Track market-moving stories before they get noisy

The crypto market is closing the week on a high note, with assets jumping across the board as federal agencies continue to innovate through regulation after the Clarity Act hit a roadblock in the Senate.

Bitcoin's price reclaimed the $80,000 level on Friday morning, jumping more than 5%. The apex cryptocurrency (BTC) had been consolidating around $78,000-$75,000 in recent weeks.

Earlier today, the Commodity Futures Trading Commission filed its crypto asset rulemaking to the White House for review. This comes one day after the Securities and Exchange Commission released its long-awaited innovation exemption to "bring America's capital markets into the digital age by allowing onchain trading of tokenized stocks.

Meanwhile, a House panel voted earlier this week to move forward with the American Reserve Modernization Act, which would direct the Treasury Department to maintain a "secure Bitcoin storage facility."

"The industry doesn't need Congress," Dan Morehead, Pantera Capital founder and managing partner, told CNBC on Friday. "The SEC and CFTC are enacting all of the things that would have been in Clarity anyway."

Morehead said people remain bullish on bitcoin because the U.S. Federal Reserve is "still way behind on inflation... rates should be much higher than they are today."

Among the top 10 biggest cryptocurrencies, Solana (SOL) and Hyperliquid (HYPE) led the way, jumping about 10%. Morehead said Pantera is "much more bullish" on Solana than Ethereum (ETH), but believes both are "valid" and that dozens of important blockchains will emerge in the long term.

For its part, (HYPE) hit a new all-time high above the $90 level, trading around $91.60 at publication time. Hyperliquid also launched manual borrows, which allow users to supply HYPE and BTC as collateral to borrow stablecoins like USDC and USDT.

For his part, entrepeneur and investor Kevin O'Leary told The Starting Block he's buying new crypto positions and watching for a major stock exchange to adopt a blockchain. "I'm back in the saddle buying new positions, putting my bets on for this next cycle," he said.

On Thursday, JPMorgan analysts said high short interest and hedging around BlackRock's IBIT ETF show investors are still more cautious on bitcoin than gold. If this hedging eases, however, it could give bitcoin more support relative to gold.

"Markets are trading suspiciously well after the double whammy of Clarity Act failure and Warsh's hawkish hike on Wednesday," Jeff Anderson, Head of US, STS Digital, said Thursday. USD yields are lower, BTC is marginally higher while altcoins outperform, and the Nasdaq rips back to recent highs. Warsh is now perceived to be a bump in the road, so traders are happy to see the back of him without too much damage being done."

6 hours ago

According to Lookonchain’s monitoring, a total of 11 new wallets suspected to belong to the same crypto whale have sold 602 BTC on Hyperliquid and purchased 18,780 ETH over the past three days. Both transactions are valued at approximately $45.83 million, signaling the whale is rebalancing its portfolio.

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Robinhood Chain Pulls Ahead on Weekly RevenueRobinhood Chain has posted $15.85 million in seven-day app revenue, putting it ahead of Hyperliquid, which recorded $12.44 million over the same period. The gap is the latest sign that Robinhood's Ethereum Layer-2 network is building sustained momentum, not just fleeting daily spikes.

In the weeks since, it has moved quickly up the on-chain revenue rankings.

Three Apps Doing Most of the Heavy Lifting

The revenue concentration is worth watching. A reliance on a small group of memecoin-focused applications leaves the chain's daily results sensitive to shifts in speculative trading volume. Longer-term data also adds context: The seven-day comparison, however, now favors Robinhood Chain, and the trend is moving in its direction.

Whether memecoin-led activity can coexist with that institutional ambition, or eventually give way to it, is the central question hanging over the chain's next phase of growth.

Sources:
Bitcoin.com: Robinhood Chain App Revenue Beats Ethereum, Hyperliquid
Crypto Briefing: Robinhood Chain Surpasses Ethereum and Hyperliquid in Daily App Revenue
KuCoin: Robinhood Chain Hits $2.66M 24-Hour Revenue Milestone

AI startup Mantic secures $25 million in funding to develop superhuman predictive capabilities.

AI developer Mantic announced Friday it has closed a $25 million seed funding round. The firm recently defeated human contestants in a prediction competition. Results from the 2026 Summer Cup, a London-based online prediction platform Metaculus that wrapped up this month, show Mantic’s probability forecasts for political, economic and cultural events outperformed human participants. The strong scores posted by Mantic and other AI entrants also mark the first time AI has dominated the competition. The funding round was led by Radical Ventures, with participation from Microsoft’s venture fund M12, AI startup Thinking Machines Lab, Balderton Capital and others; specific valuation was not disclosed. Mantic CEO Toby Shevlane said the company is focused on advancing humanity’s ability to understand the future. Founded in 2024 by Shevlane and Ben Day, Mantic enhances its forecasting capabilities by optimizing cutting-edge models developed by other AI labs specifically for prediction tasks, testing its systems against historical data, evaluating performance and iterating to improve accuracy. (Reuters)

13 minutes ago

Gravity’s G Token has surpassed $0.0085, rallying more than 100% in 24 hours.

According to HTX market data, Gravity’s token G has surged past $0.0085, currently trading at $0.00856, with a 100.24% gain over the past 24 hours. In related news, Gravity officially announced on September 17 that its testnet has integrated Chainlink CCIP cross-chain functionality.

13 minutes ago

Flap launches perpetual contract vault, and will activate its contract market simultaneously once the meme coin is issued.

According to official announcements, Flap has officially launched its Perpetual Contract Vault, powered by MYX Finance. This mechanism allows projects to open perpetual contract markets simultaneously after issuing meme tokens. Transaction taxes will flow into the vault and be automatically used to repurchase tokens, with the repurchased tokens then allocated as liquidity. Flap stated that token holders can earn two layers of returns: transaction tax rewards, and revenue from the perpetual markets, which includes trading fees and funding rate-related gains. The mechanism supports permissionless creation of perpetual markets for any asset from its launch day, eliminating the need for project audits or listing approval waits.

13 minutes ago

Grayscale's Zcash spot ETF (ticker: ZCSH) plans to implement a 3-for-1 share split.

According to a report by The Wall Street Journal, the Zcash ETF (ticker: ZCSH) launched by Grayscale announced today that it plans to implement a 3-for-1 forward share split for the fund. The split will not alter the total value of shareholders' investments.

13 minutes ago

a16z Recommends US SEC Regulate Cryptocurrency Trading Platforms Using the ATS Framework

On September 14, a16z submitted a comment letter to the U.S. Securities and Exchange Commission (SEC), proposing that a more flexible, market-adaptable regulatory framework for crypto trading platforms (CTPs) be established by drawing on the existing Alternative Trading System (ATS) regulatory framework. a16z argues that the U.S. crypto market remains in its early stages with high retail participation, so the regulatory framework should clarify regulatory boundaries while leaving room for market deepening and innovation. The firm recommends that crypto trading platforms register with the SEC via a notice-based registration process, and allow platforms to trade both non-securities asset pairs (such as bitcoin and stablecoins) and securities-non-securities asset pairs simultaneously to prevent further fragmentation of the crypto market. Additionally, for CTPs trading NMS (National Market System) stocks like tokenized equities, Form ATS-N public disclosure requirements should only apply once they meet the trading volume thresholds set under existing Regulation ATS; information below the threshold should be kept confidential from both the SEC and platform users. a16z also suggests that crypto trading platforms should be subject to record-keeping requirements similar to those for ATS, and allow relevant records to be stored on the blockchain under specific conditions. It further proposes that platforms be permitted to set differentiated access permissions, rights, and obligations for different user groups. The firm states that the SEC should leverage the flexibility and innovative nature of ATS to set clear regulatory parameters for crypto trading platforms, while allowing operators to innovate and experiment within this framework.

13 minutes ago

Hyperliquid, a decentralized exchange protocol, introduced a manual borrowing feature on September 18, 2026, with remarkable initial uptake. The platform reported that users borrowed $269 million on the first day, using either HYPE or BTC as collateral to secure USDC or USDT loans. This significant activity underscores the growing interest and demand for Hyperliquid’s native borrowing functionalities. The substantial borrowing volume suggests that market participants view the platform’s potential favorably, a sentiment that appears to be reflected in its market trajectory.

Key Takeaways Hyperliquid’s launch of manual borrowing appears to have been met with strong demand, as evidenced by $269 million borrowed on the first day. Market pricing for Hyperliquid suggests a positive outlook, with a significant increase in the probability of it reaching $100 by the end of 2026. The introduction of new borrowing features may indicate a strategic move by Hyperliquid to expand its ecosystem and user base. What to Watch Watch for Hyperliquid’s continued borrowing volume and any potential announcements of new partnerships or technology enhancements. Key indicators that could support a YES outcome for reaching the $100 price target include further adoption milestones or strategic collaborations with major industry players. Conversely, any security breaches or regulatory challenges could prompt shifts in market sentiment.

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Term Structure

Contract Odds Δ since publish Volume 24h December 31 64.5% 0.0¢ $12K View market → January 1 2027 3.5% -0.1¢ $228 View market → January 1 2027 2.3% 0.0¢ — View market → January 1 2027 4.5% 0.0¢ $456 View market → January 1 2027 3.6% 0.0¢ — View market → January 1 2027 100% +0.1¢ $14K View market → January 1 2027 8% -0.5¢ $354 View market → January 1 2027 5.5% 0.0¢ — View market → January 1 2027 7.5% 0.0¢ $7K View market → Updated 6min ago

Manual borrowing is now live directly on HyperCore. HYPE and BTC have different collateral requirements. Stablecoin rates respond dynamically to utilization. HYPE-backed debt introduces a new market feedback loop. Hyperliquid has launched manual borrowing on HyperCore, allowing users to borrow USDC and USDT against HYPE and Bitcoin while bringing lending, collateral management and trading onto the same underlying infrastructure.

Manual borrows are live on Hyperliquid
Portfolio margin and manual borrows use the same underlying HyperCore infrastructure, with $269M in assets borrowed today.

Users can supply HYPE and BTC as collateral to borrow quote assets (USDC and USDT). Borrowed quote assets pay… pic.twitter.com/C3crESxaM0

— Hyperliquid (@HyperliquidX) September 18, 2026

The feature went live with $269 million in assets borrowed on September 18, according to Hyperliquid. More important than the initial volume is what happens next: borrowing introduces a direct link between HYPE’s market price, stablecoin liquidity and liquidation activity inside HyperCore.

How Borrowing on Hyperliquid Works According to Hyperliquid’s technical documentation, manual borrowing is available for Manual/Standard and Unified Accounts, while Portfolio Margin accounts use automated borrowing and therefore do not offer the same manual borrow action.

Users can supply HYPE or BTC as collateral and borrow quote assets, currently USDC and USDT. Borrowed balances accrue interest, while users supplying quote assets earn interest.

Hyperliquid’s official Manual Borrows documentation

The system separates collateral from yield-generating supply. HYPE and BTC deposited as collateral do not earn interest, while supplying USDC or USDT can generate interest but does not increase a user’s manual borrowing capacity.

For traders looking for how to borrow on Hyperliquid, the process effectively converts an existing HYPE or BTC position into borrowing capacity without requiring the underlying collateral to be sold.

That creates additional capital flexibility, but the amount available depends heavily on which asset is deposited.

Hyperliquid LTV Ratios Put HYPE and BTC on Different Terms The two collateral assets receive materially different risk parameters.

Hyperliquid Borrowing Parameters

Metric

HYPE

BTC

Initial LTV

65%

50%

Partial liquidation

82.5%

75%

Earns interest

No

No

Borrow assets

USDC / USDT

USDC / USDT

A trader depositing $10,000 of HYPE could therefore have up to $6,500 of initial borrowing capacity under the stated LTV, compared with $5,000 against the same value of BTC, before accounting for other applicable limits.

The gap reflects how HyperCore assigns different collateral parameters to individual assets rather than treating every dollar of collateral equally.

Interest Rates Are Controlled by Utilization Hyperliquid does not offer borrowers a permanently fixed interest rate.

Borrowing costs change according to utilization, or how much available USDC and USDT liquidity is currently being borrowed. The interest index updates hourly, meaning borrowing costs can change as demand for stablecoin liquidity rises or falls.

Suppliers of USDC and USDT receive the interest generated by borrowers, minus the portion retained by the protocol.

Hyperliquid’s documentation says 10% of borrowed interest is directed to a reserve intended to cover potential future liquidation losses. The remaining interest flows to suppliers.

This creates an important distinction between borrow APY and supply APY. Even before accounting for the protocol’s reserve, not every dollar deposited into a supply pool is necessarily being borrowed.

For users evaluating the lending market, the headline supply rate therefore matters less without its accompanying utilization rate.

A high APY supported by persistently high utilization describes a very different lending market from a temporary rate spike caused by a short burst of borrowing demand.

HYPE Collateral Creates a New Liquidation Feedback Loop The most consequential change is not simply that traders can borrow stablecoins. It is that HYPE can now support debt inside the same ecosystem where it trades.

Consider a user borrowing against HYPE near the permitted initial LTV.

If HYPE falls sharply while the USDC or USDT debt remains outstanding, the collateral value declines but the liability does not. Accrued interest can push the ratio further toward the liquidation threshold.

For HYPE, partial liquidation begins at an 82.5% LTV, compared with 75% for BTC.

This creates a potential feedback channel. A decline in HYPE can weaken collateral positions, increasing liquidation pressure. Liquidations can then alter collateral inventories and market exposure during the same period of volatility.

The magnitude of that risk depends on information the launch-day borrowing total cannot reveal on its own.

What matters is collateral composition.

A lending market dominated by BTC collateral would have a different relationship with Hyperliquid’s native token than one where a large share of stablecoin debt is secured by HYPE.

Hyperliquid Is Pulling More of the Trader Balance Sheet Into HyperCore Manual borrowing also changes what traders need to leave Hyperliquid to accomplish.

A HYPE holder who wants stablecoin liquidity no longer necessarily needs to sell the token or move it to an external lending protocol. The user can retain the collateral position, borrow quote assets and deploy that liquidity elsewhere.

Trading, collateral valuation, credit and liquidation can therefore increasingly interact through HyperCore.

That gives Hyperliquid another way to keep capital within its ecosystem, but it also makes the health of its credit market more relevant to traders who may never think of the platform primarily as a lending protocol.

The $269 million launch-day borrowing figure establishes initial demand. It should not be the main metric used to judge what happens next.

Utilization rates, borrow APYs, the HYPE-to-BTC collateral mix and the amount of debt approaching liquidation thresholds will provide a clearer picture of whether manual borrowing develops into a durable credit market.

Those metrics will also answer the bigger question created by the launch: how much leverage can Hyperliquid build around HYPE before the lending market itself begins influencing the token’s behavior during periods of volatility?

Alexander Zdravkov is a crypto journalist and market analyst specializing in digital assets, blockchain technology, and the rapidly evolving cryptocurrency market. He entered the industry more than four years ago, drawn to the speed of innovation in crypto and the potential of blockchain-based financial systems to reshape traditional markets. His work focuses on understanding the forces behind crypto market movements, from Bitcoin and altcoin cycles to institutional adoption, regulation, exchange-traded products, stablecoins, DeFi, and emerging blockchain ecosystems. Rather than simply following price action, Alexander looks at liquidity, investor positioning, market structure, and macroeconomic conditions to identify developing trends and explain what they could mean for digital assets. With a degree in International Relations, he brings a broader perspective to cryptocurrency coverage by connecting developments in the sector with monetary policy, geopolitics, regulation, and global capital flows. This allows him to examine crypto not as an isolated market, but as an increasingly interconnected part of the global financial system. Over the course of more than five years in financial journalism, Alexander has written over 5,000 articles covering cryptocurrencies, blockchain, traditional markets, and the global economy. His reporting spans Bitcoin, Ethereum and altcoins, DeFi protocols, institutional crypto adoption, regulation, market infrastructure, security incidents, and major developments shaping the wider digital asset industry. His approach is centered on giving readers context behind the numbers and headlines, explaining not only what is happening in crypto markets, but why it matters and what could come next.

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HYPE hit a record $90.92 after Hyperliquid opened manual borrowing, letting users borrow stablecoins against HYPE and Bitcoin collateral.

HYPE, the native cryptocurrency of the Hyperliquid layer-1 blockchain and decentralized trading platform, set a fresh all-time high above $90 on Friday as the protocol rolled out manual borrowing.

HYPE surged as high as $90.92 shortly after Hyperliquid announced users can now supply HYPE and Bitcoin as collateral to borrow the stablecoins USDC and Tether’s USDt (USDT).

“Manual borrows are live on Hyperliquid,” the protocol said, adding that the feature and its portfolio-margin system use the same underlying HyperCore infrastructure. Hyperliquid co-founder Jeff Yan said the design means every borrowed asset comes from a supplier rather than being created through platform-level margin accounting.

Hyperliquid (HYPE) all-time price chart. Source: CoinGeckoThe new feature lets users borrow USDC or USDT directly against HYPE or Bitcoin collateral, extending direct access to borrowing beyond Hyperliquid’s portfolio margin system. Hyperliquid reported $269 million in assets borrowed across the underlying infrastructure on Friday.

The rollout comes two days after Payward, the parent company of cryptocurrency exchange Kraken, on Wednesday announced plans to deploy onchain perpetual futures markets for US clients, starting with Hyperliquid’s HIP-3 markets.

This article is produced in accordance with Cointelegraph's Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.

Hyperliquid’s [HYPE] trading volume continues to drive growth in its HYPE burn mechanism, linking network usage directly to supply reduction. Weekly protocol revenue reached $13.48 million, while gross fees stood at $15.11 million.

Part of that revenue was used to remove 156.58K HYPE worth around $12.42 million. The overall trend indicates that there are increasing levels of larger revenue increases occurring over time.

Source: X As such, cumulative revenue has now reached $1.31 billion. In addition to that 48.70 million HYPE, or approximately 4.87% of HYPE’s total supply, has been removed.

The two metrics create an inverse relationship and show how users’ desire to utilize Hyperliquid’s trading tools relates to the reduction of available HYPE.

USDC liquidity supports growth The liquidity picture shows why Hyperliquid can sustain the trading activity behind its fee engine. DeFi TVL has climbed to $1.31 billion, adding 2.68% in 24 hours, while stablecoin liquidity remains much larger at $6.83 billion.

Although that pool fell 2.41% over seven days, USD Coin [USDC] still accounts for 98.31%, keeping trading liquidity concentrated. Traders are putting that capital to work, with $8.31 billion in daily perpetual volume and $339.25 million on DEXs.

Source: DeFiLlama USDC holdings now stand at approximately $6.72 billion, slightly below the $6.71 billion held in Solana accounts. This marked a notable shift in the stablecoin concentration. More importantly, that capital is not simply sitting idle.

The pool generates roughly $200 million in annual yield. In turn, this creates another potential source for HYPE buyback. Meanwhile, Hyperliquid records $8.31 billion in perpetual volume, showing how deeply USDC supports market activity.

Source: X Although stablecoin liquidity slipped 2.41% over seven days, USDC still controls 98.31% of the pool. If yield and trading activity remain strong, Hyperliquid can reinforce a cash-flow cycle linking liquidity, revenue, buybacks, and HYPE demand.

This combination gives Hyperliquid capacity to absorb large positions and maintain activity. If liquidity holds, it can support higher volume and, ultimately, stronger fee generation.

Can HYPE sustain its burn pressure? Liquidity enables Hyperliquid to be operational in terms of sustaining activity with regard to removing tokens from circulation.

Nevertheless, the burn cycle has yet one additional challenge in addition to sustaining trading volume. Fee growth must outpace HYPE’s price appreciation to increase token removals.

Weekly fees remain volatile, ranging between $11 million and $15 million, so burn activity will still be dependent on trading conditions. Additionally, with an increasing price of HYPE, fewer tokens will be able to be removed per dollar of fees collected.

This results in a disparity between the dollar value of burns and the actual reduction of supply within the system. Therefore, simply having stronger fees does not guarantee that the burn rate will improve.

Hyperliquid needs sustained trading growth to increase fee revenue faster than HYPE appreciates.

Ultimately, if that happens, both burn value and token removal can rise. Otherwise, the mechanism could remain active while its impact on supply gradually weakens.

Final Summary Hyperliquid continues linking strong trading activity to rising token burns and supply reduction. HYPE burn pressure will depend on fee growth staying ahead of token price appreciation.

Hyperliquid has rolled out manual lending functionality. Portfolio margin and manual borrowing on the platform utilize the same underlying HyperCore infrastructure. Users can use HYPE and BTC as collateral to borrow quoted assets USDC or USDT. Borrowed quoted assets accrue interest, while supplied quoted assets also earn interest, with rates determined by usage.

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HYPE price hits new all-time high as Hyperliquid launched manual borrows feature on Friday. Users can use HYPE and Bitcoin collateral to borrow quote assets such as USDC and USDT.

Hyperliquid Enables Users to Take USDC and USDT Loans Manual borrows go live on Hyperliquid on September 18. It allows users to borrow quote assets Circle’s USDC and Tether (USDT) against supplied collateral HYPE and Bitcoin.

Hyperliquid added that portfolio margin and manual borrows use the same underlying HyperCore infrastructure. As of today, the total assets borrowed have reached $269 million.

The borrowed quote assets USDC and USDT pay interest, and supplied quote assets earn interest, with rates set by utilization. This expands DeFi lending options on Hyperliquid’s onchain trading ecosystem.

“Manual borrowing is supported for Manual/Standard and Unified Account users. For portfolio margin (PM) accounts, borrowing is automated and the manual borrow action is disabled,” the platform said.

Notably, Hyperliquid pointed out that HYPE has loan-to-value (LTV) of 65% and BTC has LTV of 50%. The partial liquidation threshold for is 82.5% for HYPE and 75% for BTC.

Also, the protocol to retain 10% of borrowed interest as a buffer for future liquidations as the interest paid by borrowers need to be distributed proportionally to a larger set of suppliers.

Manual borrows are live on Hyperliquid
Portfolio margin and manual borrows use the same underlying HyperCore infrastructure, with $269M in assets borrowed today.

Users can supply HYPE and BTC as collateral to borrow quote assets (USDC and USDT). Borrowed quote assets pay… pic.twitter.com/C3crESxaM0

— Hyperliquid (@HyperliquidX) September 18, 2026

HYPE and Bitcoin Price Surges HYPE price jumped more than 13% in the past 24 hours, with the price currently trading at $90.45. The 24-hour low and high are $79.35 and $90.92, respectively. Furthermore, the trading volume has increased by a massive 75% over the last 24 hours, indicating a rise in interest among traders.

HYPE price has rallied almost 60% since Trump’s comments on the CFTC working to bring Hyperliquid into the United States. Most recently, Kraken parent firm Payward confirmed plans to launch on-chain perpetual futures markets on Hyperliquid for US clients.

Meanwhile, BTC price reclaimed above $78,000 as Fed rate hike sentiment faded, up more than 2% in the past 24 hours. The intraday low and high were $75,971 and $78,372, respectively. Furthermore, trading volume has increased slightly as spot Bitcoin ETF recorded inflows.

CoinGlass data showed buying in the derivatives market. At the time of writing, the total BTC futures open interest jumped 4% to almost $53.5 billion in the last 24 hours. BTC futures OI on CME climbed more than 5% and 2% on Binance, indicating the upside push came from US investors.

Traders looking to speculate on asset prices without centralized intermediaries can review the top-rated decentralized options in our guide to the best crypto futures trading platforms.

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Whale's $17.67M $UNI purchase from Feb-Mar now profitable with $293K unrealized gain

Diamond hands pay off! ?? Whale 0x7541 bought 1.97M $UNI for $17.67M at an average price of $8.97 in February and March 2025. The whale was once down $13M, but as $UNI rises, he is back in profit, sitting on a $293K unrealized gain.

15 minutes ago

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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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Near Protocol (NEAR) is making waves in the DeFi space after launching the industry’s first “Confidential by Default” perpetuals trading on near.com. The feature completely masks all perpetual positions and their asset types, sizes, entry time, and trading direction.

The perks of Near’s private perpetuals tradingWhile transparency is a core tenet of blockchain technology, it also vastly disadvantages whales, institutions, and their AI agents in several ways, including:

Front-running: on-chain bots see pending orders and execute ahead of them, degrading execution prices.Strategy copying: public orders make it easy to mirror profitable trading strategies, reducing the competitive edge.Forced liquidations: malevolent actors could hunt down public liquidation prices to force a trader out of the market.Near’s latest development combines the privacy native to centralized exchanges with blockchain’s speed, decentralized and non-custodial nature.

Notably, Near’s Perps trading runs on its multi-chain Confidential Intents pipeline, which recently hit its $70 million TVL milestone. The underlying technology features both high-speed execution and selective disclosure for the purposes of regulatory compliance.

Even more, the network’s integration of USDC enables inter-agentic payments in stablecoins. Hyperliquid comes in as the chief execution and liquidity layer, allowing users to tap into over 50 perpetual markets with up to 40x leverage.

Privacy-focused blockchain infrastructure The development speaks to the industry’s growing demand for private transactions on blockchain networks, while maintaining regulatory compliance.

Ethereum offers confidential DeFi yield vaults; platforms such as Zama and Fhenix offer optional privacy wrappers, and Cardano’s Midnight chain offers rational privacy.

While monumental, Near’s confidential perps trading remains restricted in the US and Canada due to regulatory reasons.

NEAR and HYPE price action NEAR has surged 21.36% in the day to trade at $3.21 following the above developments, in addition to sector rotation into AI-linked crypto tokens.

Should it hold above $3.00, the coin could retest the $3.33 incentive threshold. A break below $2.80 could trigger a fallback to the $2.57 Fibonacci support.

Source: CoinMarketCap

HYPE, on the other hand, has gained 10.82% to trade at $86.72 after Kraken’s parent company Payward announced plans to bring Hyperliquid to the US market.

Story Ends Here

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

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17 minutes ago

According to TradingBeats monitoring, a large ZEC short position holder (address: 0x362a) triggered stop-losses seven times consecutively from last night to today, totaling approximately $5.196 million, with an average covering price of around $1,484.4, resulting in a realized loss of about $2.161 million. Prior to this round of position reduction, the address held 15,784.87 ZEC in short positions, valued at roughly $23.519 million. After cutting around 22.2% of its position, it still maintains a 4x full-leverage position, with an average entry price of approximately $866.9. The remaining position is currently worth about $18.241 million, with an unrealized loss of roughly $7.593 million, a loss rate of as high as -285.2%. The combined total of the seven realized losses and the unrealized loss on the remaining position reaches around $9.755 million. Calculations show the estimated liquidation price before the position reduction was approximately $1,508.9; after the reduction, it stands at $1,550.64, an increase of about $41.8. The remaining short position is only around 4.4% away from the estimated liquidation line. The address currently retains a market buy stop-loss trigger at $1,550, which is just $0.64 lower than the estimated liquidation price, a gap of roughly 0.04%. The $1,550 level is the most prominent liquidation wall for ZEC on Hyperliquid, aggregating around $20.4 million. Within the roughly $500 range above and below the current price, all other visible liquidation walls are under $5 million, less than a quarter of this level.

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Whale Deposits 440K $HYPE ($36M) into FalconX, Withdraws 12.25K $ETH ($30M)

Is this whale rotating from $HYPE into $ETH? 11 hours ago, whale 0x72e0 deposited 440,000 $HYPE ($36M) into #FalconX, then withdrew 12,250 $ETH ($30.12M) from #FalconX.

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26-win trading streak broken by a single trade: Shorting ZEC incurs $7.66 million in unrealized loss, wiping out all over $9 million in prior profits and bringing the position to the brink of liquidation.

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A crypto whale deposited $36 million worth of HYPE into FalconX, then withdrew $30.12 million worth of ETH.

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PANews, September 18 – According to SoSoValue data, with the U.S. rate hike now settled and oil prices retreating, along with the SEC's issuance of an "innovation exemption" driving on-chain trading of tokenized NMS stocks, panic sentiment quickly subsided. Crypto market sectors trended broadly higher, with 24-hour gains generally ranging from about 2% to 7%. Among them, the DeFi sector performed strongly, rising 6.80%. Within the sector, Genius (GENIUS) rose 20.66%, while Uniswap (UNI) and Hyperliquid (HYPE) gained 14.81% and 10.01%, respectively. Other standout sectors included: the DePIN sector, up 5.55% over 24 hours, with Geodnet (GEOD) rising 44.90%; and the RWA sector, up 4.95%, with Ondo Finance (ONDO) gaining 9.53%.

In other sectors, the Layer 2 sector rose 4.46%, with Arbitrum (ARB) up 18.69%; the Meme sector rose 3.79%, with Useless Coin (USELESS) up 14.21%; the Layer 1 sector rose 3.67%, with NEAR Protocol (NEAR) up 22.91%; the PayFi sector rose 1.94%, with Zcash (ZEC) up 8.93%, continuing to hit new all-time highs; and the CeFi sector rose 1.86%, with Aster (ASTER) up 4.52%.

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

17 September 2026 | 14:41 Virtune has listed its existing Hyperliquid ETP in Warsaw, giving Polish investors HYPE exposure through a PLN-traded security without requiring a crypto wallet.

Key Takeaways Warsaw is the ETP’s fourth exchange listing. Each unit represents approximately 0.1 HYPE. The annual management fee is 0.95%. Listing alone does not prove investor demand. Warsaw is the fourth listing, not a new product Virtune began trading its Hyperliquid ETP on the Warsaw Stock Exchange on September 17 under the ticker ETNVIRHYPE. It trades in Polish złoty and uses the same ISIN, SE0028425314, as the product’s other European listings.

A Polish investor can now place a PLN order through a broker that supports the Warsaw listing. Availability may differ between platforms, so the exchange debut does not guarantee that every local broker will offer it immediately.

The same ETP now trades on four exchanges

April 27 – Deutsche Börse Xetra
Ticker VRTH, traded in euros

July 7 – Nasdaq Stockholm
Ticker VIRHYPE, traded in Swedish kronor

July 7 – Nasdaq Helsinki
Ticker VIRHYPEE, traded in euros

September 17 – Warsaw Stock Exchange
Ticker ETNVIRHYPE, traded in złoty

The Polish listing is therefore an access expansion, not Europe’s first HYPE investment product. It also takes a different approach from Payward’s proposed regulated U.S. markets running on Hyperliquid, which concern derivatives infrastructure rather than ownership of this ETP.

Physically backed does not mean direct HYPE ownership According to the listing announcement, Virtune holds enough HYPE to cover the value of the outstanding securities. The assets are stored through Coinbase Custody and BitGo Europe, while a separate collateral agent represents investors.

The buyer receives a security in a brokerage account, not HYPE in a personal wallet. The position follows the token’s value, but it cannot be transferred to another blockchain address or used directly on Hyperliquid.

One unit currently represents about 0.1 HYPE “1:1 exposure” describes the backing and intended price relationship. It does not mean that one ETP unit contains one HYPE.

The official product page showed approximately 0.0996 HYPE per unit on September 16. The product had 200,000 units outstanding, net assets of around $1.56 million and a net asset value close to $7.80 per unit.

Virtune’s reported $320 million under management and more than 160,000 investors cover its entire business. Those figures should not be presented as assets or investors belonging to the Hyperliquid product.

A PLN 10,000 position costs about PLN 95 annually The ETP carries a 0.95% annual management fee. The charge is reflected in product performance rather than collected as a separate yearly payment.

PLN 10,000 × 0.95% = PLN 95
This is an illustration based on an unchanged position value. The actual fee effect varies as the ETP rises or falls.

Broker commission and the difference between buying and selling prices can add further costs. The product is not presented as a staking ETP, so investors should not expect HYPE staking rewards to offset the management fee.

Trading in złoty does not reduce HYPE volatility What the Warsaw listing changes
Investors can place orders in PLN through a compatible broker and hold the ETP beside conventional securities.

What it does not change
The position can still lose value when HYPE falls. A PLN quotation does not make the underlying token less volatile.

HYPE trades continuously, while the ETP follows Warsaw exchange hours. A large overnight or weekend move may therefore appear as a price gap when the market reopens. Virtune’s announcement does not describe a currency hedge, so PLN should be understood as the dealing currency rather than protection from currency movements.

Warsaw volume will provide the real answer The listing creates a route into the product, but Virtune has not disclosed Polish investor numbers, net inflows, trading volume or average spreads. Those figures will matter more than the number of exchanges displaying the same security.

Growth beyond the ETP’s current $1.56 million in assets would indicate new capital entering the product. Warsaw volume and spreads will show whether local investors can trade it efficiently. Until then, the product is easier to reach, but its Polish demand remains untested.

This article is provided for informational purposes only and does not constitute financial or investment advice. Crypto ETPs can lose value, and investors should review the prospectus, fees and product risks before investing.

Author

Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.

The US stock market’s CPU sector continues to rally, with Intel’s gains expanding to 10% and AMD rising more than 7%.

According to market data from BIT (bit.com), the US CPU sector continues to rally, with Intel’s gains expanding to 10%, AMD rising over 7%, Arm up more than 8%, Qualcomm advancing over 3%, and Nvidia increasing by more than 2%.

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Artificial Inu (AI) hits an all-time high market cap of over $360 million, surging 32.1% in 24 hours.

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Garrett Jin is not a man who quietly cuts his losses. The former CEO of BitForex pulled 35,001 ETH from Binance and routed it to Hyperliquid in September 2026, using the funds to deepen an already sizable short position on Zcash.

The move is notable for two reasons: the scale, and the timing. ZEC had been climbing when Jin expanded his position, which now sits at roughly 37,760 ZEC with a notional value of around $51 million.

A short position bleeding in real time Jin’s ZEC short is currently underwater by more than $25 million in unrealized losses, with ZEC trading near $1,400 at the time of the trade and his liquidation threshold sitting around $2,631.

To put that spread in perspective: ZEC would need to rally roughly 88% from Jin’s entry zone before he gets forcibly liquidated. That’s a wide buffer, but $25 million in paper losses is not a comfortable place to be sitting.

On-chain analysts have been watching Jin’s wallet movements closely for months. A deposit of roughly 577,000 ETH to Binance in May 2026 drew significant attention and flagged Jin as one of the largest individual movers on centralized exchanges this cycle. The current 35,001 ETH withdrawal is, by comparison, a smaller operational move, but directionally consistent: collateral flows from Binance outward, toward active trading positions.

The $250 million loss that didn’t slow him down Earlier in 2026, Jin closed a long ETH position with a realized loss of approximately $250 million. Jin’s response was to keep trading.

His track record isn’t uniformly grim, though. In late 2025, a major Bitcoin short delivered meaningful profits, demonstrating that his aggressive directional style can work. He also accumulated more than $11 million in cumulative profits from earlier ZEC short positions before his current trade turned against him.

Jin has pushed back on some of the scrutiny by noting that a portion of the funds tracked to his wallets belong to clients rather than himself personally. On-chain data, by its nature, doesn’t distinguish between proprietary capital and client assets, which makes independent verification difficult. The operational link between the entities, however, remains visible in the transaction patterns.

What traders should take from this The ZEC market is not especially deep by major-asset standards, which makes a $51 million short position a meaningful presence. A trader of Jin’s scale sitting short can suppress price action to a degree, but it also creates a feedback loop risk: if the position moves toward liquidation, covering that short means buying ZEC in size, which accelerates the price move against him.

That dynamic is not unique to Jin, but his public on-chain footprint makes the liquidation math visible to anyone paying attention. When a liquidation level is widely known, markets have a documented tendency to test it. The $2,631 liquidation threshold is not a secret.

For the broader decentralized-exchange ecosystem, Jin’s trading patterns illustrate how large players now move between centralized and decentralized venues. Binance serves as a liquidity reservoir: Jin deposits, accumulates, and withdraws ETH as his margin needs fluctuate. Hyperliquid handles the actual position.

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

暗号資産（仮想通貨）取引所Kraken（クラーケン）の親会社Payward（ペイワード）は9月16日、米国の顧客向けにオンチェーンの無期限先物市場を設ける方針を発表した。

最初の展開先はHyperliquid（ハイパーリキッド）の「HIP-3*」市場となる。商品の上場には規制当局の承認が必要だ。

ペイワードの計画では、傘下のBitnomial（ビットノミアル）が市場を開設・管理し、取引の清算と決済を担う。顧客口座は、米商品先物取引委員会（CFTC）に登録されたNinjaTrader Clearing（ニンジャトレーダー・クリアリング）が扱う。取引できるのは、同社で口座開設を済ませ、両社の許可リストに登録された顧客に限られる。

市場はハイパーリキッドの公開ブロックチェーン上で稼働する。注文の照合と取引の記録もオンチェーンで行う。ペイワードは、米国の登録事業者がハイパーリキッド上で市場を運営し、規制上の責任を負う形を目指すとしている。

＜ペイワードは9月16日、米国顧客向けにHyperliquidのHIP-3*市場を構築すると発表した｜Payward公式X＞ ハイパーリキッドは、満期日を設けない無期限先物の取引で知られるブロックチェーン基盤の取引プラットフォームだ。米商品先物取引委員会（CFTC）は5月29日、Kalshi（カルシ）の取引所が申請した、ビットコイン（BTC）の現物価格を参照する無期限先物「BTCPERP」の上場を承認した。米国の登録取引所による、満期のないビットコイン先物の初の承認例となった。

その後、ドナルド・トランプ大統領は8月19日、CFTCのマイク・セリグ委員長がハイパーリキッドの米国導入に取り組んでいると述べた。

ペイワードは今回、ハイパーリキッドを米国顧客向けに展開する最初のプロトコルと位置づけた。今後は同社の基盤を通じ、ほかの商品にも展開を広げる方針だ。今回計画する無期限先物の上場には、規制当局の承認が必要となる。

【次に読む】
» トランプ大統領がHyperliquidの米国導入を表明──HYPE20%高騰
» Kraken、米CFTC規制下で暗号資産「永久先物」の提供を開始
» 【ST最前線】不動産STのその先へ──大和証券・澤氏が描くオンチェーン資本市場

｜文：平木 昌宏
｜画像：Shutterstock

The US stock market’s CPU sector continues to rally, with Intel’s gains expanding to 10% and AMD rising more than 7%.

According to market data from BIT (bit.com), the US CPU sector continues to rally, with Intel’s gains expanding to 10%, AMD rising over 7%, Arm up more than 8%, Qualcomm advancing over 3%, and Nvidia increasing by more than 2%.

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Backpack platform’s token BP surges past $0.53, with a more than 18.4% gain in the last 24 hours.

According to HTX market data, Backpack’s platform token BP has surged past $0.53, logging a more than 18.4% gain in the past 24 hours. The price movement is mainly driven by news that the SEC has approved limited trading of tokenized stocks on on-chain platforms. On July 10 this year, Backpack announced the launch of a 24/7 real US stock trading market for international investors, allowing eligible users to trade and hold actual US stocks around the clock rather than synthetic derivatives. Backpack stated that the platform provides actual equity ownership, leverages liquidity from traditional trading platforms, and supports instant settlement, continuous price discovery, as well as fiat and stablecoin settlements.

1 hours ago

Summary The SEC approved a five-year exemption letting tokenized US stocks trade onchain without the venues registering as exchanges. Only real, fully backed stock tokens with voting and dividend rights qualify. Synthetics are shut out. Hyperliquid already hosts tokenized equity trading through HIP-3, which puts it near the center of the framework. HYPE trades around $82 inside an intact rising channel, with first support near the $73 Fibonacci level. The US Securities and Exchange Commission approved a five-year exemption on September 17 that lets tokenized versions of American stocks trade directly on blockchains, without the platforms behind them registering as exchanges. The order, called the Innovation Exemption, applies to venues the agency labels Tokenized Securities Venues, or TSVs, which pair buyers and sellers through permissioned automated market makers and liquidity pools. For Hyperliquid, whose HYPE token trades near $82, the timing is hard to ignore. Its infrastructure already does much of what the rules describe.

🚨 TODAY: The SEC issued an order granting temporary, conditional exemptive relief to Tokenized Securities Venues from the definition of “exchange” in the Exchange Act to trade tokenized NMS stock using innovative permissioned automated market makers and liquidity pools. pic.twitter.com/VDi7Oty2d9

— U.S. Securities and Exchange Commission (@SECGov) September 17, 2026

The relief is temporary by design. It takes effect immediately and runs for up to five years, then expires unless the SEC replaces it with permanent rules. Chairman Paul Atkins framed it as a bridge, letting venues operate in a controlled setting while the agency drafts something durable. It also landed two days after the Digital Asset Market Clarity Act stalled in the Senate, short of the 60 votes it needed, so the SEC leaned on its own exemptive authority instead of waiting on Congress. The order now goes out for public comment through the Federal Register.

Synthetics get nothing, and issuers can block a listing The order draws a hard line around what qualifies. It covers only tokens backed one to one by real shares, carrying the same voting rights and dividends as the stock itself, which leaves the price-tracking synthetic tokens that make up most onchain equity exposure today with no relief at all. Companies also got a veto. A venue has to give 30 days notice before listing a firm’s tokenized stock, and the firm can force it off, a condition that answers a July letter from the Securities Transfer Association pushing for issuer consent as a baseline.

01

Real stocks only

1:1 backed shares with voting and dividend rights. No synthetics.

02

Public code

Pool smart contracts must sit on open, auditable blockchains.

03

Permissioned access

Gated trading with identity, AML and US sanctions checks.

04

Synced halts

Onchain pools freeze when the stock is halted on its home exchange.

05

Issuer veto

Companies can block a tokenized listing after 30 days notice.

06

Caps and dealer relief

Volume and ticker limits apply; own-capital liquidity providers avoid dealer status.

Hyperliquid is already wired for what the SEC just allowed Hyperliquid runs its own Layer-1 blockchain built to match high order volume onchain, and its HIP-3 upgrade, live since October 2025, lets anyone staking enough HYPE launch a perpetual futures market on the network. The biggest builder on it, trade.xyz from the tokenization team Unit, already focuses on equities, indices and commodities traded around the clock. The closer fit came on September 3, when co-founder Jeff Yan floated an opt-in add-on called HIP-3*, which lets an operator restrict who can access a given venue without touching the open core. A permissioned layer over public infrastructure is exactly the shape the SEC described.

Institutional flow is lining up alongside it. A day before the order, Payward, the operator behind Kraken, said it would bring onchain perpetual futures to US clients on Hyperliquid, a network already handling roughly $240 billion in perpetual volume over 30 days. The token model closes the loop: the large majority of the fees Hyperliquid collects go to buying HYPE on the open market and pulling it out of supply, so more volume means steadier buying pressure. If tokenized stocks ever route real flow through the network, the same mechanism feeds HYPE demand. That is how the design works, not a forecast.

Traditional access widened the same day too. Virtune, the Swedish regulated crypto asset manager, listed its physically backed Hyperliquid product on the Warsaw Stock Exchange under the ticker ETNVIRHYPE. It trades in Polish złoty, charges a 0.95% annual fee, and lets investors hold HYPE through an ordinary securities account instead of a wallet. It is Virtune’s eighth crypto product on the exchange since February.

HYPE holds the $73 shelf inside a rising channel HYPE is trading at $82.88, up 5.1%, and sits above all three moving averages, stacked in the order that marks a healthy uptrend: the 20-day at $82.21, the 50-day at $70.83, the 200-day at $55.92. Price just reclaimed its 20-day average near $82, the short-term pivot, so the immediate question is whether it holds above that line or slips back under it. The RSI near 55 is the reading to watch. It is positive but far from stretched, leaving room to climb before the move tires, unlike August, when the same gauge spiked near 80 just before the last pullback.

HYPE holds the upper half of its channel near $82, first support at $73. Chart: KuCoin. The first real cushion sits at $73.32, the 0.236 Fibonacci level drawn from the run between $20.18 and $89.74, with the 50-day average just beneath it. That turns the low $70s into a support cluster rather than a single line. The rising channel from the winter lows still holds, with price in its upper half. Hold the low $70s and the next target is the $89.74 high, then the channel top. A daily close below $73 is the first crack, exposing $70 and then $63 at the 0.382 level. The rising trendline sits lower still, so a break there is what would actually void the channel.

The synthetics gap is the next fight Publication in the Federal Register starts two clocks: the five-year countdown, and the comment window where exchanges, record keepers and onchain venues will argue over the conditions. The loudest thing left open is what the order ignores. It says nothing about the price-tracking tokens that carry most onchain equity exposure today, leaving the fastest-growing corner of the market outside the safe harbor. Whether Hyperliquid builders move toward permissioned, rights-bearing pools is the signal that turns this opening into real tokenized stock volume.

Alex is a financial markets journalist and co-founder of Millennial Media Group, and he's spent close to ten years trying to answer one stubborn question: what's really driving this? It started in 2016, when Bitcoin refused to make sense to him - and rather than shrug, he stayed with it until it did. That patience became his method. He's less interested in what an asset is doing today than in the plumbing behind it: how liquidity flows, where risk hides, what a chart is quietly telling you that the headline isn't. That lens eventually stretched well past crypto into traditional markets, because the same forces - fear, leverage, incentives, timing - show up everywhere once you know how to look. Most coverage, in his view, insults the reader by stopping at the surface. Price up, price down, moving on. He'd rather leave someone genuinely understanding a move than merely informed that it happened. His path into markets ran through a Tourism degree at New Bulgarian University - proof, maybe, that curiosity beats credentials. With more than 200 deep analyses and over 10,000 articles behind him, he still walks away from most trading days having learned something he didn't know that morning.

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Real-world assets now account for a substantial share of trading activity on Hyperliquid, reflecting a sharp shift from the platform's earlier dominance by bitcoin, ether, and other major crypto assets.

HIP-3, Hyperliquid's permissionless framework for builder-deployed perpetual markets, reached nearly 50% of the platform's perp volume earlier this summer, up from roughly 2% at the beginning of the year. TradeXYZ's equity markets dominated the category, including contracts tracking the Nasdaq-100 and individual stocks.

RWA perpetual volumes across exchanges reached about $470 billion in June, up from $85 billion in January, with Binance, Hyperliquid, and OKX accounting for more than 80% of the category.

Dragonfly Capital Managing Partner Haseeb Qureshi said the shift reflects crypto's broader maturation toward tokenized stocks, bonds, and other real-world assets, arguing that the industry's next phase will require multiple specialized blockchains to meet institutional compliance requirements.

"Crypto native assets are great, but they're not the lion's share of what matters in the world," Qureshi said during an interview on The Starting Block from the Avalanche Summit in New York. "So I think we're now going through this maturation phase where we've proved we could do it on these internet native things, on these blockchain native assets. But proving you can do it with real-world assets requires you to move toward more heterogeneous chains, which is what Avalanche is all about."

Daily HIP-3 Volume by Asset (USD). Source: The Block Qureshi said institutions such as Goldman Sachs and BlackRock will ultimately need dedicated blockchain environments with their own compliance and operational guardrails, rather than relying on a single general-purpose chain. He rejected the idea that Ethereum, Solana or Avalanche will become a winner-take-all blockchain, comparing the networks to cities that can each develop their own network effects.

"We're here in New York City right now. It's one of the most valuable and, you know, happening cities in the world," he said. "But it's not true that most of the finance in the world is in New York. You know, the world's a big place."

Many cities will benefit from their own network effects, Qureshi said. In his example, New York has a powerful network effect, but it’s inherently limited as all of the world’s people, businesses and economic activity can’t exist in a single city.

"So I think the same thing is true of blockchains," he said. "They have network effects, like cities, but they're not infinitely scalable the way that networks like Facebook or Instagram might be."

Bitcoin and altcoins experienced sharp declines after the Senate vote on the Clarity Act stalled. Following this, the US Federal Reserve (FED) raised its benchmark interest rate for the first time in three years. However, despite the series of negative news, BTC showed a relatively limited reaction, maintaining its pre-decision level of $76,000.

While volatile movements continue in altcoins, Luke Nolan, Senior Research Analyst at European-based digital asset manager CoinShares, noted that family offices are beginning to examine the digital asset ecosystem more closely.

CoinShares Analyst: Family Offices Examine Solana and Hyperliquid! In a recent interview, Nolan stated that his family offices have been specifically researching the Solana ecosystem and the decentralized derivatives exchange Hyperliquid.

Nolan says that the family offices are bullish on Solana, but are still learning about Hyperliquid.

Nolan stated that interest in digital assets is increasing among more conservative institutional capital, such as family offices, but that it may take time for this to translate directly into widespread adoption. According to the analyst, it naturally takes a long time for investors to evaluate a new technology or asset class and understand its risks and use cases.

“Although the interest is very high, it will still take time for those from slower-moving groups. And I think that’s natural. It took them a long time to understand Bitcoin, too.”

The Bitcoin and Solana Example! At this point, Nolan noted that the process is similar to the phased approach seen in the adoption of Bitcoin and Solana. He stated that it takes time for institutional investors to build trust in new digital assets, and that this process is influenced not only by price movements but also by the development of real use cases within the ecosystem.

*This is not investment advice.

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