Bitcoin is showing signs of recovery, but this time, it is not a speculative bubble. Hyperliquid and Robinhood are accelerating the convergence between traditional finance and crypto, and BTC is the first beneficiary, according to Bitwise. A revolution is underway…
In brief Bitcoin benefits from the convergence between crypto and traditional finance, driven by players like Hyperliquid and Robinhood. Hyperliquid and Robinhood boost the market with innovations (perpetual derivatives, tokenized stocks 24/7). Opportunities and risks: Bitcoin becomes an institutional asset, but volatility and regulatory challenges persist. The winning Trio of the Upcoming Bull Run is Bitcoin, Hyperliquid, and Robinhood Bitcoin is back, and this time, it is not alone. According to Matt Hougan from Bitwise, the next bull market will be driven by the massive integration of crypto into traditional finance, with BTC at the forefront. But two key players will play a decisive role: Hyperliquid and Robinhood.
Hyperliquid, with its perpetual derivatives market, has extended its influence to traditional assets (oil, S&P 500), while maintaining strong demand for bitcoin. Its token, HYPE, jumped 146% in 2026, thanks to a model where 99% of revenues are used to buy back and burn tokens, reducing supply and supporting the price. A dynamic that indirectly benefits Bitcoin, as it strengthens the credibility of crypto assets.
Meanwhile, Robinhood launched its own blockchain (Layer 2) on July 1, 2026, enabling 24/7 trading of tokenized stocks in 120 countries. Within two weeks, $300 million was deposited. An adoption that legitimizes bitcoin as a central asset in this new financial era. In short, bitcoin is the symbol of this convergence, and Hyperliquid and Robinhood are its catalysts.
Is Bitcoin the Gauge of an Impending Revolution? While Hyperliquid and Robinhood embody innovation, bitcoin remains the market barometer. Since July 2026, its price has risen 9%, despite the Nasdaq-100 falling 6%. Moreover, Bitcoin ETF flows have turned positive again, and apparent demand follows an upward trend.
Apparent demand for Bitcoin. However, bitcoin is no longer just a store of value. It is becoming an institutional asset, adopted by major managers and recognized by regulators… But volatility persists. Bitcoin is therefore at the heart of this mutation, where crypto moves from a niche market to a pillar of global finance. But beware. Although the convergence with traditional finance is an opportunity, it also exposes BTC to new systemic risks.
Bitcoin, Hyperliquid, and Robinhood are redefining finance according to Bitwise. A historic opportunity looms, but the challenges are immense. And you, do you think that besides BTC, another crypto asset can become the safe haven of this new era?
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Eddy S.
The world is evolving and adaptation is the best weapon to survive in this undulating universe. Originally a crypto community manager, I am interested in anything that is directly or indirectly related to blockchain and its derivatives. To share my experience and promote a field that I am passionate about, nothing is better than writing informative and relaxed articles.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
Matt Hougan, Chief Investment Officer at Bitwise, has shifted focus toward specific investment categories poised to capitalize on the anticipated next wave of cryptocurrency growth. With signs of market stabilization emerging—such as Bitcoin’s recent gains amid broader equity weakness and renewed ETF inflows—Hougan urges investors to look beyond traditional narratives and target areas where blockchain technology is merging with traditional finance.
Hougan outlines two primary pathways for the upcoming cycle. The first, often referred to as the “Hyperliquid approach,” centers on decentralized financial applications that deliver substantial real-world revenues and feature token models tightly aligned with platform performance.
These projects stand out by expanding derivatives trading into traditional asset classes, including commodities, equity indices, and pre-IPO shares, while operating around the clock with near-instant settlement.
Hyperliquid exemplifies this model.
The platform recently crossed $1 billion in cumulative revenue and projects roughly $800 million for the current year.
Notably, nearly all of its fee income—about 99%—funds open-market repurchases of its native token, creating a direct mechanism that rewards holders as activity grows.
This structure contrasts sharply with earlier decentralized apps that prioritized user acquisition over sustainable value accrual.
Hougan anticipates similar mechanics becoming more widespread, positioning such protocols as leaders in the fusion of on-chain efficiency and institutional-grade trading tools like stablecoins, asset tokenization, and DeFi for professional users.
The second pathway, dubbed the “Robinhood model,” highlights established financial firms aggressively integrating blockchain infrastructure into their core operations rather than pursuing limited experiments.
These companies leverage their user bases and regulatory familiarity to scale tokenized assets and decentralized services.
Robinhood’s recent rollout of its dedicated Layer 2 blockchain serves as a prime illustration.
Launched on July 1, the chain quickly amassed over $300 million in deposits and handled millions of daily transactions within its first couple of weeks.
By enabling features such as tokenized stocks and perpetual markets, it demonstrates how traditional brokers can bridge retail investors with blockchain capabilities, fostering 24/7 access and reducing friction in settlement processes.
Hougan notes that entities committing at this scale gain invaluable operational insights as markets evolve, outpacing cautious peers stuck in proof-of-concept phases.
This dual emphasis reflects broader expectations for the crypto sector’s maturation.
As on-chain and legacy finance converge, drivers like continuous trading, tokenized real-world assets, and institutional DeFi could fuel outsized returns.
While market recovery remains tentative, improving sentiment suggests preparation for leadership from these innovative hybrids.
Hougan’s outlook underscores a shift from hype-driven cycles to those grounded in tangible utility and revenue generation. Investors may benefit from monitoring projects and firms embodying these traits, as they could define the contours of the next significant expansion phase in digital assets.
A large Ethereum short on Hyperliquid is giving the market another glimpse of how serious capital is starting to use decentralized derivatives venues, not just centralized exchanges and OTC desks.
The position, tracked through the Hyperliquid explorer at wallet address `0x7fdafde5cfb5465924316eced2d3715494c517d1`, is sized at roughly $67 million against ETH. The wallet is labelled on-chain as “BobbyBigSize” and has been linked to quantitative institutional asset manager Fasanara Capital.
That sounds dramatic, and in some ways it is, but the important point is not simply that a large trader is short ETH. Large funds short assets all the time, and a short position does not automatically mean a trader is bearish in a simple, headline-friendly way.
The more interesting part is where the trade is happening.
Hyperliquid has become one of the most closely watched decentralized perpetuals exchanges in the market, and a position of this scale shows that on-chain derivatives venues are no longer only playgrounds for retail traders chasing leverage. They are becoming deep enough, and visible enough, for institutional-style positioning to show up in public.
TL;DR A Hyperliquid wallet linked to institutional trading activity is carrying a roughly $67 million ETH short. The position is visible through Hyperliquid’s on-chain explorer. The trade should not be read as simple ETH doom, because institutional shorts can be part of hedged or market-neutral strategies. A Big ETH Short Does Not Always Mean A Bearish Bet The instinctive read is obvious: large ETH short equals bearish Ethereum signal.
But that is too simple.
An institutional trader can short ETH for many reasons. It may be a directional bet, but it may also be a hedge against spot holdings, an offset against options exposure, part of a basis trade, or one leg of a broader market-neutral strategy. Funds that run quantitative books often care less about “ETH up or down” and more about relative pricing, funding rates, liquidity, volatility, and the relationship between spot and perpetual markets.
That is why this position needs to be handled carefully.
A $67 million short is large enough to watch, but it does not tell us the full book. We do not know, just from the short alone, whether the trader has long ETH somewhere else, whether they are hedging collateral, or whether they are running a spread trade across venues.
That is the difference between on-chain transparency and complete transparency. The position is visible, but the entire strategy is not.
Hyperliquid Is Becoming Harder To Ignore The venue is almost as important as the trade.
Hyperliquid has grown quickly because it offers a trading experience that feels closer to a high-performance centralized exchange than many earlier DeFi derivatives platforms. Fast execution, deepening liquidity, and a familiar perpetuals interface have helped it attract traders who may not normally spend much time on-chain.
That creates a different kind of market.
In earlier DeFi cycles, large traders often used decentralized venues for yield, liquidity mining, or niche token access, while serious derivatives flow remained mostly centralized. Hyperliquid has challenged that split. If large, professional traders can execute meaningful size on-chain, decentralized exchanges start to compete for a more valuable part of the market.
And because positions are visible, the market gets a new kind of signal.
Centralized exchange positioning is often inferred through funding rates, open interest, liquidation data, and exchange-reported metrics. On-chain perpetuals can expose wallet-level behavior more directly, although attribution still needs caution.
That visibility can make big trades feel more dramatic, but it also gives analysts more to work with.
ETH Traders Will Watch Funding And Liquidation Levels The short itself may become a reference point for ETH traders.
When a large position is visible, market participants often begin watching potential liquidation levels, funding changes, and whether the trader adds or reduces exposure. That can create its own feedback loop, especially if the position becomes part of the social trading conversation.
Still, it would be a mistake to assume the market can simply “hunt” a large institutional short.
Professional traders usually manage collateral, hedges, and risk carefully. If this position is part of a broader strategy, the visible short may only be one side of the trade. Trying to read it as a single vulnerable bet could lead to bad conclusions.
What matters more is that Ethereum derivatives activity is increasingly moving into venues where the market can observe it in real time.
That is a structural shift.
On-Chain Derivatives Are Growing Up Crypto has spent years arguing that finance will move on-chain, but derivatives have always been one of the hardest areas to migrate.
They require deep liquidity, strong risk engines, fast matching, reliable oracles, collateral management, and trader confidence. A venue can be decentralized in branding, but if it cannot handle size, serious traders will not use it.
Hyperliquid’s growth suggests that gap is narrowing.
The $67 million ETH short does not prove decentralized perpetuals have won, and it certainly does not prove Ethereum is about to fall. But it does show that institutional-style trades can now appear on-chain in a way that would have looked unlikely a few years ago.
That is the larger story.
The market is not just watching ETH price. It is watching where ETH risk is being traded.
If more large funds become comfortable using on-chain derivatives venues, the structure of crypto trading could keep shifting away from centralized exchanges alone and toward a more open, visible, and wallet-level market.
That may be uncomfortable at times, especially when large positions become public. But it is also exactly what on-chain finance was supposed to make possible.
This article is based on Hyperliquid explorer data for the relevant Ethereum short position.
This article was written by the News Desk and edited by Samuel Rae.
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Key Takeaways The HYPE token experienced a 7% decline within 24 hours and has fallen 15% across the last week, hovering near $58. Investment firm Multicoin Capital withdrew 1.96 million HYPE tokens (approximately $120M) from staking through three separate wallets, weeks after releasing an optimistic $319 price forecast. Selini Capital followed suit by unstaking around 504,000 HYPE tokens (~$31M), contributing to market uncertainty. Spot HYPE exchange-traded funds experienced multiple days of net withdrawals throughout July, including a peak single-day outflow of 90,580 HYPE on July 17. Technical analysis suggests a breach of the $54–$55 support range could drive HYPE down to $48, whereas maintaining this level may enable a bounce to $63–$67. The Hyperliquid (HYPE) token has encountered significant downward pressure throughout the current week, declining from a recent peak of $70 to approximately $58. The cryptocurrency has shed around 15% of its value during the past week, including a sharp 7% decrease over the most recent 24-hour period.
Hyperliquid (HYPE) Price Notwithstanding this recent pullback, HYPE maintains an impressive 129% gain year-to-date for 2026, positioning it among the top-performing digital assets of the year.
The current price decline appears connected to several substantial unstaking transactions executed by well-known cryptocurrency venture capital entities. Blockchain analytics platform Lookonchain identified that Multicoin Capital moved nearly 400,000 HYPE tokens to Coinbase Prime while simultaneously initiating an unstaking request for another 212,000 tokens.
Additional blockchain intelligence reveals that Multicoin withdrew a combined 1.96 million HYPE from staking positions across three different wallets, representing roughly $120 million in value. These holdings had remained locked in staking for close to two months prior to their withdrawal.
The sequence of events sparked discussion within cryptocurrency circles. Approximately one month before initiating the unstaking process, Multicoin released an extensive research report expressing strong confidence in HYPE with a projected long-term valuation of $319. Blockchain records indicate Multicoin initially acquired HYPE tokens at approximately $30 each, suggesting a complete liquidation at present market rates would generate around $18.5 million in total gains.
Selini Capital Also Withdraws Significant Stake Investment firm Selini Capital similarly unstaked roughly 504,000 HYPE tokens, representing approximately $31 million in market value. Combined, these two institutional players have withdrawn more than $150 million worth of staked HYPE tokens from the network.
While unstaking tokens doesn’t necessarily indicate immediate liquidation plans, it does enable unrestricted token movement. Transferring assets to centralized exchanges such as Coinbase is commonly interpreted as preparatory action for potential selling.
Cryptocurrency research account Coin Bureau highlighted on X that Hyperliquid’s open interest reached a fresh 2026 peak of $11.5 billion — representing the highest recorded level since the notable “10/10 crash” event. This data indicates robust trading activity persists despite declining spot market prices.
Institutional Demand Weakens Through ETF Withdrawals Traditional institutional participation has shown signs of cooling. Spot HYPE ETFs registered a combined net withdrawal of 11,210 HYPE on July 21. The most significant single-day withdrawal during July occurred on the 17th, when institutional investors removed 90,580 HYPE tokens from fund holdings.
From a chart perspective, HYPE has broken beneath the support boundary of a symmetrical triangle formation that had contained price action for multiple weeks. The Relative Strength Index has declined to 40, while the Chaikin Money Flow indicator has shifted into negative territory, both signaling diminishing bullish momentum.
Source: TradingView Critical support is established within the $54 to $55 range. Should buyers successfully protect this zone, market analysts anticipate a potential rebound toward $63, followed by resistance at $67–$70. Conversely, a confirmed close beneath this support area could trigger further downside movement toward $48.
Current market data shows HYPE trading at $58, with market participants closely monitoring the $54–$55 support threshold through upcoming sessions.
The Hyperliquid (HYPE) token saw a notable decline this week, dropping from a recent high of $70 to around $58. Over the past seven days, HYPE has fallen by 15%, including a 7% decrease within the last 24 hours, prompting concerns about growing selling pressure among investors.
Major withdrawals by Multicoin CapitalA sequence of large-scale unstaking transactions by prominent investment firms has contributed to this downturn. Lookonchain, a blockchain analytics provider, reported that Multicoin Capital transferred nearly 400,000 HYPE tokens to Coinbase Prime, along with an additional 212,000 tokens requested for unstaking. In total, Multicoin moved approximately 1.96 million HYPE tokens—valued at about $120 million—across three different wallets after keeping these funds staked for nearly two months.
Multicoin Capital, a venture capital firm specializing in cryptocurrency and blockchain investments, had bought these tokens at around $30 each. Their recent moves came only weeks after the company published a bullish research report predicting a long-term HYPE price target of $319.
Multicoin Capital had initially acquired significant HYPE holdings at about $30 apiece and, should it exit now, could realize total profits of roughly $18.5 million, based on current market rates.
Approximately a month before these withdrawals, Multicoin Capital released a report outlining its positive outlook on HYPE, reinforcing the impact of its recent actions on market sentiment.
Mini dictionary: Multicoin Capital is a crypto-focused venture capital firm. It manages funds and invests in early-stage blockchain projects, with a significant presence in the decentralized finance and web3 sectors.
Selini Capital joins large-scale unstakingSelini Capital, another significant player in digital asset investments, also removed its stake, pulling out approximately 504,000 HYPE tokens worth around $31 million. Whether these tokens will be sold or simply repositioned remains uncertain, but such moves often indicate a strategic shift or preparation for potential selling.
Combined withdrawals from Multicoin and Selini Capital exceed $150 million in HYPE tokens and have fueled speculation within the wider crypto market about possible further downside.
Transferring recently unstaked tokens to centralized exchanges like Coinbase typically signals the potential for near-term selling, particularly when large investment firms are involved.
Alongside these developments, Coin Bureau, an independent cryptocurrency research resource, noted that Hyperliquid’s open interest set a new 2026 high at $11.5 billion—its highest since last year’s “10/10 crash”—reflecting vigorous derivatives trading activity even as spot prices soften.
Mini dictionary: Selini Capital is a digital assets investment firm that participates in trading, staking, and early-stage funding of blockchain projects, focusing on institutional strategies.
ETF outflows and technical outlookInstitutional sentiment toward HYPE has shifted, as spot HYPE ETFs recorded consistent outflows throughout July. On July 21, net withdrawals amounted to 11,210 tokens, while July 17 registered the highest single-day exit this month with 90,580 tokens redeemed from funds.
DateHYPE ETF Net WithdrawalJuly 1790,580 tokensJuly 2111,210 tokensTechnical analysis shows that HYPE has broken below the support range formed by a symmetrical triangle pattern. The Relative Strength Index, now at 40, and a negative Chaikin Money Flow highlight fading bullish momentum and investor caution.
A key support area has formed between $54 and $55. Analysts believe that defending this level could allow prices to rebound toward $63 and potentially challenge resistances up to $70. However, losing this support would expose HYPE to the risk of sliding toward $48.
At present, HYPE is trading around $58, with traders closely observing its performance near the $54–$55 technical threshold in the upcoming sessions.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Bitcoin and the broader cryptocurrency market continue to feel the effects of the extensive liquidation cascade that occurred on October 10 last year. Market capitalization across the sector remains approximately 45% lower compared to the period leading up to that event. Amid this backdrop, decentralized derivatives platform Hyperliquid has seen its native token, HYPE, surge by about 34% during the same timeframe, exceeding the broader market’s performance. Hyperliquid’s total open interest recently reached $11.51 billion, marking its highest level this year since the October crash when Bitcoin was trading near $100,000.
Hyperliquid’s growth diverges from the marketAs Bitcoin trades around $65,000, new data from Coinglass indicates that aggregate open interest in crypto futures markets stands at $116.66 billion. This figure reflects a decrease of 47% from the October 10 benchmark. Despite the market’s ongoing recovery, Hyperliquid’s metrics show strong growth, suggesting the platform is carving out a larger role in a challenging environment for digital assets.
Hyperliquid operates as a decentralized perpetuals exchange, allowing users to trade derivative contracts without central intermediaries. Its recent performance contrasts with the more modest rebound observed among leading centralized exchanges (CEXs), highlighting a shift in trader activity toward decentralized alternatives.
Date/PeriodTotal Crypto Open InterestHyperliquid Open InterestBitcoin PriceOctober 2025 (pre-crash)$220.12 billion$15 billion~$100,000Current$116.66 billion$11.51 billion~$65,000RWA perpetuals surpass Bitcoin trading on HyperliquidReal-world asset (RWA) perpetual contracts have emerged as the primary driver of increasing open interest on Hyperliquid. Daily open interest in RWA perps currently stands at $3.61 billion, achieved through the HIP-3 protocol introduced on October 13, 2025. HIP-3 allows users to stake 500,000 HYPE and launch a new perpetual market without direct approval from Hyperliquid’s core team.
With $3.61 billion in open interest, RWA perpetuals now represent the largest segment on Hyperliquid, overtaking Bitcoin, HYPE, and major layer-1 token markets. Daily trading volumes on HIP-3 products now account for half of total perpetual trading volume on the platform, compared to just 3% at the beginning of the year when core perpetuals made up 97% of activity.
Mini dictionary: Real-world asset (RWA) perpetuals are derivative contracts that enable continuous trading of assets linked to real-world items such as equities, commodities, or bonds on blockchain-based platforms. The HIP-3 framework allows for decentralized market deployment without centralized oversight, expanding the variety and accessibility of RWA-based derivatives.
Daily HIP-3 volumes now hold a 50% share of Hyperliquid’s total perpetual trading, while core perpetuals have seen their dominance drop from 97% to 50% within a few months.
Hyperliquid’s share of global perpetual open interest among major exchanges has risen to 9.5%, a new peak according to Hypeflows data. This is an increase from 6.9% recorded in late May. Despite this, Hyperliquid’s own open interest remains about 23% below its October 2025 high of nearly $15 billion. Meanwhile, competitors such as Binance, Bybit, and Gate.io have seen more pronounced declines due to post-crash deleveraging. Analysts interpret Hyperliquid’s rising market share as a result of weathering the downturn more successfully than its peers, rather than drawing substantial trader migration from these platforms.
ExchangeOpen Interest, CurrentChange Since Oct 2025Hyperliquid$11.51 billion-23%Binance(not specified)Larger contractionBybit(not specified)Larger contractionGate.io(not specified)Larger contractionHyperliquid’s all-time high market share has been attributed to shrinking less sharply than major centralized exchanges during market turbulence.
Concentration of open interest and CEX competitionThe majority of HIP-3 open interest—over 90%—is concentrated in TradeXYZ, a protocol launched by Hyperunit, Hyperliquid’s tokenization arm. HIP-3 market operations are conducted outside Hyperliquid’s core liquidity pool, meaning responsibilities such as data oracles, margin rules, and liquidity are managed by the venue operator. This setup has resulted in a single venue supporting roughly a third of Hyperliquid’s overall open interest.
Centralized exchanges are monitoring the trend. Binance responded by launching pre-IPO perpetual contracts featuring a SpaceX market on May 21, followed by seven US equity and ETF perpetuals offering up to 25x leverage as of July 9. The availability of RWA-based products with CEX-scale liquidity marks a shift that may alter the competitive landscape for Hyperliquid and DeFi derivatives markets.
Mini dictionary: TradeXYZ is a DeFi protocol built by Hyperunit, the tokenization arm of Hyperliquid, specializing in deploying and managing on-chain perpetual derivatives markets. The project enables decentralized trading of novel assets and was responsible for most HIP-3 open interest following the rollout of RWA markets.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Bitwise’s chief investment officer thinks the next crypto bull run won’t be sparked by meme coins or speculative mania. It’ll be driven by something far less exciting on paper: real businesses generating real revenue, both onchain and off.
Matt Hougan singled out Hyperliquid and Robinhood as the two entities best positioned to bridge decentralized finance and traditional markets, arguing their convergence should lift flagship assets like Bitcoin and Ether along the way.
The Hyperliquid thesis Hyperliquid has quietly become one of the most compelling stories in DeFi. The onchain perpetuals exchange has carved out a dominant position in decentralized derivatives trading, but what makes it interesting to institutional investors isn’t just volume. It’s the tokenomics.
The protocol directs 99% of its revenue toward buybacks and burns of its native HYPE token. In English: almost every dollar the platform earns goes directly toward reducing token supply, which is about as shareholder-friendly as crypto gets.
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Hougan specifically referenced what he called the “Hyperliquid Lane” as a particularly promising investment corridor. And Bitwise is putting its money where its CIO’s mouth is. The firm launched the Hyperliquid ETF, ticker BHYP, on May 15, offering direct HYPE exposure alongside staking rewards of 0.34%.
That ETF launch coincided with broader acceptance of crypto-native assets in traditional investment wrappers. Multiple HYPE ETFs have collectively raised nearly $150 million in assets, suggesting that the appetite for exposure to revenue-generating DeFi protocols extends well beyond crypto-native investors.
Robinhood’s blockchain pivot On the TradFi side, Robinhood has been making aggressive moves that go far beyond simply listing a few more tokens on its existing platform.
The company launched its Arbitrum-based Robinhood Chain on July 1, with the public mainnet achieving $450 million in total value locked and processing over 95 million transactions within just three weeks.
The chain offers tokenized stocks to customers in over 120 countries, effectively turning traditional equities into 24/7 tradeable onchain assets.
Hougan referred to this as the “Robinhood Lane,” a parallel investment thesis to Hyperliquid but approaching convergence from the opposite direction. Where Hyperliquid brings institutional-grade tokenomics to DeFi, Robinhood brings DeFi-grade accessibility to traditional finance.
HYPE is already listed on Robinhood’s platform alongside Bitcoin and other major cryptocurrencies, creating a direct connection between the two ecosystems Hougan is most bullish on.
Why this matters for Bitcoin and Ether Hougan’s thesis rests on several converging trends. Stablecoins continue to expand as payment rails. Tokenized assets are reaching mainstream distribution through platforms like Robinhood Chain. Trading is moving toward 24/7 availability with instant settlement. And ETF flows into crypto products are improving after a period of tepid institutional interest.
For investors, the signal from Bitwise is fairly clear. Its decision to launch a dedicated Hyperliquid ETF, combined with Hougan’s public endorsement of the Robinhood convergence thesis, suggests Bitwise sees this TradFi-DeFi merger as the defining theme of the next market cycle. The early numbers—$450 million in TVL for Robinhood Chain, $150 million in HYPE ETF assets—suggest the market is already buying in.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Fasanara Capital, an institutional asset manager overseeing roughly $5.7 billion in assets, is sitting on a sizable short position against Ethereum through the decentralized perpetuals platform Hyperliquid. The firm’s trading account, identified on-chain as BobbyBigSize, is part of a combined $108 million ETH short between Fasanara and fellow institutional player Abraxas Capital.
Both positions are currently underwater, with ETH trading around $1,920.
What the on-chain data shows Nansen’s on-chain tracking has linked BobbyBigSize’s activity directly to Fasanara Capital’s trading operations. The account has been consistently building high-leverage short positions across various crypto assets, with ETH being the primary target.
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Fasanara’s share of the combined short sits at approximately $67 million, while Abraxas Capital accounts for the remainder. Abraxas recently deposited $3 million USDC into Hyperliquid to expand its shorting exposure across both ETH and Bitcoin.
Fasanara Digital, the firm’s crypto-focused arm, launched in 2018 and has built a digital asset platform managing around $500 million. The firm is known for quantitative trading approaches, which suggests these shorts may be part of a broader, hedged strategy rather than a pure directional bet.
Abraxas Capital is known for delta-neutral and arbitrage strategies, meaning they typically try to profit from price discrepancies between venues rather than simply betting on direction. Their short position could be offset by long exposure elsewhere.
Why Hyperliquid matters here Hyperliquid is a decentralized perpetuals exchange with on-chain settlement, meaning every trade is visible and verifiable. That’s how analysts were able to track BobbyBigSize’s positions in the first place.
Previous notable ETH shorts on the platform have exceeded $100 million at leverage ratios as high as 23x.
What this means for ETH investors The fact that both positions are underwater adds a consequential dynamic. If ETH continues to hold above $1,920 or moves higher, the pressure to unwind these shorts could create a short squeeze dynamic, where forced buying to close losing short positions would push prices up further. Conversely, if ETH breaks below current support levels, the $108 million combined short becomes a meaningful overhang that could accelerate any downward move.
Traders should watch whether BobbyBigSize reduces or increases its position in the coming days. On-chain transparency means positions are visible in real time. If Fasanara starts closing its short, that signals the thesis may be shifting. If it adds more, the firm clearly sees further downside ahead despite the current losses.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Goldman Sachs CEO publicly supports the CLARITY Act, diverging from his banking peers on stablecoin yield provisions.
Goldman Sachs CEO David Solomon has explicitly voiced support for advancing the CLARITY Act in an interview, while acknowledging the legislation is not perfect. "Like all legislation, the CLARITY Act has many areas open to debate and discussion, but I think one of the most important things it does is create a level playing field to enhance market stability and enable these markets to develop properly. I strongly support advancing the CLARITY Act so that we can establish market structures and kickstart the innovation process." Solomon’s endorsement comes as Republican senators are discussing an updated version of the bill, with a possible full Senate vote next week, marking another step forward for the long-awaited crypto market structure legislation. His supportive stance stands in sharp contrast to fierce opposition from fellow banking executives including JPMorgan Chase CEO Jamie Dimon. Dimon said in May that the latest bill version "allows them to effectively pay interest on things like deposits and stablecoins without necessary protections," warning "banks will not accept this approach, and it will eventually blow up." JPMorgan also argued in a June blog post that companies offering products with functions similar to traditional bank accounts should be subject to equivalent regulation and consumer protection rules. The core of the controversy revolves around the stablecoin interest provisions.
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Tesla's losses widened to 12% in early trading, weighed down by negative free cash flow.
According to BIT (bit.com) market data, Tesla’s early-session losses widened to 12%, trading at $329.015 per share, with a total market capitalization of $1.24 trillion. This morning, Tesla released its second-quarter (Q2) financial results: revenue reached $28.24 billion, exceeding market expectations and rising 26% year-over-year, marking its first year-over-year revenue growth rate above 20% in three years. However, Q2 operating profit was only $398 million, far below the market consensus of $1.39 billion; adjusted earnings per share (EPS) came in at $0.33, down 18% year-over-year and also missing forecasts significantly. Notably, Tesla’s Q2 free cash flow stood at -$1.09 billion, its first quarterly negative figure since Q1 2024.
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Uniswap v4 Launches Permissioned Pools
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Abraxas Capital deposits 2,211 $BTC to Kraken and 30,825 $ETH to Binance
Abraxas Capital deposited 2,211 $BTC ($143.88M) into #Kraken and 30,825 $ETH ($59.19M) into #Binance over the past 8 hours.
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The US stock market's optical communication sector rose across the board, with Lumentum and AAOI gaining more than 7%.
According to market data from BIT (bit.com), the U.S. optical communication sector rallied across the board. Pure Photonics ETF FOTO and Corning advanced over 3%, Coherent and Ciena gained more than 4%, while Lumentum and AAOI jumped over 7%.
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LayerZero announced a partnership with Keeta, and will support cross-public-chain transfers of tokenized commercial bank deposits.
LayerZero announced a partnership with Keeta to support the transfer of tokenized commercial bank deposits across public blockchains including Keeta Network, Ethereum, Solana, and Base, providing institutional cross-chain settlement infrastructure. The two parties will combine LayerZero’s omnichain interoperability protocol with Keeta’s compliance infrastructure to enable institutions to conduct fund management and payment operations. The newly launched Keeta Stablecoins are backed by commercial bank deposits held by U.S.-licensed fintech platform Bivo. Unlike traditional stablecoins, they are pegged to actual commercial bank deposits and allow issuing institutions to retain control over contracts via LayerZero’s Omnichain Fungible Token (OFT) standard. Keeta Stablecoins will launch later this month, initially supporting the U.S. dollar, with plans to expand to additional fiat currencies including the euro, Japanese yen, Chinese yuan, British pound, Canadian dollar, Mexican peso, UAE dirham, and Hong Kong dollar.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Goldman Sachs CEO publicly supports the CLARITY Act, diverging from his banking peers on stablecoin yield provisions.
Goldman Sachs CEO David Solomon has explicitly voiced support for advancing the CLARITY Act in an interview, while acknowledging the legislation is not perfect. "Like all legislation, the CLARITY Act has many areas open to debate and discussion, but I think one of the most important things it does is create a level playing field to enhance market stability and enable these markets to develop properly. I strongly support advancing the CLARITY Act so that we can establish market structures and kickstart the innovation process." Solomon’s endorsement comes as Republican senators are discussing an updated version of the bill, with a possible full Senate vote next week, marking another step forward for the long-awaited crypto market structure legislation. His supportive stance stands in sharp contrast to fierce opposition from fellow banking executives including JPMorgan Chase CEO Jamie Dimon. Dimon said in May that the latest bill version "allows them to effectively pay interest on things like deposits and stablecoins without necessary protections," warning "banks will not accept this approach, and it will eventually blow up." JPMorgan also argued in a June blog post that companies offering products with functions similar to traditional bank accounts should be subject to equivalent regulation and consumer protection rules. The core of the controversy revolves around the stablecoin interest provisions.
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Tesla's losses widened to 12% in early trading, weighed down by negative free cash flow.
According to BIT (bit.com) market data, Tesla’s early-session losses widened to 12%, trading at $329.015 per share, with a total market capitalization of $1.24 trillion. This morning, Tesla released its second-quarter (Q2) financial results: revenue reached $28.24 billion, exceeding market expectations and rising 26% year-over-year, marking its first year-over-year revenue growth rate above 20% in three years. However, Q2 operating profit was only $398 million, far below the market consensus of $1.39 billion; adjusted earnings per share (EPS) came in at $0.33, down 18% year-over-year and also missing forecasts significantly. Notably, Tesla’s Q2 free cash flow stood at -$1.09 billion, its first quarterly negative figure since Q1 2024.
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Uniswap v4 Launches Permissioned Pools
Uniswap has rolled out Permissioned Pools, a new hook standard for Uniswap v4 that enables permissioned asset trading via automated market makers, with compliance enforced directly on-chain. The permissioned asset pools are built in collaboration with on-chain asset management teams, and its first batch of partners includes Superstate, Securitize, and Dowgo.
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Abraxas Capital deposits 2,211 $BTC to Kraken and 30,825 $ETH to Binance
Abraxas Capital deposited 2,211 $BTC ($143.88M) into #Kraken and 30,825 $ETH ($59.19M) into #Binance over the past 8 hours.
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The US stock market's optical communication sector rose across the board, with Lumentum and AAOI gaining more than 7%.
According to market data from BIT (bit.com), the U.S. optical communication sector rallied across the board. Pure Photonics ETF FOTO and Corning advanced over 3%, Coherent and Ciena gained more than 4%, while Lumentum and AAOI jumped over 7%.
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LayerZero announced a partnership with Keeta, and will support cross-public-chain transfers of tokenized commercial bank deposits.
LayerZero announced a partnership with Keeta to support the transfer of tokenized commercial bank deposits across public blockchains including Keeta Network, Ethereum, Solana, and Base, providing institutional cross-chain settlement infrastructure. The two parties will combine LayerZero’s omnichain interoperability protocol with Keeta’s compliance infrastructure to enable institutions to conduct fund management and payment operations. The newly launched Keeta Stablecoins are backed by commercial bank deposits held by U.S.-licensed fintech platform Bivo. Unlike traditional stablecoins, they are pegged to actual commercial bank deposits and allow issuing institutions to retain control over contracts via LayerZero’s Omnichain Fungible Token (OFT) standard. Keeta Stablecoins will launch later this month, initially supporting the U.S. dollar, with plans to expand to additional fiat currencies including the euro, Japanese yen, Chinese yuan, British pound, Canadian dollar, Mexican peso, UAE dirham, and Hong Kong dollar.
Ripple (XRP), Hyperliquid (HYPE) and Zcash (ZEC) are trading in the red on Thursday, facing headwinds near crucial support levels. The technical outlook for XRP, HYPE and ZEC is bearish in the near term, with risks of further declines as selling pressure builds.
Ripple remains capped below 50-day EMAXRP edges lower on Thursday, maintaining a corrective tone below the 50-day Exponential Moving Average (EMA) at $1.1458 and remains well below the 200-day EMA at $1.4425. The pair has bounced off recent lows, but upside attempts are still capped by this overhead moving-average structure.
Momentum is improving, with the Moving Average Convergence Divergence (MACD) and signal line advancing higher and its histogram expanding positively, while the Relative Strength Index (RSI) at about 55 hints at a recovery in bullish pressure without entering overbought territory.
On the topside, initial resistance is located at the 50-day EMA at $1.1458, followed closely by the 50% Fibonacci retracement of the latest swing from $1.2935 to $1.0092 at $1.1514, forming a nearby barrier.
XRP/USDT daily price chart.On the downside, first support emerges at the 38.2% Fibonacci retracement at $1.1178, with additional demand seen near the broken rising trendline area around $1.0937. A deeper slide would expose the 23.6% retracement at $1.0763, before the anchor low at $1.0092 comes into view as a critical floor.
Hyperliquid breaks below crucial support trendlineHyperliquid trades below $60.00 on Thursday, holding below the 50-day EMA at $62.52. From a technical perspective, the near-term bias is bearish, with the path of least resistance targeting the 50% retracement at $54.19, measured from $38.17 to $76.93.
Price remains above the longer-term 200-day EMA at $50.77, but the rejection from the descending resistance line near $69.67 and the break of the former uptrend support line now acting as resistance at $60.72 suggest that rallies are being sold.
The RSI at 40 remains in weak territory, while the MACD and signal line are trending below the zero line, reinforcing a downside-biased tone.
HYPE/USD daily price chart.Looking up, HYPE faces headwinds from the broken support trendline near $60.72, the 50-day EMA at $62.52, and the 78.6% Fibonacci retracement level at $66.22.
Zcash extends decline toward the 50-day EMA Zcash trades above $500 on Thursday, facing downside pressure from an overhead trendline near $581. The privacy coin holds above both the 50-day EMA and 200-day EMA at $489 and $407, respectively, keeping the broader bias constructive.
Momentum is mixed, with the RSI hovering around a neutral 52 and the MACD slipping below zero, hinting that bullish structure is intact but upside conviction has cooled.
ZEC/USDT daily price chart.On the topside, initial resistance aligns with the descending trendline barrier around $581, with the prior swing high near $690.00 marking a more distant bullish objective if buyers regain control.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
The next crypto bull market could be driven by the growing convergence between blockchain-based financial infrastructure (on-chain) and traditional finance (TradFi), according to Bitwise CIO Matt Hougan.
In a report published late Tuesday, Hougan argued that crypto may be showing early signs of a market bottom, with Bitcoin gaining 9% since July 1 even as the NASDAQ 100 declined 6%. He pointed to improving market sentiment and exchange-traded fund (ETF) flows as signs that market conditions could be shifting.
Following the move, the Bitwise CIO stated that the next bull run would be driven by stablecoins, asset tokenization, 24/7 markets, instant settlement and the expansion of institutional interest in decentralized finance (DeFi).
“I expect it will be the biggest cycle yet, for two reasons: It will both be the most real, driven by utility and revenue instead of hype. And it will be tackling a much bigger market than prior cycles (global finance, not just crypto),” Hougan wrote.
He highlighted Hyperliquid (HYPE) and Robinhood (HOOD) as two platforms approaching this convergence from opposite directions.
Hyperliquid brings traditional assets on-chainHougan noted that nearly half of Hyperliquid's trading volume now comes from assets such as Oil, Silver and the S&P 500. The platform is also expanding into spot commodities, prediction markets and options.
The report highlighted Hyperliquid's financial performance as a key reason for the bullish outlook. The platform reportedly surpassed $1 billion in lifetime revenue in June and is on track to generate $800 million in revenue this year.
Hyperliquid also directs 99% of its revenue toward buying HYPE tokens on the open market.
“I think the token could double in price and still be fairly valued,” Hougan stated.
Hougan added that the Hyperliquid model could eventually be replicated by other crypto applications that generate substantial revenues.
“Over time, I believe a new wave of crypto assets will copy HYPE’s tokenomics and introduce exciting ‘next-gen’ token opportunities,” he stated.
Robinhood pushes TradFi onto blockchain railsWhile Hyperliquid represents the crypto-native side of the convergence, Hougan identified Robinhood as an example of a traditional financial company moving in the opposite direction.
The company recently launched Robinhood Chain, a Layer-2 blockchain designed to support tokenized financial assets.
Hougan shared that the platform allows users across 120 countries to trade tokenized stocks around the clock. It also connects with DeFi protocols, allowing users to swap assets, borrow against them and access perpetual futures.
Within two weeks of its launch, Robinhood Chain reportedly accumulated more than $300 million in deposits and processed 3.6 million transactions per day, the report states.
Hougan noted that the early activity could encourage other financial institutions to explore similar blockchain-based infrastructure.
“Every major Robinhood competitor is looking at this and asking, ‘Should we do this too?’” wrote Hougan.
Hougan highlighted that investors should focus on crypto-native financial applications with real revenues and sustainable tokenomics, as well as established financial companies actively building on blockchain rails.
HYPE is trading at $59, down 1% over the past 24 hours at the time of writing. Meanwhile, HOOD is trading at $104.48, down 1.77% as of Wednesday.
VerusCoin's Ethereum bridge was hacked, with around $7.53 million in assets transferred out.
According to CertiK Alert monitoring, a security vulnerability attack has targeted VerusCoin’s Ethereum bridge, with attackers transferring approximately $7.53 million in assets. CertiK noted that the vulnerability likely stems from the bridge contract’s failure to properly verify whether the input amount from the Verus chain side matches the actual payment amount — a similar issue that occurred in an incident back in May.
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F2Pool co-founder Chun Wang has deposited ETH and WBTC worth approximately $15.6 million to Binance.
Per Onchain Lens monitoring, Chun Wang (@satofishi), co-founder of F2Pool, deposited 6,009 ETH (valued at approximately $11.56 million) and 62.31 WBTC (worth around $4.09 million) into Binance, with a total value of roughly $15.6 million. The assets were sourced from withdrawals from Spark Fi, unstaking ETH from Lido Finance, and converting WETH to WBTC via CoW Swap.
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Intel and AMD are reportedly signing long-term server CPU procurement agreements with Chinese clients, with some products seeing price hikes of over 40% this year.
According to Reuters, driven by the boom in AI data center construction, Intel and AMD are signing longer-term server CPU procurement agreements with Chinese server clients, with some terms exceeding two years to lock in purchasing volumes, though prices are generally not fixed. The report notes that demand for AI infrastructure has expanded from GPUs to areas including server CPUs, storage, networking equipment and memory. Some Chinese server CPU products have seen prices rise by over 40% year-to-date, with monthly increases for certain products exceeding 10%. Earlier, Reuters reported that the delivery cycle for some of Intel’s Xeon server CPUs has extended to up to six months.
5 minutes ago
Binance will suspend trading on July 25 for system upgrades.
According to an official announcement, Binance will support its partner brokers in carrying out a scheduled system upgrade, during which its stock trading service will be suspended from 10:50 to 14:00 UTC on July 25. Users will not be able to submit stock trading orders during the upgrade period. Binance stated that the upgrade is scheduled outside regular U.S. stock trading hours, and the service is expected to automatically resume after the upgrade is completed. The exact resumption time may be earlier or later than the planned window, so users are advised to arrange their relevant trading activities in advance.
5 minutes ago
Yesterday, Bitcoin spot ETFs recorded a net inflow of $69.1 million, while Ethereum spot ETFs saw a net inflow of $72.7 million.
According to data from Farside Investors, U.S. spot Bitcoin ETFs logged a total net inflow of $69.1 million yesterday. BlackRock’s IBIT led with a $38.8 million net inflow, followed by Fidelity’s FBTC at $21.5 million, Bitwise’s BITB at $5.4 million, and MSBT at $3.8 million. Grayscale’s GBTC, however, saw a net outflow of $38.3 million, while all other products had zero net flow. In the same period, U.S. spot Ethereum ETFs posted a total net inflow of $72.7 million: BlackRock’s ETHA took in $53.5 million, Fidelity’s FETH added $19.2 million, and all other products recorded no net flow.
According to Hyperinsight monitoring, as of press time, SPCX on Hyperliquid is trading at around $116, down 49.6% from its peak of $230 and 14.1% below its IPO price of $135. Today, it hit a low of $114.48, with the underperformance widening to 15.2% at one point. The largest long whale, whose address starts with 0x3527, first opened a position on July 16, nearly seven days ago. Since then, it has been averaging down by adding positions daily without any reduction, accumulating a position of 111,700 units, with a cumulative notional position value of around $14.196 million. Currently, the whale holds a full-position long on SPCX with 20x leverage, at an average price of $127.1, with a position value of approximately $12.958 million. It has an unrealized loss of about $1.238 million, a return of -174.5%, meaning the loss has exceeded the initial margin of this position. Calculated based on margin, the theoretical liquidation line is around $113.06, only about $2.94 away from the current price. However, this address has enabled portfolio margin, with 301,900 HYPE (including roughly 60,000 added recently) included as collateral to jointly support SPCX’s losses. The risk is that when HYPE and SPCX decline simultaneously, both collateral value and position equity shrink, and once the threshold is triggered, the system may liquidate the HYPE collateral. All positions held by this address, including SPCX and CRCL, are long positions, with SPCX accounting for around 72% of the total position value, making it a typical high-leverage one-sided long. No stop-loss or position-reduction orders have been placed in the account, and there are no closed position records since the address first opened a long position seven days ago.
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VerusCoin's Ethereum bridge was hacked, with around $7.53 million in assets transferred out.
According to CertiK Alert monitoring, a security vulnerability attack has targeted VerusCoin’s Ethereum bridge, with attackers transferring approximately $7.53 million in assets. CertiK noted that the vulnerability likely stems from the bridge contract’s failure to properly verify whether the input amount from the Verus chain side matches the actual payment amount — a similar issue that occurred in an incident back in May.
5 minutes ago
F2Pool co-founder Chun Wang has deposited ETH and WBTC worth approximately $15.6 million to Binance.
Per Onchain Lens monitoring, Chun Wang (@satofishi), co-founder of F2Pool, deposited 6,009 ETH (valued at approximately $11.56 million) and 62.31 WBTC (worth around $4.09 million) into Binance, with a total value of roughly $15.6 million. The assets were sourced from withdrawals from Spark Fi, unstaking ETH from Lido Finance, and converting WETH to WBTC via CoW Swap.
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Intel and AMD are reportedly signing long-term server CPU procurement agreements with Chinese clients, with some products seeing price hikes of over 40% this year.
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Binance will suspend trading on July 25 for system upgrades.
According to an official announcement, Binance will support its partner brokers in carrying out a scheduled system upgrade, during which its stock trading service will be suspended from 10:50 to 14:00 UTC on July 25. Users will not be able to submit stock trading orders during the upgrade period. Binance stated that the upgrade is scheduled outside regular U.S. stock trading hours, and the service is expected to automatically resume after the upgrade is completed. The exact resumption time may be earlier or later than the planned window, so users are advised to arrange their relevant trading activities in advance.
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Yesterday, Bitcoin spot ETFs recorded a net inflow of $69.1 million, while Ethereum spot ETFs saw a net inflow of $72.7 million.
According to data from Farside Investors, U.S. spot Bitcoin ETFs logged a total net inflow of $69.1 million yesterday. BlackRock’s IBIT led with a $38.8 million net inflow, followed by Fidelity’s FBTC at $21.5 million, Bitwise’s BITB at $5.4 million, and MSBT at $3.8 million. Grayscale’s GBTC, however, saw a net outflow of $38.3 million, while all other products had zero net flow. In the same period, U.S. spot Ethereum ETFs posted a total net inflow of $72.7 million: BlackRock’s ETHA took in $53.5 million, Fidelity’s FETH added $19.2 million, and all other products recorded no net flow.
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Bithumb will list the CHECK/KRW trading pair.
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Cover image via depositphotos.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Following one of the biggest market rallies of the year, Hyperliquid is currently experiencing its first significant correction. Before sellers intervened forcefully and drove HYPE back towards the crucial $58 support zone, the asset briefly traded close to the $75–76 range. The fact that HYPE is still above its 100-day EMA at $57 is the strongest directional signal right now.
This moving average, which served as dynamic support during the advance, is currently being tested for the first time since the breakout. The larger uptrend would continue if this level were maintained. But momentum is obviously losing ground.
HYPE/USDT Chart by TradingViewDaily candles continue to display lower highs since the June peak, the RSI has dropped toward 40, and the 20-day EMA has rolled over. Compared to the buying frenzy that accompanied the move from $40 to above $70, volume has also significantly decreased. Bulls have good news: the long-term structure is still positive.
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While the 50-day EMA is currently at $64.7, the 200-day EMA is still rising toward $50. Buyers might attempt another move toward $65 and ultimately $70 if HYPE can hold above $57-$58.
A deeper retracement toward the 200-day EMA around $50 would probably result from a clear breakdown below the 100-day EMA. HYPE is no longer in breakout mode at this time. The market is evaluating whether the prior rally was sustainable or overly speculative during this validation phase.
Near Protocol's ResistanceDespite being stuck within a wide consolidation range, NEAR is exhibiting much greater resilience than many other altcoins. NEAR has been building a base above its long-term trend indicators for several weeks, in contrast to HYPE, which is correcting following a significant rally. While the 200-day EMA near $1.82 still offers structural support, NEAR is trading directly above the 100-day EMA around $1.87.
NEAR/USDT Chart by TradingViewAs a result, the support cluster between $1.82 and $1.87 is rather strong. Bulls have also failed to recover the 50-day EMA at $2.02. Over the past month, every attempt at a recovery has stalled in the $2.00–$2.10 range, creating a clear resistance area that needs to be broken before a long-term uptrend can begin. The current equilibrium is reflected by an RSI of about 45.
The sideways price movement observed throughout July is consistent with neither buyers nor sellers having established dominance. The overall outlook is still fairly optimistic. NEAR continues to print higher lows on the longer timeframe and has effectively recovered from sub-$1 levels earlier this year.
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The predominant interpretation is accumulation as long as the asset stays above the 200-day EMA. $2.00 is the key level to watch. A clear breakout above it could put NEAR back above all significant short-term moving averages and pave the way for a move to $2.30–$2.50. On the other hand, much of the recovery structure developed over the previous few months would be rendered invalid if the $1.82 support zone were lost.
Shiba Inu Looks WeakerFrom a technical standpoint, Shiba Inu is still among the weakest large-cap cryptocurrencies available. Every significant attempt at a recovery has been rejected at important moving averages, and the daily chart displays a consistent pattern of lower highs and lower lows that has persisted for nearly a year.
SHIB/USDT Chart by TradingViewThe failed ascending channel that formed between March and May is the chart's most noticeable feature. Sellers intervened close to the 100-day EMA and forced a breakdown below support, but SHIB momentarily appeared poised to establish a medium-term reversal. The asset has not been able to pick up steam since. At the moment, SHIB is trading below the 20-, 50-, 100-, and 200-day moving averages.
This alignment indicates weakness across all significant timeframes, making it one of the most obvious bearish structures. The first significant resistance level is still the 100-day EMA around $0.0000051, but the 200-day EMA around $0.0000061 is a much bigger barrier. On the other hand, there is a slight improvement. As the price stabilizes at $0.0000042, the RSI has recovered from oversold conditions and is progressively rising.
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Additionally, volume has drastically decreased, indicating that aggressive selling pressure is starting to lessen. The issue for bulls is that renewed demand is not the same as waning selling pressure. A sustainable recovery narrative cannot emerge until SHIB breaks out above the declining moving-average cluster.
Until then, the current structure appears to be more of a consolidation following a decline than the start of a new uptrend. The first indication that buyers are regaining control would be a move above $0.0000045. SHIB would be vulnerable to another leg lower and its long-term bearish trend would be reinforced if current support levels were not maintained.
Dogecoin Does It BetterDogecoin's chart is strikingly similar to SHIB's, but DOGE is marginally more resilient due to a few minor differences. The meme coin has also been in a downward trend for several months, but this decline has been less severe and more orderly than SHIB's. At $0.072, DOGE is currently trading below all major moving averages.
DOGE/USDT Chart by TradingViewA stacked resistance zone is created directly overhead by the 20-day EMA at $0.075, the 50-day EMA at $0.078, and the 100-day EMA at $0.087. This implies that traders who made purchases at higher prices immediately put pressure on the market to sell during every upward move. The RSI shows weak momentum as it remains below the neutral 50 level.
However, DOGE is no longer generating significant downside extensions, in contrast to previous stages of the decline. Throughout July, the price has moved into a comparatively narrow trading range, indicating that volatility is decreasing. From a structural perspective, the recent lows around $0.07 remain the critical support.
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A recovery toward $0.09 is conceivable if DOGE can maintain this zone and reclaim the 20-day and 50-day moving averages. That would be the first significant shift in the trend since May.
Although DOGE is currently more stable than SHIB, it is still technically bearish. The next few weeks are crucial for determining whether accumulation is occurring below the surface, as the market appears to be looking for a bottom rather than accelerating into a new wave of selling.
Following a strong market rally earlier this year, Hyperliquid (HYPE) is undergoing its first substantial correction. The asset briefly approached the $75–$76 range before sellers pushed it back toward a crucial support level at $58. HYPE currently sits just above its 100-day exponential moving average (EMA) at $57, a level that has served as dynamic support during previous advances.
Hyperliquid faces pivotal supportThis marks the first time HYPE has tested its 100-day EMA since breaking out, posing a key question for its short-term trend. If buyers defend this area, the larger uptrend could continue. However, technical momentum appears to be weakening. Daily candle patterns show lower highs since the June peak, the relative strength index (RSI) has dropped near 40, and the 20-day EMA is now sloping downward.
Trading activity has also slowed. Volume has diminished significantly when compared to the high levels seen on HYPE’s run from $40 to above $70, reflecting reduced enthusiasm among buyers. Still, the overall long-term structure remains constructive for bulls.
The 50-day EMA sits at $64.7, with the 200-day EMA trending higher near $50. HYPE could see renewed attempts toward $65 and possibly $70 if it stabilizes above $57–$58. If the 100-day EMA breaks down, a deeper retracement toward the 200-day EMA is likely. The market remains in a validation phase, assessing whether the previous rally can be sustained.
AssetCurrent PriceKey SupportKey ResistanceTrendHYPE$58$57 (100-day EMA)$65, $70CorrectiveNEAR$1.87$1.82–$1.87$2.00–$2.10ConsolidatingSHIB$0.0000042$0.0000042$0.0000051, $0.0000061BearishDOGE$0.072$0.07$0.075, $0.078, $0.087BearishNEAR shows greater stabilityWhile HYPE struggles with volatility, NEAR Protocol is displaying relative resilience compared to many altcoins. NEAR has held above its key long-term indicators for several weeks. The asset is trading just above the 100-day EMA around $1.87, with further support at the 200-day EMA near $1.82.
This confluence around $1.82–$1.87 acts as a strong support cluster. Despite this, bulls have not managed to reclaim the 50-day EMA at $2.02. Each recovery attempt in the past month has failed within the $2.00–$2.10 range, establishing a clear band of resistance.
NEAR’s relative strength index is about 45, pointing to a balanced market. July’s sideways movement suggests neither side has established clear control. On longer timeframes, NEAR’s trend remains constructive, with the asset recovering from sub-$1 prices earlier this year and printing higher lows.
As long as NEAR holds above its 200-day EMA, accumulation appears to dominate. A decisive move above $2.00 could set the stage for attempts toward $2.30–$2.50. However, a loss of the $1.82 support would undermine the progress made in recent months.
Mini dictionary: NEAR Protocol is a layer-1 blockchain designed to provide fast, scalable decentralized applications. Its consensus mechanism, known as Nightshade, divides processing between shards for efficiency.
Recent performance puts $2.00 as the key level to watch for NEAR. A clear breakout above it could return the asset above all important short-term moving averages, while loss of the $1.82 support zone would risk invalidating months of recovery structure.
SHIB and DOGE remain technically weakShiba Inu continues to rank among the weakest large-cap cryptocurrencies in terms of technicals. Each significant rebound has been rejected at major moving averages, coupled with a protracted pattern of lower highs and lower lows on daily timeframes.
SHIB attempted a medium-term reversal between March and May with an ascending channel, but sellers cut short this effort near the 100-day EMA. The asset now trades below its 20-, 50-, 100-, and 200-day moving averages, underlining widespread weakness. Resistance stands at the 100-day EMA around $0.0000051, with the 200-day EMA at $0.0000061 forming a more formidable ceiling.
On the positive side, the RSI has rebounded from oversold territory as SHIB stabilizes around $0.0000042. Volume has dropped, hinting that heavy selling is fading. Buyers, however, need to push the price above declining moving averages to shift the narrative to recovery. Without this, the market remains in a post-downtrend consolidation phase.
SHIB’s first sign of buyer strength would be movement above $0.0000045. Failure to maintain current support may open the door to new lows and reinforce its long-term bearish trend.
Dogecoin displays a similar chart pattern but has shown slightly more stability than SHIB. DOGE has been trending downward in recent months but with a more gradual decline. At $0.072, the asset sits below all major moving averages. Overhead resistance is tightly stacked, with the 20-day EMA at $0.075, 50-day EMA at $0.078, and 100-day EMA at $0.087 constraining upward moves.
The RSI suggests modest momentum, remaining below the neutral 50 mark. While DOGE no longer sees significant downside extensions, July has brought a narrow trading range and diminished volatility. Key support for DOGE remains at $0.07.
If DOGE can defend this level and surpass the 20- and 50-day moving averages, a potential recovery to $0.09 could materialize. Until then, technical outlook remains bearish despite recent stability. The coming weeks may determine whether buying interest accumulates or another round of selling emerges.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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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Intel and AMD are reportedly signing long-term server CPU procurement agreements with Chinese clients, with some products seeing price hikes of over 40% this year.
According to Reuters, driven by the boom in AI data center construction, Intel and AMD are signing longer-term server CPU procurement agreements with Chinese server clients, with some terms exceeding two years to lock in purchasing volumes, though prices are generally not fixed. The report notes that demand for AI infrastructure has expanded from GPUs to areas including server CPUs, storage, networking equipment and memory. Some Chinese server CPU products have seen prices rise by over 40% year-to-date, with monthly increases for certain products exceeding 10%. Earlier, Reuters reported that the delivery cycle for some of Intel’s Xeon server CPUs has extended to up to six months.
37 minutes ago
Binance will suspend trading on July 25 for system upgrades.
According to an official announcement, Binance will support its partner brokers in carrying out a scheduled system upgrade, during which its stock trading service will be suspended from 10:50 to 14:00 UTC on July 25. Users will not be able to submit stock trading orders during the upgrade period. Binance stated that the upgrade is scheduled outside regular U.S. stock trading hours, and the service is expected to automatically resume after the upgrade is completed. The exact resumption time may be earlier or later than the planned window, so users are advised to arrange their relevant trading activities in advance.
37 minutes ago
Yesterday, Bitcoin spot ETFs recorded a net inflow of $69.1 million, while Ethereum spot ETFs saw a net inflow of $72.7 million.
According to data from Farside Investors, U.S. spot Bitcoin ETFs logged a total net inflow of $69.1 million yesterday. BlackRock’s IBIT led with a $38.8 million net inflow, followed by Fidelity’s FBTC at $21.5 million, Bitwise’s BITB at $5.4 million, and MSBT at $3.8 million. Grayscale’s GBTC, however, saw a net outflow of $38.3 million, while all other products had zero net flow. In the same period, U.S. spot Ethereum ETFs posted a total net inflow of $72.7 million: BlackRock’s ETHA took in $53.5 million, Fidelity’s FETH added $19.2 million, and all other products recorded no net flow.
37 minutes ago
The on-chain tokenized GME stock on Robinhood Crypto once traded at a significant premium, as market makers engaged in continuous mint arbitrage.
According to market data, trading activity in GME meme tokens and GME tokenized stocks on Robinhood Crypto has driven a rapid rise in the prices of their underlying liquidity pools. The on-chain price of GME tokenized stocks once traded at a roughly 10x premium over the actual underlying stock price. Given the relevant trading pools hold only around $200,000 in liquidity, heavy buying pressure pushed prices to deviate sharply from the spot level. Currently, mint and burn permissions for GME tokenized stocks are restricted to Authorized Participants (APs) and market makers that have completed Know Your Business (KYB) verification. On-chain data shows the official mint address is continuously issuing additional tokens to inject market liquidity; the latest records indicate new mint transactions occur nearly every minute, aimed at easing the premium and guiding prices back to their fair value.
37 minutes ago
Kazakhstan will incorporate strategic digital mining into the development of its national cryptocurrency reserve, requiring mining firms to surrender a portion of their mining assets.
Kazakhstan’s government has approved the "Implementation Rules for Strategic Digital Mining", allowing eligible enterprises to secure power quotas for up to 10 years at a capped electricity price. In exchange, participating firms must transfer a portion of their mined crypto assets to the Astana Hub Autonomous Cluster Fund, which is managed by the National Investment Company under Kazakhstan’s National Bank to bolster the country’s strategic crypto reserves. Under the new regulations, digital mining operators must submit applications via the E-licensing system, gain approval from a special committee, sign an agreement with Astana Hub within 5 working days, and finalize a power purchase contract with a power generation company to participate in the strategic digital mining program.
A significant leveraged position in HYPE, the native token of Hyperliquid, has drawn attention after the blockchain analytics firm Arkham Intelligence identified a trader as the current holder of the largest on-chain HYPE long. Despite facing an unrealized loss of approximately $18 million, the trader has maintained the position, reflecting both the high-risk approach common in leveraged cryptocurrency trading and the expanding profile of altcoin derivatives markets.
Arkham highlights largest HYPE long positionArkham Intelligence, a company specializing in blockchain data analysis, reported that the on-chain trader known as “watershedpath” holds the biggest HYPE long position, valued at over $80 million. The account has endured an estimated $18 million paper loss over the past two weeks, as HYPE experienced a retreat from its recent price highs.
Despite these losses, Arkham stated that “watershedpath” has kept the position open, relying on a margin balance reportedly around $16 million to support the leveraged trade. This level of margin provides collateral, helping to prevent immediate liquidation as long as HYPE’s price does not drop to the estimated liquidation threshold.
Trader “watershedpath” holds the largest HYPE long on-chain right now, with a position worth over $80M, according to Arkham Intelligence. Liquidation may occur if the HYPE price declines by approximately $6 from current levels.
Arkham noted that reaching the liquidation threshold could lead to forced closure of the position, impacting both the trader and potentially the broader HYPE market.
Mini dictionary: Hyperliquid is a decentralized perpetual trading platform that allows users to trade crypto derivatives with leverage through an on-chain order book system, offering increased transparency compared to centralized exchanges.
TraderPosition ValueMargin RemainingUnrealized LossLiquidation Gapwatershedpath$80 million$16 million$18 million~$6 price dropImpact of large leveraged trades on HYPE marketLarge leveraged trades like this one are closely watched by market participants due to their potential to drive market volatility, especially if liquidation levels are approached. In leveraged positions, even small market moves can result in automatic liquidations, producing sharp increases in buying or selling activity and contributing to volatility across perpetual futures platforms.
The size of this HYPE position goes beyond a single trader, as forced liquidation might influence overall market liquidity and sentiment. If the position is triggered, it could also affect other leveraged holders, potentially setting off additional unwinding of positions. As long as the trader’s margin remains sufficient, the position can be sustained despite current losses.
Hyperliquid’s growth in decentralized derivativesHyperliquid has recently established itself among the fastest-growing decentralized exchanges for perpetual derivatives, utilizing an on-chain order book for trading. The platform emphasizes transparency, with large positions visible and trackable in real time by third-party analytics providers such as Arkham Intelligence.
This transparency offers traders insight into major market participants, making risk management a crucial consideration in such an environment.
Monitoring risk and liquidation levelsThe outcome of the largest HYPE leveraged position will depend largely on movement in HYPE’s price in the coming days. A recovery could allow the trader to reduce losses, while extended declines could trigger a liquidation if the margin buffer is depleted. This scenario underscores the need for close monitoring of leverage, margin requirements, and broader market factors when trading digital assets.
Investors remain attentive to significant leveraged positions as indicators of both conviction and risk in the rapidly evolving market for altcoin perpetual futures.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Hyperliquid’s [HYPE] recovery attempt failed again, with the altcoin facing rejection at $63. As a result, HYPE plunged, breaching the $60 support, falling to a low of $58.
At press time, HYPE was trading around $59.28, after dropping 6.11% on the daily charts. Therefore, the coin hovered below the short-term Moving Averages, reflecting downside pressure.
Multicoin Capital unstakes HYPE to sell Notably, HYPE dropped below $60 after on-chain monitors reported on Multicoin Capital’s token movements.
Onchain Lens reported that Multicoin Capital unstaked 1.96 million HYPE worth around $120 million spread across three wallets. These tokens had been staked for two months.
Source: Onchain Lens After unstaking, the firm appeared to be selling. Lookonchain reported that Multicoin Capital deposited 395,570 HYPE worth $23.78 million into Coinbase Prime. The deposit hinted at the preparation to sell and take profits. So far, the firm’s position on HYPE is sitting on $18 million in profit.
Interestingly, Multicoin Capital is not the only investor unstaking to cash out. According to Hyperscreener data, there are over 4.09 million HYPE worth $241 million pending unstake.
Source: Hyperscreener This implies that stakers have requested to unstake, and once completed, these tokens will also enter market circulation.
HYPE whales show optimism While Multicoin Capital unstaked its HYPE, other high-net-worth investors have continued to stake.
According to Onchain Lens, a dormant Hyperliquid whale, inactive since November 2025, returned and resumed staking HYPE. The whale staked 387.8K HYPE worth $23.42 million across two wallets.
Source: Onchain Lens Previously, the whale had staked 619.12k HYPE in November 2025. In total, the whale has staked 1.006 million HYPE worth $61.16 million. Moreover, whales continued to pile in, showing strong confidence and demand for Hyperliquid’s staking.
In fact, AMBCrypto earlier reported that 438.7 million HYPE was staked, accounting for 43.9% of the total supply. This indicated that most investors still prefer staking, even during downturns.
What do HYPE’s momentum indicators say? HYPE’s Relative Strength Index (RSI) fell deeper into the bearish zone, crashing to 40 as of writing. Such a drop suggested that the market faced increased selling pressure.
Source: TradingView Furthermore, the altcoin dropped below its 21- and 9-day Moving Averages, confirming the downtrend’s momentum. Under such market conditions, HYPE sits at risk of more losses on the price charts.
If the sentiment persists, Hyperliquid will extend its stay below $60, with $52 as critical support. To invalidate the bearishness, bulls must push for a close above $65k.
Final Summary Multicoin Capital unstaked 1.96 million HYPE worth around $120 million and sold 395,570 HYPE worth $23.78 million. Hyperliquid [HYPE] declined 6%, breaching the $60 support level, and touched a low of $58 amid intense pressure.
US Senator Cynthia Lummis: In the coming days, she will continue to push for a bipartisan agreement on the CLARITY Act to enact it into law.
US Senator Cynthia Lummis released a statement thanking her Democratic colleagues for their key contributions to the new draft of the CLARITY Act, and pledged to continue pushing for an agreement in the coming days to get the bill enacted into law. Lummis noted that consumer protection and supporting innovation are not mutually exclusive, adding that the draft demonstrates both goals can be achieved simultaneously. Earlier reports indicated that Senate Republicans unveiled the new version of the CLARITY Act following a briefing call with industry stakeholders. The revised text proposes to ban officials including the U.S. president, vice president, members of Congress, federal judges, and their spouses from receiving compensation via issuing or sponsoring digital assets while in office; the relevant provisions will remain in effect until January 20, 2029. Restricted officials must also sell their crypto assets and investments in crypto-related firms, or place them in blind trusts over which they have no control; sales of crypto assets exceeding $1,000 are required to be disclosed.
3 hours ago
The CLARITY Act adds, for the first time, provisions restricting the president and government officials from profiting through crypto assets.
According to CNBC, the new CLARITY Act under consideration by the U.S. Senate would ban the president and other federal officials from issuing or sponsoring cryptocurrencies and other digital assets. Republican lawmakers updated the bill’s text on Wednesday, adding for the first time provisions restricting the president from profiting from crypto assets, with the rules applying to both the president and other federal officials. The CLARITY Act is designed to be the U.S.’s first comprehensive piece of legislation regulating the digital asset market, and remains pending in the Senate.
3 hours ago
The revised CLARITY Act has been officially released, prohibiting the president and government officials from issuing or sponsoring crypto assets for profit.
Crypto journalist Eleanor Terrett reported that U.S. Senate Republicans have released a revised version of the CLARITY Act following a briefing call with industry stakeholders. The ethics framework in the revised bill was developed by the White House in consultation with Republican Senators Cynthia Lummis and Bernie Moreno, and has not yet secured Democratic backing. The new text would bar U.S. officials—including the president, vice president, members of Congress, federal judges—and their spouses from earning compensation during their terms via issuing or sponsoring digital assets; these provisions are set to expire on January 20, 2029. Covered officials must sell their crypto assets and investments in crypto firms, or place them in blind trusts over which they have no control, with sales of crypto assets exceeding $1,000 requiring disclosure. The U.S. Department of Justice would be granted civil enforcement authority for ethics violations, including prosecuting trading platforms that knowingly operate banned tokens. However, Democrats oppose granting the DOJ sole enforcement power without extending authority to state attorneys general, and the relevant provisions could still be adjusted in the coming days. The revised bill retains the BRCA and Keep Your Coins Act, clarifying that non-custodial software developers and blockchain infrastructure providers will not be classified as money transmitters solely for maintaining decentralized networks, while safeguarding individuals’ right to self-custody of crypto assets. Stablecoin provisions remain unchanged: interest on idle payment stablecoin balances is banned, but rewards tied to actual activities like trading or staking are permitted.
3 hours ago
Report: Crypto industry contributes $55 billion to U.S. economy, directly employs 34,000 people
The US National Cryptocurrency Association released a report stating that the US crypto industry directly employs 34,000 people; when including jobs supported by supplier industries and consumer spending of related workers, total employment in the sector is roughly 232,000. The report projects that by 2026, the industry will contribute over $55 billion to US GDP, with around $31 billion flowing to workers as labor income. Of the 232,000 supported jobs, approximately 75,000 come from supplier industries, and another 123,000 are driven by household spending of related employees. These figures are based on multiplier effects from input-output models and do not represent direct hires by crypto firms. Among the 34,000 direct roles, software, blockchain, and data engineering positions are the most numerous, at about 10,100. Regionally, California and New York support 57,649 and 53,766 jobs respectively, totaling over 111,000; Texas accounts for roughly 26,536 jobs. The 12 US heartland states defined in the report collectively support around 17,000 jobs. The report was commissioned and funded by the National Cryptocurrency Association, with analysis conducted by Pragmatic Policy Group. Its estimates are based on the US Bureau of Economic Analysis’ 2024 input-output tables and $23.22 billion in crypto industry revenue data, with model assumptions incorporated into occupational structure and industry mapping.
3 hours ago
The development company behind Pump.fun is hiring a Growth Marketing Lead, offering a base annual salary of up to $1 million.
Baton Corporation, the developer behind Pump.fun, is hiring a Head of Growth Marketing, with a base annual salary of $400,000 to $1,000,000 plus performance-based incentives. Pump.fun founder Alon noted that the platform has grown to become one of the largest in the crypto industry with almost no paid marketing. The company’s next goal is to transition Pump.fun from a crypto-native product to the mainstream market, targeting an application with hundreds of millions of users. The role requires candidates to have hands-on experience in consumer app growth, a proven track record managing multi-million dollar marketing budgets, and familiarity with strategies including digital advertising, user-generated content (UGC), and short-form video clips.
3 hours ago
灰度：若美联储不再加息，比特币或已触底
Zach Pandl, head of research at Grayscale, wrote in a post that the market currently holds two main views on when Bitcoin’s bear market will end: one is adherence to the "four-year cycle" theory, and the other is viewing Bitcoin as a mature asset driven by macroeconomic factors. The "four-year cycle" theory holds that halving events remain the core driver of Bitcoin’s price cycles. Historically, Bitcoin has typically bottomed roughly one year after a cycle peak and about 2.5 years after a halving, with an average cumulative drawdown of around 80%. Based on this pattern, Bitcoin could still decline further in the current cycle and form a bottom in September or October. The other view argues that Bitcoin’s price will, like other major assets, be more influenced by economic growth, real interest rates, and changes in Federal Reserve policy going forward. Past Bitcoin bear markets have typically coincided with slowing economic growth or rising real interest rates, and this current downturn has unfolded against a backdrop of rising rate hike expectations and climbing real interest rates. Pandl noted he leans more toward the macro-driven view. If the Fed stops raising interest rates and economic growth remains stable, Bitcoin’s price may have already bottomed.
Hougan said that investors should focus on Hyperliquid-style crypto protocols and Robinhood-like companies, which he believes could outperform during the next bull market.
With the crypto market showing signs of bottoming, Bitwise Chief Investment Officer Matt Hougan said investors looking ahead to the next crypto bull market should pay particular attention to two types of investments that he believes are best positioned to benefit as blockchain technology becomes more deeply integrated with traditional finance.
In his latest market commentary, Hougan identified these as the “Hyperliquid Lane” and the “Robinhood Lane.”
The Hyperliquid Lane The Bitwise exec said he believes the next crypto bull market will be driven by the convergence of onchain and traditional finance through trends such as stablecoins, tokenization, 24/7 trading, instant settlement, and institutional decentralized finance. While he said it is still too early to declare the market has fully recovered, he did add that improving sentiment, positive ETF flows, and Bitcoin’s recent performance have prompted investors to start asking what could lead the next cycle.
The first investment category – the Hyperliquid Lane – includes crypto financial applications generating meaningful revenues while directly linking token value to platform activity through strong tokenomics. Hougan said Hyperliquid stands out because the protocol has built a large derivatives platform that has expanded beyond crypto into traditional markets. He added that the platform surpassed $1 billion in lifetime revenue in June and is on pace to generate about $800 million this year.
The focus was also on its token model, under which 99% of protocol revenue is used to buy back HYPE tokens on the open market, reducing supply. Hougan said this combination of real revenues and aggressive token buybacks differentiates Hyperliquid from many earlier crypto applications that attracted users without delivering similar value to token holders.
He added that he expects more crypto projects to adopt similar tokenomics over time.
The Robinhood Lane Hougan said the second investment category – the Robinhood Lane – consists of existing companies that are actively building financial services on blockchain infrastructure rather than limiting themselves to pilot programs. He cited Robinhood’s launch of its Layer 2 blockchain on July 1 as an example of this strategy.
You may also like: HIP-4 Upgrade: Hyperliquid Opens Door to Permissionless Prediction Markets Forget Bitcoin Bottom: Analyst Says These Altcoins Could Move First Here’s Why Robinhood Chain Is Ultra Bullish for ETH Despite Cannibalizing Revenue Robinhood Chain accumulated more than $300 million in deposits and processed 3.6 million daily transactions within two weeks of launch. He said companies experimenting with crypto at real scale are better positioned than firms conducting small proof-of-concept projects because they are gaining practical experience as financial markets evolve.
Bitwise Chief Investment Officer Matt Hougan said Hyperliquid and Robinhood could emerge as leading beneficiaries of the next crypto bull market as traditional financial markets increasingly adopt blockchain infrastructure.
In a Tuesday market memo, Hougan argued that the next crypto cycle will be driven by the convergence of traditional and onchain finance, including stablecoins, tokenized assets, round the clock trading, instant settlement, and institutional decentralized finance.
Hougan said the shift could produce a larger cycle than previous crypto rallies because it would be supported by financial activity and revenue rather than primarily speculative demand.
He identified two categories that could benefit from the transition. The first includes crypto native financial applications that generate substantial revenue and connect token value to platform usage. The second consists of established financial companies deploying products directly on blockchain networks.
Hougan placed Hyperliquid in the first category. The Layer 1 network initially gained traction through its decentralized perpetual futures exchange but has expanded into markets linked to traditional assets such as commodities and equity indexes.
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According to Hougan, Hyperliquid surpassed $1 billion in cumulative revenue in June and is on track to generate about $800 million this year. He said the protocol directs 99% of its revenue toward purchasing HYPE tokens on the open market.
Hougan argued that the model addresses a recurring issue across crypto markets, where applications generate trading volume and fees without creating corresponding demand for their native tokens. He also pointed to Uniswap, Aave, and Morpho as protocols moving toward stronger connections between platform activity and token value.
Robinhood represents the second category by approaching the transition from the traditional finance side.
The brokerage launched the public mainnet of Robinhood Chain on July 1. The Layer 2 network was built using Arbitrum technology and is designed to support financial services and tokenized real world assets.
Robinhood also introduced stock tokens through its self custody wallet in more than 120 countries, subject to local restrictions. Eligible users can trade the products around the clock and interact with decentralized applications including Uniswap and Lighter.
The products are tokenized debt securities that provide economic exposure to underlying stocks but do not give holders legal or beneficial ownership rights in the shares. They are not available to users in the United States.
Hougan said Robinhood Chain attracted more than $300 million in deposits and processed 3.6 million daily transactions within two weeks of its launch. He argued that its early activity could pressure competing financial institutions to move beyond limited blockchain pilots and launch products at a similar scale.
Beyond Hyperliquid and Robinhood, Hougan identified Coinbase, Figure, BlackRock, Visa, Stripe, and JPMorgan as companies with meaningful exposure to the transition toward blockchain based financial infrastructure.
Bitcoin has risen 9% since July 1 while the Nasdaq 100 has fallen 6%, according to Hougan. He said improving exchange traded fund flows and market sentiment may indicate that crypto is forming a bottom, though he cautioned that it remains too early to confirm a broader recovery.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
Cover image via depositphotos.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
American institutional investors have begun reallocating capital into spot XRP ETFs while actively taking profits in the DeFi segment. According to SoSoValue, daily net inflows into XRP funds reached $5.66 million, while Hyperliquid (HYPE) funds lost $698,040.
Wall Street's shift in priorities comes amid rapid progress in the U.S. Senate on the historic CLARITY Act. The bill, passed by the House of Representatives in July 2025, transfers oversight of digital commodities to the CFTC while leaving the SEC in control only of tokens classified as securities.
Why XRP is gaining traction ahead of the CLARITY ActOptimism surged after Treasury Secretary Scott Bessent said the bill was on the "1-yard line" before approval. Senate Majority Leader John Thune and White House officials also confirmed progress in negotiations, easing disagreements over ethics provisions.
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A special Senate briefing will take place behind closed doors in the near future, with the goal of accelerating an official vote before lawmakers leave for recess. Despite opposition from Democrats, prediction markets now estimate the bill's chances of success at 50%–70%.
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For investors, buying XRP ETFs is a beta bet on the American company Ripple, which develops payment solutions based on the XRP Ledger blockchain. Full legal clarity under the CLARITY Act would give the company's infrastructure more room to expand, including the scaling of its new RLUSD stablecoin.
In the long term, this ripple effect could sharply increase transaction activity across XRPL and trigger mass adoption of XRP by large businesses. Major capital is clearly moving into regulated assets ahead of the curve, restructuring portfolios around the future rules of the market.
Wall Street prefers policyYesterday's crypto ETF data clearly illustrates this trend. While Bitcoin continues to attract most of the capital, recording its sixth consecutive day of growth, and Ethereum steadily holds its position, a clear divide has emerged in the altcoin market.
XRP is attracting funds at roughly the same pace as Solana. However, while capital in Solana remains at high levels because of the network's strong performance in the real-world asset tokenization sector, the DeFi-focused Hyperliquid segment is losing ground.
Investors are actively withdrawing money from BlackRock's iShares HYPE fund. Capital flows into Bitwise's fund have completely stalled, while Grayscale recorded only a symbolic daily transaction.
Total US Spot XRP ETF net inflow over the last 30 days, Source: SoSoValueThis outflow continued a negative trend for Hyperliquid, whose ETFs already suffered substantial losses last week. The rest of the market is currently at a standstill: investors showed only minimal interest in Litecoin and Dogecoin, while capital flows into BNB, LINK, HBAR, AVAX, and DOT funds stopped completely.
An official date for the Senate vote has not yet been set, but fund data confirms that major U.S. buyers no longer want to play regulatory roulette and are already choosing assets tied to American jurisdiction.
TLDR: RWA perpetuals now represent nearly 35% of on-chain perpetual trading, with June volume reaching about $118 billion across 652 markets. Public equities control 46% of RWA open interest, supported by roughly $2 billion in positions, $2.2 billion in daily volume and 411 markets. Hyperliquid HIP-3, Solana and exchange-based tokenized stock products are widening round-the-clock access to equities, indices and commodities. Oracle failures, weekend pricing gaps, concentrated liquidity and uneven investor rights create new risks as leveraged RWA markets expand. RWA perpetuals now account for nearly 35% of total on-chain perpetual trading volume in early Q3 2026. Their share stood at only 0.16% in Q4 2025, showing how quickly traditional-market exposure has moved onto crypto rails.
June volume reached about $118 billion, while the number of available markets expanded to 652. Other market trackers also recorded more than $100 billion in June volume and over 600 listed contracts.
Public equities lead the expansion as traders seek leveraged, round-the-clock access to familiar companies without using traditional brokerage hours.
RWA Perpetuals Shift Demand Toward Public Equities Public equities now represent 46% of RWA perpetuals open interest. The segment holds roughly $2 billion in outstanding positions and generated about $2.2 billion in 24-hour volume.
Source: Cryptorank It also supports 411 active markets, compared with 54 precious-metals markets and 41 equity-index markets.
That concentration shows traders prefer listed companies over less liquid real-world assets. Equity contracts offer clear price references, frequent news events, and deep underlying markets.
Earnings, guidance, and macro data can quickly create trading opportunities. Stock perps also remain active when traditional exchanges close.
These contracts provide synthetic price exposure rather than direct share ownership. Traders can open long or short positions, often using USDC collateral, but receive no voting rights or dividends.
Funding rates and oracle prices keep each contract linked to its underlying stock. A Micron contract on TradeXYZ, for example, trades continuously through Hyperliquid infrastructure.
Hyperliquid’s HIP-3 framework has accelerated this shift by allowing qualified builders to deploy custom perpetual markets. The protocol requires deployers to stake 500,000 HYPE, creating an economic backstop for market operators.
HIP-3 markets cover equities, indices, commodities, and pre-IPO references.
The broader tokenized-equities market is also expanding across Solana, Kraken, Bybit and Robinhood-linked infrastructure. Solana accounted for 97% of cumulative tokenized-equity spot volume in May.
Kraken separately expanded xStocks to 100 backed US stocks and ETFs, widening access outside standard market hours.
RWA Perpetuals Growth Exposes New Risks Across Platforms The rapid rise of RWA perpetuals introduces risks that differ from crypto-native contracts. Equity markets close overnight and on weekends, while on-chain perps continue trading.
Platforms must manage price gaps, funding changes and thin liquidity when primary exchanges are inactive.
Oracle dependence creates another weak point. RWA contracts rely on external feeds for stock, index and commodity prices.
Ostium halted trading after an attacker manipulated its price-reporting infrastructure and drained about $18 million in USDC during July. The incident showed how a compromised oracle component can turn false prices into profitable trades.
Liquidity is also concentrated among a small group of venues and builders. TradeXYZ has controlled most HIP-3 open interest during several growth phases.
Such dominance can improve execution, but it increases exposure to one platform’s technology, market design, and risk controls.
Regulatory treatment remains uneven. Some tokenized shares represent backed instruments, while equity perps provide only cash-settled exposure.
Jurisdiction, investor rights, custody, and disclosure rules vary across platforms. Traders must therefore examine contract terms, oracle design, liquidation rules, and weekend pricing before taking leveraged positions.
Analyst: Bitcoin shows signs of recovery, but its uptrend remains unconfirmed.
Bloomberg senior ETF analyst Eric Balchunas wrote that since the 250th anniversary of U.S. Independence, Bitcoin has risen around 8% cumulatively, outperforming most assets. Meanwhile, inflows into Bitcoin spot ETFs have started to rebound, with net inflows of roughly $750 million in the past week. Balchunas noted that it is still hard to fully believe this rally has established a stable trend, but it is not unexpected that Bitcoin has rebounded after its prior pullback, adding that its future trajectory remains to be seen. Early Bitcoin holders have been continuously selling assets over the past nine months, which has been weighing on prices; if these holders cease selling, Bitcoin could rally.
10 minutes ago
Bankless co-founder: Oil prices may struggle to return to the highs of the first phase of the U.S.-Iran conflict, but will still be a headwind for inflation.
David Hoffman, co-founder of Bankless, published an article stating that during the second phase of the U.S.-Iran conflict, oil prices may fluctuate between $75 and $95 per barrel and will not rise to the highs seen in the first phase of the conflict. However, even if oil prices stay within this range, it will still be unfavorable for the global inflation situation.
10 minutes ago
a16z: Tokenized Stock Market Accelerates Expansion, AI and Chip Segments Rise to 15.5%
A report from a16z crypto shows that as of the end of June, the total market capitalization of tokenized stocks reached approximately $1.7 billion, more than quintupling from $329 million a year ago, making it one of the fastest-growing tokenized asset categories. Over half of the current market cap comes from assets that were not on-chain a year ago, indicating growth is driven primarily by new issuances rather than just gains in underlying stock prices. The market structure has also shifted significantly: the share of crypto-related products dropped from 79% a year ago to 21%; the "other" category, consisting of hundreds of small underlying assets, rose to 35%. Large-cap tech stocks’ share climbed from 0.6% to 10.6%, while ETFs and index products’ share increased from 4.5% to 17.3%. Tokenized stocks of AI and chip-related sectors saw the fastest growth, with their market cap share rising from 0.3% in June 2025 to 15.5%. On-chain activity has risen in tandem: the monthly transfer volume of tokenized stocks hit $9.22 billion in June, more than 170 times the $53 million recorded in the same period last year. Related transactions include on-chain purchases and sales, inter-wallet transfers, and collateral deposits into DeFi protocols. Institutional infrastructure is accelerating its rollout: DTCC has completed the first production-environment transactions of tokenized U.S. Treasuries and stocks on the Canton Network; Robinhood has launched its own blockchain; the parent company of the New York Stock Exchange (NYSE) has formed a joint venture with OKX to offer tokenized NYSE stocks once approved; Coinbase and Binance have also launched or plan to launch tokenized U.S. stock services for non-U.S. users.
10 minutes ago
Benchmark cuts Coinbase's performance forecasts; the CLARITY Act could be a key catalyst for its stock price.
Benchmark has cut its second-quarter performance forecast for Coinbase ahead of the crypto exchange’s upcoming earnings report next week, citing weak trading activity in the crypto market, while retaining a "Buy" rating and a $270 price target. Based on Coinbase’s Wednesday price of roughly $172, this target implies approximately 57% upside potential. Benchmark analyst Mark Palmer lowered Coinbase’s Q2 revenue estimate from $1.51 billion to $1.38 billion, and trimmed its full-year 2026 revenue forecast from $6.33 billion to $6 billion. Spot trading volumes on centralized crypto platforms fell around 28% in Q2, while the total crypto market cap dropped roughly 13%, leading the firm to project Coinbase’s transaction revenue will decline by more than 5%. Still, early stabilization signs emerged in June: spot trading volumes rose back above $1 trillion for the first time since March, which may partially offset the Q2 softness. Benchmark argues that the eventual passage of the CLARITY Act could serve as a more meaningful stock catalyst than quarterly results, with Coinbase positioned as one of its primary potential beneficiaries. Trump previously agreed to relevant ethics provisions, removing a key hurdle for the bill’s advancement.
10 minutes ago
Amazon has carried out layoffs in its Artificial General Intelligence (AGI) division.
Amazon (AMZN) on Wednesday carried out layoffs in its General Artificial Intelligence (AGI) division, the latest in a series of small-scale job cuts at the company following the mass layoffs in January. "We have been building large AI models for many years, and this remains one of our most important ongoing efforts," an Amazon spokesperson said. "We are focusing on projects that matter most to customers to accelerate progress in key areas. This focus means making some tough decisions, including cutting some positions in the AGI organization."
10 minutes ago
A major whale went long on $10.66 million worth of Google stock ahead of the tech giant’s earnings report release.
According to on-chain analyst Yu Jin's monitoring, a whale that went long on MU and made a profit of $1.71 million yesterday has now shifted its bullish focus to Alphabet's earnings report. Over the past half hour, the whale opened a long position in GOOGL worth $10.66 million, with an average entry price of $349.7. Alphabet will release its earnings report after U.S. market hours at 4 a.m. Beijing time. In addition to Google's shareholders, investors in AI-related stocks will also closely follow the earnings data.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Hyperliquid [HYPE] has proposed a HIP-4 upgrade in an effort to introduce permissionless outcome markets. The proposal expands the protocol beyond perpetual futures into a broader infrastructure layer for on-chain applications.
Deployers must stake 500,000 HYPE to launch new markets. Validator-approved templates and slashing rules help preserve market quality as participation scales. Together, these measures shift Hyperliquid from building products to enabling developers to build on its infrastructure.
Source: X According to Varun Datta, Founder & CEO of Truth Ventures,
“The next phase of digital finance won’t be won by the platforms building the most products.”
Instead, it’ll be won by the platforms enabling everyone else to build them. Additionally, in an email to AMBCrypto, he argued that this model will deliver greater long-term investment value.
Source: Santiment Meanwhile, HYPE’s positive sentiment recently hit its second-highest level over the past month. This improvement suggested that investors now increasingly recognize Hyperliquid’s expanding role in digital finance.
Hyperliquid’s staking ecosystem attracts long-term conviction At the time of writing, that growing confidence was visible across HYPE’s on-chain positioning too. For instance, a trader with $2.37 million in all-time perpetual profits recently staked 249,243 HYPE, worth about $15.5 million, instead of realizing gains.
Source: X This move may be evidence of broader network participation. According to Dune, total staked HYPE climbed to approximately 438.7 million tokens at press time, representing 43.9% of the token’s total supply.
Meanwhile, the overall staking rate remained near 44%. Liquid staking participation eased gradually too, indicating that most users still prefer native validators.
Sustained staking reduces immediately available supply and strengthens network security. Notably, progressive growth in protocol usage may ultimately lead to reduced availability of supply for investors while also supporting Hype’s long-term value proposition.
Market structure tests Hyperliquid’s momentum The trend of increasing investor confidence is transforming the overall market structure of Hyperliquid as well. In the last 24 hours, for instance, Open interest crossed the $11 billion-mark.
Furthermore, balanced funding rates and limited liquidations hinted that traders may be adding exposure without excessive leverage.
Source: Hyperliquid Analytics This positioning suggested that users may be taking a measured approach, rather than reacting on speculation. Beyond derivatives, protocol fundamentals have continued to strengthen the outlook too.
Rising revenue, expanding TVL, and active governance participation mean ecosystem growth may be extending beyond price action alone. However, sustaining that momentum will depend on continued user adoption and successful execution of upcoming upgrades.
If those trends persist, improving fundamentals could reinforce the confidence already reflected in HYPE’s staking and derivatives markets.
Final Summary Hyperliquid [HYPE] is expanding beyond perpetual futures, with HIP-4 strengthening its long-term infrastructure and ecosystem potential. Hyperliquid continues to attract long-term conviction as hike in staking and healthy market structure support its growth outlook.
Multicoin Capital appears to be locking in gains on its Hyperliquid ($HYPE) position, with on-chain data tracked by Lookonchain showing the firm moving a combined $36.5 million worth of tokens toward an exit.
The fund accumulated 606,091 HYPE at around $30 roughly five months ago. It has since deposited 395,570 HYPE, worth approximately $23.8 million, into Coinbase Prime, and separately requested to unstake a further 211,486 HYPE valued at close to $13 million. Based on current prices, the position carries an estimated unrealised profit of about $18.5 million.
A High-Conviction Position Now Being TrimmedThe move comes roughly a month after Multicoin published a detailed research report on Hyperliquid, in which it set a base-case price target of $319 for HYPE by 2028. The firm said it initiated a large position early in the year and had been accumulating since, with HYPE representing one of the largest positions in its liquid fund. To manage any conflict of interest, Multicoin adopted a three-day no-trade rule following the report's publication.
Hyperliquid is a vertically integrated Layer 1 blockchain and decentralised exchange built for high-speed trading, generating approximately $873 million in revenue across roughly $2.9 trillion in trading volume in 2025. Approximately 99% of protocol revenue is used to buy back HYPE, which is then effectively removed from circulating supply.
Deposit to Coinbase Prime Signals Potential SaleRouting tokens to Coinbase Prime is a common precursor to a structured institutional exit. On-chain data analysts note that Coinbase Prime deposits by institutional funds have historically tended to precede large structured OTC exits. The unstaking request for the remaining tokens suggests Multicoin may be preparing to liquidate the full position, though the firm has not made a public statement on its intentions.
HYPE reached an all-time high of $76.67 on June 16, 2026, and has since pulled back roughly 18% from that peak. At an average entry of around $30, Multicoin's position would still represent a substantial gain even at current levels.
The profit-taking activity stands in contrast to the firm's longer-term bullish thesis on the protocol, and may reflect routine portfolio management rather than a change in fundamental view.
Sources:
Multicoin Capital: Hyperliquid (HYPE) Analysis and Valuation
Crypto Briefing: Multicoin Capital predicts HYPE will reach $319 by 2028
CoinMarketCap: Hyperliquid (HYPE) price and market data
According to Hyperinsight monitoring, SKHX on Hyperliquid hit a peak of $1,353.2 this morning, then plunged rapidly at midday, touching a low of $1,253.1 at 13:40, down 7.4% from the high. As of press time, SKHX is trading at around $1,256.8, with its earlier gains almost fully erased. A whale opened a short position just before this round’s peak. Between 7:00 and 9:00 today, it sold a total of 2,000 SKHX via 491 transactions, at an average entry price of $1,333.98, totaling approximately $2.668 million. As of press time, the whale holds a 10x full-leverage short position of 2,000 SKHX, with an unrealized profit of about $154,200 and a return of 57.8%; its liquidation price is around $4,120.9. Currently, the whale has not placed any take-profit or stop-loss orders for SKHX. Historical transactions show this whale is a medium-high-frequency, multi-asset short-term address. Its 7-day trading volume is about $116 million, with a profit of $510,300; it previously mainly traded BTC and ETH in the crypto market, and this marks its first shift of positions to SKHX. -HyperInsight Bot is now live. Add @HyperInsightBot to your Telegram group and set it as an administrator (enable the send messages permission) to automatically sync on-chain information.
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Russia has cut its gold reserves for six consecutive months, marking a shift from its 20-year gold accumulation cycle to a "fiscal replenishment tool".
Russia is reducing its gold reserves, breaking the more than 20-year trend of continuous gold accumulation the country has maintained. Since the start of this year, Russia’s official gold reserves have declined for six consecutive months, falling by approximately 43.5 tons as of early July to their lowest level since 2022. Data shows Russia’s current gold reserve stands at around 73.4 million troy ounces (about 2,282 tons), valued at roughly $299 billion. Meanwhile, Russia’s total international reserves dropped from $747.4 billion at the end of May to $720.4 billion at the end of June, with foreign exchange reserves remaining largely stable, indicating the reserve decline is mainly driven by gold assets. Analysts attribute Russia’s gold sales primarily to growing fiscal pressure. Fuelled by the ongoing Russia-Ukraine conflict, falling energy revenues and expanded government spending, Russia’s budget deficit widened to around 4.6 trillion rubles as of the end of March. Some of the gold may have been sold to domestic banks or converted into foreign exchange to ease fiscal and liquidity pressures. Previously, Russia was a major buyer in the global gold market for a long period. Between 2002 and 2025, Russia accumulated over 1,900 tons of gold, with only a notable reduction in 2005 over the past 24 years. The current sell-off comes amid high gold prices; Russia’s central bank previously stated it sold part of its gold reserves after gold prices broke through the historical high of $5,500 per ounce. Analysts believe Russia is not abandoning its gold strategy, but rather converting gold from long-term reserve assets to accessible funding sources amid fiscal strain.
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Binance adds 10 new bStocks tokenized securities to its margin collateral assets, expanding trading scenarios for securities assets.
Binance announced it will add 10 bStocks tokenized securities as eligible collateral for Cross Margin, Portfolio Margin, and Portfolio Margin Pro, further expanding its margin trading support. The newly added assets include: 3x Long Korea ETF (KORUB), AXT (AXTIB), CoreWeave (CRWVB), Direxion MU Bull 2X ETF (MUUB), GraniteShares 2X Long MRVL ETF (MVLLB), Tradr 2X Long SNDK ETF (SNXXB), GraniteShares 2X Long INTC ETF (INTWB), ProShares UltraPro QQQ (TQQQB), Quantinuum (QNTB), and Oracle (ORCLB). Binance noted that corresponding bStocks trading pairs will support margin trading simultaneously. Eligible users can use these tokenized securities as collateral to expand their asset options in margin trading. Currently, these bStocks assets are only supported for use as collateral, with lending functions not yet available. The service is exclusively open to VIP 3 and above users in eligible regions.
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Upbit has added Zilliqa (ZIL) to its trading watchlist due to suspected unresolved security risks.
South Korean crypto exchange Upbit announced that Zilliqa (ZIL) has been added to its "Transaction Attention" asset list, with trading pairs including ZIL/KRW and ZIL/BTC. In line with South Korea’s Virtual Asset User Protection Act, Upbit stated it detected potential unaddressed or unrepaired security risks—such as hacking incidents—in ZIL’s wallet or the distributed ledger it relies on for issuance, transmission, and storage, which could lead to user losses. The platform therefore decided to implement risk warning measures. The notice specifies ZIL’s transaction attention period runs from July 22, 2026 to the third week of August (August 17–21). During this review period, Upbit will assess relevant risks per its trading support termination policy, and may choose to extend the observation period, lift the warning, or terminate trading support entirely. Additionally, ZIL deposit and withdrawal services were suspended earlier. Upbit noted that if services are resumed in the future, withdrawals will be prioritized for restoration only; a decision on resuming deposits will be announced separately based on subsequent review results. Currently, new deposits cannot be credited, and all related deposit transactions will be refunded.
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A whale opened nearly 3,000 long positions in GOOGL ahead of market hours, marking the only new million-dollar position in the asset today.
Google parent company Alphabet will hold its Q2 2026 earnings call at 4:30 AM Beijing time on July 23, with financial results to be released ahead of the call. According to Hyperinsight’s monitoring, ahead of the earnings release, an on-chain whale bought 2,978.2 GOOGL shares in pre-market trading, worth ~$1.041 million, at an average entry price of $349.5 — the only new seven-figure GOOGL position detected. As of press time, GOOGL is down 1.5% on the day at $349.6, with the whale’s entry price near the intraday low after the pullback. The whale holds this long position with 10x leverage, posting an unrealized profit of ~$186 and remaining flat. Its liquidation price is $82, leaving a ~76.5% downside buffer from current levels. The whale has no other positions besides this one. This address favors left-side trading, has repeatedly held semiconductor stocks including MU, SKHX, and SNDK, and typically trades short-term positions worth ~$1 million, with an average holding period of ~15 hours over the past week. Its past losses stem mainly from failed early bets on trend reversals. Related reading: Among the U.S. "Magnificent Seven" tech giants, Google will release its earnings first tonight; the whale that front-ran the long position is now sitting on nearly 40% losses. An unverified online rumor has reignited panic: the AI bubble is bursting, and Google may become the first large enterprise to cut AI spending. HyperInsight Bot is now live. Add @HyperInsightBot to your Telegram group and set it as admin (enable message-sending permission) to automatically sync on-chain news.
1 seconds ago
Brent crude futures have topped $95, marking the first time since June 11.
According to Bitget market data, Brent crude oil futures prices have broken through $95 per barrel, marking the first such occurrence since June 11. Currently, Brent crude spot trades at $91.27, up 2.15% intraday; WTI crude stands at $88.76, with a 4.41% daily gain.
1 seconds ago
Kuwait plans to issue US dollar bonds as its economy struggles amid daily Iran-linked attacks.
Sources say Kuwait plans to issue U.S. dollar bonds on Wednesday. Over the past two weeks, the country has been hit by daily missile and drone attacks from Iran. Kuwait has hired banks including Goldman Sachs and Citigroup to arrange a three-part deal with tenors of three, five, and ten years. Final terms, including bond size and pricing, may be announced later Wednesday. Kuwait is a key U.S. ally in the Middle East, and thanks to its vast oil reserves, it ranks among the world’s wealthiest nations. However, Iran has frequently carried out airstrikes on Kuwait in retaliation for U.S. and Israeli strikes, leaving the country’s economy under heavy pressure this year. In April, Goldman Sachs analysts estimated Kuwait’s fiscal deficit had surged to nearly 40% annualized, as the country was forced to suspend most oil exports due to the closure of the Strait of Hormuz. (Jinshi)
A previously dormant whale on the Hyperliquid network has crossed a significant threshold, pushing its total staked holdings above one million $HYPE tokens after depositing an additional 387,800 tokens, according to on-chain data tracked by Onchain Lens.
A Stake Worth Tens of Millions The latest deposit is valued at roughly $23.4 million and follows an earlier stake of 619,120 HYPE made in November 2025. Combined, the whale's lifetime staked position is now worth approximately $61.2 million.
The move comes as $HYPE trades in a range that reflects broader strength in the Hyperliquid ecosystem. The platform crossed $1 billion in cumulative protocol revenue on June 30, according to DeFiLlama. The platform routes about 99% of trading fees into open-market HYPE purchases through its Assistance Fund.
Why Staking HYPE Matters Hyperliquid runs on delegated proof-of-stake (dPoS), where holders delegate their tokens to a validator, and an active set of validators uses that stake to produce and confirm blocks via HyperBFT consensus. In exchange for helping secure the chain, stakers earn rewards. The current staking yield is around 2.2 to 2.4% APY, paid in HYPE and auto-compounding.
Beyond yield, locking tokens into staking removes supply from active circulation. Ongoing buyback programs and staking mechanisms that remove tokens from active circulation create favorable supply-demand dynamics. This is part of what has attracted sustained whale interest in the token.
The platform now commands roughly 70% of all on-chain perpetual futures volume across every blockchain, processing over $10.5 billion in daily trading activity at throughput levels that rival traditional centralized exchanges.
The whale's decision to lock up over one million tokens at current prices signals a long-term conviction bet on the protocol, at a time when on-chain activity and institutional attention around $HYPE continue to build.
Sources:
BeInCrypto: Hyperliquid Whales Show Conflicting Moves as HYPE Hits Fresh Peak
CryptoRank: Hyperliquid Price Outlook for July 2026
Coinbase: Hyperliquid (HYPE) Price and Market Data
The total cryptocurrency market capitalization experienced a significant decline in the second quarter of 2026, dropping by 12.6% from $2.4 trillion to $2.1 trillion, as reported by CoinGecko. This marks the third consecutive quarter of contraction for the market, with liquidity and participation dwindling across both spot and derivatives platforms. Average daily volumes also saw a substantial decrease, down 20.9% from the previous quarter. The ongoing downtrend suggests a broad cooling in market activity, although certain segments like prediction markets showed resilience.
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The implications of this downturn are being reflected in prediction markets, particularly concerning the future price of Hyperliquid. Current market pricing suggests skepticism about Hyperliquid reaching its $100 target by the end of 2026. The odds have shifted as market participants digest the broader crypto market’s performance, which may influence the sentiment around Hyperliquid’s potential growth.
Key Takeaways The crypto market’s 12.6% decline in Q2 2026 suggests a continued cooling trend, impacting overall liquidity and volume. Prediction markets indicate that the likelihood of Hyperliquid reaching $100 by the end of 2026 appears to be diminishing. Market pricing reflects broader skepticism due to the ongoing contraction in the crypto sector, affecting sentiment towards assets like Hyperliquid. What to Watch The market’s next moves will likely be influenced by macroeconomic indicators and potential regulatory developments affecting the crypto landscape. Watch for any significant announcements or technological advancements from Hyperliquid, which could alter its trajectory. Additionally, changes in liquidity and participation rates across the crypto market could provide further insights into the broader market’s direction. Continued observation of prediction market pricing for Hyperliquid’s targets will shed light on evolving market sentiment.
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Term Structure
Contract Odds Δ since publish Volume 24h December 31 29% — — View market → January 1 2027 6.2% — — View market → January 1 2027 3.3% — — View market → January 1 2027 50.5% — — View market → January 1 2027 9.1% — — View market → January 1 2027 3.6% — — View market →
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.
S&P Dow Jones Indices and Pantera Capital have launched the S&P Pantera Digital Asset Index, a new crypto benchmark that excludes Bitcoin (BTC) entirely.
CEO Cathy Clay said Bitcoin fails the index’s core test, generating real protocol revenue instead of trading purely on speculation.
How the Index Weighs Its TokensThe index holds 18 constituents. Its five largest holdings are Ether (ETH), Binance Coin (BNB), Solana (SOL), Tron (TRX), and Hyperliquid (HYPE), a decentralized derivatives exchange.
The benchmark weights holdings by market capitalization and rebalances quarterly. No single token can exceed 35% of the total, and no other holding can top 20%. These caps mirror rules S&P applies to its own equity benchmarks.
Clay wants to bring stock-index discipline into digital assets. She favors protocols with verifiable economic activity over ones that trade on name recognition alone.
Pantera co-developed the methodology with founder Dan Morehead. The firm has managed over $3 billion across three investment strategies since launching its first crypto fund in 2013.
“S&P Dow Jones Indices helps investors cut through market noise with benchmarks you can trust.”
Clay, CEO of S&P Dow Jones Indices
Wall Street Warms to Altcoin SeasonThe exclusion highlights a widening split in how institutions define crypto value. By this measure, revenue beats Bitcoin’s dominant narrative as the market’s largest asset. Pantera’s history with institutional crypto access suggests more revenue-screened benchmarks could follow.
The launch lands as retail altcoin season signals stay unconfirmed but improving. CoinGlass’s Altcoin Season Index climbed to 58 in mid-July, building on a June 4 spike to 64. That reading sits above the neutral midpoint, but it remains short of the 75 threshold that confirms genuine rotation.
Institutional flows tell a parallel story. A March BeInCrypto Expert Council discussion found major allocators narrowing institutional crypto bets to Bitcoin, Ethereum, and a short list of DeFi names.
A revenue-screened benchmark like the S&P Pantera Digital Asset Index offers portfolio managers a compliant route into that same thesis. It provides exposure to large-cap altcoins with real usage, skipping meme coins and speculative networks entirely.
If other index providers copy the approach, institutional capital could rotate into select altcoins early. That could happen well before retail-driven altcoin season data confirms a broader move.
A new wallet withdrew 74,900 HYPE tokens from Galaxy Digital and transferred them to Coinbase.
According to on-chain monitoring, a newly created wallet address 0x448a withdrew 74,900 HYPE tokens from Galaxy Digital, valued at approximately $4.39 million, and subsequently transferred them to Coinbase.
5 minutes ago
OKX continues to upgrade its asset protection system, rolling out large withdrawal protection and night-time withdrawal protection.
According to official announcements, OKX has now launched large withdrawal protection and after-hours withdrawal protection. Large withdrawal protection allows users to independently set a 24-hour cross-channel cumulative withdrawal threshold, with a maximum equivalent of $10 million. After-hours withdrawal protection enables KYC-verified users to set a daily protection period of up to 12 hours, during which operations including on-chain withdrawals, C2C sales, API withdrawals, and Pay top-ups will be blocked. Users can configure these features in the "Security Center" → "Advanced Security Settings" section.
5 minutes ago
Summer Fi attacker transfers most of the stolen funds, leaving approximately $565,000 worth of ETH remaining.
According to monitoring by OnchainLens, following the Summer Fi attack on July 6, the attacker stole approximately 6.017 million DAI, and has since been converting and transferring funds via Tornado Cash. Currently, the remaining funds in the attacker’s wallets include: 11.3 ETH (valued at around $21,600) held in the original wallet, and 282.9 ETH (worth approximately $543,500) in a second wallet.
5 minutes ago
A certain whale has bought a total of 54,449 ETH and 600 WBTC since the end of June.
According to monitoring by The Data Nerd, wallet address 0x2684 has been steadily accumulating ETH and WBTC since June 30, with its current unrealized profit exceeding $12.5 million. The whale has purchased a total of 54,449 ETH (valued at roughly $94 million, at an average price of ~$1,726) and 600 WBTC (worth ~$38.37 million, with an average purchase price of ~$63,950). The position turned to unrealized profit after the whale added to its holdings during a market downturn.
5 minutes ago
Analysis: Bitcoin’s volatility falls to its lowest level since 2016, sustained deleveraging reduces liquidation risks
Crypto Quant analyst Axel Adler Jr noted in a post that Bitcoin has recently entered a low-volatility compression phase. The 30-day average of its 1-week realized volatility has fallen to 28.3, a roughly 31% drop from the June 25 peak of 41.6. The metric has also retreated to around the 8th percentile of its historical distribution since 2016, meaning 92% of past trading days saw higher volatility than current levels. Meanwhile, Bitcoin’s 30-day momentum of open interest (OI) relative to market capitalization has been negative for 21 consecutive days, signaling market leverage is continuing to decline rather than accumulating amid the low-volatility environment. The cryptocurrency’s current price has rebounded approximately 11.4% from its June low, but this uptick has not been paired with an expansion of derivative positions, reducing the risk of a large-scale liquidation cascade. However, Bitcoin remains below its 200-day moving average of $72,666. If volatility rises back above 35 while the price fails to hold above the long-term moving average, downside risks could increase.
5 minutes ago
Optical module and storage stocks pull back collectively in pre-market US stock trading.
According to BIT (Bit.com) market data, ahead of U.S. stock market opening, the optical module and storage sectors saw a slight pullback after rallying sharply yesterday, with pre-market funds showing signs of profit-taking. Optical module stocks: Coherent (COHR) closed up 11.15% at $317.220 yesterday, trading at $306.260 pre-market, down 3.46%; Lumentum Holdings (LITE) closed up 9.41% at $837.560, pre-market at $812.060, down 3.04%; Applied Optoelectronics (AAOI) closed up 15.76% at $119.260, pre-market at $115.940, down 2.78%; Nokia (NOK) closed up 5.46% at $10.630, pre-market at $10.530, down 0.94%; Marvell Technology (MRVL) closed up 6.68% at $207.960, pre-market at $202.720, down 2.52%. Storage stocks: Seagate Technology (STX) closed up 11.14% at $891.830 yesterday, pre-market at $864.500, down 3.06%; Western Digital (WDC) closed up 12.51% at $548.390, pre-market at $530.000, down 3.35%; SanDisk (SNDK) closed up 14.27% at $1589.400, pre-market at $1546.080, down 2.73%; Micron Technology (MU) closed up 12.17% at $970.820, pre-market at $944.550, down 2.71%. Pre-market, optical module and storage stocks generally pulled back 2%-3.5%, a technical adjustment following yesterday's sharp rally. Funds remain concentrated in the AI infrastructure chain, with storage and optical interconnection continuing to benefit from the expansion of AI server demand.
S&P Dow Jones Indices and Pantera Capital launched a new crypto index, leaving out Bitcoin (BTC) and Ripple’s XRP crypto assets. Ethereum (ETH), Binance Coin (BNB), Solana (SOL), TRON (TRX), and Hyperliquid (HYPE) are the top five constituents in the new benchmark for the crypto market.
Why Bitcoin and XRP Missed Out of S&P Dow Jones Crypto Index? S&P Dow Jones Indices and Pantera Capital announced the S&P Pantera Digital Asset Index, a new benchmark for the crypto market. The companies claim it will serve as a benchmark for institutional investors seeking a disciplined and structured approach to digital asset allocation.
However, the crypto index excludes top crypto assets Bitcoin and XRP. It also leaves out WhiteBIT Token, Unus Sed Leo and Rain Protocol.
S&P Dow Jones Indices CEO Kathy Clay said Bitcoin and XRP were excluded from the S&P Pantera Digital Asset Index due to their failure to meet a key revenue-generation requirement.
“We bring that same discipline to digital assets, using a fundamentals-driven, economics-based framework built for diversified portfolios. In collaboration with Pantera and powered by Artemis data, we apply the same standards in trusted benchmarks like the S&P 500 to help investors focus on fundamentals in one of today’s most fast-moving asset classes,” Clay added.
Bitcoin and XRP communities have already pushed back against the new benchmark for the crypto market as it doesn’t include top crypto assets.
BTC price has dropped below $66K after hitting a 24-hour high of $66,910. Also, XRP price has dropped more than 2% from $1.16 to $1.13 at press time amid escalating US-Iran war.
Details on S&P Pantera Digital Asset Index The new S&P Pantera Digital Asset Index holds 18 constituents, with ETH, BNB, SOL, TRX, and HYPE as the top five crypto assets.
Unlike traditional crypto indices that track prices or top crypto assets based on market cap, this index adopts an approach similar to traditional financial benchmarks. The crypto index only includes tokens and projects that have real-world utility and generate actual revenue.
The benchmark weights holdings by market capitalization and rebalances quarterly. The weighting factors include no single token can exceed 35% of the total and no other holding can top 20%. These caps mirror rules S&P applies to its equity benchmarks.
S&P Pantera Digital Asset Index Construction and Constituents Kathy Clay claimed she wants to bring stock index discipline into digital assets. She favors protocols with verifiable economic activity over ones that trade on hype and price momentum.
By prioritizing protocols with verifiable economic activity, this indexing approach aligns with the institutional framework powering regulated real-world asset platforms bridging traditional finance on-chain.
Hyperliquid, the Layer-1 blockchain for decentralized trading, is preparing to open up its outcome market infrastructure to a broader range of builders. The upcoming enhancement to HIP-4 will enable permissionless deployment of binary event contracts, marking a significant step toward scalable, on-chain prediction-style trading integrated directly with the platform’s core ecosystem.
This development builds on HIP-4’s initial mainnet launch in early May 2026, which introduced fully collateralized binary contracts that settle to 0 or 1 based on real-world or on-chain events.
These contracts trade natively alongside spot and perpetual futures on Hyperliquid’s HyperCore engine, allowing seamless cross-margining within a single account.
Traders benefit from zero opening fees in the early phase, high-speed order matching, and settlement directly in USDH, eliminating the need for separate wallets, bridges, or external resolution layers.
Currently, Hyperliquid’s team and validators curate initial “canonical” markets to ensure stability and proper mechanics.
Early examples include recurring daily BTC binary contracts, which have already demonstrated strong traction by attracting substantial volume and liquidity shortly after launch.
These controlled rollouts help validate resolution processes, auction mechanisms for price discovery, and overall system performance before wider access.
The permissionless phase, slated to begin on testnet before mainnet activation, follows a proven model similar to HIP-3’s rollout for perpetual futures. Builders will stake 500,000 HYPE tokens per deployment slot (with details around lock periods and allocations).
This stake serves as economic security: validators can slash it—and potentially burn the tokens—if deployers create ambiguous market rules, fail to settle promptly (e.g., within a week), manipulate outcomes, or cause extended downtime.
Standardized templates approved by validators will guide deployments, promoting consistency while still allowing creativity across categories like politics, sports, macroeconomic releases, crypto events, and entertainment.
Deployers stand to earn up to 50% of trading fees generated by their markets, creating strong incentives for high-quality, recurring series rather than one-off experiments.
Slot recycling further optimizes capital use, letting a single stake support ongoing rolling contracts.
This approach addresses key limitations in existing prediction platforms.
Unlike off-chain or hybrid systems, HIP-4 offers end-to-end on-chain execution, deep integration with perpetuals and spot trading for capital efficiency, and aligned incentives through slashable stakes.
It positions Hyperliquid to capture more of the rapidly growing event-contract volume while leveraging its existing user base of active traders and robust liquidity.
Industry observers note that permissionless access could dramatically expand the variety and volume of tradable outcomes—potentially orders of magnitude beyond traditional listings—while maintaining safeguards against low-quality or malicious markets.
As Hyperliquid continues refining the feature, it could challenge established players by combining the transparency and openness of decentralized markets with institutional-grade performance and risk controls.
The update underscores Hyperliquid’s strategy of iterative, security-first expansion.
By lowering barriers for builders while enforcing accountability, HIP-4’s permissionless tier aims to foster innovation in outcome markets without compromising the network’s reliability or user experience. This could further solidify the platform’s role as a comprehensive hub for on-chain trading primitives.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
