A roughly $16 million exchange deposit and a separate $5.78 million sale have been combined into headlines about a $22 million whale dump. The distinction matters because Hyperliquid Strategies has been accumulating HYPE too. Its SEC filing shows how a public treasury chooses when to buy and what its 33.2 million-token position really represents.
Summary
Lookonchain tracked 177,518 HYPE worth $16.08 million deposited to OKX and Bybit on September 28. A separate wallet it linked to Hypersphere Ventures sold 62,869 HYPE for about $5.78 million. A wallet linked to Hyperliquid Strategies bought 494,200 HYPE worth $45.8 million over 16 hours on September 25. The company’s September filing reported approximately 33.2 million HYPE held as of September 8. About 25.1 million of those tokens were delegated to its linked validator, with 8.1 million to Anchorage. One HYPE holder sent 177,518 tokens, worth approximately $16.08 million at the time, to OKX and Bybit on September 28. A different wallet linked by Lookonchain to Hypersphere Ventures sold 62,869 HYPE for about $5.78 million. The tracker’s original item identifies one exchange deposit and one sale. It does not establish that the full $21.86 million was sold.
The distinction is the story. An exchange deposit makes coins readily available to trade, and it can precede a sale. It can also reflect custody, market making, collateral or a later withdrawal. A realized sale has a different evidentiary status. Headlines treating the combined $22 million as executed selling have already promoted a possibility into a fact.
On the other side, a wallet that Lookonchain linked to Hyperliquid Strategies acquired 494,200 HYPE worth about $45.8 million over 16 hours on September 25. That purchase was three days before the September 28 whale activity. Comparing their dollar amounts as if the treasury took those exact coins off the seller on the same day would be false. Public transfers do not name the other side of every trade.
One deposit and one sale were reported The 177,518-token transfer went from a wallet identified as 0xc745 to two centralized exchanges. The 62,869-token sale was attributed by the tracker to a different wallet it associated with Hypersphere Ventures. The latter transaction was estimated to realize roughly $2.13 million in profit. Wallet attribution is a researcher’s classification, not a statement signed by the institution, so the association should be kept attached to its source.
The $16.08 million deposit and $5.78 million sale sum to $21.86 million at the prices used in the report. That is the basis for the rounded $22 million figure. Only $5.78 million is described in the underlying tracker account as an executed sale. The other $16.08 million is a transfer to venues where trading could happen later. Even that valuation can change before the tokens are sold.
Suppose all 177,518 deposited HYPE eventually sold. The combined disposed amount would be 240,387 HYPE including the separate 62,869 sale, subject to transaction details and potential double counting. Suppose none of the deposit sold. The confirmed amount remains 62,869 HYPE under the tracker report. A responsible article should not choose either endpoint without following the exchange balances and execution evidence.
Transfers into an exchange omnibus address make the next step harder to trace. Once coins are credited internally, exchange trades occur on the venue’s private ledger. An outside analyst may observe deposits, subsequent withdrawals or order-book activity, but cannot usually match a precise deposited token with a buyer’s identity. The absence of a visible onchain sale after deposit does not prove the holder kept the position. Nor does a deposit itself prove disposal.
This is why the phrase head for the exits is too strong as a factual headline for the 177,518 HYPE movement. A holder moved inventory into tradable venues; another sold a smaller, documented position. The two events together show potential supply pressure, not a single $22 million completed dump.
The treasury’s purchase is real, but from a different window The September 25 crypto.news report described 494,200 HYPE bought by a wallet linked to Hyperliquid Strategies for about $45.8 million. The tracker attributed the activity to wallet 0x6436. Buying across a 16-hour period is an observed action from a labeled address, not a corporate filing for that exact intraday amount.
At the stated prices, the treasury purchase was about 2.85 times the later $16.08 million exchange deposit and about 7.9 times the separate $5.78 million sale. Those ratios compare public dollar figures from different dates; they do not show one party absorbed the other’s inventory. The September 25 buy may already have been complete before September 28’s transfer. They belong in a chronology, not a netted same-day order book.
The company’s formal filings provide a broader check. In its September registration statement, Hyperliquid Strategies reported approximately 33.2 million HYPE held as of September 8. It said the balance included about 12.5 million tokens contributed at the transaction closing and tokens purchased with proceeds from a roughly $299.9 million PIPE and other capital raises. A 494,200-token reported acquisition later in September is about 1.49% of that September 8 inventory. That is meaningful incremental accumulation, but the dated 33.2 million figure cannot be treated as a current balance after it.
The company says it updates its HYPE balance weekly with a one-week delay. That disclosure lag matters when comparing a fast whale headline with treasury holdings. A balance published today might describe last week’s ownership. A look at an attributed wallet can fill part of the gap, but it may omit other wallets, internal transfers or custodial accounts. The filing and the wallet tracker are complementary evidence with different scopes.
The public company’s stock, PURR, provides exposure to HYPE through a corporate structure. Shareholders do not own a redeemable fraction of the onchain wallet. The issuer can buy more tokens, stake them, raise equity, repurchase its own shares and maintain cash reserves. The share count and obligations determine HYPE per share. A headline about a large treasury buy does not by itself prove accretion for an existing shareholder.
A filing spells out when the company intends to buy Hyperliquid Strategies’ registration statement describes a Treasury Committee composed of its CEO, CFO and COO, subject to board oversight. It says the company seeks to raise equity primarily when its shares trade at a premium to a market net asset value measure. It then considers buying HYPE when the market price is below an internal assessment of long-term fundamental value. It may repurchase its own stock at a meaningful discount to net asset value.
Those are the company’s stated policies, not a guarantee that each purchase meets an external definition of cheap. The internal fundamental-value estimate is not an observable market price, and the filing does not disclose a public threshold at which the September 25 buying was approved. A reader can test the subsequent outcome through HYPE per diluted share, cash, issuance prices and actual purchases, but cannot reverse-engineer the committee’s complete judgment from an address label.
The same filing describes a committed equity facility of up to $2.5 billion with Chardan. Capacity is not cash already raised, and an equity facility can issue new shares. If future share sales finance HYPE purchases at attractive premiums, HYPE per share can rise; if shares are sold too cheaply or expenses absorb proceeds, it can fall. The company’s objective is to maximize long-term HYPE exposure per common share. The measurable unit is therefore per share, not the gross treasury balance.
The capital framework separates a working capital reserve intended to cover at least 12 months of projected operating expenses, a cash reserve available for deployment and HYPE holdings. This explains why a company can announce a large cash raise without immediately buying an equivalent amount of tokens. Some cash is reserved for the business, and the committee can wait. It also means that its buying may continue through a market decline without any promise to support a particular HYPE price.
Another detail weakens the simple whale versus treasury picture. The company’s own filing says HYPE sales are conditioned on its assessment that the prevailing price exceeds its estimate of fundamental value. It is an accumulating treasury, but its policy does not forbid sales. A change in market price, cash requirements or its valuation assessment could put the company on the other side of the market. Present buying as an observed period, not a perpetual floor.
The 33.2 million tokens are largely staked As of September 8, the company said approximately 25.1 million HYPE, or 75.7% of its staked holdings, were delegated to its linked HSIxUNIT validator. Another approximately 8.1 million, or 24.3%, were delegated to Anchorage, described as its only third-party validator at that time. The two balances sum to 33.2 million, matching the rounded treasury figure. The percentages refer to its staked position, not the entire circulating HYPE supply.
The staking detail changes the liquidity interpretation. HYPE moved to a validator is not available for immediate spot sale until the owner initiates unstaking and completes the applicable process. The filing describes an initial one-day lock after delegation and a seven-day unstaking queue following withdrawal from staking. That does not make the treasury immovable; it sets a timing constraint. The company can keep cash and use other financing while coins are delegated.
Staking rewards also enlarge holdings without a new market purchase. The filing cited an average net annualized reward rate of 2.18% at 440.4 million HYPE staked across the network as of September 8. Applying 2.18% to 33.2 million tokens gives about 723,760 HYPE annually as a rough run rate, before the company’s specific fees and changes in balance or network rate. It is not a forecast of actual annual rewards. Rewards accrue and compound under the protocol mechanics, while the market price can change the dollar result substantially.
If a future report shows HYPE holdings rising by 700,000 tokens, it would be wrong to call all of that new spot buying without separating staking rewards, transfers and acquisitions. Conversely, a flat balance could conceal purchases offset by sales or other uses. The split between purchased tokens, contributed inventory and earned rewards is essential to testing whether the treasury is absorbing outside supply.
The initial 12.5 million HYPE contribution is another reason to keep categories straight. Those coins became company property through its corporate transaction, not through an open-market buy on the date the company reported 33.2 million. Roughly 20.7 million tokens above that initial contribution existed in the September 8 balance, but even that difference cannot be labeled net spot purchases without accounting for staking rewards and other transactions since closing.
Buybacks respond to trading revenue, not whale headlines Hyperliquid’s protocol routes most eligible trading fees through its Assistance Fund to purchase HYPE. Tokens acquired under the program are burned according to the protocol’s published structure. That creates an ongoing source of token demand tied to platform activity. It is separate from Hyperliquid Strategies, the public company, even though both can acquire the same asset.
The reported percentage of fees directed to the fund varies across descriptions because fee categories and program terms matter. One crypto.news unlock analysis used 99% of eligible trading fees; another account described 97% of protocol trading fees. The precise percentage should be quoted with its denominator and date. For the present comparison, what matters is the mechanism: trading generates fees, which fund market purchases, while actual buyback size changes with volume and pricing.
An example shows why a constant percentage is not a price guarantee. If eligible fees were $1 million in one day and 99% flowed into the fund, the buyback budget would be $990,000 before execution considerations. A $16.08 million exchange deposit would be more than 16 times that illustrative daily amount. If fees rose tenfold, the relative scale would change. Without matching a real daily fee tally and dated onchain fund transactions, one should not claim the mechanism absorbed September 28’s specific deposit.
The September burn report described about 9,730 HYPE repurchased and burned over a 24-hour period ending September 6, worth roughly $830,000 then. That historical daily print is useful as an order-of-magnitude check, not a claim about September 28. At 9,730 tokens a day, 177,518 HYPE is roughly 18.2 days of purchases. Actual daily activity varies, so that ratio is a dated illustration only.
The Assistance Fund cannot identify who bought a whale’s exchange sale any more than a treasury wallet can. Market makers and other investors stand between flows. Structural buying can help absorb supply across time, but it is not a standing promise to purchase at a particular price. A lower HYPE price changes the number of tokens a fixed fee budget can acquire; a collapse in platform activity lowers the fee budget itself.
Unlocks add potential supply, not automatic sales The September 6 vesting release made approximately 9.92 million HYPE claimable, valued around $820 million at the then-prevailing price of $82.60. Claimable supply is a stock of tokens owners may sell, stake or hold. It is not $820 million of executed sell orders. The prior coverage of that unlock emphasized that historical exchange movements after a previous unlock were a small share of tokens released.
The Multicoin transfer report showed another recent move to a trading venue. The September 28 wallet deposit has a more immediate market implication than a raw unlock count because identified coins reached trading venues. Still, a venue deposit remains one step away from a verified sale. A rigorous supply ladder runs from vested, to claimed, to transferred to an exchange, to sold. Each stage provides stronger evidence of disposal and a smaller, more specific quantity. Rolling all four into a single dollar value exaggerates precision.
The company purchase belongs to a separate demand ladder. Capital raised is potential buying power; cash allocated is a budget; an executed HYPE purchase is actual demand; tokens staked afterward are removed from immediate liquid inventory. Counting the $2.5 billion equity facility as if already spent is as misleading as counting all unlocked HYPE as already sold.
The two ladders are not symmetrical in public visibility. Onchain transfers and staking deposits can be observed quickly. A corporate decision to issue shares or hold cash appears through securities disclosures, sometimes later. Centralized exchange executions are often invisible at wallet level. Any net supply calculation that combines them will have blind spots. The strongest available conclusion is usually bounded: how many tokens were demonstrably sold, how many reached possible sale venues and how many the labeled treasury demonstrably bought during a specified period.
The strongest case for the buyers has limits Supporters of the HYPE thesis can point to real platform usage, fees that feed token purchases and a listed treasury that reported 33.2 million HYPE by September 8. The company’s September 25 wallet activity adds evidence of continuing accumulation. A token that receives recurring protocol purchases and corporate acquisitions can absorb some distributions without a sustained fall in price. The September unlock’s headline dollar figure alone did not establish that holders rushed to sell.
That case weakens if trading activity falls and the Assistance Fund’s purchases shrink. It weakens if corporate issuance becomes dilutive in HYPE-per-share terms or if the treasury pauses buying. It weakens if exchange deposits turn into verified sales at a pace exceeding new demand. The case is testable through actual fee-funded buys, token balances, public-company disclosures and exchange-flow follow-ups. It does not rest on an assumption that every whale transfer is harmless.
The bearish case also needs discipline. The separate 62,869 HYPE sale is evidence of one holder realizing a profit. The 177,518 HYPE deposit makes more inventory tradable. Neither proves broad capitulation or a final buyer’s identity. Calling $22 million a dump when about $16 million is a transfer makes the argument easier to say and harder to defend. A further sequence of deposits followed by verified sales would strengthen it substantially.
The two sides can both describe the same session accurately: a large holder sold, another holder sent inventory to exchanges, and independent buyers continued to exist. Price discovery balances them. A permanent directional conclusion requires the next rounds of flow and fee data, not an attempt to name one wallet as the other wallet’s counterparty.
A matched buyer requires more than matching dollar totals The claim that a treasury took the other side of a whale sale sounds plausible when the treasury’s reported purchase is larger. It requires more than size. At minimum, the buy and sell must overlap in time, occur through a venue or route that could connect the orders, and be supported by transaction records or a clearly described inference. The September 25 wallet accumulation precedes the September 28 deposit. Chronology alone defeats a claim that the former was an immediate response to the latter.
Even trades in the same hour do not automatically pair. A market maker may buy from a whale, hedge on a perpetual market and later sell to a treasury buyer. The economic exposure passes through several hands. An exchange order can be filled against many counterparties at different prices. Onchain wallet movements show entry and exit from a venue, while the actual order matches stay in its private system. A complete matching claim would require exchange records or corroboration from participants, neither of which is in the cited public data.
The better question is whether identifiable demand is large enough over a comparable period to absorb identifiable supply without a persistent price concession. That requires a ledger of actual executed sales, actual treasury purchases, actual Assistance Fund buys and other liquidity. The exchange deposit belongs in a separate potential-supply column. The $2.5 billion equity facility belongs in a possible-future-demand column. Mixing either with executed transactions would make the ledger balance only because its categories were wrong.
One can still learn from the imbalance in published amounts. The $45.8 million labeled treasury purchase shows the company has been willing to deploy substantial capital. The $5.78 million reported sale shows at least one whale has realized gains. The $16.08 million deposited shows more inventory could be offered. None of the three describes the anonymous investors who may have bought on OKX, Bybit or elsewhere. The headline’s question about absorption is not answered by treating the most visible buyer as the only buyer.
Future observations can narrow it. If the deposited wallet’s exchange balance is later withdrawn and HYPE appears in another self-custody address, an immediate complete sale becomes less certain, though exchange internal netting still limits proof. If venue volume and price show heavy selling while the wallet’s funds are credited, the sale case gains circumstantial support. If a company filing confirms purchases in the same period, it demonstrates a buyer class, not necessarily a matched counterparty. The distinction survives every update.
That approach has an editorial advantage. It can state what is known firmly, leave only the unknown part open and identify exactly which record would change the conclusion. The alternatives are a $22 million dump headline that overstates the evidence and a treasury-rescue headline that invents a buyer-seller link. Neither is needed to explain the pressure on HYPE’s market.
The public company is an amplifier, not a price floor Hyperliquid Strategies’ ability to accumulate depends partly on the market for its own shares. If PURR trades at a premium to the value of its underlying assets, the company may raise capital in a way that adds HYPE per old share. If the premium contracts, raising the same cash may be less attractive or more dilutive. Its policy explicitly contemplates buying back company stock when shares trade at a meaningful discount to its adjusted asset value. That choice could benefit shareholders without producing any new HYPE spot purchase.
This distinction matters after a visible treasury buy. A crypto holder may care whether the company removes coins from the market. A PURR shareholder cares whether each share’s economic claim improves after financing and expenses. The company’s earlier results coverage recorded a 29.3 million HYPE balance and stock repurchases at a previous cutoff. The move to 33.2 million by September 8 is a larger token total, but a complete per-share comparison needs the intervening share count and other claims.
The SEC filing also states that substantially all of the company’s HYPE is held with one custodian. That is a corporate concentration risk distinct from whales on an exchange. A custodian disruption could affect access to coins even if the protocol continues to function. The company discloses its dependence on HYPE’s price and liquidity because its treasury is concentrated in cash and this one token.
A 16-hour wallet acquisition is therefore an input into a broader balance sheet story. It can show willingness to buy at prevailing prices. It cannot establish how much future capacity remains, whether future issuance will be accretive, or whether the company will buy the next large exchange deposit. Its filed mandate gives management discretion on all three questions.
The two wallets cannot be joined by an arrow The public record supports a bounded conclusion. Lookonchain reported a 62,869 HYPE sale and a separate 177,518 HYPE exchange deposit. It had previously identified a 494,200 HYPE purchase by a treasury-linked address. The times differ, the venues obscure counterparties and the company filing reports balances with a lag. No cited source establishes that Hyperliquid Strategies bought the specific coins the September 28 wallets moved.
The company may continue to buy, the Assistance Fund may continue to convert eligible fees into token purchases, and other investors may absorb supply. None of those facts can be turned into a guaranteed floor. Likewise, the deposit could lead to a sale without making it a sale at the time it was observed. The next dated wallet update and the issuer’s subsequent balance disclosure will narrow the gap.
The actionable reporting standard is simple. Label the 62,869 HYPE as a reported sale, the 177,518 HYPE as an exchange deposit and the 494,200 HYPE as an earlier reported purchase by a linked wallet. Treat any claim about the final buyer of the whale’s coins as unproven until transaction or venue evidence supports it.
What to watch Exchange follow-through: Whether the 177,518 HYPE deposited on September 28 is followed by identifiable withdrawals or corroborated selling. Treasury updates: Whether the reported 33.2 million HYPE as of September 8 rises through purchases, staking rewards or both. Assistance Fund purchases: Compare actual daily token buys with trading fees, not with a fixed percentage in isolation. HYPE per share: Track PURR equity issuance and repurchases alongside changes in gross token holdings. Fresh whale sales: Separate confirmed executions from deposits and newly unlocked but untransferred tokens. FAQ Did HYPE whales sell $22 million on September 28? The tracker described about $5.78 million in a separate 62,869 HYPE sale and $16.08 million in a 177,518 HYPE exchange deposit. The combined roughly $22 million is not a confirmed executed-sale total.
Where were the 177,518 HYPE sent? Lookonchain reported deposits to OKX and Bybit from wallet 0xc745. Subsequent internal exchange trading cannot usually be attributed to that deposit from public chain data alone.
How much HYPE did the treasury-linked wallet buy? Lookonchain attributed a 494,200 HYPE purchase, worth about $45.8 million, to a wallet linked to Hyperliquid Strategies over 16 hours on September 25. That preceded the September 28 deposit.
How many HYPE did Hyperliquid Strategies hold? Its September registration statement reported approximately 33.2 million HYPE as of September 8. That dated figure should not be presented as the exact post-September 25 balance.
Were all 33.2 million HYPE bought on exchanges? No. Approximately 12.5 million were contributed in the company’s transaction, while other tokens were acquired with capital proceeds or accrued through activities such as staking.
What does the Assistance Fund do? It uses most eligible protocol fee revenue to buy HYPE, with purchased tokens burned under the described mechanism. The daily amount varies with trading activity and execution.
Are the treasury’s tokens liquid immediately? The company said substantially all HYPE was staked as of September 8. Its filing described a one-day initial delegation lock and a seven-day unstaking queue after an exit request.
What would prove broad whale selling? Further dated exchange deposits corroborated by executions, shrinking wallet balances and sustained selling pressure would strengthen that conclusion. This is educational analysis, not investment advice.
Disclaimer: This article is for information and educational purposes only and does not constitute financial or investment advice. Figures reflect regulatory filings and reporting available at the time of writing and change with each disclosure. Nothing here is a recommendation to buy, sell, or hold any security or asset. Always do your own research. Information is accurate as of September 30, 2026.
, /PRNewswire/ -- Lion Group Holding Ltd. (NASDAQ: LGHL) ("Lion Group" or the "Company") today announced a strategic reallocation of a portion of its digital-asset treasury.
The Company has sold its entire holdings of Solana ("SOL") and a portion of its Bitcoin ("BTC") holdings on September 29, 2026. The proceeds from these sales have been used to acquire additional approximately 38,102 Hyperliquid ("HYPE") tokens. Upon completion of the reallocation, the Company holds approximately 232,900 HYPE and this position was valued at approximately USD 20.1 million.
Following the transaction, the Company continues to hold its previously established HYPE position and has not sold any of its existing HYPE tokens. This action further concentrates the Company's digital-asset treasury toward HYPE and reflects its ongoing conviction in Hyperliquid's fundamentals and long-term potential as part of its treasury management strategy.
Recent Developments in Hyperliquid
Hyperliquid has continued to demonstrate growth, supported by strong on-chain perpetuals trading volumes, protocol activity, and ongoing product expansion. According to publicly reported information, the platform introduced a manual borrowing feature in mid-September that allows users to supply HYPE or Bitcoin as collateral to borrow stablecoins. Open interest on the platform reached record levels in late September, and HYPE was listed for spot trading on Binance. In addition, Gemini has launched HYPE staking for eligible U.S. customers, and low-latency market data feeds for Hyperliquid have been made available through infrastructure providers.
These developments, together with continued ecosystem expansion and institutional access channels such as U.S. spot ETFs, have coincided with broader market attention on the platform. The Company does not express any view on the future performance of Hyperliquid or the HYPE token.
Lion Group will continue to monitor market and regulatory developments and provide updates as appropriate.
About Lion Group Holding Ltd.
Lion Group Holding Ltd. (Nasdaq: LGHL) operates an all-in-one, state-of-the-art trading platform that offers a wide spectrum of products and services, including (i) total return swap (TRS) trading, (ii) contract-for-difference (CFD) trading, and (iii) Over-the-counter (OTC) stock options trading. Additional information may be found at http://ir.liongrouphl.com.
Forward-Looking Statements
This press release contains, "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Lion's actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "might" and "continues," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, but are not limited to, statements about: Lion's cryptocurrency treasury management goals and strategies; Lion's future business development, financial condition and results of operations; Lion's views regarding cryptocurrencies and digital assets, including HYPE; relevant government policies and regulations relating to our industry, operations, and digital assets; general economic and business conditions globally; the trading prices of crypto asset; and assumptions underlying or related to any of the foregoing. Lion cautions that the foregoing list of factors is not exclusive. Lion cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Lion does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, subject to applicable law. Additional information concerning these and other factors that may impact our expectations and projections can be found in Lion's periodic filings with the SEC, including Lion's Annual Report on Form 20-F for the fiscal year ended December 31, 2025. Lion's SEC filings are available publicly on the SEC's website at www.sec.gov.
Hyperliquid (HYPE) Co-founder Jeff Yan said at Korea Blockchain Week that around-the-clock trading is not what sets onchain venues apart from traditional exchanges.
Speaking in a fireside chat at Korea Blockchain Week 2026, Yan pointed out that crypto never needed conventional market hours because the asset class is inherently international, and that traditional exchanges have begun extending sessions.
Instead, Yan said onchain's lasting advantages come from allowing users to keep custody of their own funds, which helps prevent a common point of failure.
"Onchain finance really, at its core, means that users have still retained control and custody of their funds. I think that’s the number one thing," Yan said. "It does matter during critical moments when there are issues with counterparties, intermediaries, and custodians."
Another defining aspect of onchain trading is transparency, Yan said, despite not having the "mass appeal" for day-to-day users.
"It's extremely important for users to be able to know in theory everything that is going on with the system," Yan said. "Because that level of trust and neutrality of the system that you just do not have with a system that is controlled by one private organization."
Hyperliquid vs Exchanges Monthly Open Interest | The Block Private markets Yan argued those traits, not the length of a trading session, are what onchain markets truly offer users. Still, he said continuous hours still matter for assets that have no public price when traditional exchanges are closed. As an example, he pointed to commodities, equities, and pre-IPO names that traded on Hyperliquid while reference markets were closed as evidence of demand.
When asked what assets might next trade around the clock that do not have a continuous price today, Yan pointed to private markets.
"Private markets, I think, are a big opportunity and you see a little bit of that on Hyperliquid already," Yan said. "Right now a lot of wealth is being created in a way that is really gate-kept."
While the Hyperliquid founder clarified that he does not think such "gate-keeping" is done with ill intentions, he said there is potential to break that trend.
"I think just allowing price discovery in the world globally on these assets that ultimately will be extremely valuable for society and will represent core parts of the economy as early as possible, and doing it in a way that is not confined to one jurisdiction, but rather just kind of a global financial system, I think, has a lot of promise," Yan said.
US-listed company Lion Group Holding announced a strategic adjustment to part of its digital asset treasury. On September 29, the company sold its entire SOL holdings and a portion of its BTC holdings, using the proceeds to add approximately 38,102 HYPE tokens. Following the adjustment, Lion Group holds a total of around 232,900 HYPE tokens, with a holding value of approximately $20.1 million. The company stated that no existing HYPE was sold in this transaction, and the adjustment further increased HYPE’s concentration in its digital asset treasury, reflecting its continued confidence in Hyperliquid’s fundamentals and long-term potential. Lion Group also noted that Hyperliquid recently launched a manual lending feature allowing users to collateralize HYPE or BTC to borrow stablecoins; the platform’s open interest hit a new high at the end of September, HYPE has been listed on Binance’s spot market, and has received staking support from Gemini for eligible US clients. However, the company clarified that it does not make any judgments on the future performance of Hyperliquid or HYPE.
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Hyperliquid co-founder Jeff Yan told attendees at Korea Blockchain Week that 24-hour continuous trading is not the true advantage distinguishing on-chain finance from traditional trading platforms. Crypto assets are inherently global, so they do not need to adhere to traditional market trading hours—though traditional exchanges are also extending their trading times. Yan emphasized that the most important advantage of on-chain finance is users’ ability to retain control and custody of their own funds. Self-custody mitigates common single points of failure during critical moments when counterparties, intermediaries, or custodians encounter issues. Another core strength of on-chain systems is transparency: users can theoretically monitor all activity within the system, a level of trust and neutrality that systems controlled by a single private entity cannot deliver. He added that 24/7 trading still has value for assets that lack public pricing when traditional markets are closed, including commodities, stocks, and pre-IPO assets. Yan further noted that private markets could be the next key asset class to implement all-day trading, as a globalized price discovery mechanism would enable more users to participate in these markets earlier, without being restricted to a single jurisdiction.
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OUSD’s circulating value surpassed $470 million within two hours of its launch, with more than 90% of that total on the Tempo Chain.
Open Standard US stablecoin OUSD has launched, with its total on-chain supply reaching approximately 477.3 million tokens just two hours after launch. Its reserve assets amount to $477.3 million, resulting in a 100% reserve coverage ratio. The reserve breakdown is as follows: US Treasuries account for roughly $211.2 million (44.25%), while USD cash makes up about $266.1 million (55.75%). On the Tempo Network, OUSD has a circulating supply of 434.2 million tokens, with its cumulative transfer volume hitting $533.9 million.
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Goldman Sachs has pushed back its forecast for the Federal Reserve's interest rate hike from October to December.
Goldman Sachs said Wednesday’s U.S. inflation data, paired with New York Fed President John Williams’ comments yesterday, has led the firm to now view an October Federal Reserve interest rate hike as unlikely. Economists Jan Hatzius, David Mericle, and Alec Phillips noted in a research report that, based on the latest inflation data, they project fourth-quarter core PCE year-over-year growth will reach 3.0%, well below the 3.4% median forecast from FOMC participants. The bank has thus pushed back its expectation for a second rate hike to December, and believes the FOMC has a high likelihood of ultimately determining no further rate increases are needed.
1 hours ago
The yield on the 10-year U.S. Treasury note climbed to 5.29%, marking a new high since 2007.
The yield on the US 10-year Treasury note rose to 5.29%, hitting a new high since 2007.
1 hours ago
Developer of meme coin SI sold off 32% of the token’s supply, missing out on $15 million in potential profits.
Bubblemaps stated in a post that meme coin Super Inu (SI) was launched around the time former US President Donald Trump pushed to rebrand artificial intelligence as "Super Intelligence", and the token rallied rapidly after Trump publicly used the "SI" shorthand. On-chain data reveals wallet 9pkJqJ created SI, minting 20% of its total supply for itself, then acquired an additional 12% via eight other wallets, bringing its total holdings to 32% of the token’s supply. The wallet later sold all its SI for approximately $24,000; had it held onto the tokens, they would now be valued at around $15 million. The developer repurchased SI after selling prematurely, but by that point the token’s price had already surged.
1 hours ago
ENS founder denies issuing tokens on Robinhood Chain, stating that the mnemonic phrases for the relevant accounts have long been made public.
Ethereum Name Service (ENS) founder Nick Johnson has released a statement denying that he issued tokens on Robinhood. He explained that the relevant account was created for a Twitter contest, where participants needed to find the account’s mnemonic phrase from an image. The account and its mnemonic phrase have thus long been public, and are not his private account intended for token issuance.
1 hours ago
US SEC plans to relax private investment thresholds, pushing retail investors to enter the private market.
The U.S. Securities and Exchange Commission (SEC) on Wednesday unveiled a series of reform proposals aimed at expanding individual investors’ access to private markets, enabling more retail investors to gain exposure to private equity, early-stage startups and other alternative assets. One proposal would allow registered investment advisors to charge performance fees of up to 20% based on fund performance, aligning the fee structure closer to the “2% management fee + 20% performance fee” model used by some hedge funds, in a bid to attract more private fund managers to serve individual investors. SEC Chair Paul Atkins stated that the commission aims to explore ways to expand individual investors’ participation in private markets while preventing fraud and misconduct. The SEC also proposed expanding the definition of an “accredited investor” to qualify more individuals with professional credentials, including certified public accountants (CPAs) and Chartered Financial Analysts (CFAs), as eligible investors.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Congress is expanding its probe into insider trading across prediction markets to include Hyperliquid, Crypto.com, and Aristotle Exchange, the operator of PredictIt.
On the 29th of September, House Committee on Oversight and Government Reform Chairman James Comer (R-Ky) wrote to the CEOs of the three platforms. He sought more information on how the platforms identify customers, their geolocations, and report suspicious activity.
Chair Comer supported his continued investigation into the platforms, noting that,
As online prediction platforms grow and become more mainstream, some bad actors have exploited the platforms to make thousands of dollars by placing bets based on nonpublic information.
This is the second wave of congressional investigation into the booming prediction markets for insider trading.
Congress intensifies scrutiny of prediction markets The first phase began in May and initially targeted the two top prediction markets, Kalshi and Polymarket, covering similar areas: customer identification and measures used to stop insider trading.
In a separate statement, the Oversight and Government Reform Committee said,
We’ve received nearly 1,000 docs and 5 briefings from Polymarket and Kalshi. We’re demanding answers from Hyperliquid Labs, Crypto․com & Aristotle Exchange.
The insider trading activity has been rampant. Earlier this year, a US special forces soldier allegedly made $400K betting on the removal of Venezuelan President Nicolás Maduro. He denied the charges.
In August, Kalshi banned former Representative George Santos for allegedly making a +$17K profit. Santos bet against his own attendance at President Donald Trump’s State of the Union address in February.
In Q1, Kalshi reported that it has opened 150 internal investigations and made over 20 referrals to law enforcement for possible insider activity. In fact, it now requires some traders to declare their employers to help with screening.
However, Hyperliquid is the only fully decentralized platform in the probe with no KYC (know your customer) model. The committee claimed that a massive $1.1B short position was opened before a major tariff policy announcement last October, but there was no “identity verification.”
This transaction, precisely timed to a nonpublic government decision, executed on a platform with apparently no identity verification or mechanism to refer the responsible party to U.S. law enforcement, mirrors a pattern of insider trading.
Source: Hyperscreener Hyperliquid expanded into prediction markets in May but is currently doing only about $30M in weekly volume. It will be interesting to read Hyperliquid’s response to the investigation.
Separately, the Senate Democrats want bipartisan legislation for the segment, with SEC oversight in event contracts deemed securities. It remains to be seen how these issues will be considered in the upcoming framework for prediction markets.
Final Summary House Oversight and Government Reform Committee expanded the insider trading probe to three platforms, including Hyperliquid. Prediction markets are increasingly under Congress’ scrutiny, and flagged issues may inform legislative response.
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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Hyperliquid co-founder iliensinc stated in the official Discord channel that Hyperliquid Labs will un-stake 3.75 million tokens today, and plans to distribute the related tokens to team members on October 7. The tokens were obtained via an over-the-counter (OTC) transaction with an institution and will not be sold on the open market.
Hyperliquid is consistently building momentum and has continued to draw attention with its large token unlocks almost every month.
With September already wrapping up, the latest onchain data from Tokenomics shows that Hyperliquid has scheduled a major HYPE token unlock for October.
Hyperliquid sets date for next token unlock While HYPE has remained one of the most closely watched crypto assets among investors, considering its big price moves, its massive token unlock has often drawn interest from market participants.
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According to the data, Hyperliquid is about to conduct the largest single token unlock currently scheduled for October among other crypto assets preparing for the same event during the month.
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Notably, Hyperliquid has sparked a buzz in the crypto market as up to $856 million worth of HYPE tokens have been scheduled to be released on October 6.
With just about $1.3 billion in token releases expected for the broad crypto market next month, HYPE's potential unlock accounts for the largest portion of the total token releases expected throughout the month.
Hyperliquid price outlook for October While it remains uncertain whether the potential large token unlock will pose a threat to HYPE's price performance in October or support higher upswings, traders are hopeful that the yearly Uptober trend will drive a further rally for HYPE regardless.
With Hyperliquid already extending its positive monthly return into September with a modest gain of 1.85% for the month, market participants are hopeful that it will be able to sustain momentum into next month and extend the profit streak for the third consecutive month.
Hyperliquid is set to make headlines again as new data from Tokenomics reveals it will unlock $856 million in HYPE tokens on October 6, exceeding any other single token release scheduled for October across the crypto market.
Upcoming HYPE token unlock in OctoberHyperliquid maintains a strong presence among investors, frequently attracting attention with significant token unlock events and a pattern of notable monthly price movements. These unlocks, which have occurred on an almost monthly basis, are closely watched for their impact on HYPE’s price dynamics.
Tokenomics data lists HYPE as holding the largest planned token unlock for October, putting it ahead of other assets also preparing for similar releases in the coming month. In total, projected token releases across the entire crypto market next month are expected to reach about $1.3 billion, with Hyperliquid’s unlock constituting the largest share.
This substantial release of tokens has sparked conversations across the market, as investors assess whether the increased supply might trigger price volatility. The uncertainty surrounding price direction reflects both potential downside risks and the prevailing optimism among traders hoping for gains during the traditionally bullish “Uptober” period.
Price performance and investor sentimentHYPE’s recent performance further fuels anticipation. Hyperliquid recorded a 1.85% monthly gain in September, marking the second consecutive month of positive returns for the asset. This growth trend has left market participants hopeful for another profitable month in October, especially as sentiment strengthens around the potential continuation of this streak.
The upcoming token unlock will be closely integrated into strategies, with many traders monitoring not only aggregate supply but also the technical structure of the HYPE price chart. Changes in resistance and support levels will play a significant role in determining HYPE’s trajectory, as the potential for increased volatility remains significant during unlock events.
Despite questions about the impact of the upcoming unlock, traders continue to look to the traditional “Uptober” trend, anticipating that recent momentum and positive sentiment may help HYPE chart further gains.
Meme token trends and market monitoringMonitoring market movements and timing remains a key tactic, not only for assets like HYPE but also within the fast-evolving meme token space. In the meme token market, an internet trend can transform into millions of dollars of interest within days. According to data shared by Fomo App, a trade involving “Niu Lai,” which turned an initial $99 investment into approximately $370,000, stands out as a striking example of this activity. In this market, tracking not only prices but also the timing and token choices of investors is crucial. Fomo App brings token discovery and trading together on a single platform, featuring social feeds, investor rankings, and trade notifications. Discover Fomo App to follow the world of meme tokens alongside investor activity.
These developments highlight how both established projects and market newcomers rely on vigilant monitoring and timely strategic decisions to navigate volatility resulting from supply shifts, token unlocks, and emerging trends.
The combination of anticipated supply events and heightened investor activity has left the broader crypto market focused on Hyperliquid’s next moves, as October is set to deliver the highest scheduled token unlock of the month.
Hyperliquid Labs has announced a significant token transaction involving the unstaking and private sale of 3.75 million HYPE tokens. This amount is notably 8.65 times larger than the September 6 unlock. According to Hyperliquid’s co-founder Iliensinc, the tokens are intended for a private over-the-counter deal with an institution, rather than being introduced to public markets. This move is reported to remove expected selling pressure from exchanges, though details on the buyer’s holding and hedging terms remain undisclosed. The transaction is set to take place on October 7, with market participants closely watching for further developments.
Key Takeaways Hyperliquid’s decision to sell 3.75 million HYPE tokens privately appears to suggest a reduction in public market supply. Pricing suggests that this could be supportive of a potential price increase, with reduced selling pressure on exchanges. The specifics of the transaction, including the buyer’s intentions, remain unclear, leaving room for market speculation. What to Watch Market participants will be observing any official confirmation of the private sale and the terms agreed upon by the buyer. The impact of this private distribution on Hyperliquid’s market price will likely depend on further announcements from Hyperliquid Labs or any leaks regarding the institutional buyer’s strategy. Additionally, any macroeconomic factors or broader market trends that could influence HYPE’s price trajectory will be key indicators to monitor.
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Term Structure
Contract Odds Δ since publish Volume 24h December 31 64% — — View market → January 1 2027 2.4% — — View market → January 1 2027 2.1% — — View market → January 1 2027 2.8% — — View market → January 1 2027 1.9% — — View market → January 1 2027 7% — — View market → January 1 2027 3.5% — — View market → January 1 2027 7% — — View market → January 1 2027 12% — — View market → January 1 2027 12% — — View market →
HYPE and XRP are attracting buyers for two very different reasons. HYPE is trading near $94.25 after a major run that pushed its fully diluted valuation above $91 billion.
XRP is holding around $1.52 as whale accumulation and a stronger crypto market bring new focus to its recovery story.
Both tokens offer live-market exposure during the current bull run. Yet buyers looking for an earlier entry are also watching the MemeToro presale. $MT is priced at $0.00528 in Stage 8, has passed $157K raised, and smart money is positioning early in the project.
MemeToro is creating a different opportunity based on fast-rising online trends, creator tools, public fair-launch rules, and a utility token that can support trading, staking, rewards, prediction markets, and platform activity.
Why MemeToro’s Public Code Gives $MT a Strong AdvantageMemeToro is giving early buyers a direct look at the technology behind its planned BNB Chain launchpad. The project has released 1,373 lines of Solidity code across 17 files. Its public repository includes FairLaunchEscrow logic, supporting interfaces, tests, and documentation.
This is important because MemeToro wants to make memecoin launches more structured from the first day. The stated smart-contract design locks launch settings when a creator starts a campaign. It also removes insider allocations from the fair-launch split and directs funds toward contributor refunds or planned liquidity routes.
The public-code release is designed to bring several benefits to the platform:
fixed launch terms before buyers contributeclearer wallet caps, deadlines, and claim rulesless room for creator-side allocation advantagesa visible foundation for future BNB Chain launch activityThe code gives MemeToro a strong product story at a time when many projects rely only on marketing. It also fits directly with the project’s memecoin trading plans. Creators can prepare launches with clearer rules, while traders can discover tokens with more visible structures.
MemeToro has passed $157K in Stage 8 while $MT remains at $0.00528. That combination of early price, public development, and a growing AI launchpad narrative creates a compelling entry point for buyers who want to position before a wider platform rollout.
How $MT Could Build Value Across the MemeToro Ecosystem$MT is intended to power the planned MemeToro ecosystem. It is designed for premium access, platform transactions, launch funding, staking, and user rewards. The roadmap also includes future memecoin trading, prediction markets, and a crypto news hub, creating several possible reasons for users to hold and use the token.
The planned AI agent supports this system by helping creators find fast-moving trends and turn them into token-launch ideas. It can help generate a concept, branding direction, allocations, and funding mechanics. Once the creator approves the plan, MemeToro’s fair-launch framework is designed to apply those chosen terms.
The 1.2 billion $MT supply also gives early buyers clear tokenomics to assess. The public sale allocation is 857,936,900 $MT, while marketing and partner tokens have a stated 24-month vesting period. Public-sale tokens are described as having no vesting and being claimable at launch.
The project also promotes staking rewards of up to 35% APR. This adds another planned benefit for holders who want to participate in the ecosystem rather than only watch price action. With utility across creation, trading, rewards, and discovery, $MT is being built as more than a one-use presale token.
Why HYPE and XRP Are Leading Bull-Run WatchlistsHYPE has become one of the strongest large-cap tokens in the market. It trades near $94.25, while prediction markets place an 83.5% chance on a move above $100 before the end of 2026. Its momentum comes from a live ecosystem where users can use HYPE as collateral for stablecoin borrowing and where perpetual trading demand keeps growing.
That real product use gives HYPE a strong bull-run narrative. The token is not only moving because of market excitement. It is also linked to activity on the Hyperliquid network, which continues to attract traders looking for fast on-chain perpetual markets.
XRP offers a more established but equally interesting setup. It is holding near $1.52, with $1.70 acting as the next major resistance level. A break above that zone could bring renewed focus to larger targets, including the $5.40 macro structure discussed by technical trader Peter Brandt.
The two tokens show the power of active ecosystems during a bull market:
HYPE offers perpetual trading and stablecoin-collateral utilityXRP offers an established payment-focused market storyboth benefit from rising altcoin liquidity and stronger buyer confidenceFast rallies can bring short-term price swings, but HYPE and XRP have already shown why product utility and market visibility matter when a bull cycle gains speed. Their rise also opens the door for buyers to search for projects with similar utility ambitions at a much earlier stage.
Final WordsHYPE and XRP are proving that strong utility stories can pull major capital into altcoins during a bull run. HYPE is building on perpetual trading demand and stablecoin borrowing, while XRP is holding an important support level as buyers watch for a move above $1.70. Both have already gained significant market attention.
MemeToro gives buyers a chance to enter much earlier in a new BNB Chain story. $MT is available at $0.00528 in Stage 8, the presale has raised more than $157K, and the project has published public fair-launch code to support its AI launchpad vision.
With creator tools, future trading, staking, prediction markets, and a news hub, MemeToro is positioning itself for the next major memecoin expansion.
FAQsWhy is HYPE one of the leading bull-run altcoins?HYPE has strong momentum from its live perpetual trading ecosystem and its stablecoin borrowing feature, which lets users use HYPE as collateral.
What level does XRP need to break next?XRP is holding near $1.52, with $1.70 acting as the next key resistance level. A break above it could strengthen its wider recovery setup.
What makes MemeToro different from HYPE and XRP?MemeToro is an earlier-stage BNB Chain project focused on AI-guided memecoin launches, public fair-launch rules, future trading tools, staking, rewards, and platform utility.
The quickest way to trade crypto, US stocks, gold and FX as perpetuals from one account is a multi-asset venue: EVEDEX lists 52 perpetual contracts across those classes, tradable 24/7 from a single cross-margin balance. Aster covers crypto, stocks and commodities; Hyperliquid reaches equities and commodities through builder-deployed markets; dYdX and GMX stay crypto-only. This comparison sets the five venues side by side on asset range, fees, leverage and access, with every figure read on 21 September 2026.
Key takeaways EVEDEX lists 52 perpetual contracts. 39 crypto, 5 US stocks, 1 index, 3 commodities, 2 FX pairs and 2 pre-IPO markets, from one USDT cross-margin balance (16 September 2026). Trading fees are fixed at 0.015% maker and 0.045% taker, level with Hyperliquid’s base rate, above Aster’s 0% maker / 0.04% taker on USDT perpetuals. Leverage reaches 200x on BTC, ETH and SOL for positions up to $50,000 notional, above Hyperliquid (40x), dYdX (20x) and GMX (100x), below Aster (1001x on select pairs). EVEDEX runs no traditional KYC to trade; deposits pass automated on-chain AML screening. Minimum deposit is 6 USDT; margin is cross-only, posted in USDT. Independent benchmark: EU regulator ESMA found 74–89% of retail CFD accounts lose money, leverage cuts both ways. Platform Asset classes Max leverage Maker / taker (base) Margin & collateral KYC Settlement EVEDEX Crypto, US stocks, index, commodities, FX, pre-IPO Up to 200x (BTC/ETH/SOL, ≤$50k notional) 0.015% / 0.045% (fixed) Cross only; USDT No traditional KYC; on-chain AML Off-chain matching, on-chain settlement on Arbitrum (L2) Hyperliquid Crypto; equities/commodities/FX via HIP-3 builder markets Up to 40x (BTC/ETH) 0.015% / 0.045% Cross & isolated; USDC None (self-custody) Own L1 (HyperCore) dYdX Crypto Up to 20x (majors) 0.01% / 0.05% Cross + isolated sub-accounts; USDC None (wallet-based) Own L1 (Cosmos SDK) GMX Crypto Up to 100x 0.04%–0.06% position fee (open & close) Isolated per-market pools; multi-collateral None (no account) Arbitrum, Avalanche, MegaETH Aster Crypto, stocks, commodities Up to 1001x (select pairs) 0% / 0.04% (USDT perps) Cross & isolated; USDT None (non-custodial) Aster Chain (L1) + multi-chain Fees, leverage, margin and asset classes: each venue’s own documentation, read 21 September 2026; EVEDEX figures built from the client project passport dated 18 September 2026, market count per CoinGecko. GMX charges a position fee rather than maker/taker rates.
One account, several asset classes Breadth is where EVEDEX competes hardest. EVEDEX is a hybrid perpetual futures exchange: orders match off-chain in its order book while settlement runs on-chain on Arbitrum. That structure lets a single USDT balance back positions across every listed class, so trading on EVEDEX means moving between a BTC perp, a Tesla perp and a gold perp without switching venues. The 52 markets break down as 39 crypto, five US equities (TSLA, COIN, MSTR, CRCL, SPCX), the SPY index, three commodities (gold via XAUT, silver and WTI crude), two FX pairs and two pre-IPO markets.
The other venues sit at different points on that range. Aster documents perpetuals on crypto, stocks and commodities. Hyperliquid began as a crypto venue and now reaches equities, indices and commodities through HIP-3 builder-deployed markets, which are run by third-party deployers rather than the core protocol. dYdX and GMX remain crypto-focused. For a trader who wants equities and commodities alongside crypto natively, EVEDEX and Aster carry the widest documented range.
What you pay per trade On headline cost, EVEDEX is mid-pack. Its fees are fixed at 0.015% maker and 0.045% taker, with no volume tiers; a cashback programme later returns part of the fees already paid rather than discounting the posted rate. A taker round trip on a $10,000 position therefore costs about $9.00 before any cashback, the same as Hyperliquid at its base rate.
Two venues undercut that. Aster charges 0% maker and 0.04% taker on USDT perpetuals, so a market-maker pays nothing and a taker round trip runs about $8.00. dYdX starts at 0.01% maker and 0.05% taker at its base tier, dropping to a maker rebate at high volume. GMX works differently: it applies a 0.04%–0.06% position fee on both open and close, plus borrowing and funding, so a round trip is roughly $8–$12 per $10,000 before holding costs. Fees are only part of total cost — funding, spread and slippage often matter more on a position held over time.
Leverage and the distance to liquidation High leverage narrows the margin for error, and this is where EVEDEX sits near the top. At 200x, the initial margin is 0.5% of notional, so a move of roughly half a percent against the position can exhaust the buffer and trigger liquidation; maintenance margin makes the real trigger slightly closer. The same logic puts GMX’s 100x at about 1%, Hyperliquid’s 40x at about 2.5%, dYdX’s 20x at about 5%, and Aster’s 1001x at about 0.1%. Higher ceilings widen the range of strategies but shrink that buffer.
The base-rate reminder matters more than any single platform: EU regulator ESMA found that 74–89% of retail CFD accounts lose money, with average losses of €1,600 to €29,000 per client. Leverage raises both the gain and the loss on the same move.
Access, custody and funded accounts None of these venues runs traditional identity checks to trade, and EVEDEX adds a documented compliance layer: no traditional KYC, with deposits screened on-chain. The others are wallet-based and self-custodial. EVEDEX is not intended for UK retail clients and is not available to sanctioned persons. For traders testing size without their own full capital, EVEDEX also offers funded trading with no evaluation stage: a trader posts margin — 165 USDT for a 5,000 USDT nominal, 835 USDT for 25,000 keeps 100% of profit, and cannot lose more than the margin posted.
Where each venue fits EVEDEX has real limits. Margin is cross-only, so one losing position draws on the whole account balance; a trader who wants to ring-fence risk per position will prefer a venue with isolated margin, such as Hyperliquid or GMX. Its 0.015% maker fee is higher than Aster’s 0% maker on USDT perpetuals, so a pure market-maker pays more. And its open interest about $700 million on 18 September 2026, is smaller than the largest perpetual DEXs. These are trade-offs to weigh against the asset range.
For deep BTC and ETH liquidity, Hyperliquid and dYdX are strong; for the lowest posted fees, Aster leads; for the widest native asset set, EVEDEX and Aster stand out. EVEDEX is the clearest fit for a trader who wants to move between a Tesla perp, a gold perp and a BTC perp from one USDT cross-margin balance, at up to 200x, without traditional KYC.
Lion funded its latest HYPE purchase by exiting SOL and reducing Bitcoin. SUI had already been fully converted into HYPE in September 2025. Future purchases should be judged by both HYPE accumulation and what Lion sells to finance it. Lion Group is financing its latest Hyperliquid purchase from inside its own crypto portfolio.
The Nasdaq-listed company sold all of its remaining Solana and part of its Bitcoin holdings on Sept. 29, directing the proceeds into HYPE. The transaction added approximately 38,102 HYPE and brought Lion’s total position to about 232,900 tokens, valued at $20.1 million when the company announced the reallocation.
The source of that capital is more revealing than the purchase itself.
Lion is not simply putting additional cash into crypto. It is deciding which digital assets deserve space on its balance sheet, and Hyperliquid is increasingly winning that competition.
Lion’s Treasury Has Been Narrowing for More Than a Year The shift did not begin this week.
Lion launched its digital-asset treasury in June 2025 around three assets: HYPE, SOL and SUI. HYPE was designated the primary reserve asset, but the strategy was initially presented as a broader bet on next-generation Layer-1 networks.
By September 2025, that structure had already started disappearing.
Lion first announced plans to rotate its SOL and SUI holdings toward Hyperliquid, citing the availability of institutional HYPE custody through BitGo. Three days later, it completed the conversion of its entire SUI position, leaving a disclosed treasury of 194,726 HYPE and 6,707 SOL.
The latest transaction effectively completes the SOL side of that transition while bringing Bitcoin into the reallocation for the first time.
Lion Group Treasury
From crypto basket to HYPE concentration
JUNE 2025
Lion launches a multi-asset treasury strategy.
HYPE
SOL
SUI
SEPTEMBER 2025
Strategy shifts toward converting
SOL
and
SUI
into HYPE.
SEPTEMBER 29, 2026
Lion sells all remaining SOL and part of its
BTC position to buy more HYPE.
+38,102 HYPE
Resulting HYPE position
232,900
HYPE tokens
Approximately $20.1 million at the time of the announcement
Lion Group is reducing other crypto positions while increasing its exposure to Hyperliquid.
The progression changes how Lion’s future crypto purchases should be interpreted. Buying HYPE with new capital expands its digital-asset exposure. Buying HYPE by selling another cryptocurrency primarily changes the composition of exposure already on the balance sheet.
That is a different treasury decision.
Hyperliquid Has Given Lion More Reasons to Stay Lion’s increasing commitment comes as Hyperliquid expands beyond the perpetual futures market that established the protocol.
In its latest announcement, the company pointed to the introduction of manual borrowing, where supported assets can be supplied as collateral to borrow stablecoins, as well as record open interest and broader infrastructure around the network.
HYPE’s market access has expanded too, including a Binance spot listing and staking access through Gemini for eligible U.S. customers.
Those are Lion’s stated reasons for remaining bullish, rather than independent evidence that concentrating the treasury will improve shareholder returns. The distinction is important because the strategy ties a growing portion of Lion’s digital-asset exposure to the performance and development of a single ecosystem.
There is also a useful historical benchmark in Lion’s SEC disclosures.
On Sept. 21, the company reported approximately 195,000 HYPE worth $18.2 million and said it had not sold any tokens from the position. The latest reallocation raises the token balance substantially without reversing that holding strategy.
What Lion Sells Next May Matter More Than What It Buys The next treasury announcement now has two sides worth watching.
One is straightforward: how much additional HYPE Lion acquires.
The other is the funding source.
If future purchases come from new financing or available cash, Lion would be expanding the capital committed to its crypto strategy. If they are financed by further Bitcoin sales or disposals of other digital assets, the company would instead be continuing the internal rotation that has gradually reshaped the portfolio.
That distinction also puts Lion’s original $600 million treasury announcement into perspective. The figure referred to a financing facility secured in June 2025, not $600 million of cryptocurrency immediately deployed. The first closing under that facility was $11 million, while Lion’s initial HYPE acquisition was $2 million at an average price of roughly $37.30 per token.
The treasury has therefore developed incrementally rather than through a single $600 million deployment.
Its direction, however, has become progressively clearer.
SUI was removed first. SOL has now followed. Bitcoin has begun funding additional HYPE purchases.
For Lion’s next treasury update, the asset leaving the balance sheet may be just as informative as the HYPE entering it.
Alex is a financial markets journalist and co-founder of Millennial Media Group, and he's spent close to ten years trying to answer one stubborn question: what's really driving this? It started in 2016, when Bitcoin refused to make sense to him - and rather than shrug, he stayed with it until it did. That patience became his method. He's less interested in what an asset is doing today than in the plumbing behind it: how liquidity flows, where risk hides, what a chart is quietly telling you that the headline isn't. That lens eventually stretched well past crypto into traditional markets, because the same forces - fear, leverage, incentives, timing - show up everywhere once you know how to look. Most coverage, in his view, insults the reader by stopping at the surface. Price up, price down, moving on. He'd rather leave someone genuinely understanding a move than merely informed that it happened. His path into markets ran through a Tourism degree at New Bulgarian University - proof, maybe, that curiosity beats credentials. With more than 200 deep analyses and over 10,000 articles behind him, he still walks away from most trading days having learned something he didn't know that morning.
Trump has renamed AI to SI, while Slovenian domain name registrations in a single day exceeded the total volume of the past month.
Insight: Beating AI News Flash – After Trump rebranded Artificial Intelligence to Super Intelligence, he unexpectedly sparked a boom in Slovenia’s national domain .si. On September 22, Trump announced at the UN General Assembly that the U.S. would rename AI to "Super Intelligence (SI)". Coincidentally, .si is Slovenia’s country-code domain, leading to an immediate surge in registrations. In August, .si saw only around 3,500 new registrations; after Trump’s announcement, average daily new registrations hit roughly 3,700 – a single day’s volume exceeded the entire month of August. As of September 29, total .si domain registrations surpassed 220,000. Domain speculators were clearly ahead of the curve here. Netcraft found that between September 19, when Trump first discussed the AI rebrand, and September 22, when he formally proposed "SI" at the UN, roughly 52% of the .si domains registered via Dynadot were quickly listed for resale on secondary markets. In the 25 hours following Trump’s announcement, new .si registrations even outpaced .ai – Anguilla’s country-code domain that has been popularized by the AI industry for years. The previous AI boom boosted demand for .ai; now Trump’s rebranding of AI to SI has delivered a new wave of domain business to Slovenia.
6 minutes ago
Dubai Airlines sparked a false hijacking scare, which was later revealed to be a physical altercation between pilots in the cockpit.
On Wednesday, a serious incident unfolded on Dubai Air Flight FZ1073, which was traveling from Dubai to Tel Aviv. The passenger jet first sent the general emergency code "7700", then the "7500" code for unlawful interference or potential hijacking, before plummeting sharply over Saudi Arabia. Israel initially treated the flight as a suspected hijacking and scrambled fighter jets. The plane ultimately landed safely at Tabuk Airport in Saudi Arabia. After landing, Dubai Air confirmed that an "incident" occurred during Flight FZ1073, and all passengers had landed safely and completed identity checks. Meanwhile, Israel gradually ruled out the possibility of an external hijacking or security attack. Israel’s Channel 13 reported that the two pilots had an argument in the cockpit that escalated into a physical altercation. CNN cited sources saying a "violent" conflict broke out between the pair. Reuters quoted an unnamed Israeli official as stating that after the two pilots engaged in a physical fight, the crew sent emergency signals, though it remains unclear whether either pilot intentionally triggered the relevant codes. Israel’s Channel 13 also reported that the two pilots involved have been taken into custody by Saudi authorities for investigation. Preliminary assessments indicate one is Russian or of Russian origin, while the other is Ukrainian or of Ukrainian origin.
6 minutes ago
Anthropic discloses a computing power agreement worth up to $84.5 billion, SPCX rises nearly 2%
Reuters cited confidential IPO documents from Anthropic, revealing that the company’s computing power agreement with SpaceX’s xAI involves potential spending of up to $84.5 billion by 2029 for accessing Nvidia chip-based computing resources. Most of the agreement can be canceled with 90 days’ prior notice, and the related amounts are not locked-in revenue. Earlier, SpaceX’s Starship completed its first Earth orbital flight during the 14th test flight, successfully deploying 26 next-generation Starlink V3 satellites, though the mission ended earlier than planned. According to TradingBeats monitoring, the marked price of the SPCX perpetual contract on Hyperliquid stands at $149.50, up roughly 2.01% in 24 hours, with trading volume of approximately $52.65 million over the same period, and current open interest nominal value is around $118 million.
6 minutes ago
Iranian Foreign Minister Alaghi has informed the cabinet that he has received a U.S. proposal.
Iranian government spokesperson: Iranian Foreign Minister Araghchi has informed Iran’s cabinet that he has received a U.S. proposal. Earlier reports said Araghchi and his team held talks with Qatari mediators in Doha on Tuesday evening. Araghchi received the U.S.’s feedback on the seven-day plan and will discuss the matter in Tehran on Wednesday. The document under negotiation outlines a seven-day initiative aimed at building mutual trust and returning to an enhanced version of the memorandum of understanding (MoU) signed by the U.S. and Iran in June. The main point of contention between the two sides lies in the sequence of implementing measures under the seven-day plan, rather than the specific content included in the plan.
6 minutes ago
Standard Chartered Bank has initiated coverage on ENA in its research report, projecting that its price will rise to $2 by the end of 2028.
Standard Chartered has initiated coverage of Ethena’s token ENA, projecting it will appreciate to $2 by the end of 2028. The bank’s report notes that Ethena sits at the intersection of perpetual contracts, tokenization, and stablecoins, with ENA set to benefit from growth in these sectors and its newly launched buyback program. It adds that Ethena is currently the fourth-largest stablecoin issuer globally, trailing only Tether, Circle, and Sky, and the second-largest interest-bearing stablecoin issuer after Sky. Its USDe stablecoin holds the record for reaching a $10 billion market cap the fastest.
6 minutes ago
It is reported that ByteDance's personal AI assistant has been named "Xiaodou" and will have a standalone app.
Beating AI News Flash: ByteDance’s Doubao is developing a personal AI assistant product named “Xiaodou” and plans to launch a standalone app. “Xiaodou” was not a last-minute initiative launched after Muse’s viral rise; the name was finalized this summer. Doubao kicked off internal beta testing for its personal assistant project codenamed “Spell” back in April this year, initially led by Doubao’s mobile assistant team. Recently, the project has started further integration with Doubao’s existing products, and is now jointly managed by the Spell project team and Doubao’s dialogue team. ByteDance is accelerating the push to bring its existing personal assistant projects to official product status. The main Doubao app will remain the general AI entry point, “Doubao Work” is positioned for office use, while “Xiaodou” targets consumer-grade personal assistants.
Jeff Yan has a simple thesis: private markets are enormous, most people can’t access them, and that’s a problem worth solving on-chain. The Hyperliquid co-founder laid out that vision at Korea Blockchain Week 2026 in Seoul, where he told attendees that “huge opportunities” exist in asset classes that have historically been locked behind institutional gates.
What Yan actually said Speaking at KBW 2026, which ran from September 29 to October 1 at the Walkerhill Hotels & Resorts in Seoul, Yan framed the opportunity in terms of access rather than pure profit. Wealth and investment opportunities have been gate-kept, he argued, and building better on-chain market infrastructure for restricted assets is “socially beneficial.”
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Hyperliquid operates with a team of roughly 11 people, was built without a single dollar of venture capital funding, and has managed to become one of the highest-volume perpetuals platforms in crypto. The event drew Arthur Hayes and Tom Lee among featured speakers. Hyperliquid held its own dedicated seminar on September 28, a day before the main conference kicked off, specifically targeting Korean financial institutions exploring on-chain trading.
HIP-3 and the permissionless market thesis The technical backbone of Yan’s private markets vision is HIP-3, an initiative that allows independent teams to create their own perpetual markets on Hyperliquid without needing permission from the core team. HIP-3 has already driven meaningful trading volume in non-crypto assets.
The bootstrapped advantage Yan built the platform using his background in quantitative trading, and the team funded operations internally. Instead of selling tokens to VCs at a discount, Hyperliquid ran a major airdrop of its HYPE token in late 2024, distributing tokens directly to users.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.
Trump has renamed AI to SI, while Slovenian domain name registrations in a single day exceeded the total volume of the past month.
Insight: Beating AI News Flash – After Trump rebranded Artificial Intelligence to Super Intelligence, he unexpectedly sparked a boom in Slovenia’s national domain .si. On September 22, Trump announced at the UN General Assembly that the U.S. would rename AI to "Super Intelligence (SI)". Coincidentally, .si is Slovenia’s country-code domain, leading to an immediate surge in registrations. In August, .si saw only around 3,500 new registrations; after Trump’s announcement, average daily new registrations hit roughly 3,700 – a single day’s volume exceeded the entire month of August. As of September 29, total .si domain registrations surpassed 220,000. Domain speculators were clearly ahead of the curve here. Netcraft found that between September 19, when Trump first discussed the AI rebrand, and September 22, when he formally proposed "SI" at the UN, roughly 52% of the .si domains registered via Dynadot were quickly listed for resale on secondary markets. In the 25 hours following Trump’s announcement, new .si registrations even outpaced .ai – Anguilla’s country-code domain that has been popularized by the AI industry for years. The previous AI boom boosted demand for .ai; now Trump’s rebranding of AI to SI has delivered a new wave of domain business to Slovenia.
6 minutes ago
Dubai Airlines sparked a false hijacking scare, which was later revealed to be a physical altercation between pilots in the cockpit.
On Wednesday, a serious incident unfolded on Dubai Air Flight FZ1073, which was traveling from Dubai to Tel Aviv. The passenger jet first sent the general emergency code "7700", then the "7500" code for unlawful interference or potential hijacking, before plummeting sharply over Saudi Arabia. Israel initially treated the flight as a suspected hijacking and scrambled fighter jets. The plane ultimately landed safely at Tabuk Airport in Saudi Arabia. After landing, Dubai Air confirmed that an "incident" occurred during Flight FZ1073, and all passengers had landed safely and completed identity checks. Meanwhile, Israel gradually ruled out the possibility of an external hijacking or security attack. Israel’s Channel 13 reported that the two pilots had an argument in the cockpit that escalated into a physical altercation. CNN cited sources saying a "violent" conflict broke out between the pair. Reuters quoted an unnamed Israeli official as stating that after the two pilots engaged in a physical fight, the crew sent emergency signals, though it remains unclear whether either pilot intentionally triggered the relevant codes. Israel’s Channel 13 also reported that the two pilots involved have been taken into custody by Saudi authorities for investigation. Preliminary assessments indicate one is Russian or of Russian origin, while the other is Ukrainian or of Ukrainian origin.
6 minutes ago
Anthropic discloses a computing power agreement worth up to $84.5 billion, SPCX rises nearly 2%
Reuters cited confidential IPO documents from Anthropic, revealing that the company’s computing power agreement with SpaceX’s xAI involves potential spending of up to $84.5 billion by 2029 for accessing Nvidia chip-based computing resources. Most of the agreement can be canceled with 90 days’ prior notice, and the related amounts are not locked-in revenue. Earlier, SpaceX’s Starship completed its first Earth orbital flight during the 14th test flight, successfully deploying 26 next-generation Starlink V3 satellites, though the mission ended earlier than planned. According to TradingBeats monitoring, the marked price of the SPCX perpetual contract on Hyperliquid stands at $149.50, up roughly 2.01% in 24 hours, with trading volume of approximately $52.65 million over the same period, and current open interest nominal value is around $118 million.
6 minutes ago
Iranian Foreign Minister Alaghi has informed the cabinet that he has received a U.S. proposal.
Iranian government spokesperson: Iranian Foreign Minister Araghchi has informed Iran’s cabinet that he has received a U.S. proposal. Earlier reports said Araghchi and his team held talks with Qatari mediators in Doha on Tuesday evening. Araghchi received the U.S.’s feedback on the seven-day plan and will discuss the matter in Tehran on Wednesday. The document under negotiation outlines a seven-day initiative aimed at building mutual trust and returning to an enhanced version of the memorandum of understanding (MoU) signed by the U.S. and Iran in June. The main point of contention between the two sides lies in the sequence of implementing measures under the seven-day plan, rather than the specific content included in the plan.
6 minutes ago
Standard Chartered Bank has initiated coverage on ENA in its research report, projecting that its price will rise to $2 by the end of 2028.
Standard Chartered has initiated coverage of Ethena’s token ENA, projecting it will appreciate to $2 by the end of 2028. The bank’s report notes that Ethena sits at the intersection of perpetual contracts, tokenization, and stablecoins, with ENA set to benefit from growth in these sectors and its newly launched buyback program. It adds that Ethena is currently the fourth-largest stablecoin issuer globally, trailing only Tether, Circle, and Sky, and the second-largest interest-bearing stablecoin issuer after Sky. Its USDe stablecoin holds the record for reaching a $10 billion market cap the fastest.
6 minutes ago
It is reported that ByteDance's personal AI assistant has been named "Xiaodou" and will have a standalone app.
Beating AI News Flash: ByteDance’s Doubao is developing a personal AI assistant product named “Xiaodou” and plans to launch a standalone app. “Xiaodou” was not a last-minute initiative launched after Muse’s viral rise; the name was finalized this summer. Doubao kicked off internal beta testing for its personal assistant project codenamed “Spell” back in April this year, initially led by Doubao’s mobile assistant team. Recently, the project has started further integration with Doubao’s existing products, and is now jointly managed by the Spell project team and Doubao’s dialogue team. ByteDance is accelerating the push to bring its existing personal assistant projects to official product status. The main Doubao app will remain the general AI entry point, “Doubao Work” is positioned for office use, while “Xiaodou” targets consumer-grade personal assistants.
Trump has renamed AI to SI, while Slovenian domain name registrations in a single day exceeded the total volume of the past month.
Insight: Beating AI News Flash – After Trump rebranded Artificial Intelligence to Super Intelligence, he unexpectedly sparked a boom in Slovenia’s national domain .si. On September 22, Trump announced at the UN General Assembly that the U.S. would rename AI to "Super Intelligence (SI)". Coincidentally, .si is Slovenia’s country-code domain, leading to an immediate surge in registrations. In August, .si saw only around 3,500 new registrations; after Trump’s announcement, average daily new registrations hit roughly 3,700 – a single day’s volume exceeded the entire month of August. As of September 29, total .si domain registrations surpassed 220,000. Domain speculators were clearly ahead of the curve here. Netcraft found that between September 19, when Trump first discussed the AI rebrand, and September 22, when he formally proposed "SI" at the UN, roughly 52% of the .si domains registered via Dynadot were quickly listed for resale on secondary markets. In the 25 hours following Trump’s announcement, new .si registrations even outpaced .ai – Anguilla’s country-code domain that has been popularized by the AI industry for years. The previous AI boom boosted demand for .ai; now Trump’s rebranding of AI to SI has delivered a new wave of domain business to Slovenia.
6 minutes ago
Dubai Airlines sparked a false hijacking scare, which was later revealed to be a physical altercation between pilots in the cockpit.
On Wednesday, a serious incident unfolded on Dubai Air Flight FZ1073, which was traveling from Dubai to Tel Aviv. The passenger jet first sent the general emergency code "7700", then the "7500" code for unlawful interference or potential hijacking, before plummeting sharply over Saudi Arabia. Israel initially treated the flight as a suspected hijacking and scrambled fighter jets. The plane ultimately landed safely at Tabuk Airport in Saudi Arabia. After landing, Dubai Air confirmed that an "incident" occurred during Flight FZ1073, and all passengers had landed safely and completed identity checks. Meanwhile, Israel gradually ruled out the possibility of an external hijacking or security attack. Israel’s Channel 13 reported that the two pilots had an argument in the cockpit that escalated into a physical altercation. CNN cited sources saying a "violent" conflict broke out between the pair. Reuters quoted an unnamed Israeli official as stating that after the two pilots engaged in a physical fight, the crew sent emergency signals, though it remains unclear whether either pilot intentionally triggered the relevant codes. Israel’s Channel 13 also reported that the two pilots involved have been taken into custody by Saudi authorities for investigation. Preliminary assessments indicate one is Russian or of Russian origin, while the other is Ukrainian or of Ukrainian origin.
6 minutes ago
Anthropic discloses a computing power agreement worth up to $84.5 billion, SPCX rises nearly 2%
Reuters cited confidential IPO documents from Anthropic, revealing that the company’s computing power agreement with SpaceX’s xAI involves potential spending of up to $84.5 billion by 2029 for accessing Nvidia chip-based computing resources. Most of the agreement can be canceled with 90 days’ prior notice, and the related amounts are not locked-in revenue. Earlier, SpaceX’s Starship completed its first Earth orbital flight during the 14th test flight, successfully deploying 26 next-generation Starlink V3 satellites, though the mission ended earlier than planned. According to TradingBeats monitoring, the marked price of the SPCX perpetual contract on Hyperliquid stands at $149.50, up roughly 2.01% in 24 hours, with trading volume of approximately $52.65 million over the same period, and current open interest nominal value is around $118 million.
6 minutes ago
Iranian Foreign Minister Alaghi has informed the cabinet that he has received a U.S. proposal.
Iranian government spokesperson: Iranian Foreign Minister Araghchi has informed Iran’s cabinet that he has received a U.S. proposal. Earlier reports said Araghchi and his team held talks with Qatari mediators in Doha on Tuesday evening. Araghchi received the U.S.’s feedback on the seven-day plan and will discuss the matter in Tehran on Wednesday. The document under negotiation outlines a seven-day initiative aimed at building mutual trust and returning to an enhanced version of the memorandum of understanding (MoU) signed by the U.S. and Iran in June. The main point of contention between the two sides lies in the sequence of implementing measures under the seven-day plan, rather than the specific content included in the plan.
6 minutes ago
Standard Chartered Bank has initiated coverage on ENA in its research report, projecting that its price will rise to $2 by the end of 2028.
Standard Chartered has initiated coverage of Ethena’s token ENA, projecting it will appreciate to $2 by the end of 2028. The bank’s report notes that Ethena sits at the intersection of perpetual contracts, tokenization, and stablecoins, with ENA set to benefit from growth in these sectors and its newly launched buyback program. It adds that Ethena is currently the fourth-largest stablecoin issuer globally, trailing only Tether, Circle, and Sky, and the second-largest interest-bearing stablecoin issuer after Sky. Its USDe stablecoin holds the record for reaching a $10 billion market cap the fastest.
6 minutes ago
It is reported that ByteDance's personal AI assistant has been named "Xiaodou" and will have a standalone app.
Beating AI News Flash: ByteDance’s Doubao is developing a personal AI assistant product named “Xiaodou” and plans to launch a standalone app. “Xiaodou” was not a last-minute initiative launched after Muse’s viral rise; the name was finalized this summer. Doubao kicked off internal beta testing for its personal assistant project codenamed “Spell” back in April this year, initially led by Doubao’s mobile assistant team. Recently, the project has started further integration with Doubao’s existing products, and is now jointly managed by the Spell project team and Doubao’s dialogue team. ByteDance is accelerating the push to bring its existing personal assistant projects to official product status. The main Doubao app will remain the general AI entry point, “Doubao Work” is positioned for office use, while “Xiaodou” targets consumer-grade personal assistants.
Trump has renamed AI to SI, while Slovenian domain name registrations in a single day exceeded the total volume of the past month.
Insight: Beating AI News Flash – After Trump rebranded Artificial Intelligence to Super Intelligence, he unexpectedly sparked a boom in Slovenia’s national domain .si. On September 22, Trump announced at the UN General Assembly that the U.S. would rename AI to "Super Intelligence (SI)". Coincidentally, .si is Slovenia’s country-code domain, leading to an immediate surge in registrations. In August, .si saw only around 3,500 new registrations; after Trump’s announcement, average daily new registrations hit roughly 3,700 – a single day’s volume exceeded the entire month of August. As of September 29, total .si domain registrations surpassed 220,000. Domain speculators were clearly ahead of the curve here. Netcraft found that between September 19, when Trump first discussed the AI rebrand, and September 22, when he formally proposed "SI" at the UN, roughly 52% of the .si domains registered via Dynadot were quickly listed for resale on secondary markets. In the 25 hours following Trump’s announcement, new .si registrations even outpaced .ai – Anguilla’s country-code domain that has been popularized by the AI industry for years. The previous AI boom boosted demand for .ai; now Trump’s rebranding of AI to SI has delivered a new wave of domain business to Slovenia.
6 minutes ago
Dubai Airlines sparked a false hijacking scare, which was later revealed to be a physical altercation between pilots in the cockpit.
On Wednesday, a serious incident unfolded on Dubai Air Flight FZ1073, which was traveling from Dubai to Tel Aviv. The passenger jet first sent the general emergency code "7700", then the "7500" code for unlawful interference or potential hijacking, before plummeting sharply over Saudi Arabia. Israel initially treated the flight as a suspected hijacking and scrambled fighter jets. The plane ultimately landed safely at Tabuk Airport in Saudi Arabia. After landing, Dubai Air confirmed that an "incident" occurred during Flight FZ1073, and all passengers had landed safely and completed identity checks. Meanwhile, Israel gradually ruled out the possibility of an external hijacking or security attack. Israel’s Channel 13 reported that the two pilots had an argument in the cockpit that escalated into a physical altercation. CNN cited sources saying a "violent" conflict broke out between the pair. Reuters quoted an unnamed Israeli official as stating that after the two pilots engaged in a physical fight, the crew sent emergency signals, though it remains unclear whether either pilot intentionally triggered the relevant codes. Israel’s Channel 13 also reported that the two pilots involved have been taken into custody by Saudi authorities for investigation. Preliminary assessments indicate one is Russian or of Russian origin, while the other is Ukrainian or of Ukrainian origin.
6 minutes ago
Anthropic discloses a computing power agreement worth up to $84.5 billion, SPCX rises nearly 2%
Reuters cited confidential IPO documents from Anthropic, revealing that the company’s computing power agreement with SpaceX’s xAI involves potential spending of up to $84.5 billion by 2029 for accessing Nvidia chip-based computing resources. Most of the agreement can be canceled with 90 days’ prior notice, and the related amounts are not locked-in revenue. Earlier, SpaceX’s Starship completed its first Earth orbital flight during the 14th test flight, successfully deploying 26 next-generation Starlink V3 satellites, though the mission ended earlier than planned. According to TradingBeats monitoring, the marked price of the SPCX perpetual contract on Hyperliquid stands at $149.50, up roughly 2.01% in 24 hours, with trading volume of approximately $52.65 million over the same period, and current open interest nominal value is around $118 million.
6 minutes ago
Iranian Foreign Minister Alaghi has informed the cabinet that he has received a U.S. proposal.
Iranian government spokesperson: Iranian Foreign Minister Araghchi has informed Iran’s cabinet that he has received a U.S. proposal. Earlier reports said Araghchi and his team held talks with Qatari mediators in Doha on Tuesday evening. Araghchi received the U.S.’s feedback on the seven-day plan and will discuss the matter in Tehran on Wednesday. The document under negotiation outlines a seven-day initiative aimed at building mutual trust and returning to an enhanced version of the memorandum of understanding (MoU) signed by the U.S. and Iran in June. The main point of contention between the two sides lies in the sequence of implementing measures under the seven-day plan, rather than the specific content included in the plan.
6 minutes ago
Standard Chartered Bank has initiated coverage on ENA in its research report, projecting that its price will rise to $2 by the end of 2028.
Standard Chartered has initiated coverage of Ethena’s token ENA, projecting it will appreciate to $2 by the end of 2028. The bank’s report notes that Ethena sits at the intersection of perpetual contracts, tokenization, and stablecoins, with ENA set to benefit from growth in these sectors and its newly launched buyback program. It adds that Ethena is currently the fourth-largest stablecoin issuer globally, trailing only Tether, Circle, and Sky, and the second-largest interest-bearing stablecoin issuer after Sky. Its USDe stablecoin holds the record for reaching a $10 billion market cap the fastest.
6 minutes ago
It is reported that ByteDance's personal AI assistant has been named "Xiaodou" and will have a standalone app.
Beating AI News Flash: ByteDance’s Doubao is developing a personal AI assistant product named “Xiaodou” and plans to launch a standalone app. “Xiaodou” was not a last-minute initiative launched after Muse’s viral rise; the name was finalized this summer. Doubao kicked off internal beta testing for its personal assistant project codenamed “Spell” back in April this year, initially led by Doubao’s mobile assistant team. Recently, the project has started further integration with Doubao’s existing products, and is now jointly managed by the Spell project team and Doubao’s dialogue team. ByteDance is accelerating the push to bring its existing personal assistant projects to official product status. The main Doubao app will remain the general AI entry point, “Doubao Work” is positioned for office use, while “Xiaodou” targets consumer-grade personal assistants.
Cover image via depositphotos.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Hyperliquid's strong September run has hit a wall. HYPE has dropped to $86.07 after peaking near $98, and the daily chart shows the price slipping below the short-term moving average that had guided the entire rally since August.
The Threshold That Gave WayFor weeks, the green short-term average acted as a trend guardrail, catching every pullback along the way. Buyers defended it in early September when HYPE bounced from roughly $75, and again during the sharp move that took the price toward $98. That dynamic has now changed. The latest daily candles closed below the line, and the price is hovering right at it, unable to reclaim it as support.
HYPE/USDT Chart by TradingViewThe damage is visible in the structure. After the local top near $98, HYPE printed a series of lower highs and a long red candle that erased several days of gains in a single session. A break of a level that held through an entire uptrend is typically the first sign that momentum is shifting from buyers to sellers.
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The RSI has dropped from the upper range to about 50, which confirms that bullish momentum has faded, although the reading is neutral rather than oversold.
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The August breakout was backed by heavy participation, but volume has been shrinking through September, and the recent selloff came with only moderate activity. That means the decline is not yet a panic, but the rally is also no longer attracting fresh demand.
Where the Next Support SitsThe bigger picture remains constructive. All longer-term averages are rising and stacked in bullish order. The next meaningful support zone is around $81 to $82, where the blue and cyan averages converge. Below that, the orange average near $73 and the long-term black line around $61 mark deeper cushions if selling accelerates.
On the upside, bulls need to recapture the $88 to $90 area to invalidate the breakdown. Failing that, the $75 to $78 range, the September low, becomes the next logical test.
The trend is not broken, but the rules have changed. HYPE lost the level that defined its bull run, and until it climbs back above it, the path of least resistance points toward a deeper pullback toward the rising averages below.
Trump has renamed AI to SI, while Slovenian domain name registrations in a single day exceeded the total volume of the past month.
Insight: Beating AI News Flash – After Trump rebranded Artificial Intelligence to Super Intelligence, he unexpectedly sparked a boom in Slovenia’s national domain .si. On September 22, Trump announced at the UN General Assembly that the U.S. would rename AI to "Super Intelligence (SI)". Coincidentally, .si is Slovenia’s country-code domain, leading to an immediate surge in registrations. In August, .si saw only around 3,500 new registrations; after Trump’s announcement, average daily new registrations hit roughly 3,700 – a single day’s volume exceeded the entire month of August. As of September 29, total .si domain registrations surpassed 220,000. Domain speculators were clearly ahead of the curve here. Netcraft found that between September 19, when Trump first discussed the AI rebrand, and September 22, when he formally proposed "SI" at the UN, roughly 52% of the .si domains registered via Dynadot were quickly listed for resale on secondary markets. In the 25 hours following Trump’s announcement, new .si registrations even outpaced .ai – Anguilla’s country-code domain that has been popularized by the AI industry for years. The previous AI boom boosted demand for .ai; now Trump’s rebranding of AI to SI has delivered a new wave of domain business to Slovenia.
6 minutes ago
Dubai Airlines sparked a false hijacking scare, which was later revealed to be a physical altercation between pilots in the cockpit.
On Wednesday, a serious incident unfolded on Dubai Air Flight FZ1073, which was traveling from Dubai to Tel Aviv. The passenger jet first sent the general emergency code "7700", then the "7500" code for unlawful interference or potential hijacking, before plummeting sharply over Saudi Arabia. Israel initially treated the flight as a suspected hijacking and scrambled fighter jets. The plane ultimately landed safely at Tabuk Airport in Saudi Arabia. After landing, Dubai Air confirmed that an "incident" occurred during Flight FZ1073, and all passengers had landed safely and completed identity checks. Meanwhile, Israel gradually ruled out the possibility of an external hijacking or security attack. Israel’s Channel 13 reported that the two pilots had an argument in the cockpit that escalated into a physical altercation. CNN cited sources saying a "violent" conflict broke out between the pair. Reuters quoted an unnamed Israeli official as stating that after the two pilots engaged in a physical fight, the crew sent emergency signals, though it remains unclear whether either pilot intentionally triggered the relevant codes. Israel’s Channel 13 also reported that the two pilots involved have been taken into custody by Saudi authorities for investigation. Preliminary assessments indicate one is Russian or of Russian origin, while the other is Ukrainian or of Ukrainian origin.
6 minutes ago
Iranian Foreign Minister Alaghi has informed the cabinet that he has received a U.S. proposal.
Iranian government spokesperson: Iranian Foreign Minister Araghchi has informed Iran’s cabinet that he has received a U.S. proposal. Earlier reports said Araghchi and his team held talks with Qatari mediators in Doha on Tuesday evening. Araghchi received the U.S.’s feedback on the seven-day plan and will discuss the matter in Tehran on Wednesday. The document under negotiation outlines a seven-day initiative aimed at building mutual trust and returning to an enhanced version of the memorandum of understanding (MoU) signed by the U.S. and Iran in June. The main point of contention between the two sides lies in the sequence of implementing measures under the seven-day plan, rather than the specific content included in the plan.
6 minutes ago
Standard Chartered Bank has initiated coverage on ENA in its research report, projecting that its price will rise to $2 by the end of 2028.
Standard Chartered has initiated coverage of Ethena’s token ENA, projecting it will appreciate to $2 by the end of 2028. The bank’s report notes that Ethena sits at the intersection of perpetual contracts, tokenization, and stablecoins, with ENA set to benefit from growth in these sectors and its newly launched buyback program. It adds that Ethena is currently the fourth-largest stablecoin issuer globally, trailing only Tether, Circle, and Sky, and the second-largest interest-bearing stablecoin issuer after Sky. Its USDe stablecoin holds the record for reaching a $10 billion market cap the fastest.
6 minutes ago
It is reported that ByteDance's personal AI assistant has been named "Xiaodou" and will have a standalone app.
Beating AI News Flash: ByteDance’s Doubao is developing a personal AI assistant product named “Xiaodou” and plans to launch a standalone app. “Xiaodou” was not a last-minute initiative launched after Muse’s viral rise; the name was finalized this summer. Doubao kicked off internal beta testing for its personal assistant project codenamed “Spell” back in April this year, initially led by Doubao’s mobile assistant team. Recently, the project has started further integration with Doubao’s existing products, and is now jointly managed by the Spell project team and Doubao’s dialogue team. ByteDance is accelerating the push to bring its existing personal assistant projects to official product status. The main Doubao app will remain the general AI entry point, “Doubao Work” is positioned for office use, while “Xiaodou” targets consumer-grade personal assistants.
6 minutes ago
Bitwise's NEAR Spot ETF records $35.5 million in net inflow on its first day of trading.
Bitwise officials announced that the U.S.’s first spot NEAR ETP, the Bitwise NEAR ETF (ticker: NRR), reached $36 million in assets under management (AUM) on its debut day, with a net inflow of $35.5 million and trading volume of $15.1 million. Earlier reports noted that Bitwise plans to internally stake the NEAR tokens held by the fund to maximize participation in NEAR’s average ~5% staking rewards.
Bitcoin (BTC) maintains its position as the premier cryptocurrency investment as ETF-driven institutional interest accelerates. Ethereum (ETH) provides essential infrastructure for decentralized finance, stablecoin operations, and asset tokenization platforms. Solana (SOL) merges growing institutional participation with one of the industry’s most rapidly expanding ecosystems. Chainlink (LINK) stands to gain significantly as tokenized traditional assets gain traction in conventional finance. Hyperliquid (HYPE) represents the highest-risk option among these selections, though its expanding derivatives trading platform offers compelling fundamental support. Those seeking the best crypto to buy now are navigating a markedly different landscape than in previous market cycles. The role of institutional participants and exchange-traded funds has expanded considerably.
Cryptocurrencies demonstrating genuine utility are beginning to separate themselves from tokens dependent primarily on speculative momentum. For investors with longer time horizons, five digital assets warrant particular attention: Bitcoin, Ethereum, Solana, Chainlink, and Hyperliquid.
Bitcoin’s recent trading activity placed it near the $84,000 level. The leading cryptocurrency posted gains exceeding 40% throughout Q3 of the year.
American spot Bitcoin exchange-traded funds attracted approximately $2.4 billion in capital between September 21 and September 25. These figures indicate persistent institutional appetite despite periods of portfolio rebalancing.
Bitcoin Serves as the Foundation for Crypto Portfolios Bitcoin frequently represents the initial position for investors establishing long-term cryptocurrency exposure. Its protocol enforces a hard cap of 21 million coins.
Bitcoin (BTC) Price This immutable supply limit, paired with substantial market liquidity, distinguishes Bitcoin from alternative cryptocurrencies with smaller market capitalizations. The emergence of regulated investment vehicles has simultaneously lowered barriers to entry for retail participants.
Bitcoin is progressively viewed as an institutional asset class rather than purely a speculative trading vehicle. Strategy has expanded its treasury position to 847,666 BTC.
The return of capital flows into Bitcoin ETF products has introduced an additional demand dynamic.
Ethereum Underpins Digital Finance Infrastructure Ethereum presents a fundamentally different investment thesis compared to Bitcoin. It functions as the foundational layer supporting stablecoin networks, decentralized financial protocols, tokenized securities, and countless blockchain-based applications.
Corporate and institutional interest in Ethereum has intensified. American spot Ether ETFs have recently attracted several hundred million dollars in net inflows.
Current estimates suggest over 40 million ETH is actively staked on the network. This represents a substantial portion of circulating supply being committed to validation rather than available for trading.
Solana Draws Growing Institutional Attention Solana potentially delivers superior growth characteristics relative to Bitcoin or Ethereum, albeit with elevated risk factors. The blockchain has established itself among the most heavily utilized networks in the cryptocurrency sector.
High-speed transaction processing combined with minimal fee structures has enabled Solana to expand its decentralized finance and trading ecosystems. Institutional accessibility through regulated products continues to improve.
American Solana ETFs registered $5.4 million in net positive flows on September 29. This marked the seventh consecutive trading session with inflows.
Chainlink Bridges Blockchain Networks and Legacy Finance Chainlink delivers the oracle infrastructure and interoperability protocols enabling blockchain networks to interface with established financial systems. This functionality gains importance as equities, fixed income, and investment funds migrate to blockchain rails.
The protocol deployed CCIP 2.0 on September 28. The upgrade incorporates enterprise-grade capabilities including enhanced compliance frameworks and cross-chain security mechanisms.
According to Chainlink, CCIP has facilitated over $84 billion in cross-chain token transfers. Its partnership network now encompasses banking institutions, asset managers, and technology providers, including collaborations with Coinbase and Ondo.
Hyperliquid Presents Maximum Risk-Reward Profile Hyperliquid constitutes the most speculative selection among these options. The platform has developed into one of the cryptocurrency industry’s largest decentralized derivatives exchanges.
Data from DeFiLlama indicates the protocol maintains approximately $7.5 billion in total value locked. Trading activity reached roughly $210 billion in perpetual futures volume during the preceding 30-day period.
The majority of eligible platform fees generated by Hyperliquid are allocated to a treasury that purchases HYPE tokens. This mechanism establishes a direct correlation between trading volume and token buying pressure.
Hyperliquid simultaneously introduces greater valuation uncertainty, competitive threats, and execution challenges compared to Bitcoin or Ethereum.
These five digital assets each fulfill distinct roles within a diversified long-term cryptocurrency portfolio. Bitcoin and Ethereum establish the core positions, Solana introduces growth-oriented exposure, Chainlink provides infrastructure layer access, and Hyperliquid incorporates higher-risk, higher-reward potential.
Five Funds, One Payout Date21Shares, one of the world's largest issuers of cryptocurrency exchange-traded products, has announced its latest round of quarterly staking distributions across five US-listed ETFs: the Ethereum Staking ETF (TETH), Solana Staking ETF (TSOL), Hyperliquid Staking ETF (THYP), Sui Staking ETF (TSUI) and Polkadot Staking ETF (TDOT). Payments are scheduled for September 30, with an ex-dividend and record date of September 29.
The distributions convert onchain validator rewards into cash payouts for ordinary fund investors. Each ETF holds its respective proof-of-stake asset and commits a portion of those holdings to validators on the relevant network. The rewards that flow back to the fund are then passed through to shareholders in cash, net of expenses, on a quarterly basis.
The per-share amounts for this round are: $0.031602 for TETH, $0.076590 for TSOL, $0.191360 for THYP, $0.052939 for TSUI and $0.045029 for TDOT. The Hyperliquid Staking ETF (THYP) carries the largest distribution of the five. THYP is described by 21Shares as the first US spot Hyperliquid ETF, listed on Nasdaq, offering investors exposure to HYPE along with quarterly staking distributions without the need for a crypto wallet or exchange account.
Packaging Native Yield Inside a Traditional WrapperThe mechanics behind these payouts are straightforward. For a fund such as TSOL, a portion of the ETF's SOL is committed to validators on the Solana network. Those validators earn protocol rewards, which flow back to the fund net of fees and are then distributed to shareholders in cash. Reward rates are variable and are not guaranteed, and the amounts will differ each quarter depending on network conditions and validator performance.
The broader significance is structural. Crypto ETFs were originally designed to give investors simple price exposure to digital assets. This generation of staking ETFs goes a step further, packaging the native yield of proof-of-stake networks into a regulated, exchange-traded wrapper. For investors who previously had to run their own validators or use a third-party staking service to access these rewards, the ETF format removes that friction entirely.
It is worth noting that these funds are not registered under the Investment Company Act of 1940 and therefore do not carry the same protections as standard registered ETFs or mutual funds. Staking also introduces risks including validator slashing, liquidity constraints during asset lock-up periods and uncertainty around future reward rates.
House Oversight expanded its prediction-market insider trading probe to Hyperliquid, Crypto.com, and PredictIt.
House Oversight Chair James Comer is expanding his investigation into potential insider trading on prediction markets, now seeking information from Hyperliquid, Crypto.com, and PredictIt alongside existing probes into Kalshi and Polymarket.
What’s the Scoop? Probe Expands: Comer sent letters Tuesday to Hyperliquid Labs, Crypto.com, and Aristotle Exchange, which owns PredictIt, requesting documents on their identity verification procedures and how they detect, investigate, and prevent suspicious trading. The requests expand an investigation he first opened into Kalshi and Polymarket in May.
Hyperliquid Draws Scrutiny: Comer specifically pointed to a large leveraged short opened on Hyperliquid shortly before an October 2025 U.S. tariff announcement, questioning whether the trader may have acted on information that was not yet public. He also raised concerns around Hyperliquid's identity verification and its ability to identify traders for U.S. law enforcement.
Part of a Broader Pattern: The investigation follows several high-profile cases involving suspiciously timed prediction-market trades, including an Army soldier accused of using classified information to profit roughly $400K on Polymarket and dozens of accounts flagged for trades made shortly before previously unannounced military actions. Kalshi also permanently banned and fined former Rep. George Santos over bets tied to his own State of the Union appearance.
Kalshi and Polymarket Probes Continue: The original investigations are still ongoing, with the committee having received nearly 1,000 documents and five briefings from the two companies. Comer has said the broader pattern could ultimately lead Congress to consider additional rules governing insider trading on prediction markets.
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.
Committee Chairman James Comer asked the three platforms for records on identity checks and trade surveillance, citing reports of a Hyperliquid short placed before an October 2025 tariff announcement was public.
House Oversight probes Hyperliquid, Crypto.com, PredictIt over insider trading
Original Image Credits: Gage Skidmore / flickr.com
Posted September 29, 2026 at 11:28 am ET.
House Oversight Committee Chairman James Comer (R-Ky.) widened his investigation into insider trading on prediction markets on Tuesday, sending document requests to Hyperliquid Labs, Crypto.com and Aristotle Exchange Inc., the company that owns PredictIt, according to CNBC.
Comer, in letters addressed to each company’s CEO, asked how the platforms verify who their users are and what systems they have to catch and report trades that may rest on nonpublic information, CNBC reported Tuesday.
“As online prediction platforms grow and become more mainstream, some bad actors have exploited the platforms to make thousands of dollars by placing bets based on nonpublic information,” Comer reportedly said in a statement. “The House Oversight Committee is investigating whether these platforms are fulfilling their legal obligations and doing enough to identify and prevent insider trading before it happens.”
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The Hyperliquid Trade In his letter to Hyperliquid CEO Jeff Yan, Comer cited reports of “a substantial leveraged short position on the … platform within minutes of a presidential announcement concerning a U.S. tariff policy in October 2025 that was not publicly known at the time the position was established.”
Comer called the trade “precisely timed to a nonpublic government decision,” and wrote that it happened “on a platform with apparently no identity verification or mechanism to refer the responsible party to U.S. law enforcement.”
On Oct. 10, 2025, a trader who shorted the market on Hyperliquid made about $192 million after President Donald Trump announced 100% tariffs on Chinese imports, setting off speculation about advance knowledge. Former BitForex CEO Garrett Jin, whom a pseudonymous onchain sleuth linked to that position, denied any ties to Trump or insider trading.
Hyperliquid launched its own event contracts in May through its HIP-4 upgrade, and later that month extended them to offchain events such as inflation data and Federal Reserve decisions.
Kalshi and Polymarket Inquiry Continues Comer opened the probe on May 22 with letters to Kalshi and Polymarket, pointing to a New York Times investigation that found more than 80 Polymarket users had placed suspiciously timed bets, including wagers hours before U.S. and Israeli strikes on Iran. Both companies pushed back at the time.
The Kalshi and Polymarket inquiries are still active. So far, the two companies have provided the committee with nearly 1,000 documents and five briefings, a committee spokesperson told CNBC.
Related Listen: DEX in the City: Why Prediction Market ‘Insider Trading’ Isn’t Illegal — Yet
AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.
On October 10, 2025, President Trump posted that China would face 100% tariffs. Crypto crashed. A Hyperliquid trader had already bet on the fall, says House Oversight Chairman James Comer.
That bet just pulled three more platforms into Congress’ insider trading probe. On Tuesday, Comer sent letters to Hyperliquid, Crypto.com, and PredictIt owner Aristotle Exchange.
The $1.1 Billion Bet Comer Wants ExplainedComer’s letter to Hyperliquid CEO Jeff Yan does not name the trader. It says the short went on before the tariff news was public.
“I’m expanding the House Oversight Committee’s investigation into insider trading on prediction markets,” he said.
The most tracked Hyperliquid short that day was worth about $1.1 billion in Bitcoin and Ether, per an Investing.com analysis. The wallet reportedly added to it one minute before Trump posted. It made over $150 million as $19 billion in leveraged bets were wiped out.
On-chain sleuths linked the wallet to whale Garrett Jin, a former BitForex CEO. Jin denied insider trading and said he traded for a client.
1/ An investigation into the alleged identity of the mysterious Hyperliquid/Hyperunit whale, who holds over 100,000 BTC. Recently, he sold over $4.23B in BTC to acquire ETH and is the same person behind the $735M BTC short order placed on the same platform. pic.twitter.com/WeNvmiYP8v
— Eye (@eyeonchains) October 11, 2025
Every Hyperliquid trade sits on a public blockchain. The wallet is visible. The person behind it is not.
“This transaction, precisely timed to a nonpublic government decision, executed on a platform with apparently no identity verification or mechanism to refer the responsible party to U.S. law enforcement, mirrors a pattern of insider trading the Committee is investigating across the prediction market sector,” CNBC reported, citing an excerpt in Comer’s letter.
What These Platforms Must Do NowCrypto.com lets U.S. users bet on politics, sports, and the economy through a regulated prediction arm. PredictIt has run political bets since 2014.
Comer first targeted Kalshi and Polymarket in May. Its backdrop includes a soldier charged in April with using inside information to win about $400,000 on Maduro bets. Kalshi also gave George Santos a lifetime trading ban for betting on his own State of the Union appearance.
“As online prediction platforms grow and become more mainstream, some bad actors have exploited the platforms to make thousands of dollars by placing bets based on nonpublic information,” Comer added.
Each must share its Know Your Customer (KYC) identity checks and explain how it catches suspicious trades.
Kalshi and Polymarket have already handed over nearly 1,000 documents.
The House Oversight Committee has expanded its investigation into potential insider trading on prediction markets, requesting records from Hyperliquid Labs, Crypto.com and Aristotle-linked prediction market operations.
Committee Chairman James Comer sent letters Tuesday seeking information on how the platforms verify users, enforce geographic restrictions and detect trades that may involve nonpublic or classified government information. The requests cover records dating back to January 2024 and set an October 13 deadline for responses.
The probe began in May with Polymarket and Kalshi, when Comer asked the two platforms for documents detailing their know-your-customer procedures, suspicious trading controls and methods for restricting access in prohibited jurisdictions.
The committee said Monday that it has since received nearly 1,000 documents and five briefings from representatives of Polymarket and Kalshi as it continues examining whether prediction markets have adequate safeguards against traders using sensitive information.
The latest letters extend that scrutiny beyond dedicated prediction market platforms.
For Hyperliquid, lawmakers specifically pointed to a large leveraged crypto short opened before President Donald Trump announced new China tariffs in October 2025. Public blockchain data showed a trader opened roughly $1.1 billion in leveraged Bitcoin and Ether shorts about 30 hours before the announcement and later closed the positions for more than $150 million in profit.
The committee cited the timing as one transaction it wants Hyperliquid to address; it has not established that the trader possessed nonpublic government information.
Comer is asking Hyperliquid for records describing its identity verification procedures, geographic controls and systems for flagging anomalous trades. The committee also wants information on suspicious trading tied to Federal Reserve decisions, elections and geopolitical events.
Crypto.com received a similar request covering its international platform and Crypto.com Derivatives North America. Lawmakers are seeking records on KYC procedures, suspicious activity referrals and internal restrictions designed to prevent employees with confidential information from trading related event contracts.
The committee also sent a request involving PredictIt and Aristotle-related entities, seeking details on identity verification, suspicious trading controls and political event contracts. PredictIt operates political prediction markets under a separate CFTC no-action framework. Aristotle’s exchange entities were acquired by Underdog earlier this year.
The broader inquiry follows several cases that have intensified concerns about the use of privileged information on prediction markets.
In April, federal prosecutors charged U.S. Army Master Sergeant Gannon Ken Van Dyke with allegedly using classified information about the military operation that led to Nicolás Maduro’s removal from power to make roughly $400,000 in prediction market profits on Polymarket. The charges remain allegations, and the case has not resulted in a conviction.
A month later, prosecutors separately charged a Google engineer with allegedly using confidential company data to make about $1.2 million through Polymarket wagers. Polymarket cooperated with authorities in that investigation.
Prediction markets have also been drawing greater scrutiny as they expand into politics, sports, equities and other financial events. The CFTC regulates federally registered event-contract venues, while lawmakers, state regulators and the SEC continue debating where parts of the rapidly growing sector fit within existing financial and gambling rules.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
The Chairman of the House Oversight Committee, Rep. James Comer, is widening his net on a probe into trading on prediction market platforms.
He is now asking Crypto.com, Hyperliquid and PredictIt for records on how they verify users and detect suspicious activity.
In letters sent Tuesday, Comer asked the companies to provide more details on the tools they use to flag trades that could involve nonpublic information and to list referrals they've made to regulators or law enforcement over the past two and a half years.
Each letter was slightly different and went beyond just general policies. Comer asked Crypto.com whether employees of any of its affiliates traded on contracts involving corporate decisions they knew about before becoming public information, like token listings or custody decisions.
He also asked the exchange to provide records on any government officials who may have traded on contracts linked to crypto regulations or the exchange's own regulatory status.
The Hyperliquid letter focuses more on reports of a large leveraged short position placed before a major U.S. announcement on tariffs last October. Comer wanted to know how the platform identifies account holders and what its protocols are for referring suspicious trades to U.S. authorities.
For PredictIt, a prediction market platform owned by Aristotle Exchange, Comer also sought information on trades tied to elections, nominations, and other government actions involving any current or former officials.
"As online prediction platforms grow and become more mainstream, some bad actors have exploited the platforms to make thousands of dollars by placing bets based on nonpublic information," Comer said in a statement.
The Block reached out to the three companies listed above for comment but did not receive a reply by the time of publication.
The latest requests extend a probe Comer launched back in May with letters to top prediction market players Kalshi and Polymarket. The committee said it has since received nearly 1,000 documents and multiple briefings from those companies' representatives.
Comer said the goal of the campaign is to assess the extent of insider trading to potentially enact legislation that would bar prediction market trading by government officials.
House Oversight Chair James Comer has requested records from Crypto.com, Hyperliquid, and PredictIt regarding their user verification processes and detection of suspicious activity. The inquiry is part of a larger congressional investigation into potential insider activity within prediction markets. Specifically, Comer highlighted a leveraged short on Hyperliquid that allegedly coincided with nonpublic information about an October 2025 tariff announcement. This request underscores increasing regulatory scrutiny on these platforms, potentially impacting market confidence and volume.
Key Takeaways Comer’s request suggests heightened regulatory focus on Crypto.com, Hyperliquid, and PredictIt, consistent with increased scrutiny on their operations. The investigation into Hyperliquid’s activities could indicate broader implications for prediction markets, potentially affecting market perceptions and participant behavior. Markets appear to be adjusting to this development, with Hyperliquid’s price prediction market showing decreased confidence in reaching $100 by year-end. What to Watch Monitor any responses from Crypto.com, Hyperliquid, and PredictIt to Comer’s request, as well as any further congressional actions. Acknowledgments or disclosures by these platforms regarding their compliance with the inquiry could influence market conditions. Additionally, any subsequent regulatory measures or public statements by congressional committees may further impact market sentiment and pricing trends.
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Term Structure
Contract Odds Δ since publish Volume 24h December 31 69% — — View market → January 1 2027 2.5% — — View market → January 1 2027 2.1% — — View market → January 1 2027 2.7% — — View market → January 1 2027 1.9% — — View market → January 1 2027 7% — — View market → January 1 2027 3.9% — — View market → January 1 2027 6% — — View market → January 1 2027 10% — — View market → January 1 2027 13.5% — — View market →
According to market data, the over-the-counter (OTC) contract price of OPENAI in the crypto market surged and then pulled back, driven by Bloomberg’s latest report that “OpenAI plans to raise $30 billion at a $1.4 trillion valuation.” With an estimated share count of 1 billion shares, the OPENAI contract on Hyperliquid once rose by over 12%, and is now trading at $1,685, corresponding to an implied valuation of $1.685 trillion. On Binance, the OPENAI contract peaked with a 9% gain, and is now at $1,616, with an implied valuation of $1.616 trillion.
Volmex Finance has listed perpetual futures contracts based on its Bitcoin Volmex Implied Volatility Index (BVIV) on Hyperliquid, creating what amounts to the first onchain market dedicated to trading Bitcoin’s expected volatility as a standalone asset.
Think of it as crypto’s answer to the VIX, the Wall Street “fear gauge” that tracks expected S&P 500 volatility. Except instead of being locked behind institutional brokerage accounts, this one lives on a decentralized exchange and comes with up to 5x leverage.
How the BVIV contract works The BVIV index captures Bitcoin’s 30-day expected implied volatility by pulling real-time options data from Deribit and OKX, two of the largest crypto options venues. Recent index readings have sat in the mid-to-high 30s, which gives a rough sense of the market’s current anxiety level about near-term BTC price swings.
The perpetual futures contract uses a linear payout model. For every 1.00 point the index moves, a trader gains or loses $1 USDC. So if you’re long BVIV at 35 and it spikes to 50 during a market panic, that’s a $15-per-contract gain, no options Greeks required.
Contracts are USDC-collateralized with isolated margin, meaning a blown position on your volatility trade won’t cannibalize your other holdings on the platform. Funding is calculated hourly rather than the more typical eight-hour intervals seen on most perp markets, reflecting the unique dynamics of a volatility index that can gap sharply.
The initial open-interest cap is set at $2 million, a deliberate guardrail as the market finds its footing. Trading is accessible through the Markets by Kinetiq frontend under the ticker mkts:BVIV.
Why trade volatility instead of price Volmex CEO Cole Kennelly framed the launch in those terms, calling it a significant opportunity for crypto traders and investors to access hedging and speculation strategies without the barriers typically associated with options trading.
Hyperliquid’s expanding menu The choice of Hyperliquid as the listing venue is notable. The platform has established itself as the dominant decentralized perpetual futures exchange, processing billions in daily trading volume with a valuation that has exceeded $90 billion. Adding a volatility-specific product diversifies the exchange beyond straightforward crypto price speculation.
Still, the product comes with documented risks. Volatility indices can exhibit gap behavior, where the index jumps sharply between calculation intervals rather than moving smoothly. For leveraged traders, those gaps can mean the difference between a manageable drawdown and a liquidation. The isolated margin structure helps contain that risk, but it doesn’t eliminate it.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
Hassett on Biden: The U.S. economy is still paying the price for "massive money printing" to this day.
Director of the U.S. National Economic Council Kevin Hassett said the U.S. economy is still absorbing the impacts of pandemic-related fiscal stimulus implemented during former President Joe Biden’s term, and attributed some of the pressures during the high-inflation period to subsequent large-scale spending policies. Hassett told a program on Tuesday that the U.S. is "still working to shake off" the aftereffects of pandemic-era spending. He noted that fiscal support during the pandemic was originally designed to fill economic gaps, but the scale of subsequent spending exceeded what the economy actually required. "We wanted to fill the gaps, not do more," Hassett said, referring to pandemic stimulus policies during former President Donald Trump’s first term. He added that the Biden administration’s continuation of pandemic-era spending levels and diversion of funds to other areas was one of the key factors contributing to subsequent problems. The remarks come as the U.S. enters the late stage of its midterm election cycle, with inflation, cost of living and economic performance emerging as key issues in partisan debates. Trump administration officials have repeatedly emphasized the link between current economic problems and policies of previous administrations in recent weeks.
According to Axios, sources familiar with the matter disclosed that OpenAI’s enterprise sales have more than doubled since July. Data indicates that OpenAI’s annualized revenue run rate has risen by over 70% since the start of the third quarter, now standing at nearly $70 billion. Over the same period, its business-to-business (B2B) revenue from enterprise clients has grown by more than 100%. For its consumer segment, OpenAI’s third-quarter new revenue exceeded the total new revenue it generated in all of 2025. However, Axios noted that specific spending details for OpenAI have not yet been disclosed.
4 minutes ago
Robinhood CEO: U.S. SEC Greenlights Tesla’s Retail Investor Voting Plan, Pushing Retail Investors to Participate in Corporate Governance
Robinhood CEO Vlad Tenev said the U.S. Securities and Exchange Commission (SEC) issued a "no-action letter" to Tesla today, clearing the way for a voting plan that empowers retail investors. "This is what equity should look like," Tenev noted. When millions hold shares in a public company, they should be able to vote their holdings more conveniently. Currently, Robinhood has helped multiple companies directly engage with shareholders, offering messaging services, retail investor voting programs, and real-time earnings Q&A sessions accessible directly within the app. More features will be launched in the future.
Hassett on Biden: The U.S. economy is still paying the price for "massive money printing" to this day.
Director of the U.S. National Economic Council Kevin Hassett said the U.S. economy is still absorbing the impacts of pandemic-related fiscal stimulus implemented during former President Joe Biden’s term, and attributed some of the pressures during the high-inflation period to subsequent large-scale spending policies. Hassett told a program on Tuesday that the U.S. is "still working to shake off" the aftereffects of pandemic-era spending. He noted that fiscal support during the pandemic was originally designed to fill economic gaps, but the scale of subsequent spending exceeded what the economy actually required. "We wanted to fill the gaps, not do more," Hassett said, referring to pandemic stimulus policies during former President Donald Trump’s first term. He added that the Biden administration’s continuation of pandemic-era spending levels and diversion of funds to other areas was one of the key factors contributing to subsequent problems. The remarks come as the U.S. enters the late stage of its midterm election cycle, with inflation, cost of living and economic performance emerging as key issues in partisan debates. Trump administration officials have repeatedly emphasized the link between current economic problems and policies of previous administrations in recent weeks.
According to Axios, sources familiar with the matter disclosed that OpenAI’s enterprise sales have more than doubled since July. Data indicates that OpenAI’s annualized revenue run rate has risen by over 70% since the start of the third quarter, now standing at nearly $70 billion. Over the same period, its business-to-business (B2B) revenue from enterprise clients has grown by more than 100%. For its consumer segment, OpenAI’s third-quarter new revenue exceeded the total new revenue it generated in all of 2025. However, Axios noted that specific spending details for OpenAI have not yet been disclosed.
4 minutes ago
Robinhood CEO: U.S. SEC Greenlights Tesla’s Retail Investor Voting Plan, Pushing Retail Investors to Participate in Corporate Governance
Robinhood CEO Vlad Tenev said the U.S. Securities and Exchange Commission (SEC) issued a "no-action letter" to Tesla today, clearing the way for a voting plan that empowers retail investors. "This is what equity should look like," Tenev noted. When millions hold shares in a public company, they should be able to vote their holdings more conveniently. Currently, Robinhood has helped multiple companies directly engage with shareholders, offering messaging services, retail investor voting programs, and real-time earnings Q&A sessions accessible directly within the app. More features will be launched in the future.
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.
Hassett on Biden: The U.S. economy is still paying the price for "massive money printing" to this day.
Director of the U.S. National Economic Council Kevin Hassett said the U.S. economy is still absorbing the impacts of pandemic-related fiscal stimulus implemented during former President Joe Biden’s term, and attributed some of the pressures during the high-inflation period to subsequent large-scale spending policies. Hassett told a program on Tuesday that the U.S. is "still working to shake off" the aftereffects of pandemic-era spending. He noted that fiscal support during the pandemic was originally designed to fill economic gaps, but the scale of subsequent spending exceeded what the economy actually required. "We wanted to fill the gaps, not do more," Hassett said, referring to pandemic stimulus policies during former President Donald Trump’s first term. He added that the Biden administration’s continuation of pandemic-era spending levels and diversion of funds to other areas was one of the key factors contributing to subsequent problems. The remarks come as the U.S. enters the late stage of its midterm election cycle, with inflation, cost of living and economic performance emerging as key issues in partisan debates. Trump administration officials have repeatedly emphasized the link between current economic problems and policies of previous administrations in recent weeks.
According to Axios, sources familiar with the matter disclosed that OpenAI’s enterprise sales have more than doubled since July. Data indicates that OpenAI’s annualized revenue run rate has risen by over 70% since the start of the third quarter, now standing at nearly $70 billion. Over the same period, its business-to-business (B2B) revenue from enterprise clients has grown by more than 100%. For its consumer segment, OpenAI’s third-quarter new revenue exceeded the total new revenue it generated in all of 2025. However, Axios noted that specific spending details for OpenAI have not yet been disclosed.
3 minutes ago
Robinhood CEO: U.S. SEC Greenlights Tesla’s Retail Investor Voting Plan, Pushing Retail Investors to Participate in Corporate Governance
Robinhood CEO Vlad Tenev said the U.S. Securities and Exchange Commission (SEC) issued a "no-action letter" to Tesla today, clearing the way for a voting plan that empowers retail investors. "This is what equity should look like," Tenev noted. When millions hold shares in a public company, they should be able to vote their holdings more conveniently. Currently, Robinhood has helped multiple companies directly engage with shareholders, offering messaging services, retail investor voting programs, and real-time earnings Q&A sessions accessible directly within the app. More features will be launched in the future.
The House Oversight Committee has broadened its inquiry into prediction market insider trading to include the platforms Hyperliquid and Crypto.com, among others. This investigation, initially focused on the practices of several prediction market operators, is examining how these platforms manage identity verification, geographic restrictions, and the monitoring of suspicious activities. Hyperliquid has previously been under scrutiny for its offshore activities, which operate outside direct U.S. regulatory oversight. This expanded probe may indicate ongoing congressional concerns about compliance and surveillance within the crypto market sector.
Key Takeaways The expansion of the probe suggests heightened regulatory concerns, particularly affecting Hyperliquid’s market dynamics. Pricing suggests participants are factoring in potential negative impacts on Hyperliquid’s market performance, with current odds reflecting a drop from previous levels. Market behavior appears consistent with concerns over increased regulatory scrutiny and its potential ramifications. What to Watch Future developments will likely hinge on any findings released by the House Oversight Committee and any subsequent regulatory actions. Watch for statements from Hyperliquid and Crypto.com regarding their compliance measures and any adjustments in their market practices. Any significant regulatory updates or announcements could influence market perceptions and affect pricing in related markets. The probe’s outcome could be a key indicator of broader regulatory trends impacting the crypto market.
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Term Structure
Contract Odds Δ since publish Volume 24h December 31 67.5% — — View market → January 1 2027 2.5% — — View market → January 1 2027 2.1% — — View market → January 1 2027 2.7% — — View market → January 1 2027 1.9% — — View market → January 1 2027 7% — — View market → January 1 2027 3.9% — — View market → January 1 2027 6% — — View market → January 1 2027 10% — — View market → January 1 2027 15.5% — — View market →
According to CNBC, James Comer, chairman of the U.S. House Oversight Committee and Republican representative from Kentucky, is expanding his investigation into insider trading in prediction markets and has asked three online platforms to outline their measures to combat such conduct. In letters sent Tuesday, Comer requested documents and information from the CEOs of Hyperliquid Labs, Crypto.com, and Aristotle Exchange Inc. — which owns the PredictIt platform — asking them to detail their identity verification processes and how they identify and prevent insider trading on their respective platforms. Comer stated in a declaration: "As online prediction platforms continue to evolve and grow more mainstream, some bad actors are exploiting non-public information to place bets, earning thousands of dollars. The House Oversight Committee is investigating whether these platforms are meeting their legal obligations and taking sufficient steps to identify and prevent insider trading before it occurs."
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According to CNBC, James Comer, chairman of the U.S. House Oversight Committee and Republican representative from Kentucky, is expanding his investigation into insider trading in prediction markets and has asked three online platforms to outline their measures to combat such conduct. In letters sent Tuesday, Comer requested documents and information from the CEOs of Hyperliquid Labs, Crypto.com, and Aristotle Exchange Inc. — which owns the PredictIt platform — asking them to detail their identity verification processes and how they identify and prevent insider trading on their respective platforms. Comer stated in a declaration: "As online prediction platforms continue to evolve and grow more mainstream, some bad actors are exploiting non-public information to place bets, earning thousands of dollars. The House Oversight Committee is investigating whether these platforms are meeting their legal obligations and taking sufficient steps to identify and prevent insider trading before it occurs."
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Gemini has added HYPE staking to its platform, giving customers in most US states a way to earn roughly 2.1% annually on Hyperliquid’s native token. No minimum stake is required, and the exchange charges no transfer or redemption fees.
New York residents are excluded, as they are from many staking products on US platforms.
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What Hyperliquid actually is, and why the yield exists Hyperliquid runs a Layer 1 blockchain built specifically around perpetual futures trading. The network uses a delegated proof-of-stake model secured through a consensus mechanism called HyperBFT. Token holders delegate their HYPE to validators, validators process transactions, and the network rewards everyone involved from a pre-allocated emissions reserve.
Right now, approximately 440 million HYPE tokens are staked, representing about 44% of the total supply of 1 billion tokens. With current staking levels, the emissions reserve produces between 2.1% and 2.3% APY.
For users staking directly on Hyperliquid’s own infrastructure, unstaking involves a seven-day queue after a one-day delegation lock. Validators must also maintain a self-delegation of 10,000 HYPE tokens.
Gemini is not alone in this trade Kraken introduced HYPE staking in June 2026, offering a tiered reward structure that reaches up to 2.2% APY. Kraken excludes both New York and Maine.
Grayscale launched the HYPG ETF on Nasdaq on June 3, 2026, structured to provide HYPE price exposure while incorporating staking rewards into its return profile. The fund carries a 0.29% sponsor fee.
Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.
Large holders of @HyperliquidX's native token are moving meaningful sums to centralised exchanges, raising questions about short-term selling pressure on $HYPE as the token pulls back from recent highs.
Over $21 Million Moved to Exchanges in a Single Day According to on-chain analytics platform Lookonchain, an unknown wallet (address 0xc745) deposited 177,518 $HYPE, worth approximately $16.1 million, into @OKX and @Bybit_Official on September 28. The transfers included 90,518 $HYPE sent to @OKX and 87,000 $HYPE sent to @Bybit_Official.
It is worth noting that an exchange deposit does not automatically mean the tokens were sold. An exchange deposit makes the tokens available for trading but does not establish that they were subsequently sold. That said, such transfers are widely interpreted by traders as a precursor to a sale.
Separately, a wallet that Lookonchain labeled as linked to @hypersphere_ sold 62,869 $HYPE for approximately $5.78 million, with the tracker estimating around $2.13 million in profit on the position. The tokens had been purchased roughly a month earlier. Combined, the two tracked flows involved 240,387 $HYPE worth roughly $21.86 million.
Broader Whale Activity Adds to Supply Concerns The September 28 moves are not isolated. Multicoin Capital moved another $12.15 million worth of $HYPE to Coinbase Prime last week, with its deposits since July 28 reaching 4.23 million $HYPE worth $285 million at the time of the transfers.
Five large addresses also began unstaking a combined 983,600 $HYPE worth approximately $90.44 million on September 24, according to TradingBeats data cited by Lookonchain. The largest address started unstaking 391,800 $HYPE worth nearly $36 million, while another removed 209,600 $HYPE worth $19.24 million from staking. Tokens leaving staking contracts can become available for transfers or sales once the unstaking process is completed.
$HYPE, the native token of the Hyperliquid decentralised exchange, has rallied by over 100% this year. Earlier in September it hit a new all-time high of almost $100, but the token has since pulled back to roughly $90. The wave of large-wallet activity is adding to near-term pressure, even as institutional buyers continue to step in on the other side of the market.
Sources:
HYPE falls below $90 as whales sell: critical levels traders must watch (Invezz)
HYPE Whale Transfers Hit Exchanges as Price Slips and Buybacks Continue (Crypto Adventure)
Hyperliquid Strategies buys $45.8M HYPE while whale selling concerns remain (crypto.news)
A wallet linked to Wintermute has built roughly $126.25 million in short positions on Hyperliquid, with a $46.92 million Ethereum short making up the largest reported exposure as major cryptocurrencies trade below recent highs.
Summary
Wintermute-linked wallet holds $126.25 million in shorts, with Ethereum representing its largest reported position currently. Ethereum short exposure stands near $46.92 million, while Solana and HYPE positions exceed $10 million. Onchain Lens reports tracked positions carry roughly $963,600 in unrealized profit at its latest snapshot. CoinGecko shows Bitcoin, Ethereum, Solana and HYPE trading near or below their weekly highs Monday. FTX and Alameda-linked wallets transferred 27,372 ETH to Wintermute, though the transfer purpose remains unconfirmed. Onchain Lens reported on Sept. 28 that the tracked account held shorts across several crypto assets and was sitting on roughly $963,600 in unrealized profit when the snapshot was taken. The analytics account put the wallet’s lifetime profit and loss at approximately $197.22 million.
The address, 0xecb63caa47c7c4e77f60f1ce858cf28dc2b82b00, has repeatedly been identified by on-chain researchers as a Wintermute-linked Hyperliquid wallet. Wintermute has not publicly confirmed ownership of the address or described the purpose of the current positions.
Previous analysis of the Wintermute-linked Hyperliquid short book found the same address carrying substantially larger bearish exposure in August, including shorts in ETH, BTC, SOL, HYPE and XRP.
Wintermute shorts remain concentrated in Ethereum Ethereum accounted for $46.92 million of the latest reported short exposure, according to Onchain Lens. SOL followed with an $11.30 million position, while HYPE accounted for approximately $10.03 million.
WINTERMUTE OPENS $126M IN SHORTS
Wintermute is short $126.25M across Hyperliquid, led by a $46.92M $ETH short.
The positions are currently up ~$963.6K, while lifetime PnL stands at +$197.22M.… pic.twitter.com/fDLoWSn2Jg
— Onchain Lens (@OnchainLens) September 28, 2026 Other positions make up the remainder of the reported $126.25 million total, though Onchain Lens did not provide a complete position-by-position breakdown in its latest post.
Data collected from the same address over previous months shows that its exposure can change quickly. An independent analysis of the wallet identified extensive activity across Hyperliquid markets, with hundreds of orders used for both sides of market-making books.
The analysis found Wintermute-linked bids and asks spread across dozens of assets, including BTC, ETH, SOL and HYPE. It described the quoting structure as close to balanced at the time of its January snapshot, with roughly $101.7 million of bid orders and $97.2 million of asks.
For that reason, a visible short position does not by itself establish that Wintermute expects an asset’s price to fall. Market makers can hedge spot inventory, options, client flows or exposure held across other venues with perpetual futures.
Crypto.news previously examined the same issue when a Wintermute-linked wallet carried $190.77 million in Hyperliquid shorts in August. At that point, ETH led the account’s short positions at roughly $53.02 million, followed by BTC and SOL. Wintermute did not publicly confirm the positions at the time.
ETH, SOL and HYPE trade below recent peaks The current positioning comes as Ethereum has pulled back from the $2,800 region reached earlier in September.
CoinGecko shows ETH trading around $2,644 at the time of writing, placing the asset below its recent $2,800 attempt. Ethereum had already slipped below $2,700 on Sept. 23 after the advance stalled.
The Ethereum pullback after rejection near $2,800 came after the token reached a multiweek high before sellers pushed prices lower.
Bitcoin was trading around $82,863, according to CoinGecko data, down roughly 2.4% over the previous 24 hours at the retrieved reading.
SOL stood near $118.06 on CoinGecko data, while HYPE traded around $92.28.
CoinGecko shows HYPE remaining close to its recent record area despite the latest pullback. The token has traded above $90 after reaching prices near $98 during September.
Recent HYPE treasury purchases and whale transfers have kept large-wallet activity in focus. Hyperliquid Strategies bought 494,200 HYPE worth $45.8 million in one disclosed transaction, while several large holders began unstaking tokens.
Wintermute short exposure has changed repeatedly The latest $126.25 million figure is below some earlier snapshots of the same wallet.
On Sept. 20, third-party reports put its short exposure close to $146 million, with ETH near $53 million, BTC at approximately $26.7 million and SOL around $17.8 million.
By Sept. 23, on-chain analyst CW said the wallet was increasing short exposure in ETH, BTC and SOL while prices were rising.
CW described the positioning as downward pressure on the market. However, that interpretation has not been confirmed by Wintermute and should not be treated as evidence that the market maker was deliberately attempting to push prices lower.
The tracked positions have moved in both directions over time. Earlier wallet data showed short exposure being reduced during market pullbacks before positions increased again as prices recovered.
Public Hyperliquid data make positions on individual accounts visible, but they do not show all offsetting exposure a firm may hold elsewhere. Wintermute operates across centralized exchanges, decentralized venues and over-the-counter markets, leaving open the possibility that its Hyperliquid positions form one part of a larger hedging book.
Wintermute reported earlier this year that institutional clients represented a growing share of its OTC activity. The firm’s institutional OTC trading flow reached 72% of spot volume during the first half of 2026.
Alameda transferred ETH to Wintermute before latest shorts The reported positioning follows a separate large Ethereum transfer involving wallets tied to FTX and Alameda Research.
On Sept. 23, blockchain researchers tracked 23,639 ETH worth roughly $65 million moving from an FTX and Alameda-linked address to a wallet labeled as belonging to Wintermute.
A broader review found six linked wallets transferring a combined 27,372 ETH, worth approximately $75 million at the time, to Wintermute addresses. Blockchain security firm PeckShield flagged the largest 23,639 ETH transaction.
JUST IN: Alameda Research moves $65 million worth of ETH to Wintermute
The FTX bankruptcy estate deposited 23,639 $ETH into Wintermute earlier today, with the transfer reportedly linked to a potential sale. pic.twitter.com/P8m36l7XsH
— crypto.news (@cryptodotnews) September 23, 2026 Neither Wintermute nor the FTX Recovery Trust has publicly confirmed that the transfer represented an immediate sale. On-chain movements into a market maker can support sales, OTC execution, collateral management, hedging or other trading functions.
Past FTX and Alameda transfers involving Wintermute show that estate-linked wallets have used the market maker in earlier asset movements. In October 2023, FTX and Alameda addresses transferred crypto worth approximately $10 million to Coinbase, Binance and Wintermute-linked destinations.
The Sept. 23 ETH movement therefore remains separate from the latest Hyperliquid short snapshot unless further wallet data or disclosures establish a direct connection between the transferred Ether and the derivatives exposure.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Pumpfun has overtaken Hyperliquid in terms of seven-day revenue, now ranking third among all cryptocurrency applications, according to a report by @SolanaFloor. This development marks a significant shift in the competitive landscape of crypto apps, where Hyperliquid has been a prominent player. The news comes amid a broader context of fluctuating market conditions within the crypto space, often influenced by such competitive dynamics.
The current market sentiment appears to be adjusting to this development, as indicated by changes in the pricing of markets related to Hyperliquid’s future price performance. The market for Hyperliquid reaching $100 by the end of 2026 has seen a slight decrease in YES pricing, now at 80%, down from 82% just 24 hours ago. This suggests that the news may be impacting investor sentiment, potentially reflecting concerns about Hyperliquid’s competitive standing.
In related markets, the likelihood of Hyperliquid reaching higher price targets also shows varying degrees of adjustment. While the market for Hyperliquid reaching $150 by year-end has increased to 18.5% YES, other lower price target markets have remained relatively stable or decreased slightly. These fluctuations may indicate that market participants are reassessing Hyperliquid’s growth prospects in light of its recent revenue standings.
Key Takeaways Pumpfun’s revenue achievement appears to impact Hyperliquid’s perceived market position, as reflected in market pricing. The likelihood of Hyperliquid reaching its $100 target by the end of 2026 has slightly decreased, suggesting a cautious outlook. Markets suggest differing projections for Hyperliquid’s future price movement, with some increases in higher target probabilities. What to Watch Further developments in Pumpfun’s performance and any strategic responses from Hyperliquid could alter competitive dynamics. Announcements of potential partnerships, technological innovations, or changes in user base could significantly influence Hyperliquid’s market outlook. Furthermore, regulatory developments or shifts in broader market conditions could also impact future pricing scenarios for Hyperliquid.
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Term Structure
Contract Odds Δ since publish Volume 24h December 31 72% -8¢ $2K View market → January 1 2027 2.5% -0.5¢ $5 View market → January 1 2027 2.5% 0.0¢ — View market → January 1 2027 2.7% -0.2¢ — View market → January 1 2027 1.9% -0.9¢ — View market → January 1 2027 6% 0.0¢ — View market → January 1 2027 3.2% 0.0¢ $263 View market → January 1 2027 6% 0.0¢ $30 View market → January 1 2027 11% +0.5¢ $24 View market → January 1 2027 14.5% -4¢ $2K View market → Updated 1min ago
