A user of the Hyperliquid trading platform lost approximately $550,000 in USDC after inadvertently clicking on a malicious advertisement displayed via Google search. The ad redirected the user to a fraudulent website designed to mimic the official Hyperliquid site, leading to the theft of their funds.
Funds traced to attacker-controlled addressesDarcy, co-founder of FlashRescue, detailed the incident on August 13, highlighting three blockchain addresses suspected to belong to the perpetrator. Blockchain records revealed separate transfers totaling about 550,019 USDC being sent to these addresses. Notable movements included transactions of 440,015 USDC, 82,503 USDC, and 27,501 USDC.
These transfers clearly confirm that the lost USDC ended up in the identified wallets. However, only Darcy’s findings and evidence provided by the victim established the specific route by which the attacker exploited the individual, namely through a deceptive Google advertisement.
Google responded aggressively by suspending the advertiser responsible for the scam, emphasizing its “zero tolerance for scams” and revealing that its systems blocked or removed more than 8.3 billion ads last year. This figure included 602 million advertisements directly tied to fraudulent activities.
For 2025, Google stated its automated controls prevented over 99% of policy-violating ads from going live. The search giant reiterated its commitment to safeguarding users against phishing and fraud schemes, but acknowledged that sophisticated scams still emerge despite ongoing efforts.
Persistent phishing using Google AdsSecurity organizations have observed that malicious Google Ads targeting DeFi users like those of Hyperliquid have been circulating consistently for more than a year. Attackers frequently rotate through major decentralized finance brands, making it difficult to shut down these campaigns entirely.
According to SEAL, some of these operations employ compromised or illicitly acquired verified Google advertiser accounts. They often pair these accounts with cloaking techniques where initial landing pages—sometimes even hosted by Google—appear legitimate to automated review systems. Once a human user accesses the site, deceptive content is loaded through additional frames.
Investigators also noted the growing use of crypto drainers that rely on JavaScript embedded in browsers, tricking victims into approving malicious transactions. However, current evidence does not link a particular drainer tool to the latest Hyperliquid case.
There is no indication that the Hyperliquid protocol suffered any breach; the user was deceived before ever interacting with the legitimate trading platform, according to initial analyses.
Given the rapid pace of such attacks, market participants increasingly recognize the risk of fragmented tools and information sources. In a market where a single Fed decision or a sudden altcoin listing can change everything in seconds, jumping between different apps for charts, news, and portfolio tracking is costing investors money. Smart traders are now utilizing privacy-first tools like CryptoAppsy to consolidate everything. Without even the hassle of creating an account, you get real-time charts, smart price alerts, coin-specific news, and critical macro data all on one screen.
As of now, Hyperliquid users are urged to remain cautious and to only access the platform directly through trusted links, avoiding all third-party advertisements.
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.
This Friday, we examine Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid in greater detail.
Ethereum (ETH) This week, Ethereum hugged the key support at $1,800 with a minor loss of 2%. While this puts sellers in a more favorable position, they will need to break the support if they want to take the initiative.
The current ETH price action shows significant weakness after forming a lower high just below $2,000. Buyers were not able to claim that level as support; this is why bears are returning.
Looking ahead, Ethereum will likely test $1,800 again. If that level fails to hold, this cryptocurrency may revisit the support at $1,500, where buyers finally returned in early July.
Source: TradingView Ripple (XRP) XRP has had a difficult week, struggling to hold above $1. The price also fell by nearly 3% and is inches away from turning $1 into a key resistance. All it takes is one more push by sellers.
If $1 becomes resistance, this will only prolong the current downtrend, which started in August 2025. Since this is also a major psychological level, any loss of support will be costly and see buyers retreat much lower, with the next key support level at $0.80.
Looking ahead, this cryptocurrency has a very low chance of reversing its current downtrend, especially after the price fell from two identical pennants. This only reconfirmed that bears are in total control over the price.
Source: TradingView Cardano (ADA) Cardano started the month well, but now sellers have returned and pushed the price 10% lower this week alone. That’s bad news for bulls, which may have retreated already to the key support at 15 cents.
Should this corrective move continue, then a re-test of $0.15 is very likely. That level has to hold if ADA hopes to avoid new lows. Any weakness there could suddenly see the price spike much lower.
Looking ahead, it appears Cardano could also end up consolidating above the key support if buyers manage to stabilize the price in this area. A consolidation period would be healthy after its prolonged downtrend that started in 2025.
Source: TradingView Binance Coin (BNB) Binance Coin closed the week 3% higher after confirming support at $580. If sellers don’t return here, then BNB has a good chance to continue higher and towards the key resistance at $690.
At the time of this post, this cryptocurrency is trading around $610. As long as the price is above $600, buyers will have an advantage in terms of momentum. However, the buy volume remains low.
Looking ahead, BNB could be forming a large rounded bottom around current levels. That will be confirmed if the price moves above $630. If so, a test of $690 becomes more likely in the future.
Source: TradingView Hype (HYPE) HYPE remained flat on the weekly timeframe and was rejected at the $58 resistance. If nothing changes in the days to come, then the price could revisit the key support at $52.
So far, this cryptocurrency has been making lower lows and lower highs since its all-time high at $76 back in June. Considering its significant rally in the first part of the year, the current correction could also last a while.
Looking ahead, the most decisive level on the chart is found at $52. This key support has stopped sellers from making new lows, but it could be retested again soon, which could be interpreted as bearish. Best to be patient here and follow the price.
Source: TradingView Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Tokenized US Stocks Go Live on HyperliquidChainlink has confirmed that tokenized exposure to US stocks and ETFs is now available on Hyperliquid, marking a notable step in the push to bring traditional equity markets onchain. The integration is powered by xStocks and Chainlink's Cross-Chain Interoperability Protocol (CCIP), which handles the movement of supported assets across chains and into Hyperliquid's trading environment.
that now sit on Hyperliquid's spot trading infrastructure.
How the Integration Works
The setup means spot holders and perpetual traders can operate within the same ecosystem, rather than across separate platforms.
Chainlink frames the opportunity in broad terms. The $150+ trillion global equity market is moving onchain, the protocol said, pointing to growing institutional and retail demand for always-on access to equity exposure. Chainlink's infrastructure plays a critical role, providing price feeds to track the asset, Proof of Reserve to confirm backing, and CCIP to enable secure cross-chain transfers.
Key Takeaways An investor using Hyperliquid lost approximately $550,000 in USDC after interacting with a fraudulent Google search advertisement DarcyAri from FlashRescue identified the incident through on-chain analysis The stolen assets were distributed among three separate attacker-controlled wallets Following notification, Google disabled the malicious advertiser’s account Trezor wallet users have also been recent targets of comparable phishing campaigns On August 13, a cryptocurrency investor suffered losses totaling around $550,000 in USDC after becoming victim to a sophisticated phishing operation executed through a paid Google search advertisement.
Hacker Uses Google Search Ad for Hyperliquid to Phish Users, Causing About $550,000 in Losses
According to DarcyAri, a hacker used a Google sponsored ad for “Hyperliquid” to lure users into a phishing site, resulting in a Google Search paid-ad phishing attack that has caused… pic.twitter.com/lbZnNmmuVy
— Wu Blockchain (@WuBlockchain) August 13, 2026
DarcyAri, who co-founded the blockchain tracing company FlashRescue, shared on-chain evidence revealing three separate fund transfers from the victim’s account to wallets associated with the scammer.
The stolen cryptocurrency was divided across three outbound transfers: $27,500 sent to the first wallet, $82,500 routed to a second destination, and $440,020 directed to a third address.
The malicious advertisement redirected the trader to a counterfeit website mimicking Hyperliquid’s legitimate platform, where sensitive information such as login credentials or wallet permissions were presumably compromised.
Google verified that it deactivated the fraudulent advertiser’s account. A company representative stated that their systems prevent 99% of policy-breaking advertisements from appearing and that they eliminated more than 602 million fraudulent ads throughout the previous year.
Recurring Trend of Cryptocurrency Phishing via Sponsored Listings This incident represents just one of multiple occasions where malicious advertisements have exploited crypto investors through Google’s search platform.
During April, cryptocurrency security organization SEAL reported successfully blocking 356 dangerous Google advertisement URLs across multiple weeks. A portion of these malicious links specifically targeted Hyperliquid users.
SEAL observed that threat actors frequently leverage hijacked advertiser credentials to circumvent Google’s automated verification processes.
The organization emphasized that malicious advertisements may remain active for mere minutes before successfully deceiving a victim, complicating swift removal efforts.
This Hyperliquid attack occurred shortly after a distinct operation that focused on Trezor customers. On August 7, Trezor released an alert regarding phishing domains appearing as sponsored listings when users searched for “Trezor wallet.”
Trezor cautioned that submitting recovery seed phrases on these fraudulent platforms could result in complete asset forfeiture.
In July, a different cryptocurrency holder lost $999,999 in USDT after authorizing a malicious token approval on Ethereum, as documented by Web3 security company Scam Sniffer.
Platform Expansion Remains Unaffected Importantly, there is no evidence suggesting the Hyperliquid platform itself experienced any security breach.
User engagement on the exchange has demonstrated consistent expansion. The total count of active perpetual contract traders achieved a record high of 263,666 on August 6, based on data from HyperTracker analytics.
Active participant numbers have climbed from approximately 150,000 during early January 2026, with accelerated momentum observed throughout the spring and summer months.
The HYPE token delivered returns of 79.2% during the latest quarter, peaking at an all-time high of $76.90 on June 16 before settling at $66.04 by quarter’s end.
The phishing incident showed no impact on the platform’s technical infrastructure or its trajectory of user expansion.
Cryptocurrency participants are strongly encouraged to bypass sponsored search listings when navigating to trading platforms and to independently confirm website URLs before connecting digital wallets or submitting sensitive information.
A Hyperliquid user appears to have lost about $550,000 in USDC on Aug. 13 after interacting with a phishing website promoted through a Google search advertisement, according to FlashRescue co-founder Darcy.
Summary
Hyperliquid user reportedly lost 550,019 USDC after transfers reached three addresses reportedly linked to attackers.
Google suspended the advertiser after paid search result allegedly directed users toward a phishing site.
SEAL blocked over 356 malicious advertising URLs during recent campaigns targeting cryptocurrency applications and wallets.
Hyperliquid documentation warns users to verify full URLs and treat unknown wallet activity as compromise.
On-chain transfers verify the fund movements, but cannot independently establish that Google advertising caused them.
His post identified three addresses allegedly controlled by the attacker.
On-chain data associated with the reported transaction shows roughly 550,019 USDC was split among the three addresses. The transfers provide evidence that the funds moved, but blockchain records alone cannot establish how the victim was deceived. Darcy attributed the theft to a paid Google advertisement impersonating Hyperliquid. GoPlus Security subsequently identified two of the same addresses in its own warning.
Hyperliquid phishing transfers totaled about 550,019 USDC
The reported transaction split the funds into about 440,015 USDC, 82,503 USDC and 27,501 USDC. The three recipient addresses were 0x98b276…13C55, 0x93b6B2…d6D1 and 0x6fE314…B566.
Those movements are consistent with Darcy’s approximately $550,000 estimate. However, the causal link to the Google advertisement currently rests on the researcher’s attribution and reported victim evidence rather than the blockchain itself. Security Alliance, or SEAL, similarly warns that reliable attribution of losses to individual advertisements requires direct victim evidence and additional indicators of compromise.
Google told The Block that it suspended the advertiser connected to the reported campaign. A spokesperson said the company has “zero tolerance for scams” and said its systems stopped more than 99% of policy violating ads before they ran during 2025. Hyperliquid did not immediately respond to the publication’s request for comment.
Google’s own 2025 Ads Safety report says it blocked or removed more than 8.3 billion ads and suspended 24.9 million advertiser accounts last year. That included 602 million advertisements and four million accounts associated with scams. Those figures cover Google’s global enforcement rather than this Hyperliquid case specifically.
SEAL tracked Hyperliquid impersonations months earlier
SEAL documented the wider campaign in April and said it had blocked more than 356 malicious advertising URLs within several weeks. Its dataset contained 17 Hyperliquid impersonation sites, accounting for about 5% of the 352 entries included in its brand breakdown.
The security group said attackers use hacked or illicitly purchased verified advertiser accounts alongside cloaking and fingerprinting to evade automated checks. Some campaigns place benign looking Google hosted pages in front of malicious content delivered through secondary frames. SEAL advised crypto users to avoid accessing cryptocurrency applications through Google Search and instead use verified bookmarks.
The pattern has already produced other reported losses. As crypto.news previously reported, fake Uniswap advertisements were linked to at least $400,000 in thefts in May. SEAL separately calculated $1.27 million in confirmed and unattributed losses tied to suspected malicious Google advertisements between March 13 and March 30.
In related coverage, a Trezor user reported losing funds after clicking a sponsored phishing result earlier this month. Trezor later warned customers that sponsored search results can imitate its official website and should not automatically be trusted.
No Hyperliquid protocol breach has been identified
Nothing in the available evidence indicates that Hyperliquid’s blockchain or trading protocol itself was breached. The reported attack instead appears to have targeted the user before interaction with the legitimate platform by directing the victim to an impersonating website. This is an inference from the available security reports rather than a Hyperliquid finding.
Hyperliquid’s official support documentation already warns users to check complete website URLs because scammers use similar looking domains. Its support guidance also says unauthorized transactions, missing funds or unknown multisig changes can indicate that a wallet has been compromised.
What happens next
Google has suspended the advertiser identified in the report, while the three recipient addresses remain publicly traceable on-chain. No law enforcement investigation or asset recovery connected to this specific loss had been publicly announced in the sources reviewed as of Aug. 14.
The next verifiable development would be movement from the recipient wallets or identification of an exchange, bridge or other service through which investigators could seek additional information. For now, the approximately $550,000 loss is supported by the reported on-chain transfers, while the claim that a Google advertisement caused the theft remains attributed to FlashRescue’s Darcy.
Hyperliquid, a fast-growing crypto derivatives exchange, offers outside builders the chance to launch their own perpetual-futures markets in exchange for up to 50% of the trading fees those venues generate. However, this policy is now coming under scrutiny from major industry figures, including Kain Warwick, founder of Infinex and Synthetix, who questioned whether such generous incentives can last.
Builder incentives and market dominanceThrough its HIP-3 initiative, Hyperliquid allows anyone to stake 500,000 HYPE—valued at approximately $28 million—to deploy a permissionless perpetual futures market. Builders keep as much as half the trading fees from these markets, many of which focus on tokenized real-world assets such as stocks and commodities. According to DefiLlama data, builder-run markets have grown significantly, rising from about 2% of Hyperliquid’s trading volume at the beginning of 2026 to nearly 50% today.
Warwick suggested on the August 12 episode of the Unchained podcast that such a high revenue split is unsustainable, drawing from his experience at Synthetix. At Synthetix, he recalled, outside market makers sought a much larger cut but never received more than 30% of fees. Highlighting Hyperliquid’s model, he argued, “The fact that Hyperliquid has landed on 50% of the fees is a bit crazy. I can’t see how that’s sustainable.”
Kain Warwick pointed out that while market builders can bring their venues to alternative platforms, Hyperliquid’s dominance as the primary trading venue gives the exchange the power to adjust builder incentives at any time. He predicted the current 50% split is likely an “opening offer that probably is gonna change.”
Financial data shows why the builder cut has become a critical issue for HYPE holders. Hyperliquid routes 99% of its own share of trading fees—excluding what goes to builders—into a buyback Assistance Fund for the HYPE token. As the protocol’s share shrinks, so does the scale of buybacks, directly affecting token value dynamics.
Fee split impacts and revenue declineDespite steady trading volume, Hyperliquid’s gross revenue has fallen for four consecutive quarters. Third quarter 2025 revenue was about $357 million, but this figure declined to approximately $202 million by the second quarter of 2026—a 43% drop. Quarterly token buybacks mirrored this decline, falling from almost $290 million to roughly $149 million over the same period.
Warwick emphasized that while overall trading volumes have remained stable, the allocation of fees has shifted significantly. “The fees are just going to different people,” he noted, pointing to the redistribution from the protocol to builders.
Market concentration and systemic risksOpen interest within the HIP-3 markets is increasingly concentrated, with trade.xyz accounting for more than 90% of all HIP-3 open interest. In July, tokenized real-world asset perpetuals on Hyperliquid reached a record $3.6 billion in open interest, even surpassing bitcoin’s open interest on the platform. This dependency on a single counterparty presents risks, both for the builder and for Hyperliquid itself.
Warwick underscored the vulnerabilities of relying on one dominant builder: “You never wanna be fully reliant on one platform,” he said, explaining that Hyperliquid could reduce builder fees or subsume those markets at any moment, potentially destabilizing its biggest partner.
Amid these developments, HYPE recently traded at about $57.66, below its June peak of $76.67, while the protocol continues its regular token burn from daily fees.
In this rapidly shifting environment, where a single Fed decision or a sudden altcoin listing can have swift and dramatic effects, market participants are increasingly embracing privacy-first tools such as CryptoAppsy to consolidate trading, news, and portfolio tracking. These solutions provide instant access to live charts, price alerts, coin-specific news, and macroeconomic data—all without requiring account creation—helping traders reduce friction and stay ahead in volatile conditions.
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.
According to monitoring by Mlm Onchain, a certain whale has placed a short order for 1.42 million SPCX tokens on Hyperliquid, with a notional value of approximately $202 million, at a price range of $142.43 to $142.90.
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According to Bloomberg, fintech firm Chime Financial is exploring adding stablecoins as a new feature to its consumer banking platform, the latest sign that stablecoin adoption is expanding further beyond the crypto market into everyday payments. Sources familiar with the matter disclosed that Chime invited blockchain technology companies to submit proposals in late spring this year, aiming to deliver end-to-end stablecoin wallet services. It remains unclear which technology supplier Chime will ultimately select, nor the specific stablecoin products and functionalities it will roll out.
Hyperliquid [HYPE] is increasingly gaining momentum, thanks to robust Q2 financials supporting the current bullish trend.
The protocol’s latest financial reports show a sharp improvement in profitability, with net income and adjusted EBITDA recording triple-digit quarterly growth. On top of that, Hyperliquid’s total HYPE holdings have also soared alongside increasing whale activity and trading volumes.
Interestingly, the release comes at a crucial moment, and network growth development comes as Hyperliquid rolls out the HIP-1 scaleWei Function, which is aimed at supporting corporate actions for tokenized stocks.
Hyperliquid founder Jeff said HIP-1 will add a deployer-controlled scaleWei function that can atomically distribute tokens in proportion to users’ holdings of a reference token and support token redenominations.
With HYPE also holding above its 20-day EMA and defending a key $50-$55 imbalance zone, could its buyers challenge the psychological $60 level in the near future?
Hyperliquid’s Q2 profitability surges
Hyperliquid’s Q2 financial performance creates an ideal fundamental base for the token’s recent recovery. The protocol’s net income grew by 250% quarter-over-quarter to reach $30.95 million, compared to $8.84 million registered during the previous quarter.
Similarly, the adjusted EBITDA witnessed a remarkable increase to register at $53.65 million compared to $19.51 million reported during the previous quarter.
The figures indicate that the underlying profitability of Hyperliquid is growing, providing yet another fundamental boost to the HYPE token investors other than market momentum.
The gross HYPE holdings have been rising significantly as well. The protocol’s gross HYPE holdings jumped by 87% to reach $132.64 million, highlighting the growing value of its token-related holdings and strengthening the balance sheet.
Source: Hyperion Defi
What are the token’s on-chain metrics saying?
Bullish fundamental factors are also manifesting themselves through on-chain activity. At the moment, whales own about 56% of the HYPE token’s total circulation, indicating that large holders maintain significant exposure to the token.
High whale concentration could amplify the token’s price movements, especially when large holders increase their positions. Most holders and traders are long, adding more weight to the bullish bias. About 75% of the total market exposure is in long positions.
Source: CoinGlass
At the same time, the market activity has also improved along with the price action.
HYPE’s trading volume is up 37% to around $264 million, showing that more capital is flowing through the token’s markets.
Source: Santiment
Final Summary
Hyperliquid’s Q2 net income surged 250% to $30.95 million, while adjusted EBITDA jumped 175% to $53.65 million.
HYPE long positions account for 75% of market exposure as trading volume rises 37% to $264 million.
Crypto assets are entering a new phase in which revenue and returns to token holders will increasingly determine their valuations, according to Bitwise Chief Investment Officer (CIO) Matt Hougan.
In a note to investors late Wednesday, Hougan argued that the long-standing criticism that crypto projects generate little or no revenue is becoming outdated. He noted that the shift could mean many crypto assets are currently undervalued.
In earlier years, while several projects attracted millions of users and generated billions of dollars in activity, relatively little revenue was directly distributed to token holders.
Regulatory shift opens door to revenue captureHougan noted that this dynamic was partly shaped by regulatory uncertainty. Between 2017 and 2025, the SEC’s approach under former chairs Jay Clayton and Gary Gensler discouraged crypto projects from distributing revenue to token holders.
As a result, many projects launched governance tokens that provided voting rights without giving holders direct claims on protocol revenue. Major DeFi projects such as Uniswap and Aave followed this model.
Hougan pointed to the SEC’s legal defeat against Ripple in July 2023 as an important turning point. Subsequent developments, culminating in the case's resolution in August 2025, helped create a more favorable environment for crypto revenue models. The change accelerated after Paul Atkins became SEC chair.
“Suddenly revenue was back on the table,” Hougan wrote.
Following the SEC's pushback on crypto projects, Hyperliquid emerged as a clear example of the revenue-driven model.
Its key distinction, according to Hougan, is that approximately 99% of its fee revenue is reserved for buying HYPE on the open market. The tokens are subsequently burned, permanently reducing supply.
“Finally, investors could be confident that a blockchain’s rising activity would flow through to the token,” Hougan shared.
He noted that Hyperliquid has bought and burned approximately $1.3 billion worth of HYPE since launch, helping make the token one of the strongest-performing major crypto assets.
Hougan also noted that other protocols are increasingly adopting similar models. Uniswap activated protocol fees following its December 2025 UNIfication proposal and began using revenue to buy and burn UNI.
Similarly, Aave introduced weekly AAVE buybacks in April 2025 and expanded the model through its Aavenomics 3.0 program in June 2026. The protocol has repurchased more than 1.2% of its total supply, according to Hougan.
Pump.fun has taken an even more aggressive approach. The platform began buying back PUMP shortly after its July 2025 launch and had burned roughly $370 million in tokens by April.
The trend is also reaching Layer 1 networks. Solana’s SGP-0003 proposal seeks to reduce inflation while increasing fee burns, while Aptos has raised gas fees to improve token-holder economics. These developments signal a broader change in crypto valuation.
“Outside of Bitcoin, the value of crypto assets will increasingly be defined by the same metric that defines stocks and bonds: revenue,” he added.
The global crypto market cap is $2.26 trillion as of Thursday.
PANews reported on August 14 that according to SoSoValue data, crypto market sectors were mixed, with the DeFi sector standing out, rising 1.04%. Among them, Hyperliquid (HYPE) rose 1.74%, and Chainlink (LINK) rose 2.42%; the Meme sector rose 0.70% over 24 hours, with Fartcoin (FARTCOIN) up 9.04% and Pump.fun (PUMP) up 8.76%.
In other sectors, the PayFi sector rose 0.40%, with eCash (XEC) up 1.56%; the Layer1 sector rose 0.20%, with Cosmos Hub (ATOM) up 8.71%.
In addition, the CeFi sector fell 0.07%, but Cronos (CRO) was relatively resilient, rising 1.07%; the Layer2 sector fell 0.97%, while Optimism (OP) rose 4.11%.
Crypto sector indices reflecting historical sector performance showed that the ssiAI, ssiDeFi, and ssiMeme indices rose 1.93%, 1.29%, and 1.28%, respectively.
On Uneasy Money, the Infinex and Synthetix founder called Hyperliquid’s decision to hand outside market builders half of all trading fees “a bit crazy,” and argued that falling revenue and shrinking HYPE buybacks show why it will have to change.
Original Image Credits: ddRender / Shutterstock.com
Posted August 13, 2026 at 6:46 pm EST.
Hyperliquid lets outsiders spin up their own trading markets and keep half the fees they generate. On the August 12 episode of Unchained’s Uneasy Money, Kain Warwick, the founder of Infinex and Synthetix, argued that the arrangement cannot hold, and that the exchange will be forced to claw back the cut it now shares with those builders.
Hyperliquid’s HIP-3 system lets anyone stake 500,000 HYPE, worth about $28 million at current prices, to deploy a permissionless perpetual-futures market and keep up to half of the trading fees it generates. Those builder-run markets, most of them tokenized real-world assets such as stocks and commodities, have grown from roughly 2% of Hyperliquid’s volume at the start of 2026 to about half today, DefiLlama data shows.
A fee split Warwick calls ‘a bit crazy’ Warwick said he had watched the same fight play out at Synthetix, where market makers pushing to run the order books “always wanted it to be like 80/20,” and never got there. At Synthetix, “the highest it ever got to was like 30%,” he said on the show, adding that outside parties asking for a bigger share always arrive with a sob story about how expensive and difficult the work is. Against that history, Hyperliquid’s terms struck him as an outlier. “The fact that Hyperliquid has landed on 50% of the fees is a bit crazy,” he said on the podcast. “I can’t see how that’s sustainable.”
His reasoning was that Hyperliquid holds the pricing power. Builders can take their markets elsewhere, but “there is no competitor to Hyperliquid” itself, Warwick said on the show — the “mothership,” as he put it — so the exchange can lower the builder cut over time without losing the underlying venue. “I think 50% was an opening offer that probably is gonna change,” he said on the podcast.
Revenue and buybacks are falling as usage climbs The numbers behind the segment show why the split matters to HYPE holders. Hyperliquid routes nearly all of its own share of trading fees, about 99% excluding the builders’ cut, into an Assistance Fund that buys back the token, so a smaller protocol take means a smaller buyback. Gross revenue has fallen for four straight quarters even as trading volumes held up, sliding from roughly $357 million in the third quarter of 2025 to about $202 million in the second quarter of 2026, a 43% drop, DefiLlama data shows. Quarterly buybacks fell over the same span, from nearly $290 million to about $149 million.
Volume is barely down, Warwick noted, so the gap is a matter of who collects the fees rather than fewer fees being paid. The fees are “just going to different people,” he said on the show.
One builder holds most of the risk The open interest is heavily concentrated. A single builder, trade.xyz, accounts for more than 90% of all HIP-3 open interest, and tokenized real-world-asset perpetuals hit a record $3.6 billion in open interest in July, surpassing bitcoin’s open interest on the platform, DefiLlama data shows. Warwick’s concern cut both ways: the platform depends heavily on one counterparty, and that counterparty depends entirely on a protocol it does not control. “You never wanna be fully reliant on one platform,” he said on the show, noting that Hyperliquid could cut a builder’s fees, or absorb its markets, at any time.
HYPE recently traded around $57.66, DefiLlama data shows, below its June record of $76.67, with the protocol still burning tokens from daily fees.
Related Listen: Claude Found a 4-Year Zcash Bug. Now It Won’t Audit DeFi: Uneasy Money
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.
Bitwise Chief Investment Officer @Matt_Hougan has published a memo arguing that protocol revenue is becoming the primary driver of token value across crypto, and that markets have not yet priced in the shift.
How Protocols Are Returning Revenue to Tokens
Hyperliquid is the headline example.
Uniswap followed a different path.
Pump.fun has also made significant progress on supply reduction.
A Structural Shift, With Caveats
The argument is not without its limits, however. Buyback and burn programs are not legally binding distributions, and burn rates remain closely tied to trading volumes that can move sharply with broader market sentiment.
Still, the direction of travel is becoming clearer.
Sources:
Crypto.news: Bitwise CIO sees crypto valuations doubling on token revenue
The Crypto Times: Why Bitwise CIO Thinks Crypto Prices Are Too Low as Buybacks Expand
CoinDesk: Uniswap UNIfication Proposal Backed Overwhelmingly by Voters
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.
Shiba Inu has effectively hit zero on two important technical achievements: sustained recovery above its short-term trend and meaningful progress toward its long-term moving average. After the explosive late-July attempt to reverse, SHIB has surrendered almost the entire move and returned to approximately $0.00000448.
The first critical threshold is the 50-day moving average. SHIB briefly surged through it during the late-July volatility spike, reaching approximately $0.0000058 at the session's extreme. That breakout ultimately produced zero lasting progress.
SHIB/USDT Chart by TradingViewThe 50-day average now sits around $0.00000445, almost exactly where SHIB trades. Instead of converting the moving average into support and building upward, the token has returned to the same technical boundary it was attempting to escape.
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The second threshold is the 100-day moving average around $0.00000493. Here, SHIB's progress has effectively been erased as well. Price briefly traded comfortably above this region during the spike but immediately lost it. The subsequent sequence of lower highs has now placed almost 10% between SHIB and this resistance.
That leaves the token with no confirmed medium-term breakout despite one of its strongest individual daily moves in months.
The broader structure explains why this matters. SHIB's 200-day moving average remains around $0.00000583 and continues declining. Price has not established a sustainable challenge of this level throughout the recent recovery attempt, leaving the long-term trend decisively bearish.
Momentum is also fading. RSI has fallen toward 45 after briefly moving into overbought territory during the July surge. The indicator's average remains higher around 52.6, showing how quickly the latest burst of momentum has dissipated.
There is one level SHIB has successfully protected: the approximately $0.0000041-$0.0000043 bottom established through June and July. As long as that floor remains intact, another recovery attempt remains possible.
Ethereum at the key stateEthereum is approaching one of its most important technical shifts of 2026 as its moving averages begin forming a potential pre-golden cross setup. ETH has not confirmed the bullish crossover yet, but the gap between its major trend indicators is narrowing after months of overwhelmingly bearish positioning.
ETH currently trades around $1,890, almost directly between several moving averages. The 100-day moving average sits near $1,920, while the 50-day average has climbed to approximately $1,818. The shorter-term average is already around $1,877, reflecting the improvement in price momentum since Ethereum bottomed around $1,500-$1,600 in June.
ETH/USDT Chart by TradingViewThe important development is the direction of the 50-day average. After declining for months, it has turned upward and is now beginning to converge with the still-descending 100-day average.
That creates the conditions for a bullish crossover if Ethereum can maintain its recent price range or move higher. Such a crossover would signal that medium-term price action is improving faster than the older data incorporated into the 100-day trend.
There is a catch: ETH remains underneath the 100-day average itself. Price has repeatedly tested the $1,900-$1,950 region since July without establishing a decisive breakout. That makes this resistance zone particularly important. A move through $1,920 and sustained trading above it would strengthen the probability that the moving averages eventually complete their crossover.
Momentum is relatively balanced. RSI sits around 52.6, placing Ethereum slightly on the bullish side of neutral without indicating an overheated market. This gives ETH room for additional upside if buyers return.
The larger trend has not reversed completely either. Ethereum's 200-day moving average remains much higher at approximately $2,135 and continues declining. Even a successful 50/100-day crossover would therefore represent an intermediate recovery signal rather than confirmation of a new long-term bull market.
Hyperliquid breaking outHyperliquid is attempting its strongest short-term recovery in weeks, with HYPE breaking above an important moving-average cluster and returning to approximately $58. The move gives buyers their first meaningful technical advantage since the asset started correcting from its summer highs, although $60-$61 remains the barrier that could determine whether the breakout develops further.
HYPE currently trades around $58.04 after gaining roughly 3.5% during the latest daily session. More importantly, the price has moved above the short-term moving average near $56.93 and the 100-day moving average around $56.66.
HYPE/USDT Chart by TradingViewThat area had repeatedly restricted HYPE during its recent consolidation. Moving through it turns approximately $56-$57 into the first level buyers will want to defend.
Momentum is improving alongside price. RSI has recovered to approximately 52.6 after spending recent weeks below neutral territory. Its signal average remains much lower around 42, highlighting the relatively rapid change in short-term momentum.
The next resistance, however, is already close. HYPE's 50-day moving average sits around $60.85 and continues sloping downward. A push through approximately $60-$61 would therefore carry considerably more technical weight than the current breakout.
The broader structure also gives buyers some protection. The 200-day moving average has climbed to approximately $50.89 and remains well below the current price. HYPE tested the low-$50 region during its August correction without losing this long-term support.
HYPE is therefore beginning to break out of its immediate recovery range, but confirmation still sits overhead. Holding above $56-$57 would preserve the latest improvement. Clearing $60.85 would provide much stronger evidence that the correction from the $70-plus region has run its course.
For now, Hyperliquid has broken through the first barrier. The next one will determine whether this is merely another bounce or the beginning of a larger recovery.
Hyperliquid Foundation Cuts the Cost of Data Node AccessHyperliquid Foundation has opened its low-latency on-chain data nodes to qualified infrastructure providers, marking a significant shift in how the network distributes data access. The service is now available at standardized pricing of under $1,000 per month, covering computing resources and outbound network traffic.
Previously, direct access required users to stake 10,000 $HYPE and qualify for Tier 1 maker rebates, a threshold that demanded more than 0.5% of the 14-day weighted maker volume. That combination of capital commitment and trading volume requirements placed direct data access out of reach for most smaller or emerging infrastructure operators.
To qualify under the new model, providers must have operated for at least one year, serve at least 100 customers, and support five or more networks or protocols. They are also required to maintain 99.9% node availability and must not have been terminated by another network or foundation for a breach in the previous three months. Commercial rules are designed to limit information advantages between customers, with providers required to offer open access, non-discriminatory pricing, and automatic scaling as access nodes increase.
A More Open Data EcosystemThe new setup allows infrastructure providers to offer access without requiring users to meet the previous staking and volume thresholds, potentially drawing a broader range of teams into Hyperliquid's data ecosystem.
Hyperliquid is designed specifically for high-performance trading, with built-in order books and perpetual contracts. Its public RPC endpoint has been capped at approximately 100 requests per minute since August 2025, making dedicated infrastructure essential for trading bots, analytics platforms, and other production applications. By lowering the financial barrier to data node access, the Foundation appears to be prioritizing ecosystem growth over the more restrictive gatekeeping of earlier access tiers.
Sources
Crypto.news: Hyperliquid Opens Low-Latency Data Access Under $1K
Coinpedia: Hyperliquid Opens Low-Latency Data Nodes for Infrastructure Providers
Hyperliquid (HYPE) is trading in the green on Thursday, extending gains toward the 50-day Exponential Moving Average (EMA) at $58.36. Institutional demand remains firm as Hyperliquid treasury Hyperion DeFi saw a $31 million fair value increase in the last quarter. Hyperliquid must clear above the 50-day EMA at $58.36 to further extend its recovery.
Steady corporate, retail support backs HYPEHyperliquid holds firm demand from Corporate companies with stable exposure amid rising market value. Data shows Hyperliquid Strategies holds 17.60 million HYPE, up from 12.50 million in January, while Hyperion DeFi increased its treasury to 1.93 million HYPE, from 1.88 million. The market value of Hyperliquid Strategies and Hyperion treasuries jumped to $980 million and $107 million in Q2, up from $703 million and $77 million at the end of Q1.
Stability in HYPE-focused Digital Asset Treasuries (DATs) reflects robust ecosystem activity that attracts corporate demand.
HYPE corporate holdings. Source: HyperscreenerOn the retail side, CoinGlass data shows HYPE futures Open Interest is up over 4% in the last 24 hours to $2.38 billion, signaling a rise in the notional value of existing contracts or a positional buildup. Retail activity is rising too, with trading volume up 45% to $1.60 billion over the same period.
Liquidation data suggests a buy-side bias, with short liquidations of $1.34 million outpacing long liquidations of $251,040 over the last 24 hours. The funding rate at 0.0080% maintains a broader positive bias, despite brief negative nosedives, indicating that traders are willing to pay a premium to hold long positions.
HYPE derivatives data. Source: CoinGlassTechnical outlook: Will HYPE price extend its rally?Hyperliquid is up 2% at press time on Thursday, extending its nearly 3% gains from the previous day. HYPE holds above the 200-day EMA at $51.29 and the long-term trendline near $53.05, which together suggest a constructive underlying structure.
Still, the price remains below the 50-day EMA at $58.37, which caps the short-term advance. To reclaim bullish trend, HYPE must clear above $58.37, opening the path toward $62.58 supply zone.
The Moving Average Convergence Divergence (MACD) rises above the signal line with a positive histogram reading, while the Relative Strength Index (RSI) at 50 shows a minor recovery, hinting that bullish momentum is gradually rebuilding.
HYPE/USDT daily price chart.On the downside, initial demand is seen at the uptrend support trendline near $53.05, reinforced by the 200-day EMA at $51.29, where buyers would be expected to defend the broader bullish bias if a deeper pullback develops.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Wintermute CEO Evgeny Gaevoy has raised two concerns about Hyperliquid’s future: regulation and throughput. His comments come as Hyperliquid (HYPE) seeks a regulated route to bring its perpetual futures to U.S. users.
Regulation Could Change HyperliquidGaevoy’s first concern is what happens if U.S. regulations become stricter under a future administration. He questioned whether Hyperliquid could eventually be forced to introduce KYC requirements or restrict users from sanctioned jurisdictions.
“If Hyperliquid becomes like KYC-able, like, okay, then it’s just another exchange.”He said.
The concern is that heavier compliance could change what makes Hyperliquid different from traditional centralized exchanges.
At the same time, Hyperliquid is already working toward U.S. access. According to reports, the platform is seeking a regulatory pathway that could allow U.S.-regulated firms to offer its perpetual futures to American users while trades remain executed and settled on Hyperliquid’s blockchain.
The Hyper Foundation-backed Policy Center has been engaging with policymakers in Washington, while CEO Jake Chervinsky is pushing for a favorable interpretation of existing rules rather than waiting for the delayed CLARITY Act.
Can Hyperliquid Handle Traditional Market Volumes?Gaevoy’s second concern is throughput. He questioned whether blockchains can eventually process the enormous volumes handled by traditional exchanges such as CME and Nasdaq.
“I generally don’t believe blockchains are the best tool when it comes to throughput.” He said.
He argued that competing directly with major financial exchanges could eventually require Hyperliquid to become more centralized.
“The only way for them to do it is to become more and more centralized.” He said.
Gaevoy stressed that this could still work as a product, but users and investors need to understand what that shift could mean for Hyperliquid’s original onchain model.
U.S. Access Could Change the GameHyperliquid already has substantial trading activity without serving U.S. users. Around 32% of its second-quarter volume was tied to stocks and other real-world assets, showing that its market is expanding beyond crypto.
The platform’s core perps remain unavailable to Americans, but a regulated U.S. pathway could bring new capital and liquidity into the ecosystem.
HYPE is currently around $57.46, roughly 25% below its June all-time high. For Hyperliquid, the bigger question now is whether it can expand into the U.S. while preserving its onchain structure and scaling enough to compete with traditional financial markets.
Story Ends Here
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Hyperliquid is asking the CFTC and SEC for a path into the US derivatives market
The exchange currently blocks all US users from trading on its platform
Perpetual futures and vaults are not covered by the CLARITY Act
About 32% of Hyperliquid’s recent trading volume came from stocks and other real world assets
HYPE token is trading near $56.61 even as futures volume drops across exchanges
Hyperliquid is a decentralized exchange that lets people trade perpetual futures. The company is now asking US regulators for a way into the American derivatives market.
Instead of waiting for broader crypto laws to pass, Hyperliquid is working directly with the Commodity Futures Trading Commission and the Securities and Exchange Commission.
Right now, Hyperliquid blocks all US users from its platform. Its policy arm, called the Hyperliquid Policy Center, is funded by the Hyper Foundation and has been meeting with officials in Washington.
The group wants regulators to interpret existing rules in a way that allows regulated firms to offer perpetual futures using Hyperliquid’s blockchain. Policy Center CEO Jake Chervinsky said the goal is to open a route for regulated companies, not necessarily Hyperliquid itself.
The path to regulated onchain markets for perpetual futures in America runs through the agriculture industry. It's the CFTC's primary constituent and the one U.S. derivatives markets were first designed for.
The CFTC's AAC meeting last week showed we have a lot of work ahead: https://t.co/FcqZgnRwTf
— Jake Chervinsky (@jchervinsky) August 7, 2026
In July, the Hyperliquid Policy Center teamed up with Phantom to file a request with the CFTC. They asked the agency to clarify that developers who build onchain software should not automatically need to register as an exchange or clearinghouse.
The filing also asked regulators to let registered firms use blockchain systems for trade execution, margin, clearing, and settlement. The groups argued that self custodial markets do not fit cleanly into rules written for traditional finance, since users keep control of their own funds the whole time.
Why This Falls Outside The CLARITY Act
Perpetual futures and vaults are not covered by the CLARITY Act at all, according to The Information. That means the CFTC and SEC will decide the rules for this market no matter what happens with that legislation.
Perpetual futures sit in an odd spot under US law. They are not banned, but they also do not fit neatly under the Commodity Exchange Act, which sets rules for clearing, margin, and trade execution.
That gap has already led to enforcement actions against both centralized and decentralized platforms offering these products off exchange. Still, regulators have shown some openness to adjusting the rules.
In late May, the CFTC approved the first perpetual contract tied to Bitcoin’s spot price. The agency said it plans to review contracts tied to other assets one at a time.
In June, the CFTC opened a public comment period on proposed changes covering energy futures and oil linked perpetual contracts that run 24 hours a day, seven days a week.
The Business Case For US Access
There is a wrinkle tied to Hyperliquid’s own growth. About 32% of its second quarter trading volume involved stocks and other real world assets, which could put parts of its business under both CFTC and SEC oversight at the same time.
Hyperliquid reportedly made more than $900 million in profit last year. VanEck analyst Matthew Sigel has estimated the HYPE token could generate close to $800 million in yearly revenue.
Centralized exchange futures volume fell to $4 trillion in July, the lowest level since December 2023. That is down sharply from peaks above $10 trillion late last year.
Decentralized exchange perpetual volume dropped about 21% to $531 billion over the same month, ending a two month recovery that began in April.
Even with that slowdown, the HYPE token is still attracting buyers. It was trading near $56.61 at the time of this reporting.
Nothing has changed yet for US users, and no timeline has been given for when regulators will respond to the July filing. If access ever comes, it would most likely arrive through regulated third party firms rather than Hyperliquid opening directly to Americans.
Bitcoin is doing its best impression of a parked car. The world’s largest cryptocurrency has been sitting near $64,000 for weeks, offering neither the thrills nor the spills that traders crave. Meanwhile, the real action has migrated to Hyperliquid’s HYPE token and Monero, both of which have been quietly putting up numbers that make Bitcoin’s sideways shuffle look like a nap.
HYPE has been trading in the $55 to $57 range, comfortably above its earlier levels even after pulling back from an all-time high near $76 to $77 hit in June. Its market capitalization sits between $12B and $14B, with daily trading volumes regularly clearing $200M. For a token tied to a decentralized perpetual futures exchange, those are not small numbers.
The Monero whale that moved markets The more dramatic story involves Monero, the privacy-focused cryptocurrency that most centralized exchanges have delisted over regulatory concerns. XMR recently surged to prices near $400, a move fueled in part by a single whale who deposited $3.56M in USDC onto Hyperliquid to open a 4x leveraged long position on 36,000 XMR.
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That works out to a notional value of roughly $14M, the kind of bet that tends to get noticed.
What makes this particularly interesting is that Hyperliquid doesn’t even offer spot trading for XMR. The platform supports XMR-USDC perpetual futures with leverage up to 5x, meaning traders can speculate on Monero’s price without ever touching the underlying token.
Why Hyperliquid keeps gaining ground Hyperliquid is not your typical DeFi protocol bolted onto Ethereum. It operates as a purpose-built Layer-1 blockchain designed specifically for decentralized perpetual futures trading, complete with a fully on-chain order book. The recent addition of HyperEVM capabilities has expanded what the chain can do, allowing developers to build more complex applications on top of the trading infrastructure.
HYPE’s pullback from its June highs near $77 to the current $55 to $57 range represents roughly a 26% decline from peak levels.
Bitcoin’s quiet consolidation and what it signals Bitcoin’s stability near $64,000 is the backdrop against which these altcoin moves are happening. The low-to-mid $64K range has become a kind of base camp, with neither buyers nor sellers showing enough conviction to force a decisive break in either direction.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Hyperliquid, a decentralized exchange for perpetual futures, is actively lobbying for U.S. regulatory approval to allow firms to offer perpetual futures on its blockchain. This move, reported by @theinformation, seeks to establish a regulated pathway for U.S.-based firms to engage with one of crypto’s fastest-growing derivatives markets. The Commodity Futures Trading Commission (CFTC) has recently started to permit certain crypto perpetual products on regulated venues, and Hyperliquid’s initiative aligns with this regulatory shift. The exchange is attempting to transition from its current offshore status to a more regulated U.S. market structure, reflecting its strategic push towards mainstream adoption.
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Key Takeaways
Hyperliquid’s lobbying efforts suggest a strategic move towards compliance with U.S. regulatory standards for perpetual futures.
Market pricing appears consistent with increased optimism for Hyperliquid’s growth potential following this regulatory push.
Current market odds show a modest increase in confidence regarding Hyperliquid reaching significant price milestones by the end of 2026.
What to Watch
Hyperliquid’s progress in securing U.S. regulatory approval will be a key indicator of its potential market impact. The CFTC’s stance on crypto derivatives and any subsequent approvals will play a critical role. Market participants will be observing potential announcements of partnerships or regulatory milestones that could influence Hyperliquid’s competitive position. Market reactions to these developments will provide further insights into the perceived likelihood of Hyperliquid achieving its price targets by the end of 2026.
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Bitwise Chief Investment Officer Matt Hougan stated that people evaluating current decentralized finance (DeFi) applications are making two overlapping mistakes: regarding market size, they believe they are targeting the $2 trillion cryptocurrency market, but in reality, they are targeting the $500 trillion asset market; regarding value capture, they think they have maximized fee revenue, but have only scratched the surface. Projects such as Hyperliquid, Uniswap, Aave, Morpho, Aerodrome, Lighter, Pump and others have a larger TAM (total addressable market) and stronger pricing power than commonly perceived.
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Stablecoin issuer Tether has completed its largest-ever full financial audit, with KPMG issuing an unqualified opinion, showing reserves exceeding liabilities by $6.814 billion.
USDT issuer Tether announced it has completed a full independent audit of its 2025 fiscal year financial statements by KPMG U.S., receiving an unqualified audit opinion—the most positive outcome an independent auditor can issue. Dubbed "the largest first-time financial audit in history", the engagement saw KPMG conduct comprehensive substantive testing on Tether’s balance sheet, reserve asset composition, outstanding token liabilities, income statement, changes in equity, and cash flow statement. Critically, instead of relying solely on custodian reports, KPMG physically counted every gold bar held by Tether to verify their existence and identifying details. The audit confirmed Tether’s reserves exceeded its liabilities by $6.814 billion as of December 31, 2025.
Tether CEO Paolo Ardoino stated: "Critics have for years claimed Tether could not complete an audit, and we have once again proven them wrong. An unqualified opinion means Tether has secured a clean audit." CFO Simon McWilliams called the milestone "a landmark in Tether’s commitment to transparency", noting the firm has wrapped up a historic project with the Big Four accounting firms and will continue to elevate standards moving forward. Tether has long published independent reserve attestation reports; this full financial statement audit marks a jump in its financial reporting regime from the attestation level to the full audit tier.
14 minutes ago
Over $1.4 billion worth of crypto options are set to expire today, with Bitcoin’s max pain point at $64,000.
BTC and ETH options are set to expire this Friday, with open interest concentrated around several key strike prices. BTC’s nominal open interest stands at roughly $1.28 billion, with its max pain point at $64,000. The highest concentration of call options is at $68,000, followed by $70,000 to $72,000. ETH’s nominal open interest is approximately $161 million, with its max pain point at $1,900. The highest concentration of call options is at $1,950 and $2,000. BTC’s put/call open interest ratio is 0.85, while ETH’s is 0.94.
14 minutes ago
75% of stocks in the S&P 500 tech sector have returned above their 200-day moving average, with historical averages indicating a potential gain of up to 33.4% over the next year.
Last week, 75% of stocks in the S&P 500 Tech sector closed above their 200-day moving average (DMA), marking the first time this threshold has been hit since October 2024, ending a 219-trading-day stretch of prolonged weakness. This is the 9th-longest downturn on record, with the longest such stretch in history lasting 759 trading days, ending after the dot-com bubble burst on April 22, 2003. Historical data shows that after the end of such prolonged downturns, the tech sector posts an average gain of 2.5% in the following month, 7.3% in three months, 15.5% in six months, and a whopping 33.4% in 12 months. Meanwhile, 69% of stocks in the Nasdaq 100 index are now above their 200-day moving average, near the highest level since July 2025. This notable improvement in the breadth indicator signals that the tech stock rally is expanding beyond a handful of heavyweight stocks to the broader sector, as market momentum builds. The tech sector had previously faced multiple headwinds including memory chip sell-offs, deleveraging of leveraged ETFs, and concerns over AI capital expenditures; this technical repair provides positive support for future market performance.
14 minutes ago
Bitcoin falls below $63,000, with a 1.03% drop in the past 24 hours.
According to HTX market data, Bitcoin has dropped below $63,000, with a 24-hour decline of 1.03%.
14 minutes ago
CFTC releases agenda for first meeting of its Innovation Advisory Committee, focusing on regulation of crypto assets, AI, and prediction markets.
U.S. Commodity Futures Trading Commission (CFTC) Chairman Michael S. Selig has released the agenda for the inaugural meeting of the Innovation Advisory Committee (IAC). The meeting is scheduled to be held in Washington on Thursday, August 20, and will focus on topics including crypto asset regulation, artificial intelligence, and prediction markets. Selig said: "The United States has long been a global hub for financial innovation. I look forward to meeting with entrepreneurs, thinkers, and builders of the CFTC Innovation Advisory Committee to explore how emerging technologies and financial products can shape our markets in the new financial frontier." The public may submit relevant comments by August 27, and all received submissions will be published publicly. The meeting agenda may be adjusted based on other priorities of the IAC; the full agenda is available on the CFTC’s official website. The CFTC also emphasized that the views and opinions expressed by the advisory committee represent only the committee itself and do not reflect the positions of the CFTC, its staff, or the U.S. government.
14 minutes ago
Databricks closes $5 billion strategic funding round, led by Coatue, with participation from Blackstone, MGX, and T. Rowe Price.
AI data platform Databricks announced it has closed a $5 billion strategic funding round at a $190 billion post-money valuation. The term sheet published on July 16 had set a $188 billion valuation, with the final figure rising due to an expanded funding size and additional share issuance. The round was led by existing shareholder Coatue, with participation from Blackstone, MGX, and T. Rowe Price, while Sixth Street Growth joined as a new investor. The company’s annualized revenue run rate has exceeded $7 billion, growing over 80% year-over-year. Co-founder and CEO Ali Ghodsi stated that, per the industry definition used before 2022, AGI has arrived—with the real bottleneck now shifting to enterprise context, AI token costs, and agent infrastructure. The new capital will be allocated to three core areas: Unity AI Gateway (for cross-model routing and spend control), Lakebase (a serverless Postgres database whose revenue run rate has already topped $100 million), and Genie (which provides AI with access to enterprise context). Ghodsi also revealed that the company’s likelihood of going public before Anthropic or OpenAI is "very low". He had repeatedly denied summer funding rumors earlier, and the final decision to raise capital was based on factors including the cost of expanding its AI business and increasing investment in hiring and mergers and acquisitions.
Bitwise Chief Investment Officer Matt Hougan said crypto is moving toward a market where revenue plays a much larger role in determining token valuations.
In a memo titled “Crypto’s Revenue Revolution,” Hougan argued that one of crypto’s longstanding weaknesses has been the limited connection between successful protocols and the value captured by their tokens.
He said that dynamic is beginning to change as more projects use protocol revenue to buy back or burn their native tokens, creating a clearer link between network activity and token economics.
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Hougan highlighted Hyperliquid as one of the clearest examples. The decentralized exchange generated more than $800 million in revenue last year and directs roughly 99% of fee revenue toward buying HYPE on the open market. According to Hougan, about $1.3 billion worth of HYPE has been bought and burned since the token launched.
Other major protocols are adopting similar models. Uniswap activated protocol fees following its UNIfication proposal and is using revenue to buy and burn UNI, while Aave has introduced automated AAVE buybacks funded by protocol and GHO stablecoin revenue.
Hougan also pointed to Pump.fun and Lighter as projects directing substantial portions of revenue toward token repurchases and burns.
The trend is beginning to extend beyond DeFi applications. Hougan noted proposals and changes at networks including Solana and Aptos aimed at increasing token burns or improving the economics flowing back to holders.
Hougan said investors have yet to fully price in the shift, which is one reason he believes many crypto assets currently trade below their potential value.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
Bitwise CIO Matt Hougan says crypto valuations could double if more protocols tie revenue directly to token demand
Hyperliquid sends close to 99% of its fee revenue toward HYPE purchases and burns
Uniswap has burned about 7.5 million UNI through protocol fees since December 2025
Aave bought back more than 205,000 AAVE using $42 million in its first 10 months
The SEC holds a meeting on Aug. 14 to discuss possible new rules for crypto asset offerings
Bitwise Chief Investment Officer Matt Hougan said on Aug. 12 that crypto valuations outside Bitcoin could rise if more projects link token value to protocol revenue. He made the comment in a new memo.
Hougan pointed to five projects already using this approach. They are Hyperliquid, Uniswap, Aave, Pump.fun and Lighter.
He expects more decentralized finance apps and layer 1 networks to copy this model over the next one to two years.
How the Revenue Model Works
Many governance tokens once gave holders voting rights without linking token demand to protocol fees. Buyback and burn systems try to fix that by using fees to buy tokens and remove them from supply.
Hyperliquid is one clear example. Its Assistance Fund takes trading fees and converts them into HYPE, which then gets burned.
Hougan estimates that close to 99% of Hyperliquid’s fee revenue goes toward this fund. The platform has already routed more than $1.16 billion in fees into HYPE purchases.
Hougan compared this setup to stock buybacks. The comparison has limits, since token holders do not carry the same legal claims as company shareholders.
Uniswap, Aave and Pump.fun Take Different Paths
Uniswap expanded its burn system after a December 2025 governance vote called UNIfication. That vote burned 100 million UNI from the treasury and turned on protocol fees.
By July, Uniswap governance said fees had funded about 7.5 million more UNI in burns. That was worth close to $25.6 million based on figures in the proposal.
On July 27, voters approved turning on more fees across networks including Ethereum, Arbitrum, Base, BNB Chain, Polygon, Optimism and Robinhood Chain.
Aave runs a different program. Records show it bought back more than 205,000 AAVE in its first 10 months, using $42 million in funding.
Aave founder Stani Kulechov said in June that all revenue from Aave products and GHO goes to the AAVE token. He also said the team is building an automated buyback system called Aavenomics 3.0.
Pump.fun uses a simpler split. The platform sends half of its net revenue toward buybacks and burns of its PUMP token.
Crypto.news reported that Pump.fun made $10.03 million in weekly fees and burned $5.02 million worth of PUMP between Aug. 3 and Aug. 9.
Solana is weighing similar changes. A proposal called SIMD 0553 would replace the network’s flat fee with a new charge that gets burned, which could raise daily burns from around 648 SOL to between 7,500 and 9,000 SOL.
Hougan linked these shifts partly to a friendlier U.S. regulatory setting. He pointed to the Ripple case and changes in SEC leadership as part of that trend.
The SEC will hold a meeting on Aug. 14 to discuss possible new rules for certain crypto asset offerings. The agenda does not say the rules will directly address token revenue sharing.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
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.
It looks like Machi(@machibigbrother) is really running out of money. He withdrew only 1,540 $USDC from #Binance. He ...
It looks like Machi(@machibigbrother) is really running out of money. He withdrew only 1,540 $USDC from #Binance. He had to sell Bored Ape #5715 for just 8.3 $ETH ($15,570), which he bought for 34.17 $ETH 3 years ago, to keep his $ETH long going. Current position: 2,800 $ETH($5.3M) Liquidation price: $1,863.08
24 minutes ago
Crypto influencer 'Maji Big Brother' withdrew only 1,540 USDC from Binance and sold Bored Ape Yacht Club (BAYC) NFTs to maintain his long Ethereum (ETH) position.
According to monitoring by OnchainDataNerd, Maji Big Brother may face increased financial pressure recently, having withdrawn just 1,540 USDC from Binance. Meanwhile, to maintain his long Ethereum (ETH) position, he sold Bored Ape Yacht Club #5715 for 8.3 ETH (≈$15,600) — an NFT he purchased three years ago for 34.17 ETH. His current long ETH position stands at 2,800 ETH, valued at roughly $5.3 million, with a liquidation price of $1,863.08.
24 minutes ago
AI chip maker Cerebras Systems falls 17.3% in pre-market trading on US stocks.
According to BIT (Bit.com) market data, shares of AI chip maker Cerebras Systems fell 17.3% in pre-market trading on US stocks, as the company's second-quarter revenue missed expectations.
24 minutes ago
Changxin Technology has surpassed Tencent Holdings to become China’s largest listed company by market capitalization.
Changxin Technology closed today with a market capitalization of 3.54 trillion yuan. As of Hong Kong's market close, Tencent Holdings (00700.HK) fell 4.46%, posting a market cap of 4 trillion Hong Kong dollars, equivalent to approximately 3.44 trillion yuan. Changxin Technology has surpassed Tencent to become China's largest listed company by market capitalization.
24 minutes ago
Iran: Will Wear Down the U.S. Through a Protracted War
In an interview broadcast on U.S. public television PBS on August 11 local time, Mohammad Reza Naghdi, advisor to the commander-in-chief of Iran’s Islamic Revolutionary Guard Corps (IRGC), stated that the two main goals of the U.S. war against Iran—overthrowing Iran’s leadership and splitting the country—have “already failed,” adding that “victory is on Iran’s side.” Naghdi pointed out that the U.S. has displayed confusion and uncertainty in this conflict, saying, “The U.S. keeps announcing new goals every few days, turning this into a war without strategy.” He also emphasized that Iran will continue to achieve victories. Over more than five months of confrontation with the U.S., Iran has not only accumulated experience but also found that U.S. military forces are weaker than expected. Iran must achieve deterrence to ensure enemies never dare attack it again, and one way to do this is to “prolong the war” to wear down the U.S., so that anyone considering attacking Iran in the future “will first weigh the cost they will have to pay.” (Source: CCTV International News)
24 minutes ago
South Korea's sovereign wealth fund KIC has made its first investment in Circle, holding a stake valued at $4.1 million in the second quarter.
Korea Investment Corporation (KIC) has made its first investment in Circle, a stablecoin issuer. Data disclosed by the U.S. Securities and Exchange Commission (SEC) shows that as of the second quarter of 2026, KIC held 65,443 shares of Circle, with a holding value of approximately $4.099 million (equivalent to about 5.83 billion South Korean won). Previously, KIC’s holdings of crypto-asset-related companies included Strategy, Coinbase, Block, Robinhood, and Riot Platforms. In Q2 2026, KIC reduced its stakes in Strategy, Coinbase, and Riot Platforms, while increasing positions in Block and Robinhood. The total value of its related U.S. stock holdings rose 27% from $132 million in Q1 to $168 million. Specifically, Strategy’s holding value dropped 32% from $10.61 million to $7.17 million; Coinbase’s fell 30% from $52.99 million to $36.93 million; Block’s surged 58% from $17.25 million to $27.34 million; Robinhood’s jumped 92% from $45.88 million to $87.96 million; and Riot’s rose 70% from $4.95 million to $8.42 million.
It looks like Machi(@machibigbrother) is really running out of money. He withdrew only 1,540 $USDC from #Binance. He ...
It looks like Machi(@machibigbrother) is really running out of money. He withdrew only 1,540 $USDC from #Binance. He had to sell Bored Ape #5715 for just 8.3 $ETH ($15,570), which he bought for 34.17 $ETH 3 years ago, to keep his $ETH long going. Current position: 2,800 $ETH($5.3M) Liquidation price: $1,863.08
24 minutes ago
Crypto influencer 'Maji Big Brother' withdrew only 1,540 USDC from Binance and sold Bored Ape Yacht Club (BAYC) NFTs to maintain his long Ethereum (ETH) position.
According to monitoring by OnchainDataNerd, Maji Big Brother may face increased financial pressure recently, having withdrawn just 1,540 USDC from Binance. Meanwhile, to maintain his long Ethereum (ETH) position, he sold Bored Ape Yacht Club #5715 for 8.3 ETH (≈$15,600) — an NFT he purchased three years ago for 34.17 ETH. His current long ETH position stands at 2,800 ETH, valued at roughly $5.3 million, with a liquidation price of $1,863.08.
24 minutes ago
AI chip maker Cerebras Systems falls 17.3% in pre-market trading on US stocks.
According to BIT (Bit.com) market data, shares of AI chip maker Cerebras Systems fell 17.3% in pre-market trading on US stocks, as the company's second-quarter revenue missed expectations.
24 minutes ago
Changxin Technology has surpassed Tencent Holdings to become China’s largest listed company by market capitalization.
Changxin Technology closed today with a market capitalization of 3.54 trillion yuan. As of Hong Kong's market close, Tencent Holdings (00700.HK) fell 4.46%, posting a market cap of 4 trillion Hong Kong dollars, equivalent to approximately 3.44 trillion yuan. Changxin Technology has surpassed Tencent to become China's largest listed company by market capitalization.
24 minutes ago
Iran: Will Wear Down the U.S. Through a Protracted War
In an interview broadcast on U.S. public television PBS on August 11 local time, Mohammad Reza Naghdi, advisor to the commander-in-chief of Iran’s Islamic Revolutionary Guard Corps (IRGC), stated that the two main goals of the U.S. war against Iran—overthrowing Iran’s leadership and splitting the country—have “already failed,” adding that “victory is on Iran’s side.” Naghdi pointed out that the U.S. has displayed confusion and uncertainty in this conflict, saying, “The U.S. keeps announcing new goals every few days, turning this into a war without strategy.” He also emphasized that Iran will continue to achieve victories. Over more than five months of confrontation with the U.S., Iran has not only accumulated experience but also found that U.S. military forces are weaker than expected. Iran must achieve deterrence to ensure enemies never dare attack it again, and one way to do this is to “prolong the war” to wear down the U.S., so that anyone considering attacking Iran in the future “will first weigh the cost they will have to pay.” (Source: CCTV International News)
24 minutes ago
South Korea's sovereign wealth fund KIC has made its first investment in Circle, holding a stake valued at $4.1 million in the second quarter.
Korea Investment Corporation (KIC) has made its first investment in Circle, a stablecoin issuer. Data disclosed by the U.S. Securities and Exchange Commission (SEC) shows that as of the second quarter of 2026, KIC held 65,443 shares of Circle, with a holding value of approximately $4.099 million (equivalent to about 5.83 billion South Korean won). Previously, KIC’s holdings of crypto-asset-related companies included Strategy, Coinbase, Block, Robinhood, and Riot Platforms. In Q2 2026, KIC reduced its stakes in Strategy, Coinbase, and Riot Platforms, while increasing positions in Block and Robinhood. The total value of its related U.S. stock holdings rose 27% from $132 million in Q1 to $168 million. Specifically, Strategy’s holding value dropped 32% from $10.61 million to $7.17 million; Coinbase’s fell 30% from $52.99 million to $36.93 million; Block’s surged 58% from $17.25 million to $27.34 million; Robinhood’s jumped 92% from $45.88 million to $87.96 million; and Riot’s rose 70% from $4.95 million to $8.42 million.
It looks like Machi(@machibigbrother) is really running out of money. He withdrew only 1,540 $USDC from #Binance. He ...
It looks like Machi(@machibigbrother) is really running out of money. He withdrew only 1,540 $USDC from #Binance. He had to sell Bored Ape #5715 for just 8.3 $ETH ($15,570), which he bought for 34.17 $ETH 3 years ago, to keep his $ETH long going. Current position: 2,800 $ETH($5.3M) Liquidation price: $1,863.08
24 minutes ago
Crypto influencer 'Maji Big Brother' withdrew only 1,540 USDC from Binance and sold Bored Ape Yacht Club (BAYC) NFTs to maintain his long Ethereum (ETH) position.
According to monitoring by OnchainDataNerd, Maji Big Brother may face increased financial pressure recently, having withdrawn just 1,540 USDC from Binance. Meanwhile, to maintain his long Ethereum (ETH) position, he sold Bored Ape Yacht Club #5715 for 8.3 ETH (≈$15,600) — an NFT he purchased three years ago for 34.17 ETH. His current long ETH position stands at 2,800 ETH, valued at roughly $5.3 million, with a liquidation price of $1,863.08.
24 minutes ago
AI chip maker Cerebras Systems falls 17.3% in pre-market trading on US stocks.
According to BIT (Bit.com) market data, shares of AI chip maker Cerebras Systems fell 17.3% in pre-market trading on US stocks, as the company's second-quarter revenue missed expectations.
24 minutes ago
Changxin Technology has surpassed Tencent Holdings to become China’s largest listed company by market capitalization.
Changxin Technology closed today with a market capitalization of 3.54 trillion yuan. As of Hong Kong's market close, Tencent Holdings (00700.HK) fell 4.46%, posting a market cap of 4 trillion Hong Kong dollars, equivalent to approximately 3.44 trillion yuan. Changxin Technology has surpassed Tencent to become China's largest listed company by market capitalization.
24 minutes ago
Iran: Will Wear Down the U.S. Through a Protracted War
In an interview broadcast on U.S. public television PBS on August 11 local time, Mohammad Reza Naghdi, advisor to the commander-in-chief of Iran’s Islamic Revolutionary Guard Corps (IRGC), stated that the two main goals of the U.S. war against Iran—overthrowing Iran’s leadership and splitting the country—have “already failed,” adding that “victory is on Iran’s side.” Naghdi pointed out that the U.S. has displayed confusion and uncertainty in this conflict, saying, “The U.S. keeps announcing new goals every few days, turning this into a war without strategy.” He also emphasized that Iran will continue to achieve victories. Over more than five months of confrontation with the U.S., Iran has not only accumulated experience but also found that U.S. military forces are weaker than expected. Iran must achieve deterrence to ensure enemies never dare attack it again, and one way to do this is to “prolong the war” to wear down the U.S., so that anyone considering attacking Iran in the future “will first weigh the cost they will have to pay.” (Source: CCTV International News)
24 minutes ago
South Korea's sovereign wealth fund KIC has made its first investment in Circle, holding a stake valued at $4.1 million in the second quarter.
Korea Investment Corporation (KIC) has made its first investment in Circle, a stablecoin issuer. Data disclosed by the U.S. Securities and Exchange Commission (SEC) shows that as of the second quarter of 2026, KIC held 65,443 shares of Circle, with a holding value of approximately $4.099 million (equivalent to about 5.83 billion South Korean won). Previously, KIC’s holdings of crypto-asset-related companies included Strategy, Coinbase, Block, Robinhood, and Riot Platforms. In Q2 2026, KIC reduced its stakes in Strategy, Coinbase, and Riot Platforms, while increasing positions in Block and Robinhood. The total value of its related U.S. stock holdings rose 27% from $132 million in Q1 to $168 million. Specifically, Strategy’s holding value dropped 32% from $10.61 million to $7.17 million; Coinbase’s fell 30% from $52.99 million to $36.93 million; Block’s surged 58% from $17.25 million to $27.34 million; Robinhood’s jumped 92% from $45.88 million to $87.96 million; and Riot’s rose 70% from $4.95 million to $8.42 million.
Hyperion DeFi (Nasdaq: HYPD), the Nasdaq-listed DeFi company focused on the Hyperliquid ecosystem, reported record second-quarter net income of $31 million, more than triple the $8.8 million it earned in Q1 2026. The results, released on August 12, mark the second consecutive quarter in which Hyperion has set a new profit record.
HYPE Treasury Nearly Doubles in ValueThe company held 2.04 million HYPE tokens as of June 30, with gross holdings valued at approximately $133 million, up from $71 million at the end of Q1. The sharp rise reflects both additional token accumulation and a higher HYPE price during the quarter. Adjusted EBITDA came in at $53.7 million, up from $19.5 million in the prior period, driven primarily by $54.8 million in treasury gains. Staking yield contributed $527,000 for the quarter, a 69% increase, while yield-enhancement activities added a further $334,000, up 58%.
Hyperion describes its approach as a "Triple-Dip" strategy, combining a growing HYPE treasury, scalable DeFi businesses, and embedded economic upside in early-stage Hyperliquid builders. From Q3 2025 to Q2 2026, the company's adjusted gross profit grew 162%, while operating expenses excluding stock-based compensation fell 46%.
New Staking Partnerships Extend Ecosystem ReachAlongside the earnings release, Hyperion announced a HYPE Asset Use Service (HAUS) agreement with Entropy, an upcoming HIP-3 deployer, committing 500,000 staked HYPE tokens to the partnership. The company also confirmed a separate 500,000 HYPE commitment to Skew Technologies, which is building institutional perpetual futures markets and outcome-based products using Hyperliquid's HIP-3 and HIP-4 infrastructure. Under the Skew agreement, Hyperion receives equity in the company as well as a share of listing-service revenues. Skew's private beta had already attracted more than 40,000 unique sign-ups as of August 10.
The dual partnerships give Hyperion exposure to both HYPE price appreciation and on-chain network activity, consistent with its stated goal of building multiple revenue streams within the Hyperliquid ecosystem. The company reiterated full-year 2026 adjusted gross profit guidance of $5 million to $7 million, roughly five times 2025 levels, and said it expects operating cash flow to turn positive before year-end.
It looks like Machi(@machibigbrother) is really running out of money. He withdrew only 1,540 $USDC from #Binance. He ...
It looks like Machi(@machibigbrother) is really running out of money. He withdrew only 1,540 $USDC from #Binance. He had to sell Bored Ape #5715 for just 8.3 $ETH ($15,570), which he bought for 34.17 $ETH 3 years ago, to keep his $ETH long going. Current position: 2,800 $ETH($5.3M) Liquidation price: $1,863.08
24 minutes ago
Crypto influencer 'Maji Big Brother' withdrew only 1,540 USDC from Binance and sold Bored Ape Yacht Club (BAYC) NFTs to maintain his long Ethereum (ETH) position.
According to monitoring by OnchainDataNerd, Maji Big Brother may face increased financial pressure recently, having withdrawn just 1,540 USDC from Binance. Meanwhile, to maintain his long Ethereum (ETH) position, he sold Bored Ape Yacht Club #5715 for 8.3 ETH (≈$15,600) — an NFT he purchased three years ago for 34.17 ETH. His current long ETH position stands at 2,800 ETH, valued at roughly $5.3 million, with a liquidation price of $1,863.08.
24 minutes ago
AI chip maker Cerebras Systems falls 17.3% in pre-market trading on US stocks.
According to BIT (Bit.com) market data, shares of AI chip maker Cerebras Systems fell 17.3% in pre-market trading on US stocks, as the company's second-quarter revenue missed expectations.
24 minutes ago
Changxin Technology has surpassed Tencent Holdings to become China’s largest listed company by market capitalization.
Changxin Technology closed today with a market capitalization of 3.54 trillion yuan. As of Hong Kong's market close, Tencent Holdings (00700.HK) fell 4.46%, posting a market cap of 4 trillion Hong Kong dollars, equivalent to approximately 3.44 trillion yuan. Changxin Technology has surpassed Tencent to become China's largest listed company by market capitalization.
24 minutes ago
Iran: Will Wear Down the U.S. Through a Protracted War
In an interview broadcast on U.S. public television PBS on August 11 local time, Mohammad Reza Naghdi, advisor to the commander-in-chief of Iran’s Islamic Revolutionary Guard Corps (IRGC), stated that the two main goals of the U.S. war against Iran—overthrowing Iran’s leadership and splitting the country—have “already failed,” adding that “victory is on Iran’s side.” Naghdi pointed out that the U.S. has displayed confusion and uncertainty in this conflict, saying, “The U.S. keeps announcing new goals every few days, turning this into a war without strategy.” He also emphasized that Iran will continue to achieve victories. Over more than five months of confrontation with the U.S., Iran has not only accumulated experience but also found that U.S. military forces are weaker than expected. Iran must achieve deterrence to ensure enemies never dare attack it again, and one way to do this is to “prolong the war” to wear down the U.S., so that anyone considering attacking Iran in the future “will first weigh the cost they will have to pay.” (Source: CCTV International News)
24 minutes ago
South Korea's sovereign wealth fund KIC has made its first investment in Circle, holding a stake valued at $4.1 million in the second quarter.
Korea Investment Corporation (KIC) has made its first investment in Circle, a stablecoin issuer. Data disclosed by the U.S. Securities and Exchange Commission (SEC) shows that as of the second quarter of 2026, KIC held 65,443 shares of Circle, with a holding value of approximately $4.099 million (equivalent to about 5.83 billion South Korean won). Previously, KIC’s holdings of crypto-asset-related companies included Strategy, Coinbase, Block, Robinhood, and Riot Platforms. In Q2 2026, KIC reduced its stakes in Strategy, Coinbase, and Riot Platforms, while increasing positions in Block and Robinhood. The total value of its related U.S. stock holdings rose 27% from $132 million in Q1 to $168 million. Specifically, Strategy’s holding value dropped 32% from $10.61 million to $7.17 million; Coinbase’s fell 30% from $52.99 million to $36.93 million; Block’s surged 58% from $17.25 million to $27.34 million; Robinhood’s jumped 92% from $45.88 million to $87.96 million; and Riot’s rose 70% from $4.95 million to $8.42 million.
Bitcoin traded near $63,800 early Thursday, Aug. 13, as crypto markets struggled to build momentum from a U.S. inflation report that came largely in line with expectations.
Summary
Bitcoin traded near $63,800 as July inflation matched forecasts and failed to ignite fresh momentum. Hyperliquid led large-cap gains, while Velvet topped CoinMarketCap’s top-100 movers with a 23.76% surge Thursday. Bitcoin ETFs posted $61.1 million in outflows, while Ether ETFs attracted $7.4 million of inflows. July consumer prices rose 0.1% monthly and 3.4% annually, matching economists’ expectations for headline inflation. U.S. producer prices arrive Thursday before Jackson Hole, September jobs data, inflation, and Fed meeting. The largest cryptocurrency was little changed over the latest 24 hour period when checked around 06:20 UTC, after trading as low as roughly $63,200 during the previous session. crypto.news placed the broader crypto market capitalization near $2.27 trillion, with Bitcoin accounting for about 56.6% of the market.
Bitcoin briefly climbed above $65,000 ahead of the inflation report, but repeated attempts to establish a stronger move above that region failed. The loss of an immediate regulatory catalyst has also remained in the background after the Senate pushed the CLARITY Act process into September.
Bitcoin price stays muted after U.S. inflation data July consumer inflation provided some relief without triggering a sustained crypto rally. The BLS reported that headline consumer prices rose 0.1% from June and 3.4% from a year earlier. Core CPI, which excludes food and energy, increased 0.2% monthly and slowed to 2.5% annually.
The figures matched economists’ headline expectations closely enough to reduce fears of another near term Federal Reserve increase. Reuters reported that futures markets lowered the implied probability of a September rate hike to roughly 40% from 54% before the release. Asian equities responded more positively than crypto, with the MSCI Asia Pacific index rising about 1% and South Korea’s Kospi gaining more than 4%.
Bitcoin, however, remained pinned below $64,000. The muted response suggests the inflation reading removed one downside risk without supplying the new demand needed for another run toward $65,000.
HYPE leads major coins as top gainers and losers split Major cryptocurrencies were mixed rather than uniformly lower by Thursday morning. crypto.news showed Ether around $1,890, BNB near $611, XRP at $1.01 and Solana close to $76. TRON traded around $0.338, while Dogecoin changed hands near $0.0707. Cardano was about $0.184 and Chainlink traded near $8.74.
Crypto market overview, source: QuantifyCrypto Hyperliquid was the clear large cap outperformer. HYPE traded around $57 and gained roughly 4% to 5% over 24 hours depending on the data venue. That continued a recovery already visible last week, when HYPE rebounded from roughly $51 toward the $57 area.
The moves were more pronounced further down the market. CoinMarketCap ranked Velvet as the best performer among its top 100 cryptocurrencies, up 23.76% to about $0.70. Virtuals Protocol followed with a 9.86% gain to $0.596, while OKB rose 9.19% to roughly $104. Mantle gained 5.99%, followed by HYPE at 4.68%.
Audiera led the other side of the table with a 15.74% decline. Curve DAO Token fell 7.42%, Official Trump lost 5.75%, Uniswap dropped 5.55% and Pepe declined 4.34%. Dogecoin was also among the top 100 losers, falling about 2.1%.
Bitcoin ETF outflows contrast with Ether demand U.S. exchange traded fund flows offered another reason for Bitcoin’s subdued performance. Spot Bitcoin ETFs recorded $61.1 million in net outflows on Aug. 12, according to Farside. Fidelity’s FBTC accounted for $46.8 million of redemptions, while BlackRock’s IBIT lost $14.3 million.
Bitcoin ETF flow, source: Farside Ether funds moved in the opposite direction. U.S. spot Ether ETFs attracted $7.4 million, entirely through BlackRock’s ETHA, while every other listed fund recorded zero net flow for the session. The divergence followed $144.6 million of Bitcoin ETF outflows on Aug. 10 and a modest $7.8 million inflow the following day.
The latest redemptions also interrupted a stronger period of institutional Bitcoin demand. In related coverage, four consecutive Bitcoin ETF inflow sessions previously brought in $763.6 million before flows weakened this week.
What could move Bitcoin next? The immediate U.S. test arrives later Thursday. The BLS will release July producer prices at 8:30 a.m. ET on Aug. 13. A large surprise could again alter expectations for the Federal Reserve’s Sept. 15 to 16 meeting.
Attention then shifts to the Jackson Hole Economic Policy Symposium on Aug. 27 to 29. This year’s event focuses on financial innovation, payments and policy. The August employment report follows on Sept. 4, while August CPI arrives Sept. 11, giving policymakers two major data releases before the September meeting.
Brent crude was also back below $90 early Thursday after its recent advance, trading near $88.50 as weaker demand forecasts offset continuing Middle East supply concerns.
For Bitcoin, that leaves several competing forces. Inflation has not produced a fresh shock, but ETF demand has softened and $65,000 remains difficult to reclaim. The next PPI, employment and inflation readings will determine whether expectations continue shifting toward a Fed pause before September’s decision.
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Bitcoin fiyatı 13 Ağustos Perşembe günü 64.000 doların altında yatay seyrederken, ABD’nin beklentilerle büyük ölçüde uyumlu gelen enflasyon verisi kripto piyasasında yeni bir yükseliş başlatamadı. BTC’nin 65.000 dolar denemeleri sonuçsuz kalırken, spot Bitcoin ETF‘lerinden 61,1 milyon dolarlık çıkış yaşanması dikkat çekti.
Bitcoin, ABD temmuz TÜFE verisi öncesinde kısa süreliğine 65.000 doların üzerine çıktı. Ancak bu seviyenin üzerinde kalıcı olamadı ve yeniden 64.000 doların altına çekildi.
Piyasalar enflasyon verisini büyük bir sürpriz olmadan karşıladı. Buna rağmen Bitcoin’de güçlü bir alım dalgası oluşmadı.
Peki enflasyon verisi Fed’e ilişkin beklentileri desteklerken Bitcoin neden hâlâ 65.000 doları aşamıyor?
Bitcoin Neden 65.000 Doları Aşamadı? ABD’de temmuz ayında tüketici fiyatları aylık bazda %0,1, yıllık bazda ise %3,4 arttı. Çekirdek TÜFE aylık %0,2 yükselirken yıllık artış %2,5’e geriledi.
Veriler piyasa beklentileriyle büyük ölçüde uyumlu geldi. Bu nedenle enflasyon tarafında yeni bir şok oluşmadı.
Verinin ardından vadeli piyasalarda Fed’in eylül ayında faiz artırma ihtimali yaklaşık %40’a geriledi. Veri öncesinde bu oran yaklaşık %54 seviyesindeydi.
Normal şartlarda daha düşük faiz artışı beklentisi, Bitcoin gibi riskli varlıklar için destekleyici olabilir.
Ancak BTC’nin tepkisi sınırlı kaldı.
Bu durum, piyasada Fed beklentilerinin tek başına yeni bir yükseliş için yeterli olmadığını gösteriyor.
HYPE Yükseldi, Altcoinlerde Hareketlilik Arttı Bitcoin’in yatay seyrine rağmen altcoin piyasasında bazı tokenlar pozitif ayrıştı.
Hyperliquid (HYPE), büyük piyasa değerine sahip kripto paralar arasında en güçlü performanslardan birini göstererek yaklaşık %4,7 yükseldi.
Daha alt sıralarda ise hareket daha sert oldu. CoinMarketCap verilerine göre Velvet (VELVET) yüzde 23,76 yükselişle ilk 100 kripto para arasında günün en güçlü performansını gösterdi. Virtuals Protocol %9,86, OKB ise %9,19 yükseldi.
Ancak birkaç altcoinin yükselmesi, piyasanın genelinde yeni bir altcoin rotasyonu başladığı anlamına gelmiyor.
Şimdilik hareket seçici görünüyor.
Bitcoin ETF’lerinden 61,1 Milyon Dolarlık Çıkış Bitcoin’in 65.000 dolar üzerinde tutunamamasında kurumsal talep tarafındaki son gelişmeler de dikkat çekiyor.
Farside verilerine göre ABD’deki spot Bitcoin ETF’leri 12 Ağustos’ta toplam 61,1 milyon dolarlık net çıkış kaydetti. Fidelity’nin FBTC fonundan 46,8 milyon dolar, BlackRock’ın IBIT fonundan ise 14,3 milyon dolar çıkış gerçekleşti.
Buna karşılık spot Ether ETF’lerinde 7,4 milyon dolarlık net giriş görüldü. Bu girişin tamamı BlackRock’ın ETHA fonundan geldi.
Dolayısıyla kripto piyasasında kurumsal para akışı tamamen durmuş değil. Ancak son seansta Bitcoin ve Ether ETF’leri arasında belirgin bir ayrışma oluştu.
Bu ayrışmanın kalıcı olup olmayacağı, Bitcoin’in önümüzdeki günlerdeki performansı açısından önemli olacak.
Bitcoin İçin Sırada Hangi Veriler Var? Bitcoin açısından yeni hareketin oluşması için yatırımcıların gözü şimdi ABD’nin diğer ekonomik verilerine çevrildi.
Bugün açıklanacak Üretici Fiyat Endeksi (ÜFE), enflasyonun üretici tarafındaki seyrine ilişkin yeni bir ipucu verecek. Beklentilerdeki değişim, Fed’in eylül toplantısına yönelik fiyatlamayı da etkileyebilir.
Ardından piyasaların odağında Jackson Hole Ekonomi Politikası Sempozyumu, eylül ayı istihdam verisi ve ağustos TÜFE’si olacak.
Bitcoin için kritik nokta ise 65.000 dolar seviyesinin yeniden kazanılması.
TÜFE verisi piyasalardaki faiz artışı korkusunu azalttı ancak Bitcoin’i yeni bir yükseliş dalgasına taşıyamadı. ETF çıkışlarının devam etmesi halinde 65.000 dolar direncinin aşılması daha da zorlaşabilir. Buna karşılık kurumsal girişlerin yeniden güçlenmesi ve Fed beklentilerinin destekleyici kalması, Bitcoin’in bu seviyeyi yeniden test etmesini sağlayabilir.
Şimdilik piyasanın önündeki soru yalnızca “Bitcoin yükselecek mi?” değil:
65.000 dolar aşıldığında bu kez Bitcoin orada kalabilecek mi?
Bu içerik genel piyasa verilerine dayanır ve yatırım tavsiyesi değildir. Kendi araştırmanızı yapmanızı öneririz.
Son Dakika kripto para haberleri için hemen tıkla.
Konu ile ilgili yorumlarınızı bize yazabilirsiniz. Ayrıca, bu tarz bilgilendirici içeriklerin devamının gelmesini isterseniz, bizleri Telegram, Youtube ve Twitter kanallarımızdan takip edebilirsiniz.
Hyperliquid opened access to its Foundation operated low latency data infrastructure to qualified third party infrastructure providers on Aug. 12, creating a cheaper route for trading firms and developers that previously faced demanding direct access requirements.
Summary
Hyperliquid opened Foundation low-latency node access to qualified infrastructure providers under a standardized pricing model. Provider pricing is currently indicated below $1,000 monthly, covering computing resources and outbound network traffic. Qualified providers need one year operating history, 100 customers, five networks, and 99.9% availability levels. Direct Foundation access previously required staking 10,000 HYPE and Tier 1 maker rebate qualification status. Providers may not offer faster dedicated lines to individual market makers under Foundation access rules. The new provider model uses a current reference price below $1,000 per month for access, covering compute and outbound traffic.
The change applies specifically to connectivity with the Hyper Foundation’s non validating node. Running an independent non validating node has always been permissionless, according to Hyperliquid’s documentation. Direct peer access to the Foundation node, however, previously required staking 10,000 HYPE and reaching Tier 1 in maker rebates, defined as more than 0.5% of 14 day weighted maker volume.
Hyperliquid Opens Low-Latency Data Nodes to Infrastructure Providers at Under $1,000 a Month
Hyperliquid Foundation has opened its low-latency on-chain data nodes to qualified infrastructure providers, allowing them to offer access at standardized pricing, currently indicated at… pic.twitter.com/LfSJuid2ZS
— Wu Blockchain (@WuBlockchain) August 13, 2026 Hyperliquid opens Foundation node access beyond major makers Qualified providers must have operated for at least one year, serve at least 100 customers and support five or more networks or protocols. They also need 99.9% node availability and cannot have been terminated by another network or foundation for a breach during the previous three months.
The commercial rules are designed to limit information advantages between customers. Providers must offer open access and nondiscriminatory pricing, scale automatically as access nodes increase and cannot provide faster dedicated connections to selected market makers. Reports of verified preferential treatment may qualify for a Hyper Foundation bug bounty.
The reference price is intended to cover computing resources and outbound traffic. The Foundation describes the figure as a current benchmark, meaning the sub-$1,000 level should not be treated as a permanently fixed price. Providers are also barred from turning Foundation peering into preferential infrastructure for an individual trading firm.
The change targets latency-sensitive trading infrastructure Hyperliquid’s Foundation non validating node is designed to provide reliable, low latency blockchain data. A non validating node follows network activity without taking part in consensus. Hyperliquid also maintains open source node software in its repository, allowing users to operate their own nodes.
The access change follows earlier adjustments to Hyperliquid’s public WebSocket feeds. In June, the network directed automated traders needing more order book levels or real time update streams toward non validating nodes. The new provider route gives smaller teams another path without independently satisfying the Foundation’s former staking and maker volume requirements.
The shift also comes as professional trading infrastructure around Hyperliquid expands. Gold-i said this week that MatrixNET had integrated direct non validating node connectivity, providing institutional clients fuller order book depth and faster, more granular market data than the standard API. Gold-i has not been identified as a participant in the newly opened Foundation provider program.
As previously reported, Hyperliquid controls an estimated 70% of onchain perpetuals volume, making data quality increasingly relevant for firms competing in its order books. Separately, the Foundation controlled share of staked HYPE fell to about 49.3% this year as the validator base expanded.
What happens next for providers and HYPE Infrastructure firms that meet the published requirements can compete to provide Foundation connected data access under the new service conditions. Hyperliquid has not announced a named list of approved providers or a fixed rollout schedule in the materials reviewed. The next test will be whether multiple providers emerge while maintaining the required availability and equal access standards.
Hyperliquid (HYPE) price chart, source: crypto.news The broader change is narrower than opening Hyperliquid’s validator set or matching engine. It lowers the barrier to a specific low latency data path while leaving independent non validating nodes permissionless. For smaller market makers and trading developers, access is therefore less dependent on holding a large HYPE stake or already commanding substantial maker volume.
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.
TLDR: Hyperliquid generated over $800M in annual revenue, with about 99% of certain fees used to buy HYPE. Uniswap’s UNIfication activated protocol fees and included a one-time treasury burn of 100M UNI tokens. Aave spent about $42M buying over 205,000 AAVE in 10 months, equal to roughly 1.28% of total supply. Aave’s January 2026 revenue fell to $7.95M from $13.5M, prompting a proposal to cut annual buybacks to $30M. Crypto markets are increasingly being judged by a metric familiar to traditional businesses: how much revenue they generate and return to asset holders. Bitwise CIO Matt Hougan said in an Aug. 12 memo that this shift is weakening a long-running criticism of digital assets.
Historically, many networks could attract users, generate fees, and process billions in activity without creating direct economic benefits for native token holders. That model is changing as major protocols adopt buybacks, burns, and other mechanisms linking platform revenue with token economics.
Hougan’s argument does not equate crypto tokens with stocks. Instead, it highlights a clearer connection between protocol activity and token demand.
Hyperliquid and Uniswap Turn Protocol Fees Into Token Demand Hyperliquid provides the clearest example of the revenue model highlighted by Matt Hougan. Bitwise said the decentralized trading network generated more than $800 million in revenue last year.
The protocol directs roughly 99% of certain fee revenue toward purchasing HYPE, creating recurring token demand from trading activity. DefiLlama currently estimates Hyperliquid’s trailing-year revenue rate near $750 million, while monthly perpetual-futures volume recently reached about $190 billion.
The mechanism creates a measurable relationship between usage, fees, and token purchases. Instead of growth remaining separate from token economics, platform activity directly funds demand for HYPE through market purchases.
Uniswap has also strengthened that connection through its “UNIfication” overhaul. The governance proposal activated protocol fees and created a structure allowing collected fees to fund UNI burns.
It also included a one-time 100 million UNI treasury burn. That adjustment was significant as Uniswap had processed roughly $4 trillion in cumulative volume before the proposal was introduced. Previously, that activity did not produce a comparable direct value-accrual mechanism for UNI holders.
Aave Shows Why Revenue Alone Cannot Guarantee Token Value Meanwhile, Aave demonstrates the appeal and limits of revenue-based token analysis. The Aave DAO launched its buyback program in April 2025 and spent about $42 million purchasing more than 205,000 AAVE.
Those purchases represented approximately 1.28% of total token supply during the program’s first 10 months. However, a later proposal sought to reduce the annual buyback budget from $50 million to $30 million.
The proposal followed a drop in January 2026 revenue to $7.95 million from $13.5 million one year earlier. Aave then paused buybacks on April 19 after the rsETH incident to preserve treasury flexibility.
That decision showed why investors cannot treat protocol revenue as guaranteed token-holder cash flow. Governance decisions, security events, operating expenses, and treasury needs affect how much economic value reaches holders.
Regulatory conditions are also changing alongside these token models. SEC Chairman Paul Atkins, who took office in April 2025, has prioritized clearer rules covering crypto issuance, custody, and trading.
Still, revenue-generating tokens do not automatically give holders the legal rights associated with company shares. The shift is therefore centered on measurable value transfer rather than fees alone.
As Bitwise CIO Matt Hougan argues, revenue becomes more meaningful when token holders can clearly capture part of the economic activity a network creates.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Hyperliquid is reportedly lobbying U.S. regulators to open a pathway for regulated firms to offer perpetual futures on its blockchain, according to a report by The Information on Wednesday.
The news comes as market commentators point to improving fundamentals and institutional accumulation around the HYPE token.
Will HYPE Grab the Perps Market?Hyperliquid is engaging with the CFTC and SEC to allow U.S.-regulated companies to offer perpetual futures that trade and settle on its public blockchain, The Information reported.
The decentralized trading platform currently restricts U.S. users from accessing its services but is reportedly seeking no-action letters or new regulatory guidance that could allow its infrastructure to play a larger role in regulated U.S. markets.
The push comes as Hyperliquid’s underlying business continues to gain traction. The platform reportedly generated more than $900 million in profit last year.
In late July, VanEck’s Matthew Sigel highlighted Hyperliquid as an early leader and an example of crypto-native infrastructure expanding beyond digital assets.
He predicts HYPE to generate $800 million in annualized revenue.
Traders Debate if HYPE Is a BuyCrypto trader Michael van de Poppe highlighted HYPE as an asset worth watching during market weakness, arguing investors should focus on buying dips in assets that are gaining traction and have a strong narrative.
"HYPE has been one of those assets for almost a year," he said.
Arkham Intelligence data points to continued demand from Bitwise clients.
Bitwise-linked ETF clients have purchased more than $5 million worth of HYPE over the past week. The wallets tracked by Arkham have not sold any HYPE since last month and have only accumulated the token during August.
Trader Crypto McKenna sees an improving technical setup, noting that HYPE appears to be establishing a higher low following a deviation below its range low.
He also highlighted the upcoming AQAv2 launch at the end of August and increased fee flexibility for HIP-3 deployers as potential fundamental catalysts.
Altcoin Sherpa is also looking for accumulation opportunities but would prefer a deeper correction. He hopes to build a larger spot position if HYPE falls into the $40s. Currently, the setup does not offer attractive trading opportunities.
He added that the token does not currently offer an especially attractive active trading setup.
Price Action: Hyperliquid Strategies Inc (NASDAQ:PURR) is up 1.5% on the day, the 21shares Hyperliquid ETF (NASDAQ:THYP) is up 2.5%.
Image: Shutterstock
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A whale dormant for two years has transferred 1,770 BTC, incurring an unrealized loss of $19.8 million.
According to monitoring by Onchain Lens, a crypto whale transferred approximately 1,770 BTC (valued at around $112.14 million) after remaining inactive for roughly two years. The holding, which was received from Gemini, was worth about $131.91 million at the time, resulting in an unrealized loss of $19.8 million.
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Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Hyperliquid, the largest decentralized perpetual futures exchange by volume, is actively working to find a legally compliant way to serve US traders. The platform currently geo-blocks American users, but recent regulatory shifts have opened a narrow window that could change everything.
For years, perpetual contracts, the crypto-native instrument that lets traders bet on asset prices without expiration dates, existed in a gray zone under US law. The Commodity Exchange Act made offering them to American users a legal minefield, which is why platforms like Hyperliquid simply blocked US access entirely.
That changed on May 29, 2026, when the CFTC approved Kalshi’s BTCPERP contract. The approval was a landmark moment, essentially giving the green light for regulated US venues to list perpetual futures products. Kalshi even listed perpetual futures linked to Hyperliquid’s native HYPE token, a somewhat ironic development given that Hyperliquid itself can’t serve the very market where its token is now being traded.
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Hyperliquid’s Washington play Hyperliquid launched its Policy Center in Washington, D.C. in 2026, a dedicated operation focused on advocating for regulated access to on-chain markets. Jeff Yan, Hyperliquid’s founder, has been engaging directly with US policymakers to navigate the compliance landscape. The platform is reportedly exploring compliant partnerships and structural arrangements that would allow it to serve American traders without running afoul of CFTC jurisdiction.
The numbers that make this urgent Hyperliquid processed over $633 billion in combined perpetuals and spot volume during the first quarter of 2026 alone. It commands roughly 32% of the on-chain perpetual futures market as of mid-2026.
Grayscale, Bitwise, and 21Shares have all filed for spot HYPE ETFs in mid-2026, a development that could funnel traditional finance capital toward Hyperliquid’s ecosystem even as the platform itself remains inaccessible to US retail traders.
A double-edged sword The platform currently enforces geo-blocking for US and Ontario, Canada residents, but the underlying technology remains permissionless. Meeting CFTC requirements typically involves know-your-customer procedures, transaction reporting, position limits, and various risk management obligations.
If spot HYPE ETFs gain approval, they create a regulated on-ramp for institutional capital that doesn’t require Hyperliquid to solve its own US access problem. Institutions could gain exposure to the HYPE token through traditional brokerage accounts while the underlying platform continues operating offshore. However, ETF exposure to a token is not the same as access to the trading platform itself. Hyperliquid’s value proposition isn’t just its token — it’s the deep liquidity, tight spreads, and high-performance execution on its perpetual contracts.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
