benchmarks, including the S&P 500. Commodity contracts will cover markets such as Brent crude oil, WTI crude oil, natural gas, gold, silver, platinum, and copper.

Foreign exchange products will include currency pairs such as EUR/USD, GBP/USD, and USD/JPY. The crypto segment will cover major assets, including Bitcoin, Ethereum, and Solana, alongside other digital assets.

In its blog post, VALR said the integration marks the first time a major regulated exchange has natively integrated an on-chain Layer-1 protocol to source liquidity and execute trades across global cross-asset perpetual markets.

Chief Operating Officer Gianluca Sacco said the new offering brings around-the-clock access to several asset classes through the regulated exchange infrastructure that existing customers already use. 

He also stated that Hyperliquid’s infrastructure provides access to deep on-chain liquidity for the expanded perpetual markets.

Hyperliquid has cemented its position as crypto’s most aggressive token buyer, recording a single buyback of $283 million, the largest in the industry since the start of 2026. The decentralized perpetual exchange has now crossed $1.1 billion in cumulative buybacks.

The protocol isn’t doing this out of generosity. It’s a mechanical system: 97-99% of Hyperliquid’s trading fees flow directly into open-market purchases of HYPE tokens, which are then burned.

The buyback machine in numbers The Assistance Fund, approved by validators in December 2025, operates as a continuous demand engine for HYPE tokens.

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From January to October 2025 alone, the protocol spent $645 million on buybacks. Quarterly figures tell the acceleration story: $316.76 million in Q3 2025, $255.05 million in Q4 2025, and $192.25 million in Q1 2026. Monthly averages have ranged between $65 million and $85 million during earlier periods.

Over 44 million HYPE tokens have been acquired through the program so far. That represents roughly 4.4% of the total supply permanently removed from circulation.

Hyperliquid has generated over $1.16 billion cumulatively, with nearly the entire sum directed toward HYPE token acquisitions.

Eight projects join the buyback trend Eight crypto projects have now conducted buybacks that outstrip their supply growth since January 2026. That $283 million single buyback exceeds what many protocols generate in total revenue across an entire year.

What this means for investors Because buybacks are tied to trading fees rather than discretionary decisions by a core team, investors can model future demand based on trading volume. If the platform generates fees, HYPE gets bought and burned.

With 4.4% of total supply already removed and the program showing no signs of slowing, HYPE’s circulating supply is shrinking at a meaningful pace. For context, Bitcoin’s supply growth from mining is roughly 0.8% annually.

The model’s health depends entirely on Hyperliquid maintaining its trading volume dominance. Any sustained decline in perpetual trading activity would directly reduce the buyback rate.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.