Track market-moving stories before they get noisy

The Hyperliquid Policy Center (@HyperliquidX) and Douro Labs, a core contributor to Pyth Network (@PythNetwork), have filed a joint comment letter urging the U.S. Securities and Exchange Commission (SEC) to repeal Rule 611, the so-called trade-through rule that has governed U.S. equity market structure for two decades.

What Is Rule 611 and Why Does It Matter?Rule 611, adopted in 2005 as part of Regulation NMS, requires trading venues to prevent executions at prices worse than the best publicly quoted price available on any other exchange, known as the National Best Bid and Offer (NBBO). In practice, it obliges brokers and trading centres to route orders to wherever the best price is displayed. The SEC itself moved first:

The Crypto Industry's Case for Repeal

The groups are not only calling for repeal.

On broker obligations, the letter calls for clearer rules covering how brokers route orders to onchain markets, while maintaining that tokenized U.S. equities should remain subject to existing securities rules. , positioning Pyth price feeds as independent references for situations where the NBBO does not apply.

Sources:
Crypto Briefing: Hyperliquid Policy Center and Douro Labs urge SEC to repeal trade-through rule
WilmerHale: The SEC Takes Aim at the Trade-Through Rule
Federal Register: Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS

PANews reported on August 18 that, according to SoSoValue data, crypto market sectors were mixed, with Bitcoin (BTC) up 1.57%, breaking through $64,000; Ethereum (ETH) up 0.42%, breaking through $1,900. The DeFi sector stood out, rising 1.06% in 24 hours, with Compound (COMP) up 8.92%, Morpho Token (MORPHO) up 5.30%, and Hyperliquid (HYPE) up 1.41%.

In other sectors, the Layer1 sector rose 0.47% in 24 hours, with Zcash (ZEC) up 4.15%; the Layer2 sector rose 0.46%, with Polygon(ex-MATIC) (POL) up 6.29%; the Meme sector rose 0.18%, with PIPPIN (PIPPIN) surging 16.38%; the PayFi sector rose 0.01%, with SafePal (SFP) up 2.45%.

In addition, the CeFi sector fell 0.13%, with OKB down 5.06%; the AI sector fell 3.42%, with Worldcoin (WLD) down 7.54% and Velvet (VELVET) sharply down 43.90%.

Major cryptocurrencies have come under renewed focus as the market correction deepens in mid-2026. While price volatility remains high, investors continue to evaluate the long-term potential of leading projects, with Bitcoin, Ethereum, Solana, Chainlink, and Hyperliquid drawing significant interest.

Bitcoin maintains benchmark statusBitcoin is trading near $64,000, reaffirming its role as the premier benchmark for the broader crypto sector. Reduced market liquidity and ongoing economic uncertainty have contributed to its recent decline, though the asset retains the largest network, highest brand recognition, and most robust institutional backing in the industry.

While returns may not match those of smaller-cap digital assets, Bitcoin offers comparatively lower protocol-related risks. For many participants, it remains the standard by which all other cryptocurrencies are measured.

Bitcoin continues to set the pace for the entire crypto sector, offering unmatched network security and institutional support, though investors should be aware that current volatility may persist.

Institutional activity sustains EthereumEthereum dropped below $1,900 during the latest downturn, but institutional appetite held steady. US-listed Ethereum ETFs registered $103.9 million in net inflows for the week ending July 24, marking the strongest performance among crypto ETFs at that time.

Ethereum is widely recognized as the backbone for decentralized finance, stablecoin platforms, NFT trading venues, and a significant number of decentralized applications. Continued developer activity and significant network effects keep Ethereum among the top contenders for long-term investment strategies.

AssetPrice (approx.)Recent ETF flow (week ending July 24)Bitcoin (BTC)$64,000Not specifiedEthereum (ETH)$1,900$103.9 million (inflow)Solana technology upgrade and outlookSolana recently expanded its block capacity to 100 million compute units, further enhancing its capability to process transactions quickly and with low fees. The network directly competes with Ethereum in speed and cost efficiency, and its expanding ecosystem includes payment, asset tokenization, and cross-chain solutions.

Trading around $75 in mid-August, Solana remains significantly below its all-time highs, leading some investors to view current valuations as an opportunity to build positions.

Mini dictionary: Compute units, a measure of computational power Solana allocates to each block, determine the blockchain’s capacity to process smart contracts and transactions efficiently.

Chainlink’s expanding integrationsChainlink moved toward the $10 level following updates about new CCIP integrations and the beta launch of its agent platform. As a key provider of blockchain oracle solutions, Chainlink connects decentralized networks with real-world data, supporting secure asset tokenization between blockchains.

Analysts note that if tokenized real-world assets grow within global finance, Chainlink could become critical infrastructure for these flows.

Mini dictionary: CCIP, or Cross-Chain Interoperability Protocol, is a Chainlink-powered system that enables secure movement of assets and data across multiple blockchain networks.

Hyperliquid delivers strong returns, but risk remains elevatedHyperliquid experienced gains of approximately 154% in the first six months of 2026. As a decentralized perpetual futures trading platform, Hyperliquid has attracted attention for significantly outperforming major crypto assets.

Despite rapid expansion, the project faces heightened risk from upcoming token unlocks and potential changes in regulatory policy. Analysts recommend caution and thorough risk assessment for those considering exposure.

Mini dictionary: Hyperliquid, launched in 2023, is a decentralized platform enabling perpetual futures trading, offering on-chain derivatives without an intermediary.

Hyperliquid’s accelerated growth highlights the potential of decentralized trading venues to compete against established centralized exchanges, though elevated volatility and regulatory headwinds remain prominent challenges for participants.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Bitwise and Grayscale have emerged as leading buyers of HYPE, purchasing a combined $2.8 million worth of the token over the past week. Their activity follows a period of significant price recovery for Hyperliquid, after the asset experienced several days trading in negative territory.

ETF holdings and market resilienceArkham Intelligence reported that despite heightened market volatility and a stretch of lackluster price action, Hyperliquid ETF investors refrained from selling their HYPE holdings throughout the week. Instead, these funds either maintained or increased their positions, standing apart from other crypto funds that saw net outflows during the same period.

Analysts pointed to this unwavering demand from institutional investors as a key driver behind the recent recovery in HYPE’s price. From its weekend lows, Hyperliquid advanced by more than 16%, suggesting a robust rebound tied to ongoing ETF interest.

Data indicated that no sales of HYPE occurred from any Hyperliquid ETF over the week, while other crypto funds experienced noticeable outflows. The sustained holding or accumulation among institutional participants signals a strong confidence in the asset’s potential.

Institutional activity supports price actionBitwise and Grayscale’s involvement was particularly notable, as the two investment firms together acquired roughly $2.8 million in HYPE during this market recovery. Their purchases further reinforced the positive momentum, providing additional support to the price rebound.

According to market observers, renewed institutional interest has amplified demand for HYPE and contributed to its climb from depressed levels. Market participants are now monitoring whether this pattern will persist, with some analysts suggesting that continuous ETF buying could signal further upside potential for the token.

Analysts believe that sustained ETF demand, especially from major institutions, may indicate the beginning of a new upward trend for HYPE if current buying patterns continue.

Efficiency in a volatile environmentAs HYPE responds to institutional activity and market swings, investors increasingly seek streamlined tools to navigate crypto markets efficiently. In a landscape where a sudden Fed decision or an unanticipated altcoin listing can spark instant volatility, managing multiple apps for tracking data often leads to missed opportunities. Many traders now turn to privacy-first platforms such as CryptoAppsy, which consolidates real-time charts, trade alerts, coin-specific news, and macroeconomic data onto a single interface without requiring account creation.

HYPE continues to trade with bullish momentum as ETF interest remains high and institutional accumulation drives optimism for further gains.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Two organizations deeply embedded in the Hyperliquid ecosystem have told the SEC to ditch a 20-year-old equity trading rule and start thinking about what “best execution” actually means when trades settle on a blockchain instead of the NYSE.

The Hyperliquid Policy Center (HPC) and Douro Labs submitted a joint comment letter on August 17 backing the SEC’s June 11 proposal to rescind Rule 611 of Regulation NMS. The rule, originally adopted in 2005, requires trading venues to route orders to whichever exchange displays the best price, a concept known as the “trade-through” rule. Both organizations argue the rule is a relic of an era when stock exchanges were the only game in town.

What Rule 611 does and why crypto wants it gone Rule 611 was designed to protect investors by ensuring their orders got the National Best Bid and Offer (NBBO) price across all registered exchanges. In practice, it means a broker can’t execute your trade at a worse price if a better one exists somewhere else in the system. Onchain markets don’t operate like centralized exchanges. There’s no consolidated quote system, no closing bell, and no neat hierarchy of registered venues. Trading happens 24/7 across permissionless protocols where liquidity can appear and vanish within a single block.

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The SEC itself acknowledged in its June proposal that the trade-through rule “complicates execution and increases costs.” The proposal would also impact related provisions governing locked and crossed market prohibitions under Regulation NMS.

Best execution, but make it onchain Repealing Rule 611 is only half of what HPC and Douro Labs are asking for. The other half is principles-based best-execution guidance designed specifically for onchain markets. Onchain trading introduces complications that didn’t exist when those rules were written. Network fees (gas costs) eat into execution quality. Maximal extractable value, or MEV, lets validators and sophisticated actors reorder transactions to profit at a trader’s expense. And because many decentralized venues don’t display conventional quotes, there’s no obvious benchmark to measure “best” against.

Douro Labs, which is closely associated with the Pyth Network oracle, previously submitted comments to the SEC on February 20, proposing that execution certainty, privacy, and total costs should all factor into the assessment of best execution. The joint letter extends that thinking, suggesting that independent, transparent pricing feeds could replace conventional market quotes as the relevant benchmark for onchain venues.

Who’s behind the push HPC launched on February 18 in Washington, D.C., funded by a $28 million donation in HYPE tokens. Its stated mission is to influence regulatory frameworks for decentralized markets, with a particular focus on onchain perpetual derivatives, the product category where Hyperliquid has built its reputation.

Douro Labs brings a complementary angle. As the team behind the Pyth Network, it has a direct interest in how regulators treat onchain data feeds. If the SEC eventually requires some form of best-execution reporting for decentralized venues, the infrastructure that provides those reference prices becomes critical plumbing, not unlike the role that SIP (Securities Information Processor) feeds play in traditional equities today.

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

An Elliott Wave analysis suggests Hyperliquid’s native token HYPE may have completed its correction phase near $50.70, with prospects for another upward move if the market maintains its pattern of higher highs and higher lows. However, the setup remains cautious; a clear recovery above recent resistance would bolster the bullish case, while a sustained break below $50.70 could lead to further consolidation and invalidate the current technical structure.

Technical outlook and key levelsHyperliquid reached a recent high at approximately $76.67 before entering a complex corrective pattern, ultimately finding support at the $50.70 zone. This level is seen by analysts as the possible completion of Wave (iv) in the Elliott Wave sequence. The following bounce hints at the early stages of Wave (v), forming the final impulsive move in the sequence if sustained.

According to analyst Kap_Waves, holding above the $50.70 support would preserve the bullish Elliott Wave count. Failure to do so would require a reassessment of the scenario. The broader Hyperliquid market activity remains robust, with the network’s 24-hour perpetual volume reaching around $9.3 billion and open interest above $10.8 billion, based on DefiLlama data. Over the last 30 days, perpetual volume recorded was approximately $184.7 billion.

HYPE also serves functional roles in the Hyperliquid ecosystem. The token can be staked with validators, contributing to network security under a delegated proof-of-stake model known as HyperCore.

Kap_Waves identifies $99.42 as an initial major upside target, with $116.57 as a potential extension, noting that these are technical projections requiring the price to overcome several resistance layers first.

Beyond the Elliott Wave perspective, another trader, thatsavibe_eth, points to the 0.786 Fibonacci retracement as a crucial level. After breaking out of a large pennant, HYPE retested this area. Reclaiming and holding above the 0.786 level could strengthen the continuation setup, while a rejection might prompt another retracement.

Crypto trader @DonWedge highlights a descending resistance trendline, targeting $89 if a decisive breakout occurs. This figure is positioned between the prior high and higher Elliott Wave targets.

Market structure and scenario risksThe technical backdrop from TradingView currently rates HYPEHUSD as a buy, with moving averages providing the strongest buy signal on both weekly and monthly timeframes. However, analysts recommend viewing such signals as supportive rather than conclusive, due to the volatility typical in digital asset markets.

Hyperliquid’s protocol continues to show fundamental strength, with DefiLlama reporting $50.8 million in fees and $35.8 million in revenue over the past month. The platform channels trading fees into mechanisms like the Assistance Fund, which converts part of the fees into HYPE and burns the acquired tokens, tying economic activity to network growth.

Despite the bullish case, alternative scenarios remain in play. Kap_Waves outlines a triangle pattern, where the recent correction could persist and keep HYPE range-bound. A failure to reclaim and sustain resistance levels could trap the token between support and resistance, delaying a decisive directional move.

The critical focus across technical setups stays on the $50.70 level; holding above it preserves the bullish case, but a breakdown could trigger a deeper correction.

Testing the 0.786 Fibonacci level presents similar risks. If HYPE is rejected at this resistance, another pullback toward the support area is possible, as noted by trader thatsavibe_eth, though this would not necessarily end the broader bullish narrative.

Hyperliquid’s derivatives markets also amplify risks, as over $10.8 billion in open interest increases the chance for pronounced price swings. Approximately $150 million in 24-hour liquidations attest to the scale of leverage present.

Given these dynamics, confirmation is key. A sustained breakout with higher volume and demand would signal greater conviction than a brief move above resistance followed by a reversal. In a market where swiftly changing Fed decisions or altcoin listings can reshape conditions within seconds, tracking multiple data points becomes crucial. Many traders increasingly use privacy-focused platforms like CryptoAppsy, which offer real-time charts, smart price alerts, portfolio tracking, coin-specific news, and macro data—all from one screen without account creation, allowing for faster, consolidated market reactions.

Fundamental context and price projectionsHYPE’s usage extends beyond trading. It is used for staking and securing the network, serves as the gas token for HyperEVM, and assists in powering permissionless HIP-3 perpetual markets.

The overall technical perspective remains cautiously optimistic but unconfirmed. Holding the $50.70 support keeps the bullish structure valid. The next milestones include breakouts above $76.67 and $89, with further technical projections at $99.42 and $116.57, contingent upon the price clearing successive resistance levels. Conversely, if HYPE loses the $50.70 floor, deeper corrections are likely. Market participants are expected to monitor multiple indicators—support and resistance zones, volume flows, and derivatives activity—rather than remain fixated on any single price point.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Duquesne Family Office has disclosed a $23 million position in Hyperliquid Strategies Inc., giving Stanley Druckenmiller’s investment office indirect exposure to HYPE through the Nasdaq-listed digital asset treasury company.

Summary

Duquesne Family Office disclosed a new $23 million stake in Hyperliquid Strategies. The Nasdaq listed company holds millions of HYPE tokens as part of its digital asset treasury strategy. Duquesne’s former partner Kevin Warsh became Federal Reserve chairman in May 2026. Warsh disclosed more than $100 million in assets before his confirmation. The SEC filing for the second quarter of 2026 showed Duquesne held shares of Hyperliquid Strategies, which trades under the ticker PURR, as of June 30, with the position appearing in the family office’s portfolio for the first time.

The disclosure adds Duquesne to the institutional investors gaining exposure to Hyperliquid through publicly traded shares instead of purchasing the protocol’s HYPE token directly. Hyperliquid Strategies operates as a digital asset treasury company built around accumulating and managing HYPE.

Fintel data based on the filing also lists PURR as a new Duquesne position, accounting for roughly 0.44% of the investment manager’s reported portfolio.

Duquesne adds Hyperliquid Strategies to its portfolio Hyperliquid Strategies has built one of the largest corporate HYPE holdings since establishing its digital asset treasury business.

As crypto.news previously reported in February, the Nasdaq-listed company purchased another 5 million HYPE for about $129.5 million at an average price of $25.90 per token. The acquisition increased its holdings at the time to 17.6 million HYPE while leaving the company with about $125 million in cash.

Its holdings later increased substantially. Artemis data cited in a June treasury report showed Hyperliquid Strategies controlled about 23.7 million HYPE and was sitting on more than $1.1 billion in unrealized gains at the time.

The report found HYPE-focused treasury companies were among the few major digital asset treasury groups still carrying sizeable paper profits during the June market downturn. Bitcoin, Ether and Solana treasury companies, by comparison, were recording substantial unrealized losses as prices fell.

Duquesne’s $23 million PURR holding gives the family office exposure to that treasury structure through a regulated U.S. equity. The 13F does not show whether the firm bought the shares in a single transaction or accumulated them at different points during the quarter, since the filing only reports holdings as of June 30.

Form 13F reports are required from institutional investment managers that exercise investment discretion over at least $100 million in certain securities. The disclosures provide a quarterly snapshot of reportable holdings but do not show positions purchased or sold after the reporting date.

Hyperliquid Strategies has accumulated millions of HYPE Institutional interest in Hyperliquid Strategies came as HYPE recorded large price swings during the second quarter.

HYPE reached a record of about $73.7 on June 1 after gaining more than 70% over the preceding month. At the time, Hyperliquid Strategies was already one of the largest publicly identified corporate holders of the token.

Demand for HYPE had also expanded through regulated investment and derivatives products. In June, Kalshi launched CFTC-regulated HYPE perpetual futures for U.S. traders, after which HYPE futures open interest rose to $2.48 billion and briefly surpassed XRP open interest, according to a June 11 report.

Institutional exposure has not been limited to listed treasury companies. Bitwise Chief Investment Officer Matt Hougan said in May that HYPE had gained 77% since the start of 2026 while Hyperliquid processed about $170 billion in monthly trading volume.

Bitwise also said it would direct 10% of management fees collected from its BHYP Hyperliquid exchange-traded fund toward purchasing and holding HYPE on its own balance sheet, as detailed in May.

Hyperliquid’s token model sends a large share of protocol trading fees toward HYPE purchases through its Assistance Fund. The mechanism has provided another source of demand alongside corporate treasury purchases and investment products.

Fed Chair Kevin Warsh previously worked with Duquesne Duquesne’s newly disclosed PURR investment also comes with a connection to Federal Reserve Chairman Kevin Warsh, who worked with the family office before returning to the central bank.

The Federal Reserve’s official biography says Warsh served as a partner at Duquesne Family Office after leaving the Fed’s Board of Governors in 2011. Warsh had previously served as a governor from 2006 to 2011 and returned to the central bank as chairman on May 22, 2026.

Before his confirmation, financial disclosures filed as part of the nomination process provided more detail about his relationship with Stanley Druckenmiller’s investment office.

Warsh disclosed assets worth well over $100 million, according to his April financial disclosure, although government ethics forms report investments in ranges and do not always provide precise valuations.

Two positions in the Juggernaut Fund LP were each listed at more than $50 million. The disclosure did not identify the underlying investments because of pre-existing confidentiality agreements, while Warsh committed to divesting the positions if confirmed.

The same filing showed that Warsh had received $10.2 million in consulting fees from Druckenmiller’s investment office during the period covered by the disclosure. His overall consulting income exceeded $13 million across several financial firms.

Warsh also agreed to dispose of assets required under Federal Reserve ethics rules before assuming the chairmanship. Fed investment rules introduced in 2022 place restrictions on the securities that senior officials and their immediate families may hold, including crypto-related assets.

After completing the confirmation process, Warsh took office as Federal Reserve chairman on May 22 for a four-year term ending May 21, 2030. He also became chairman of the Federal Open Market Committee and holds a separate term as a member of the Board of Governors through January 31, 2040.

Table of contents

Hyperliquid’s expansion beyond crypto derivatives has been one of the more aggressive pushes into tokenized real-world assets, commodities, and equity trading. But Wintermute CEO Evgeny Gaevoy is not treating that growth as a clean path toward becoming a full-scale market venue. In an interview with The Archive Pod, he framed US regulation as the biggest long-term obstacle for the perps exchange, according to the original report.

Gaevoy said Hyperliquid has performed well across those asset classes, but the platform will eventually have to confront two structural constraints. One is regulatory pressure from the United States. The other is throughput, especially if Hyperliquid wants to compete against incumbent venues like CME and Nasdaq. That second issue compounds the first: scaling into traditional market competition may require order matching and data infrastructure that do not map neatly onto a fully decentralized validator set.

The regulatory concern is not abstract. If Hyperliquid is eventually required to implement know-your-customer checks, the product would need identity verification at deposit, withdrawal, or even trading layers. That would erode the permissionless model that has made the venue attractive to traders who are outside major jurisdictions. Gaevoy noted that a KYC mandate and a desire to compete with CME and Nasdaq could push Hyperliquid toward becoming increasingly centralized. That is the core tradeoff: the closer the platform gets to institutional equities and commodities, the more it may look like the intermediaries it set out to replace.

The KYC and Centralization Tension US regulators have been moving unevenly on market structure rules, and the stakes for crypto venues have become clearer as the fight over the biggest crypto bill in US history showed how much banks and legacy financial players still control the process. For Hyperliquid, the question is whether it will be treated as a derivatives exchange, an alternative trading system, or something else entirely.

A KYC requirement would not just add a compliance layer. It would change the sequencing and clearing assumptions behind a decentralized perpetuals venue. Users could still trade without custody, but their on-chain addresses would need to be tied to identities. That undermines one part of the value proposition while leaving the operational complexity intact. Hyperliquid’s fast block times and low-fee execution may still work, but the user experience would shift dramatically if a regulator demands real-time screening and transaction monitoring.

The bigger unknown is token classification. If the HYPE token is seen as facilitating an unregistered exchange or clearing activity, the pressure would extend beyond KYC to delisting, fines, or geographic blocks. Gaevoy’s comments did not go that far, but they reflect a recognition that US enforcement often uses market access as a lever even when formal rules are unresolved.

Throughput Is the Second Friction Point Competing with CME and Nasdaq is not only a legal problem. It is an engineering problem. Traditional venues operate with microsecond-level matching and deeply optimized order books. Hyperliquid’s own throughput has been a differentiator in crypto, but the gap remains when compared with centralized derivatives infrastructure. Gaevoy identified throughput as the second long-term challenge, which suggests that raw transaction speed alone will not close the distance if compliance and data retention requirements add friction.

Even among the top blockchains by developer activity this week, sequencing and scalability remain design constraints rather than solved problems. Hyperliquid’s approach uses a specialized L1 with a smaller validator set, which improves performance at the cost of decentralization. That architecture may be a preview of where high-performance trading chains are headed, but it also makes the regulatory conversation harder because there are fewer independent operators to distribute legal responsibility.

What the Market Is Watching Next Hyperliquid’s positioning sits at the intersection of two growing narratives. On one side, tokenized real-world assets have gained traction as on-chain tokenization volumes crossed $20 billion, with institutions beginning to treat the space as a serious settlement layer. On the other side, US enforcement and legislative uncertainty continue to weigh on venues that try to list equities or commodities without traditional registration.

For traders, the practical question is whether Hyperliquid will be forced to restrict US users, introduce gradual KYC, or split its product into compliant and non-compliant silos. Each option changes the liquidity profile. Institutional participants may prefer a KYC-enabled order book because it gives them clearer legal standing, while offshore retail traders may migrate if identity checks become mandatory.

What remains uncertain is timing. Regulators have not issued a specific rule targeting Hyperliquid, and the platform has not signaled a shift toward centralized compliance. But the Wintermute CEO’s warning matters because it comes from a market maker that deals with liquidity and risk across venues. His concern is less about whether Hyperliquid can scale technically, and more about whether the final version of the platform will still be recognizable as the decentralized venue it is today.

AUTHOR

Tokoni Uti is a Lagos-based writer with several years of experience. Her work has appeared in the Huffington Post, the Los Angeles Free Press and the San Diego Free press among others. She is a graduate of Bowen University.

Cambricon’s 561,000 equity incentive shares will be listed for trading on August 20.

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Anthropic and OpenAI may restrict enterprise API access to their most powerful AI models, sparking concerns over competition risks.

Anthropic and OpenAI are accelerating the rollout of industry-specific AI applications and features. Some enterprise clients fear the two firms may prioritize deploying their most powerful AI capabilities to their own products over making them accessible to external enterprises via APIs. This trend has shifted the dynamic between model providers and enterprise clients from underlying tech collaboration to potential competition. If top-tier model capabilities are increasingly directed toward their own applications, businesses may need to reassess their reliance on AI infrastructure suppliers, supply chain arrangements, and long-term technology strategies.

9 minutes ago

Bitcoin traded around $63,460 during Asian hours on Monday, Aug. 17, recovering 0.7% over 24 hours but remaining 2.3% lower over seven days as the cryptocurrency market entered another week with limited momentum. 

Summary

Bitcoin traded near $63,460 Monday, gaining 0.7% daily while remaining 2.3% lower across the week. Hyperliquid rose 3.4% daily and 8.7% weekly, outperforming most major cryptocurrencies during Monday morning trading. Monero traded near $413.84, gaining 4.9% weekly as momentum improved toward its $420–$430 resistance zone. U.S. spot Bitcoin ETFs recorded $390 million in net outflows across last week’s five sessions. Bitway led top-100 gainers with 22.3%, while Stable and Quant posted the largest daily declines. Bitcoin’s market capitalization stood near $1.27 trillion.

The broader crypto market was valued at roughly $2.24 trillion, while Bitcoin dominance remained close to 57%. Most large-cap cryptocurrencies posted modest daily gains, but weekly performance remained mixed after Bitcoin fell from above $65,000 during the previous week.

Bitcoin price remains below last week’s highs Bitcoin’s latest rebound has yet to erase the decline from last week’s $65,400 area. BTC fell as low as roughly $62,500 on Friday before stabilizing through the weekend and moving back above $63,000.

Ethereum was trading around $1,900.64, up 1% in 24 hours but 0.8% lower over seven days. XRP remained near $1.00 and was down 2.8% for the week. Solana traded around $75.47, down 0.1% daily and 1.4% weekly. BNB held near $605.63 and was 0.6% higher over seven days.

TRON changed hands near $0.332, gaining 0.4% daily and 0.7% weekly, while Dogecoin rose 0.6% to about $0.070.

The subdued Bitcoin performance follows another reversal in U.S. institutional flows. Spot Bitcoin ETFs recorded roughly $390 million in combined net outflows between Aug. 10 and Aug. 14, with Fidelity’s FBTC accounting for about $153 million. Spot Ethereum ETFs recorded a smaller $2.26 million weekly net outflow.

Bitcoin spot ETF net inflow, source: SoSoValue That marked a sharp change from the previous week, when, as crypto.newspreviously reported, Bitcoin ETFs attracted $853.5 million across five consecutive inflow sessions.

HYPE and LINK outperform major altcoins Hyperliquid’s HYPE remained one of the strongest large-cap performers. The token traded around $58.81, gaining 3.4% over 24 hours and 8.7% during the past seven days. Its market capitalization stood near $13.1 billion.

Chainlink posted an even larger weekly increase among the top 20 cryptocurrencies. LINK traded near $9.45, gaining 0.7% on the day and 15.7% over seven days. Monero also outperformed Bitcoin, rising 4.9% weekly to around $413.84.

HYPE’s performance follows a period of renewed activity around Hyperliquid. In related coverage, crypto.newsreported that Hyperliquid generated $169 million in second-quarter revenue and directed $141 million toward HYPE buybacks.

Among the broader top-100 market-cap group, Bitway was the strongest daily performer in the latest crypto.news snapshot, rising 22.3%. Ether.fi followed with a 7.9% increase.

On the downside, Stable fell 3.7%, Quant lost 3.6%, and Canton declined 2.7%. Uniswap remained one of the weakest weekly performers among larger assets, falling 18.4% over seven days despite gaining 1.3% Monday.

Bitcoin tests resistance after steady recovery Bitcoin’s daily chart shows BTC consolidating after its sharp June pullback, with price hovering near $63,490 and posting a modest 0.94% intraday gain. Despite the short-term uptick, BTC continues to trade below the key resistance band around $65,000–$66,000, keeping the broader structure tilted to the downside compared with earlier cycle highs. In the near term, price action remains confined to a range, with $60,000 acting as the main support floor.

The Aroon Oscillator sits in positive territory at 42.86, suggesting that recent upward moves are currently outweighing recent lows. This points to mild bullish momentum in the short term, though the signal is not strong enough to indicate a confirmed trend shift.

Bitcoin (BTC) price chart, source: crypto.news Momentum indicators, however, remain weak. The MACD continues to reflect bearish conditions, with the histogram at approximately -124.49 and the MACD line near -236.26, still positioned below the signal line around -111.77. This setup indicates that downside momentum has not fully dissipated despite the recent price recovery.

Overall, Bitcoin is stabilizing after its decline but has yet to establish a convincing bullish reversal. A sustained breakout above the $65,000–$66,000 resistance zone would strengthen the recovery case, while a breakdown below $60,000 would likely reintroduce stronger bearish pressure.

Fed minutes and White House meeting come into focus Macro policy returns to the foreground this week. The Federal Reserve will publish minutes from its July 28–29 meeting on Wednesday, Aug. 19, at 2 p.m. ET. Officials voted 9–3 to maintain the federal funds target range at 3.5%–3.75%, with three members preferring a quarter-point increase.

Markets have since reduced expectations for another rate increase. Futures pricing pointed to roughly a 30% probability of a September hike heading into Monday, according to the Financial Times.

Crypto traders will also watch Washington. As crypto.news reported, Coinbase, Ripple and other crypto and prediction-market executives are expected at an Aug. 19 White House meeting as policymakers continue discussing digital asset regulation.

For Bitcoin, the immediate question is whether Monday’s move can extend beyond the $64,000 region and recover last week’s highs. Until then, BTC remains below its recent range peak while selected altcoins, notably LINK, HYPE and XMR, continue to outperform.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

8h05 ▪ 6 min read ▪ by Ariela R.

Summarize this article with:

Who would have believed it! In three months, a new segment of the crypto market multiplied its volume by 17. According to CryptoQuant, the monthly volume of crypto perpetual stock actions on exchanges has indeed exploded from 15 to 250 billion dollars between April and July 2026. Binance dominates with 76% of the market, while Gate records the strongest growth (+308%). AI and semiconductor stocks concentrate most of the volumes.

In brief The monthly volume of crypto perpetual stock actions on exchanges rose from about 15 billion dollars in April to nearly 250 billion in July 2026, according to CryptoQuant. Binance alone captures 76% of this market, with about 193 billion dollars in volume processed in one month. Gate shows the fastest sector growth, with a 308% jump between June and July. Assets related to semiconductors and artificial intelligence concentrate most of the trades. This phenomenon is part of a broader trend. An unprecedented volume explosion in the history of crypto assets According to a report published on August 13, 2026 by the analytics company CryptoQuant, the monthly volume of perpetual stock actions on the major crypto exchanges rose from about 15 billion dollars in April to nearly 250 billion dollars in July. A 17-fold increase in only three months and a 56% rise just between June and July.

These derivatives allow traders to gain exposure to publicly traded stocks without adhering to the traditional Wall Street trading hours. But there’s more! Unlike a traditional future, a crypto perpetual contract also has no expiration date. It is maintained through a periodic funding mechanism that aligns its price with that of the underlying asset.

As a result, crypto exchanges become 24/7 trading floors, even when U.S. stock markets are closed.

The CryptoQuant research team summarizes the facts well in their August 13 report:

This expansion transforms crypto exchanges into permanent marketplaces for contracts linked to traditional stocks.

This reinforces the ambition expressed by several crypto platforms: to become “everything exchanges,” capable of hosting cryptocurrencies, stocks, and commodities in a single account.

Binance already controls 76% of trades In this new segment of the crypto market, one player largely dominates the scene: Binance. The platform processed about 193 billion dollars in volume in July. This represents 76% of the total perpetual stock actions market. A concentration level reminiscent of Binance’s dominant position in the broader crypto derivatives market!

Binance crushes competition in perpetual stock actions (Source: CryptoQuant) Behind the leader, the hierarchy tightens. Bitfer, Bybit, and Gate follow at a fair distance, but their growth dynamics attract more attention than their absolute market shares.

Gate sees its volume of perpetual stock actions increase by 308% between June and July. Those of Bybit and Binance respectively total 176% and only 59%. The crypto exchange Gate has thus recorded continuous monthly growth since May. An indicator closely monitored by analysts. But that’s not all! Concentration there also reaches peaks. SanDisk and SK Hynix alone represent 53% of the total volume of perpetual stock actions processed by the crypto platform last month. This figure illustrates how much this young market remains dependent on a handful of technology stocks.

It’s a fact! AI and semiconductors dominate crypto trading Beyond the overall figures, the market composition deserves close examination. Trades indeed remain concentrated on a limited number of technology and semiconductor-related assets. SanDisk, SK Hynix, Micron, and the leveraged ETF SOXL form what analysts call the “AI-memory complex”. This set consists of securities directly exposed to the demand for chips for artificial intelligence.

Additional data published by CryptoRank provides further insight:

SpaceX generated 84.6 billion dollars in volume over 90 days. It even surpasses Solana (SOL), which totals 77 billion dollars over the same period. SK Hynix records 31.1 billion dollars. Bitcoin remains however the dominant crypto asset with 543 billion dollars in volume. It sits ahead of Ethereum (246 billion dollars) and Hyperliquid (93.6 billion dollars).

Decoding: the non-crypto assets represent about 17% of the combined volume of the top ten perpetual contracts in the market.

Ranking of assets dominating trading (Source: CryptoRank) A phenomenon to put into perspective with the global crypto market To properly assess the extent of this growth, it needs to be placed in a broader context. According to CoinGecko data, crypto exchanges processed 1,320 billion dollars in perpetuals backed by traditional assets during the first five months of 2026, compared to only 104.21 billion dollars for the entire year of 2025. Monthly volume thus rose from 230 million dollars in January 2025 to 347.17 billion dollars in May 2026.

Another indicator to watch: open interest, meaning the outstanding value on these contracts. According to another CryptoQuant report, open interest on perpetuals backed by traditional assets doubled to exceed 2 billion dollars in July, compared to 350 to 500 million dollars in spring.

This figure remains small, though. The fact is that this segment represents only about 3% of the 65 billion dollars of total open interest in the crypto derivatives market. Moreover, these volumes (however spectacular) remain tiny on the scale of traditional stock markets.

In any case, the explosion of perpetual stock actions marks a turning point in the convergence between traditional finance and crypto. The question remains whether it will withstand a market shock or if it will be limited to a few trendy tech stocks.

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Ariela R.

My name is Ariela, and I am 31 years old. I have been working in the field of web writing for 7 years now. I only discovered trading and cryptocurrency a few years ago, but it is a universe that greatly interests me. The topics covered on the platform allow me to learn more. A singer in my spare time, I also cultivate a great passion for music and reading (and animals!)

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

Wash’s former employer took its first position in HYPE Treasury Company during Q2, acquiring $23 million worth of shares.

Binance will distribute dividends for Microsoft (MSFT) and Applied Materials (AMAT) via bStocks.

According to an official announcement, Binance will distribute dividends for Applied Materials (AMAT) and Microsoft (MSFT) to users holding AMATB or MSFTB balances via its bStocks platform. After deducting applicable withholding taxes, fees, costs, and other charges, the net cash dividend will be reinvested into additional units or fractional shares of the same underlying securities. Eligible users will receive these dividends in the form of AMATB or MSFTB bStocks stock tokens. Users holding AMATB or MSFTB on-chain will receive bStocks dividends via a multiplier adjustment. Only users holding AMATB or MSFTB at the snapshot time of 08:00 (UTC+8) on August 20, 2026, will qualify for the stock dividends.

6 minutes ago

Changxin Technology's stock rose more than 10% in afternoon trading, hitting a new high since its listing.

According to market data, Changxin Technology rose more than 10% in the afternoon session, hitting a new high in its share price since listing, with a market capitalization of 4.07 trillion yuan and trading volume exceeding 23 billion yuan.

6 minutes ago

After $牛来 was listed on @Aster_DEX Perps, its price surged by over 150%. The 24-hour trading volume has reached $4.47M.

After $牛来 was listed on @Aster_DEX Perps, its price surged by over 150%. The 24-hour trading volume has reached $4.47M.

6 minutes ago

Glassnode: Bitcoin is being sidelined amid the ongoing capital rotation, as risk capital continues to flow into U.S. stocks and AI assets.

Glassnode noted in a recent post that as U.S. consumer confidence has plunged to an all-time low, U.S. stock markets have continued to hit new all-time highs, creating a stark contrast between market sentiment and asset performance. Weak consumer confidence is driving capital to accelerate shifting from cash assets to stocks, artificial intelligence (AI)-related assets, and commodities, as investors seek higher returns by allocating to risk assets. Notably, Bitcoin has been noticeably overlooked in this round of capital rotation. While stocks, AI, and commodities continue to attract inflows, Bitcoin has not benefited in tandem, indicating that current market capital allocation remains concentrated primarily on traditional risk assets and AI themes, with BTC’s participation in this round of asset rotation being relatively limited.

6 minutes ago

Goldman Sachs: Market expectations for the Federal Reserve's interest rate hikes are overly hawkish.

Goldman Sachs said that given U.S. inflation is cooling, market expectations for Federal Reserve interest rate hikes remain overly aggressive. Goldman Sachs chief economist Jan Hatzius wrote in a report that due to weak retail sales data, disappointing employment figures, and continued slowing inflation data, the likelihood of the Fed raising rates at its September meeting is "extremely low". Hatzius noted: "Based on our baseline economic forecast, the likelihood of inflation data improving further over time is higher than that of it worsening again. We still believe market pricing for the federal funds rate is overly hawkish." Data shows markets have pushed back expectations for the Fed's next 25-basis-point rate hike to January next year, while just a week ago, markets had fully expected the Fed to raise rates in December. Goldman Sachs believes that although market pricing is no longer as hawkish, there is still room for rate hike expectations to fade further.

6 minutes ago

Real world assets (RWAs) are playing an increasingly influential role in decentralized finance, according to recent data from Hyperliquid and DeFiLlama Research. The integration of tokenized traditional assets into on-chain markets has contributed substantially to new-user adoption patterns during the first half of 2026.

Surge in RWA-First User AdoptionBetween January and June 2026, the Hyperliquid platform recorded 534,362 wallets making their first trades. Of this group, 169,514 wallets began their activity by trading RWAs, according to DeFiLlama’s analysis. This RWA-driven group represented 31.7% of all new-user onboardings during the period.

DeFiLlama Research noted that these new wallets did not simply diversify their portfolios but entered the DeFi ecosystem specifically for access to tokenized real world assets. This suggests that RWA markets are drawing in a unique user segment distinct from existing crypto participants.

Trading and Fee BreakdownRWA-First wallets contributed $111.6 billion in trading volume during the period, accounting for 31.5% of total new-user trading activity. However, these users largely limited their activity to RWA products, reinforcing the notion that tokenized traditional assets can attract dedicated market participants.

RWA-First wallets generated $34.1 million in fees, representing 8.3% of the $412.6 million in new user fees. Over 80% of fees were attributed to Other-First wallets, indicating that long-standing crypto users contribute more platform revenue compared to RWA-focused newcomers.

Other-First wallets, typically crypto-native users, accounted for a significant proportion of RWA market volume by progressively diversifying their activity into these products. Specifically, DeFiLlama’s analysis found that crypto-focused users contributed 40% of RWA market volumes, while RWA-First wallets remained primarily active in their initial product segment.

Wallet TypeNumber of New WalletsTrading Volume ($)Fees Generated ($)Share of RWA VolumeRWA-First169,514$111.6 billion$34.1 million60%Other-First364,848Data not specified$378.5 million40%Product Expansion and Market WavesThe surge in RWA onboarding follows the launch of Hyperliquid’s HIP-3 framework in October 2025. This permissionless listing system allows qualifying market builders to introduce new perpetual contracts by staking 500,000 HYPE. The initiative expanded access to multiple asset classes, including equities, commodities, indices, and foreign exchange.

DefiLlama observed significant spikes in user adoption correlating with new market launches. For example, the S&P 500 perpetual market attracted over 38,000 unique wallets within eight days of opening. Similarly, in June, the introduction of a SpaceX pre-IPO market drove another onboarding wave.

Mini dictionary: HIP-3: A Hyperliquid framework enabling any qualified participant to create and list new perpetual futures markets for various asset classes, provided they stake the required amount of the HYPE token. This system removes centralized control from market listings, supporting broader user-driven innovation.

Despite robust user engagement, economic returns from RWA-First onboarding appear mixed. The research highlights that user acquisition and trading activity are increasing, while monetization remains centered on more established, crypto-native users who are active across multiple markets.

Outlook for Hyperliquid and RWAsLooking ahead, Hyperliquid’s growth in the RWA segment will likely depend on whether users initially attracted by tokenized traditional assets expand their involvement into broader market offerings. Current data signals that RWA markets are successfully enlarging DeFi’s user base, but the platform’s economic value hinges on encouraging cross-market participation.

Hyperliquid is a decentralized trading platform known for supporting perpetual futures across digital and tokenized real-world assets.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Quick Overview

Table of Contents

Bitcoin maintains its position near $63,000, serving as the primary market indicator for digital assets
Ethereum dropped under $1,900, yet U.S. ETF products attracted $103.9 million in net inflows over one week
Solana expanded block capacity to 100 million compute units while hovering around $75
Chainlink approached $10 after announcing new partnerships and releasing its agent platform beta
Hyperliquid posted approximately 154% gains during the first six months of 2026

Cryptocurrency markets are experiencing turbulence, yet price declines often create opportunities for strategic investors. Five digital assets—Bitcoin, Ethereum, Solana, Chainlink, and Hyperliquid—deserve attention in the current environment.

Bitcoin: The Industry Standard
Bitcoin continues to serve as the cornerstone of cryptocurrency investing. With the most extensive network infrastructure, unmatched brand awareness, and significant institutional support, it remains the dominant digital asset.

Bitcoin (BTC) Price
BTC currently hovers around $63,000. Market liquidity constraints and general uncertainty have contributed to price pressure, though this correction may present entry points for investors viewing Bitcoin as a long-term wealth preservation tool.

While Bitcoin may not deliver the dramatic gains seen in smaller-cap projects, it presents significantly lower project-specific risks, solidifying its role as the standard against which all cryptocurrencies are evaluated.

Ethereum: Sustained Institutional Appetite
Ethereum serves as the backbone for decentralized finance protocols, stablecoin infrastructure, asset tokenization, NFT marketplaces, and countless decentralized applications. It maintains its position as the leading smart contract platform globally.

ETH slipped beneath $1,900 during recent market volatility. However, institutional interest proved resilient. U.S.-based Ethereum ETF products recorded $103.9 million in net inflows for the week concluded July 24, topping all cryptocurrency ETF products during that timeframe.

The convergence of robust developer engagement, powerful network effects, and growing institutional participation positions Ethereum as a priority holding for long-term portfolios.

Solana: Speed, Efficiency, and Momentum
Solana presents a direct alternative to Ethereum, particularly for applications requiring high throughput and minimal transaction costs. The platform recently upgraded its block capacity to accommodate 100 million compute units.

The ecosystem continues expanding across payment solutions, tokenized real-world assets, and interoperability protocols. SOL traded around $75 in mid-August, considerably below previous all-time highs.

This disparity between current valuations and historical peaks may represent an entry opportunity for investors confident in the platform’s continued development trajectory.

Chainlink: Critical Infrastructure Investment
Chainlink provides essential connectivity between blockchain networks and external data sources while facilitating cross-chain asset transfers. It functions as fundamental infrastructure supporting the emerging tokenization ecosystem.

LINK surged toward $10 in mid-August following announcements of additional CCIP integrations and the beta release of Chainlink for Agents. These milestones demonstrate ongoing platform evolution and expansion.

Should tokenized assets achieve widespread adoption in traditional finance, Chainlink is well-positioned to capture value as a critical infrastructure provider supporting this transformation.

Hyperliquid: Aggressive Growth with Elevated Risk
Hyperliquid represents the highest-risk proposition in this selection. The decentralized perpetual futures exchange has experienced rapid expansion, with HYPE appreciating approximately 154% during the first half of 2026.

Such performance establishes elevated expectations going forward. Planned token unlock schedules and regulatory ambiguity introduce risks requiring careful consideration.

Nevertheless, Hyperliquid demonstrates that decentralized trading infrastructure can effectively challenge centralized exchange dominance in the cryptocurrency derivatives market.

Table of contents

Unitree has not begun trading on a public exchange, but Hyperliquid already carries a market verdict. Perpetual traders on the venue are pricing the robot maker near $38 billion, more than four times the $9 billion implied by its IPO, according to Allium analysts cited in the original report. That gap is not just a number. It creates a positioning problem before the first real share trades.

The spread matters because Hyperliquid is not simply hosting a passive price quote. Traders have built positions around a synthetic pre-listing exposure, and those positions come with leverage. When a market’s starting reference point sits that far above the IPO price, even normal price discovery can turn into forced selling.

Allium’s read is effectively a risk warning. A valuation of roughly $38 billion assumes a much larger outcome than the $9 billion IPO reference. Pre-listing perpetuals can drift because they are not constrained by share supply or underwriter pricing. Early momentum, thin liquidity, and shorting frictions can push a market away from any anchor. BlockchainReporter’s weekly tokenization roundup has tracked how quickly on-chain markets are absorbing real-world asset exposure, but this Unitree trade is a derivatives bet rather than a tokenized equity product.

Pre-Listing Perps Create a Fragile Reference Point
A pre-market perpetual does not have the same clearing mechanics as a share listing. On Hyperliquid, positions are marked to a synthetic contract rather than a spot asset. If the contract begins with a premium over the IPO level, long traders are effectively borrowing confidence. The longer the premium holds, the more crowded the trade becomes.

This is where the liquidation risk bites. A market that opens near $9 billion while the perp marks $38 billion would force a convergence. For late longs, that is not a mild pullback. It is a more than 75% markdown from the pre-listing price, assuming the two levels meet.

The analysts did not predict an immediate collapse. They pointed to vulnerability. Leverage amplifies the position, but it does not change the underlying reference point. The market may stay elevated, or it may correct sharply. The question is how many traders are positioned for the gap to close.

The start of public trading introduces a real cash price. That is the moment the synthetic pre-listing price has to reconcile with actual buyers and sellers. If underwriters priced the company at $9 billion and public investors are not willing to pay a $38 billion valuation, the perp market will have to adjust quickly.

The adjustment could be orderly if early liquidity is deep. It could also be violent if long positions are stacked on the assumption that the pre-listing premium was information rather than froth. Hyperliquid’s risk engine will process liquidations automatically, but automatic does not mean painless.

The same mechanics drive the speculative bursts visible in weekly crypto gainers, where momentum and leverage can sustain a move until a sudden repricing changes the book. Unitree’s perp market is a compressed version of that dynamic tied to a single corporate event.

Why This Is More Than a Single-Stock Story
Unitree sits at the intersection of robotics and AI, two narratives that have been pulling speculative capital across crypto and equity markets. The same appetite that has pushed AI-linked tokens and storage projects higher is now showing up in pre-IPO derivatives. BlockchainReporter’s Filecoin price outlook has noted how AI storage demand is shaping valuations, and Unitree is attracting similar attention as a physical AI name.

But the Unitree trade also tests whether decentralized perp venues can handle pre-listing price discovery without creating a cascade. The venue can list the contract, but it cannot guarantee that the contract price stays tethered to economic reality. The gap between $9 billion and $38 billion is the visible measure of that tension.

The next test is not the listing itself. It is what happens to the leveraged book when the real price begins to speak.

AUTHOR

Jide Idowu is a skilled freelance writer with expertise in blockchain technology, cryptocurrency, and digital finance. Known for his ability to break down complex topics into clear, engaging content, Jide crafts articles, blog posts, and analyses that resonate with both beginners and seasoned professionals. His work spans a wide range of subjects, from emerging crypto trends to in-depth explorations of blockchain innovations. With a keen eye for detail and a passion for educating readers, Jide is a reliable voice in the rapidly evolving world of digital assets.

TECHINASIA: Unitree IPO at $9b as Hyperliquid contracts signal $38b

https://www.dlnews.com/articles/markets/hyperliquid-protocol-cranks-up-the-risk-with-1000x-leverage/

Multicoin Capital has invested over $100 million in Hyperliquid’s native token, HYPE, as part of its strategic allocation to high-potential blockchain ventures. Hyperliquid, a Layer 1 blockchain with a decentralized perpetual futures exchange, aims to generate real cash flow through a fee-driven token buyback model. Multicoin Capital has been actively investing in HYPE since February, marking it as one of its largest positions. This investment underscores institutional confidence in Hyperliquid’s business model, which focuses on fee revenue directed towards token buybacks.

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Key Takeaways

Multicoin Capital’s significant investment in HYPE suggests strong institutional confidence in Hyperliquid’s business model.
Market pricing indicates an increase in the perceived likelihood of Hyperliquid reaching its price targets by the end of 2026.
The investment appears consistent with market participant expectations of Hyperliquid’s growth in the blockchain ecosystem.

What to Watch
Market participants will be monitoring developments from Hyperliquid, including potential partnerships and expansions, which could influence price predictions. Any significant announcements or regulatory changes affecting Hyperliquid’s operations could impact market sentiment. Observers will also be attentive to Multicoin Capital’s future moves within the blockchain space, as these could provide further insights into the fund’s confidence and strategic direction.

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Term Structure

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December 31
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January 1 2027
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January 1 2027
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January 1 2027
30.5%
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January 1 2027
8.1%
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January 1 2027
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According to monitoring by Onchain Lens, a Hyperliquid trader opened a long BTC position three hours ago, purchasing 96.25 BTC with the position valued at approximately $6.05 million. The position uses 40x leverage, with an entry price of $62,900.9 and a liquidation price of $59,147.3.

Relevant content

ABFinance officially announced it will shut down in approximately five months and is currently initiating an orderly liquidation.

Crypto finance platform ABFinance, founded by former Bybit co-CEO Helen Liu, announced it will not proceed with its planned launch and is now in the process of orderly shutdown. ABFinance stated on social media that it thanks all team members, community users, and partners involved in its development, adding: "Thank you for your trust, support, and belief along the way." In March this year, after leaving Bybit, Helen Liu announced the launch of her startup ABFinance, which aimed to build a one-stop financial platform connecting fiat and crypto assets, integrating functions such as deposits, yields, trading, and payments, and emphasized that it would be built under the U.S. compliance license framework from day one. According to prior reports, Bybit announced that Helen Liu would step down on April 30, 2026, to embark on her personal entrepreneurial journey. However, just about five months after ABFinance unveiled its project plan, the platform announced it would halt its launch and enter the shutdown process. The specific reason for the shutdown has not been disclosed by officials so far.

26 minutes ago

Morgan Stanley’s holdings of Circle surged nearly sixfold, but the firm cut its rating on the crypto firm to "Underweight" and lowered its target price to $38.

Morgan Stanley downgraded Circle (CRCL) stock rating from "Hold" to "Underweight" on August 3, slashing its price target from $106 to $38. Analysts attributed the rating cut primarily to the contraction in USDC circulation, which exposed Circle’s high sensitivity to reserve-related revenue. Meanwhile, the company’s business structure is shifting toward a transaction-based revenue model with lower profit margins. The report also cut Circle’s USDC size forecasts for 2027 and 2028 by approximately 33% and 44% respectively, and projected the company’s GAAP earnings per share (EPS) to be about 3% and 20% lower than market consensus.
However, Morgan Stanley’s latest filed 13F document shows that as of June 30, its holdings of Circle shares surged from around 1.46 million to 8.32 million, marking a clear position increase in the second quarter. This means that while Morgan Stanley publicly downgraded Circle’s rating and price target in early August, signaling a cautious outlook, its disclosed holdings as of the end of Q2 showed a significant position increase. It should be noted that 13F filings reflect holdings as of June 30, and cannot reflect whether positions were adjusted before or after the August rating cut. The market’s focus centers on the stark contrast between the institutional research view and the historical holdings disclosure.

26 minutes ago

Binance Research: Gen Z Prefers ETFs, With Lower Trading Frequency and Leverage Usage Than Other Age Groups

Binance Research data shows that Gen Z investors are gradually shifting to long-term asset allocation tools like ETFs, with lower trading frequency and weaker leverage preference compared to Millennials, Gen X, and Baby Boomers. In early August, ETFs accounted for 25% of Gen Z's stock trading volume. In July, ETFs made up 21.9% of Gen Z's net inflows into stocks, up from 18.5% in June; over the same period, the share of individual stock investments dropped from 77% to 74.2%.
Binance Research analyzed trading activities including direct stocks, tokenized stocks, and traditional financial perpetual contracts. The data shows Gen Z's trading activity across these three asset classes is lower than that of other working-age groups. Specifically, Gen Z's traditional financial perpetual contract accounts average 13 trades per month, lower than Millennials' 17 and Gen X's 16.5. Among direct stock accounts, 22% of Gen Z users have never sold any stocks, higher than Gen X's 19% and Baby Boomers' 9%. For Gen Z accounts where stocks were purchased but never sold, the top assets by cumulative purchase amount include Broadcom, Tesla, and the Charles Schwab U.S. Dividend Equity ETF.
In terms of leveraged products, Gen Z exhibits a lower risk appetite. Data shows 88.2% of Gen Z's traditional financial perpetual contract accounts have never traded leveraged or inverse ETFs, higher than Millennials' 84.5% and Gen X's 85.9%.
Additionally, the tokenized stock market continues to expand. Data shows Binance's bStocks recently briefly surpassed Kraken's xStocks to become the world's second-largest tokenized stock issuance platform. As of the latest data, Ondo Finance ranks first with approximately $972 million in tokenized stock value, while xStocks and bStocks stand at around $611 million and $580 million respectively.

26 minutes ago

Serenity responds to "going to zero" rumors by sharing a screenshot, with its year-to-date return standing at 2411.84%.

Serenity released a statement accompanied by photos to address recent market rumors that his trading account has "gone to zero", calling the claims "too exaggerated". He added that despite the sharp correction in the AI sector in July, his year-to-date (YTD) return still stands at 2411.84%. Earlier, Serenity had publicly stated that the slump in AI-related stocks in July led to a roughly 49.4% drawdown in his portfolio at one time, with his positions mainly concentrated in key segments of AI infrastructure—including high-volatility sectors such as storage, optical communications, robotics, and upstream semiconductors. Serenity has long focused on "bottleneck segments" within the AI industrial chain, has conducted multiple researches on memory, photonics, CPO, and semiconductor supply chains, and has drawn market attention for his bets on AI infrastructure-related assets.

26 minutes ago

Talks between Stripe and Advent to acquire PayPal are heating up, with the potential deal valued at up to $53 billion.

Payment giant PayPal’s acquisition talks with Stripe and private equity firm Advent Global Opportunities are heating up, with a potential deal to be finalized in the coming weeks. Back in July, Stripe and Advent proposed acquiring PayPal at $60.50 per share, valuing the deal at roughly $53 billion, but PayPal rejected the offer at the time. However, sources familiar with the matter revealed that negotiations have not broken off and are still ongoing. Neither PayPal nor Stripe has confirmed the reports. PayPal declined to comment, while Stripe said it does not respond to market rumors or speculation.
The potential sale comes as PayPal seeks to reverse its growth struggles. Since PayPal CEO Enrique Lores took office in March this year, he has rolled out a restructuring plan splitting the business into three segments: checkout and PayPal core services, consumer financial services (including Venmo), and payment services and crypto operations. Lores has stated that PayPal will return to its identity as a technology company and strengthen its core payment capabilities. Meanwhile, the company plans to boost efficiency through cost cuts, with an estimated 20% workforce reduction over the next two to three years.
Founded in 1998, PayPal’s founding team includes Silicon Valley figures such as Peter Thiel, Elon Musk, and Max Levchin. The company grew rapidly during the pandemic due to the e-commerce boom, but has faced challenges including slowing growth and downward pressure on its stock price in recent years. If the deal is completed, it will be one of the largest acquisitions in the fintech industry in recent years.

26 minutes ago

Duan Yongping has bet on SpaceX for about 20 days, with paper gains exceeding $5.4 million.

According to public information from Xueqiu platform, Duan Yongping recently participated in SpaceX (SPCX) via two transactions: options and common stock. On July 24, he sold 1,000 SPCX put options expiring on December 18, 2026, with a strike price of $115, at a transaction price of approximately $23.26, corresponding to a premium of about $2.326 million. Then, on August 5, Duan Yongping bought 100,000 SPCX shares at a cost of roughly $108.68 per share. Based on SpaceX’s latest closing price of $140, this long stock position has an unrealized gain of around $3.132 million. Combined, Duan Yongping’s round of SpaceX trades has generated an unrealized profit of approximately $5.458 million in about 20 days.
However, it should be noted that although the premium from selling the put option has been credited, the option has not yet expired. If SPCX subsequently falls below $115 and is exercised, he will still be obligated to take delivery of the shares at the strike price. SPCX has been highly volatile recently: after its June listing, the stock once surged to above $200, then dropped back to around $105. In August, as the impact of the first batch of restricted stock unlocks was weaker than expected and market risk appetite recovered, the stock price rebounded to the $140 level. As a result, Duan Yongping’s current trade has evolved from "selling puts to collect premiums" to a staged high-probability trade.

26 minutes ago

Shiba Inu continues its effort to stabilize after a failed attempt at reversing its long-term trend. Currently trading at $0.00000453, the token has climbed about 1.6% on the daily chart, but bears still maintain an advantage in the broader technical setup.

Shiba Inu faces resistance in recovery attemptSHIB has established a consolidation zone near the $0.00000453 level. The price is testing support around $0.00000446, hovering just below the short-term moving average of $0.00000459. A recovery above $0.00000459 would mark an early sign of renewed buyer interest, while $0.00000492 stands as a stronger resistance level that twice rejected price advances following late-July volatility.

A daily close above $0.00000492 may allow for further upside toward $0.00000520–$0.00000550. However, SHIB’s long-term outlook remains weak, as it continues to trade beneath the 200-day moving average at $0.00000581, which is still trending downward. Until SHIB closes above these longer-term trendlines, any rallies should be seen as possible recovery bounces within a larger bearish context.

Immediate support resides between $0.00000440 and $0.00000445. A breakdown below this range could bring the July consolidation zone around $0.00000420 back into focus and open up a test of local lows. On a positive note, the Relative Strength Index (RSI) is at 47.5, suggesting momentum has room to improve and buyers could regain control if demand rises.

Although SHIB rebounded 1.6% daily, breaking through $0.00000492 could unlock a higher price range while a loss of $0.00000440 would risk retesting recent lows.

Bitcoin remains in tight range near $62,600Bitcoin continues to consolidate within a narrow range, following a 1.2% daily decline that saw the price slide below short-term moving averages to around $62,587. Over recent weeks, Bitcoin has repeatedly tested support between $63,400 and $63,900 without a sustained breakout above this region.

The downward move reinforces short-term seller dominance, backed by momentum indicators: the RSI fell to 40.65, with the signal line at 48.8, showing Bitcoin is not yet oversold. The next key support zone stands between $61,500 and $62,000, an area that has absorbed selling pressure several times since July.

A decisive daily close below this support would weaken the current structure and shift attention to the psychological $60,000 mark. Below that, the late-June lows between $58,000 and $59,000 become the next reference.

LevelTypeCurrent Price/Range$66,500Key resistanceIntermediate moving average$63,400–$63,900Short-term resistanceCurrent trading range$61,500–$62,000Key supportImmediate downside$60,000Psychological levelNext support$58,000–$59,000Major supportJune lowsTo approach more meaningful resistance around $66,500, Bitcoin must recover $63,900–$64,000. Sustained trading above this falling trendline would signal a more substantial bullish shift, although longer-term resistance remains much higher at $71,800.

Buyers need to push Bitcoin above $66,500 to reverse the broader downtrend, while a break below $61,500 could open the way to $58,000.

Near Protocol and Hyperliquid diverge in technical outlooksNear Protocol, a layer-1 blockchain offering fast, scalable smart contracts, continues to face persistent technical headwinds. Despite periods of stabilization near recent lows, NEAR remains under its major moving averages, reinforcing a bearish bias. Reclaiming the short-term moving average cluster is essential for a shift in sentiment.

Sellers still have the upper hand as attempted rebounds fail to convert resistance into meaningful support. The RSI is recovering from previous lows but remains below the neutral 50 level, suggesting potential stabilization but no convincing reversal. NEAR would need to record higher daily lows and break above near-term resistance to confirm a genuine recovery. Further downside could confirm the prevailing pattern of lower highs and lows.

Hyperliquid, a decentralized perpetuals exchange and its governance token HYPE, is in a stronger technical position after holding support near $51–$52 and rebounding to the $56–$57 area. The intermediate moving average at around $57 is the focus, as a daily close above this level could improve momentum and open the door to $60–$61. The long-term moving average, now at $50.90, successfully halted the previous decline. Sustaining this defense is crucial for a larger bullish recovery.

Momentum in HYPE has also picked up, with its RSI recovering toward neutral levels and indicating reduced selling pressure. However, unless buyers push the price above $56–$57, another retest of $53–$54 remains possible. A decisive break below $50.90 could mark a much deeper slide.

As HYPE defends key technical levels, the coming sessions will determine if a true upward breakout materializes or if the consolidation phase continues.

Mini dictionary: Hyperliquid, a decentralized trading platform, specializes in perpetual contracts and leverages non-custodial on-chain settlement mechanisms, aiming to provide users with fast and permissionless derivatives trading without intermediaries.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

https://crypto.news/what-is-hyperliquid-how-does-it-work/

Hyperliquid, a decentralized exchange specializing in perpetual futures, is actively lobbying to enable U.S.-regulated firms to offer its no-expiry derivatives products on their blockchain. This move follows recent regulatory changes by the Commodity Futures Trading Commission (CFTC), which opened a path for certain crypto perpetuals on U.S.-registered venues. The CFTC’s approval of the first listed bitcoin perpetual contract has set a precedent, indicating a possible regulatory acceptance of such products. Hyperliquid’s efforts appear aimed at allowing U.S. firms to leverage its blockchain infrastructure, rather than bringing its existing offshore platform directly into the U.S. market.

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Key Takeaways Hyperliquid’s lobbying efforts suggest a strategic move to expand into the U.S. market by aligning with the recent CFTC regulatory framework. Market pricing suggests participants view this development as potentially supportive of an increase in Hyperliquid’s market value. The lobbying activity appears consistent with broader plans to integrate Hyperliquid’s blockchain capabilities within U.S.-regulated environments. What to Watch Watch for any official announcements from the CFTC regarding further regulatory approvals or guidelines that could impact Hyperliquid’s expansion efforts. Additionally, observe any shifts in market sentiment or pricing related to Hyperliquid as more details about their lobbying efforts and potential U.S. partnerships emerge. Developments in these areas could provide further indications of Hyperliquid’s ability to successfully enter the U.S. market and influence market outcomes.

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Term Structure

Contract Odds Δ since publish Volume 24h December 31 15.5% — — View market → January 1 2027 4.1% — — View market → January 1 2027 3% — — View market → January 1 2027 30% — — View market → January 1 2027 8.5% — — View market → January 1 2027 3.2% — — View market →

In another episode of scams that made headlines in 2026, a recent phishing attack specifically targeted Hyperliquid users rather than a direct breach of Hyperliquid’s protocol. 

According to Darcy Ari, co-founder of FlashRescue, on the 13th of August, the attackers used Hyperliquid-related keywords to buy Google Search advertisements.

In the background, the malicious advertisement may have shown up among the top results when users searched for the platform, possibly passing for an official Hyperliquid link.

Following which, at least one user was sent to a phony website that mimicked the genuine platform after clicking on the advertisement.

Funds drained
That said, the user seemed to have lost 550,019 USDC, or about $550,000. After that, the money was moved to three blockchain addresses that were purportedly connected to the attackers.

In this transfer, around 440,015 USDC, 82,503 USDC, and 27,501 USDC were moved, respectively. 

Source: Arkham
For context, instead of relying on a technological breach at Hyperliquid, the alleged attack used social engineering.

In order to trick users into connecting wallets, authorizing malicious transactions, or disclosing private information, attackers allegedly made a phony Hyperliquid website and advertised it using Google Search ads.

After being provided access, the attackers were able to transfer money without jeopardizing the trustworthy platform.

Steps taken
It has been reported that Google suspended the campaign’s associated advertiser.  Well, this isn’t the first time a search ad-based crypto phishing attack has happened. 

Given the rise in such scams, the Security Alliance (SEAL) has previously discovered over 356 malicious advertising URLs that target cryptocurrency wallets and platforms.

Attackers are stepping up their game
This comes as South Korean cybersecurity company Genians has reported that Kimsuky, a hacker collective with ties to North Korea, is allegedly incorporating AI tools straight into its cyberattack infrastructure.

The action may enable Kimsuky to automate and scale certain aspects of its attacks, including target research, phishing content creation, information analysis, and support for other phases of cyber operations.

Final Summary

The attackers used Hyperliquid-related keywords to buy Google Search advertisements, which forced one user into a phony website.
SEAL has previously discovered over 356 malicious advertising URLs that target crypto wallets and platforms.

Hyperliquid [HYPE] recently showed strong upside momentum after establishing $53 as support.

The altcoin then climbed to a local high of $57. At press time, HYPE traded near $56.89, down 0.32% daily. However, heavy whale selling threatened the emerging recovery.

How much HYPE did the whale sell?
Although HYPE showed relative strength, some high-net-worth holders continued reducing their positions.

According to Lookonchain, one whale initially held 2.93 million HYPE worth $163.37 million. After two weeks of inactivity, the address sold another 923,743 HYPE worth $53.02 million.

Source: Arkham
Two weeks earlier, the whale sold 1.03 million HYPE worth $57.44 million.

Across both transactions, the whale sold 1.95 million HYPE worth approximately $110.46 million. Even after those sales, the address held 969,595 HYPE worth $55.5 million.

These transfers may reflect profit-taking as Hyperliquid [HYPE] recovered from its recent decline. However, the wallet’s future intentions remained unknown.

On top of that, exchange activity showed broader selling pressure.

CoinGlass data showed that Spot Netflow remained positive throughout the past week. It stood near $7.19 million at press time.

Source: CoinGlass
Positive Spot Netflow suggested that more HYPE entered exchanges than left them. That exchange supply could intensify selling pressure if holders moved tokens there to sell.

Therefore, active sellers may limit HYPE’s recovery despite its improving price structure.

Can HYPE reclaim $60?
Even so, HYPE’s bullish structure appeared to strengthen.

The Positive Directional Indicator [+DI] stood near 21, while the Negative Directional Indicator [-DI] held around 15. The +DI also remained above the Average Directional Index [ADX]. This setup suggested that buyers held the directional advantage.

Source: TradingView
Additionally, the MACD remained negative but moved upward. This indicated that bearish momentum had weakened. Together, the indicators supported the possibility of further upside. A sustained recovery could help HYPE reclaim $60.

However, continued whale selling could disrupt the rebound. Renewed pressure may instead push HYPE toward its $53 support.

Final Summary

A Hyperliquid whale sold another 923,743 HYPE worth $53.02 million. The whale’s combined sales reached 1.95 million HYPE worth approximately $110.46 million.
A sustained recovery could lift HYPE toward $60, while renewed selling may trigger a $53 retest.

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 is showing an unusual combination of improving spot flows and strengthening price action, with 12-hour spot net flows surging more than 350% while HYPE attempts to establish itself above a critical technical area. The move suggests that the latest recovery has more behind it than derivatives speculation alone.

Spot flows surgeOver the 12-hour window, HYPE recorded approximately $8.84 million in spot inflows against $7.31 million in outflows. That produced positive net inflows of roughly $1.53 million, with the net change metric jumping 353.49%.

HYPE/USDT Chart by TradingViewThis is particularly notable because shorter windows remain negative. The four-hour spot net flow stands at approximately -$381,000, while the eight-hour figure is around -$287,000. The 12-hour reading therefore captures an earlier period of substantially stronger accumulation that still outweighs more recent selling.

HOT Stories

Futures flows tell a different story. HYPE recorded approximately $102.25 million in 12-hour futures outflows against $92.66 million in inflows, producing a $9.59 million negative balance. Eight- and four-hour futures flows are also negative.

That divergence can actually strengthen the quality of the current setup. Spot demand represents direct acquisition of HYPE, whereas futures activity can create leveraged exposure without equivalent underlying buying. Positive spot flows combined with derivatives outflows suggest some leverage is leaving while underlying spot demand remains comparatively stronger.

HYPE's price reflects the surgeHYPE trades around $56.58 after recovering from the $52 region. Price is now battling the 100-day moving average around $56.65 and the short-term average near $56.87. Establishing support above approximately $57 would represent a meaningful breakout from the recent consolidation.

The next major obstacle sits at the 50-day moving average near $60.69. A successful move through $60–$61 could expose the $64–$66 region and substantially improve the recovery structure.

Meanwhile, the 200-day moving average continues rising near $50.94, providing a significant long-term support level underneath the market.

The 350% spot-flow increase does not guarantee continuation, particularly because shorter-term flows have already turned negative. But HYPE currently has something more constructive than a leverage-driven bounce: positive 12-hour spot accumulation, reduced futures exposure, and a price attempting to break through resistance at the same time.