Track market-moving stories before they get noisy

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JPMorgan has issued a cautious assessment of Hyperliquid (@HyperliquidX), warning that the decentralized exchange faces a more difficult road ahead as competition from regulated U.S. derivatives platforms intensifies and investor demand for its ETFs cools.

Regulated Rivals Closing In In an August 6 note to investors, analysts led by managing director Nikolaos Panigirtzoglou said Hyperliquid's market share may come under pressure as regulated cryptocurrency perpetual futures platforms emerge in the U.S., with liquidity recently shifting toward those venues. The bank pointed to structural vulnerabilities at offshore decentralized platforms, including concerns around unlicensed derivatives, limited know-your-customer and anti-money-laundering controls, and weaker consumer safeguards.

The competitive threat gained a regulatory foundation in June when the Commodity Futures Trading Commission cleared the way for Coinbase and Kalshi to offer perpetual cryptocurrency futures contracts to U.S. investors, marking a significant expansion of the domestic crypto derivatives market. Perpetual futures have become a dominant source of trading volume in global crypto markets but had largely operated outside the United States through offshore exchanges.

Hyperliquid has also been pushing into prediction markets as a way to reduce its reliance on perpetual futures fees. The platform expanded in May by rolling out Outcomes, a prediction-market product, but the move enters a field with established platforms and new competitors. JPMorgan flagged that the Hyperliquid ecosystem will depend on whether it can secure users and trading volume in new businesses such as prediction markets, with trading fees remaining a key driver of future growth.

ETF Inflows Stall After a Strong Start The ETF picture tells a similar story. Across May and June, Hyperliquid ETFs posted the strongest inflows relative to assets under management of any non-bitcoin crypto fund, with HYPE funds recording $161 million in net inflows in June alone. Three spot products from Bitwise (BHYP), 21Shares (THYP), and Grayscale (HYPG) drove that demand.

That momentum has since reversed sharply. Hyperliquid's HYPE ETFs went 12 trading sessions without a single inflow from July 17 through August 3, recording $29.8 million in net outflows. BHYP led the outflows at $22.5 million, followed by THYP at $5.3 million and HYPG at $2 million.

JPMorgan said the slowdown reflects the broader competitive squeeze. The bank pointed out that maintaining market share and ETF inflow trends are key variables for the price of $HYPE, which had already fallen more than 23% compared to a month ago. Platform activity, and the transaction fees it generates, remains the central pillar of Hyperliquid's valuation case.

Despite the near-term headwinds, Hyperliquid's position in the broader crypto landscape remains significant. The bank noted that Hyperliquid has become the fourth-largest cryptocurrency held by corporate treasury entities, ranking behind bitcoin, ether, and solana.

Sources:
CoinDesk: JPMorgan Says Hyperliquid ETF Inflows Have Stalled as Competition Mounts
PYMNTS: JPMorgan Says Regulated Exchanges Threaten Hyperliquid ETF Growth
KuCoin: HYPE ETFs Record $29.8M Outflows Over 12 Days

Aug 6, 2026, 12:46 p.m.

2 min read

JPMorgan says Hyperliquid ETF inflows have stalled as competition mounts. (Pixabay)Summary

JPMorgan said inflows into Hyperliquid ETFs have largely stalled in July and August after a surge earlier this summer.The bank attributed the slowdown to rising competition from regulated crypto derivatives platforms and crowded prediction markets.Despite the recent pause, Hyperliquid’s HYPE remains one of the fastest-growing crypto assets, ranking fourth in corporate crypto treasury holdings.Inflows into Hyperliquid (HYPE) exchange-traded funds (ETFs) have largely ground to a halt after surging in May and June, reflecting growing concerns over the protocol's competitive outlook, according to Wall Street bank JPMorgan (JPM).

The bank said Hyperliquid ETFs led non-bitcoin crypto funds in inflows relative to assets under management in May and June, though that momentum faded in July and early August.

“We see significant challenges to the market share of decentralized platforms such as Hyperliquid,” analysts led by Nikolaos Panigirtzoglou said in a Thursday report.

Hyperliquid has been one of crypto's biggest breakout stories this year, with its HYPE token surging as traders flocked to the protocol's decentralized perpetual futures exchange.

The rapid growth has turned Hyperliquid into one of the largest crypto ecosystems outside bitcoin and ether, attracting institutional capital, corporate treasury buyers and ETF issuers.

According to JPMorgan analysts, the cooling demand comes as decentralized derivatives platforms face mounting competition from regulated centralized exchanges.

The report said the rollout of U.S.-regulated crypto perpetual futures products could shift trading activity away from offshore decentralized venues such as Hyperliquid, which remain exposed to concerns around licensing, compliance and investor protections.

The analysts also pointed to intensifying competition in prediction markets, an area Hyperliquid is expanding into as it looks to diversify beyond perpetual futures trading, where transaction fees underpin much of the token's value.

The bank cautioned that while Hyperliquid has been one of crypto's standout performers this year, becoming the fourth-largest asset held in corporate crypto treasuries behind bitcoin BTC$64,391.36, ether ETH$1,905.33 and solana (SOL), whether it can continue gaining market share against larger rivals such as Solana and XRP remains uncertain.

Bitcoin and ether continue to dominate the crypto exchange-traded fund market with roughly $77 billion and $10 billion in assets under management, respectively, while ETFs tied to other cryptocurrencies, including Solana, XRP and Hyperliquid, collectively account for just $2 billion to $3 billion, the report added.

HYPE was trading more than 3% lower over the last 24 hours, around $55.30.

Read more: JPMorgan says fading Clarity Act odds weigh on crypto outlook

AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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The Evolution of the Crypto CEX Landscape: A Case Study on Binance

The Evolution of the Crypto CEX Landscape: A Case Study on Binance

Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.

Jun 29, 2026

Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.

Why it matters:

Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.

Tokenized real-world asset (RWA) trading now accounts for more than 33% of the trading activity on decentralized exchange Hyperliquid.

HIP-3 RWA perpetual contracts saw their share of trading volume increase to 32.2% during the second quarter of 2026, up from 20.7% in Q1 and 1.8% in Q4 of 2025. RWA trading volume reached $213 billion during Q2 on Hyperliquid, according to its quarterly report published on Wednesday.

Hyperliquid said that RWA trading generated 6.6% of the protocol’s quarterly revenue of $169 million. Of that $169 million, the platform said it returned $141 million to token holders through Hyperliquid (HYPE) token buybacks. Hyperliquid reported over $1 billion in cumulative protocol revenue.

RWAs became Hyperliquid’s largest trading category for the first time last month, when RWAs accounted for 52% of Hyperliquid’s total weekly trading volume between July 13 and July 19, reflecting growing demand for tokenized assets on the decentralized exchange.

At the end of July, RWA perpetual futures reached 99.2% of Bitcoin (BTC) perpetuals volume on Hyperliquid.

RWA holders increased 56% to 1.6 million investors over the past month, while the total value of onchain tokenized assets rose 3.3% to $37.8 billion, according to data provider RWA.xyz.

Magazine: How Hong Kong is turning tokenized bonds into real market infrastructure

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.

TLDR: HYPE price faces immediate downside pressure near $55, with a $14.2 million liquidation cluster creating significant risk around the $52.38 support level. Analysts identify targets ranging from $50 to the high $40s, while Ryker presents a more bearish scenario involving a possible decline toward $32. Hyperliquid generated about $169 million in quarterly protocol revenue and directed roughly $141 million toward systematic HYPE token buybacks. HIP-3 real-world asset perpetuals produced $213 billion in quarterly volume, increasing their platform share from 1.8% to 32.2% within two quarters. HYPE price faces growing short-term pressure as the token trades near $55.50 after losing about 22% over the past month. Several analysts now warn that lower support zones may come into play if sellers keep control. 

Ali Martinez points to a TD Sequential sell signal and sees $50 as a possible target. Altcoin Sherpa expects the token could revisit the low $50s or high $40s before finding a durable bottom. 

SELL SIGNAL AT RESISTANCE

Hyperliquid $HYPE has reached a key resistance trendline just as the TD Sequential flashes a sell signal.

If sellers step in here, $50 becomes the next downside target. pic.twitter.com/e3iHaCCE6m

— Ali Charts (@alicharts) August 4, 2026

Market analyst Ryker presents a deeper downside case near $32. Even so, oversold momentum, buybacks, token burns, and strong platform activity support the longer-term Hyperliquid outlook. Support continues during the latest session.

HYPE Price Risks Rise Near the $52 Liquidation Cluster The HYPE price currently sits close to a dense liquidation zone around $52.38. Data shows about $14.2 million in leveraged long positions could face liquidation near that level. That risk may increase defensive selling as traders reduce exposure before a possible support break.

The $55 region acts as an important short-term order block. Holding that area could allow the token to stabilize and retest $60. A stronger rebound may then target $64, according to Martinez. He also sees $75 as possible if buyers defend support and reclaim higher resistance. Its market value stood near $14.09 billion at the time of writing.

However, several traders remain cautious. BATMAN says the recent liquidity sweep may have formed a local top. Altcoin Sherpa also expects more downside before a cycle bottom develops. His near-term range includes the low $50s and high $40s.

$HYPE was that the bottom? Honestly hard to say. I still think we can get a chance in the low $50s/high $40s but maybe I'm dead wrong. Regardless, it's 1 of the few coins you can hold for months on end and sleep comfortably knowing the fundamentals are the best in crypto pic.twitter.com/GzkzgnGzzb

— Altcoin Sherpa (@AltcoinSherpa) August 5, 2026

Ryker offers the most bearish forecast. The trader expects the HYPE price could fall toward $32 if market weakness deepens. That move would require a larger breakdown across support zones and heavier capital rotation toward Bitcoin.

Momentum data also gives buyers one possible advantage. The Relative Strength Index has dropped below 30, placing HYPE in oversold territory. Oversold readings do not guarantee a rebound, but they often precede short relief rallies.

HYPE Price Weakens Despite Strong Hyperliquid Activity Hyperliquid reported strong second-quarter activity even as the HYPE price moved lower. HIP-3 real-world asset perpetuals reached 32.2% of total platform volume. That share stood at only 1.8% two quarters earlier. During that quarter, HYPE gained 79%, while Bitcoin declined 14%.

The RWA segment generated about $213 billion in quarterly trading volume. Three HYPE exchange-traded funds also began trading during the quarter. Funds and treasury vehicles held around 7.7% of the token supply.

Protocol revenue reached roughly $169 million during the quarter. Hyperliquid directed about $141 million toward token buybacks. On-chain data also showed a recent burn worth about $1.28 million.

Cumulative burns now total 47.53 million HYPE, valued near $2.68 billion. That figure equals about 4.75% of the token’s maximum one-billion supply. Continued burns reduce available supply, though price still depends on demand and leverage conditions.

Source: Coinglass Derivatives activity has slowed during the latest decline. Trading volume fell 16.5% to $1.68 billion, while open interest dropped 4.98% to $2.27 billion. Options volume also eased to $1.67 million. Lower volume may amplify sudden price moves.

Positioning still shows notable long exposure. Binance posted a long-to-short account ratio of 1.2437, while OKX recorded 1.45. The overall long-to-short ratio stood at 0.9798, indicating nearly balanced positioning across tracked exchanges. 

Long liquidations reached about $793,450, compared with $374,650 in short liquidations. Total liquidations reached about $1.17 million, showing that long traders absorbed most forced closures.

Open interest has declined from more than $3.5 billion in early June. It now sits near $2.3 billion as HYPE trades below its $76.90 record. A break under $52.38 could accelerate liquidations, while a recovery above $55 may open another move toward $64.

Trading in tokenized real-world assets (RWAs) has surged on the decentralized exchange Hyperliquid, now representing over 33% of the platform’s total trading volume. This sharp increase signals steady growth in demand for blockchain-based versions of traditional assets among cryptocurrency traders.

In its second quarter of 2026 report, Hyperliquid revealed that perpetual contracts for RWAs, labeled as HIP-3 RWA, accounted for 32.2% of all trading volume on the exchange. This figure represents a significant climb from the 20.7% share in the first quarter and just 1.8% in the last quarter of 2025. The RWA trading volume reached $213 billion during the second quarter alone.

Mini dictionary: Real-world asset (RWA): A real-world asset is a physical or traditional financial instrument, such as real estate, stocks, or commodities, represented in digital token form on a blockchain, which enables easier transfer and fractional ownership.

Perpetual futures contracts for RWAs approached parity with those for Bitcoin (BTC) by late July, reaching 99.2% of the BTC perpetual volume on the exchange.

QuarterRWA Trading ShareTotal RWA VolumeQ4 20251.8%Not specifiedQ1 202620.7%Not specifiedQ2 202632.2%$213 billionRevenue and Token DistributionHyperliquid reported that RWA trading generated 6.6% of its quarterly revenue, amounting to $11.2 million out of a total $169 million in the second quarter. The platform distributed $141 million to HYPE token holders through a buyback program. Hyperliquid also shared that its cumulative protocol revenue has surpassed $1 billion.

Between July 13 and July 19, tokenized RWAs became the largest trading category on Hyperliquid, accounting for 52% of the exchange’s total weekly trading volume.

Hyperliquid, a decentralized exchange specializing in perpetual futures trading, has seen this category rise to the top spot for the first time, reflecting a major shift toward onchain representations of traditional assets.

User Growth and Market TrendsThe number of RWA holders surged by 56% over the past month, reaching a total of 1.6 million investors. Data from RWA.xyz also showed that the overall value of tokenized assets on the blockchain increased by 3.3%, hitting $37.8 billion by the end of July.

Demand for tokenized RWAs continues to grow, with a significant jump in both user base and onchain asset value during the second quarter of 2026.

These trends suggest increasing adoption of blockchain-based infrastructure for trading assets that traditionally exist offchain, as institutional and retail investors seek new opportunities in decentralized finance.

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

The "Big Short" Michael Burry shorted Oracle at $144.63.

Michael Burry, the real-life inspiration behind *The Big Short*, disclosed his latest holdings: he shorted Oracle at $144.63 and Nebius at $211.77.

3 hours ago

Trade.xyz has once again used its perpetual contract fee revenue to acquire HYPE, transferring $3.25 million to start purchasing around 59,000 HYPE tokens.

According to MLM monitoring, Trade.xyz’s fee-receiving wallet has transferred $3.25 million from its perpetual contract fee wallet to its spot account, and has begun purchasing approximately 59,000 HYPE tokens worth around $3 million via a TWAP strategy. Earlier, on August 5, Trade.xyz transferred 250,000 USDC from its perpetual contract fee wallet to its spot account, using roughly $110,000 of that sum to buy 2,000 HYPE tokens, which were subsequently used to acquire a HIP-3 Ticker. This marks the first time Trade.xyz has used perpetual contract fee revenue to purchase HYPE; prior to this, all HYPE used for buying new HIP-3 Tickers was funded by spot fee revenue.

3 hours ago

OpenAI: Free users will receive unlimited text chat capabilities, and the company will update its GPT-5.6 Sol model.

OpenAI announced that ChatGPT will update GPT-5.6 Sol for Plus and Pro users, making responses more focused, factually reliable, and cutting unnecessary formatting and details. The model will support both instant answers and deep reasoning, with users able to adjust the level of thinking allocated to each response via a new slider. In internal evaluations of financial, medical, and legal queries, OpenAI found that compared to GPT-5.5 Instant, GPT-5.6 Luna reduced responses with at least one factual error by roughly 62%, while GPT-5.6 Sol saw a 68% drop. GPT-5.6 Luna will become the default model for Free and Go users this week. Starting next week, free users will get unlimited text chats and can handle queries requiring deeper reasoning via a new "Think" button, though they will remain subject to anti-abuse rules; file uploads, image tools, and other features will stay restricted. This update only applies to ChatGPT’s daily conversation experience—GPT-5.6 Sol used in Work and Codex will not be adjusted in this rollout.

3 hours ago

Proposed Iran-Oman Strait Agreement Faces Dual Hurdles: US Sanctions and Insurance Barriers

According to a Reuters report, four industry sources stated that a proposed agreement between Iran and Oman would grant Tehran control over vessels entering the Gulf via the Strait of Hormuz, but the deal faces implementation hurdles due to U.S. sanctions and restrictive insurance provisions governing any payments. Any toll measures would trigger significant compliance risks, as the U.S. has sanctioned Iran’s Persian Gulf Strait Administration, the entity operating the waterway. The U.S. Treasury also bans U.S. individuals and entities from accepting services related to "safe passage" offered by the Iranian government. Industry sources added that any such payment could result in asset freezes. Another complicating factor is a clause introduced by the Lloyd’s Market Association at the end of July for war risk underwriters: under this clause, insurance coverage would be terminated if a vessel pays transit fees, passage charges, or other fees to traverse the Strait of Hormuz. An insurance industry source noted that shipping companies are caught in a dilemma: the Lloyd’s Market Association clause prohibits insurers from providing coverage to shipowners making such payments, while Iran seeks to collect passage fees. (Jinshi)

3 hours ago

Amid Shiba Inu's price rebound, high win-rate buyers have stepped in, with a whale boasting a perfect 5-0 trading record opening a long position worth $4.78 million.

According to TradingBeats (formerly Hyperinsight) monitoring, the whale address 0x9bb — which profited from all 5 prior storage trades and twice transferred approximately $7.537 million back to its spot account — deposited 2.393 million USDC into Hyperliquid last night. Less than a minute after the funds arrived, the address began going long on SNDK, purchasing a total of 3,800.84 contracts within 4 minutes for a transaction value of around $4.783 million, with an average entry price of $1,258.5. As of press time, the whale holds a $4.853 million long position in SNDK with 2x isolated margin, the only position in its account. SNDK is currently trading at $1,276.8, with the position showing an unrealized profit of roughly $69,600, a return of ~2.9%, a liquidation price of $662.1, and no open orders set. Last night, SNDK hit a low of $1,168.3 before rebounding to $1,276.8, a ~9.3% rise from the low, but still down ~10.5% from the previous day’s benchmark price. The whale did not enter at the lowest point, but re-opened its position after the rebound had already started. Since starting trading in late July, this address has only traded storage assets, with all 5 completed directional trades turning profitable: - SNDK long: ~$1.374 million profit; - SKHX long: ~$785,000 profit; - SNDK short: ~$662,000 profit; - MU short: ~$309,000 profit; - SKHY short: ~$184,000 profit. SNDK’s 24-hour trading volume is approximately $936 million, open interest stands at ~$161 million, and its hourly funding rate is about +0.000625%.

3 hours ago

Stripe is in exclusive negotiations to acquire OpenRouter, with the deal valued at approximately $10 billion.

According to a report from The Information, fintech firm Stripe is in exclusive acquisition talks with AI model aggregation platform OpenRouter, with a valuation of approximately $10 billion. Sources familiar with the matter revealed that OpenRouter had previously received acquisition interest from multiple large tech companies, but Stripe has now entered the exclusive negotiation phase. The deal has not yet been finalized, and its specific terms may still change. Founded in 2023, OpenRouter positions itself as an AI infrastructure platform connecting users with multiple large language models, allowing developers to call AI models from providers including OpenAI, Anthropic, and Google via a unified interface, and select different models based on performance, price, and availability. If completed, the transaction will become one of Stripe’s key strategic moves in the AI field in recent years. Stripe has historically focused on payment infrastructure, financial services, and enterprise software, and acquiring OpenRouter may further drive its expansion into the AI developer infrastructure sector.

3 hours ago

Hyperliquid’s 3x HIP-3 fee hike divides analysts – Lose users or boost HYPE?

Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.

This site is protected by reCAPTCHA.

The "Big Short" Michael Burry shorted Oracle at $144.63.

Michael Burry, the real-life inspiration behind *The Big Short*, disclosed his latest holdings: he shorted Oracle at $144.63 and Nebius at $211.77.

3 hours ago

Trade.xyz has once again used its perpetual contract fee revenue to acquire HYPE, transferring $3.25 million to start purchasing around 59,000 HYPE tokens.

According to MLM monitoring, Trade.xyz’s fee-receiving wallet has transferred $3.25 million from its perpetual contract fee wallet to its spot account, and has begun purchasing approximately 59,000 HYPE tokens worth around $3 million via a TWAP strategy. Earlier, on August 5, Trade.xyz transferred 250,000 USDC from its perpetual contract fee wallet to its spot account, using roughly $110,000 of that sum to buy 2,000 HYPE tokens, which were subsequently used to acquire a HIP-3 Ticker. This marks the first time Trade.xyz has used perpetual contract fee revenue to purchase HYPE; prior to this, all HYPE used for buying new HIP-3 Tickers was funded by spot fee revenue.

3 hours ago

OpenAI: Free users will receive unlimited text chat capabilities, and the company will update its GPT-5.6 Sol model.

OpenAI announced that ChatGPT will update GPT-5.6 Sol for Plus and Pro users, making responses more focused, factually reliable, and cutting unnecessary formatting and details. The model will support both instant answers and deep reasoning, with users able to adjust the level of thinking allocated to each response via a new slider. In internal evaluations of financial, medical, and legal queries, OpenAI found that compared to GPT-5.5 Instant, GPT-5.6 Luna reduced responses with at least one factual error by roughly 62%, while GPT-5.6 Sol saw a 68% drop. GPT-5.6 Luna will become the default model for Free and Go users this week. Starting next week, free users will get unlimited text chats and can handle queries requiring deeper reasoning via a new "Think" button, though they will remain subject to anti-abuse rules; file uploads, image tools, and other features will stay restricted. This update only applies to ChatGPT’s daily conversation experience—GPT-5.6 Sol used in Work and Codex will not be adjusted in this rollout.

3 hours ago

Proposed Iran-Oman Strait Agreement Faces Dual Hurdles: US Sanctions and Insurance Barriers

According to a Reuters report, four industry sources stated that a proposed agreement between Iran and Oman would grant Tehran control over vessels entering the Gulf via the Strait of Hormuz, but the deal faces implementation hurdles due to U.S. sanctions and restrictive insurance provisions governing any payments. Any toll measures would trigger significant compliance risks, as the U.S. has sanctioned Iran’s Persian Gulf Strait Administration, the entity operating the waterway. The U.S. Treasury also bans U.S. individuals and entities from accepting services related to "safe passage" offered by the Iranian government. Industry sources added that any such payment could result in asset freezes. Another complicating factor is a clause introduced by the Lloyd’s Market Association at the end of July for war risk underwriters: under this clause, insurance coverage would be terminated if a vessel pays transit fees, passage charges, or other fees to traverse the Strait of Hormuz. An insurance industry source noted that shipping companies are caught in a dilemma: the Lloyd’s Market Association clause prohibits insurers from providing coverage to shipowners making such payments, while Iran seeks to collect passage fees. (Jinshi)

3 hours ago

Amid Shiba Inu's price rebound, high win-rate buyers have stepped in, with a whale boasting a perfect 5-0 trading record opening a long position worth $4.78 million.

According to TradingBeats (formerly Hyperinsight) monitoring, the whale address 0x9bb — which profited from all 5 prior storage trades and twice transferred approximately $7.537 million back to its spot account — deposited 2.393 million USDC into Hyperliquid last night. Less than a minute after the funds arrived, the address began going long on SNDK, purchasing a total of 3,800.84 contracts within 4 minutes for a transaction value of around $4.783 million, with an average entry price of $1,258.5. As of press time, the whale holds a $4.853 million long position in SNDK with 2x isolated margin, the only position in its account. SNDK is currently trading at $1,276.8, with the position showing an unrealized profit of roughly $69,600, a return of ~2.9%, a liquidation price of $662.1, and no open orders set. Last night, SNDK hit a low of $1,168.3 before rebounding to $1,276.8, a ~9.3% rise from the low, but still down ~10.5% from the previous day’s benchmark price. The whale did not enter at the lowest point, but re-opened its position after the rebound had already started. Since starting trading in late July, this address has only traded storage assets, with all 5 completed directional trades turning profitable: - SNDK long: ~$1.374 million profit; - SKHX long: ~$785,000 profit; - SNDK short: ~$662,000 profit; - MU short: ~$309,000 profit; - SKHY short: ~$184,000 profit. SNDK’s 24-hour trading volume is approximately $936 million, open interest stands at ~$161 million, and its hourly funding rate is about +0.000625%.

3 hours ago

MetaMask officially launches Agent Wallet, supporting AI agents to autonomously execute on-chain transactions.

MetaMask has officially launched Agent Wallet, a self-custody AI agent wallet for traders and developers. Users can connect to agent frameworks including Claude Code, Codex, and OpenClaw, allowing agents to execute on-chain operations within preset rules. Agent Wallet supports Hyperliquid, as well as EVM-compatible chains such as Robinhood Chain and Monad. Agents can also perform ERC-7821 batch swaps and one-off transactions, eliminating the need to hold native on-chain tokens for gas fees, with MetaMask settling network costs from transferred assets. Before executing supported EVM transactions, MetaMask provides transaction simulation, threat scanning, and MEV protection. Eligible transactions that incur losses despite passing security checks are covered by up to $10,000 in monthly transaction protection. MetaMask stated that Agent Wallet’s core is to enable AI agents to execute transactions within permission boundaries set by users, rather than granting them unrestricted wallet access.

3 hours ago

According to TradingBeats (formerly Hyperinsight) monitoring, the whale address 0x9bb — which profited from all 5 prior storage trades and twice transferred approximately $7.537 million back to its spot account — deposited 2.393 million USDC into Hyperliquid last night. Less than a minute after the funds arrived, the address began going long on SNDK, purchasing a total of 3,800.84 contracts within 4 minutes for a transaction value of around $4.783 million, with an average entry price of $1,258.5. As of press time, the whale holds a $4.853 million long position in SNDK with 2x isolated margin, the only position in its account. SNDK is currently trading at $1,276.8, with the position showing an unrealized profit of roughly $69,600, a return of ~2.9%, a liquidation price of $662.1, and no open orders set. Last night, SNDK hit a low of $1,168.3 before rebounding to $1,276.8, a ~9.3% rise from the low, but still down ~10.5% from the previous day’s benchmark price. The whale did not enter at the lowest point, but re-opened its position after the rebound had already started. Since starting trading in late July, this address has only traded storage assets, with all 5 completed directional trades turning profitable: - SNDK long: ~$1.374 million profit; - SKHX long: ~$785,000 profit; - SNDK short: ~$662,000 profit; - MU short: ~$309,000 profit; - SKHY short: ~$184,000 profit. SNDK’s 24-hour trading volume is approximately $936 million, open interest stands at ~$161 million, and its hourly funding rate is about +0.000625%.

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The "Big Short" Michael Burry shorted Oracle at $144.63.

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According to MLM monitoring, Trade.xyz’s fee-receiving wallet has transferred $3.25 million from its perpetual contract fee wallet to its spot account, and has begun purchasing approximately 59,000 HYPE tokens worth around $3 million via a TWAP strategy. Earlier, on August 5, Trade.xyz transferred 250,000 USDC from its perpetual contract fee wallet to its spot account, using roughly $110,000 of that sum to buy 2,000 HYPE tokens, which were subsequently used to acquire a HIP-3 Ticker. This marks the first time Trade.xyz has used perpetual contract fee revenue to purchase HYPE; prior to this, all HYPE used for buying new HIP-3 Tickers was funded by spot fee revenue.

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Proposed Iran-Oman Strait Agreement Faces Dual Hurdles: US Sanctions and Insurance Barriers

According to a Reuters report, four industry sources stated that a proposed agreement between Iran and Oman would grant Tehran control over vessels entering the Gulf via the Strait of Hormuz, but the deal faces implementation hurdles due to U.S. sanctions and restrictive insurance provisions governing any payments. Any toll measures would trigger significant compliance risks, as the U.S. has sanctioned Iran’s Persian Gulf Strait Administration, the entity operating the waterway. The U.S. Treasury also bans U.S. individuals and entities from accepting services related to "safe passage" offered by the Iranian government. Industry sources added that any such payment could result in asset freezes. Another complicating factor is a clause introduced by the Lloyd’s Market Association at the end of July for war risk underwriters: under this clause, insurance coverage would be terminated if a vessel pays transit fees, passage charges, or other fees to traverse the Strait of Hormuz. An insurance industry source noted that shipping companies are caught in a dilemma: the Lloyd’s Market Association clause prohibits insurers from providing coverage to shipowners making such payments, while Iran seeks to collect passage fees. (Jinshi)

2 hours ago

MetaMask officially launches Agent Wallet, supporting AI agents to autonomously execute on-chain transactions.

MetaMask has officially launched Agent Wallet, a self-custody AI agent wallet for traders and developers. Users can connect to agent frameworks including Claude Code, Codex, and OpenClaw, allowing agents to execute on-chain operations within preset rules. Agent Wallet supports Hyperliquid, as well as EVM-compatible chains such as Robinhood Chain and Monad. Agents can also perform ERC-7821 batch swaps and one-off transactions, eliminating the need to hold native on-chain tokens for gas fees, with MetaMask settling network costs from transferred assets. Before executing supported EVM transactions, MetaMask provides transaction simulation, threat scanning, and MEV protection. Eligible transactions that incur losses despite passing security checks are covered by up to $10,000 in monthly transaction protection. MetaMask stated that Agent Wallet’s core is to enable AI agents to execute transactions within permission boundaries set by users, rather than granting them unrestricted wallet access.

2 hours ago

Stripe is in exclusive negotiations to acquire OpenRouter, with the deal valued at approximately $10 billion.

According to a report from The Information, fintech firm Stripe is in exclusive acquisition talks with AI model aggregation platform OpenRouter, with a valuation of approximately $10 billion. Sources familiar with the matter revealed that OpenRouter had previously received acquisition interest from multiple large tech companies, but Stripe has now entered the exclusive negotiation phase. The deal has not yet been finalized, and its specific terms may still change. Founded in 2023, OpenRouter positions itself as an AI infrastructure platform connecting users with multiple large language models, allowing developers to call AI models from providers including OpenAI, Anthropic, and Google via a unified interface, and select different models based on performance, price, and availability. If completed, the transaction will become one of Stripe’s key strategic moves in the AI field in recent years. Stripe has historically focused on payment infrastructure, financial services, and enterprise software, and acquiring OpenRouter may further drive its expansion into the AI developer infrastructure sector.

2 hours ago

Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.

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DeepSeek, Tencent and others receive strategic placement from Unitree Robotics.

Unitree Technology has disclosed its strategic placement list. Hangzhou DeepSeek Artificial Intelligence Basic Technology Research Co., Ltd. (DeepSeek) and Shanghai Qishan Investment Co., Ltd., a Tencent subsidiary, were selected as "large enterprises or their affiliates that have strategic cooperation relationships or long-term cooperation prospects with the issuer's business". The batch of strategic placement investors also includes China National Petroleum Corporation Kunlun Capital Co., Ltd., China Southern Power Grid Industrial and Financial Holding Group Co., Ltd., and other companies.

15 minutes ago

More than 4 billion shares of SpaceX may enter circulation within the year, posing potential selling pressure on its stock price in the short term.

SpaceX faces lock-up expirations for up to 911.5 million shares today, equivalent to over 140% of its current public float, which could heighten short-term stock price volatility. Following the company’s prior earnings release, its stock dropped 12% despite revenue exceeding forecasts and its AI business unexpectedly posting a profit. Additional share unlocks are scheduled for August 12 and 20 days later. By the end of this year, more than 4 billion shares are projected to become tradable, potentially exerting sustained selling pressure on the stock, though market focus remains on the company’s long-term fundamentals.

15 minutes ago

Serenity: Unitree Robotics' IPO May Boost Robotics Sector Valuation, Supply Chain Firms Like Leader Harmonic Drive to Benefit

Serenity noted in a report that Unitree Robotics’ implied market cap in the derivatives market stands at roughly $29.3 billion. Citing the performance of pre-IPO perpetual contracts for Cerebras and SpaceX, Serenity added that their related prices were relatively close to the respective listing opening prices. Based on Unitree’s projected IPO target valuation of $5.7 billion to $6.2 billion this month, the current derivatives implied valuation is about 370% to 414% higher, equivalent to 4.7 to 5.1 times the target. If Unitree can maintain this valuation post-listing, it could drive growth in the robotics sector. It cited robotics supply chain firms including Leaderdrive (Green Harmonic), Harmonic Drive, and Ouster, noting that industry leaders typically boost valuations of other peers in the same sector after listing, while stressing this does not constitute investment advice. Unitree is expected to proceed with its listing later this month, with the subscription period likely on August 10, and final issuance results to be announced on August 14. Agility Robotics may advance its related plans in the fourth quarter.

15 minutes ago

Walsh adheres to prudent market guidance, and will consider a September interest rate hike if inflation remains strong.

According to a report by the Financial Times, even after his decision to withhold too many details about interest rate strategy triggered a sharp sell-off in U.S. Treasuries, Federal Reserve Chair Walsh has stuck to his usual concise communication style. People close to Walsh say he has acknowledged making some mistakes in his first 10 weeks leading the world’s most important central bank, including failing to reinforce his core message on price stability and sowing confusion over whether his long-term plans to overhaul the Fed would impact near-term policy decisions. However, they insist these mistakes are not enough to derail Walsh’s reform agenda for the Federal Reserve. Insiders also revealed that if inflation data released in the coming weeks comes in strong and market expectations for higher borrowing costs rise accordingly, Walsh is prepared to raise interest rates at the September policy meeting. Insiders added that while the Fed chair has raised the possibility of shrinking the central bank’s $6.7 trillion balance sheet to tighten monetary policy, interest rates remain the primary tool for now, and will be used at upcoming meetings if needed.

15 minutes ago

Trader gains $956K on $CASHCAT after $791K investment, another spent $519 ETH for 9.96M $CASHCAT

The trader who previously spent $791K to buy 13.14M $CASHCAT($1.75M now) is now up $956K. Another trader also spent $519 $ETH($985K) to buy 9.96M $CASHCAT 12 hours ago.

15 minutes ago

Pre-market US stocks in the storage, optical communications, and semiconductor sectors are all down, with Western Digital falling over 16% and SanDisk dropping more than 11%.

According to market data from BIT (bit.com), U.S. stocks were in pre-market trading on Thursday, with storage stocks, optical communications, and semiconductor stocks all declining. The storage sector led losses: Western Digital (WDC) fell 16.06%, SanDisk (SNDK) dropped 11.09%, SK Hynix (SKHY) decreased 7.01%, Micron Technology fell 5.79%, and Seagate Technology (STX) declined 5.57%. Most semiconductor stocks trended lower: Marvell Technology (MRVL) fell 2.14%, Intel (INTC) dropped 1.89%, and Arm (ARM) decreased 1.85%. All optical communication concept stocks saw declines: Applied Optoelectronics (AAOI) fell 1.66%, Credo (CRDO) dropped 1.45%, and Astera Labs (ALAB) decreased 1.37%.

15 minutes ago

Two of the most influential U.S. banking trade groups are pressing the Federal Deposit Insurance Corporation to extend anti-money laundering obligations for stablecoin issuers well beyond the point of token issuance, setting up a direct clash with crypto industry groups over how far compliance duties should reach.

Banks Push for Broader Compliance Perimeter The Bank Policy Institute (@bankpolicy) and The Clearing House Association (@TCHtweets) filed a joint comment letter on the FDIC's proposed rule to implement Bank Secrecy Act and sanctions compliance standards for FDIC-supervised permitted payment stablecoin issuers. Their submission arrived as the agency's comment window closed on Tuesday.

The banking groups' position is clear: AML obligations should not stop at issuance. BPI and The Clearing House emphasized the meaningful gaps in AML/CFT obligations in the secondary market for payment stablecoins, arguing that most illicit activity occurs there and that current requirements fail to impose sufficient AML obligations on secondary-market actors such as DeFi firms, certain digital asset custodians, and exchanges.

Crypto Side Warns of DeFi Consequences Crypto investment firm Paradigm (@paradigm) and the Hyperliquid Policy Center (@HyperliquidPC) warned U.S. regulators that proposed stablecoin AML rules could push regulated dollar tokens away from permissionless DeFi if issuers are made responsible for secondary-market activity.

In their letter, the two groups argued that the proposal could expose stablecoin issuers to liability for secondary-market transactions they cannot directly control, with their core concern being that issuers may be held responsible for activity taking place through public blockchain smart contracts, even when those issuers do not know the users involved and cannot stop the transaction in real time.

The two groups argued that regulators should separate primary issuance, where issuers have direct customer relationships, from secondary-market activity, where stablecoins move through wallets, decentralized finance apps, and validators outside an issuer's direct control. A wallet address "that simply holds or transfers" a stablecoin should not be treated as an issuer customer, they argued, and developers, protocol operators, and validators should be protected from issuer-style obligations when they have "no direct relationship with the issuer."

According to the two groups, extending strict issuer liability to the secondary market through smart contracts would create "impossible obligations," forcing issuers to launch stablecoins only on permissioned networks and effectively pulling regulated dollar stablecoins out of DeFi, creating a vacuum quickly filled by unregulated offshore alternatives. Unclear rules are described as "especially serious" for validators, as they could be read to cover infrastructure operators on networks such as Ethereum, Solana, and Hyperliquid, potentially pushing U.S.-based staking and infrastructure building offshore.

The FDIC now proceeds to draft a final rule with both camps firmly on record. The outcome will have broad consequences for how dollar-pegged tokens are deployed across open blockchain networks.

Sources:
Bank Policy Institute: BPI and The Clearing House Comment on FDIC's BSA and Sanctions Proposal for Stablecoin Issuers
Decrypt: Paradigm, Hyperliquid Policy Center Push Back on GENIUS Act Stablecoin AML Rule
FinanceFeeds: Hyperliquid Policy Center and Paradigm Push Treasury on AML Rule

Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.

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Altcoins

5 August 2026 | 14:18 Hyperliquid processed more volume and attracted more traders in Q2, but lower-fee markets took a larger share of activity, leaving protocol and holder revenue below the previous quarter.

Key Takeaways HYPE now faces stacked resistance near $57-$58. HIP-3 captured 32.2% of matched quarterly volume. June delivered Hyperliquid’s strongest revenue since November. Assistance Fund holdings reached 45.56 million HYPE. Team claimed only 4.3% of quarterly entitlement. Outcome markets generated volume but almost no fees. HYPE Tests a Stacked Resistance Zone When the chart was captured on August 5, HYPE traded near $57, up approximately 3.9% during the session. The rebound brought the price into two technical barriers at once: the 0.5 Fibonacci retracement and the 100-day simple moving average near $58.

The overlap makes the $57–$58 area a decision point rather than a confirmed breakout. Both levels previously acted as barriers, increasing the risk that buyers lose momentum before establishing support above them.

HYPE rebounded into the $57–$58 resistance zone, where the 0.5 Fibonacci retracement and 100-day SMA converge. Chart: TradingView, August 5, 2026. A daily close above the zone followed by a successful retest would improve the structure. The next major resistance sits around $62–$63, where the 50-day SMA was positioned near $62.5. Above that, the broader resistance area near $65 would return to focus.

Until the breakout is confirmed, a rejection remains possible. The first important support sits around $52, where buyers stopped the latest decline. Losing that area would expose the lower support near $47.

The daily RSI had recovered to approximately 47.5, showing improved momentum during the rebound but no decisive move into bullish territory above 50.

The technical setup now sits against a mixed fundamental backdrop. Hyperliquid entered Q3 with stronger trading activity, but lower quarterly revenue and a growing reliance on lower-fee markets.

The Hyperliquid 2Q2026 Quarterly Report is not a conventional company-issued financial statement. HRC, GLC Research and Four Pillars reconstructed the figures from public ledger records, independent data providers and protocol disclosures.

The report shows a clear gap between activity and monetisation. Protocol revenue declined 6.6% to $169.37 million and the report’s holder revenue measure fell 4.7% to $142.88 million, even as overall protocol TVL increased 16.8% to $5.72 billion.

More Trading Activity Produced Less Revenue Traders paid $197.67 million in gross fees during Q2, down 5.9% from $210.04 million in the previous quarter. Of that total, approximately $28.31 million accrued to builders, deployers and other ecosystem participants rather than becoming protocol revenue.

Several operating indicators still moved higher:

Matched volume rose 2.7% to $662.4 billion. Average open interest increased 25.4% to $8.68 billion. Quarter-end open interest climbed 28.6% to $9.31 billion. Average daily perpetual traders increased 19.8% to 54,294. Spot volume improved 5.3% to $16.2 billion. Revenue fell because more activity shifted from Hyperliquid’s higher-fee native perpetual markets into lower-priced builder-deployed markets.

The quarter also ended more strongly than it began. Protocol revenue fell to $46.19 million in April, recovered to $53.14 million in May and reached $70.03 million in June, its strongest monthly result since November 2025.

Hyperliquid monthly protocol and holder revenue chart. HIP-3 Became Hyperliquid’s Main Growth Engine Native perpetual volume declined for a third consecutive quarter, falling 12.7% to $432.9 billion. Growth instead came from HIP-3 builder-deployed perpetual markets.

HIP-3 volume increased 59.6% to $213.3 billion and represented 32.2% of all matched volume, up from 20.7% in Q1. HIP-3 open interest ended the quarter at $3.09 billion, a further 47.2% increase.

Under HIP-3, independent builders can deploy perpetual markets on Hyperliquid’s infrastructure rather than waiting for the protocol’s main listing process. Deployers choose important market parameters, provide their own front ends and can receive a share of the fees generated by their markets.

This expands the range of markets available on Hyperliquid, but HIP-3 volume generates less protocol revenue than activity on the native perpetual venue. Hyperliquid’s Growth Mode fee structure reduces protocol fees, rebates, volume contributions and certain rate-limit contributions by 90% for eligible markets, helping them attract traders without immediately replacing the revenue lost from declining native activity.

One Deployer Captured Almost All HIP-3 Volume The listing layer also became more concentrated. Trade[XYZ] accounted for approximately 81% of HIP-3 volume in February and 93% in April. By July, after the quarter ended, its share had approached 100% as other deployers wound down or migrated their markets.

Shared liquidity means that fewer deployers do not necessarily translate into less underlying market liquidity, as multiple interfaces can route users into the same order book. The concentration still matters at the deployment layer: Trade[XYZ] may benefit from stronger liquidity and easier market discovery, but users now have fewer meaningful alternatives.

Buybacks Continued, but the HYPE Price Changed the Math The Assistance Fund purchased 2.77 million HYPE for $140.66 million during Q2, giving the quarter an average execution price of approximately $50.80.

The dollar amount was only moderately below the $147.72 million deployed in Q1, but the number of tokens purchased fell 43.9% from 4.94 million HYPE because the token traded at substantially higher prices. The fund remained a source of market demand, although each dollar acquired fewer tokens.

Assistance Fund holdings ended the quarter at 45.56 million HYPE, an increase of 6.4% from Q1 and 78.6% from the same period a year earlier. The report found no discretionary sales during the quarter.

Low Team Claims Reduced Immediate Supply Pressure Approximately 29.8 million HYPE became available to the team under its scheduled Q2 entitlement, but only 1.289 million tokens were claimed. That represents a 4.3% claim rate, down from 5.1% in Q1 and the third consecutive quarterly decline.

Monthly team token claims versus entitlement chart. At the report’s calculated average prices, the team claimed around $69 million from an entitlement valued at approximately $1.53 billion. Another 64.9 million vested but unclaimed tokens remained outstanding, worth roughly $4.3 billion at HYPE’s quarter-end price.

The low claim rate limited the quantity becoming immediately available for transfer or sale, but the tokens have not disappeared from supply. They remain claimable, and the monthly entitlement of approximately 9.92 million HYPE continues. A change in team behaviour could alter supply expectations quickly.

New Products Expanded Reach but Added Little Revenue HIP-4 Volume Was Concentrated Around the World Cup HIP-4 outcome markets generated $211.3 million of single-sided volume across 59 trading days and attracted 13,046 new traders during the quarter.

Volume doubled from $70.6 million in May to $140.7 million in June, with the strongest day reaching $12.1 million on June 27. Average daily traders also increased from 1,343 in May to 1,506 in June.

Most of that growth came from one event. World Cup markets accounted for 83.8% of tracked market-group volume, while recurring bitcoin markets declined from millions of dollars during their launch week to roughly $100,000 per day by mid-July.

Total HIP-4 fees remained below $3,000 for the quarter. The product attracted traders around major events, but demand across ordinary market cycles remains unproven.

The USDC Migration Opens a New Revenue Question Hyperliquid also completed its transition away from USDH toward USDC as the main quote asset. The process took approximately 11 weeks from announcement to substantial completion and involved more than $90 million of USDH supply.

According to the report, the migration was completed without a depeg, a stuck bridge or a public dispute. The Hyper Foundation allocated approximately $10 million in grants to affected deployers and HyperEVM applications, with support based partly on auction costs and affected TVL.

Consolidating markets around USDC reduces liquidity fragmentation and could create a new source of reserve-based income through Aligned Quote Asset version 2, or AQAv2. The report estimates potential annual revenue of $135 million to $200 million, but treats that range as unconfirmed.

The estimate depends on the eligible reserve base, interest rates, Coinbase and Circle arrangements and the final share allocated to Hyperliquid. The first reserve-yield payment expected on October 3 would provide the first direct evidence of whether the projected economics are realistic.

HyperEVM Stablecoin Growth Outpaced DeFi Activity Stablecoins held on HyperEVM increased 313% during the quarter, rising from $1.35 billion to $5.58 billion. HyperEVM TVL moved in the opposite direction, falling 14.8% to $1.44 billion.

The two figures are not directly contradictory: stablecoin balances measure assets held on the network, while TVL tracks capital deployed across applications. Their divergence shows that bringing more dollar-denominated assets onto HyperEVM did not produce equal growth in lending, liquidity pools and other protocols.

Lending-category TVL ended the quarter at $744 million, down 11.7% from Q1 and 38% below its Q3 2025 peak. HyperLend became the largest venue with $407 million in TVL and $252 million in active loans, overtaking Morpho after Morpho’s deposits fell to approximately $248 million.

Four Tests for Hyperliquid’s Next Quarter Native perpetual volume: Whether activity stabilises before the platform becomes more dependent on lower-fee HIP-3 markets. AQAv2 revenue: Whether the first reserve-yield payment supports the report’s projected economics. HIP-4 retention: Whether outcome-market activity continues outside major global events. Team claims: Whether the low claim rate continues as more vested HYPE becomes available. Methodology: This article is based primarily on the Hyperliquid 2Q2026 Quarterly Report prepared by HRC, GLC Research and Four Pillars. The report reconstructs Hyperliquid’s activity, revenue, token and ecosystem figures using public ledger records, independent data providers and protocol disclosures rather than company-issued financial statements. The HYPE price analysis uses the daily chart captured on August 5, 2026, including price action, Fibonacci retracement levels, simple moving averages, support and resistance zones, and the Relative Strength Index. Disclaimer: This article is provided for informational and educational purposes only and does not constitute financial, investment, legal, tax or trading advice. HYPE and other crypto assets are volatile and may lose some or all of their value. Technical levels are not guarantees, and market conditions may change after publication. Readers should verify the underlying data, conduct their own research and assess whether any investment or trading decision is appropriate for their circumstances. Author

Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.

A fresh supply has entered the Hyperliquid [HYPE] market and challenges the protocol’s ability to absorb additional liquidity.

Recently, Hyperion unstaked a total of 519,480 HYPE worth about $28.56 million and increased the float of the token while trading at about 28% below peak levels.

Despite this, newly liquid tokens have not attracted significant inflows to exchanges. This suggests distribution has not yet materialized. That distinction matters because the Assistance Fund continues generating structural demand.

Source: X Since November 2024, 99% of fees have funded buybacks, retiring 462 million HYPE worth $1.27 billion. Monthly purchases have eased from $111 million to $37.1 million recently, but they still offset part of the growing supply.

The market now hinges on whether those unstaked tokens remain in self-custody or begin feeding exchange liquidity.

AQAv2 broadens HYPE’s demand base The market now faces a broader question than whether unstaked HYPE reaches exchanges. It is whether Hyperliquid can generate enough new demand to absorb any additional liquid supply.

That becomes more pressing as AQAv2 is gearing up to direct roughly 90% of reserve yield from USD Coin [USDC] balances into the Assistance Fund.

Source: Hyperliquid guide Unlike the current buyback model, which relies mainly on trading fees, upgrades introduce another recurring revenue stream.

Meanwhile, permissionless prediction markets require participants to stake HYPE before launching markets and add another source of locked supply and fees as well. Together, these upgrades broaden demand beyond trading activity and strengthen utility economically for HYPE.

Token economics reinforce HYPE demand Ultimately whether Hyperliquid upgrades going forward can offset the recent increase in supply will depend on the protocol’s ability to generate value consistently. That process is already evident through its token economics.

Fees continue mostly flowing into buybacks of HYPE tokens, and cumulative burns are roughly 46 million tokens, or about 4.6% of the maximum supply.

Daily repurchases recently range from $1.1 million to $1.7 million. Furthermore, annualized protocol revenue is roughly between $600 million and $950 million, according to DeFiLlama data.

Rather than relying on isolated events, demand grows alongside trading activity. That becomes more important after unstaking from Hyperion because stronger revenue from the protocol can absorb part of extra float that comes in.

All this together, the balance now depends less on temporary supply changes and more on whether ecosystem activity continues expanding.

Final Summary Hyperliquid faces fresh supply pressure, but buybacks and token burns continue supporting long-term demand. HYPE expands its demand base through AQAv2 and new utility, reinforcing its long-term value proposition.

Unitree Robotics' online IPO new share subscription has an allotment rate of only 0.03%; holding over 16 million yuan in relevant positions is roughly required to secure one lot.

Estimated in line with Shanghai Stock Exchange (SSE) STAR Market conventions, the online subscription winning rate for Unitree Technology’s August 10 initial public offering (IPO) is likely around 0.03%, roughly one-tenth of the rate for previously hot stock Changxin Technology, which had a 0.47% winning rate. Of the approximately 40.4464 million shares planned for public offering, only about 6.47 million will be allocated to the initial online subscription tranche. Per the rule that one subscription lot is assigned for every RMB 5,000 in SSE market value, investors holding over RMB 16 million in SSE positions would roughly need that amount to secure one winning lot. Unitree founder Wang Xingxing holds a 31.29% stake. External shareholders include Meituan-affiliated entities (9.65%), Sequoia China (7.11%), Matrix Partners China (5.45%), Xiaomi-backed Shunwei Capital (4.425%), CITIC Securities (4.49%), Alibaba, Tencent, and ByteDance, which hold stakes of 0.673%, 0.596%, and 0.596% respectively. Beijing Robot Industry Development Investment Fund holds 3.83%, Shenzhen Venture Capital-related entities hold around 2.55%, and China Internet Investment Fund holds 2.11%. Unitree posted 1.699 billion yuan in revenue and 591 million yuan in non-recurring net profit for 2025.

18 minutes ago

Unitree Robotics' estimated profit per successful IPO subscription is nearly 200,000 yuan, with IPO subscription opening on August 10.

On Trade.xyz, Unitree’s pre-IPO perpetual contract is quoted at $68.2, equivalent to approximately 460 yuan. This translates to a post-listing market cap of around $27.9 billion, or roughly 190.6 billion yuan. Based on the IPO prospectus, the target offering valuation is about 42 billion yuan, which is expected to deliver a 4.5x return for new investors after the stock opens for trading. Unitree plans to issue approximately 40.45 million shares for its Shanghai Stock Exchange STAR Market IPO, accounting for 10% of the total share capital post-issuance. The IPO prospectus sets a target offering valuation of 42 billion yuan; the 40.45 million shares correspond to an offering market cap of 4.2 billion yuan, with an estimated share price of around 104 yuan (the final price will be determined via bookbuilding and may be adjusted). Each lot consists of 500 shares, with an estimated subscription payment of about 52,000 yuan per successful lot. Calculated based on Trade.xyz’s pricing, the opening would yield a 4.5x return, meaning each 500-share lot is worth 234,000 yuan, translating to a profit of approximately 182,000 yuan after deducting subscription payments.

18 minutes ago

MicroStrategy officially announced its ambition: aiming to become the world's most valuable company, with Michael Saylor urging "Think ₿igger"

Strategy has released a video titled "Strategy's Ambition is to be the World's Largest Company In terms of market cap", stating its goal to become the world's largest company by market cap by holding the most capital (BTC), issuing the strongest credit (STRC), and creating the best equity (MSTR). Founder Michael Saylor remarked, "Think ?igger." Strategy plans to issue STRC to support its digital credit business, which will help generate higher-quality MSTR equity. This equity, in turn, will enhance the company’s ability to accumulate more BTC, forming a triple flywheel that continuously increases the number of BTC per share. Its core targets include achieving a 30% BTC annualized rate of return (ARR), selling digital credit equivalent to 10-20% of its BTC reserves annually, and doubling its Bitcoin Per Share (BPS) metric within 7 years through its digital credit operations.

18 minutes ago

Strategy has expressed its ambition to become the world's largest company by market capitalization.

Strategy has released a video titled "Strategy's Ambition is to be the World's Largest Company In Terms of Market Cap", outlining its goal to become the world’s largest firm by market capitalization through three core pillars: holding the most capital (Bitcoin, BTC), issuing the strongest credit instrument (STRC), and creating the best equity (MSTR). Founder Michael Saylor emphasized: "Think ?igger." The company plans to issue STRC to back its digital credit business, which will help generate stronger MSTR equity—enhancing Strategy’s ability to accumulate more BTC and ultimately drive a continuous increase in the number of bitcoins per share.

18 minutes ago

Coinbase Releases Q2 Solana Validator Performance Report: Its APY outperformed the overall network by 14 basis points, and its block skip rate was only one-quarter of the network average.

Coinbase released its Q2 2026 Solana Validator Performance Report, disclosing key metrics for its Solana staking operations. As of the end of Q2, Coinbase staked a total of 41.63 million SOL across 23 validators in 7 countries, accounting for 9.72% of the network’s total staked SOL. In terms of yield performance, Coinbase’s validators posted an annualized yield of 6.52%, outperforming the network average of 6.38% by roughly 14 basis points. Its reliability metrics were even more impressive: the block skip rate stood at just 0.035%, approximately a quarter of the network average of 0.136%, meaning it missed around 75% fewer blocks than the average validator. Coinbase attributed this strong performance to its use of only Solana Foundation-audited client software and its avoidance of aggressive MEV timing strategies that harm end users. On the infrastructure and security front, Coinbase disclosed several technical details: its client strategy covers four options—Harmonic, Jito, JitoBAM, and Firedancer—all 100% audited by the Solana Foundation; for security, it has deployed a dual-signature protection mechanism and near-zero downtime deployment protocols. Looking ahead, the entire validator cluster has been integrated into the DoubleZero network, with a session uptime of approximately 99.9%, and is prepared for the Alpenglow mainnet upgrade in the second half of the year.

18 minutes ago

Coinbase will suspend trading of six trading pairs, including LSETH-ETH and MINA-EUR.

Coinbase has announced it will suspend trading for six non-U.S. dollar trading pairs on August 6. The affected pairs are LSETH-ETH, MINA-EUR, GRT-GBP, MASK-GBP, CHZ-USDT, and CRO-USDT. The platform stated that the suspension only impacts these non-USD denominated trading pairs, adding that eligible Coinbase Advanced Trade users in supported regions can still trade these assets via USD order books.

18 minutes ago

Hyperliquid closed the second quarter of 2026 with one of the strongest performances in the digital asset industry, according to its recent report.  

Its native HYPE token surged 79.2% to a new all-time high despite a broad downturn across the crypto market.

According to the protocol's newly released Q2 report, HYPE reached a record price of $76.90 on June 16. In the meantime, Bitcoin declined 14.1% during the same period. 

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Hyperliquid described the divergence as its second straight quarter of significant outperformance, arguing that the market is beginning to value HYPE as a cash-generating protocol rather than simply another high-beta crypto asset.

The report states that HYPE gained 93% relative performance over Bitcoin in Q2.

Recovering revenue April marked the weakest month under its current fee structure before activity rebounded sharply. By June, monthly revenue had climbed 52% above April's trough, putting the protocol on an annualized revenue run rate of approximately $840 million.

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The recovery was largely driven by higher trading volumes. Hyperliquid also revealed that cumulative holder revenue surpassed $1 billion by the end of the quarter.  

Overhauled stablecoin infrastructureOn May 14, the protocol retired USDH and selected Coinbase-developed USDC as its primary quote asset. The transition was completed after validators approved governance proposal QAQv2 on June 12, with 69.1% of staked HYPE voting in favor.

The report estimates that adopting USDC could generate approximately $135 million to $200 million in annualized holder yield under prevailing interest rates. Accrued interest from platform USDC will flow into the Assistant Fund every 30 days.

US spot ETFs Hyperliquid also took note of the successful launch of the first three U.S. spot HYPE ETFs within an eight-week period. These included 21Shares THYP on May 12, Bitwise BHYP on May 15, and Grayscale HYPG on June 3.

Together, the ETFs accumulated $309 million in net inflows by the end of the quarter.

The report also noted that Hyperliquid Strategies generated $152.5 million in fiscal-quarter net income and increased its treasury holdings to 29.3 million HYPE.

Someone just made a very large, very confident bet that Bitcoin is going down. A new wallet deposited 2.44 million USDC onto Hyperliquid and opened a short position on 1,600 BTC at 40x leverage, according to data from hypurrscan.io.

To put the size in perspective: at 40x leverage, a roughly 2.5% move against this trader’s position would wipe out the entire margin. Depositing $2.44M at 40x means the trader is controlling a position sized at roughly $97.6M in notional Bitcoin exposure.

What 40x leverage actually means Hyperliquid supports 40x leverage on Bitcoin perpetual futures, and the platform is built on its own Layer-1 blockchain. That architecture is what allows it to run a fully onchain order book while keeping gas fees near zero.

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The wallet in question appears to have been newly funded specifically for this trade, consistent with how many large Hyperliquid positions are structured. No identity, entry price, or liquidation threshold has been disclosed beyond the raw transaction data.

Hyperliquid’s growing reputation for whale-sized bets Since 2025, Hyperliquid has developed a reputation as the venue of choice for traders who want to make large, leveraged directional bets entirely onchain. High-leverage Bitcoin shorts and longs, frequently at the 40x ceiling, have become a regular feature of the platform’s activity feed.

The platform launched its HYPE governance and staking token via airdrop in 2024, which drew significant attention to its ecosystem.

Liquidation hunting is a real phenomenon in leveraged crypto markets. Large known positions attract attention because their liquidation prices create predictable price targets. If the market knows a massive short gets liquidated at a specific Bitcoin price above entry, some participants will push toward that level.

What this trade signals for the broader market If Bitcoin rallies and multiple large shorts get liquidated in sequence, the resulting buy pressure from forced covering can accelerate the upside move significantly. The same dynamic works in reverse for large longs.

Not long ago, a trade of this size and complexity would have required a centralized exchange with a compliance department and a KYC form. Now it happens in a single wallet transaction, visible to anyone with a block explorer.

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

Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

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Hong Kong stocks closed sharply higher across the board, with MINIMAX surging roughly 10%.

Hong Kong stocks closed, with the Hang Seng Index rising 0.24% and the Tech Index up 0.97%. Gold and semiconductor stocks stood out. MINIMAX-W (00100.HK) rose around 10%, Luoyang Molybdenum (03993.HK) gained about 9%, and Hua Hong Hongli (01347.HK) increased roughly 5%.

2 minutes ago

Reality and The Network Firm have upgraded their partnership, with plans to deliver daily audit reports on U.S. stock tokens.

According to official announcements, Reality, Bitget’s licensed real-world asset (RWA) issuance platform, has announced a deepened partnership with U.S. audit firm The Network Firm. Under the upgraded collaboration, The Network Firm will deliver daily Proof of Reserves (PoR) audit reports for U.S. stock rTokens issued by Reality, adhering to attestation standards set by the American Institute of Certified Public Accountants (AICPA). The audits are designed to confirm that every issued rToken matches the corresponding stock or ETF asset held in the custody account. The underlying stocks and ETFs remain custodied by Alpaca Securities LLC, a U.S. broker-dealer registered with FINRA and protected by SIPC, establishing a transparent, tripartite independent framework for issuance, verification, and custody. Reality’s U.S. stock rTokens now support 634 tokenized stocks and ETFs, and are deeply integrated into the Bitget ecosystem, usable in core scenarios including unified account margin, staking, and lending. Prior data indicates that the assets under management (AUM) of Bitget’s stock rTokens surpassed $100 million within one month of launch.

2 minutes ago

Iran: No agreement on the Strait of Hormuz can be reached if the US continues its interference.

According to announcements from Iranian authorities and the Islamic Revolutionary Guard Corps (IRGC) on August 5, a source revealed that the primary reason Iran and Oman have failed to reach an agreement on the Strait of Hormuz is US intervention and threats from US President Donald Trump. It is understood that as long as the US continues to interfere and issue military threats against Iran, the relevant agreement will not be reached.

2 minutes ago

Predict.fun has launched a prediction market for the Shanghai Composite Index’s ups and downs, with the probability of a closing gain currently standing at 50%.

Data from prediction market platform Predict.fun shows that Predict has launched a prediction market for the question: "Will the SSE Composite Index rise or fall on August 6, 2026?" As of press time, the market assigns a 50% probability to the SSE Composite Index closing higher. Notably, expectations between bullish and bearish participants are nearly balanced, indicating that there remains substantial market divergence.

2 minutes ago

Analysis: Over 60% of the top 100 tokens by market cap have become "dead" within five years, and the mortality rate is projected to reach 84.7% in 10 years.

CryptoRank released a report analyzing 1,539 tokens that once ranked in the top 100 of the cryptocurrency market by capitalization, finding that 71.9% of them have been classified as "operationally dead". The study defines a "dead" token as one that has been delisted from major trading platforms and recorded daily trading volumes below $10,000 for over 90 consecutive days. Data indicates that roughly 62% of top 100 tokens become inactive within five years, with their mortality rate projected to hit 84.7% after a decade, while the median lifespan of such tokens is just 2 years and 4 months.

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Cover image via depositphotos.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

With few indications that a significant reversal is taking place, Dogecoin is still struggling within a well-established downtrend. Following months of price declines, DOGE is currently trading close to $0.070, staying below all of the daily chart's major moving averages. Although the asset has stabilized since its June sell-off, this has not resulted in a resurgence of bullish momentum on its own. 

Multiple resistance layersThe technical framework is still inadequate. There are several layers of resistance between $0.075 and $0.085 as the 50-day and 100-day EMAs continue to slope downward, while the 26-day EMA is slightly above the current price. 

DOGE/USDT Chart by TradingviewThe distance DOGE would need to recover before the long-term trend could be deemed neutral once more is highlighted by the 200-day EMA, which is still much higher at $0.10. 

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Momentum indicators present a similarly cautious picture. The RSI, which is currently hovering around 44, has somewhat recovered from oversold territory, indicating that selling pressure has lessened but buyers have not yet gained control. Additionally, volume has been declining during the recent consolidation, suggesting that neither side is very convinced. 

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It's important to keep an eye on the $0.07 support zone. While regaining the 50-day EMA would be the first technical indication that bullish momentum is returning, a break below it might expose DOGE to another leg lower. Until then, Dogecoin is still stuck in a general bearish trend with low volatility.

XRP remains trapped As buyers and sellers continue to compete around the $1.08 region, XRP is still trapped in consolidation. Although the asset has managed to avoid another breakdown below the psychologically significant $1 mark, each attempt at recovery has stalled below declining moving averages. 

According to the chart, XRP is currently trading slightly below the 26-day and 50-day EMAs, with the 100-day EMA at $1.20 remaining the next significant barrier. The overall market structure has not yet changed in favor of bulls, as evidenced by the long-term 200-day EMA around $1.39, which is still trending lower. In contrast to earlier weeks, volatility has significantly decreased. 

XRP/USDT Chart by TradingViewThe fact that XRP is shifting within a progressively smaller range indicates that a more significant directional move might be imminent. The RSI is near 46, indicating balanced momentum where neither buyers nor sellers have a distinct advantage. The $1.00 psychological level continues to be the most crucial support. 

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Since June, bulls have defended that zone multiple times, but over time, repeated tests tend to erode support. The likelihood of a move toward the 100-day EMA would significantly rise if XRP were to recover the 50-day EMA and establish closes above $1.10. 

On the other hand, losing $1 would probably increase selling pressure and render the current consolidation phase invalid. The market is currently waiting for a catalyst to identify XRP's next significant trend, so it is still range-bound. 

Hyperliquid's stabilization is questionedAfter one of its biggest corrections of the year, Hyperliquid is trying to stabilize. Before finding support around the 200-day exponential moving average near $50, the asset lost almost 30% in a few weeks after a rally that propelled HYPE above $75. 

The significance of that long-term trend indicator has once again been demonstrated, leading to a recovery that has driven HYPE back toward $56. Although encouraging, the recovery process is still ongoing. HYPE is currently challenging the 50-day EMA at $58 after regaining the 26-day EMA. 

HYPE/USDT Chart by TradingViewThis moving average is the first significant obstacle for bulls because it aligns with a prior support area that became resistance following the July breakdown. Momentum remains mixed. 

Although the Relative Strength Index has moved back from oversold territory, it is still below 50, suggesting that the bearish momentum has subsided without completely giving way to a bullish trend. During the recent rebound, trading volume also significantly decreased, indicating that buyers are returning cautiously rather than aggressively. 

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Whether HYPE can retake the $58-$60 range will determine the technical outlook. In the event of a successful breakout above the 50-day EMA, sellers are likely to resume their activity at the 100-day EMA, which is close to $63. 

However, the likelihood of another retest of the 200-day EMA around $50 would rise if current levels were to fail. HYPE is still in a corrective phase until it starts generating higher highs above its medium-term moving averages, despite the recent rebound.

Bitcoin stuck in the key rangeBitcoin has recovered from its June decline and is still trading in a narrow consolidation range. The asset's price action is compressed between the 26-day and 50-day exponential moving averages, and it is currently trading at approximately $63,800. This indicates that the market has reached equilibrium but has not yet decided on its next course. 

Every attempt at a recovery is still capped by the 50-day EMA at $67,000, while the 100-day and 200-day EMAs are still much higher, supporting the overall bearish trend. Bitcoin hasn't broken below $60,000 yet, but it hasn't gained enough momentum to overcome stronger resistance levels either. 

BTC/USDT Chart by TradingViewThe lack of directional momentum is confirmed by the RSI, which is nearly exactly at 50. Trading volume has continued to decline during the recent sideways movement, and neither buyers nor sellers currently have a clear advantage. 

When volatility returns, such conditions frequently precede a larger breakout. The 50-day EMA is the first significant barrier, while immediate support remains close to $60,000. 

The technical outlook for Bitcoin would be enhanced by a clear move above that level, which might draw attention to the 100-day EMA around $72,000. Until then, the market is waiting for a catalyst that can end the current period of uncertainty, and Bitcoin is still range-bound.

Analysis: Over 60% of the top 100 tokens by market cap have become "dead" within five years, and the mortality rate is projected to reach 84.7% in 10 years.

CryptoRank released a report analyzing 1,539 tokens that once ranked in the top 100 of the cryptocurrency market by capitalization, finding that 71.9% of them have been classified as "operationally dead". The study defines a "dead" token as one that has been delisted from major trading platforms and recorded daily trading volumes below $10,000 for over 90 consecutive days. Data indicates that roughly 62% of top 100 tokens become inactive within five years, with their mortality rate projected to hit 84.7% after a decade, while the median lifespan of such tokens is just 2 years and 4 months.

3 minutes ago

Analysis: USDT's market cap decline has reached an historically extreme level, and BTC's rebound is facing liquidity contraction pressure.

CryptoQuant analyst Moreno noted in a post that USDT liquidity is experiencing one of the most severe contraction phases in its history. The 60-day change in USDT’s market capitalization has fallen by approximately $40 billion, approaching its most negative level on record. Meanwhile, the liquidity contraction is accelerating: USDT supply has shrunk by around $870 million over the past 11 days, signaling this is not merely a lagged effect from prior redemptions. Stablecoins serve as the crypto market’s most direct source of available liquidity. Sustained USDT expansion typically coincides with stronger Bitcoin (BTC) price performance, while prolonged contraction phases often align with weak demand, market pullbacks, and declining risk appetite. That said, the correlation between USDT flows and BTC prices does not confirm a direct causal relationship—both may be jointly driven by risk aversion, with redemption pressure and spot sell-offs occurring simultaneously. The current BTC decline is not an isolated event; it is unfolding against the backdrop of shrinking liquidity from one of the crypto market’s primary sources, which also explains why recent market rebounds have failed to sustain. To improve the market environment, we need to see USDT’s 60-day market cap change stabilize, a slowdown in daily supply contraction, and a return to an expansion phase.

3 minutes ago

SK Hynix subsidiary Solidigm is preparing for an initial public offering, targeting a valuation of 50 trillion South Korean won.

According to South Korean media reports, Solidigm, a subsidiary of SK Hynix, is preparing for a pre-IPO funding round ahead of a potential Nasdaq listing. The company targets a valuation of 50 trillion won in this round. Headquartered in the U.S., Solidigm was established in 2021 to house Intel’s NAND flash and SSD business, which SK Hynix agreed to acquire for approximately 10 trillion won in 2020.

3 minutes ago

Bernstein raises AMD's target price from $600 to $650

Bernstein raises AMD (AMD.O) price target from $600 to $650. (Jinshi)

3 minutes ago

Western Union launches Stablecard, its stablecoin credit card.

Western Union has announced a partnership with Rain to launch Stablecard, a product integrating a digital wallet and a Visa-backed credit card, enabling users to hold, transfer, and spend the USDPT stablecoin. USDPT is issued on the Solana network by Anchorage Digital Bank, pegged 1:1 to the U.S. dollar and fully backed by reserve assets. Stablecard’s initial rollout covers 37 markets, where users can directly receive Western Union transfers to their USDPT wallets, make purchases at Visa-accepting merchants and ATMs, and add the card to Apple Pay and Google Pay. Western Union plans to expand the service to over 60 markets by the end of this year.

3 minutes ago

Polymarket traders bet on SanDisk’s earnings exceeding expectations, and simultaneously opened 10x leveraged long positions in SNDK.

According to monitoring by TradingBeats (formerly Hyperinsight), Polymarket trader "TruongMyLan" invested $53.35 at midday today, buying the "Yes" outcome for "Will SNDK’s current quarter earnings beat expectations?" at an average price of 94 cents. At the time, the market had nearly reached a consensus on this: the "Yes" odds had held at around 95% for the hour before the trade, and did not change significantly after the transaction. On-chain control relationships show that "TruongMyLan" maps to a Hyperliquid address starting with 0x1c4. Approximately 4 hours and 11 minutes ahead of the forecasted bet, the trader executed 18 consecutive buy orders, building a long SNDK position of 122.5 contracts at an average price of $1,428.7, with a total transaction volume of around $175,100. As of press time, this address holds a 10x fully leveraged long SNDK position worth approximately $177,600, with margin used of around $17,800—accounting for 46.5% of the account’s equity. The position has an unrealized profit of roughly $2,560, a return of ~14.6%, and a liquidation price of $1,079.6. After opening the position, the trader immediately set a full-position stop-loss at $1,286.4. In the afternoon, they placed 100 sell orders in the $1,559–$1,653 range, planning to sell 121.4 contracts—almost the entire position—with no additional buy orders placed below this range. Over the past 30 days, this trader has completed 4 SNDK trades, notching 3 wins and 1 loss, for a cumulative profit of approximately $26,600. Polymarket has a total of 61 earnings-related predictions in its history. - HyperInsight Bot is now live. Add @HyperInsightBot to your Telegram group and set it as an admin (enable message sending permission) to automatically sync on-chain information.

3 minutes ago

Analysis: Over 60% of the top 100 tokens by market cap have become "dead" within five years, and the mortality rate is projected to reach 84.7% in 10 years.

CryptoRank released a report analyzing 1,539 tokens that once ranked in the top 100 of the cryptocurrency market by capitalization, finding that 71.9% of them have been classified as "operationally dead". The study defines a "dead" token as one that has been delisted from major trading platforms and recorded daily trading volumes below $10,000 for over 90 consecutive days. Data indicates that roughly 62% of top 100 tokens become inactive within five years, with their mortality rate projected to hit 84.7% after a decade, while the median lifespan of such tokens is just 2 years and 4 months.

3 minutes ago

Analysis: USDT's market cap decline has reached an historically extreme level, and BTC's rebound is facing liquidity contraction pressure.

CryptoQuant analyst Moreno noted in a post that USDT liquidity is experiencing one of the most severe contraction phases in its history. The 60-day change in USDT’s market capitalization has fallen by approximately $40 billion, approaching its most negative level on record. Meanwhile, the liquidity contraction is accelerating: USDT supply has shrunk by around $870 million over the past 11 days, signaling this is not merely a lagged effect from prior redemptions. Stablecoins serve as the crypto market’s most direct source of available liquidity. Sustained USDT expansion typically coincides with stronger Bitcoin (BTC) price performance, while prolonged contraction phases often align with weak demand, market pullbacks, and declining risk appetite. That said, the correlation between USDT flows and BTC prices does not confirm a direct causal relationship—both may be jointly driven by risk aversion, with redemption pressure and spot sell-offs occurring simultaneously. The current BTC decline is not an isolated event; it is unfolding against the backdrop of shrinking liquidity from one of the crypto market’s primary sources, which also explains why recent market rebounds have failed to sustain. To improve the market environment, we need to see USDT’s 60-day market cap change stabilize, a slowdown in daily supply contraction, and a return to an expansion phase.

3 minutes ago

SK Hynix subsidiary Solidigm is preparing for an initial public offering, targeting a valuation of 50 trillion South Korean won.

According to South Korean media reports, Solidigm, a subsidiary of SK Hynix, is preparing for a pre-IPO funding round ahead of a potential Nasdaq listing. The company targets a valuation of 50 trillion won in this round. Headquartered in the U.S., Solidigm was established in 2021 to house Intel’s NAND flash and SSD business, which SK Hynix agreed to acquire for approximately 10 trillion won in 2020.

3 minutes ago

Bernstein raises AMD's target price from $600 to $650

Bernstein raises AMD (AMD.O) price target from $600 to $650. (Jinshi)

3 minutes ago

Western Union launches Stablecard, its stablecoin credit card.

Western Union has announced a partnership with Rain to launch Stablecard, a product integrating a digital wallet and a Visa-backed credit card, enabling users to hold, transfer, and spend the USDPT stablecoin. USDPT is issued on the Solana network by Anchorage Digital Bank, pegged 1:1 to the U.S. dollar and fully backed by reserve assets. Stablecard’s initial rollout covers 37 markets, where users can directly receive Western Union transfers to their USDPT wallets, make purchases at Visa-accepting merchants and ATMs, and add the card to Apple Pay and Google Pay. Western Union plans to expand the service to over 60 markets by the end of this year.

3 minutes ago

Polymarket traders bet on SanDisk’s earnings exceeding expectations, and simultaneously opened 10x leveraged long positions in SNDK.

According to monitoring by TradingBeats (formerly Hyperinsight), Polymarket trader "TruongMyLan" invested $53.35 at midday today, buying the "Yes" outcome for "Will SNDK’s current quarter earnings beat expectations?" at an average price of 94 cents. At the time, the market had nearly reached a consensus on this: the "Yes" odds had held at around 95% for the hour before the trade, and did not change significantly after the transaction. On-chain control relationships show that "TruongMyLan" maps to a Hyperliquid address starting with 0x1c4. Approximately 4 hours and 11 minutes ahead of the forecasted bet, the trader executed 18 consecutive buy orders, building a long SNDK position of 122.5 contracts at an average price of $1,428.7, with a total transaction volume of around $175,100. As of press time, this address holds a 10x fully leveraged long SNDK position worth approximately $177,600, with margin used of around $17,800—accounting for 46.5% of the account’s equity. The position has an unrealized profit of roughly $2,560, a return of ~14.6%, and a liquidation price of $1,079.6. After opening the position, the trader immediately set a full-position stop-loss at $1,286.4. In the afternoon, they placed 100 sell orders in the $1,559–$1,653 range, planning to sell 121.4 contracts—almost the entire position—with no additional buy orders placed below this range. Over the past 30 days, this trader has completed 4 SNDK trades, notching 3 wins and 1 loss, for a cumulative profit of approximately $26,600. Polymarket has a total of 61 earnings-related predictions in its history. - HyperInsight Bot is now live. Add @HyperInsightBot to your Telegram group and set it as an admin (enable message sending permission) to automatically sync on-chain information.

3 minutes ago