Track market-moving stories before they get noisy

Spot silver's intraday decline has widened to 2.41%.

According to Bitget market data, spot silver has fallen below $57 per ounce, with an intraday decline of 2.41%.

3 minutes ago

Hong Kong storage concept stocks extended their decline in the afternoon.

According to Bitget market data, Southern 2x Long SK Hynix (07709.HK) has fallen by over 28%, while Southern 2x Long Samsung Electronics (07747.HK) has dropped by more than 25%.

3 minutes ago

Singapore-based digital asset investment firm Psalion closes a new $50 million fund.

Singapore-based digital asset investment firm Psalion has announced the closing of its largest-ever venture capital fundraise, launching its third fund worth $50 million, aimed at investing in the next phase of blockchain application development. The fund adopts the Singapore Variable Capital Company (VCC) structure and is managed by Conduit Asset Management Pte. Ltd. (CAM), targeting early-stage projects that integrate blockchain technology into the real economy, with a focus on areas including infrastructure, middleware, trade finance, real-world assets (RWA), stablecoins, and decentralized finance (DeFi). Psalion stated that the fund will primarily invest in pre-seed and seed-stage startups, and focus on the integration of Web3 infrastructure into consumer-facing applications, covering changes to asset ownership, transaction methods, and user interaction patterns. Tim Enneking, managing partner at Psalion, noted that the crypto market used to represent an investment philosophy that stood in opposition to the traditional financial system, but now the team is focused on bridging the two—enabling Web2 businesses to operate on Web3 infrastructure.

3 minutes ago

Bithumb will suspend deposit and withdrawal services for NEO and GAS to support the NEO N3 network upgrade.

According to an official announcement, to support the NEO network upgrade and maintain stable deposit and withdrawal services, deposit and withdrawal functions for NEO (NEO) and GAS (GAS) assets will be temporarily suspended. The suspension covers NEO and GAS on the NEO N3 network. The relevant deposit and withdrawal services are expected to be suspended at 18:00 KST on July 31, 2026, and will resume after network stability is confirmed; the specific resumption time will be notified via subsequent announcements. The suspension is to support the NEO network upgrade and Bithumb’s node server update. The NEO network upgrade is scheduled to take place at 01:00 KST on August 1, 2026, targeting block height 12,020,000. During the upgrade, trading functions for the relevant assets remain unaffected, though users should note potential market fluctuations during network maintenance. Pending deposit and withdrawal requests submitted earlier will be processed in sequence after system confirmation.

3 minutes ago

ZuriQ completes $25.5 million seed round to advance development of its novel quantum chip architecture.

ETH Zurich spin-off startup ZuriQ has announced the completion of a $25.5 million seed round. The company is dedicated to developing a novel quantum chip architecture, which is claimed to offer stronger scalability than existing solutions, and is expected to accelerate the large-scale development of the quantum computing sector.

3 minutes ago

South Korea's sluggish stock market has driven retail investors to shift to the US stock market, with net purchases exceeding 5 trillion won this month.

According to South Korea's Seoul Economic Daily, amid the continued downturn in the South Korean stock market, domestic investors have once again shifted to US equities, with net purchases exceeding 5 trillion won this month. Data from Seibro, the securities information portal of the Korea Securities Depository & Clearing Corporation, shows that between the 1st and 27th of this month, South Korean investors' net purchases of US stocks totaled $3.58999 billion, roughly 5.5 times the net purchases for the entire month of June. As of the 23rd, net purchases stood at only $2.53026 billion, but rose by $1.05973 billion in the subsequent two trading days. Retail investor funds are mainly concentrated in semiconductor and technology stocks. The most purchased product this month is the Direxion Daily Semiconductor Bull 3X ETF, which tracks the Philadelphia Semiconductor Index, with net purchases reaching $1.75919 billion. SK Hynix ADRs have also remained highly sought-after, with net purchases climbing to $812.38 million as of the 27th.

3 minutes ago

After almost two weeks in a corrective phase, Hyperliquid is getting close to one of its most significant technical levels. Right on top of the 100-day exponential moving average, which has historically served as dependable support throughout the larger uptrend, the asset is currently trading at $59.5.

HYPE has progressively formed a series of lower highs while staying above significant long-term support since its explosive rally toward the $75 region in June. The token's recent drop put it below the 26-day and 50-day EMAs, indicating that pressure is still on short-term momentum. 

HYPE/USDT Chart by TradingViewNevertheless, sellers have not yet succeeded in forcing a clear breakdown below the $57.5 100-day EMA. The current price area is particularly important because of this. HYPE may attempt another comeback toward the 50-day EMA around $62 and then the 26-day EMA around $64.3 if buyers hold this level. 

HOT Stories

Regaining both moving averages would boost bullish momentum and probably inspire another attempt to challenge the $68–70 resistance range. Throughout the correction, volume has steadily decreased, which is usually a positive indication. Following the significant gains made earlier this year, the market seems to be going through a phase of profit-taking rather than aggressive liquidation. 

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Additionally, the RSI has dropped to about 43, which gives buyers plenty of space to pick up steam without going straight into overbought territory. The next significant technical support would probably be the 200-day EMA, which is close to $50, if the 100-day EMA were lost. 

The medium-term bullish structure that has persisted since March would also be broken by such a decline. Within a broader bullish market, HYPE is currently in a corrective trend. Whether this is just another healthy pullback or the start of a deeper retracement will probably depend on how long the current support lasts. 

Shiba Inu's unexpected breakoutWith one of its biggest daily volume spikes in months, Shiba Inu has finally provided the breakout that many traders had been waiting for. Before testing the 100-day EMA close to $0.00000504, the rally pushed SHIB through both the 26-day and 50-day exponential moving averages. 

Following weeks of sideways consolidation, trading volume surged above 2 trillion SHIB, indicating an aggressive return by buyers. The short-term series of lower highs that had characterized SHIB's July performance was also rendered invalid by the move. 

SHIB/USDT Chart by TradingViewThe most recent candle also shows significant selling pressure despite the strong breakout. Sellers swiftly intervened after a brief push above the 100-day EMA, leaving a long upper wick that implies profit-taking is still active around resistance. Nevertheless, there has been a significant improvement in the technical picture. 

The 50-day EMA is positioned slightly higher near $0.00000448, while the 26-day EMA has become instant support around $0.00000445. Instead of losing the entire breakout, SHIB could consolidate recent gains if it held above those levels. The declining 200-day EMA at $0.0000060 is the next challenge. That continues to be the main long-term barrier dividing SHIB from a more general bullish reversal. 

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Testing that zone in the upcoming sessions would be much more likely if the 100-day EMA were successfully broken above. Cautious optimism is also supported by momentum indicators. While staying below conventional overbought territory, the RSI has risen toward 65, indicating strong buying interest.

If demand persists, that leaves room for further upside. All things considered, SHIB has transitioned from a protracted bearish structure into an early recovery phase. Although sentiment has significantly improved since the breakout, confirmation still hinges on buyers' ability to create daily closes above the 100-day EMA and turn previous resistance into long-term support.

Chainlink's trend reversal pushAfter regaining all three of the shorter-term exponential moving averages, Chainlink (LINK) is making an effort to complete a significant trend reversal. The asset's short-term technical outlook is greatly improved by the fact that it is currently trading at about $8.72, just above the 26-day EMA and successfully breaking through the 50-day EMA. 

LINK/USDT Chart by TradingViewAfter LINK set a local bottom close to the $7.20 region earlier this month, the recovery got underway. Since then, buyers have created a series of higher highs and lows, suggesting that momentum has gradually returned to favoring bulls. In contrast to earlier attempts at recovery, this rally has also been accompanied by increased trading volume, indicating real participation as opposed to a brief short squeeze. 

Right now, the resistance range between $8.80 and $9.00 is the main focus. Earlier in the session, LINK briefly rose above that level before declining, indicating that sellers are still active. Another move toward the psychological $10 level, which also represents an area of prior congestion from May, would probably be triggered by a convincing daily close above this range. 

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Without going into overbought territory, the RSI has risen above 60, providing more space for buyers if momentum keeps growing. However, the long-term trend is still not entirely bullish. 

The first significant barrier between LINK and a full trend reversal is the 200-day EMA, which is still well above $9.75. A large portion of the bearish structure that has dominated price action throughout the year would be invalidated if it were cleared. 

The 26-day EMA is around $8.49 and the 50-day EMA around $8.00 becomes the first support if buyers are unable to maintain control. The existing recovery structure is maintained as long as LINK stays above those levels. 

Reclaiming the 200-day moving average is still necessary to confirm a wider bullish reversal, even though the technical picture has significantly improved over the last few weeks.

Stellar's consolidationBulls and bears are unable to maintain control over Stellar, which is stuck in a protracted consolidation phase. Following yet another rejection from the cluster of short-term moving averages, the asset is currently trading at about $0.181. XLM has gradually lost steam as volatility has decreased since the spectacular surge toward $0.30 earlier this summer. 

The price currently fluctuates nearly exactly between the 26-day, 50-day, and 100-day exponential moving averages, indicating an exceptionally balanced market with low buyer and seller conviction. 

XLM/USDT Chart by TradingViewTechnically, the structure is neutral but brittle. While the 50-day EMA near $0.192 and the 100-day EMA around $0.196 form an increasingly strong resistance zone overhead, the 26-day EMA around $0.186 has frequently capped recovery attempts. Upside potential is still restricted until XLM regains those levels. 

Additionally, volume has significantly decreased since the June breakout, indicating a cooling of speculative interest. In the meantime, the RSI is at about 44, which indicates weak momentum without going into oversold territory. As a result, the market is left waiting for a catalyst that could upset the existing equilibrium. 

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Support at $0.175 is still the first level to watch on the decline. Losing that region could prolong the corrective phase and reveal the prior swing low around $0.165. On the other hand, XLM would be able to challenge the 50-day EMA before aiming for the psychologically significant $0.20 level if a daily close above the 26-day EMA improved short-term sentiment.

In general, Stellar is still in a state of uncertainty. Compression around important moving averages has taken the place of the aggressive volatility that typified June. The direction of XLM's next significant trend will probably depend on the next significant breakout, whether it is above $0.19 or below $0.175.

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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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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Hyperliquid Policy Center (HPC) disclosed that it has jointly submitted a comment letter to the U.S. Commodity Futures Trading Commission (CFTC) with Multicoin Capital, supporting the agency’s proposed regulatory framework for prediction markets. The two parties emphasized that prediction markets should be uniformly regulated by the CFTC as the sole federal regulator, rather than overseen separately by individual states under their respective gambling rules, to prevent market fragmentation. HPC and Multicoin hold that event contracts matched on trading platforms are fundamentally distinct from traditional gambling, so the former should be incorporated into the financial market regulatory system. The comment letter recommends the CFTC further clarify review standards for event contracts, including adopting a judgment approach based on contract settlement outcomes, and publicly disclose the specific rationale behind each review decision—measures aimed at boosting regulatory transparency and providing stable expectations for market participants. Hyperliquid added that its platform already supports trading of result-based on-chain contracts; since related markets launched in May, they have grown rapidly, with open interest recently hitting an all-time high, and all positions are settled via on-chain collateral. The two sides argue that a clear, technologically neutral federal regulatory framework will advance the compliant development of on-chain prediction markets and derivative markets.

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Microsoft AI launches a new self-developed cybersecurity model.

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A U.S. organization projects that AI will discover twice as many cybersecurity vulnerabilities this year as it did last year.

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Apple faces a lawsuit over a crypto wallet scam on the App Store, with users losing more than $1.8 million.

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Bitcoin pullback hits crypto treasury firms: TD Cowen slashes Nakamoto’s target price by 58% while retaining a Buy rating.

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A venue clearing more than $200 billion a month, holding roughly 70% of on-chain perpetuals volume, is secured by 27 validators. Its foundation ran every one of them at launch. Both the critics and the defenders are working from stale numbers, so here is the audit: what the set looks like now, which powers actually exist, and where the honest gap remains.

Summary

Hyperliquid’s validator set has grown from 4 at launch to 16, then 21, 24, and 27 as of June, with registration permissionless and the largest stakes forming the active set. The decisive number moved this year: foundation-run validators now hold about 49.3% of staked HYPE, with the remaining 50.7% spread across 22 other operators, down from a reported 81% concentration in early 2025. The loudest criticism, that the foundation can jail validators at will, does not match the documentation, which describes jailing as peer-triggered for latency and reliability failures, with no automatic slashing anywhere in the system. The genuine gap is scale, not malice: 27 validators against roughly 1,800 on Solana and hundreds of thousands on Ethereum, securing a venue whose monthly volume exceeds $200 billion, with node software still closed and a delegation program that applies identity checks to participants. Singapore’s regulator added Hyperliquid to its Investor Alert List in June, which converts the decentralization argument from a philosophical debate into a question with legal consequences. The most valuable thing about a decentralization argument is usually the data it forces into the open, and the Hyperliquid version has been running on stale data for eighteen months. In January 2025 a node operator published a letter noting that five foundation validators controlled more than 81% of staked HYPE across a set of sixteen, and that number entered the discourse and never left it. In June 2026, a prominent investor declared the network not permissionless at all, citing validators concentrated in a single building, node software that remains closed, and a foundation that can jail operators and force upgrades on them. Both interventions were treated as verdicts. Neither reflected the current state of the network, which had by then expanded to 27 validators with foundation-run nodes holding slightly less than half the stake, and neither engaged with what the protocol’s own documentation says about the powers in dispute. Meanwhile the thing being argued over kept growing: a venue processing more than $200 billion a month, holding roughly 70% of decentralized perpetuals volume, generating on the order of a billion dollars a year in fees, with an order book, a matching engine, and a liquidation system all running on those 27 machines. This piece is the audit both sides have been arguing without: the set as it stands, the powers as documented, the precedent where those powers actually fired, and the gap that survives every correction.

The set, counted Start with the trajectory, because the direction is the part the standing critique omits.

Hyperliquid launched with a handful of validators, all run by the foundation, in what amounted to a permissioned network wearing a public ticker. The set expanded to 16 in January 2025, the moment that produced the original decentralization letter and the 81% concentration figure. In April 2025 the foundation restructured registration itself: the set moved to 21 nodes, with registration open to anyone and the 21 largest by stake forming the active set, which converted validator status from an appointment into an auction. Growth continued through 24 to 27 as of June 2026, with a stake threshold to enter that has run above a million HYPE, a number that itself functions as the network’s real admission price.

The concentration figure moved with it. Following a round of redelegations from foundation validators in June, foundation-run nodes hold approximately 49.3% of staked HYPE, with about 50.7% distributed across 22 independent operators. The foundation runs five validators of the 27. That is a materially different network from the one described by the 81% figure still circulating in criticism, and any honest audit has to lead with the improvement before cataloguing what remains.

The mechanics underneath are worth stating precisely, because they define who can participate. Consensus is delegated proof of stake: validators require a minimum self-delegation of 10,000 HYPE locked for a year, delegators face a one-day lock and a seven-day unstaking queue, and rewards accrue continuously with automatic recompounding. There is no automatic slashing anywhere in the system, which is unusual and cuts both ways: no operator loses stake for a mistake, and no operator loses stake for misbehavior either, leaving the unstaking queue and social consequences as the enforcement layer. Governance runs on delegated stake weight, with validators declaring positions and outcomes determined by the tokens behind them, not by validator headcount, which means the concentration number is the governance number, not a trivium.

The three powers, examined Now the specific allegations, taken one at a time against the documentation, because two of the three survive and one does not.

Jailing. The claim that has traveled furthest is that the foundation can jail a validator for any reason and remove it from the active set. The protocol documentation describes something different: validators can be jailed through peer voting for latency and reliability failures, and a jailed validator stops producing rewards for its delegators until unjailed, with no slashing attached. Peer-triggered removal for performance is standard practice across proof-of-stake networks and is not foundation discretion. The residual concern is real but narrower than the accusation: when foundation-affiliated nodes hold close to half the stake, peer voting weighted by that stake is not fully independent of the foundation, so the mechanism is only as neutral as the distribution underneath it. That is an argument about concentration, which is the argument this piece keeps returning to, and not an argument about arbitrary power.

Forced upgrades. The claim that validators must adopt protocol upgrades is essentially accurate and largely unremarkable. Every chain running a single client implementation faces the same reality: nodes that decline an upgrade fall out of consensus, which is a coordination fact, not a governance power. What makes it sharper here is the single-binary architecture. Hyperliquid runs one implementation, which the foundation has defended by pointing out that Solana operated the same way for years. The defense is honest and incomplete: single-client networks concentrate the risk that a bug or a decision in one codebase becomes the whole network’s bug or decision, which is precisely why Ethereum’s client diversity is treated as a security property instead of an inefficiency.

Closed source. This one stands, and it is the most consequential of the three. The node software has remained closed, with the foundation’s position since early 2025 being that the code will open when it is stable, citing development speed and security. Eighteen months and considerable growth later, the promise is still outstanding, and it is the crux of the June criticism: a validator running a binary it cannot read is trusting the author in a way that no amount of stake distribution fixes. Users can verify state on-chain, but nobody outside the team can independently verify what the software does before it produces that state. For a venue clearing $200 billion a month, that is the single widest gap between what the network claims and what an outsider can check.

The precedent: when the powers fired Governance arguments stay abstract until an incident makes them concrete, and Hyperliquid’s arrived in March 2025 with a memecoin called JELLY.

A trader opened a large position and manipulated the thin spot market underneath it, engineering losses that landed on the protocol’s liquidity vault, the pool that absorbs liquidated positions on behalf of depositors. With the vault facing an eight-figure hit, validators voted to delist the market and settle it at a price favorable to the protocol, and the loss was contained. The intervention worked, users were protected, and the affair was over within hours.

JUST IN: CZ calls Hyperliquid’s invention awesome for filling a Binance gap. He highlights their no-KYC model while questioning decentralization claims pic.twitter.com/WYQdYOM2H7

— crypto.news (@cryptodotnews) June 18, 2026 It also answered the governance question empirically. A market that traded on a network can be closed by a stake-weighted vote when the network’s own capital is at risk, and the vote at that time ran through a validator set in which the foundation held a decisive share, which is why the episode was described in the trade press as a validator put: an implicit guarantee that the house will intervene when the house is losing. Two readings follow, and both are defensible. The generous one is that any exchange, decentralized or otherwise, must be able to halt manipulation, and a venue that let a vault be drained by an obvious attack would deserve the criticism it received instead. The unforgiving one is that decentralization is only tested at the moment intervention becomes attractive, and Hyperliquid intervened. What the incident settles is not whether the network is good or bad but what it is: a venue with a functioning emergency brake and a small number of hands on it. Traders should price that accordingly, in both directions, since the same brake that protected vault depositors in March 2025 is the brake that could close a market a trader is winning in.

The comparison that survives every correction Strip out the stale numbers and the overstated claims, and one gap remains that no redelegation fixes: the set is very small relative to what it secures.

Twenty-seven validators sits against roughly 1,800 on Solana, several hundred on Cosmos Hub, and hundreds of thousands on Ethereum. The technical counterargument is legitimate and worth stating properly: Byzantine fault tolerant consensus does not require thousands of participants for safety, it requires an honest supermajority within whatever set exists, and a small high-performance set is exactly how the network achieves the sub-second finality that makes an on-chain order book viable at all. Hyperliquid’s entire product advantage, matching and finality fast enough to compete with centralized venues, is purchased with validator-set size. That is a deliberate trade, not an oversight.

The question is whether the price is right at this scale, and the arithmetic is uncomfortable. A set of 27 secures a venue processing over $200 billion monthly, with open interest, vault deposits, and now equity-linked and other builder-deployed markets on top. The attack surface that matters is not cryptographic but social and regulatory: 27 operators are 27 phone calls, 27 jurisdictions to subpoena, 27 relationships to pressure, and the foundation’s near-half stake means a much smaller number of conversations would decide most outcomes. The delegation program that expands the set applies identity checks to participants, which improves accountability and simultaneously means the expansion is curated, not open, in practice. Each of those facts is defensible on its own terms. Together they describe a network whose decentralization is best characterized as a managed trajectory: real, measurable, improving, and still a long way from the property its marketing language implies.

The regulator arrives Which is where the argument stopped being philosophical. On June 26, Singapore’s Monetary Authority added Hyperliquid to its Investor Alert List, the register of entities that consumers might wrongly believe are licensed. The listing is not a ban, not an enforcement action, and not a finding of wrongdoing, and Hyperliquid’s response was accurate on every point: it has never claimed authorization from the regulator, nothing about the network changed, users retain self-custody, and settlement remains on-chain. Bybit had joined the same list nine days earlier, KuCoin in February, Binance since 2021, which places Hyperliquid in familiar company and suggests a regulator working through a list instead of singling out a protocol.

The significance is what the listing does to the vocabulary. Permissionless has been a technical description inside crypto and is becoming a legal position outside it, because a protocol claiming to be infrastructure rather than an operator is making an argument about who, if anyone, is responsible for the venue. The critique that landed the same day, that a network with closed-source software, a curated validator set, and foundation-weighted governance does not meet the description, is therefore not merely a purity argument. It is a claim that the legal position rests on facts the network has not fully proven, and regulators reading the same debate will reach their own conclusions about which entity, if any, is running the exchange. That is the real stake of the governance question in 2026, and it is why the numbers in this piece matter beyond ideology: the distance between 49.3% and something much smaller, and between closed source and open, is also the distance between a plausible infrastructure claim and a contestable one.

The listing power, and the money behind it One dimension of the governance question sits outside the validator debate entirely, and for traders it may be the more consequential one: who decides what trades here.

The network’s newer listing machinery, the builder-deployed markets that opened perpetuals creation beyond the core team and produced the equity-linked contracts this publication audited separately, is gated by stake rather than by approval. Deploying a perpetual market requires staking a large HYPE position for a minimum period, and builder deployments on the EVM side run through a periodic auction for slots. Read one way, that is the most genuinely permissionless part of the system: no committee decides which markets exist, only capital does, which is why the venue could list synthetic equity exposure faster than any regulated exchange could convene a meeting about it. Read another way, it replaces gatekeeping with a wealth qualification, and it means the venue’s expanding product surface, including markets that touch regulated asset classes, is determined by whoever can post the stake.

The economics tie the two halves of the governance question together. Trading fees flow into the token’s buyback machinery, which this publication has covered as crypto’s clearest example of a network routing real revenue to its asset, and staked HYPE is simultaneously the security bond, the governance weight, and the listing key. That triple duty is elegant design and a concentration mechanism at once: the same token that secures the chain decides its rules and controls what it lists, so any accumulation of HYPE is an accumulation of all three powers together. On a chain where roughly half the stake already sits with one affiliated group, and where an entry ticket to the validator set runs above a million tokens, the practical question is not whether the system is permissionless in principle but how much capital it takes to matter, and the answer has been rising with the token.

That is the frame worth carrying out of this audit. Hyperliquid’s governance is not a story about a foundation refusing to let go; the trajectory shows the opposite, steadily and measurably. It is a story about a design in which influence tracks capital with unusual directness, on a venue whose scale now exceeds most regulated exchanges, with the software still unreadable from outside. Whether that is acceptable is a judgment each user makes. What it is, precisely, is now on the record.

What to watch The stake distribution, not the validator count. Headcount is the easy number to grow and the least informative. Whether foundation-run stake continues falling below 49.3%, and whether any single independent operator accumulates a blocking position, is the measure that determines who actually decides outcomes.

The open-source commitment. The promise to publish node software has been outstanding since early 2025 and is the single change that would most alter the audit. Its continued absence is itself information, and the longer it runs, the weaker the stability rationale becomes.

The next intervention. JELLY showed that the network will act to protect its vault. The next comparable event, and whether the decision runs through a stake distribution that no longer has a foundation majority behind it, is the test of whether governance changed or only its arithmetic did.

Regulatory follow-through. The Singapore listing has no operational effect today. Whether other jurisdictions follow, and whether any of them treats the foundation as the operator of an unlicensed exchange, is the scenario in which every fact in this audit stops being a debating point and becomes evidence.

Disclaimer: This article is for information and educational purposes only and does not constitute financial or investment advice. Validator counts, stake distributions, and protocol parameters change continuously, and figures reflect data reported at the time of writing. Nothing here is a recommendation to buy, sell, hold, or trade any asset or on any venue. Always do your own research. Information is accurate as of July 26, 2026.

Frequently Asked Questions How many validators does Hyperliquid have? Twenty-seven as of June 2026, up from four or five at launch, then 16 at the start of 2025, 21 in April 2025, and 24 later that year. Registration is open to anyone, with the largest stakes forming the active set, and entry has required a stake above roughly one million HYPE. Validators must self-delegate a minimum of 10,000 HYPE locked for one year.

Who controls the stake? Foundation-run validators hold approximately 49.3% of staked HYPE following redelegations in June, with about 50.7% spread across 22 independent operators. The foundation operates five of the 27 validators. This is a substantial change from early 2025, when a widely cited analysis put foundation-controlled stake above 81% across a set of 16.

Can the foundation remove validators at will? Not according to the documentation. Jailing is described as peer-triggered for latency and reliability failures, with a jailed validator ceasing to earn rewards until unjailed, and there is no automatic slashing in the system. The legitimate concern is indirect: because peer voting is weighted by stake and foundation-affiliated nodes hold close to half of it, the mechanism’s independence is limited by the same concentration issue that affects governance generally.

Is Hyperliquid’s code open source? The node software has remained closed, with the foundation stating since early 2025 that it will open the code once development is stable, citing security and shipping speed. That commitment is still outstanding, and it is the most substantive of the standing criticisms: validators run a binary they cannot audit, and no distribution of stake compensates for that.

What was the JELLY incident? In March 2025 a trader manipulated a thinly traded memecoin market to push losses onto the protocol’s liquidity vault. Validators voted to delist the market and settle it at a price that protected the vault, containing an eight-figure loss. The intervention worked and was also read as evidence of a validator put, meaning the network will act when its own capital is at risk, through a stake distribution the foundation then dominated.

How does the validator count compare to other chains? It is far smaller: roughly 1,800 validators on Solana, several hundred on Cosmos Hub, and hundreds of thousands on Ethereum, against 27 on Hyperliquid. Byzantine fault tolerant consensus does not require large sets for safety, and the small set is what delivers the sub-second finality an on-chain order book needs, but it concentrates social, regulatory, and coordination risk for a venue processing over $200 billion a month.

What did the Singapore listing mean? The Monetary Authority of Singapore added Hyperliquid to its Investor Alert List on June 26, a register of entities consumers may wrongly believe are licensed. It is not a ban or an enforcement action, and Bybit, KuCoin, and Binance appear on the same list. Its importance is that it moves the permissionless question from a technical debate into a legal one, since the claim to be infrastructure rather than an operator depends on the governance facts being what the protocol says they are.

What should traders take from this? That the network has a functioning emergency brake with a small number of hands on it, and that this is a property to price, not a scandal to condemn. Decentralization here is a managed trajectory: measurably improving on stake distribution, unresolved on source code, and small relative to the value at risk. Position sizing on any venue should reflect the governance reality, not the marketing vocabulary. This is educational analysis, not investment advice.

PUMP Hits an 11-Week High: Momentum Building or Pullback Ahead?

The creator of Solana-based meme project 'EPIK' announced that nearly 60% of the token supply has been burned, adding that he has personally repurchased a total of 356 million tokens and plans to airdrop them to the community.

Solana-based meme project EPIK’s creator Mando posted that the token has a total supply of 1 billion, with nearly 60% of the supply currently out of circulation. Mando revealed he has personally repurchased a total of 356 million EPIK tokens, burning 154 million of them; the project’s liquidity pool (LP) also burned an additional 81 million tokens. Addressing the community’s doubts over his large token holdings, Mando clarified he did not acquire 50% of the tokens via airdrop, but instead invested seven-figure funds over the past three years to continuously repurchase and support the project, holding and controlling more than 50% of the total token supply. Mando noted he created EPIK during an early live stream, and has since long invested funds to sustain the project’s development, stressing his approach differs from that of some KOLs, creators or celebrities who sell tokens immediately after acquiring them. He is now considering distributing some of his held tokens in batches via airdrop to long-term community members and contributors who have supported the project, as a way to give back to early participants. According to GMGN market data, EPIK’s market cap once surged rapidly to around $27 million, with hourly trading volume hitting nearly $6.5 million, before the market cap pulled back to roughly $16 million.

11 minutes ago

Ethereum Treasury Stocks Rise Collectively in Pre-Market Trading

According to market data from BIT (Bit.com), Ethereum treasury concept stocks were broadly higher in pre-market US equity trading. As of press time, BitMine Immersion Technologies (BMNR) traded at $16.767, up 6.18%; SharpLink Gaming (SBET) stood at $6.111, gaining 5.18%; and Bit Digital (BTBT) was priced at $1.438, with a 4.99% rise.

11 minutes ago

Binance will delist some leveraged trading pairs on July 30.

According to an official announcement, Binance Leverage will remove the following leveraged trading pairs at 14:00 (GMT+8) on July 30, 2026: Cross margin leveraged trading pairs: A/USDC, HIVE/USDC, ILV/USDC, NEWT/USDC, MOVE/USDC Isolated margin leveraged trading pairs: A/USDC, HIVE/USDC, NEWT/USDC, MOVE/USDC

11 minutes ago

US stock market's optical module sector rises collectively in pre-market trading.

According to market data from BIT (Bit.com), the optical module and optical communication sectors saw broad gains in the U.S. pre-market session. As of press time, Coherent (COHR) traded at 291.800, up 3.33%; Lumentum (LITE) at 788.980, up 3.41%; Applied Optoelectronics (AAOI) at 104.230, up 4.07%; Nokia (NOK) at 9.370, up 2.97%; and Marvell Technology (MRVL) at 201.730, up 3.86%.

11 minutes ago

Bank of America: August to October could be the toughest period for US stocks this year, with defensive assets such as gold and the US dollar likely to benefit.

US Bancorp Securities technical analyst Paul Ciana released a report noting that historical data shows August to October is typically the weakest rolling three-month period for the S&P 500, meaning US stocks may face their toughest phase of the year. The report points out that since 1928, the S&P 500 has delivered an average return of nearly zero (-0.02%) during August-October, with gains recorded in only 55% of years. This period also sees the largest average drawdown of any rolling three-month window, hitting 7.35%. Ciana emphasized that seasonal weakness does not indicate a reversal of long-term trends. Historical data shows November through January is a traditional strong window for US stocks, with the S&P 500 averaging a 3.54% gain. On the asset front, Bank of America (BofA) believes defensive assets such as the US dollar, US Treasuries, and gold tend to outperform during August-October. Gold has risen 61% of the time in this window since 1992, with an average gain of 2.52%; yields on the 30-year US Treasury have historically trended downward. Energy assets may be an exception to late-summer trends. The Bloomberg Energy Index has posted an average historical gain of 2.42% in August, and crude oil prices also tend to find support in late August. BofA cautioned that investors should monitor risks from seasonal volatility and allocate to defensive assets to hedge against potential market pullbacks.

11 minutes ago

Brent crude oil's intraday decline has widened to 8.77%

According to Bitget's market data, Brent crude oil has fallen below $85 per barrel, posting an intraday decline of 8.77%.

11 minutes ago

The creator of Solana-based meme project 'EPIK' announced that nearly 60% of the token supply has been burned, adding that he has personally repurchased a total of 356 million tokens and plans to airdrop them to the community.

Solana-based meme project EPIK’s creator Mando posted that the token has a total supply of 1 billion, with nearly 60% of the supply currently out of circulation. Mando revealed he has personally repurchased a total of 356 million EPIK tokens, burning 154 million of them; the project’s liquidity pool (LP) also burned an additional 81 million tokens. Addressing the community’s doubts over his large token holdings, Mando clarified he did not acquire 50% of the tokens via airdrop, but instead invested seven-figure funds over the past three years to continuously repurchase and support the project, holding and controlling more than 50% of the total token supply. Mando noted he created EPIK during an early live stream, and has since long invested funds to sustain the project’s development, stressing his approach differs from that of some KOLs, creators or celebrities who sell tokens immediately after acquiring them. He is now considering distributing some of his held tokens in batches via airdrop to long-term community members and contributors who have supported the project, as a way to give back to early participants. According to GMGN market data, EPIK’s market cap once surged rapidly to around $27 million, with hourly trading volume hitting nearly $6.5 million, before the market cap pulled back to roughly $16 million.

11 minutes ago

Ethereum Treasury Stocks Rise Collectively in Pre-Market Trading

According to market data from BIT (Bit.com), Ethereum treasury concept stocks were broadly higher in pre-market US equity trading. As of press time, BitMine Immersion Technologies (BMNR) traded at $16.767, up 6.18%; SharpLink Gaming (SBET) stood at $6.111, gaining 5.18%; and Bit Digital (BTBT) was priced at $1.438, with a 4.99% rise.

11 minutes ago

Binance will delist some leveraged trading pairs on July 30.

According to an official announcement, Binance Leverage will remove the following leveraged trading pairs at 14:00 (GMT+8) on July 30, 2026: Cross margin leveraged trading pairs: A/USDC, HIVE/USDC, ILV/USDC, NEWT/USDC, MOVE/USDC Isolated margin leveraged trading pairs: A/USDC, HIVE/USDC, NEWT/USDC, MOVE/USDC

11 minutes ago

US stock market's optical module sector rises collectively in pre-market trading.

According to market data from BIT (Bit.com), the optical module and optical communication sectors saw broad gains in the U.S. pre-market session. As of press time, Coherent (COHR) traded at 291.800, up 3.33%; Lumentum (LITE) at 788.980, up 3.41%; Applied Optoelectronics (AAOI) at 104.230, up 4.07%; Nokia (NOK) at 9.370, up 2.97%; and Marvell Technology (MRVL) at 201.730, up 3.86%.

11 minutes ago

Bank of America: August to October could be the toughest period for US stocks this year, with defensive assets such as gold and the US dollar likely to benefit.

US Bancorp Securities technical analyst Paul Ciana released a report noting that historical data shows August to October is typically the weakest rolling three-month period for the S&P 500, meaning US stocks may face their toughest phase of the year. The report points out that since 1928, the S&P 500 has delivered an average return of nearly zero (-0.02%) during August-October, with gains recorded in only 55% of years. This period also sees the largest average drawdown of any rolling three-month window, hitting 7.35%. Ciana emphasized that seasonal weakness does not indicate a reversal of long-term trends. Historical data shows November through January is a traditional strong window for US stocks, with the S&P 500 averaging a 3.54% gain. On the asset front, Bank of America (BofA) believes defensive assets such as the US dollar, US Treasuries, and gold tend to outperform during August-October. Gold has risen 61% of the time in this window since 1992, with an average gain of 2.52%; yields on the 30-year US Treasury have historically trended downward. Energy assets may be an exception to late-summer trends. The Bloomberg Energy Index has posted an average historical gain of 2.42% in August, and crude oil prices also tend to find support in late August. BofA cautioned that investors should monitor risks from seasonal volatility and allocate to defensive assets to hedge against potential market pullbacks.

11 minutes ago

Brent crude oil's intraday decline has widened to 8.77%

According to Bitget's market data, Brent crude oil has fallen below $85 per barrel, posting an intraday decline of 8.77%.

11 minutes ago

The creator of Solana-based meme project 'EPIK' announced that nearly 60% of the token supply has been burned, adding that he has personally repurchased a total of 356 million tokens and plans to airdrop them to the community.

Solana-based meme project EPIK’s creator Mando posted that the token has a total supply of 1 billion, with nearly 60% of the supply currently out of circulation. Mando revealed he has personally repurchased a total of 356 million EPIK tokens, burning 154 million of them; the project’s liquidity pool (LP) also burned an additional 81 million tokens. Addressing the community’s doubts over his large token holdings, Mando clarified he did not acquire 50% of the tokens via airdrop, but instead invested seven-figure funds over the past three years to continuously repurchase and support the project, holding and controlling more than 50% of the total token supply. Mando noted he created EPIK during an early live stream, and has since long invested funds to sustain the project’s development, stressing his approach differs from that of some KOLs, creators or celebrities who sell tokens immediately after acquiring them. He is now considering distributing some of his held tokens in batches via airdrop to long-term community members and contributors who have supported the project, as a way to give back to early participants. According to GMGN market data, EPIK’s market cap once surged rapidly to around $27 million, with hourly trading volume hitting nearly $6.5 million, before the market cap pulled back to roughly $16 million.

11 minutes ago

Ethereum Treasury Stocks Rise Collectively in Pre-Market Trading

According to market data from BIT (Bit.com), Ethereum treasury concept stocks were broadly higher in pre-market US equity trading. As of press time, BitMine Immersion Technologies (BMNR) traded at $16.767, up 6.18%; SharpLink Gaming (SBET) stood at $6.111, gaining 5.18%; and Bit Digital (BTBT) was priced at $1.438, with a 4.99% rise.

11 minutes ago

Binance will delist some leveraged trading pairs on July 30.

According to an official announcement, Binance Leverage will remove the following leveraged trading pairs at 14:00 (GMT+8) on July 30, 2026: Cross margin leveraged trading pairs: A/USDC, HIVE/USDC, ILV/USDC, NEWT/USDC, MOVE/USDC Isolated margin leveraged trading pairs: A/USDC, HIVE/USDC, NEWT/USDC, MOVE/USDC

11 minutes ago

US stock market's optical module sector rises collectively in pre-market trading.

According to market data from BIT (Bit.com), the optical module and optical communication sectors saw broad gains in the U.S. pre-market session. As of press time, Coherent (COHR) traded at 291.800, up 3.33%; Lumentum (LITE) at 788.980, up 3.41%; Applied Optoelectronics (AAOI) at 104.230, up 4.07%; Nokia (NOK) at 9.370, up 2.97%; and Marvell Technology (MRVL) at 201.730, up 3.86%.

11 minutes ago

Bank of America: August to October could be the toughest period for US stocks this year, with defensive assets such as gold and the US dollar likely to benefit.

US Bancorp Securities technical analyst Paul Ciana released a report noting that historical data shows August to October is typically the weakest rolling three-month period for the S&P 500, meaning US stocks may face their toughest phase of the year. The report points out that since 1928, the S&P 500 has delivered an average return of nearly zero (-0.02%) during August-October, with gains recorded in only 55% of years. This period also sees the largest average drawdown of any rolling three-month window, hitting 7.35%. Ciana emphasized that seasonal weakness does not indicate a reversal of long-term trends. Historical data shows November through January is a traditional strong window for US stocks, with the S&P 500 averaging a 3.54% gain. On the asset front, Bank of America (BofA) believes defensive assets such as the US dollar, US Treasuries, and gold tend to outperform during August-October. Gold has risen 61% of the time in this window since 1992, with an average gain of 2.52%; yields on the 30-year US Treasury have historically trended downward. Energy assets may be an exception to late-summer trends. The Bloomberg Energy Index has posted an average historical gain of 2.42% in August, and crude oil prices also tend to find support in late August. BofA cautioned that investors should monitor risks from seasonal volatility and allocate to defensive assets to hedge against potential market pullbacks.

11 minutes ago

Brent crude oil's intraday decline has widened to 8.77%

According to Bitget's market data, Brent crude oil has fallen below $85 per barrel, posting an intraday decline of 8.77%.

11 minutes ago

The creator of Solana-based meme project 'EPIK' announced that nearly 60% of the token supply has been burned, adding that he has personally repurchased a total of 356 million tokens and plans to airdrop them to the community.

Solana-based meme project EPIK’s creator Mando posted that the token has a total supply of 1 billion, with nearly 60% of the supply currently out of circulation. Mando revealed he has personally repurchased a total of 356 million EPIK tokens, burning 154 million of them; the project’s liquidity pool (LP) also burned an additional 81 million tokens. Addressing the community’s doubts over his large token holdings, Mando clarified he did not acquire 50% of the tokens via airdrop, but instead invested seven-figure funds over the past three years to continuously repurchase and support the project, holding and controlling more than 50% of the total token supply. Mando noted he created EPIK during an early live stream, and has since long invested funds to sustain the project’s development, stressing his approach differs from that of some KOLs, creators or celebrities who sell tokens immediately after acquiring them. He is now considering distributing some of his held tokens in batches via airdrop to long-term community members and contributors who have supported the project, as a way to give back to early participants. According to GMGN market data, EPIK’s market cap once surged rapidly to around $27 million, with hourly trading volume hitting nearly $6.5 million, before the market cap pulled back to roughly $16 million.

11 minutes ago

Ethereum Treasury Stocks Rise Collectively in Pre-Market Trading

According to market data from BIT (Bit.com), Ethereum treasury concept stocks were broadly higher in pre-market US equity trading. As of press time, BitMine Immersion Technologies (BMNR) traded at $16.767, up 6.18%; SharpLink Gaming (SBET) stood at $6.111, gaining 5.18%; and Bit Digital (BTBT) was priced at $1.438, with a 4.99% rise.

11 minutes ago

Binance will delist some leveraged trading pairs on July 30.

According to an official announcement, Binance Leverage will remove the following leveraged trading pairs at 14:00 (GMT+8) on July 30, 2026: Cross margin leveraged trading pairs: A/USDC, HIVE/USDC, ILV/USDC, NEWT/USDC, MOVE/USDC Isolated margin leveraged trading pairs: A/USDC, HIVE/USDC, NEWT/USDC, MOVE/USDC

11 minutes ago

US stock market's optical module sector rises collectively in pre-market trading.

According to market data from BIT (Bit.com), the optical module and optical communication sectors saw broad gains in the U.S. pre-market session. As of press time, Coherent (COHR) traded at 291.800, up 3.33%; Lumentum (LITE) at 788.980, up 3.41%; Applied Optoelectronics (AAOI) at 104.230, up 4.07%; Nokia (NOK) at 9.370, up 2.97%; and Marvell Technology (MRVL) at 201.730, up 3.86%.

11 minutes ago

Bank of America: August to October could be the toughest period for US stocks this year, with defensive assets such as gold and the US dollar likely to benefit.

US Bancorp Securities technical analyst Paul Ciana released a report noting that historical data shows August to October is typically the weakest rolling three-month period for the S&P 500, meaning US stocks may face their toughest phase of the year. The report points out that since 1928, the S&P 500 has delivered an average return of nearly zero (-0.02%) during August-October, with gains recorded in only 55% of years. This period also sees the largest average drawdown of any rolling three-month window, hitting 7.35%. Ciana emphasized that seasonal weakness does not indicate a reversal of long-term trends. Historical data shows November through January is a traditional strong window for US stocks, with the S&P 500 averaging a 3.54% gain. On the asset front, Bank of America (BofA) believes defensive assets such as the US dollar, US Treasuries, and gold tend to outperform during August-October. Gold has risen 61% of the time in this window since 1992, with an average gain of 2.52%; yields on the 30-year US Treasury have historically trended downward. Energy assets may be an exception to late-summer trends. The Bloomberg Energy Index has posted an average historical gain of 2.42% in August, and crude oil prices also tend to find support in late August. BofA cautioned that investors should monitor risks from seasonal volatility and allocate to defensive assets to hedge against potential market pullbacks.

11 minutes ago

Brent crude oil's intraday decline has widened to 8.77%

According to Bitget's market data, Brent crude oil has fallen below $85 per barrel, posting an intraday decline of 8.77%.

11 minutes ago

The creator of Solana-based meme project 'EPIK' announced that nearly 60% of the token supply has been burned, adding that he has personally repurchased a total of 356 million tokens and plans to airdrop them to the community.

Solana-based meme project EPIK’s creator Mando posted that the token has a total supply of 1 billion, with nearly 60% of the supply currently out of circulation. Mando revealed he has personally repurchased a total of 356 million EPIK tokens, burning 154 million of them; the project’s liquidity pool (LP) also burned an additional 81 million tokens. Addressing the community’s doubts over his large token holdings, Mando clarified he did not acquire 50% of the tokens via airdrop, but instead invested seven-figure funds over the past three years to continuously repurchase and support the project, holding and controlling more than 50% of the total token supply. Mando noted he created EPIK during an early live stream, and has since long invested funds to sustain the project’s development, stressing his approach differs from that of some KOLs, creators or celebrities who sell tokens immediately after acquiring them. He is now considering distributing some of his held tokens in batches via airdrop to long-term community members and contributors who have supported the project, as a way to give back to early participants. According to GMGN market data, EPIK’s market cap once surged rapidly to around $27 million, with hourly trading volume hitting nearly $6.5 million, before the market cap pulled back to roughly $16 million.

11 minutes ago

Ethereum Treasury Stocks Rise Collectively in Pre-Market Trading

According to market data from BIT (Bit.com), Ethereum treasury concept stocks were broadly higher in pre-market US equity trading. As of press time, BitMine Immersion Technologies (BMNR) traded at $16.767, up 6.18%; SharpLink Gaming (SBET) stood at $6.111, gaining 5.18%; and Bit Digital (BTBT) was priced at $1.438, with a 4.99% rise.

11 minutes ago

Binance will delist some leveraged trading pairs on July 30.

According to an official announcement, Binance Leverage will remove the following leveraged trading pairs at 14:00 (GMT+8) on July 30, 2026: Cross margin leveraged trading pairs: A/USDC, HIVE/USDC, ILV/USDC, NEWT/USDC, MOVE/USDC Isolated margin leveraged trading pairs: A/USDC, HIVE/USDC, NEWT/USDC, MOVE/USDC

11 minutes ago

US stock market's optical module sector rises collectively in pre-market trading.

According to market data from BIT (Bit.com), the optical module and optical communication sectors saw broad gains in the U.S. pre-market session. As of press time, Coherent (COHR) traded at 291.800, up 3.33%; Lumentum (LITE) at 788.980, up 3.41%; Applied Optoelectronics (AAOI) at 104.230, up 4.07%; Nokia (NOK) at 9.370, up 2.97%; and Marvell Technology (MRVL) at 201.730, up 3.86%.

11 minutes ago

Bank of America: August to October could be the toughest period for US stocks this year, with defensive assets such as gold and the US dollar likely to benefit.

US Bancorp Securities technical analyst Paul Ciana released a report noting that historical data shows August to October is typically the weakest rolling three-month period for the S&P 500, meaning US stocks may face their toughest phase of the year. The report points out that since 1928, the S&P 500 has delivered an average return of nearly zero (-0.02%) during August-October, with gains recorded in only 55% of years. This period also sees the largest average drawdown of any rolling three-month window, hitting 7.35%. Ciana emphasized that seasonal weakness does not indicate a reversal of long-term trends. Historical data shows November through January is a traditional strong window for US stocks, with the S&P 500 averaging a 3.54% gain. On the asset front, Bank of America (BofA) believes defensive assets such as the US dollar, US Treasuries, and gold tend to outperform during August-October. Gold has risen 61% of the time in this window since 1992, with an average gain of 2.52%; yields on the 30-year US Treasury have historically trended downward. Energy assets may be an exception to late-summer trends. The Bloomberg Energy Index has posted an average historical gain of 2.42% in August, and crude oil prices also tend to find support in late August. BofA cautioned that investors should monitor risks from seasonal volatility and allocate to defensive assets to hedge against potential market pullbacks.

11 minutes ago

Brent crude oil's intraday decline has widened to 8.77%

According to Bitget's market data, Brent crude oil has fallen below $85 per barrel, posting an intraday decline of 8.77%.

11 minutes ago

Ethereum Treasury Stocks Rise Collectively in Pre-Market Trading

According to market data from BIT (Bit.com), Ethereum treasury concept stocks were broadly higher in pre-market US equity trading. As of press time, BitMine Immersion Technologies (BMNR) traded at $16.767, up 6.18%; SharpLink Gaming (SBET) stood at $6.111, gaining 5.18%; and Bit Digital (BTBT) was priced at $1.438, with a 4.99% rise.

1 minutes ago

Binance will delist some leveraged trading pairs on July 30.

According to an official announcement, Binance Leverage will remove the following leveraged trading pairs at 14:00 (GMT+8) on July 30, 2026: Cross margin leveraged trading pairs: A/USDC, HIVE/USDC, ILV/USDC, NEWT/USDC, MOVE/USDC Isolated margin leveraged trading pairs: A/USDC, HIVE/USDC, NEWT/USDC, MOVE/USDC

1 minutes ago

US stock market's optical module sector rises collectively in pre-market trading.

According to market data from BIT (Bit.com), the optical module and optical communication sectors saw broad gains in the U.S. pre-market session. As of press time, Coherent (COHR) traded at 291.800, up 3.33%; Lumentum (LITE) at 788.980, up 3.41%; Applied Optoelectronics (AAOI) at 104.230, up 4.07%; Nokia (NOK) at 9.370, up 2.97%; and Marvell Technology (MRVL) at 201.730, up 3.86%.

1 minutes ago

Bank of America: August to October could be the toughest period for US stocks this year, with defensive assets such as gold and the US dollar likely to benefit.

US Bancorp Securities technical analyst Paul Ciana released a report noting that historical data shows August to October is typically the weakest rolling three-month period for the S&P 500, meaning US stocks may face their toughest phase of the year. The report points out that since 1928, the S&P 500 has delivered an average return of nearly zero (-0.02%) during August-October, with gains recorded in only 55% of years. This period also sees the largest average drawdown of any rolling three-month window, hitting 7.35%. Ciana emphasized that seasonal weakness does not indicate a reversal of long-term trends. Historical data shows November through January is a traditional strong window for US stocks, with the S&P 500 averaging a 3.54% gain. On the asset front, Bank of America (BofA) believes defensive assets such as the US dollar, US Treasuries, and gold tend to outperform during August-October. Gold has risen 61% of the time in this window since 1992, with an average gain of 2.52%; yields on the 30-year US Treasury have historically trended downward. Energy assets may be an exception to late-summer trends. The Bloomberg Energy Index has posted an average historical gain of 2.42% in August, and crude oil prices also tend to find support in late August. BofA cautioned that investors should monitor risks from seasonal volatility and allocate to defensive assets to hedge against potential market pullbacks.

1 minutes ago

Brent crude oil's intraday decline has widened to 8.77%

According to Bitget's market data, Brent crude oil has fallen below $85 per barrel, posting an intraday decline of 8.77%.

1 minutes ago

ChangXin topped the A-share market capitalization leaderboard on its first day of trading, with its five major shareholders logging an unrealized paper profit of around 1.42 trillion yuan.

Leading domestic DRAM giant Changxin Technology (688825.SH) debuted on the STAR Market, closing at 49.00 yuan, surging 465.82% from its IPO price of 8.66 yuan. The company notched a full-day trading volume of 141.187 billion yuan, with a total market capitalization of around 3.28 trillion yuan, making it the A-share market’s highest-valued listed company by total market cap. Estimated based on post-IPO shareholdings disclosed in the listing prospectus and the day’s closing price, Qinghui Jidian holds shares worth approximately 639.1 billion yuan, with a value gain of about 526.2 billion yuan versus the IPO price. Changxin Integrated Circuit, Phase II of the National Integrated Circuit Industry Investment Fund, Hefei Jixin, and Anhui Provincial Investment hold shares valued at 345.3 billion yuan, 257.5 billion yuan, 246.8 billion yuan, and 233.3 billion yuan respectively, translating to paper gains of roughly 284.3 billion yuan, 212 billion yuan, 203.2 billion yuan, and 192 billion yuan. The top five shareholders’ combined paper gains total approximately 1.42 trillion yuan. The listing prospectus also notes that STAR Market new listings have no price fluctuation limits for the first five trading days, while original shareholders’ shares are subject to lock-up periods ranging from 12 to 36 months. The aforementioned value increases are paper gains calculated based on secondary market closing prices.

1 minutes ago

Hyperliquid [HYPE] has historically deployed deflationary mechanisms to control supply and absorb market pressure. The project has mostly used the protocol’s revenue for token buybacks and burns to achieve these goals. 

Hyperliquid burns $1.2 million worth of HYPE With HYPE prolonging its stay below $60, the project once again used its revenue to reduce inflation. Since August 2025, the Hyperliquid network has generated $800 million in net income, with HyperCore accounting for 95% of the income. 

Interestingly, most of the funds generated have been spent on token buybacks. Out of the $1.03 billion generated, $1.01 billion has been used for buybacks and burns. 

Source: Hyperscreener Over the past day, for example, Hyperliquid generated $1.4 million in fees and burned 20.64K HYPE worth $1.2 million. However, despite the buyback and burns, the capital spent here has plummeted significantly, falling 61%. 

With the recent burn, Hyperliquid has burned 4.73% of the token’s supply according to Onchain Lens. This also marks over 15% of the currently circulating supply.

The sustained capital deployment toward deflationary measures has gone a long way toward stabilizing the HYPE token. As a result, HYPE has remained strong even during a prolonged period of broader market weakness.

Is actual demand incentivized, though? Sustained capital deployment to ease pressure has significantly played a major role in boosting investor confidence. As a result, buyers have continued to pile in even during pullbacks.

On the Spot side, for example, the Netflow has remained positive for two consecutive weeks. As of this writing, Netflow was -$598k, a significant drop from -$3.2 million the previous day, reflecting strong buying pressure.

Source: CoinGlass Historically, sustained exchange outflows have preceded major price moves, especially to the upside.

The momentum remains weak Although the demand currently holds strong, it remains insufficient to flip the trend bullish. In fact, when we look at the RSI Momentum Trend, this indicator sits above the market price.

Such a setup usually suggests that sellers still have significant control of the market. As such, the indicator now acts as dynamic resistance.

Source: TradingView The Squeeze Momentum Indicator also currently sits below zero, at around -7.69, further confirming the trend’s weakness. However, the price remains on an upward trajectory; it must flip the RSI Momentum Trend to signal a reversal.

This means Hyperliquid needs a daily close above $60 to strengthen the uptrend. Failure to do so will increase downside risk, and HYPE will pull back toward $56 again.

Final Summary Hyperliquid generated $1.4 million in fees and burned 20.64K HYPE worth $1.2 million. HYPE’s momentum remains strong despite recovering demand, but a daily close above $60 will signal a trend reversal. 

Israeli Prime Minister: This visit to the US aims to understand the US President’s views on the Iran issue.

Israeli Prime Minister Benjamin Netanyahu said in an interview that the conflict between Israel and Iran will only end when Iran’s current regime is overthrown or so weakened that it is forced to abandon its nuclear program. He emphasized that Iran’s nuclear program must be terminated "regardless of whether an agreement is reached". When discussing the planned meeting with U.S. President Donald Trump, Netanyahu noted that the meeting will not focus on delivering new intelligence, as the military and intelligence agencies of the U.S. and Israel are already in close cooperation. He stated that the purpose of the trip is to discuss with Trump and understand his thinking, adding that the development of the situation largely depends on Trump’s final decision. In addition, Netanyahu also commented on the U.S.-Saudi nuclear deal. He expressed agreement with Trump’s stance that "Saudi Arabia can only access a civilian nuclear deal", and stressed that both Israel and the U.S. will never allow Saudi Arabia to possess a military nuclear program. Netanyahu also said he will "definitely" attend the United Nations General Assembly to be held in New York in September. (CCTV News)

49 minutes ago

Lido Responds to stETH Yield Calculation Anomaly: Issue Fixed, Oracle Upgraded, User Funds Unaffected.

Ethereum staking protocol Lido stated on X that today’s stETH rebase has been completed as expected, with ETH rewards omitted yesterday due to calculation gaps now fully restored. The corresponding annual percentage rate (APR) stands at approximately 2.29%. The protocol’s oracle has also been updated and audited; the new version will boost report processing speed and enable faster root cause identification for similar future issues. Regarding yesterday’s reward calculation anomaly, Lido said contributors are still conducting root cause analysis, with additional investigation details to be shared on its official forum and social media channels. User funds were never at risk throughout the entire incident. The initial assessment points to a special edge case as the likely cause: a validator in pending deposit status was omitted from yesterday’s reward report, resulting in some staking rewards not being included in calculations. Lido noted that a full incident post-mortem report will be released in the coming days to further detail the root cause, remediation measures, and subsequent improvement plans.

49 minutes ago

On Robinhood Chain, on-chain speculation remains active, with multiple tokens hitting new market cap highs today.

According to GMGN market data, hype on Robinhood Chain remains active, with multiple tokens hitting new all-time highs (ATH) in market capitalization today. Among them: PONS, the largest token issuance platform on Robinhood Chain by market cap, briefly exceeded $56 million, and is now trading at $52.47 million, marking a new ATH with a 24-hour gain of 31.88%. BRODIE, a meme token in the PONS ecosystem, broke through $6 million in market cap, also hitting a new ATH, with a 24-hour surge of 151.7%. STONKBROKER, an RWA + meme project token, surpassed $15 million in market cap, also hitting a new ATH, with a 24-hour increase of 29.61%. BlockBeats reminds users that related tokens are highly volatile, so investors should exercise caution.

49 minutes ago

Founder of Mango Labs: Has gone long on Changxin Technology, calling it a rare 1:5 leverage trading opportunity.

Mango Labs founder @dov_wo shared his market views, noting he has gone long on Changxin Technology, calling it a rare 1:5 risk-reward opportunity with a 20% downside and 100% upside, a 5-to-1 payout. @dov_wo outlined his bullish thesis as follows: low float ratio, regulatory tailwinds, and institutional optimism for its investment opportunity at a market cap below $3 trillion. He advised on the strategy: if Changxin gaps up tomorrow, close the position to lock in profits directly; if it gaps down then rallies, wait patiently and wrap up the trade within 3 days.

49 minutes ago

WEMIX confirms security incident: Contract ownership may have been compromised, reminds users to exercise caution when trading

The WEMIX team has issued an announcement stating it is urgently investigating a potential security incident involving the WEMIX 3.0 network. Signs have emerged indicating that the network’s contract ownership may have been compromised. The relevant team is verifying the facts and assessing the incident’s impact scope, and will release investigation findings and follow-up response measures promptly as the probe progresses. Ahead of further official updates, WEMIX is reminding users to exercise caution with unconfirmed information and remain highly vigilant when trading or investing in related assets.

49 minutes ago

OpenAI's CEO will travel to Washington in person to push for expedited approval of its new AI model, possibly GPT-6.

OpenAI CEO Sam Altman will visit Washington next week to showcase the company’s most powerful AI model to the White House and push for its rapid approval. The model previously infiltrated Hugging Face. Reports note the new model has long-term planning capabilities, can independently complete original scientific research, and supports agent groups to collaborate on complex tasks including legal and financial matters. Though the report does not specify whether the new model is GPT-6, analyst Chubby believes Altman’s trip is to prepare for the launch of GPT-6. (Axios)

49 minutes ago

TL;DR

SHIB re-enters top 25 on a whale-driven squeeze, not real demand. SHIB jumped ~40% in two days, adding nearly $1B in market cap. Etherscan data shows a Gini index of 0.9957, with 802 wallets controlling 94.71% of supply and retail under 2% — and the rally now faces a hard ceiling at the $3.5 billion resistance zone (aligned with the 200-day EMA).XRP: one whale is betting against a market that's mostly bullish. A single Hyperliquid wallet holds a $13.84M, 20x-leveraged short (liquidation at $1.68 vs. XRP's $1.10 price), even as other large traders stay net-long and U.S. XRP ETFs pull in $8 million in weekly inflows.AI agents are now paying each other in Bitcoin. Block's new Nostr-based chat app, Buzz, is hosting Claude- and DeepSeek-powered agents that negotiate prices, subcontract work, and settle in BTC — since agents can't open bank accounts but can hold crypto keys.Bitcoin is range-bound near $64,000 ahead of the July 29 FOMC meeting. A break above $65,700 opens $67,500; losing $63,000 risks $60,000–$58,000. The CLARITY Act's 2026 odds have slipped to 38% on Polymarket amid banking-sector pushback.Rally on empty order books: SHIB breaks into top 25 but hits a wall of whalesOver the past two days, meme token SHIB surged as much as 40%, adding almost $1 billion to its market capitalization and climbing to 25th place in the CoinMarketCap ranking. The prediction published on July 22 about the Shiba Inu coin returning to its key price magnets played out with surgical precision.

However, a look under the hood at the latest on-chain data shows that it is still too early for the retail market to celebrate. The rally occurred in an artificial vacuum.

HOT Stories

Four days ago, our coverage already warned that SHIB's exchange order books had become dangerously thin, as small investors had largely disappeared from the market and tokens had been moved to cold wallets. The liquidity shortage thesis has now been confirmed in full.

Shiba Inu (SHIB) market capitalization chart with 200-day moving average (red), Source: TradingViewA fresh on-chain snapshot from Etherscan shows an extreme level of centralization: the Gini index, a measure of inequality, has surged to 0.9957, while all retail holders combined — the "shrimp" and "crab" categories — control less than 2% of the supply.

The token's fate is now being decided by just 802 whale wallets, which hold 94.71% of all coins, worth around $5.21 billion. Seven of the largest players each control at least 1% of the total supply.

When the first large orders reached exchanges, primarily South Korea's Upbit, the half-empty order books could not absorb the pressure. The shortage of available tokens immediately catapulted the price higher, while triggering a cascade of more than $5 million in short liquidations. On this momentum, SHIB technically overtook Tether Gold, Avalanche, Sui, and Hedera.

Shiba Inu (SHIB) holders overview after 40% surge in 2 days, Source: EtherscanDespite the impressive green candle, the rally appears to have reached its logical dead end. Market capitalization has settled near $3.38 billion, directly below the lower boundary of the historical resistance block at $3.49 billion–$3.54 billion. The main technical barrier, the 200-day exponential moving average, also runs through this area.

Breaking through this wall without a real, organic influx of new mass-market buyers is practically impossible. The current rally is a speculative liquidity squeeze orchestrated by a narrow group of large addresses.

For the 802 whales, the 200-day EMA is an ideal level at which to take profits against the crowd's remaining optimism. A breakout above this line is unlikely under current conditions. It will most likely become SHIB's ceiling, followed by a severe pullback.

Hyperliquid whale opens $14 million short against bullish XRP trendA major anomaly has emerged in XRP positioning on the decentralized Hyperliquid platform. At first glance, top traders with balances above $1 million — the Money Printer category as per CoinGlass — appear aggressively bearish, with $35.7 million in XRP shorts against just $6.2 million in longs.

However, this imbalance is the result of the actions of a single player. The lion's share of the bearish volume, $13.84 million, comes from one wallet, "0x46....58a5". The trader is holding an isolated short position with aggressive 20x leverage.

With XRP currently trading at $1.10, the position's liquidation level stands at $1.68. The trade still has a substantial safety margin, but one major piece of crypto news could quickly reduce that distance.

XRP short seller on Hyperliquid with liquidation set at $1.68 per coin, Source: CoinGlassMeanwhile, the rest of the large capital on the platform is unanimously betting on the asset's growth. Traders with positions between $500,000 and $1 million hold net longs, with $2.9 million in long exposure against $2 million in shorts.

Notably, XRP is a targeted exception for this group, as the same wallets are net short BTC and ETH. Local optimism is also supported by the external backdrop: U.S. XRP ETFs recorded $8 million in net capital inflows over the past week.

The large short seller remains comfortable for now, as the $1.68 liquidation level is still far away. However, a $14 million position with 20x leverage will clearly remain the main reference point for local market manipulation.

AI agents begin hiring one another for Bitcoin in Jack Dorsey's new messengerBlock, the company founded by Twitter co-founder Jack Dorsey — who has long been the subject of a theory claiming that he is Bitcoin creator Satoshi Nakamoto — has released Buzz, an open, decentralized alternative to Slack. Just 24 hours after its launch, the corporate chat platform turned into an autonomous marketplace where AI agents conduct business with one another without human involvement, as found out by the "Documenting Bitcoin" portal.

The latest precedent shows how easily real production work can be automated. A person simply posts a coding task in a channel and allocates a budget in satoshis.

Jack Dorsey’s company released an open source version of the team chat app Slack called “Buzz”

Within a day, users have enabled agentic economic collaboration. Artificial intelligence agents are paying each other back and forth independently using bitcoin pic.twitter.com/7V1eyBThmp

— Documenting ₿itcoin 📄 (@DocumentingBTC) July 26, 2026 From that point, a pure market economy takes over, as agents powered by current Claude and DeepSeek models negotiate prices directly in the comments, win contracts, and immediately hire subcontractors, distributing cryptocurrency across wallets in real time.

The main hook is that Bitcoin became a forced but ideal choice for AI. A digital agent physically cannot open a bank account, but Buzz's architecture, built on the Nostr protocol, gives every bot its own sovereign cryptographic key.

As a result, an isolated economy has emerged inside workplace chats, where software independently earns money, divides budgets, and hires third-party LLMs.

Crypto market outlook: BTC holds $64,000 near critical miner floorInstitutional capital is stabilizing the market near the bottom of a nine-month bearish trend that began after the $126,000 peak in October 2025. While open interest is being cleared of excessive leverage and Ethereum and Solana have lost more than 40% of their value, large funds are aggressively accumulating BTC, creating a price floor near miners' critical production cost of $58,000.

Key checkpoints: 

Bitcoin remains trapped in a narrow range: BTC is trading within a descending wedge near $64,000, recovering from its recent pullback from $67,000. A breakout above $65,000–$65,700 would open the way toward a test of $67,500, while losing the $63,000 support level would shift bearish targets toward $60,000 and $58,000.The market is waiting for a macroeconomic trigger: Investor attention is focused on the U.S. Federal Reserve's FOMC meeting on July 29, 2026. The market is pricing in an unchanged interest rate of 3.5%–3.75%, although Brent crude trading above $100 continues to create hawkish risks.Forces remain divided over the CLARITY Act: Political lobbying in the United States has reached its peak ahead of the Senate recess. The probability of the key crypto bill passing in 2026 has fallen to 38% on Polymarket due to resistance from the banking sector, despite strong support from BlackRock and Fidelity.Altcoins capitulate despite strong on-chain data: Ethereum and Solana have corrected by 42% and 45% from their respective peaks. At the same time, Bitcoin's fundamental network metrics, including its hash rate and long-term holder accumulation volumes, remain near historical highs, acting as a price filter against a deeper decline. You Might Also Like

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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The founder of MSX has announced his intention to acquire BitMart and has already reached out to the platform.

Crypto trading platform BitMart announced that after evaluating its operational status, market environment and future strategic direction, it has decided to orderly cease its trading business. Shortly after, Bruce, founder of MSX, called out to BitMart, stating, “Don’t shut down—I’ll acquire it.” He added that he has already contacted BitMart’s team. Bruce further said that if he acquires BitMart, his first step will be completing the transfer procedures, followed by slashing all spot and derivatives trading fees to zero, as he believes crypto trading platforms charge excessively high fees.

17 minutes ago

South Korea's pension fund has turned to net buying of KOSPI for the first time this year, taking a heavy position in SK Hynix.

South Korean exchange data shows that pension funds, including the National Pension Service (NPS) — one of the largest institutional investors in South Korea's stock market — have turned net buyers in the Korean stock market for the first time this month. As of July 24, the NPS and other pension funds have net purchased 68.4 billion won (approximately $46.8 million) of KOSPI index constituent stocks in July this year. This marks the first monthly net purchase by pension funds this year after six consecutive months of net selling. In terms of individual stocks, SK Hynix is the most bought stock by pension funds since July, with a net purchase amount of 425.8 billion won. (Jinshi)

17 minutes ago

Iran and Oman hold multiple rounds of consultations on the Strait of Hormuz issue.

Iranian Foreign Ministry spokesman Bahaei stated that from the 24th to 25th, Iran and Oman held multiple rounds of deputy foreign minister-level talks in Tehran. On the basis of respecting the sovereign rights of the two coastal states, Iran and Oman, the two sides held in-depth exchanges of views on the common principles and specific operational mechanisms for ensuring safe passage of ships through the Strait of Hormuz. Bahaei noted that the talks were productive and yielded certain progress. The Omani delegation left Tehran on the afternoon of the 25th, but the two sides will continue to maintain consultations at the technical and political levels. In addition, Bahaei said that the current navigation status of ships in the Strait of Hormuz has not changed. (CCTV International News)

17 minutes ago

Elon Musk: China is highly likely to become an AI leader in the future.

Elon Musk stated in an interview with The Economist that China will most likely emerge as an AI leader at some point in the future, and even if the U.S. bans Chinese AI models, it cannot prevent this outcome. (The Paper)

17 minutes ago

Samsung's Lee Jae-yong is reportedly holding discussions with OpenAI on cooperation plans in the AI and semiconductor sectors.

According to South Korean media reports, Samsung Electronics Chairman Lee Jae-yong met with OpenAI founder Sam Altman at OpenAI’s San Francisco headquarters to discuss cooperation in the fields of artificial intelligence and semiconductors. OpenAI announced on the 26th that Lee and Altman held talks at the company’s San Francisco headquarters on the morning of the 25th local time. While OpenAI did not disclose specific discussion contents or topics, industry observers believe the two sides likely communicated about deepening cooperation on AI infrastructure such as high-bandwidth memory (HBM), dynamic random-access memory (DRAM), and advanced wafer foundry. They may also have explored Samsung’s digital transformation plan for rolling out generative AI across its entire business lines. (Jinshi)

17 minutes ago

The Big Short Michael Burry ramps up short positions on stocks including Micron and NVIDIA.

"The 'Big Short' protagonist Michael Burry has disclosed his latest portfolio adjustments, continuing to increase short exposure to semiconductor stocks. Specifically, he added to short positions in Micron Technology (MU), NVIDIA (NVDA), and semiconductor ETF SOXX at prices of $933.86, $210.28, and $535.83 respectively. Additionally, Burry also added to his short position in Caterpillar (CAT) at $893.49. On the long side, he increased holdings in Flutter (FLUT), DraftKings (DKNG), and Molina Healthcare (MOH) at prices of $100.72, $23.07, and $197.02 respectively. Burry’s short positions in Tesla, Palantir, and Nasdaq 100 Index ETF QQQ remained unchanged."

17 minutes 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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When SpaceX went public, the only place most of the world could short it was Hyperliquid, where a perpetual future tracked the IPO of the decade tick for tick, and a whale ran a $14 million leveraged short no brokerage would have offered. Equity perps are the first crypto product Wall Street cannot ignore, and regulators cannot place, and this is the audit of what they actually are.

Summary

Hyperliquid, the dominant on-chain derivatives venue with roughly 70% of decentralized perpetuals volume and around $1.3 billion in annualized fees, now lists perpetual futures on stocks, with its SpaceX contract as the breakout case. The SPCX perp traded the IPO of the decade before, during, and after the listing, ran to a $228.74 high alongside the stock’s $225.64 peak, tracked its 48% collapse, and hosted positions like a 10x-leveraged $14 million short paired with a 40x $60 million Bitcoin short, structures no retail brokerage offers. Equity perps deliver what the equity market rations: 24/7 trading, high leverage, short exposure without locates or borrow fees, and access for the global majority locked out of US brokerage accounts, all against an oracle price and a funding rate instead of shares. The product’s honesty requires its limits: holders own no equity, no dividend, no claim, only a synthetic exposure whose integrity depends on oracle quality and venue solvency, on platforms mostly outside US jurisdiction. The regulatory placement is unresolved by design: synthetic equity exposure with no share changing hands sits between the SEC’s securities world and the CFTC’s derivatives world, on infrastructure neither reaches, and the CLARITY-era jurisdiction map does not cover it. The most interesting trade of June was not in a stock. When SpaceX completed the largest IPO in history and its shares began their 48% descent, an anonymous trader on Hyperliquid, the blockchain derivatives venue, was running a combined position no prime broker would have blessed and no retail app could have executed: a $60 million Bitcoin short at 40x leverage paired with a $14 million short on SPCX at 10x, a pure bet on the deflation of the year’s twin euphorias, placed on rails that never close, require no borrow, and asked no questions.

The instrument making it possible, the equity perpetual future, is the crypto industry’s quiet invasion of the stock market: a synthetic contract that tracks a share price via oracle, settles in stablecoins, charges longs or shorts a funding rate to keep the peg, and trades around the clock at leverage American brokerages reserve for institutions, on venues most of the world can reach with a wallet.

Hyperliquid’s SPCX contract, born before the IPO priced and still trading through the stock’s every convulsion, is the product’s proof of concept and its perfect case study, and this piece uses it as one: what equity perps actually are, what they genuinely fix, what they quietly are not, and why the regulatory map, freshly redrawn for crypto by the CLARITY era, has no square for them at all.

The machine: how a stock trades without shares An equity perpetual is three mechanisms in a trench coat, and each deserves one honest paragraph.

The first is the oracle. No share of SpaceX exists anywhere in the system; the contract’s reference is a price feed, assembled from the listed market’s data during exchange hours and from the perp’s own supply and demand when Nasdaq sleeps. This is the design’s power and its softest point in one: the feed makes the synthetic possible, and every question about the product’s integrity is ultimately a question about the feed, its sources, its manipulation resistance, its behavior when the underlying halts, gaps, or, as with SPCX in its lockup-shadowed churn, moves violently on thin news.

Perp venues have run oracle machinery for crypto assets for years at scale; equities add wrinkles crypto never had, official closes, halts, corporate actions, and the young history of equity perps includes the learning curve those wrinkles imply.

The second is the funding rate, the elegant trick that replaces ownership. Because nothing forces a perp’s price toward the stock’s, the contract pays a periodic transfer between longs and shorts; whichever side is heavier pays the other, so deviation from the reference price becomes expensive and arbitrage pulls the peg tight.

The funding rate is also the product’s honest price tag: holding a leveraged equity view costs whatever the crowd on your side must pay, which in euphoric stretches, SPCX’s first week, say, made long exposure meaningfully expensive, a cost structure entirely unlike owning shares and closer to a rolling options position. Traders who read funding as information, crowding, sentiment, squeeze risk, get a signal equity markets deliver only obliquely.

The third is the venue itself. On Hyperliquid, order book, matching, and liquidations run on-chain, collateral is stablecoin, and the exchange’s economics, roughly $1.3 billion in annualized fees at about 70% of the on-chain perps market, fund the token model this publication has covered as crypto’s clearest value-accrual machine. Equity perps arrived through the venue’s expansion of builder-deployed markets, the mechanism opening listings beyond crypto pairs, and the roster now reaches into stocks, indices, and commodities.

The plumbing matters because it defines the counterparty question: an equity perp holder’s real exposures are the oracle, the liquidation engine, and the venue’s solvency, not any transfer agent or clearinghouse, and those exposures live, for most such venues, offshore and on-chain, exactly where the traditional system’s guarantees do not.

What it fixes, honestly The bull case for equity perps is not hype; it is a list of the equity market’s genuine rationing decisions, each of which the perp un-rations.

Time: stocks trade 32.5 hours a week; the news that moves them does not. The SPCX perp priced Starship’s failed test, the Cursor-acquisition backlash, and every lockup rumor in real time, weekends included, while shareholders waited for Monday.

For an asset class whose defining events, launches, in this case, literally happen at all hours, continuous price discovery is not a gimmick, and the perp’s around-the-clock tape has already become, for SpaceX watchers, the leading indicator the listed market opens to.

Access: a US brokerage account requires US residency, documentation, and, for anything beyond cash equities, suitability gates; the global majority is structurally excluded from the market that prices the world’s most important companies. A perp venue asks for a wallet.

Whatever one thinks of the compliance implications, and they are the final section’s subject, the distributional fact is real: equity perps are the first instrument through which a trader in Lagos or Karachi shorts an American IPO on the same terms as a fund in Connecticut.

Shorting: the equity market’s short path, locate the borrow, pay the fee, face the recall, buy-in risk, and, for a fresh IPO like SPCX with its 911.5 million share lockup, borrow scarcity that makes shorting practically institutional-only, is friction by design. The perp deletes all of it: shorting is symmetric with longing, no locate, no borrow, no recall, which is why the instrument’s clearest use case so far is exactly the whale trade this piece opened with, and why fresh IPOs, where the listed short is hardest, and opinion is hottest, are where equity perps found product-market fit first.

Our own coverage of SPCX’s descent noted the perp and the tokenized versions tracking the collapse in lockstep with the stock, a three-venue price war in which the crypto rails, not the exchange, offered the only practical retail short.

Leverage and capital efficiency complete the list; 10x on a stock position with stablecoin collateral is a different capital regime than Reg-T margin, and together the four fixes explain the product’s trajectory better than any narrative: equity perps grow wherever the traditional market’s rationing binds hardest.

What it is not, and where it cannot be placed The audit’s other half is shorter and sharper, because the perp’s limits are as structural as its fixes.

It is not equity. No dividend, no vote, no claim in bankruptcy, no share: the holder owns a cash-settled bet on a number, and the number’s connection to the company runs entirely through the oracle.

In calm markets the distinction is pedantic; in the scenarios that define instruments, a halt, a delisting, a corporate action, an oracle failure, a venue insolvency, it is everything, and the young product’s stress record is thin precisely where equities generate their worst stresses.

The tokenized-equity reckoning this publication audited after the SpaceX IPO, products scrapped, buyers refunded, late vintages underwater, is the adjacent cautionary tale: synthetic exposure to private and newly public equity is exactly where the gap between marketing and mechanism has already cost real money.

And it is not placeable, yet, on any regulatory map. A perpetual future on a security, offered without the security, settles into a jurisdictional void the American system has spent two years mapping everything except: the SEC governs securities and the platforms that touch them; the CFTC governs derivatives on commodities; the CLARITY framework, whose implementation this publication has covered in detail, allocates digital assets between them, and a synthetic stock position on an offshore chain answers to neither cleanly.

US platforms do not offer equity perps for precisely this reason; offshore and on-chain venues offer them to everyone else, and the enforcement perimeter, as with every offshore derivatives wave before, reaches the marketing, the fiat ramps, and the US-person access, not the protocol.

The honest forecast is the one the product’s own growth writes: volumes concentrating offshore, a widening data gap between the priced world and the regulated one, and eventually, once the instrument prices something systemic, a jurisdictional fight that will make the prediction-market war look tidy, because at least an event contract admits what it is. An equity perp is a security’s price without the security, the purest regulatory-arbitrage instrument crypto has produced, and the system it arbitrages has not yet noticed the size of the hole.

The venue underneath: why this happened on Hyperliquid The product’s story is inseparable from its venue, because equity perps did not emerge on a neutral substrate; they emerged on the one platform whose economics and architecture made them almost inevitable, and the causation teaches something about where crypto’s product frontier actually lives.

Hyperliquid’s qualifications are three. Liquidity first: at roughly 70% of on-chain perpetuals volume, with open interest and depth that dwarf its decentralized rivals, it is the only venue where a $14 million single-position equity short meets a book that can absorb it, and derivatives listings live or die on day-one depth.

Machinery second: a fully on-chain order book, matching engine, and liquidation system, hardened by years of crypto perps at scale, generalizes to any oracle-priced underlying, which is precisely what the builder-deployed markets mechanism formalized, opening the listing function beyond the core team and letting the equity roster grow at ecosystem speed rather than committee speed.

And incentives third: the venue’s fee engine, the roughly $1.3 billion annualized flow whose token mechanics this publication has covered as crypto’s most direct value-accrual machine, means every new asset class listed compounds the platform’s core loop, giving the ecosystem a structural hunger for exactly the kind of frontier products that traditional venues must clear through legal departments first. Where a regulated exchange asks whether it may list synthetic SpaceX, a permissionless listing mechanism asks only whether anyone will trade it, and the answer, June showed, was emphatic.

The concentration cuts both ways, and the audit owes the caveat. A product category living overwhelmingly on one venue inherits that venue’s specific risks: its oracle choices become the category’s oracle standard, its solvency becomes the category’s systemic question, and its governance, including the validator-set concentration questions that have followed the platform since launch, becomes the category’s political exposure.

Traditional equity infrastructure disperses these risks across exchanges, clearinghouses, and transfer agents by regulatory design; the equity-perp stack concentrates them by architectural choice, trading resilience for velocity. That trade has run in crypto’s favor for two years of calm-to-volatile markets. The scenario that would reprice it, a venue-level failure during an equity stress event, with synthetic positions on halted underlyings and no clearinghouse behind the book, is the category’s true tail, unpriced precisely because it is unprecedented, and anyone sizing positions in these instruments should price the venue before pricing the view.

What to watch The roster’s growth. Which equities get perps next, and how fast listings follow retail heat. The pattern so far, fresh IPOs and locked-up names where shorting is hardest, is the tell for where the product’s edge actually lies, and the first perp on a halted or delisted name will write the stress-test chapter early.

Funding rates as the new sentiment tape. SPCX perp funding, and its successors’, is becoming the cleanest continuous read on positioning in names the options market covers only during business hours. Expect equity desks to start quoting it, quietly, the way they came to watch crypto funding.

The basis triangle. Perp versus listed stock versus tokenized versions: three prices for one exposure, on three legal architectures. Divergences in stress are where the instruments’ true differences surface, and the first sustained break will teach the market which venue leads and which merely follows.

The first US regulatory contact. An enforcement action, a no-action letter, or a CLARITY-era rulemaking that names synthetic equity exposure would end the placement void. Until then, the product grows in the gap, and the gap is the story.

One historical rhyme completes the audit, because the market has seen this movie’s structure before. Contracts for difference, CFDs, ran the same play against the equity market two decades ago: synthetic exposure, high leverage, no ownership, offered offshore to retail the regulated market rationed out, and they grew into a permanent, regulated, and repeatedly scandal-scarred fixture of European and Asian trading, banned outright for US retail to this day.

Equity perps are CFDs rebuilt on crypto rails, with three genuine upgrades: transparent on-chain positioning instead of dealer books, funding rates set by market balance instead of broker discretion, and self-custodied collateral instead of client-money accounts, and one genuine downgrade: the absence of any regulatory perimeter at all, even the imperfect one CFDs eventually accepted.

https://x.com/cryptodotnews/status/2066521860502683882

The CFD precedent predicts the arc: rapid offshore growth, a defining blowup that forces structure, then bifurcation into regulated products where allowed and gray markets where not. It also predicts the endgame nobody in crypto says aloud: the traditional exchanges, watching a parallel equity market price their listings around the clock, will eventually either extend their own hours, list their own perpetual-style products, or buy the venues, because that is what incumbents do to successful arbitrage.

The instrument’s deepest significance may be exactly that pressure: equity perps are the market’s demonstration that the 32.5-hour trading week is a policy choice, not a law of nature, and demonstrations of that kind have a way of ending with the incumbents adopting what they could not suppress.

Frequently Asked Questions What is an equity perpetual future? A derivative that tracks a stock’s price without any share existing in the system: an oracle feeds the reference price, traders post stablecoin collateral for leveraged long or short exposure, and a periodic funding-rate payment between longs and shorts keeps the contract’s price pegged to the stock’s. It trades continuously, including when the underlying market is closed, and settles in cash, never in shares.

Why did SpaceX’s perp become the breakout example? Because it offered what the listed market could not. The SPCX contract traded through the IPO of the decade around the clock, tracked the stock from its $225.64 peak through its 48% collapse, and enabled short exposure, including a documented 10x, $14 million short paired with a 40x Bitcoin short, at a moment when the fresh IPO’s lockup made traditional borrowing scarce and practical shorting nearly impossible for retail.

What do equity perps genuinely improve on? Four rationing decisions of the equity market: hours, with 24/7 trading against a 32.5-hour week; access, with a wallet replacing residency-gated brokerage accounts for the global majority; shorting, with no locates, borrow fees, or recall risk; and capital efficiency, with high leverage on stablecoin collateral. The product grows wherever these constraints bind hardest, which is why new IPOs led adoption.

What does a holder of an equity perp actually own? A cash-settled position on a number, nothing more: no dividend, no vote, no bankruptcy claim, no share. The exposure’s integrity depends on the oracle’s accuracy, the venue’s liquidation engine, and the platform’s solvency, typically on offshore, on-chain infrastructure outside traditional investor protections. In halts, delistings, corporate actions, or oracle failures, the differences from equity ownership become decisive.

Who offers these products, and can US users trade them? On-chain derivatives venues, with Hyperliquid, at roughly 70% of decentralized perpetuals volume and about $1.3 billion in annualized fees, as the category leader through its builder-deployed markets. US platforms do not list equity perps because of their unresolved legal status, and offshore venues restrict US persons formally; practical access, as with every offshore derivatives generation, varies with enforcement of the perimeter.

How do funding rates work, and why do traders watch them? Whichever side of the contract is more crowded pays a periodic fee to the other, making deviation from the reference price costly and pulling the peg tight. The rate doubles as a sentiment gauge: expensive long funding signals crowded bullishness and squeeze risk, and because it prints continuously, it offers positioning information about a stock even while the listed market sleeps.

Where do equity perps sit legally? In a void. They are synthetic exposure to securities offered without securities, on infrastructure the SEC does not reach, in a derivative form the CFTC’s commodity jurisdiction does not clearly cover, and the CLARITY-era framework allocating digital assets between the agencies does not address them. That placement question, unresolved and growing with the product’s volumes, is the category’s defining regulatory story.

Should traders use them? That is an individual decision this article does not make. The honest framing: equity perps are powerful instruments whose advantages, hours, access, symmetric shorting, and leverage are real, and whose risks, oracle dependence, venue solvency, funding costs, legal ambiguity, and the absence of every traditional investor protection, are equally real and mostly unpriced until stress arrives. Position sizes that assume the venue is a brokerage misunderstand the instrument. This is educational analysis, not investment advice.

Disclaimer: This article is for information and educational purposes only and does not constitute financial or investment advice. Derivatives trading with leverage carries substantial risk of loss; products described may be unavailable or restricted in your jurisdiction, and figures reflect data available at the time of writing. Nothing here is a recommendation to trade any instrument. Always do your own research. Information is accurate as of July 24, 2026.

Hyperliquid [HYPE] has extended its losses to 22% from the July peak of $73, effectively breaking a key trendline as analysts turn defensive. According to renowned crypto analyst Michael Van de Poppe, it was time to be “passive” on the altcoin.

$HYPE has lost the uptrend unfortunately, which means that I’m going to be more passive on a potential trade. Last time this occurred, price fell from €50 to €15.

Source: Michael Popple/X In other words, Poppe preferred more of a slow scaling if the pullback extends. Think of it as a daily average cost (DCA-ing) strategy where one allocates small amounts periodically to the altcoin. 

Another analyst and trader, Dylan Loomer, popularly known as Trader Mayne on X, echoed a similar stance and projected a potential 38% pullback to the monthly demand zone near $35.

No idea if we get down to the monthly demand zone, but if we do, I think buying HYPE as low as you possibly can is a good idea. $35 would be a gift, but I’ll start scaling in earlier than that.

In the first half of 2026, HYPE outperformed the market and became traders’ darling, partly fueled by the early West Asia crisis. So, what happened to its bullish catalysts in H2 2026?  

3 factors driving HYPE selling pressure First, the institutional demand from U.S Spot HYPE that fueled the explosive rally to a new all-time high in June has faded in July.

Since mid-July, the products have remained negative for the longest time since their debut. They’ve been bleeding an average of $1M per day (~20K HYPE) since the 10th of July. 

Source: Glassnode Venture firms like a16z and Multicoin Capital (who unstaked a $120M HYPE this week) further intensified institutional sell-offs. 

Are weaker buybacks hurting HYPE? Besides, trading activity has slowed down since June, cutting revenue by 3x from a weekly average of $21M to $7M. Subsequently, this has impacted the pace of HYPE buybacks by 3x, from 318K HYPE in early June to 108K tokens in late July. 

This was about 20K HYPE on a daily average, meaning the buyback program should be enough to absorb the ETF sell pressure. 

Source: Hyperscreener  It’s likely that HYPE is currently reacting to the Multicoin Capital sell-off headline story and broader market sentiment.

In fact, smart money’s net positioning was negative, with over $150M betting against its recovery. 

Source: Hyperindex Overall, traders are actively shorting the Hyperliquid [HYPE] amid declining buybacks and ETF and VC firms’ sell-off. But some analysts believe deeper corrections could offer new discounted buying opportunities. 

Final Summary HYPE has dropped 22% from $73 to $57 as analysts warn that the pullback could deepen  U.S spot HYPE ETF sell-offs have hit $1M in weekly average, while buybacks decreased by 3x, further weighing on the altcoin’s value.   

Kripto para piyasasında haftalık görünüm pozitif seyrini korurken, analistler Ethereum (ETH), XRP, Cardano (ADA), Binance Coin (BNB) ve Hyperliquid (HYPE) gibi altcoinler için önemli destek ve direnç seviyelerine dikkat çekti. Değerlendirmeye göre Ethereum ve Cardano toparlanma sinyalleri verirken, XRP yatay seyrini sürdürüyor. BNB zayıf görünümünü korurken HYPE için ise düzeltme riski öne çıkıyor.

Ethereum 2.000 dolar direncine yaklaştı Ethereum son bir haftada yaklaşık %3 yükseldi. Haziran sonundan bu yana alıcıların güç kazanmasıyla başlayan toparlanma hareketi, 1.500 dolar desteğinin korunmasının ardından hız kazandı.

Analistler, şimdi gözlerin 2.000 dolar seviyesine çevrildiğini belirtiyor. Bu seviyenin güçlü bir psikolojik direnç oluşturabileceği ve kısa vadede satış baskısını artırabileceği ifade ediliyor.

Buna karşın Ethereum’un uzun vadeli düşüş trendinden tamamen çıkabilmesi için 2.000 doların destek seviyesine dönüşmesi gerektiği vurgulanıyor.

XRP 1,20 dolar direncini aşmakta zorlanıyor XRP de haftayı yaklaşık %3 yükselişle tamamladı. Fiyatın 1 dolar desteğinin üzerinde kalması olumlu değerlendirilirken, 1,20 dolar seviyesindeki direncin henüz aşılamaması dikkat çekiyor.

Analistler, işlem hacmindeki kademeli düşüş nedeniyle XRP’nin güçlü bir kırılım gerçekleştirecek momentuma sahip olmadığını düşünüyor. Şubat ayındaki sert düşüşün ardından yatırımcı ilgisinin tam olarak geri dönmediği belirtiliyor.

Yine de fiyatın 1 dolar üzerinde kalmayı sürdürmesi, satış baskısının sınırlı kaldığını gösteren önemli bir gelişme olarak değerlendiriliyor.

Cardano yükseliş sinyali veriyor Cardano haftalık bazda yaklaşık %6 değer kazanarak incelenen altcoinler arasında en güçlü performansı gösterdi.

Analistler, fiyat grafiğinde oluşan omuz-baş-omuz dönüş formasyonunun ardından 0,15 dolar desteğinin korunmasını olumlu görüyor. Ancak kalıcı bir trend değişiminin teyit edilmesi için daha yüksek dipler ve daha yüksek zirveler oluşması gerektiği belirtiliyor.

Bu senaryoda 0,25 dolar seviyesinin aşılması kritik önem taşıyor. Ayrıca haftalık MACD göstergesinin yükseliş sinyali üretmesi, satıcıların güç kaybedebileceğine işaret ediyor.

BNB zayıf görünümünü sürdürüyor Binance Coin son bir haftada kayda değer bir yükseliş gösteremedi. Analistlere göre 580 dolar direnci aşılmadığı sürece fiyatın yatay hareketini sürdürmesi veya daha düşük seviyeleri test etmesi olası görünüyor.

Azalan işlem hacmi ve volatilite de alıcıların piyasaya yeterince güçlü dönmediğini gösteriyor. Değerlendirmede, Avrupa Birliği’ndeki son düzenlemelerin de BNB üzerindeki talebi sınırlayan faktörlerden biri olabileceği ifade edildi.

Bu nedenle analistler, olası geri çekilmelerde 500 dolar seviyesini önemli destek olarak izliyor.

HYPE için düzeltme uyarısı Hyperliquid (HYPE) ise haftayı yatay tamamlasa da son bir ayda yaklaşık %5 değer kaybetti. Analistler, fiyatın 60 doların altında kalmasının satış baskısını artırabileceğini belirtiyor.

60 dolar seviyesinin altında kalıcılık sağlanması durumunda daha geniş çaplı bir düzeltmenin başlayabileceği ifade edilirken, 56 ve 52 dolar seviyeleri önemli destek noktaları olarak öne çıkıyor.

Önümüzdeki günlerde altcoin piyasasının yönü, Bitcoin’in fiyat hareketi ve kritik direnç seviyelerinin aşılıp aşılamayacağına bağlı olacak.

Bu içerik genel piyasa verilerine dayanır ve yatırım tavsiyesi değildir. Kendi araştırmanızı yapmanızı öneririz.

Son Dakika kripto para haberleri için hemen tıkla.

Konu ile ilgili yorumlarınızı bize yazabilirsiniz. Ayrıca, bu tarz bilgilendirici içeriklerin devamının gelmesini isterseniz, bizleri Telegram, Youtube ve Twitter kanallarımızdan takip edebilirsiniz.

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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Citrini’s Perspective: Recent negative rumors surrounding NAND have been overblown. SanDisk’s low-priced long-term agreement (LTA) is a strategic choice rather than a sign of weak demand, and the firm maintains a bullish outlook on the storage sector.

Citrini analyst Jukan has responded to recent bearish NAND notes and negative rumors about QLC price negotiations circulating in the market. Accepting a price lower than the initial offer when SanDisk signed a long-term agreement (LTA) with Meta is not surprising. As the most active NAND vendor in pursuing LTAs, SanDisk plans to allocate over 50% of its total shipments to such deals. Based on this strategy, it is naturally willing to accept LTA prices lower than current quarterly contract rates, so one cannot infer that "SanDisk cannot seamlessly resell all orders to higher-bidding North American clients." Regarding the rumor that Chinese module manufacturers were rejected when promoting eSSDs to domestic cloud service providers (CSPs), Jukan explained that Chinese CSPs have direct procurement channels from Yangtze Memory Technologies (YMTC) rather than insufficient demand. As for the claim that hyperscale cloud vendors are pressuring down QLC eSSD prices leading to unsold volumes, he noted that new cloud vendors have enough demand to absorb these volumes. Jukan concluded that negative headlines tend to be amplified when storage stocks underperform, but the sector’s fundamentals have not seen substantial deterioration. He reaffirmed his "bullish stance on storage." Earlier, Jukan had stated that DRAM contract prices still have around 40% upside potential by the end of 2027, and HBM supply remains tight. This clarification on the NAND segment further solidifies his bullish outlook for the entire storage space.

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Layer1 project Vanar will begin migrating its infrastructure to Base next Tuesday.

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Citrini’s Perspective: Recent negative rumors surrounding NAND have been overblown. SanDisk’s low-priced long-term agreement (LTA) is a strategic choice rather than a sign of weak demand, and the firm maintains a bullish outlook on the storage sector.

Citrini analyst Jukan has responded to recent bearish NAND notes and negative rumors about QLC price negotiations circulating in the market. Accepting a price lower than the initial offer when SanDisk signed a long-term agreement (LTA) with Meta is not surprising. As the most active NAND vendor in pursuing LTAs, SanDisk plans to allocate over 50% of its total shipments to such deals. Based on this strategy, it is naturally willing to accept LTA prices lower than current quarterly contract rates, so one cannot infer that "SanDisk cannot seamlessly resell all orders to higher-bidding North American clients." Regarding the rumor that Chinese module manufacturers were rejected when promoting eSSDs to domestic cloud service providers (CSPs), Jukan explained that Chinese CSPs have direct procurement channels from Yangtze Memory Technologies (YMTC) rather than insufficient demand. As for the claim that hyperscale cloud vendors are pressuring down QLC eSSD prices leading to unsold volumes, he noted that new cloud vendors have enough demand to absorb these volumes. Jukan concluded that negative headlines tend to be amplified when storage stocks underperform, but the sector’s fundamentals have not seen substantial deterioration. He reaffirmed his "bullish stance on storage." Earlier, Jukan had stated that DRAM contract prices still have around 40% upside potential by the end of 2027, and HBM supply remains tight. This clarification on the NAND segment further solidifies his bullish outlook for the entire storage space.

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The latest draft of the CLARITY Act includes an incentive clause for white hat hackers, proposing to offer rewards to individuals who identify security vulnerabilities.

The latest draft of the U.S. Senate’s Cryptocurrency Market Structure Act (the CLARITY Act) includes provisions encouraging white hat hackers to responsibly disclose cybersecurity vulnerabilities, proposing to authorize rewards for individuals who identify and report such flaws to bolster protection for digital asset infrastructure before they are maliciously exploited. The provision incorporates the views of former CFTC Chairman J. Christopher Giancarlo, a long-time advocate for digital asset innovation.

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US tech giants have cut nearly 140,000 jobs this year, with the four leading players' AI capital expenditure totaling $725 billion.

According to statistics from the Financial Times in partnership with Challenger, Gray & Christmas, U.S. tech industry layoffs since 2026 have accounted for more than one-third of all announced layoffs nationwide. Amazon, Oracle, Meta and Microsoft alone have cut nearly 50,000 jobs, roughly 6% of their total workforce. In sharp contrast, Amazon, Alphabet, Meta and Microsoft are projected to invest a combined $725 billion in AI infrastructure such as data centers this year. After laying off staff in March, Oracle’s total headcount dropped by 21,000 for the full year; this month, S&P downgraded its credit rating, citing weak cash flow and uncertain AI returns. Microsoft cut 4,800 jobs this month, mainly in its Xbox gaming division, essentially a full reset of its $75 billion acquisition of Activision Blizzard three years ago. The narrative that "AI causes layoffs" is met with skepticism in academic circles. Enrico Moretti, an economics professor at the University of California, Berkeley, notes that AI-related layoffs are more of an excuse for management to correct over-hiring during the pandemic. "Claiming AI-driven efficiency gains is easier than admitting to over-hiring back then," he said. Market pricing also contradicts this narrative: within 30 trading days of announcing layoffs, companies that attributed cuts to AI saw their stock prices underperform the Nasdaq by nearly 10%, while companies laying off for other reasons lagged by only around 4%. Amazon and Microsoft have explicitly stated that AI adoption is not a decisive factor in their layoffs. In contrast to the tech giants’ non-core business contractions, AI-native startups like Anthropic and OpenAI are still rapidly expanding their workforce, driving fast growth in AI sector employment. "What is being cut is merely all other non-core business segments."

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