Viewpoint: If AI sales grow strongly, the return on capital expenditure for AI operators is expected to turn positive within 24 months.
Renowned researcher Oguz Erkan’s data analysis indicates that based on current capital costs, operating margins of hyperscale cloud service providers, and depreciation periods, the return on investment (ROI) for AI capital expenditure will turn positive when AI revenue reaches roughly 1.7 to 1.8 times depreciation and amortization. Currently, AI revenue is approximately 1.2 times capital expenditure depreciation. Erkan projects that if AI sales grow robustly, the ROI is expected to turn positive within 24 months.
19 minutes ago
Michael Saylor: Strategy is operational
Michael Saylor issued a statement noting that Bitcoin is operating normally, and so are we (Strategy).
19 minutes ago
A renowned Chinese hedge fund manager has warned that global AI stocks have formed a "super bubble".
Two renowned Chinese hedge fund managers have warned that global AI stocks have formed a "super bubble" and are on the verge of bursting. Yang Dong, founder of Ningquan Asset, explicitly warned in the "2026 Semi-Annual Investment Report" released on June 23 that a "super bubble" has formed in global AI stocks, and a crash may be imminent. The report bluntly stated that a large number of hot A-share stocks are very likely to drop by 80% or even over 90% in the future, adding that "if one lacks the ability to pull chestnuts out of the fire and emerge unscathed, taking such risks would be irresponsible to investors." Yang Dong accurately predicted the peak of the 2007 bull market. Separately, Li Bei, founder of Shanghai-based Banxia Investment, noted in her June 21 monthly report "To Banxia Investors" that "the triggering conditions for the AI bubble to burst have emerged." Taking Anthropic's ARR (Annualized Run Rate) as an example, she argued that revenue growth at downstream model companies has slowed significantly, their full-year results are likely to fall well short of market expectations, and a subsequent decline in capital expenditure is highly probable.
19 minutes ago
An address linked to Vitalik has transferred 7,000 ETH, and is likely to deposit the funds into a centralized exchange (CEX).
According to monitoring by Onchain Lens, a wallet linked to Vitalik, labeled "0xD04", transferred 7,000 ETH (valued at $11.06 million) to a new wallet. Based on the address’s historical transaction records, the ETH is highly likely to be deposited into a centralized exchange (CEX). Earlier, the same wallet transferred 1,300 ETH (worth $31.6 million), which was subsequently deposited into Paxos. The wallet currently holds 20,001 ETH, valued at $31.6 million.
19 minutes ago
Hong Kong government: Regulated stablecoins are expected to launch between mid-year and the second half of this year.
Hong Kong’s government stated in a written response to the Legislative Council that the Hong Kong Monetary Authority (HKMA) granted stablecoin issuer licenses to two bank-backed institutions in April 2026. Per the institutions’ existing business plans, Hong Kong’s regulated stablecoins are projected to launch between mid-year and the second half of this year. The government added that the HKMA has sent notices to unregulated entities conducting stablecoin issuance in the market to clarify legal requirements, and will continue to follow up on related matters; individual cases may be referred to the police or the Department of Justice if necessary. Additionally, the government will submit a bill to the Legislative Council this year to establish a regulatory regime for virtual asset trading, custody, advisory and management service providers.
19 minutes ago
The Israeli military will reduce its forces stationed in southern Lebanon.
According to Israel's Army Radio, the Israeli military will reduce its forces stationed in southern Lebanon and withdraw several combat brigades.
Framework Ventures Leads $60 Million Funding Round for Mecka AI, Holds Major Positions in Hyperliquid, Plasma, Sky
PANews reported on June 27 that Framework Ventures stated on X that it recently led a $60 million funding round for Mecka AI, a physical AI company. Framework Ventures said its confidence in digital assets remains firm and it holds major positions in Hyperliquid, Plasma, and Sky.
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Europol Seizes Approximately $47 Million in Illicit Cryptocurrency in a Law Enforcement Operation
Viewpoint: If AI sales grow strongly, the return on capital expenditure for AI operators is expected to turn positive within 24 months.
Renowned researcher Oguz Erkan’s data analysis indicates that based on current capital costs, operating margins of hyperscale cloud service providers, and depreciation periods, the return on investment (ROI) for AI capital expenditure will turn positive when AI revenue reaches roughly 1.7 to 1.8 times depreciation and amortization. Currently, AI revenue is approximately 1.2 times capital expenditure depreciation. Erkan projects that if AI sales grow robustly, the ROI is expected to turn positive within 24 months.
19 minutes ago
Michael Saylor: Strategy is operational
Michael Saylor issued a statement noting that Bitcoin is operating normally, and so are we (Strategy).
19 minutes ago
A renowned Chinese hedge fund manager has warned that global AI stocks have formed a "super bubble".
Two renowned Chinese hedge fund managers have warned that global AI stocks have formed a "super bubble" and are on the verge of bursting. Yang Dong, founder of Ningquan Asset, explicitly warned in the "2026 Semi-Annual Investment Report" released on June 23 that a "super bubble" has formed in global AI stocks, and a crash may be imminent. The report bluntly stated that a large number of hot A-share stocks are very likely to drop by 80% or even over 90% in the future, adding that "if one lacks the ability to pull chestnuts out of the fire and emerge unscathed, taking such risks would be irresponsible to investors." Yang Dong accurately predicted the peak of the 2007 bull market. Separately, Li Bei, founder of Shanghai-based Banxia Investment, noted in her June 21 monthly report "To Banxia Investors" that "the triggering conditions for the AI bubble to burst have emerged." Taking Anthropic's ARR (Annualized Run Rate) as an example, she argued that revenue growth at downstream model companies has slowed significantly, their full-year results are likely to fall well short of market expectations, and a subsequent decline in capital expenditure is highly probable.
19 minutes ago
An address linked to Vitalik has transferred 7,000 ETH, and is likely to deposit the funds into a centralized exchange (CEX).
According to monitoring by Onchain Lens, a wallet linked to Vitalik, labeled "0xD04", transferred 7,000 ETH (valued at $11.06 million) to a new wallet. Based on the address’s historical transaction records, the ETH is highly likely to be deposited into a centralized exchange (CEX). Earlier, the same wallet transferred 1,300 ETH (worth $31.6 million), which was subsequently deposited into Paxos. The wallet currently holds 20,001 ETH, valued at $31.6 million.
19 minutes ago
Hong Kong government: Regulated stablecoins are expected to launch between mid-year and the second half of this year.
Hong Kong’s government stated in a written response to the Legislative Council that the Hong Kong Monetary Authority (HKMA) granted stablecoin issuer licenses to two bank-backed institutions in April 2026. Per the institutions’ existing business plans, Hong Kong’s regulated stablecoins are projected to launch between mid-year and the second half of this year. The government added that the HKMA has sent notices to unregulated entities conducting stablecoin issuance in the market to clarify legal requirements, and will continue to follow up on related matters; individual cases may be referred to the police or the Department of Justice if necessary. Additionally, the government will submit a bill to the Legislative Council this year to establish a regulatory regime for virtual asset trading, custody, advisory and management service providers.
19 minutes ago
The Israeli military will reduce its forces stationed in southern Lebanon.
According to Israel's Army Radio, the Israeli military will reduce its forces stationed in southern Lebanon and withdraw several combat brigades.
Viewpoint: If AI sales grow strongly, the return on capital expenditure for AI operators is expected to turn positive within 24 months.
Renowned researcher Oguz Erkan’s data analysis indicates that based on current capital costs, operating margins of hyperscale cloud service providers, and depreciation periods, the return on investment (ROI) for AI capital expenditure will turn positive when AI revenue reaches roughly 1.7 to 1.8 times depreciation and amortization. Currently, AI revenue is approximately 1.2 times capital expenditure depreciation. Erkan projects that if AI sales grow robustly, the ROI is expected to turn positive within 24 months.
14 minutes ago
Michael Saylor: Strategy is operational
Michael Saylor issued a statement noting that Bitcoin is operating normally, and so are we (Strategy).
14 minutes ago
A renowned Chinese hedge fund manager has warned that global AI stocks have formed a "super bubble".
Two renowned Chinese hedge fund managers have warned that global AI stocks have formed a "super bubble" and are on the verge of bursting. Yang Dong, founder of Ningquan Asset, explicitly warned in the "2026 Semi-Annual Investment Report" released on June 23 that a "super bubble" has formed in global AI stocks, and a crash may be imminent. The report bluntly stated that a large number of hot A-share stocks are very likely to drop by 80% or even over 90% in the future, adding that "if one lacks the ability to pull chestnuts out of the fire and emerge unscathed, taking such risks would be irresponsible to investors." Yang Dong accurately predicted the peak of the 2007 bull market. Separately, Li Bei, founder of Shanghai-based Banxia Investment, noted in her June 21 monthly report "To Banxia Investors" that "the triggering conditions for the AI bubble to burst have emerged." Taking Anthropic's ARR (Annualized Run Rate) as an example, she argued that revenue growth at downstream model companies has slowed significantly, their full-year results are likely to fall well short of market expectations, and a subsequent decline in capital expenditure is highly probable.
14 minutes ago
An address linked to Vitalik has transferred 7,000 ETH, and is likely to deposit the funds into a centralized exchange (CEX).
According to monitoring by Onchain Lens, a wallet linked to Vitalik, labeled "0xD04", transferred 7,000 ETH (valued at $11.06 million) to a new wallet. Based on the address’s historical transaction records, the ETH is highly likely to be deposited into a centralized exchange (CEX). Earlier, the same wallet transferred 1,300 ETH (worth $31.6 million), which was subsequently deposited into Paxos. The wallet currently holds 20,001 ETH, valued at $31.6 million.
14 minutes ago
Hong Kong government: Regulated stablecoins are expected to launch between mid-year and the second half of this year.
Hong Kong’s government stated in a written response to the Legislative Council that the Hong Kong Monetary Authority (HKMA) granted stablecoin issuer licenses to two bank-backed institutions in April 2026. Per the institutions’ existing business plans, Hong Kong’s regulated stablecoins are projected to launch between mid-year and the second half of this year. The government added that the HKMA has sent notices to unregulated entities conducting stablecoin issuance in the market to clarify legal requirements, and will continue to follow up on related matters; individual cases may be referred to the police or the Department of Justice if necessary. Additionally, the government will submit a bill to the Legislative Council this year to establish a regulatory regime for virtual asset trading, custody, advisory and management service providers.
14 minutes ago
The Israeli military will reduce its forces stationed in southern Lebanon.
According to Israel's Army Radio, the Israeli military will reduce its forces stationed in southern Lebanon and withdraw several combat brigades.
Major cryptocurrencies fell this week as investors favored stocks tied to the artificial-intelligence boom, with dogecoin and Hyperliquid’s HYPE each losing about 10 percent.Bitcoin proved relatively resilient, slipping about 5 percent and repeatedly rebounding from dips near $58,000 amid signs of margin liquidations and aggressive dip-buying.Crypto remains under pressure from U.S. spot bitcoin ETF outflows, a hawkish Federal Reserve and a strong dollar, even as risk appetite persists and broad equity indexes hit new highs.Dogecoin and Hyperliquid's HYPE led the week's losses across crypto, falling near 10%, as money kept flowing toward stocks tied to the artificial-intelligence boom and away from major tokens.
Dogecoin slid 9.6% over seven days to about $0.076 and HYPE lost 9.9%, the steepest falls among the majors. Ether dropped 8.4% to about $1,581 and XRP fell 7.8% to $1.06, while solana and tron held up better, roughly flat on the week at $72 and $0.32.
Bitcoin was the steadier major, down 5.3% to around $60,345 on Saturday after dipping to about $58,800 on Friday and recovering, per CoinDesk data.
"Bitcoin approached $58K at its lows late Thursday and early Friday, but in both cases, aggressive buying quickly pushed it back into the $60K range," Alex Kuptsikevich, FxPro chief market analyst, told CoinDesk. "This pattern resembles margin position liquidations during downtrend spikes, followed by strong buying on pending orders during the recovery."
"Given deteriorating sentiment among institutional investors and their ability to quickly divest from cryptocurrencies to stabilise their balance sheets, it is worth preparing for continued pressure and periodic sell-off spikes by leveraged traders," he added.
The contrast with equities remains a theme. Wall Street kept rotating out of the chipmakers that have led the market and into a broader set of companies tied to steady growth.
The S&P 500 closed little changed, but most of its members rose, and the equal-weighted version of the index, which strips out the dominance of the largest stocks, hit a record high. Falling oil helped sentiment, while semiconductor shares took another leg down after a run that still left them on track for their best quarter ever.
The swings in chip stocks point to a bigger shift. The optimism around AI is giving way to worries about how far valuations have run, and while few think the AI trade is over, the idea that those stocks only rise is fading. The money is leaving semiconductors is spreading into the rest of the market rather than out of risk altogether, and crypto is not catching any of it.
The drags specific to crypto remain. Outflows from US spot bitcoin ETFs, a hawkish Federal Reserve and a strong dollar have weighed all week, and bitcoin is still sitting on its 200-week moving average, a long-term line that has marked extended weak stretches before.
Risk appetite is not gone, only selective, and for now it is passing crypto by.
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Equities on Crypto Rails: A Platform Comparison
Equities on Crypto Rails: A Platform Comparison
US equities on crypto rails: access is easy, on-chain composability is the real test. Only Binance and Backpack deliver both - and only Binance at scale.
22 hours ago
US equities on crypto rails: access is easy, on-chain composability is the real test. Only Binance and Backpack deliver both - and only Binance at scale.
Why it matters:
US equities on crypto rails: access is easy, on-chain composability is the real test. Only Binance and Backpack deliver both - and only Binance at scale.
Grayscale's HYPG Leads the Hyperliquid ETF Race@Grayscale's Hyperliquid Staking ETF, trading under the ticker $HYPG on Nasdaq, has emerged as the dominant institutional product in the fast-growing $HYPE ETF category. As of June 26, 2026, the fund manages $123.28M in assets and holds 1,941,165 $HYPE tokens, placing it ahead of rival products from 21Shares and Bitwise by assets under management.
Grayscale launched $HYPG on Nasdaq with a 0.29% sponsor fee, undercutting rival Hyperliquid funds from 21Shares and Bitwise. 21Shares debuted its fund (THYP) on Nasdaq on May 12 with a 0.30% fee, while Bitwise followed with its BHYP ETF, initially waiving fees before stepping up to 0.34% upon the end of the promotional window. That makes $HYPG the most cost-effective regulated vehicle for $HYPE exposure currently available in the United States.
Staking Rewards Built Into the Structure Unlike traditional crypto ETFs that simply hold an underlying asset, $HYPG is designed to generate additional returns through staking. The fund participates in the Hyperliquid network's staking process, allowing investors to capture staking rewards through the ETF structure. Grayscale cites historical staking rewards of about 2.2% annually. Those rewards, net of fees and expenses, flow through to the fund's net asset value, offering investors a potential return beyond simple price appreciation.
Hyperliquid began as a decentralized perpetual futures exchange but has expanded into a broader blockchain ecosystem that supports smart contracts, tokenized assets, and new financial markets. The protocol generated about $857 million in revenue during 2025, with almost 99% directed toward $HYPE buybacks, a model that ties network usage directly to the token's value.
$HYPG is the third U.S.-listed Hyperliquid fund, with HYPE ETFs already topping $132 million in inflows. That pace of adoption reflects a broader shift in how institutional investors are approaching DeFi infrastructure. The fund's debut adds another sign that institutional investors are increasingly looking beyond bitcoin and ether toward crypto-native infrastructure projects that generate revenue and resemble traditional financial networks.
As with any staking product, risks apply. When a fund stakes its underlying asset, the token is subject to staking risks generally, including a lock-up period during which the fund cannot sell or transfer the staked token, making it illiquid for that period. Investors should review the fund's prospectus carefully before committing capital.
Sources:
Grayscale Hyperliquid Staking ETF (HYPG) Official Page
CoinDesk: Grayscale Launches Lowest-Fee U.S. Hyperliquid ETF
GlobeNewswire: Grayscale Official Press Release
Hyperliquid has responded after the Monetary Authority of Singapore [MAS] added the decentralized trading protocol to its Investor Alert List [IAL]. It says the listing does not constitute an enforcement action or indicate any regulatory wrongdoing.
In a statement published on June 26, Hyperliquid said the IAL is intended to identify entities that may be wrongly perceived as being licensed or regulated by MAS. It added that many centralized exchanges and decentralized finance protocols have appeared on the list.
The response came shortly after MAS announced Hyperliquid’s inclusion on the Investor Alert List. The list warns consumers about entities that may have been perceived as providing regulated financial services without authorization.
Bybit was placed on a similar list earlier in the month.
Hyperliquid says it never claimed MAS authorization Hyperliquid said it is a permissionless infrastructure and has never claimed to be licensed or authorized by MAS.
The protocol stressed that nothing about its network has changed following the listing. It added that users continue to maintain self-custody of their assets while transactions settle transparently on-chain.
Also, it said the ecosystem remains committed to engaging constructively with regulators and institutions globally. It voiced support for clear regulatory frameworks for on-chain finance.
MAS uses alert list to inform investors MAS maintains the Investor Alert List to highlight entities that, based on information available to the regulator, may have been mistaken by consumers as being licensed or otherwise regulated in Singapore.
Inclusion on the list is not, by itself, a ban, an enforcement action, or a finding of misconduct.
The regulator periodically updates the list as part of its efforts to help investors distinguish between regulated entities and those that are not authorized under Singapore’s financial services framework.
Final Summary Hyperliquid says its inclusion on Singapore’s Investor Alert List does not represent an enforcement action. Also that it has never claimed MAS authorization. MAS says the list is intended to help consumers identify entities that may be mistakenly perceived as being regulated in Singapore.
PANews June 26 news, according to SoSoValue data, yesterday (June 25, Eastern Time) HYPE spot ETF saw a total single-day net inflow of $108 million. Among them, Grayscale Hyperliquid Staking ETF (HYPG) had a single-day net inflow of $113 million, with total historical net inflows now reaching $123 million. Bitwise Hyperliquid ETF (BHYP) posted a single-day net outflow of $2.8204 million, with total historical net inflows now at $113 million.
As of press time, the total net asset value of HYPE spot ETFs is $314 million, with a HYPE net asset ratio of 2.24%, and cumulative historical net inflows have reached $292 million.
TLDR Singapore’s Monetary Authority of Singapore added Hyperliquid to its Investor Alert List. The listing includes the Hyper Foundation website and Hyperliquid trading application. MAS clarified that inclusion on the list does not mean a ban or enforcement action. Hyperliquid stated it has never claimed to be licensed or regulated by MAS. The platform said its permissionless infrastructure remains unchanged despite the listing. Singapore’s financial regulator has added a decentralized exchange to its public warning list. The move names Hyperliquid and related platforms in a consumer advisory update. The listing clarifies that inclusion does not mean a ban or enforcement action.
Hyperliquid appears on MAS Investor Alert List The Monetary Authority of Singapore has placed Hyperliquid on its Investor Alert List. The entry includes the Hyper Foundation website and the Hyperliquid trading application.
MAS uses this list to flag entities that may appear licensed or regulated. However, the regulator states that listing does not confirm any legal violation.
Hyperliquid responded to the update through an official statement. The platform said it has never claimed authorization from MAS at any time.
It added that its permissionless infrastructure remains unchanged. The team stated it will continue engaging with regulators across different jurisdictions.
“The Hyperliquid ecosystem remains committed to engaging collaboratively with regulators,” the platform said in its X post. The statement also supports clear frameworks for onchain finance.
Hyperliquid has been added to the MAS's Investor Alert List (IAL). IAL listing does not constitute a ban, an enforcement action, or a finding of wrongdoing. The IAL provides a list of entities that, based on information available to MAS, may be wrongly perceived as being licensed…
— Hyperliquid (@HyperliquidX) June 26, 2026
Singapore expands oversight on crypto firms Singapore authorities have increased scrutiny on digital asset platforms over recent years. The regulator continues to enforce licensing requirements across the sector.
In May 2025, MAS directed firms serving overseas clients to obtain licenses or stop operations. The directive addressed firms operating from Singapore without local approvals.
MAS explained that the move reflects an existing policy stance. The regulator said it had communicated this requirement consistently since 2022.
The directive also closed a gap that allowed firms to avoid licensing by targeting foreign users. As a result, firms had to adjust operations or exit the market.
The regulator linked these actions to stronger consumer safeguards. It also aligned the framework with anti-money laundering and counter-terrorism financing standards.
MAS continues to publish updates through its alert list and regulatory notices. The agency maintains its focus on transparency and compliance within the crypto sector.
Market context and exchange rankings Hyperliquid operates as a decentralized perpetual exchange within the crypto market. The platform currently ranks among the leading decentralized exchanges by trading activity.
According to CoinGecko, Hyperliquid stands as the ninth-largest decentralized exchange by volume. The ranking reflects current market data across trading platforms.
DefiLlama estimates the platform holds about $5.7 billion in total value locked. This figure tracks assets secured within its protocol ecosystem.
Other exchanges also appear on the MAS Investor Alert List. These include Bybit, KuCoin, and Bitget, based on earlier entries.
MAS added Bybit to the list on June 17 as part of ongoing updates. The regulator continues to monitor platforms that operate without local authorization.
The alert list remains publicly accessible for users and institutions. It provides updated information on entities that may appear regulated in Singapore.
Hyperliquid said that it is not, and has never claimed to be, licensed or authorized by MAS.
Hyperliquid has been added to the Investor Alert List (IAL) maintained by the Monetary Authority of Singapore (MAS). The perpetual futures platform clarified that the listing does not represent a regulatory violation, enforcement action, or ban.
In a statement shared on X, Hyperliquid said that inclusion on the IAL should not be interpreted as evidence of wrongdoing while adding that the list is intended to identify entities that may be incorrectly viewed as being licensed, authorized, or regulated by MAS.
MAS Investor Alert List Hyperliquid noted that several major crypto exchanges and decentralized finance protocols have also appeared on the list in the past. According to MAS, the Investor Alert List contains names of entities that, based on information available to the regulator, may have been wrongly perceived as being licensed or otherwise regulated by the central bank.
The regulator also stated that the list may include entities offering investments or investment-related products that could be mistakenly viewed as being authorized, recognized, registered, or accompanied by documents lodged with MAS.
Responding to the development, Hyperliquid asserted that it is a permissionless infrastructure and has never claimed to be licensed or authorized by MAS and that users should not regard the platform as holding such approval. The platform added that users continue to maintain self-custody of their assets and that transactions on the network remain transparent and fully settled on-chain.
“The Hyperliquid ecosystem remains committed to engaging collaboratively and constructively with regulators and institutions globally and to supporting clear, well-designed frameworks for onchain finance.”
The MAS had also placed Bybit Fintech Limited on its Investor Alert List earlier this month. In response, Bybit said it has maintained regular and constructive engagement with MAS and has implemented measures to restrict access for users in Singapore. The exchange said these measures include restrictions in its terms of service and geo-blocking of Singapore IP addresses.
HYPE Cools but ETF Interest Accelerates Hyperliquid’s native token, HYPE, showed little reaction following the development. HYPE traded largely around $62 over the past 24 hours. The token had previously rallied above $75 in mid-June before retreating amid broader market volatility.
You may also like: Why Capital Is Flowing Into XRP, SOL, and HYPE Instead of BTC and ETH HYPE Price Explodes as ETF Inflows and SpaceX Perps Boost Hyperliquid Not Random Panic: Bybit Highlights Factors That Pulled BTC Below $60K Meanwhile, institutional demand for the token appeared to remain strong. Data from SoSoValue revealed that US spot HYPE ETFs recorded more than $108 million in net inflows on June 25, which is the largest single-day inflow since the products launched last month. The inflows came after five trading days in June that recorded no net flows.
Morgan Stanley warns: If the unemployment rate falls below 4%, the Federal Reserve may be forced to raise interest rates.
Morgan Stanley maintains its baseline forecast that the Federal Reserve will hold interest rates steady this year, but warns the stance could shift toward rate hikes if the unemployment rate falls below 4% or inflation remains persistently high. Analyst Michael Gapen noted in a client report that data since the June FOMC meeting has left the firm "somewhat reassured" about its "no rate hike" baseline: oil prices have declined after the signing of the U.S.-Iran Memorandum of Understanding, and the pass-through effect of tariffs is expected to peak. Morgan Stanley forecasts fourth-quarter headline and core PCE inflation at 3.2% and 3.0% respectively, well below the median expectation of FOMC participants. On the labor market front, the firm projects monthly job gains of 50,000 to 60,000 during the summer, enough to keep the unemployment rate roughly stable. However, Gapen warns that if the unemployment rate drops below 4.0%, the Fed may view the risk of an overheating labor market as sufficient to justify rate hikes; the firm would also reassess its stance if monthly core inflation stays at or above 0.3% or if Middle East conflicts escalate again. At the time of this assessment, Brent crude has fallen to around $72.6, and markets are closely watching upcoming employment and inflation data to calibrate policy expectations for the Fed under Chair Powell.
7 hours ago
Donald Trump says Iran violated the ceasefire agreement, but US-Iran talks are still expected to proceed.
According to a report from NewsNation, a U.S. official stated that despite Trump’s claim that Iran violated the ceasefire agreement, negotiations between the U.S. and Iran are expected to continue.
7 hours ago
Israel and Lebanon are expected to announce a framework agreement today.
According to a report by AXIOS, officials from Israel and Lebanon stated that the two governments are expected to announce a framework agreement today.
7 hours ago
Trump issues a 100% tariff warning to European countries, demanding they scrap digital services taxes on U.S. companies.
Trump posted on Truth Social that numerous European countries are discussing imposing digital services taxes on U.S. companies, with some nations nearing actual implementation of the tax. He framed the statement as an official warning: any country that levies such taxes on U.S. firms will immediately face a 100% tariff on all goods exported to the U.S. This tariff will take precedence over any trade agreement signed or implemented with that country, regardless of whether the agreement is in force. Furthermore, if these countries proceed with the move, the 100% tariff will take effect immediately.
7 hours ago
He Yi: We will not give up on establishing effective communication with EU regulatory authorities, and Binance will continue to adhere to compliance standards for the crypto industry.
Binance Co-CEO He Yi stated that any emerging industry will face varying degrees of regulatory and competitive challenges during its development, citing examples like Airbnb and Uber (Try asking AI which countries once banned them). However, this did not prevent them from becoming the greatest internet companies of the mobile internet era. Binance has always viewed encountered issues as opportunities to enhance its team’s capabilities and standards. Over the past years, we have set industry standards for user asset transparency and established the highest industry standards for compliance. While it may take time for EU regulators to build effective communication and trust with Binance, we will not give up and will continue to adhere to the global gold standard for compliance in the crypto industry. Compliance is a topic of great concern recently, which I believe marks progress for the industry, showing it is evolving from a wild growth phase to self-restraint and self-discipline. However, the lessons I have learned this time are: Companies that obtain licenses are not necessarily compliant or self-disciplined, while Binance’s adherence to the gold standard for compliance does not guarantee it will secure licenses. Our goal is far greater than competing with peers in trivial disputes, and we will hold ourselves to the highest industry standards. BlockBeats Note: The transitional grace period for the EU’s crypto regulation MiCA will officially end on July 1, 2026. The European Securities and Markets Authority (ESMA) previously called on unauthorized Crypto Asset Service Providers (CASPs) to exit relevant businesses in an orderly manner when the MiCA transition period concludes.
7 hours ago
Trump condemns Iran for foolishly violating the ceasefire agreement
Trump posted on Truth Social that Iran launched at least four one-way attack drones at vessels transiting the Strait of Hormuz. One drone directly hit the upper deck of a large, high-value cargo ship. Although it caused some damage, the vessel was still able to continue sailing. We shot down the other three drones. Clearly, this is a foolish violation of our ceasefire agreement.
Key TakeawaysSingapore Authority Issues Public WarningPlatform Emphasizes Decentralized FrameworkRegulatory Pressure Intensifies Across Crypto SectorExchange Sustains Leading Industry Status Singapore’s financial authority flags Hyperliquid for operating without proper licensing credentials. The platform maintains it never represented itself as authorized by Singapore regulators. Alert listing doesn’t constitute an operational ban or indicate imminent legal action. Singapore continues strengthening regulatory framework for cryptocurrency platforms targeting domestic users. Despite regulatory spotlight, Hyperliquid maintains position as leading decentralized exchange. On June 26, Singapore’s financial watchdog placed Hyperliquid on its official Investor Alert List, citing the platform’s absence of domestic regulatory approval. The warning encompasses both the Hyper Foundation’s web presence and its decentralized trading application. Importantly, this designation doesn’t constitute an outright prohibition or signal immediate enforcement measures.
Singapore Authority Issues Public Warning The Monetary Authority of Singapore maintains this registry to spotlight financial operations lacking mandatory domestic approval. The authority uses this mechanism to identify services that Singapore residents might mistakenly believe are regulated entities. This alert serves to clarify Hyperliquid’s standing under Singapore’s regulatory framework.
The public alert mechanism dates back to 2004, established as a consumer safeguard initiative. Updates occur regularly, incorporating websites, corporate entities, and digital financial platforms. Appearing on this registry doesn’t necessarily imply fraudulent activity or criminal operations.
The designation indicates MAS hasn’t granted Hyperliquid permission to deliver regulated financial services within Singapore’s borders. Consequently, platform users cannot access the safeguards typically provided through domestically supervised financial organizations. No financial penalties or judicial proceedings against the platform have been disclosed by the regulator.
Platform Emphasizes Decentralized Framework Hyperliquid responded by stating it never portrayed itself as possessing Singapore regulatory authorization. The platform emphasized the alert hasn’t impacted its permissionless operational model. Trading activity continues flowing through its blockchain-based network infrastructure.
The decentralized trading venue enables participants to maintain direct custody of their digital assets throughout transactions. Settlement occurs transparently via blockchain verification mechanisms. The platform contends its architectural design fundamentally differs from conventional centralized financial services.
According to the platform, its broader network will maintain ongoing dialogue with regulatory bodies and institutional players globally. It advocates for transparent regulatory guidelines governing decentralized finance and blockchain trading environments. Nevertheless, Hyperliquid hasn’t revealed intentions to pursue Singapore licensing.
Regulatory Pressure Intensifies Across Crypto Sector MAS has expanded its alert roster to include multiple cryptocurrency trading platforms. Bybit received the same designation on June 17, joining previously listed exchanges KuCoin and Bitget. These inclusions demonstrate Singapore’s systematic approach toward unauthorized digital currency operations.
During May 2025, MAS mandated that Singapore-domiciled cryptocurrency companies servicing international clientele obtain proper licenses or cease activities. This directive eliminated a regulatory loophole permitting certain operators to bypass domestic approval requirements. The authority emphasized it had communicated this regulatory stance consistently since 2022.
These enforcement measures connect to enhanced consumer safeguards and strengthened financial crime prevention protocols. The regulator also aims to better harmonize with global anti-money laundering frameworks. Cryptocurrency enterprises based in Singapore now confront more demanding licensing requirements.
Exchange Sustains Leading Industry Status Hyperliquid continues ranking among the most prominent decentralized trading venues notwithstanding regulatory attention. According to CoinGecko metrics, it holds ninth position among decentralized exchanges measured by transaction volume. DefiLlama data suggests the protocol secures approximately $5.7 billion in total value locked.
The venue concentrates primarily on perpetual futures contracts and additional blockchain-enabled trading instruments. Its architecture merges self-custodial features with high-speed transaction execution. Regulatory authorities may still evaluate how such platforms extend services to users within specific jurisdictions.
MAS hasn’t signaled whether additional measures targeting Hyperliquid will follow. The current alert primarily serves to inform Singapore residents about the platform’s regulatory standing. Meanwhile, the exchange maintains operations through its permissionless blockchain systems.
Oliver Dale
Editor-in-Chief of Blockonomi and founder of Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet for all. His writing has been quoted by Nasdaq, Dow Jones, Investopedia, The New Yorker, Forbes, Techcrunch & More. Contact [email protected]
Singapore’s Monetary Authority added decentralized perpetuals exchange Hyperliquid to its Investor Alert List on June 26, flagging both the Hyper Foundation website and the Hyperliquid trading application as unlicensed in the city-state.
The platform holds roughly $5.7 billion in total value locked according to DefiLlama, making it one of the largest decentralized venues to appear on the register.
Context and Background The MAS Investor Alert List is a consumer protection tool that identifies entities that may be wrongly perceived as licensed or regulated by the authority. Inclusion does not constitute a ban or formal enforcement action against the listed platform.
MAS added centralized crypto exchange Bybit to the same register on June 17, just nine days before the Hyperliquid listing, while KuCoin and Bitget also appear on the list. CoinGecko ranks Hyperliquid as the ninth-largest decentralized exchange globally by 24-hour trading volume.
The listing arrives amid a broader pattern of tightened regulatory oversight in Singapore. In May 2025, MAS ordered crypto companies serving overseas customers to obtain licenses or cease operations, closing a loophole that had allowed some firms based in the city-state to avoid licensing requirements since 2022. Cointelegraph reported it contacted MAS for comment but received no response before publication.
Platform Response Hyperliquid responded in an X post stating it has never claimed to be licensed or authorized by MAS and that nothing about its permissionless infrastructure has changed. “The Hyperliquid ecosystem remains committed to engaging collaboratively and constructively with regulators and institutions globally and to supporting clear, well-designed frameworks for onchain finance,” the platform wrote.
The statement’s conciliatory tone is notable for a permissionless protocol, signaling that even fully decentralized platforms now view regulatory engagement as strategically important rather than fundamentally incompatible with their decentralized architecture.
Effect of The Listing The listing places Hyperliquid on the same register as centralized exchanges such as Bybit, KuCoin, and Bitget, but the regulatory implications differ structurally. Centralized exchanges can apply for MAS Payment Services Act licenses and restructure their operations to meet local compliance requirements.
A permissionless protocol with no incorporated entity in Singapore faces a far more ambiguous compliance path because there is no corporate applicant to submit to the licensing regime. The alert effectively warns Singaporean retail users against interacting with the platform while providing no mechanism for Hyperliquid to resolve its status.
That gap between traditional licensing frameworks designed for identifiable corporate operators and decentralized architectures with no central management entity remains one of the most persistent unresolved tensions in global crypto regulation.
Industry Reaction Other crypto firms have chosen direct engagement with Singapore’s framework. Ripple recently joined a MAS regulatory sandbox to test its RLUSD stablecoin in trade finance applications, illustrating that projects willing to operate through locally incorporated entities can pursue a constructive path with the regulator even as unlicensed platforms accumulate alert-list entries.
What’s Next? Whether MAS escalates from alert-list inclusion to formal enforcement action against decentralized exchange protocols remains an open question.
The regulator’s stated goal of aligning Singapore’s crypto framework with international anti-money laundering standards suggests further tightening is likely, but the mechanism for enforcing compliance against permissionless infrastructure has yet to be tested.
The Monetary Authority of Singapore has added Hyperliquid to its Investor Alert List, prompting the decentralized exchange to state that it has never claimed to be licensed or authorized by the country’s financial regulator.
Summary
MAS has added Hyperliquid to its Investor Alert List, while clarifying that the move is not an enforcement action. Hyperliquid says it has never claimed to be licensed by MAS and that its permissionless infrastructure remains unchanged. HYPE continues trading inside a descending channel, with technical indicators showing improving momentum despite regulatory attention. According to the Monetary Authority of Singapore (MAS), the entry added on Friday includes both the Hyper Foundation website and the Hyperliquid trading application.
The regulator described the Investor Alert List as a consumer protection measure that identifies entities that could be mistakenly perceived as licensed or regulated by MAS. It also clarified that inclusion on the list does not amount to a ban or enforcement action.
Responding in a June 26 X post, Hyperliquid said its permissionless infrastructure remains unchanged and that it has never represented itself as holding authorization from MAS. The platform added that it remains committed to working constructively with regulators and institutions while supporting clear regulatory frameworks for on-chain finance.
Hyperliquid has been added to the MAS's Investor Alert List (IAL). IAL listing does not constitute a ban, an enforcement action, or a finding of wrongdoing. The IAL provides a list of entities that, based on information available to MAS, may be wrongly perceived as being licensed…
— Hyperliquid (@HyperliquidX) June 26, 2026 Hyperliquid says listing does not change its operations Although the MAS listing has drawn attention to the exchange, Hyperliquid continues to rank among the largest decentralized trading platforms. According to CoinGecko, it is currently the ninth-largest decentralized exchange by trading volume, while DefiLlama estimates the protocol secures roughly $5.7 billion in total value locked.
Earlier this month, MAS also placed Bybit on the Investor Alert List. KuCoin and Bitget are already included, indicating that multiple crypto trading platforms have received similar treatment from the regulator.
Unlike enforcement measures that prohibit business activity or impose penalties, the Investor Alert List serves as a public notice intended to help consumers distinguish between firms regulated by MAS and those that are not. The regulator publishes the list to reduce the risk of investors mistakenly believing an entity operates under its supervision.
Singapore continues tightening crypto rules The latest addition comes as Singapore continues tightening oversight of digital asset businesses.
In May 2025, MAS instructed crypto companies serving overseas customers from Singapore to either obtain the required licenses or stop operating. At the time, the regulator said the requirement was not a policy change but the end of a transition period after repeatedly communicating its regulatory position since 2022.
According to MAS, the directive closed a gap that had allowed some Singapore-based crypto businesses to avoid licensing requirements by restricting their services to overseas users.
The regulator also said the updated framework strengthens consumer protection while bringing Singapore’s crypto regime closer to international Anti-Money Laundering and Countering the Financing of Terrorism standards.
HYPE market remains focused on technical levels While the regulatory development has put Hyperliquid back in focus, HYPE’s price action has remained centered on key technical levels rather than showing an immediate directional move tied to the announcement.
On the four-hour chart, Hyperliquid (HYPE) continues to trade inside a descending channel after rebounding from recent lows near $61. The token was changing hands around $65 at the time of analysis, testing the channel’s upper boundary, which has repeatedly acted as resistance during the recent correction.
Hyperliquid price has broken out of a descending channel on the 4-hour chart — June 27 | Source: crypto.news Momentum indicators have shown tentative signs of improvement. The MACD has produced a bullish crossover with the histogram turning positive, while the RSI has recovered above the neutral 50 level, suggesting buying pressure has strengthened after several sessions of weakness.
Derivatives positioning also points to important price zones ahead. CoinGlass liquidation data shows one of the largest clusters of short liquidations between roughly $66 and $67, with additional leverage concentrated closer to $68. A move above those levels could trigger forced buying from short sellers.
Hyperliquid liquidation heatmap | Source: CoinGlass On the downside, sizeable liquidation pools remain around the $63-$62 region, followed by support near $61. If the descending channel continues to hold, those levels could become the next areas where leveraged positions are tested.
For now, the technical picture remains mixed. Momentum has improved, but HYPE would still need a confirmed breakout above its descending channel to weaken the current bearish structure despite the recent recovery.
Somewhere between a DEX and a full-blown financial exchange, Hyperliquid has built something that most DeFi protocols only claim to be: the dominant venue for trading perpetual futures on-chain. At its peak in 2025, the platform captured more than 80% of decentralized perpetual trading volume. Hyperliquid’s share of on-chain perpetual futures volume sat at 36.4% in January 2026, then climbed to 44% by mid-2026, even as new competitors entered the space.
The scale of what Hyperliquid has actually built Hyperliquid processed $633 billion in trading volume during Q1 2026 alone. Daily volume runs between $3 billion and $10 billion depending on market conditions. Cumulative lifetime volume crossed $4.726 trillion by June 2026.
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The platform runs on its own Layer-1 blockchain, built on a consensus mechanism called HyperBFT. Collateral on the platform settles in USDC. The protocol offers leverage up to 40x across more than 300 markets. Those markets now extend beyond crypto perpetuals into commodities, indices, prediction markets, and real-world assets, all made possible through the platform’s HIP-4 framework.
Revenue, the HYPE token, and what traders are actually paying for Hyperliquid generated over $800 million in revenue in 2025. Recent weekly revenue has averaged around $11 million, which annualizes to roughly $570 million at that pace.
The HYPE token launched on November 29, 2024, with approximately 31% of supply allocated to a user airdrop. It subsequently reached all-time highs near $77. The token has attracted ETF investment interest and serves a functional purpose: revenue generated by the protocol flows back to HYPE holders through distributions and token burns.
Total value locked on the platform has ranged between $1 billion and $6 billion depending on market conditions.
The 30-day trading volume reached $237 billion by mid-2026.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Think of Hyperliquid as a casino that built itself without taking a dime from investors, and now generates roughly 23 cents in annual revenue for every dollar deposited on its platform. That’s the math when you divide $700 million in annualized revenue by $3 billion in collateral.
The numbers behind the machine Hyperliquid’s annualized revenue figures range between $700 million and $1.2 billion, depending on the measurement window. Cumulative revenue has already crossed the $1 billion mark, with 30-day revenue running at approximately $60 million.
The engine powering those figures is trading volume. The platform has processed over $4.7 trillion in cumulative perpetual futures volume since launch. Recent 30-day perp volume exceeds $250 billion, and open interest sits at roughly $9 billion.
The platform’s activity has drawn comparisons to Nasdaq.
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The fee structure is lean. Maker fees sit at 0.015%, taker fees at 0.045%, and gas fees are zero. Hyperliquid directs 99% of certain fee revenues toward purchasing its native token, HYPE, on the open market.
How Hyperliquid got here without VC money The platform launched around 2023 and bootstrapped its way to relevance without venture capital funding. It runs on a custom Layer-1 blockchain using HyperBFT consensus, which enables a fully on-chain order book.
The native token, HYPE, currently trades around $64 to $65 with a market capitalization of approximately $14 billion. It has touched an all-time high of $77. Staking rewards and fee discounts give holders practical reasons to stay engaged beyond simple price speculation.
Recently, Hyperliquid has expanded beyond crypto perpetuals into new territory. The platform introduced off-chain event contracts and S&P 500 perps, positioning itself to compete not just with other DEXs, but with centralized exchanges and prediction markets like Polymarket.
What this means for investors The absence of venture capital in Hyperliquid’s cap table means there are no early investors sitting on heavily discounted tokens waiting to dump at the first opportunity and no unlock schedule hanging over the market. The token’s price dynamics are driven primarily by buybacks, staking demand, and organic trading activity.
Hyperliquid’s revenue is overwhelmingly dependent on perpetual futures trading volume. The expansion into event contracts and traditional equity perps looks like a hedge against concentration in that single revenue source.
For anyone evaluating HYPE as an investment, the 99% fee-to-buyback ratio creates a direct link between platform usage and token demand. With a $14 billion market cap already baked in, the question is whether the current valuation already prices in continued dominance, or whether $250 billion in monthly volume is just the beginning of something much larger.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Large Wallets Pull Millions From ExchangesLarge holders of Hyperliquid's native token $HYPE are continuing to buy into market weakness, according to on-chain analytics platform Lookonchain. A newly created wallet withdrew 222,493 HYPE, worth approximately $14.41 million, from Coinbase Prime. Separately, another whale received 44,986 HYPE valued at roughly $2.87 million from institutional crypto prime broker FalconX.
The pattern is consistent with a broader trend of exchange outflows that has persisted in recent weeks. Spot netflows for HYPE turned negative, meaning more tokens were leaving exchanges than entering, a signal that fewer coins are sitting in tradable supply ready to be sold.
Fundamentals Support the Buying CaseThe accumulation is taking place against a backdrop of solid on-chain fundamentals. HyperCore daily active addresses rose 17.4% over a recent 24-hour period to 68,600, while protocol revenue climbed for three consecutive months, rising from $44.85 million in April to $53.80 million in June, according to DefiLlama data. The platform also executed $135 million in token buybacks over 90 days, helping absorb sell-side pressure from team unlocks.
$HYPE hit an all-time high of $76.67 on June 16, 2026, before pulling back roughly 17% to trade near $63 amid a wider crypto market downturn. Despite the price drop, the total number of HYPE holders expanded during the decline, with wallet count increasing by 1,109 addresses, or 0.45%, over seven days. Institutional interest also held up: HYPE investment products attracted $27.9 million in inflows last week, their strongest weekly reading since late May, according to SoSoValue data.
The combination of exchange outflows, protocol buybacks, and continued large-wallet accumulation suggests that bigger investors are treating the current dip as an entry point rather than a reason to exit.
Sources:
BeInCrypto: HYPE Drops 17% From Record High but Fundamentals Remain Strong
AMBCrypto: Hyperliquid Whales Accumulate Over $17M HYPE
Trading of the DRAM memory ETF is now available on the Solana blockchain, with its holdings covering Samsung, SK Hynix, Micron, and SanDisk.
Jupiter official announcement: Trading of Roundhill Memory ETF (ticker: DRAM) is now supported on the Solana blockchain, with its holdings covering Samsung, SK Hynix, Micron, and SanDisk.
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Trading of the DRAM memory ETF is now available on the Solana blockchain, with its holdings covering Samsung, SK Hynix, Micron, and SanDisk.
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Trading of the DRAM memory ETF is now available on the Solana blockchain, with its holdings covering Samsung, SK Hynix, Micron, and SanDisk.
Jupiter official announcement: Trading of Roundhill Memory ETF (ticker: DRAM) is now supported on the Solana blockchain, with its holdings covering Samsung, SK Hynix, Micron, and SanDisk.
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At the opening of US stock markets, AI application software stocks rose against the trend, with ServiceNow and Figma climbing more than 5%.
According to Bitget market data, AI software stocks in the US market rose against the trend at opening. ServiceNow (NOW.US) and Figma Inc (FIG.US) jumped more than 5%, while Palantir (PLTR.US), Adobe (ADBE.US), Workday (WDAY.US), Salesforce (CRM.US), and Datadog (DDOG.US) gained over 3%, and Microsoft (MSFT.US) rose by more than 2%. Microsoft has hiked Xbox prices three times in 13 months, and stated that storage component costs will double next year.
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According to Bitget market data, most US space concept stocks advanced at the opening of US stock trading. Specifically: SpaceX (SPCX) slipped 0.75% to $151.8; Virgin Galactic (SPCE) gained 8%; AST SpaceMobile (ASTS) rose 3.45%; Rocket Lab (RKLB) added 4%; Redwire (RDW) gained 1.9%.
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According to Bitget market data, US stocks opened with broad declines in optical communication concept stocks, including: Pure Photonics ETF (FOTO) fell 5.7%; Marvell Technology (MRVL) — a stock NVIDIA CEO Jensen Huang previously touted as the next trillion-dollar market cap company — dropped 6.1%; AAOI (Applied Optoelectronics) fell 7.1%; LITE (Lumentum Holdings) dropped 8.86%; COHR (Coherent Corp.) declined 8.4%; and CIEN (Ciena Corporation) fell 4.75%.
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US stocks opened with all three major indices in the red, with semiconductor and storage sectors plunging; Micron and SanDisk fell more than 5%.
According to Bitget market data, the three major US stock indexes all fell at opening: the Dow Jones Industrial Average dropped 0.44%, the S&P 500 declined 0.67%, and the Nasdaq Composite fell 1.1%. The semiconductor and storage sectors saw broad declines, with individual stocks performing as follows: NVIDIA (NVDA) dropped 1.56%; Intel (INTC) fell 3.5%; Broadcom (AVGO) declined 2.5%; Qualcomm (QCOM) fell 0.4%; Seagate Technology (STX) dropped 5.78%; Western Digital (WDC) fell 7%; SanDisk (SNDK) declined 7.5%; Micron Technology (MU) dropped 5.4%.
PANews June 26 news, according to an official announcement by Hyperliquid, the project has been included by the Monetary Authority of Singapore (MAS) in the Investor Alert List (investor alert list). Hyperliquid emphasized that the IAL listing does not mean it has been banned, is subject to enforcement, or has been found to have engaged in misconduct; the list is used to flag entities that may be mistakenly thought to be licensed or regulated by MAS. The team stated that it is a permissionless on-chain infrastructure, never claimed to be regulated by MAS, user assets are fully self-custodied, transactions are entirely settled on-chain, project operations remain unchanged, and it will continue to work with global regulators and institutions to support a clear regulatory framework for on-chain finance.
Singapore’s top financial watchdog just put Hyperliquid on notice. The Monetary Authority of Singapore (MAS) added the high-speed trading platform to its Investor Alert List on June 26, flagging it as neither licensed nor authorized to operate in the city-state.
The move doesn’t ban Hyperliquid outright. But it does tell Singaporean users something important: if things go sideways on the platform, MAS protections won’t be there to catch you.
What the Investor Alert List actually means MAS launched the list back in 2004 as a public warning tool. Its purpose is straightforward: inform residents when a financial service provider hasn’t obtained the proper licenses to operate within Singapore’s jurisdiction.
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Being on the list doesn’t mean Hyperliquid is fraudulent. It means the platform hasn’t gone through Singapore’s regulatory gatekeeping process, which covers things like capital requirements, anti-money laundering compliance, and consumer safeguards.
Singapore’s MAS has also placed Bybit Fintech Ltd. on its Investor Alert List as part of its efforts to strengthen oversight of crypto platforms operating without local authorization.
In response, Bybit said it is seeking clarification from MAS and noted that it has long implemented measures, including contractual restrictions and IP blocking, to prevent Singapore users from accessing its platform.
Hyperliquid says it never claimed to be licensed by MAS In a statement, Hyperliquid said that as permissionless infrastructure, it is not, and has never claimed to be, licensed or authorized by MAS.
Hyperliquid has been added to the MAS's Investor Alert List (IAL). IAL listing does not constitute a ban, an enforcement action, or a finding of wrongdoing. The IAL provides a list of entities that, based on information available to MAS, may be wrongly perceived as being licensed…
— Hyperliquid (@HyperliquidX) June 26, 2026
The team added that nothing about the network or its operation has changed. Users always maintain self-custody, and all transactions are settled transparently and fully onchain.
Hyperliquid said the ecosystem will continue to engage constructively with regulators and institutions around the world in support of clear, effective frameworks that enable the continued development of onchain finance.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Trading of the DRAM memory ETF is now available on the Solana blockchain, with its holdings covering Samsung, SK Hynix, Micron, and SanDisk.
Jupiter official announcement: Trading of Roundhill Memory ETF (ticker: DRAM) is now supported on the Solana blockchain, with its holdings covering Samsung, SK Hynix, Micron, and SanDisk.
12 minutes ago
At the opening of US stock markets, AI application software stocks rose against the trend, with ServiceNow and Figma climbing more than 5%.
According to Bitget market data, AI software stocks in the US market rose against the trend at opening. ServiceNow (NOW.US) and Figma Inc (FIG.US) jumped more than 5%, while Palantir (PLTR.US), Adobe (ADBE.US), Workday (WDAY.US), Salesforce (CRM.US), and Datadog (DDOG.US) gained over 3%, and Microsoft (MSFT.US) rose by more than 2%. Microsoft has hiked Xbox prices three times in 13 months, and stated that storage component costs will double next year.
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At the opening of the U.S. stock market, most space-themed concept stocks rose, while SpaceX declined 0.75%.
According to Bitget market data, most US space concept stocks advanced at the opening of US stock trading. Specifically: SpaceX (SPCX) slipped 0.75% to $151.8; Virgin Galactic (SPCE) gained 8%; AST SpaceMobile (ASTS) rose 3.45%; Rocket Lab (RKLB) added 4%; Redwire (RDW) gained 1.9%.
12 minutes ago
At the opening of US stock markets, optical communication concept stocks fell broadly, with MRVL, AAOI, and LITE down more than 6%.
According to Bitget market data, US stocks opened with broad declines in optical communication concept stocks, including: Pure Photonics ETF (FOTO) fell 5.7%; Marvell Technology (MRVL) — a stock NVIDIA CEO Jensen Huang previously touted as the next trillion-dollar market cap company — dropped 6.1%; AAOI (Applied Optoelectronics) fell 7.1%; LITE (Lumentum Holdings) dropped 8.86%; COHR (Coherent Corp.) declined 8.4%; and CIEN (Ciena Corporation) fell 4.75%.
12 minutes ago
US stocks opened with all three major indices in the red, with semiconductor and storage sectors plunging; Micron and SanDisk fell more than 5%.
According to Bitget market data, the three major US stock indexes all fell at opening: the Dow Jones Industrial Average dropped 0.44%, the S&P 500 declined 0.67%, and the Nasdaq Composite fell 1.1%. The semiconductor and storage sectors saw broad declines, with individual stocks performing as follows: NVIDIA (NVDA) dropped 1.56%; Intel (INTC) fell 3.5%; Broadcom (AVGO) declined 2.5%; Qualcomm (QCOM) fell 0.4%; Seagate Technology (STX) dropped 5.78%; Western Digital (WDC) fell 7%; SanDisk (SNDK) declined 7.5%; Micron Technology (MU) dropped 5.4%.
Multicoin Capital, a crypto-focused venture firm, projects that Hyperliquid’s HYPE could hit $319 by 2028. At the press time value of $63, that would imply over 5x upside potential, based on revenue-earning potential.
At ~$63, HYPE trades at roughly 36x TTM earnings, or approximately 30x earnings. Under our valuation frameworks and base case assumptions discussed in the full report, we project ~$8 billion in annual earnings by 2028, implying a price of ~$319 at a 20x multiple.
According to the VC firm, Hyperliquid will “continue to meaningfully compound growth” as it expands beyond perpetual offerings (perps) to its ‘unified everything exchange’ vision.
For the unfamiliar, Hyperliquid is an L1 chain and a decentralized exchange designed for high-speed trading. Initially, it began with crypto perps but has expanded into RWA (real-world tokenization), prediction markets, and options trading.
Multicoin noted that Hyperliquid [HYPE] users tripled, from over 300K to nearly 1 million, in 2025. The trading volumes jumped to $2.9T, allowing the DEX to capture $873M in revenue.
The record traction lifted its DeFi perps dominance to nearly 60%. And it has been taking significant market share from centralized exchanges like Binance.
For the VC firm, Hyperliquid’s traction mirrored Binance’s early days, but with more catalysts.
Hyperliquid is following a similar playbook, but with structural advantages Binance didn’t have. It’s non-custodial, execution is fully onchain and verifiable, and revenue is used for daily token buybacks rather than accruing to a separate equity layer.
Overall, in the bear case, the firm expects the HYPE price to hit $109 with a bullish scenario target of $689.
Multicoin acknowledged potential risks for the DEX, such as U.S regulation, limited decentralization, and competition. But said these risks could be managed.
HYPE: Whales and ETF demand On the demand front, some whales added positions following the recent dip. A new whale acquired $14M worth of HYPE through Coinbase. Another existing large investor increased its HYPE exposure to $9.8M.
The renewed Spot bids by whales followed the HYPE price drop to the $60 level, which is the previous peak price. It was possible that altcoin could consolidate above this zone before triggering another leg of the rally.
Source: HYPE/USDT, TradingView The short-term sideways thesis was further reinforced by ETF flows that have slowed recently.
In fact, in June, U.S. Spot HYPE ETFs saw five days of zero flows. That’s about a week of no buying or selling interest. If the trend persists, HYPE could consolidate around the $60-$75 price range for a while.
Source: SoSo Value Final Summary Venture firm Multicoin expects HYPE to jump over 5x to $319 in the next two years It noted that potential risks like U.S. regulatory pressure and decentralization can be managed.
Hyperliquid traded near $63 on June 26 after pulling back from its all-time high of $76.70 earlier this month.
Summary
HYPE holds above $60 support while whales continue buying during the wider crypto market pullback. Multicoin’s $319 target depends on Hyperliquid keeping revenue growth, market share and buybacks strong. Technical indicators show cooling momentum, with bulls needing $65-$70 to regain stronger control soon. According to crypto.news data, the token is down over the past week, but it still holds a large gain over the past year.
The latest Hyperliquid price data shows HYPE trading between $59.48 and $65.17 over the past 24 hours. The token holds a top-10 market rank, with a market cap above $14b and fully diluted value above $60b.
HYPE’s recent move looks like a consolidation phase after a sharp rally from the low $30s in March. Price has cooled near $63, but the $60 area remains the main short-term support zone.
A clean break below $60 would put the next support area near $55-$58 back in focus. A move above $65 would show early strength, while a close above $70 would give bulls a stronger case for a retest of the recent high.
Hyperliquid whales keep buying during pullback Whale activity remains one of the stronger parts of the HYPE setup. According to Lookonchain, a newly created wallet withdrew 222,493 HYPE, worth about $14.41m, from Coinbase Prime. Another whale received 44,986 HYPE, worth about $2.87m, from FalconX.
Those transfers do not prove long-term holding, but they show large buyers are still active during the pullback. Traders often watch Coinbase Prime and FalconX flows because they can reflect institutional or high-net-worth activity.
Derivatives data also shows active trading. CoinGlass data shows HYPE volume rose 29.79% to $4.59b, while open interest slipped 1.15% to $2.52b. Options open interest rose 10.62%, but options volume fell sharply, showing that most activity remains in spot and perpetual futures.
As previously reported, HYPE rallied more than 40% in one week in May as derivatives activity, ETF demand and protocol buybacks supported the move. The current pullback is testing whether that demand can keep absorbing profit-taking.
Multicoin target lifts long-term debate Multicoin Capital has published a bullish valuation report on HYPE. In the full analysis, the firm said HYPE is now one of the largest positions in its liquid fund and that it has been accumulating since February.
People underestimate how big Hyperliquid can become.
The crypto space is accustomed to projects not having strong traditional metrics (users, revenue/fees accruing to token holders, etc). So, everyone's instinct is to size up how big something can be based on relative market cap… https://t.co/3uZtdBYN5E
— Hunter Horsley (@HHorsley) June 26, 2026 The firm said Hyperliquid generated about $873m in revenue across roughly $2.9t in trading volume in 2025. It also said the platform grew from about 301,000 to 923,000 users and ended the year with about $6b in open interest.
Multicoin argued that Hyperliquid is taking share from centralized exchanges. It said monthly perpetuals volume is now about 17% of Binance’s level, while open interest has reached about 21% of Binance’s level.
The firm also pointed to HIP-3, HIP-4, portfolio margining, prediction markets, tokenized assets and HyperEVM growth as future drivers.
“We believe Hyperliquid is becoming the everything exchange,” it said.
As crypto.news reported, Multicoin backed a $319 HYPE target by 2028 under its base case. The firm also listed risks, including regulation, governance, competition, bad debt and technical pressure.
Technical signals show cooling momentum The HYPE/USDT daily chart still shows a broader uptrend from March. Price climbed from the low $30s to above $70 before pulling back. That structure keeps the larger trend constructive, but short-term momentum has cooled.
The Accumulation/Distribution indicator is near 2.32m. It remains elevated after rising sharply earlier in June, which suggests buying pressure improved during the rally. The line has flattened recently, showing that accumulation is no longer accelerating.
Hyperliquid (HYPE) price chart, source: crypto.news The Aroon Oscillator is positive near 28.57. That keeps the short-term trend bias slightly bullish, but the reading has weakened from stronger levels. This means the uptrend remains alive but has lost some speed.
In a previous article, crypto.news discussed HYPE’s double-top risk after its pullback from the all-time high. That pattern put the $65 and $62 areas in focus. Price is now trading near that same zone.
Previously, crypto.news exploredwhether HYPE can reach $100 in 2026. That scenario depends on buybacks, volume growth, token unlocks and wider market strength.
For now, HYPE remains in a mixed setup. Whales are buying, Multicoin has issued a strong long-term case, and the broader trend still holds above $60. But momentum has cooled, and bulls need a move back above $65-$70 to confirm that the next upside phase is starting.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
@Hyperliquidx has been officially added to Singapore's Monetary Authority (MAS) Investor Alert List (IAL), prompting questions from users about what the designation actually means for the protocol and those who trade on it.
What the MAS Investor Alert List Actually DoesThe listing does not amount to a ban. According to the MAS Investor Alert List, the register flags entities that "may be or may have been wrongly perceived as being licensed or in any other way authorised or regulated by MAS." As the regulator makes clear, inclusion is a public warning tool. It signals that a platform lacks MAS authorization, not that it has broken any law or committed wrongdoing.
Hyperliquid has pushed back on any suggestion of regulatory breach. The protocol stated that the listing does not constitute a ban, an enforcement action, or a finding of wrongdoing. It emphasized that it has never claimed MAS authorization and that its status as permissionless infrastructure remains unchanged.
Hyperliquid is not the only prominent crypto platform to land on the list. Crypto Briefing reported that the IAL "has become a familiar landing spot for major crypto exchanges operating in the region," with platforms including Binance added as far back as 2021 and Bybit most recently added in June 2026.
What Changes for UsersAccording to Hyperliquid, nothing about the network's operational status or on-chain settlement logic has changed as a result of the listing. Users continue to hold full self-custody of their assets, with transactions settling transparently across the protocol's decentralized architecture. The protocol operates as a high-performance Layer 1 blockchain built for on-chain perpetual futures trading, and that infrastructure remains intact.
For Singapore-based users, the practical effect is one of regulatory clarity rather than access restriction. MAS's designation formally signals that the platform is not covered by local investor protections, meaning any disputes or losses fall outside the regulator's jurisdiction. As the Singapore government's own guidance notes, dealing with an unregulated entity means forgoing the safeguards available under laws administered by MAS.
Hyperliquid's inclusion reflects a broader pattern of MAS tightening its public stance on offshore crypto platforms that serve, or may be perceived to serve, Singapore users without local licensing.
Sources:
Monetary Authority of Singapore, Investor Alert List
Crypto Briefing: Bybit added to Singapore MAS Investor Alert List
MoneySense Singapore: Dealing With Unregulated Persons
Trading of the DRAM memory ETF is now available on the Solana blockchain, with its holdings covering Samsung, SK Hynix, Micron, and SanDisk.
Jupiter official announcement: Trading of Roundhill Memory ETF (ticker: DRAM) is now supported on the Solana blockchain, with its holdings covering Samsung, SK Hynix, Micron, and SanDisk.
11 minutes ago
At the opening of US stock markets, AI application software stocks rose against the trend, with ServiceNow and Figma climbing more than 5%.
According to Bitget market data, AI software stocks in the US market rose against the trend at opening. ServiceNow (NOW.US) and Figma Inc (FIG.US) jumped more than 5%, while Palantir (PLTR.US), Adobe (ADBE.US), Workday (WDAY.US), Salesforce (CRM.US), and Datadog (DDOG.US) gained over 3%, and Microsoft (MSFT.US) rose by more than 2%. Microsoft has hiked Xbox prices three times in 13 months, and stated that storage component costs will double next year.
11 minutes ago
At the opening of the U.S. stock market, most space-themed concept stocks rose, while SpaceX declined 0.75%.
According to Bitget market data, most US space concept stocks advanced at the opening of US stock trading. Specifically: SpaceX (SPCX) slipped 0.75% to $151.8; Virgin Galactic (SPCE) gained 8%; AST SpaceMobile (ASTS) rose 3.45%; Rocket Lab (RKLB) added 4%; Redwire (RDW) gained 1.9%.
11 minutes ago
At the opening of US stock markets, optical communication concept stocks fell broadly, with MRVL, AAOI, and LITE down more than 6%.
According to Bitget market data, US stocks opened with broad declines in optical communication concept stocks, including: Pure Photonics ETF (FOTO) fell 5.7%; Marvell Technology (MRVL) — a stock NVIDIA CEO Jensen Huang previously touted as the next trillion-dollar market cap company — dropped 6.1%; AAOI (Applied Optoelectronics) fell 7.1%; LITE (Lumentum Holdings) dropped 8.86%; COHR (Coherent Corp.) declined 8.4%; and CIEN (Ciena Corporation) fell 4.75%.
11 minutes ago
US stocks opened with all three major indices in the red, with semiconductor and storage sectors plunging; Micron and SanDisk fell more than 5%.
According to Bitget market data, the three major US stock indexes all fell at opening: the Dow Jones Industrial Average dropped 0.44%, the S&P 500 declined 0.67%, and the Nasdaq Composite fell 1.1%. The semiconductor and storage sectors saw broad declines, with individual stocks performing as follows: NVIDIA (NVDA) dropped 1.56%; Intel (INTC) fell 3.5%; Broadcom (AVGO) declined 2.5%; Qualcomm (QCOM) fell 0.4%; Seagate Technology (STX) dropped 5.78%; Western Digital (WDC) fell 7%; SanDisk (SNDK) declined 7.5%; Micron Technology (MU) dropped 5.4%.
TLDR: MAS added Hyperliquid to its Investor Alert List, though the listing carries no ban or legal penalty. Hyperliquid confirms it never claimed MAS authorization and users retain full on-chain self-custody. Binance and Bybit were previously listed on the MAS IAL, showing a pattern across major crypto firms. Hyperliquid’s Singapore-based core team may now consider relocating due to the MAS IAL inclusion. Hyperliquid has been added to the Monetary Authority of Singapore’s Investor Alert List. The decentralized exchange protocol clarified that the listing does not constitute a ban or enforcement action.
MAS has not found any wrongdoing against the platform. The protocol confirmed it has never claimed to be licensed by MAS.
Hyperliquid remains operational as permissionless infrastructure, with users retaining full self-custody of their assets at all times.
What the MAS Investor Alert List Means for Hyperliquid The MAS Investor Alert List identifies entities that may be mistakenly perceived as licensed or regulated by the authority.
Being included does not carry legal penalties or signal regulatory violations. It serves as a public advisory tool for retail investors in Singapore.
Hyperliquid addressed the listing directly, stating that nothing about the network has changed. The protocol emphasized that transactions continue to settle transparently and fully on-chain. Users maintain self-custody at all times, consistent with how the platform has always operated.
In its official statement, Hyperliquid noted: “The IAL provides a list of entities that, based on information available to MAS, may be wrongly perceived as being licensed or in any other way authorised or regulated by MAS.”
Hyperliquid has been added to the MAS's Investor Alert List (IAL). IAL listing does not constitute a ban, an enforcement action, or a finding of wrongdoing. The IAL provides a list of entities that, based on information available to MAS, may be wrongly perceived as being licensed…
— Hyperliquid (@HyperliquidX) June 26, 2026
The protocol added that it remains committed to engaging constructively with regulators and institutions globally.
Relocation Concerns and Industry Precedent Hyperliquid’s core team is largely based in Singapore, making the MAS listing particularly notable. The development could prompt the team to evaluate whether to relocate its operations to a more favorable jurisdiction. No official announcement regarding relocation has been made at this time.
This is not the first time a major crypto exchange has appeared on the MAS Investor Alert List. Binance and Bybit were both previously added to the same list.
Neither exchange ceased operations following their respective inclusions, and both continued serving users in other markets.
The broader pattern suggests that IAL listings have become relatively common for large crypto exchanges and DeFi protocols.
Hyperliquid acknowledged this directly, noting that “many large exchanges and DeFi protocols have been included on the IAL.”
The protocol indicated it views the listing as part of a wider regulatory landscape rather than a targeted action against its operations.
SpaceX (SPCX) stock is sliding toward a make-or-break level as a selloff drags it more than 30% below its June peak, with the speculative heat that powered its record debut burning off fast.
Two weeks after its $75 billion IPO, the stock has round-tripped from euphoria to fragility. A fresh Starlink launch could not lift it, and cooling hype, weak space peers, and short-heavy positioning now point lower.
Hype Has Burned Out of the SpaceX SelloffThe SpaceX stock selloff has a clear tell, the hype is gone. A proprietary composite Hype Score, which blends momentum, volume intensity, volatility, and overbought readings into a 0 to 100 gauge of speculative intensity, has fallen to 18 and reads as cooling.
Hype Score Gauge: Charlie Quant LabThat marks a sharp reset from the debut. The SpaceX IPO share performance has flipped from a peak near $228 to slightly $150, at press time.
Want more insights like this? Sign up for Editor Harsh Notariya’s Daily Newsletter here.
A Falcon 9 Starlink launch from Vandenberg on June 25 did nothing for the tape yet, a sign the speculative bid has left. However, once the market opens it would be interesting to see if the Spacex stock price today reacts to the Starlink launch.
The same apathy shows up in volume as the decline grinds on. Buying and selling have both faded since June 23, leaving the stock range-bound for roughly 48 hours.
Weakening Volume: TradingViewUnderneath that quiet tape, money flow is split. Chaikin Money Flow (CMF), a proxy for buying and selling pressure, sits at a mild positive 0.10, yet price still trades below its volume-weighted average price (VWAP).
Money Flow Versus VWAP: Charlie Quant LabThat mix matters because trading under VWAP means the average buyer since launch is now underwater. With even a rocket launch failing to lift it, the next clue is what SPCX actually moves with.
SPCX Trades Like a Space Stock, Not a Musk StockWhat SPCX moves with answers a defining question for the stock. Over 15-minute returns, it correlates 0.46 with space sector stocks like AST SpaceMobile (ASTS) and Rocket Lab (RKLB), but only 0.23 with Tesla (TSLA).
Weak Space Sector: Charlie Quant LabThat gap makes the read clear. SPCX is trading on space-sector dynamics, not the Musk founder premium. That distinction matters because the sector is weak. Rocket Lab sits down roughly 44% month-on-month, and AST SpaceMobile has slid 45% in the same duration after a Q1 revenue miss.
Rocket Lab Performance: Yahoo FinanceSpaceX itself deepened that weakness, pulling capital out of smaller names and back into the giant on its debut. If a soft sector is setting the direction, positioning data shows who is leaning hardest into the move.
Smart Money Is Short, but Options Hold the Real LeverLeaning hardest into the downside is the smart money. On Nansen data for the Hyperliquid perpetual that tracks SPCX, smart traders, whales and public figures are all net short, a rare unanimous stance.
That stance runs deep. Whales alone sit net short about $21.8 million, while the perp saw a net $140.6 million of selling over seven days, and the whale holder count fell about 24% in 10 days, which suggests distribution.
Hyperliquid SPCX Positioning: Nansen DataThat positioning is a warning, not a trigger. The perpetual is oracle-priced and tracks the stock, so it reflects smart money positioning and sentiment but cannot by itself move the underlying.
What can move it is the options market, through dealer hedging. The debut set a single-stock record near 1.6 million contracts and sparked gamma squeeze talk toward $400, before at-the-money implied volatility fell from about 169% to the mid-80s.
Volatility Drops: BarchartThat cooling has shifted the structure. The debut frenzy concentrated in short-dated calls struck at $210 to $250, well above the roughly $200 stock at the time, so with price now far below those strikes, dealer hedging can amplify declines rather than cushion them, just as Fidelity’s 15-day flipping penalty lapses around June 27 and frees up IPO supply.
SpaceX Stock Price Levels to WatchIt all comes down to one level. The SpaceX stock price today is holding above $148, the 0.786 Fibonacci level.
Hold it, and the range stays intact. Lose it on an hourly close, and the stock falls into a danger zone, opening the 1.0 retracement at $136 near the IPO price, with the 1.618 extension at $103 below.
SpaceX Price Analysis: TradingViewAbove it, buyers have work to do. They need to reclaim the 0.618 level at $157 to ease pressure, then $163 and $169. Even then, thin volume is the catch. A low-volume break can reverse fast, so SPCX support levels only carry weight on a closing basis.
The $148 line is make-or-break, separating a recoverable dip from a slide back toward the $136 IPO price and beyond.
The Monetary Authority of Singapore (MAS), the city-state's central bank and financial regulator, has added decentralized perpetuals exchange Hyperliquid to its Investor Alert List.
The entry, added on Friday, includes the Hyper Foundation website and the Hyperliquid trading app.
The Investor Alert List is a consumer protection measure that identifies entities that may be wrongly perceived as licensed or regulated by MAS. Inclusion on the list does not constitute a ban or enforcement action.
MAS Investor Alert List. Source: MAS
MAS added crypto exchange Bybit to the list on June 17. KuCoin and Bitget also appear on the list. Cointelegraph reached out to MAS for comment but did not receive a response before publication.
Hyperliquid said that it has never claimed to be licensed or authorized by MAS and that nothing about its permissionless infrastructure has changed.
“The Hyperliquid ecosystem remains committed to engaging collaboratively and constructively with regulators and institutions globally and to supporting clear, well-designed frameworks for onchain finance," the platform wrote in a Friday X post.
According to CoinGecko, Hyperliquid ranks as the ninth-largest decentralized exchange by trading volume, while DefiLlama estimates it holds about $5.7 billion in total value locked.
Singapore tightens crypto oversightSingapore has steadily tightened oversight of the cryptocurrency industry in recent years. In May 2025, MAS ordered crypto companies serving overseas customers to either obtain licenses or cease operations, saying the policy reflected a long-standing regulatory position rather than a shift in approach.
The directive closed a regulatory loophole that had allowed some crypto firms based in Singapore to avoid licensing by serving only overseas customers. MAS said it had consistently communicated its position since 2022 and was ending the transition period for firms that had continued operating without a license.
MAS said the measures were intended to strengthen consumer protection and align the Lion City's crypto framework with international standards on Anti-Money Laundering and Countering the Financing of Terrorism.
Magazine: How crypto laws changed in 2025 — and how they’ll change in 2026
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
Cover image via U.Today 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.
TL;DR
XRP on-chain map points to $0.51: Key support at $1.06 holds 830M+ coins; a breakdown targets $0.80, $0.62, and $0.51 where 1.06B XRP cost basis is concentrated.Dormant 2024 whale moves $2.5 million in SHIB: 600 billion tokens routed through OTC-linked smart contracts; over $20M moved via similar channels in the past month amid a 23% price drop.Singapore adds Hyperliquid to investor alert list: Project insists no rules were broken; Multicoin's Kyle Samani accuses the team of misrepresenting decentralization; Bitwise CEO backs its fundamentals.Bitcoin tests $58,000 as Q2 concludes: $900 million in liquidations, seven weeks of ETF outflows at $1.34B, hawkish Fed wipes out Q3 rate cut hopes.On-chain roadmap plots XRP trajectory down to $0.51As the crypto market tries to find solid ground, well-known analyst Ali Martinez shared fresh Glassnode on-chain data on XRP, clearly showing where buyers are hiding and what traders should prepare for. Through the URPD metric, or realized price distribution, he effectively drew a roadmap for the market that, in the event of a decline, leads straight to the $0.51 mark.
Right now, the coin is undergoing a tough strength test, attacking a major volume block at $1.06. Investors should watch this level closely: more than 830 million XRP changed hands there in the past, so this threshold may define the trend for the coming weeks. If it holds, XRP may move higher; a close below it would open the door to a prolonged correction.
HOT Stories
XRP's UTXO Realized Price Distribution (URPD), Source: Ali Martinez citing GlassnodeIf bears do manage to break through this defense, the transaction history chart points to three main zones where billion-scale volumes were previously accumulated and where the price is likely to be bought most aggressively:
$0.80 — the first stop on the way down, where 923 million XRP was historically traded.$0.62 — the densest liquidity node, with an impressive turnover of 1.16 billion XRP.$0.51 — the final and strongest support target, which could become an ideal bottom. The cost basis of 1.06 billion coins is concentrated here, making this level a key reference point for smart money.Bottom line: the blockchain shows a clear picture — major players have already marked their price interests with real capital. XRP's next move will depend on whether the market has enough liquidity to hold the current psychological barrier or whether a gradual descent toward long-term accumulation levels is ahead.
2024 whale awakens: $2.5 million in SHIB on the moveAt the same time, on-chain monitoring recorded a large movement of funds on the Shiba Inu network. A major holder that had been inactive since 2024 transferred 600 billion SHIB tokens worth $2.51 million, as Arkham data indicates.
Behind this transfer is a chain of several addresses. The original wallet, "0x34596…", sent a tranche of 486.98 billion SHIB through an intermediate address to the "0x3Ece6…" hub, where the funds were merged with other flows and redirected to the final address, "0x9999f…". As a result, the recipient's balance accumulated more than $3.24 million in SHIB and stablecoins.
Shiba Inu (SHIB) from 2024 whale being tunneled through the chain of unidentified wallets, Source: ArkhamThe transaction structure itself points to the involvement of large players rather than retail traders. The sending hub regularly processes billion-token blocks, from 113 billion to 1.25 trillion SHIB, through ForwarderV4 smart contracts. This node can be linked to the infrastructure of over-the-counter, or OTC, desks or market makers providing liquidity for Binance and OKX.
This transfer fits into the broader trend of large holders locking in positions. Over the past month alone, more than 3.8 trillion SHIB, or about $20 million, has been moved through similar on-chain channels. The capital movement is taking place against the backdrop of a local decline in the meme token's value: over the past 30 days, SHIB has lost about 23% of its value and is trading near $0.0000042.
The use of OTC channels allows large players to move volume without direct pressure on exchange order books. However, the trend of funds being moved out still forces the market to remain cautious.
Singapore takes aim at HyperliquidAn even bigger surprise, however, was the decision by Singapore's regulator, MAS, to add the DeFi protocol Hyperliquid to its Investor Alert List, or IAL, which is designed to protect consumers from unlicensed entities.
The Hyperliquid team quickly clarified the situation and tried to calm the market. There is no panic, because inclusion on this list does not mean a ban, enforcement action, or identified violations. The project was originally created as open, permissionless infrastructure and never claimed to be authorized by MAS, so users still retain full self-custody, while all transactions continue to pass transparently through the blockchain as usual.
Moreover, Hyperliquid emphasized its willingness to work constructively with regulators around the world to help create clear rules for on-chain finance.
Nevertheless, the platform's public statement triggered criticism from professional market participants over its terminology. Well-known investor Kyle Samani of Multicoin sharply criticized the platform's statement and directly accused the team of gaslighting the industry.
Hyperliquid is not permissionless. Stop gaslighting the public
Being permissionless would require, at the very least
1) being open source
2) mainnet validators operating around the world as opposed to in a single building
— Kyle Samani (@KyleSamani) June 26, 2026 According to him, Hyperliquid simply has no right to call itself "permissionless" while the project's source code is closed and its mainnet validators are physically located almost in the same building instead of being distributed around the world.
Against this wave of criticism, Bitwise CEO Hunter Horsley unexpectedly came to the defense of the protocol's business model, urging skeptics to look at the situation more broadly.
Horsley believes the era of tying value to the relative market capitalization of Bitcoin or Ethereum has passed. A new generation of platforms is emerging, where real products, revenue, fees, and the volume of tokens held by users matter. By these fundamental metrics, Hyperliquid has enormous value.
Crypto market outlook: Bitcoin holds the line at $58,000 as Q2 pressure peaksBitcoin is testing the psychological $58,000–$60,000 zone as the market remains overloaded with selling pressure. Quarter-end positioning, ETF loss-taking, and tough U.S. macro data have all converged. Excessive margin leverage has been washed out by a wave of liquidations, sentiment has moved into deep risk-off mode, but the technical removal of the derivatives overhang opens a window for stabilization.
Key checkpoints:
Bitcoin price: Bitcoin is testing a local low at $58,100. The current spot range is trapped within a daily decline of 5.81%. A sustained move below $58,000 would open the way to a strong order block at $54,000.ETF outflows at $1.34 billion: Funds are recording their seventh week of net outflows. BlackRock's IBIT saw $265.2 million withdrawn in one day. The secondary hit is coming from Ethereum ETFs, which have been losing liquidity for six consecutive days, with $81.87 million in outflows as of June 25.Liquidations at $900 million: A cascade of forced long-position closures occurred as the price was squeezed toward $58,000. The derivatives market has been fully cleared of speculative leverage, and open interest has fallen to multi-month lows.Macro and PCE inflation: The U.S. Personal Consumption Expenditures index exceeded the Federal Reserve's 2% target. Hawkish rhetoric from the Fed's new leadership wiped out the chances of a rate cut in Q3, triggering a capital shift into U.S. Treasuries.$10.6 billion options expiry: Quarterly Deribit options expired today at 16:00 UTC+4. Around 80% of call positions expired out of the money, as the price remained far from the maximum pain point of $72,000. Market makers completed their hedging.MiCA on June 30: Four days remain before strict EU rules come into force. Binance is reducing operations in Greece and several eurozone countries. A local sell-off in altcoins and unauthorized stablecoins by European retail investors is being observed. You Might Also Like
This Friday, we examine Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid in greater detail.
Ethereum (ETH This week, Ethereum crashed by 8% as most of the market turned red and key support levels were broken. For ETH, the price has settled at the $1,500 support, which appears to be holding at the time of this post. The current resistance is at $1,800.
The last time this cryptocurrency was at this price level was early 2025. Back then, ETH bounced there, triggering a sustained rally that set a new record price. However, it’s unlikely this will be repeated here.
Looking ahead, Ethereum shows a lot of weakness, and sellers may try to break below $1,500 and turn this level into a key resistance. If successful, then the next major support will be found around $1,000.
Source: TradingView Ripple (XRP) XRP fell by 9% this week and is inches away from losing the support at $1. This is a psychological level that will determine the price action of this cryptocurrency in the weeks and months to come.
If $1 turns into resistance, then the price will likely spend most of the year under this level, with the next key support found at 80 cents. Since sellers have the upper hand, it would take a miracle to stop them at $1.
Looking ahead, XRP is found at a critical junction. Considering the existing downtrend, a price under $1 is very likely as bears continue to dominate. Such a scenario would only prolong the bear market with lower lows.
Source: TradingView Cardano (ADA) This week, ADA closed 12% lower and lost its key support at $0.15. The price failed to hold there, and this level is now acting as a resistance. The last time the price was this low was late 2020.
The recent weakness displayed by Cardano is quite concerning since the downtrend has been accelerating and picking up speed, including in terms of sell volume. Nothing seems able to stop this.
Looking ahead, with buyers gone, the price will be forced to go lower until it finds them, most likely around 10 cents. Best to stay away from ADA until it finally forms a bottom. This appears quite a distance away right now.
Source: TradingView Binance Coin (BNB) Binance Coin remained bearish this week after it lost 2% of its valuation. While that is not significant, the bigger worry is the loss of support at $580, which is now acting as a resistance.
Buyers failed to reclaim that support level, and, being on the defensive, they have likely retreated to the next support at $500. Because of this, the BNB price may slowly grind lower towards that in the weeks to come.
Looking ahead, this cryptocurrency remains in a clear bearish trend with lower highs and lower lows, even if it moved sideways for almost six months in the first part of 2026. Best to be patient on BNB until it finds a bottom as well.
Source: TradingView Hype (HYPE) After a great performance for most of 2026, HYPE appears to struggle now, being unable to make higher highs. The price topped just under $76, and since then, a correction has started with key resistance levels at $76 and $66.
Because of this, the price closed the week 5% lower and also recently tested the support at $60. While that has held to date, it’s likely that the correction will push this cryptocurrency lower, or even to $52, which is the bottom of this ascending channel.
Looking ahead, as long as HYPE can stay above $52, buyers have the advantage. However, any price under $52 would turn the chart bearish and send this into a deeper and sharper correction.
PANews, June 26 – Tether-backed Hyperliquid mobile interface and non-custodial trading platform Dreamcash announced it will gradually shut down its CASH perpetual contract markets based on Hyperliquid HIP-3, citing that USDC is now natively integrated on the platform, placing USDT markets at a user experience disadvantage. According to the announcement, all CASH markets will be settled sequentially on a preset schedule between June 30 and July 2, with positions automatically closed at external oracle prices upon settlement, and funding rates will be set to 0 during this period. Dreamcash emphasized that the platform uses a non-custodial architecture, so user account balances and rewards will not be affected; only the relevant USDT-denominated underlying perpetual markets (such as TSLA, NVDA, GOLD, etc.) will cease trading. The team will subsequently focus on developing and promoting its crypto trading mobile application.
Multicoin Capital has set a $319 price target for Hyperliquid’s HYPE token by 2028, arguing that the decentralized exchange is evolving into a unified platform for trading crypto and traditional assets.
The target represents roughly five times HYPE’s current price near $63. Multicoin’s base case assumes Hyperliquid will generate about $8 billion in annual earnings by 2028 and trade at a 20 times earnings multiple.
The investment firm said it began accumulating HYPE in February and has made the token one of the largest positions in its liquid fund. Multicoin also adopted a three day no trade policy following publication of the report.
Hyperliquid gains ground on centralized exchanges Multicoin pointed to Hyperliquid’s rapid growth in 2025 as the foundation for its valuation.
The platform generated approximately $873 million in revenue from $2.9 trillion in trading volume. Its user base grew from about 301,000 to 923,000, while open interest increased from $2 billion to $6 billion.
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Hyperliquid now controls more than 59% of open interest across decentralized perpetual futures markets. Its current open interest of approximately $9.6 billion exceeds that of its major onchain competitors combined.
The exchange is also taking share from centralized platforms. Hyperliquid’s monthly perpetual futures volume has reached approximately 17% of Binance’s, while its open interest is equivalent to about 21% of Binance’s.
Multicoin compared Hyperliquid’s growth with Binance’s early trajectory, arguing that the market may be underestimating how quickly liquidity and trading activity can compound around a dominant exchange.
Expansion beyond crypto supports the target HIP-3 is central to Multicoin’s growth thesis. The upgrade allows outside teams to launch perpetual markets for assets including stocks, commodities and equity indexes.
Open interest linked to real world assets has already exceeded $2.9 billion. An officially licensed S&P 500 perpetual contract also generated more than $100 million in daily volume during its first week.
Multicoin expects options, prediction markets, portfolio margining and further integration with HyperEVM applications to expand the platform’s addressable market.
The firm believes these products could turn Hyperliquid into what it calls the “everything exchange,” offering continuous markets across several asset classes.
HYPE buybacks strengthen value capture Approximately 99% of Hyperliquid’s protocol revenue is used to repurchase HYPE, with the acquired tokens effectively removed from circulation.
Hyperliquid also has no separate equity layer and has never raised outside capital. Multicoin argues that this allows the protocol’s economic success to accrue directly to HYPE holders.
The report estimates that Hyperliquid generated approximately $869 million in trailing earnings for token holders. At around $63, HYPE trades at roughly 36 times trailing earnings, or about 30 times after including revenue from its Coinbase and USDC agreement.
Multicoin identified decentralization, regulation, governance, competition and bad debt as key risks. Despite those concerns, the firm expects Hyperliquid’s market share gains, product expansion and token buybacks to support a HYPE price of $319 by 2028.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
PANews June 26 news, according to The Block, Multicoin released a report saying that Hyperliquid is evolving from a decentralized perpetual contract exchange to an "all-in-one exchange," and its native token HYPE, currently priced around $63, is severely undervalued by the market. Multicoin gave a base case HYPE target price of $319 for 2028, expecting Hyperliquid's annual revenue to be about $8 billion by then, based on a 20x price-to-earnings ratio. Multicoin disclosed it has been actively buying HYPE since February, and it is now one of the largest positions in its liquid hedge fund.
The report noted that HYPE recently rose above $76 due to factors such as inflows into newly listed ETFs, strong revenue, and buyback programs, then fell back to $62.47 amid the market pullback. In 2025, Hyperliquid's user base grew from about 300,000 to 923,000, open interest increased from $2 billion to $6 billion, annual revenue reached about $873 million, and it processed $2.9 trillion in trading volume. Multicoin pointed out that its target price has not yet fully priced in catalysts such as HIP-4 and HyperEVM. Hyperion DeFi CEO Hyunsu Jung compared Hyperliquid's fully diluted valuation (once close to $75 billion) with the stock market capitalizations of exchanges like CME, Interactive Brokers, and Robinhood, arguing that Hyperliquid is transcending its positioning as a mere perpetual contract exchange.
Multicoin Capital has projected that Hyperliquid’s HYPE token could reach $319 by 2028 despite identifying several structural and market risks that could threaten its long-term outlook.
Summary
Multicoin Capital has forecast a $319 HYPE price by 2028, citing Hyperliquid’s earnings growth and expanding market share. The firm pointed to HIP-3, token buybacks, and rising perpetual futures activity as key drivers behind its bullish outlook. Despite the optimistic target, Multicoin warned that regulation, competition, governance risks, and a bearish double-top pattern could pressure HYPE. According to a new report from Multicoin Capital, the investment firm expects Hyperliquid (HYPE) to appreciate roughly fivefold from its current price near $64, based on a base-case scenario in which Hyperliquid generates about $8 billion in annual earnings by 2028 and trades at a 20-times earnings multiple.
Multicoin also disclosed that it began accumulating HYPE in February, making it one of the largest positions in its liquid fund, while adopting a three-day no-trade policy after publishing the report.
Why Multicoin believes Hyperliquid can justify a higher valuation Much of the firm’s conviction comes from Hyperliquid’s rapid expansion during 2025. According to Multicoin, the decentralized exchange generated about $873 million in revenue from roughly $2.9 trillion in trading volume while growing its user base from around 301,000 to 923,000. During the same period, open interest climbed from approximately $2 billion to $6 billion.
Current market data cited in the report show Hyperliquid now accounts for more than 59% of decentralized perpetual futures open interest. Its outstanding open interest has also reached about $9.6 billion, exceeding that of its largest on-chain rivals combined.
Beyond decentralized markets, Multicoin argued that Hyperliquid has continued narrowing the gap with centralized exchanges. Monthly perpetual futures trading volume has reached roughly 17% of Binance’s level, while open interest stands at about 21% of Binance’s, figures the firm compared with Binance’s own early growth trajectory.
Another pillar of the investment case is HIP-3, an upgrade that allows third-party teams to launch perpetual markets tied to assets such as stocks, commodities, and equity indexes.
According to Multicoin, open interest linked to real-world assets has already surpassed $2.9 billion, while an officially licensed S&P 500 perpetual contract generated more than $100 million in average daily trading volume during its first week.
The report also expects options trading, prediction markets, portfolio margining, and deeper integration with HyperEVM applications to expand Hyperliquid’s revenue opportunities over the coming years. Multicoin argued these additions could help transform the platform into what it described as an “everything exchange” offering around-the-clock access to multiple asset classes.
What risks could prevent the $319 forecast Even with its optimistic valuation, Multicoin acknowledged that several factors could derail its forecast. The report identified decentralization challenges, regulatory uncertainty, governance issues, increasing competition, and potential bad debt as the primary risks facing the protocol.
Value capture remains another reason behind the firm’s bullish outlook. According to the report, approximately 99% of Hyperliquid’s protocol revenue is used to repurchase HYPE, with those tokens effectively removed from circulation. Multicoin also noted that Hyperliquid has never raised outside capital and operates without a separate equity layer, allowing the protocol’s economics to accrue directly to token holders.
The report estimates Hyperliquid has generated about $869 million in trailing earnings for HYPE holders. Based on a token price near $63, Multicoin calculated that HYPE trades at roughly 36 times trailing earnings, or about 30 times after accounting for revenue associated with Hyperliquid’s Coinbase and USDC agreement.
Meanwhile, technical charts present a more cautious picture than the firm’s long-term forecast. On the four-hour timeframe, HYPE is forming a bearish double-top pattern, with a neckline near the $52.7 support level.
Hyperliquid price is appearing to form a bearish double top pattern on the 4-hour chart — June 26 | Source: crypto.news If sellers push the token below that support and confirm the pattern, the measured downside target points toward the $28.5 area, suggesting traders may continue watching technical risks alongside Multicoin’s longer-term fundamental outlook.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
PANews June 26 news, according to on-chain analyst Ember monitoring, the "largest long on Hyperliquid" continues to increase positions, already holding $445 million in long positions (120,000 ETH + 2,500 BTC), with an unrealized loss of $110 million.
After BTC fell to $59,000 last night, they used 3 wallets to open a long position of 500 BTC ($30 million) at $59,261. The average opening price for ETH longs is $2,261, and the average opening price for BTC longs is $69,560.
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Hyperliquid [HYPE] has been consolidating on an ascending triangle pattern since its debut on Coinbase back on the 5th of February.
The token managed to break out back on the 20th of May and rallied explosively to $75 before retracing and bouncing off explosively from the triangle support at $53. As a result, it left behind a market imbalance between $57 and $63.
As of this writing, HYPE was testing the imbalance zone after an aggressive correction. This occurred since it swept the liquidity at the $75 resistance level. The token is now building some bullish momentum, with the next target in line being the $77 resistance zone.
Source: TradingView Why are traders watching $77? The Hyperliquid network’s trading activity is notably aligning with HYPE’s bullish technical structure.
Trading volume has made a significant surge over the last four days, highlighting that investors were taking on more long positions to capitalize on the projected surge back to the point of liquidity at $77.
Source: Santiment Liquidity cluster at $77 affirms it as a key target Zooming down to HYPE’s liquidation heatmap data, several significant liquidity clusters summing to $10 million rest at around $77 resistance. These clusters support the price level as a crucial point of reference for a bullish outlook.
In most cases, the liquidity clusters act as price action magnets upon which prices oscillate around. For HYPE, the same scenario could come into play.
Buyers and investors have already started accumulating more positions to target the unmitigated liquidation resting at the resistance level as depicted by the surging trading volume.
Source: CoinGlass Will HYPE’s bullish structure hold? All technical indicators are aligning to HYPE’s bullish bias.
HYPE is trading above key Exponential Moving Averages (EMAs), increasing the likelihood of a potential bullish run continuation.
At the same time, the token’s stochastic RSI is just bouncing off from an oversold region. This action affirms the current imbalance zone as a key turning point for a potential price reversal.
Final Summary HYPE is rebounding from a key market imbalance after defending ascending triangle support, keeping the broader bullish structure intact. Rising trading volume and a $10 million liquidity cluster near $77 are drawing traders’ attention to the next potential resistance zone.
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