A series of security vulnerabilities have been disclosed in internet infrastructure software within a single day, affecting PHP, Node.js, and Go.
Multiple internet infrastructure software projects rolled out security updates in a single day, addressing vulnerabilities including remote code execution, TLS certificate validation bypass, and certificate trust risks. PHP fixed two critical flaws: CVE-2026-109618 and CVE-2026-109619, both enabling unauthenticated remote code execution that impacts PHP environments processing web requests. The patched versions are 8.5.12, 8.4.27, 8.3.36, and 8.2.35. Node.js’ advisory details 10 vulnerabilities, four of which are high-severity: these include remote code execution via out-of-bounds write in the Brotli decoder, DNS name truncation, and two TLS certificate hostname validation bypass issues. Fixed versions are 26.12.1, 24.22.1, and 22.23.4. Additionally, Go’s crypto/x509-related risk is tracked as CVE-2026-111943, rated "Important" by Red Hat with a CVSS 3.1 score of 6.8. Attackers with specific network access and valid certificates could impersonate legitimate servers to intercept or alter communications. Go 1.26.10 and 1.27.3 have been added to a deny list, blocking trust for compromised intermediate certificates.
1 hours ago
Dataline completes $10.6 million seed round funding, and plans to conduct an ICO.
Decentralized data network for AI agents Dataline has closed a $10.6 million seed round, co-led by Lattice and Samsung-backed Dispersion Capital, with participation from Symbolic Capital, Coinbase Ventures, Anagram, and Robinhood co-founder & CEO Vlad Tenev, among others. The round, completed in April, utilized a SAFE agreement with token warrants; valuation was not disclosed. Dataline is now live, covering approximately 50 data sources to deliver on-chain and off-chain data, and scores data reliability, timeliness, and consistency using AI. Proceeds will be allocated to expanding data sources, enhancing data validation, and expanding into robotics, AI training data, and other sectors. Dataline plans to launch a token by the end of 2026 for network payments and data access, and intends to conduct a public token sale on Base via Uniswap’s Continuous Clearing Auction (CCA) system, with details set to be revealed next week. The public sale’s target fundraising amount, token quantity, and other terms remain undisclosed.
1 hours ago
Trump plans to leverage White House cyber crime efforts to showcase achievements in combating cross-border crypto fraud.
White House officials said on October 21 that Trump planned to focus on the U.S. government’s actions to crack down on overseas crypto fraud rings during the White House’s cybersecurity event that day, including recovering funds and shutting down fraudulent operations. These transnational criminal groups steal funds from U.S. citizens via romance scams, phishing, ransomware and other methods. The U.S. government noted that law enforcement agencies have seized approximately $833 million in crypto assets linked to overseas fraud, and shut down 503 fraudulent crypto websites under the supervision of the Homeland Security Task Force. Relevant authorities have also notified nearly 9,000 U.S. citizens to alert them they are being targeted by fraud. The U.S. Treasury Department previously announced the establishment of an inter-agency "Fraud Strike Task Force" to target "pig butchering" scams run by organized criminal groups in Myanmar, Cambodia, Laos and the Philippines. Since last year, the U.S. has also imposed multiple sanctions aimed at cutting off support for related fraud websites and their infrastructure.
1 hours ago
American Bankers Association voices dissatisfaction with OCC’s final GENIUS Act rule, which abandons proposed restrictions on stablecoin yields.
Crypto journalist Eleanor Terrett reported that the American Bankers Association (ABA) has voiced dissatisfaction with the final rules implemented by the U.S. Office of the Comptroller of the Currency (OCC) under the GENIUS Act. The OCC abandoned the previously proposed restrictions on stablecoin yields, a move the ABA argues will "maintain the status quo for crypto platforms." The ABA’s CEO stated: "It is a mistake to wait until deposit outflows and economic harm have already occurred before attempting to address these issues."
1 hours ago
Beyond PHP, three Node.js version branches are also affected by high-severity vulnerabilities, and users need to update their runtime environments promptly.
Node.js rolled out a security update on October 21, covering its 26.x, 24.x, and 22.x version branches, with corresponding patched releases: 26.12.1, 24.22.1, and 22.23.4. The advisory details 10 total vulnerabilities, categorized as 4 critical-severity, 3 medium-severity, and 3 low-severity, with varying impact scopes across the three version lines. The critical CVE-2026-111497 is an out-of-bounds write flaw in the Brotli decoder that could enable remote code execution (RCE), affecting all three branches. Other critical issues include improper null character handling in DNS resolution and a TLS certificate hostname validation bypass. The update also resolves problems with persistent connection response processing, random number cache duplication, and permission models, while updating dependencies including c-ares, OpenSSL, and Undici. The official note warns that end-of-life (EOL) versions may still be vulnerable, advising users to use the latest supported releases. Separately, prior reports noted PHP has fixed two critical unauthenticated RCE vulnerabilities, with patches available for versions 8.5.12, 8.4.27, 8.3.36, and 8.2.35; PHP users are urged to upgrade immediately.
1 hours ago
Bonk Guy: This round is the "privacy cycle", privacy protocol MASK is undervalued.
Renowned trader Bonk Guy posted that the current crypto market is showing characteristics of a "privacy cycle". He noted that since yesterday, Bitcoin has risen approximately 3%, ZEC is up 16%, adding over $3 billion in market capitalization. MASK currently has a market cap of roughly $26 million, with its protocol trading volume and fees hitting consecutive all-time highs, he added. Citing data from DefiLlama, he stated that MASK ranks first among privacy protocols by revenue, outearning the next 10 privacy protocols combined. By comparison, ZEC’s market cap gain over the past 24 hours is roughly 115 times MASK’s entire market cap. Bonk Guy also said that MASK’s upcoming deployment on Solana is set to launch in the coming days, which he expects will further drive growth in usage, trading volume, and fees. He went on to call MASK the most undervalued privacy protocol in the crypto market.
PaperTrade has acknowledged reports of manipulation attempts on Hyperliquid’s best-bid/offer (BBO) used for synthetic execution. The incident involves attempts to shift Hyperliquid’s ETH quotes, impacting the reference prices used by PaperTrade for its BTC and ETH execution. PaperTrade has responded by tightening open-interest limits on-chain and through relayers. The situation highlights concerns over PaperTrade’s reliance on external price feeds and its exposure controls, although there is no indication of a breach in Hyperliquid’s native system.
Key Takeaways Reports suggest manipulation attempts on Hyperliquid BBO, which PaperTrade uses for reference pricing. PaperTrade is addressing the issue by tightening open-interest limits and enhancing controls. Market pricing suggests a decrease in confidence, reflected in reduced odds for PaperTrade’s FDV exceeding $25M. What to Watch Market participants will closely monitor any further measures PaperTrade implements to enhance security and control. The upcoming launch of PaperTrade’s token and its market reception will be key indicators of investor confidence. Developments in the Hyperliquid platform’s stability and any official announcements regarding improvements or partnerships will also be pivotal in shaping market sentiment.
Term Structure
Contract Odds Δ since publish Volume 24h January 1 2028 50% — — View market → January 1 2028 44.5% — — View market → January 1 2028 36.5% — — View market → January 1 2028 24% — — View market → January 1 2028 29% — — View market → January 1 2028 23.5% — — View market → January 1 2028 46% — — View market → January 1 2028 17% — — View market →
Cryptocurrency research firm Delphi Digital has published a new report arguing that speculation could be one of the defining investment themes of the next decade, highlighting assets such as Robinhood (HOOD), Hyperliquid (HYPE), and Lighter (LIT).
The company’s report, titled “The House Always Wins: Why Speculation Is the Theme of the Decade,” argues that investors should focus on platforms that generate income from speculative transactions rather than on speculative assets themselves.
According to the company, technological transformation and pressures on the economic system are two key factors supporting speculative trading activity. While new technologies like artificial intelligence increase uncertainties about the future, economic conditions and the increasing difficulty of acquiring assets can also drive investors to seek high returns.
According to the report, the real opportunity in this environment lies not in predicting which asset will rise, but in identifying and investing in platforms that can generate revenue from increased trading activity.
Why Do Robinhood, Hyperliquid, and Lighter Stand Out? The report noted that Robinhood stood out because it combined stock trading, options, cryptocurrencies, and prediction markets within the same user ecosystem.
Hyperliquid, on the other hand, stands out with its on-chain perpetual futures markets and trading infrastructure open to different asset classes. The report also highlighted that the platform operates a buyback mechanism for the HYPE token with its transaction fees.
Finally, Lighter’s order book infrastructure, which utilizes zero-knowledge proofs, is noted for its zero-transaction fee approach for individual users.
Delphi Digital emphasizes profitability, the ability to convert transaction fees into revenue, and user reach when evaluating platforms. However, the report states that transaction volume alone is not a sufficient metric, and that competition, regulatory risks, and market cycles must also be taken into account.
*This is not investment advice.
Follow our Telegram and X account now for exclusive news, analytics and on-chain data!
CashCat [CASHCAT] gained 11% over the past day as the broader market recovered.
The gains coincided with bullish sentiment and increased activity in the perpetual market. Open Interest rose alongside the price, while the Funding Rate remained positive.
Buyers had the edge, but could that positioning support another leg higher?
What supported CASHCAT’s 11% rally? CashCat recorded roughly $11.12 million in perpetual Inflows over the past 24 hours.
Inflows exceeded Outflows, leaving positive Netflows of $122,240 at the time of analysis. This pointed to net capital entering the tracked perpetual market, although flows alone did not establish traders’ direction.
Source: CoinGlass Alongside those positive flows, Open Interest climbed over 11% to $51.43 million, while the Funding Rate stayed positive.
Rising Open Interest indicated more outstanding contracts. The positive Funding Rate meant longs paid shorts, suggesting stronger demand for long exposure.
Together, these readings supported a bullish positioning bias, although they could not confirm further price gains.
Source: CoinGlass That left another question: were traders actively buying into the move?
Were CASHCAT buyers still setting the pace? An analysis of CashCat’s perpetual Trading Volume showed more aggressive buying than selling. The Taker Buy/Sell Ratio tracks this balance. A reading above 1 indicates higher taker buy volume, while below 1 indicates higher taker sell volume.
CoinGlass recorded a ratio of 1.14, meaning taker buy volume exceeded taker sell volume by 14%.
Source: CoinGlass In other words, buyers were more willing to cross the spread and execute immediately.
Hyperliquid, Gate, and Bybit also recorded Taker Buy/Sell Ratios above 1, reinforcing a buying bias across the three venues.
Together, these exchanges accounted for $45.5 million in Open Interest, roughly 88% of CashCat’s reported total. Much of the outstanding exposure therefore sat on those venues. Still, taker buying can reflect new longs or shorts closing positions.
Can bullish sentiment sustain CASHCAT’s gains? CoinMarketCap’s Sentiment indicator also favored bulls. The tool ranged from -10 to 10, with the extremes representing bearish and bullish readings, respectively.
At the time of analysis, Sentiment remained positive, suggesting a bullish outlook among participating users. That optimism aligned with the perpetual market’s buying bias. If buying pressure persists, CASHCAT could extend its recovery.
However, sentiment alone offers limited evidence of fresh demand. Continued taker buying would give the bullish outlook firmer backing.
Final Summary CASHCAT rose 11% as Open Interest increased and the Funding Rate remained positive. The Taker Buy/Sell Ratio favored buyers, but sustained buying pressure remains key to further gains.
ARK Invest’s Q3 2026 DeFi report shows that tokenized equities were the main driver of the quarter’s rebound in on-chain activity. Tokenized equity spot DEX trading volume hit roughly $50 billion, about 9 times the prior quarter’s level, lifting its share of total spot DEX volume from ~1% to ~9%. Total spot DEX volume rose ~13% quarter-over-quarter (QoQ) to $571 billion, marking its first quarterly increase in four quarters. In its first quarter since launch, Robinhood Chain generated ~$65 billion in DEX trading volume and $51 million in network revenue, with its network income nearly matching BNB Chain’s performance in the same period. However, ARK projects that recent adjustments to the gas mechanism will cause the chain’s revenue to decline from current levels. Total stablecoin supply fell ~3% QoQ to $309 billion, but adjusted trading volume rose ~16% QoQ to $781 billion, while monthly active addresses grew ~39% to 73 million. Perpetual contract DEXs saw a divergence between open interest and trading activity: open interest rose ~76% QoQ to $240 billion, while quarterly trading volume dropped ~16% to $1.4 trillion. Hyperliquid’s open interest stood at ~$130 billion, accounting for ~53% of the total. ARK notes this trend points to fewer but larger, longer-held positions.
Google responds to PHP security vulnerability: Google Cloud itself does not contain any vulnerabilities, and customers should immediately upgrade to PHP 8.2 or later versions.
Google announced that Google Cloud is rolling out updated serverless base images for all supported PHP versions, urging customers to upgrade immediately to PHP 8.2 or later and redeploy their services using the patched versions. Google clarified that Google Cloud itself has no vulnerabilities, but users running PHP on the platform may face risks. The tech giant also noted that Gemini 4 ARGON contributed to vulnerability discovery, exploit development, attack detection, and patch validation.
4 minutes ago
Kalshi将支持加密资产抵押借款用于永续期货保证金
According to Bloomberg, prediction market platform Kalshi has struck a new deal with crypto asset custodian BitGo, allowing select clients to borrow funds using their custodied crypto assets as collateral, with the loan proceeds serving as margin for leveraged perpetual futures trading on Kalshi’s exchange. The arrangement is targeted at clients of Kalshi Prime, Kalshi’s U.S.-registered futures commission merchant, and adopts a tri-party collateral management structure. Loans are provided by Kalshi’s affiliated lending firm Kalshi Katalyst, while collateral assets are held at BitGo Bank & Trust. Eligible collateral includes Bitcoin, Ethereum, and stablecoins compliant with the GENIUS Act, with plans to integrate additional custodians in the future. Jeff Bandman, CEO of Kalshi Prime, stated that the setup enables clients to participate in trading without liquidating their crypto holdings, which may attract crypto-native trading firms and large digital asset holders (whales).
4 minutes ago
Bitcoin ETFs see $33.88M outflow, Ethereum ETFs hit $384.13M weekly outflow
According to HTX market data, Bitcoin has broken through $84,000, with a 24-hour gain of 1.29%.
4 minutes ago
A critical security vulnerability has been discovered in PHP, leading to the mass takedown of government websites across multiple European countries.
Due to a critical security vulnerability in the widely used PHP programming language, multiple government websites across Europe and other regions were forced to go offline on Wednesday, with site operators taking urgent measures to secure their systems. The PHP development team announced on local time Tuesday that two critical security flaws had been discovered, urging users to update immediately once patches were released. On Wednesday, the team confirmed that the new PHP version fixing the vulnerabilities was officially launched. However, amid reports that hackers were exploiting the flaws to breach websites, government agencies in the Netherlands, Finland and other countries had preemptively shut down some sites before the patch’s release. PHP is one of the most widely used programming languages on the internet, powering platforms including WordPress, Drupal, Joomla and Magento. According to web technology statistics firm W3Techs, roughly 75% of websites with identifiable programming languages use PHP. Around 43% of global websites are powered by WordPress, covering blogs, small business sites, government portals, e-commerce platforms and news sites. The security incident has triggered large-scale outages of websites across multiple European nations. Temporary shutdowns have affected sites including the Port of Rotterdam in the Netherlands, Dutch government portal Overheid.nl, the Royal Dutch Football Association, websites of the country’s five major political parties, and several hospital sites.
4 minutes ago
Binance Wallet has launched PREDICT pre-market perpetual contracts, with up to 5x leverage available.
According to official announcements, Binance Wallet has launched the PREDICTUSDT pre-market perpetual contract, offering up to 5x leverage. Eligible users can use bStocks tokenized stocks as collateral. After enabling the multi-asset mode, tokenized stocks held in Binance Wallet can be converted into margin at up to 90% of their market value.
As the US Securities and Exchange Commission’s (SEC) public comment window closed on October 20, 2026, for its proposed Regulation Crypto Assets, two industry voices submitted detailed feedback seeking refinements that would reduce uncertainty for token classification, distributions, and trading.
Bitwise Asset Management and the Hyperliquid Policy Center filed separate comment letters dated October 19, urging the agency to adjust the framework before any final vote.
The proposal, released earlier in the year, aims to create tailored exemptions for certain crypto fundraising activities.
These include a startup exemption capped at $5 million over up to four years and a broader fundraising exemption allowing up to $75 million in any 12-month period.
It also outlines a conditional safe harbor for tokens that are no longer tied to investment contracts, along with measures that would limit certain state-level registration requirements for qualifying purchasers.
Bitwise, which builds investment products such as indexes and exchange-traded products using crypto assets but does not issue tokens itself, focused on practical challenges faced by non-issuers.
In its letter, the firm argued that asset managers need a reliable, consistent method to decide whether a given crypto asset falls under securities laws.
That determination, Bitwise said, should rest on information that is publicly available rather than insider knowledge available only to the token issuer.
The company further requested clearer standards governing when managers can rely on an issuer’s Form TR filing—the document that would certify an investment contract has ended—and how to evaluate tokens in cases where no such filing has been made.
Without these clarifications, Bitwise noted, firms that construct products for investors face ongoing difficulty and cost in assessing legal risk.
Separately, the Hyperliquid Policy Center, which advocates for clearer pathways for on-chain markets, generally supported the proposal while recommending five specific changes.
The group contended that the proposed safe harbor could become available too late in a project’s development cycle and asked the SEC to expand its scope so that projects still building their systems can access protection without implicitly conceding that their tokens previously constituted investment contracts.
On airdrops, Hyperliquid urged the commission to embed its earlier March 2026 interpretive guidance directly into the final rule text.
Under that approach, a free token distribution would not involve an “investment of money” when recipients provide no tangible or definable consideration; routine administrative steps such as connecting a wallet or completing sanctions screening would not count as payment.
The center also sought guidance distinguishing programmatic or automated token buybacks that operate under fixed, published rules from discretionary ones controlled by a central party, and it pressed for explicit treatment of secondary-market activity.
In particular, it highlighted uncertainty over whether unregistered intermediaries may facilitate trades and whether tokens may move freely through on-chain protocols, recommending that the SEC use existing authority to grant conditional exemptions for qualifying secondary transactions, including those on decentralized venues.
Not all comments were supportive.
Former SEC enforcement official John Reed Stark and Duke University finance scholar Lee Reiners submitted a letter calling for the proposal to be withdrawn.
They argued that the framework exceeds the agency’s statutory authority, that the existing Howey test already supplies an adequate legal standard, and that the exemptions and self-certification mechanism would weaken investor protections while inviting swift legal challenges.
With the comment period now closed, the SEC will evaluate the submissions and decide whether to revise, adopt, or abandon the rules. Any final version would still require a commission vote before taking effect. The outcome will shape how US projects structure token launches, distributions, and secondary liquidity in the coming years.
Bloomberg’s Joe Weisenthal has acknowledged a shift in his perspective on blockchain technology, expressing a newfound appreciation for neutral blockchains like Hyperliquid. In a recent statement, Weisenthal highlighted the potential for such platforms to unify traditional finance by serving as a general-purpose infrastructure layer. This sentiment aligns with the broader “blockchain, not Bitcoin” thesis, which emphasizes the use of blockchain technology for facilitating diverse financial markets rather than focusing solely on cryptocurrencies like Bitcoin. The recognition from a prominent financial commentator could influence market sentiment toward Hyperliquid, whose native token HYPE was around $79 with a market cap of $17.6 billion.
Key Takeaways
Joe Weisenthal’s remarks suggest a growing acceptance of neutral blockchains as key financial infrastructure.
The market pricing for Hyperliquid indicates a moderate increase in the likelihood of the token reaching $100 by year-end, currently priced at 43.5% YES.
The acknowledgment from a notable figure in finance may further bolster interest and support for platforms like Hyperliquid.
What to Watch
Market participants will be observing any subsequent remarks from financial commentators and institutions that could reinforce or challenge Weisenthal’s views. The performance of Hyperliquid’s HYPE token and its ability to attract traditional finance entities to its platform will be crucial indicators of future pricing trends. Developments such as strategic partnerships or new validator deployments could be consistent with scenarios where Hyperliquid’s token value approaches the $100 mark by the end of 2026.
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.
HYPE, the native token of the Hyperliquid decentralized exchange, is currently seeking to regain momentum after retreating from its September peak. Traders are closely observing whether the recent recovery off local lows can spur a stronger upward move toward a new all-time high.
Price action and technical levelsAs of the latest session, HYPE is trading at $80.14, recording a 0.33% increase during the most recent four-hour period on TradingView. Despite this uptick, the token remains below its previous record of $98. Market data shows HYPE’s open interest stands above $3 billion, indicating significant exposure to the asset remains.
The four-hour price chart shows the token recovering from support in the $76–$77 range and surpassing the midline Bollinger Band at $78.81. This move hints at improving short-term sentiment, but resistance at $80.55 continues to cap upside attempts. Should HYPE manage a clear move above $80.55, this could signal a reinforced rally; failure to break this level increases the risk of revisiting lower support zones.
Further resistance at $86.35 may come into play if buying momentum continues. However, HYPE must overcome both the $80.55 and $86.35 resistance barriers to approach its September high of $98 once more.
On the downside, immediate levels to monitor include $78.81 and $77.07, with a sustained break below $76 seen as a key risk for the ongoing recovery. Technical analysts regard these bands as essential triggers for short-term direction shifts.
Support levelsResistance levelsAll-time high$76, $77.07, $78.81$80.55, $86.35$98Derivatives and trading activityData from trading analytics platform CoinGlass recorded Hyperliquid’s open interest around $3.2 billion as of October 20. This figure remains steady even after HYPE retreated from its earlier surge, suggesting that major derivatives positions have yet to unwind. High open interest is often linked to larger price swings as leveraged trading amplifies volatility. However, the open interest data alone does not reveal whether traders predominantly favor bullish or bearish positions.
Trading volume analysis indicates that while August’s rally was accompanied by a notable increase in activity, the latest price recovery has not shown a similar rise in traded volumes. Technical analysts emphasize that an increase in trading activity accompanying a price breakout would provide stronger evidence for renewed demand.
Sustained low volume during price gains can signal caution, as rising prices unsupported by increased participation may lack conviction. Market watchers look for this confirmation when assessing the likelihood of a sustained rally.
Market catalysts and past performanceAccording to CoinGecko, HYPE posted a 40.5% surge within just four days in the third quarter of 2026 after Donald Trump stated that Michael Selig was working to bring Hyperliquid to the US market. Following this announcement, the token hit an all-time high of $98.
CoinGecko highlighted that the 40.5% jump reflected intense market interest triggered by high-profile endorsements and developments. Despite this, analysts underline that previous catalysts do not promise a repeat performance, with new highs depending on overcoming technical barriers and broader market conditions.
Hyperliquid is a decentralized exchange platform and protocol that enables the trading of cryptocurrencies through a non-custodial order book. It aims to offer efficient trading and deep liquidity without relying on centralized intermediaries.
Mini dictionary: Michael Selig, a prominent US lawyer specializing in digital assets regulation, is known for his work advising blockchain projects and exchanges navigating compliance issues.
CoinGecko’s report noted that HYPE soared 40.5% in four days after Donald Trump announced Michael Selig’s involvement in bringing Hyperliquid to the US, driving the token’s price to a record $98.
Currently, HYPE trades between resistance around $80.55 and support near $76. Clearing the immediate resistance levels, especially if paired with climbing volume, would bolster the chances of a renewed uptrend. Persistent weakness could open the door to further losses. In the context of ongoing volatility, traders remain attentive to price action and any coming announcements that could serve as market catalysts.
UK High Court approves appeal by Chinese victims in the Qian Zhimin case over property rights to more than 60,000 Bitcoin.
According to Caixin, just four days after the UK High Court of Justice ruled that the property rights dispute over more than 60,000 bitcoins in the Qian Zhimin case is subject to Chinese law, around 16,000 Chinese victims participating in the UK asset recovery process have been granted the chance to challenge the ruling further. The UK High Court held a fresh hearing, with the judge approving the Chinese victims’ appeal against the October 12 ruling on applicable law. Lawyers from all parties also discussed issues including litigation costs related to the earlier applicable law dispute, whether the approximately 16,000 individual claimants will continue to pursue their claims, and how to opt out of the proceedings.
10 minutes ago
Analyst: Short-term Bitcoin whales' unrealized profit falls 53%, with over 10,000 BTC transferred to CEX in a single day.
CryptoQuant analyst Axel Adler Jr stated in a post that Bitcoin short-term whales’ unrealized profit dropped 53% from a record $9.8 billion on September 22 to $4.6 billion on October 20, though the whales remain profitable. On the same day, whales transferred 10,605 BTC to centralized exchanges (CEXs), the highest single-day volume since October 8, roughly 2.8 times the 3,815 BTC average daily amount over the past 30 days. The decline in unrealized profit does not indicate reduced holdings, nor do transfers to exchanges equal actual sales, but analysts point out that the increased inflow signals a rising potential sell-off risk.
10 minutes ago
Crypto market liquidity crunch: Binance's stablecoin reserves hit their lowest level of the year.
According to crypto analyst Darkfost's data, centralized exchange (CEX) stablecoin reserves have been declining recently, with Binance's stablecoin reserves hitting their lowest level this year. Data shows Binance's stablecoin market capitalization has been on a downward trend since June, dropping approximately 4.7% over the past 90 days. Darkfost also pointed out that the decline in stablecoin reserves is not unique to Binance. This stablecoin outflow dynamic will continue to exert pressure on the market, and the lack of inflowing liquidity is exacerbating the current market weakness. To reverse the situation, the market needs to see capital flowing back into CEXs, which is a sign of demand recovery.
10 minutes ago
Zcash developers confirm the NU7 upgrade will roll out in November, cutting the block time to 25 seconds.
Zcash developers have reached consensus on the NU7 upgrade, set to activate at block height 3,543,405 (estimated around November 5). The upgrade will reduce block time from 75 seconds to 25 seconds, tripling transaction confirmation speed. Additionally, 60% of fees collected per block will be removed from circulation, with plans to return these funds to miners starting February 2031, while the original block reward halving schedule remains unchanged in the interim. Furthermore, Zcash’s original privacy protocol Sprout will be permanently shut down after the upgrade; funds not transferred in time will become inaccessible. The proposal was put forward by developer Sean Bowe and approved by the Zcash Improvement Proposal (ZIP) editing team, but it still needs to be formally merged into deployment specifications and integrated into node software before it can officially take effect.
10 minutes ago
US pre-market trading: All three major indices rise, SpaceX surges nearly 9% pre-market, and AI stocks rebound sharply.
Before U.S. stock market opens, all three major index futures rose, with the Nasdaq 100 futures up around 0.80%. In terms of individual stocks, according to BIT (bit.com) market data, boosted by strong quarterly results, SpaceX gained nearly 9% to $161.08. Additionally, driven by merger rumors, Tesla rose 2.67% to $383.68. AI-related stocks mostly advanced before the market open: Nvidia was up 1.8%, AMD up 2.5%, Intel up 2.9%, SanDisk up 2.9%, Western Digital up 2.1%, and Seagate Technology up 2.4%. Meanwhile, optical communications and Neocloud-related stocks saw notable gains: Credo (CRDO) jumped over 5.2%, Lumentum (LITE) rose around 3.98%, and CoreWeave (CRWV) gained around 2.95%. For crypto-related stocks, BNB Standard (BNC) surged over 7.8%, and Strategy (MSTR) added around 1.99%.
10 minutes ago
Sources: Bank of Japan will decide at next week's meeting whether inflation has reached the 2% target.
According to Kyodo News, a source familiar with the matter revealed on Wednesday that the Bank of Japan (BOJ) will assess whether the underlying inflation rate has hit its 2% target at next week’s policy meeting. A confirmation would mark a symbolic turning point for the BOJ, signaling an end to its long-standing monetary policy stance aimed at combating deflation. The BOJ first set the 2% inflation target in January 2013. Despite implementing aggressive monetary easing programs, the central bank has repeatedly pushed back its timeline for achieving the goal. If the target is ultimately met, it will come nearly 14 years after the target was first introduced.
Hyperliquid [HYPE] is having a great run. But are darker times ahead?
A new money laundering report has given Hyperliquid some very awkward publicity. This happened in tandem with perps knocking on regulators’ doors.
Is Hyperliquid’s lead safe? Let’s take a look.
Hyperliquid earns $2.5M in a day!
The fee chart isn’t close at all.
Hyperliquid made $2.5 million in fees over 24 hours on 20th October. Lighter came second with $198K, and that was 12x lower!
Aster took third at $123K, and Jupiter perp was fourth at $102K. After that, Antartic, GMTrade, Nado, edgeX, GMX and Extended, all somewhere between $47K and $86K.
Source: X
Here’s what’s wild. Add up everypne from second to tenth place, and you get about $836K. Hyperliquid’s lead is solidified with its fees being 3x over all of the other names on the list… put together.
A money laundering scheme comes to light
Now, here’s where it gets messy.
ZachXBT, the on-chain sleuth, has been digging into something called FreedomXMR, or FXMR. It popped up on Hyperliquid Core in August 2026.
His verdict is that it is a laundering service, claiming that over 87% of the money coming into it might be tied to illicit activity.
Source: X
He went through past inflows bigger than $10,000 each. More than $20 million of that was traced back to ransomware, exploits, and social engineering scams. Names like DCENT Wallet, Fetch.ai, Axelar and Gamdom showed up in the mix.
It is reported that FXMR’s admin got their XMR from KuCoin. Addresses linked to them made over 3,000 deposits on the exchange.
For his part, the on-chain sleuth has passed all the on-chain data to the Hyperliquid team.
Now, this is a service running on Hyperliquid, not Hyperliquid itself. However, when you’re the biggest perp DEX in town, people are going to ask what you’re doing about it.
HPC asks the CFTC for compute perps
Meanwhile, perps are trying to go legit in the United States.
Hyperliquid Policy Center wants the CFTC to allow perps on compute, the chip power behind AI. The CFTC approved its first perp in May and started asking about compute in August.
Why bother? Compute prices swing a lot. Renting an NVIDIA H100 cost $2.50 to $3.19 an hour in late 2024. A year later, it had fallen to around $2. Data centers had no way to hedge that drop.
HPC will continue working with the Commission and its staff to give Americans access to onchain markets under American oversight.
And unlike oil, you can’t store compute. It’s used the hour it’s made, so the risk never takes a break. HPC believes that a contract with no expiry date fits that perfectly.
They referenced trade[XYZ]’s crude oil perps on Hyperliquid as an example.
Final Summary
Hyperliquid earned $2.5 million in fees in 24 hours!
Over $20 million was involved in hacks and scams, flowing through Hyperliquid Core.
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.
UK High Court approves appeal by Chinese victims in the Qian Zhimin case over property rights to more than 60,000 Bitcoin.
According to Caixin, just four days after the UK High Court of Justice ruled that the property rights dispute over more than 60,000 bitcoins in the Qian Zhimin case is subject to Chinese law, around 16,000 Chinese victims participating in the UK asset recovery process have been granted the chance to challenge the ruling further. The UK High Court held a fresh hearing, with the judge approving the Chinese victims’ appeal against the October 12 ruling on applicable law. Lawyers from all parties also discussed issues including litigation costs related to the earlier applicable law dispute, whether the approximately 16,000 individual claimants will continue to pursue their claims, and how to opt out of the proceedings.
10 minutes ago
Analyst: Short-term Bitcoin whales' unrealized profit falls 53%, with over 10,000 BTC transferred to CEX in a single day.
CryptoQuant analyst Axel Adler Jr stated in a post that Bitcoin short-term whales’ unrealized profit dropped 53% from a record $9.8 billion on September 22 to $4.6 billion on October 20, though the whales remain profitable. On the same day, whales transferred 10,605 BTC to centralized exchanges (CEXs), the highest single-day volume since October 8, roughly 2.8 times the 3,815 BTC average daily amount over the past 30 days. The decline in unrealized profit does not indicate reduced holdings, nor do transfers to exchanges equal actual sales, but analysts point out that the increased inflow signals a rising potential sell-off risk.
10 minutes ago
Crypto market liquidity crunch: Binance's stablecoin reserves hit their lowest level of the year.
According to crypto analyst Darkfost's data, centralized exchange (CEX) stablecoin reserves have been declining recently, with Binance's stablecoin reserves hitting their lowest level this year. Data shows Binance's stablecoin market capitalization has been on a downward trend since June, dropping approximately 4.7% over the past 90 days. Darkfost also pointed out that the decline in stablecoin reserves is not unique to Binance. This stablecoin outflow dynamic will continue to exert pressure on the market, and the lack of inflowing liquidity is exacerbating the current market weakness. To reverse the situation, the market needs to see capital flowing back into CEXs, which is a sign of demand recovery.
10 minutes ago
Zcash developers confirm the NU7 upgrade will roll out in November, cutting the block time to 25 seconds.
Zcash developers have reached consensus on the NU7 upgrade, set to activate at block height 3,543,405 (estimated around November 5). The upgrade will reduce block time from 75 seconds to 25 seconds, tripling transaction confirmation speed. Additionally, 60% of fees collected per block will be removed from circulation, with plans to return these funds to miners starting February 2031, while the original block reward halving schedule remains unchanged in the interim. Furthermore, Zcash’s original privacy protocol Sprout will be permanently shut down after the upgrade; funds not transferred in time will become inaccessible. The proposal was put forward by developer Sean Bowe and approved by the Zcash Improvement Proposal (ZIP) editing team, but it still needs to be formally merged into deployment specifications and integrated into node software before it can officially take effect.
10 minutes ago
US pre-market trading: All three major indices rise, SpaceX surges nearly 9% pre-market, and AI stocks rebound sharply.
Before U.S. stock market opens, all three major index futures rose, with the Nasdaq 100 futures up around 0.80%. In terms of individual stocks, according to BIT (bit.com) market data, boosted by strong quarterly results, SpaceX gained nearly 9% to $161.08. Additionally, driven by merger rumors, Tesla rose 2.67% to $383.68. AI-related stocks mostly advanced before the market open: Nvidia was up 1.8%, AMD up 2.5%, Intel up 2.9%, SanDisk up 2.9%, Western Digital up 2.1%, and Seagate Technology up 2.4%. Meanwhile, optical communications and Neocloud-related stocks saw notable gains: Credo (CRDO) jumped over 5.2%, Lumentum (LITE) rose around 3.98%, and CoreWeave (CRWV) gained around 2.95%. For crypto-related stocks, BNB Standard (BNC) surged over 7.8%, and Strategy (MSTR) added around 1.99%.
10 minutes ago
Sources: Bank of Japan will decide at next week's meeting whether inflation has reached the 2% target.
According to Kyodo News, a source familiar with the matter revealed on Wednesday that the Bank of Japan (BOJ) will assess whether the underlying inflation rate has hit its 2% target at next week’s policy meeting. A confirmation would mark a symbolic turning point for the BOJ, signaling an end to its long-standing monetary policy stance aimed at combating deflation. The BOJ first set the 2% inflation target in January 2013. Despite implementing aggressive monetary easing programs, the central bank has repeatedly pushed back its timeline for achieving the goal. If the target is ultimately met, it will come nearly 14 years after the target was first introduced.
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.
On-chain investigator ZachXBT published a report on October 20 identifying FreedomXMR (FXMR), a swap service operating on Hyperliquid Core, as a centralized money-laundering operation whose inflows are overwhelmingly tied to crime. In the report, posted to his Telegram channel, ZachXBT writes that “more than 87% of its inflow volume is tied directly to illicit activity.” A manual review of every historical FXMR inflow above $10,000, he adds, traced more than $20 million to ransomware, exploits, malware and social-engineering attacks.
The allegation is directed at the operators of FreedomXMR, not at Hyperliquid, and ZachXBT says he has passed his source data to the Hyperliquid team. What the report does is surface the compliance tension at the core of permissionless exchanges: a chain built with no gatekeeper lets a service win a ticker and begin swapping deposited funds for Monero within hours, while the anti-money-laundering obligations that bind licensed venues have no obvious place to attach.
What FreedomXMR Is, and How It Moved Money FreedomXMR “appeared on Hyperliquid Core in August 2026,” according to the report, and its name is descriptive: the service swaps deposited assets for Monero, the privacy-focused cryptocurrency that complicates downstream tracing. ZachXBT describes the mechanics as a swap model “similar to Wagyu’s,” in which a customer sends one asset and the operator returns another, the Monero leg obscuring where the funds came from on the way out.
The Monero did not materialize from nowhere. “The admin sources XMR liquidity from KuCoin,” the report states, “with 3K+ deposits to KuCoin.” That detail matters because it places a licensed, compliance-bound exchange somewhere in the supply chain of a service the investigator calls a launderer. The report does not allege that KuCoin knowingly facilitated the activity, and the exchange is not accused of wrongdoing. The deposits are offered as the mechanism by which the operator obtained the privacy coin it paid out, not as evidence of intent on the exchange’s part.
Five Exploits, One Destination The $20 million figure is assembled from individual incidents rather than a single breach. ZachXBT writes that a “manual review of all historical FXMR inflows above $10K traced $20M+ directly to ransomware, exploit, malware, and social engineering incidents.” The incidents he lists stretch across two months: the DCENT Wallet exploit in September 2026, the Fetch.ai exploit in September 2026, the Axelar exploit in September 2026, an unnamed ransomware payment in September 2026, and the Gamdom exploit in October 2026.
That is the pattern a compliance analyst would recognize immediately: a single destination receiving the proceeds of multiple, unrelated attacks is the signature of a laundering rail, not a legitimate trading desk. The report also identifies the FXMR hot wallet at 0x51687f549b9a4607e8e6f7714a0b986c0dbcdef2 and lists three additional administrator-controlled addresses, giving exchanges and the Hyperliquid team a concrete set of labels to act on.
The $28,000 Ticker and the Economics of Entry The most striking detail is how cheaply the operation set itself up. “The FXMR ticker was bought in an HL auction on July 27, 2026 for 518.28 HYPE ($28K),” the report states. The arithmetic is plain: paying 518.28 HYPE for $28,000 implies a HYPE price of about $54 at the time of the auction. With HYPE trading near $81.67 on October 21, per Binance market data, that same stake would now be worth roughly $42,300, an appreciation of more than 50 percent even before any proceeds from the laundering business itself.
Set the $28,000 entry cost against the more than $20 million in traced illicit inflows and the gap is a multiplier of roughly 700-to-one: a four-figure ticker purchase became the gateway to an eight-figure flow of tainted funds. That ratio is the report’s quietest argument, because it shows how the permissionless listing mechanism that makes Hyperliquid fast and cheap to build on also makes it cheap for a bad actor to obtain a branded on-chain destination.
The pattern is not new to Hyperliquid. “HL Core has seen several centralized laundering services, such as b1exch, abuse the chain’s permissionless design and adoption,” ZachXBT writes. The earlier congressional interest in the exchange, including an expanding insider-trading probe that already names Hyperliquid, means the platform is now being watched on two fronts at once: market integrity and anti-money-laundering.
What the Report Establishes, and What It Does Not The report is an on-chain tracing exercise, not a court finding. ZachXBT’s $20 million figure covers only inflows above the $10,000 threshold he reviewed, which means the full lifetime volume through FreedomXMR is larger than the number he documents. His “more than 87%” claim is a share of inflow volume, not a share of all activity, and neither figure constitutes a legal determination that any specific person committed a crime.
The same caution applies in the other direction. The report does not allege wrongdoing by Hyperliquid, whose listing mechanism is permissionless by design, or by KuCoin, which appears in the report only as a source of XMR liquidity. A neutral reading is that the investigation names the service and its operators, supplies on-chain evidence, and hands that evidence to the platform most able to freeze or delist the offending contracts.
What the report cannot yet answer is whether the named wallets have been frozen, whether Hyperliquid will delist FXMR, and whether any exchange will act on the addresses. Those are the next observable steps, and they will determine whether the investigation produces an enforcement outcome or remains a published warning.
What Happens If the Chain Does Not Act The pressure now flows in two directions. First, Hyperliquid must decide whether to freeze or delist FXMR and any associated accounts, a decision with precedent-setting weight for how the chain treats similar services in the future. Second, the exchanges and entities that touch the identified addresses, including the Monero leg through KuCoin, face the standard obligation to risk-score the exposure and, where required, file suspicious activity reports.
For the broader decentralized-exchange sector, the report is a case study in a recurring problem: permissionless listing lowers the barrier for legitimate teams and for launderers alike. The regulatory answer that has worked for centralized venues, mandatory KYC and transaction monitoring, does not transfer cleanly to a chain that settles trades without custody. Until that gap is closed, investigators like ZachXBT are functioning as an unofficial compliance layer, and the platforms they inform remain the only party in a position to act quickly.
Monero’s role is the final, uncomfortable thread. The service chose Monero precisely because its transaction graph resists the tracing ZachXBT performed on the Hyperliquid side. That is a reminder that the AML exposure described here is not an abstract DeFi problem; it is the specific intersection of a permissionless market and a privacy asset designed to defeat the very transparency that made this report possible. HYPE, the token at the center of that market, was itself only recently drawn into the public eye when Binance listed it, and the investigation lands against that same backdrop of mainstream exchange adoption.
The cleanest read of the report is narrower than the headlines suggest. A service with an 87 percent illicit inflow share operated on Hyperliquid Core for roughly two months, moved more than $20 million in traced tainted funds, and did so on a ticker that cost its operator $28,000. The investigation names wallets, documents five source incidents, and hands the evidence to the platform. What it does not yet produce is a freeze, a delisting, or a filing. Those are the events to watch next.
Hyperliquid Policy Center has asked the CFTC to allow U.S. futures and perpetual contracts tied to GPU rental prices and the cost of running AI models in an Oct. 20 letter.
Summary
Hyperliquid Policy Center wants U.S. futures and perpetuals tied to GPU rentals and AI inference costs.
The group says perpetuals could help data centers and AI developers hedge ongoing price risks.
Proposed safeguards include leverage limits, funding-rate caps and transparent pricing benchmarks.
The letter supports dated futures for scheduled expenses, such as planned AI training runs.
Hyperliquid Policy Center said data-center operators, lenders and AI developers need ways to manage computing-price risk, urging the agency to review contracts under its existing rules. CEO Jake Chervinsky and senior counsel Brad Bourque signed the response to the regulator’s request for comments on compute derivatives.
Today, HPC filed a comment letter asking the @CFTC to bring compute perpetual contracts to U.S. markets.
Data centers, their lenders, and the AI developers that rent compute all carry price risk, and the exposure runs around the clock with no fixed end date. Our comment explains… https://t.co/SpHZvLo5KR
— Hyperliquid Policy Center (@HyperliquidPC) October 20, 2026
The policy center describes itself as an independent research and advocacy organization seeking regulated American access to onchain markets, including Hyperliquid. Its letter argues that rented computing capacity qualifies as a commodity under the Commodity Exchange Act, while supporting contracts linked to the cost of running AI models.
The submission asks regulators to allow competing price benchmarks, support both dated futures and perpetuals, and address market risks through trading safeguards and oversight. It is a policy recommendation, not an announcement of a Hyperliquid compute-contract launch or a regulatory approval.
AI compute perpetuals would target ongoing costs
In the letter’s account, computing capacity creates price exposure that continues around the clock. Data centers earn rental revenue by the hour, while inference platforms pay for computing power each time customers use an AI model.
“A GPU-hour exists only in the hour it is used,” the policy center wrote.
The organization argues that perpetual contracts could match those ongoing costs and revenues because they have no expiration date. Its explanation describes recurring funding payments between buyers and sellers that help keep a perpetual’s price aligned with its reference benchmark.
According to the submission, a data-center operator could use such a contract to protect against falling rental revenue, while an AI platform could hedge rising computing bills. Lenders financing hardware face related exposure because lower rental income can weaken borrowers’ cash flows and the value of their collateral.
The letter favors dated futures for costs with a known endpoint, including a training run planned for a specific quarter or a scheduled capacity purchase. It says successive monthly contracts can produce a forward price curve that lenders and investors need when valuing financing agreements.
GPU rentals and inference need different benchmarks
The policy center proposes contracts tied to GPU rental prices and the cost of running AI models.
GPU-hour contracts would track the rental price of specified hardware. Inference contracts would reference access to a stated volume of AI-model tokens, the units used to measure text that a model processes and produces.
According to the letter, the second category would serve application developers and inference platforms whose bills depend on token prices. A hardware-rental contract would provide an imperfect hedge because inference costs depend on both computing prices and model efficiency.
Citing Silicon Data’s historical price series, the submission puts Nvidia H100 marketplace rental rates at approximately $2.50–$3.19 per GPU-hour in the second half of 2024, compared with $1.92–$2.00 in the second half of 2025.
The letter cites Epoch AI research estimating that private investment in AI data centers, computing hardware and networking equipment reached roughly 0.8% of U.S. GDP in the first quarter of 2026.
Despite that spending, the policy center describes a market where most economic value changes hands through privately negotiated agreements. Its account distinguishes publicly visible hourly rentals from reserved capacity and multiyear purchase commitments whose prices generally remain private.
Benchmark selection would therefore determine which exposures a contract can cover, the organization argues. Its proposed specifications include chip type, location, rental period, cluster size, service terms and whether a provider can interrupt access.
Pricing safeguards would address thin markets
The letter identifies concentrated supply, limited transaction visibility and hardware turnover as unresolved issues for compute derivatives.
According to the policy center, a benchmark built from relatively few transactions could be vulnerable to manipulation. It proposes independent price contributors, methods that filter out unusual observations, position limits, and information-sharing arrangements.
For perpetual contracts, the submission recommends funding-rate caps or calculations spread over longer periods to limit sudden funding costs around model releases and hardware shortages.
New chip generations create a separate benchmark problem. The organization proposes advance notice and gradual transitions when an index replaces older hardware, citing the disclosed schedules used by Hyperliquid oil perpetual markets when their reference futures move between contract months.
Its customer-protection proposals include leverage limits, open-interest caps and disclosures showing funding costs in dollar terms over different holding periods. The letter calls for venues to explain liquidation thresholds and any discretion retained by exchange operators or index administrators.
CFTC review follows earlier perpetual-market proposals
On Aug. 19, the CFTC announced its compute-derivatives consultation, seeking feedback on cash-market liquidity, manipulation, customer protection and perpetual compute futures.
Chairman Michael Selig described derivatives markets as part of America’s AI ambitions:
“America cannot win the AI race without a robust derivatives market for compute.”
The policy center’s letter says NYMEX and ICE Futures U.S. have proposed cash-settled compute futures, although neither exchange’s contracts had begun trading when the submission was written. It describes existing compute-price event contracts and perpetual offerings through a Bermuda-licensed venue.
Earlier, crypto.news covered the group’s Aug. 26 request for regulated energy perpetuals alongside trade[XYZ]. Their filing sought a U.S. path for contracts tied to West Texas Intermediate crude, Brent crude and Henry Hub natural gas.
In an Aug. 24 submission, the group asked the SEC and CFTC to regulate stock-linked perpetual contracts as security futures under their joint oversight. The group argued that regulators should examine a contract’s structure before assigning jurisdiction based on its underlying asset.
On Oct. 19, the organization submitted five SEC rule recommendations concerning Regulation Crypto Assets, covering airdrops, secondary trading, developer protections, automated token buybacks, and state securities requirements.
Bitwise Asset Management and the Hyperliquid Policy Center are pressing the US Securities and Exchange Commission (SEC) to revise its proposed crypto rules, seeking clearer guidance on token classifications, airdrops and secondary-market trading in comment letters submitted Monday.
The requests come as the SEC closes public comments Tuesday on its proposed Regulation Crypto Assets, which would create exemptions for qualifying crypto fundraising and a conditional safe harbor for tokens associated with investment contracts.
In an Oct. 19 comment letter, Bitwise Asset Management urged the SEC to clarify how investment managers should determine whether a crypto asset is subject to securities laws, arguing that managers need a standard they can apply using “publicly available information.”
The firm also sought clearer rules on when managers can rely on an issuer’s proposed Form TR filing, which would certify that an investment contract has ceased to exist, and how they should assess tokens when no such filing exists.
Source: US Securities and Exchange Commission
In a separate submission, the Hyperliquid Policy Center urged the SEC to broaden its proposed safe harbor, arguing that it could come too late in a project’s development. The group called for clearer protections for airdrops that reward network participation, as well as guidance on token buybacks.
Hyperliquid also warned that the proposal “fails to provide clarity” on whether unregistered intermediaries can facilitate token trading or whether tokens can trade freely through onchain protocols. It urged the SEC to address secondary-market transactions directly rather than leaving exchanges and decentralized trading venues facing regulatory uncertainty.
SEC proposal faces legal and investor protection objectionsWhile industry participants sought changes to the proposed rules, former SEC enforcement official John Reed Stark and Duke University finance scholar Lee Reiners took a different position altogether. In an Oct. 16 comment letter, they urged the commission to withdraw the proposal entirely, arguing that it exceeds the agency’s statutory authority and would weaken investor protections.
Stark and Reiners said that existing securities laws and the Supreme Court’s Howey test already provide a framework for regulating crypto offerings. They argued that the fundraising exemptions would weaken investor protections, while the proposed safe harbor would allow issuers to effectively remove their tokens from securities oversight through self-certification.
The two also warned that adopting the rules in substantially their current form would invite an immediate legal challenge, potentially resulting in the framework being struck down.
With the public comment period closing Tuesday, the SEC will review the submissions before deciding whether to revise, adopt or withdraw the proposed rules. The commission has not announced a timetable for a final decision, and any final rule would require a commission vote before taking effect.
Magazine: Can the SEC and CFTC’s pro-crypto rules be overturned? Legal opinion
Bitwise Asset Management and the Hyperliquid Policy Center are pressing the US Securities and Exchange Commission (SEC) to revise its proposed crypto rules, seeking clearer guidance on token classifications, airdrops and secondary-market trading in comment letters submitted Monday.
The requests come as the SEC closes public comments Tuesday on its proposed Regulation Crypto Assets, which would create exemptions for qualifying crypto fundraising and a conditional safe harbor for tokens associated with investment contracts.
In an Oct. 19 comment letter, Bitwise Asset Management urged the SEC to clarify how investment managers should determine whether a crypto asset is subject to securities laws, arguing that managers need a standard they can apply using “publicly available information.”
The firm also sought clearer rules on when managers can rely on an issuer’s proposed Form TR filing, which would certify that an investment contract has ceased to exist, and how they should assess tokens when no such filing exists.
Source: US Securities and Exchange Commission
In a separate submission, the Hyperliquid Policy Center urged the SEC to broaden its proposed safe harbor, arguing that it could come too late in a project’s development. The group called for clearer protections for airdrops that reward network participation, as well as guidance on token buybacks.
Hyperliquid also warned that the proposal “fails to provide clarity” on whether unregistered intermediaries can facilitate token trading or whether tokens can trade freely through onchain protocols. It urged the SEC to address secondary-market transactions directly rather than leaving exchanges and decentralized trading venues facing regulatory uncertainty.
SEC proposal faces legal and investor protection objectionsWhile industry participants sought changes to the proposed rules, former SEC enforcement official John Reed Stark and Duke University finance scholar Lee Reiners took a different position altogether. In an Oct. 16 comment letter, they urged the commission to withdraw the proposal entirely, arguing that it exceeds the agency’s statutory authority and would weaken investor protections.
Stark and Reiners said that existing securities laws and the Supreme Court’s Howey test already provide a framework for regulating crypto offerings. They argued that the fundraising exemptions would weaken investor protections, while the proposed safe harbor would allow issuers to effectively remove their tokens from securities oversight through self-certification.
The two also warned that adopting the rules in substantially their current form would invite an immediate legal challenge, potentially resulting in the framework being struck down.
With the public comment period closing Tuesday, the SEC will review the submissions before deciding whether to revise, adopt or withdraw the proposed rules. The commission has not announced a timetable for a final decision, and any final rule would require a commission vote before taking effect.
Magazine: Can the SEC and CFTC’s pro-crypto rules be overturned? Legal opinion
HPC wants clearer SEC rules for crypto airdrops, secondary trading, token buybacks, safe harbor eligibility, and "durable" federal protections for projects.
The Hyperliquid Policy Center (HPC) has urged the US Securities and Exchange Commission to make five changes to its proposed Regulation Crypto Assets. The policy group supports the proposal but said some parts need more clarity before the rules are finalized. Its main goal is to make it easier for crypto projects to operate in the United States without facing unnecessary legal uncertainty.
For years, crypto developers have struggled to understand when their tokens fall under US securities laws. The SEC has taken steps to address these concerns in 2026. In March, the agency issued an interpretation covering how securities laws apply to several types of token distributions, including airdrops.
Five months later, it proposed Regulation Crypto Assets. The proposal would allow token offerings of up to $5 million over four years under a startup exemption. A separate fundraising exemption would allow up to $75 million in a 12-month period. It would also introduce a safe harbor to clarify when a token is no longer tied to an investment contract.
HPC has now submitted a comment letter backing the proposal while asking the SEC to make five key refinements.
On Airdrops, Token Trading The first concerns airdrops. HPC wants the SEC to clearly state in the final rule that recipients who receive tokens without giving anything in return have not made an investment of money. Users may receive tokens for using a network, running validators, or providing liquidity. According to the group, these activities should not automatically make an airdrop an investment contract.
It also wants the SEC to confirm that routine steps, such as connecting a wallet or completing sanctions checks, do not count as payment for tokens.
The next recommendation focuses on secondary trading. HPC stated the SEC needs to explain how tokens distributed under the proposed exemptions can be traded and whether on-chain protocols and other intermediaries can facilitate those trades without registering with the agency.
You may also like: Hyperliquid Faces Singapore Regulatory Questions Despite Local HQ: Report 4 Cryptocurrencies to Watch This Week: BTC, HYPE, ZEC, and KAS Face Crucial Tests SEC Proposes Rules That Could Change How Funds Custody Crypto Safe Harbor, Buybacks and Federal Protections The third issue involves the proposal’s safe harbor. The current certification requirements could put projects in a difficult position. HPC explained that some developers may be unable to certify that they have completed their essential managerial work without creating the impression that their tokens were previously subject to securities laws. As such, the group wants projects to be able to use the safe harbor without making that kind of admission. It also wants protection to cover projects that are still developing their networks.
HPC’s fourth recommendation concerns token buybacks. It wants the SEC to use a consistent definition of an issuer across the rule and incorporate existing staff guidance on buybacks. It also wants the agency to distinguish automatic buybacks governed by published rules from those decided on a case-by-case basis.
The fifth recommendation is about federal preemption. HPC wants federal protections to remain in place after a project qualifies for the safe harbor. Under the current proposal, those protections would end at that point, which would potentially leave tokens subject to registration requirements across more than 50 jurisdictions.
According to Bitget market data, South Korea’s KOSPI index opened 101.87 points higher on Wednesday, October 21, rising 1.83% to 5654.61 points. SK Hynix and Samsung Electronics each gained around 3%.
3 minutes ago
Citadel Strategist: Funds Will Flow Back Into AI Stock Trading After US Midterm Elections
Citadel Securities’ Head of Equity and Derivatives Strategy Scott Rubner said that after the U.S. midterm elections, investors are expected to re-enter positions in AI-related stocks, driving this recently sell-off-hit investment theme to outperform the broader market next month. Currently, institutional clients tend to wait for political uncertainty to subside, while retail investors continue to actively buy the dip. During an interview with Bloomberg TV on Tuesday at Citadel Securities’ Global Markets Future Forum in New York, Rubner noted that investors generally view midterm elections as a critical event to clarify risks, and the post-election period could be when AI stocks regain their lead. He added that the message from clients is: “Willing to buy at higher prices, but don’t want to enter the market now ahead of major political events.” This reflects that some funds would rather wait for market clarity than rush to deploy capital amid the recent pullback.
3 minutes ago
NVIDIA in talks to invest hundreds of millions of dollars in AI cloud services provider Firmus
According to people familiar with the matter, Nvidia (NVDA.O) is in talks to invest in Australian AI cloud service provider Firmus, with the potential deal valued at hundreds of millions of dollars. Firmus abruptly pulled its IPO plan earlier this month. The negotiations signal that Nvidia may continue to back a cohort of cloud computing firms that have not yet been fully market-proven, the so-called Neocloud (new AI cloud service providers). These companies previously took on heavy debt to purchase Nvidia GPUs and deploy them in data centers, and are now facing mounting financial pressure. Analysts note that Nvidia has committed more than $170 billion in funding to these firms and other large clients, including extending credit guarantees to help customers secure debt financing. (The Information)
3 minutes ago
OKX-ICE Co-Chair: Enterprises’ opposition to tokenized stock plans is a "normal reaction" and in line with expectations.
OKX-ICE Joint Venture Co-Chair Andrew Cuomo stated that issuers’ opposition to tokenized stock trading is a “normal reaction,” noting that it is expected for companies to adopt a wait-and-see approach. The growing number of firms refusing to allow their stocks to participate in tokenized transactions is a foreseeable scenario in the process of testing new market structures. Cuomo, who also serves on OKX’s board of directors and is a former New York State Governor, made the remarks during a Tuesday media conference call, after Microsoft, Alphabet, and Goldman Sachs joined the opposition. “This is a very normal reaction. The model is designed to give companies the right to decide for themselves whether to participate, and they can choose to join or opt out,” he said. He added: “We have always anticipated that, as this is a transformative, impactful change, many companies will choose to wait and see how things develop rather than be among the first participants.” A public notice released Monday shows that a total of 16 companies oppose the trading of tokenized versions of their stocks on the OKXICE platform, a planned joint launch by crypto exchange OKX and Intercontinental Exchange (ICE), parent company of the New York Stock Exchange. The seven newly disclosed opposing firms include Microsoft, Alphabet, Goldman Sachs, Qualcomm, Caterpillar, McDonald’s, and Western Digital. Earlier, companies such as Broadcom, Verizon, and UnitedHealth Group had also raised objections.
3 minutes ago
US side says Russia-Ukraine peace talks have made progress, Bitcoin remains volatile, and US major stock indexes are mixed.
U.S. envoy Steve Witkoff met Russian President Vladimir Putin on Wednesday. Prior to this, U.S. and Ukrainian delegations held talks in Oslo, Norway, which the U.S. described as "highly constructive." Ukraine put forward a new peace plan concept, and all parties made progress on approaches to engage with Russia. Meanwhile, U.S. President Donald Trump again urged Kyiv to end the war by reaching an agreement, noting that Moscow wants to resolve the conflict as soon as possible. After meeting with Zelensky, U.S. envoy Witkoff will submit the peace plan to Russian President Putin. According to BIT (bit.com) market data, U.S. stocks closed on Tuesday: the Dow Jones Industrial Average rose 1.06%, the S&P 500 fell 0.29%, and the Nasdaq Composite fell 0.02%. SK Hynix (SKHY.O) dropped 2%, General Motors (GM.N) fell 6.8%, Western Digital (WDC.O) gained 3%, and Apple (AAPL.O) declined 1%. According to HTX market data, Bitcoin remains range-bound, currently trading at $82,992, with a 24-hour gain of 1.03%.
3 minutes ago
U.S. special presidential envoy will submit a peace plan to Vladimir Putin after holding talks with Volodymyr Zelenskyy.
According to Axios, after meeting with Volodymyr Zelenskyy, U.S. Special Presidential Envoy Steve Witkoff will present a peace plan to Russian President Vladimir Putin.
Collector Crypt, a Solana-based marketplace, has outpaced both Hyperliquid and Papertrade in terms of 24-hour revenue, according to a report from @SolanaFloor. This development highlights a shift in revenue generation from traditional crypto derivatives platforms to consumer-facing tokenized-collectibles activities. Collector Crypt, which tokenizes physical trading cards, has reportedly exceeded $532,550 in daily revenue in the past, indicating strong market engagement. The news comes as Papertrade’s fully diluted valuation (FDV) market faces adjustments, with its current probability of exceeding $25 million one day after launch standing at 50%.
Key Takeaways Market data suggests a reassessment of Papertrade’s competitive position, with a notable decrease in confidence about its future FDV. Collector Crypt’s rise in revenue highlights the growing importance of tokenized-collectibles in the crypto space. Current market pricing reflects uncertainty about Papertrade’s ability to maintain or exceed a $25 million FDV post-launch. What to Watch Watch for official announcements from Papertrade regarding token transfers and market listings, which could influence FDV expectations. Additionally, any changes in the market engagement of Collector Crypt may provide further insight into shifting consumer preferences in the crypto space. Lastly, any developments in the broader Solana ecosystem could impact the dynamics between these platforms.
Term Structure
Contract Odds Δ since publish Volume 24h January 1 2028 50.5% — — View market → January 1 2028 50% — — View market → January 1 2028 36.5% — — View market → January 1 2028 26% — — View market → January 1 2028 30% — — View market → January 1 2028 28% — — View market → January 1 2028 46% — — View market → January 1 2028 22% — — View market →
More than 87% of inflows to FreedomXMR, a Monero swap service on Hyperliquid Core, came from illicit activity, with $20M+ traced to hacks and ransomware.
Onchain investigator ZachXBT says FreedomXMR (FXMR), a centralized laundering service that appeared on Hyperliquid Core in August, has drawn more than 87% of its inflow volume directly from illicit activity, per his Telegram channel. XMR is up ~73% since Aug. 1 to ~$620, more than double bitcoin's ~31% gain.
What's the Scoop? Dirty Inflows: A manual review of every FXMR inflow above $10K traced $20M+ to ransomware, exploits, malware and social engineering, ZachXBT wrote. He named September's DCENT Wallet, Fetch.ai and Axelar exploits, an unnamed ransomware payment and October's Gamdom exploit.
How It Works: The admin sources XMR liquidity from KuCoin, with 3K+ deposits to the exchange, and likely uses a swap model similar to Wagyu's, per ZachXBT.
A $31K Ticker: One of the flagged admin addresses won the FXMR ticker in Hyperliquid's permissionless auction on July 27 for 518.28 HYPE, roughly $31K at the time, a cheap way onto one of crypto's busiest venues.
Not the First: ZachXBT says several centralized laundering services, such as b1exch, have abused HL Core's "permissionless design and adoption," and that he's shared a spreadsheet of source data with the Hyperliquid team. Earlier this month, he said he "Froze ~$170K total for the Bitget exploit at a service on HL Core recently." Hyperliquid had not publicly responded as of publication.
David Christopher 741 posts
David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.
Multicoin Capital says Hyperliquid's HYPE token is the largest position in its hedge fund, as the $2.7 billion firm stays focused on crypto rather than standalone AI deals.
Multicoin Capital says Hyperliquid (@HyperliquidX) $HYPE is now the largest position in its hedge fund, underscoring the firm's commitment to digital assets as venture rivals move into artificial intelligence.
General partner Spencer Applebaum said the firm acquired the holding through public markets. FXStreet, citing Bloomberg, reported that Applebaum, who is also co-head of venture investments, declined to disclose the size of the position.
Multicoin stays focused on cryptoThe firm manages about $2.7 billion. Speaking to Bloomberg, Applebaum said Multicoin does not plan to widen its mandate to include pure-play AI companies. Bitcoin(.)com News quoted him as saying: "We believe we have an edge in crypto, and we want to stay true to it."
That stance separates Multicoin from some peers. According to Bitcoin(.)com News, Paradigm, Framework Ventures and Haun Ventures have broadened their investment strategies as AI absorbs more venture capital.
Multicoin is not shutting out AI entirely where it intersects with crypto. TokenPost reported that the firm has invested through its hedge and venture funds in Grass, a decentralized bandwidth network used by AI labs.
Venture fund deployment and HYPE thesisApplebaum also addressed the pace of the firm's venture fund. TokenPost reported that Multicoin raised a $422 million venture fund in 2022 and has deployed it gradually as startup valuations fell after the collapse of FTX.
The HYPE position is not a new theme for the firm. Coin Edition noted that Multicoin disclosed significant HYPE exposure in June, when its valuation model projected a potential price of $319 by 2028 under base-case assumptions. The outlet added that the forecast depends on trading growth, market share, token supply and regulatory developments.
Applebaum said the firm typically holds public investments for years rather than trading them over short periods, according to Bitcoin(.)com News. That suggests the HYPE position reflects a long-term view rather than a short-term trade, though the size of the holding remains undisclosed.
Sources:
FXStreet: Multicoin's top holding is Hyperliquid
Bitcoin(.)com News: Multicoin shuns AI push, keeps HYPE as its largest crypto bet
TokenPost: Multicoin Capital rules out pure AI investments
The Hyperliquid Policy Center filed a comment letter backing the SEC's proposed Regulation Crypto Assets, seeking five changes on airdrops, buybacks and safe harbors. HYPE is the network's token.
The Hyperliquid (@HyperliquidX) $HYPE Policy Center (HPC) has urged the US Securities and Exchange Commission to refine its proposed crypto asset rules, asking for clearer treatment of airdrops, secondary market trading and token buybacks.
What HPC is asking forOn airdrops, The group also wants the SEC to directly clarify how on-chain protocols and unregistered intermediaries can take part in secondary market trading of the relevant tokens.
On safe harbors, On repurchases,
The group also says protections for qualifying tokens should remain durable across jurisdictions.
The SEC proposal in brief
SEC Chairman Paul Atkins said
HPC's requests are recommendations only.
Sources:
crypto.news: Hyperliquid Policy Center seeks five changes to SEC crypto rulesSEC: Chairman Atkins statement on Regulation Crypto AssetsCongressional Research Service: SEC Proposes Regulation Crypto Assets
The Hyperliquid Policy Center filed a comment letter with the SEC on Monday supporting its proposed Regulation Crypto Assets and asking for five revisions before the commission votes. The comment window on docket S7-2026-27 closes today.
The letter, signed by chief executive Jake Chervinsky and senior counsel Brad Bourque, backs the proposal the SEC released in August. That proposal would let qualifying crypto projects raise up to $5 million over as long as four years under a startup exemption, or up to $75 million in any 12-month period under a separate fundraising exemption.
The group's five requests cover:
Airdrops. Write the SEC's March interpretation into the rule text, so that a free token distribution is not an investment of money when recipients give no tangible, definable consideration. The group argues that connecting a wallet or passing sanctions screening should not count as payment.Secondary trading. Use the SEC's authority under Section 36 of the Exchange Act to grant conditional exemptions for qualifying secondary-market activity, including on decentralized platforms.Developers. Protect projects that are still building their tokens.Buybacks. Separate automated repurchases that run on fixed, published rules from discretionary ones steered by a central party, and adopt a single definition of "central party."State law. Make federal preemption of certain state registration requirements permanent, so that projects that qualify for the safe harbor are not exposed to state rules afterward.The buyback request touches Hyperliquid's own token. The platform uses its trading fees to buy back HYPE, and SEC staff already address the question in a crypto FAQ amended on September 28, which says a buyback announcement is not a promise of managerial effort where the system is functional and has no central party. The group wants that staff position in the final rule, and wants the rule to say what happens when someone can change a buyback's parameters.
Blockhead covered why that matters to valuation in May, when Bitwise's CIO argued HYPE was mispriced because the market was paying roughly 10 to 14 times a buyback stream he put at $800 million to $1 billion a year. A regulatory line between automated and discretionary repurchases bears directly on how that stream gets treated.
The letter follows a pattern Blockhead has tracked as the legislative route narrowed. Hyperliquid's ETF complex lost momentum in August, which Blockhead reported as JPMorgan flagged regulated competition, and the platform has long blocked US users while Wall Street desks traded its weekend derivatives. After the Senate's CLARITY vote failed in September, the SEC and CFTC moved to write rules themselves, which Blockhead covered as the agencies acting unilaterally. The policy center filed a CFTC comment with Phantom in July and met the SEC's Crypto Task Force the same month.
The letter is a set of requests, not rules. After today's deadline the commission weighs the comments before a vote, and SEC Chair Paul Atkins has said legislation is still needed to make the rules durable. For projects deciding whether to launch tokens in the US or abroad, the airdrop and buyback language in the final text will matter more than the dollar caps.
Unusual activity has been detected in addresses linked to Irish drug traffickers holding 6,000 Bitcoin, with 500 BTC transferred to Coinbase Prime.
Per Lookonchain's monitoring, a Bitcoin wallet allegedly belonging to Irish drug trafficker Clifton Collins—dormant for over 10 years—has transferred 500 BTC to Coinbase Prime, valued at approximately $41.52 million. Collins was previously reported to have lost his private keys, leaving him unable to access roughly 6,000 BTC in his possession. It remains unclear what prompted the transfer and whether the private keys have been recovered.
4 minutes ago
Cross-border payments startup Mural has closed a $15 million Series A funding round, led by Tether.
Cross-border payments startup Mural, founded in 2022 by former Palantir engineers Sinclair Toffa and Chris Fernandes, has announced the completion of a $15 million Series A funding round led by Tether, with participation from North Island Ventures. Following this financing, Mural’s total funding stands at $28 million, while its specific valuation remains undisclosed. Mural provides enterprises with a unified payment management platform that supports managing U.S. dollars, local currencies, and stablecoins in a single account, helping payroll providers, software companies, and fintech firms integrate banks, payment service providers, and cross-border settlement channels. The company plans to use the proceeds from this round to further develop its platform. Tether CEO Paolo Ardoino stated that the investment also targets the financial service needs of AI agents. As AI agents gradually participate in financial activities, they require payment systems that operate 24/7 and cover global markets. According to an Alvarez & Marsal report, stablecoin payments totaled approximately $400 billion in the first eight months of 2026. Chainalysis data shows that between July 2025 and June 2026, stablecoin cross-border fund flows reached $220 billion, a nearly 78% year-on-year increase.
4 minutes ago
Irish drug dealer Clifton Collins moves 500 BTC ($41.52M) after 10 years, from lost key stash
The 6,000 $BTC that Irish drug dealer #CliftonCollins reportedly lost the keys to are moving again! A wallet belonging to #CliftonCollins deposited 500 $BTC ($41.52M) into #CoinbasePrime after more than 10 years of inactivity.
4 minutes ago
Hunter Biden: Over 12% of LAPTOP tokens have been permanently burned, with the burn mechanism triggered by a Nobel Peace Prize prediction.
Hunter Biden, son of U.S. President Joe Biden, announced in a post that over 12% of the total supply of LAPTOP tokens has been permanently burned. Of the burned tokens, 30% are tied to real-world prediction outcomes: if the relevant prediction comes true, the corresponding tokens will be burned; if the prediction does not materialize, the tokens will be donated to charity. The burn was triggered by a prediction related to the Nobel Peace Prize, and also includes all unclaimed airdrop tokens.
4 minutes ago
Strive Preferred Shares (SATS) debuts on Nasdaq, raising $630 million in its IPO, with an annual fixed dividend yield of 15%.
Strive's new preferred stock, SATS, has raised $630 million via an initial public offering (IPO) and listed on the Nasdaq. The proceeds will be used to increase Bitcoin holdings and invest in income-generating assets. The preferred stock offers a 15% annual fixed dividend, paid daily, with the first dividend scheduled for November 9.
4 minutes ago
US and Iran initially endorse Pakistan-brokered proposal, WTI and Brent crude futures dip in short-term trading
According to Israel's Channel 12, a proposal presented by Pakistan's Army Chief to senior Iranian officials today has received US approval, with Iran also giving preliminary assent. The proposal partially addresses Iran's demand for the return of frozen funds, specifying that interest generated from Iran's $6 billion in frozen assets held in Qatari banks will be transferred to Iran. Possibly driven by this news, US and Brent crude oil futures dipped around $0.8 in the short term, now standing at $97.51 per barrel and $105.76 per barrel respectively. On the news front, reports note that the US and Iran have preliminarily endorsed the Pakistan-brokered proposal.
Unusual activity has been detected in addresses linked to Irish drug traffickers holding 6,000 Bitcoin, with 500 BTC transferred to Coinbase Prime.
Per Lookonchain's monitoring, a Bitcoin wallet allegedly belonging to Irish drug trafficker Clifton Collins—dormant for over 10 years—has transferred 500 BTC to Coinbase Prime, valued at approximately $41.52 million. Collins was previously reported to have lost his private keys, leaving him unable to access roughly 6,000 BTC in his possession. It remains unclear what prompted the transfer and whether the private keys have been recovered.
4 minutes ago
Cross-border payments startup Mural has closed a $15 million Series A funding round, led by Tether.
Cross-border payments startup Mural, founded in 2022 by former Palantir engineers Sinclair Toffa and Chris Fernandes, has announced the completion of a $15 million Series A funding round led by Tether, with participation from North Island Ventures. Following this financing, Mural’s total funding stands at $28 million, while its specific valuation remains undisclosed.
Mural provides enterprises with a unified payment management platform that supports managing U.S. dollars, local currencies, and stablecoins in a single account, helping payroll providers, software companies, and fintech firms integrate banks, payment service providers, and cross-border settlement channels. The company plans to use the proceeds from this round to further develop its platform.
Tether CEO Paolo Ardoino stated that the investment also targets the financial service needs of AI agents. As AI agents gradually participate in financial activities, they require payment systems that operate 24/7 and cover global markets.
According to an Alvarez & Marsal report, stablecoin payments totaled approximately $400 billion in the first eight months of 2026. Chainalysis data shows that between July 2025 and June 2026, stablecoin cross-border fund flows reached $220 billion, a nearly 78% year-on-year increase.
4 minutes ago
Irish drug dealer Clifton Collins moves 500 BTC ($41.52M) after 10 years, from lost key stash
The 6,000 $BTC that Irish drug dealer #CliftonCollins reportedly lost the keys to are moving again!
A wallet belonging to #CliftonCollins deposited 500 $BTC ($41.52M) into #CoinbasePrime after more than 10 years of inactivity.
4 minutes ago
Hunter Biden: Over 12% of LAPTOP tokens have been permanently burned, with the burn mechanism triggered by a Nobel Peace Prize prediction.
Hunter Biden, son of U.S. President Joe Biden, announced in a post that over 12% of the total supply of LAPTOP tokens has been permanently burned. Of the burned tokens, 30% are tied to real-world prediction outcomes: if the relevant prediction comes true, the corresponding tokens will be burned; if the prediction does not materialize, the tokens will be donated to charity. The burn was triggered by a prediction related to the Nobel Peace Prize, and also includes all unclaimed airdrop tokens.
4 minutes ago
Strive Preferred Shares (SATS) debuts on Nasdaq, raising $630 million in its IPO, with an annual fixed dividend yield of 15%.
Strive's new preferred stock, SATS, has raised $630 million via an initial public offering (IPO) and listed on the Nasdaq. The proceeds will be used to increase Bitcoin holdings and invest in income-generating assets. The preferred stock offers a 15% annual fixed dividend, paid daily, with the first dividend scheduled for November 9.
4 minutes ago
US and Iran initially endorse Pakistan-brokered proposal, WTI and Brent crude futures dip in short-term trading
According to Israel's Channel 12, a proposal presented by Pakistan's Army Chief to senior Iranian officials today has received US approval, with Iran also giving preliminary assent. The proposal partially addresses Iran's demand for the return of frozen funds, specifying that interest generated from Iran's $6 billion in frozen assets held in Qatari banks will be transferred to Iran. Possibly driven by this news, US and Brent crude oil futures dipped around $0.8 in the short term, now standing at $97.51 per barrel and $105.76 per barrel respectively. On the news front, reports note that the US and Iran have preliminarily endorsed the Pakistan-brokered proposal.
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.
Blockchain investigator ZachXBT has linked more than 87% of inflows into FreedomXMR, a cryptocurrency exchange service operating on Hyperliquid Core, to suspected illicit activity, with over $20 million traced to cybercrime-related sources.
Summary
ZachXBT says more than 87% of funds entering FreedomXMR on Hyperliquid Core are linked to illicit activity. The investigator traced over $20 million to ransomware, exploits, malware and social engineering attacks. The identified incidents include attacks involving DCENT Wallet, Fetch.ai, Axelar and Gamdom. ZachXBT linked the service’s Monero liquidity to KuCoin and identified more than 3,000 exchange deposits. The FXMR ticker was acquired for 518.28 HYPE on July 27, before the service reportedly appeared in August. In an October 20 investigation, ZachXBT identified FreedomXMR, known as FXMR, as a centralized laundering service that emerged on Hyperliquid Core in August 2026. His analysis covered historical incoming transactions exceeding $10,000 each.
The investigator connected the funds to ransomware payments, cryptocurrency exploits, malware and social engineering attacks.
ZachXBT traces $20 million in suspected illicit inflows According to ZachXBT, the identified transactions include proceeds linked to the September 2026 incidents involving DCENT Wallet, Fetch.ai and Axelar, alongside an unnamed ransomware payment from the same month.
Funds associated with an October exploit involving online gambling platform Gamdom were identified among the incoming transfers.
The investigator stated that “more than 87% of its inflow volume is tied directly to illicit activity,” describing the service as one of several centralized operators using Hyperliquid’s infrastructure.
The $20 million figure represents the amount he traced to identified incidents among transactions above the $10,000 review threshold. His published statement does not establish the service’s complete lifetime transaction volume or independently document every source attribution.
Source: ZachXBT/Telegram ZachXBT identified 0x51687f549b9a4607e8e6f7714a0b986c0dbcdef2 as the FXMR hot wallet and listed three additional addresses as administrator-controlled wallets.
KuCoin deposits and Monero liquidity draw scrutiny The investigation further alleges that the administrator obtained Monero (XMR) liquidity through KuCoin.
ZachXBT identified more than 3,000 deposits to the cryptocurrency exchange from associated addresses and suggested that FXMR uses a swapping arrangement similar to Wagyu, another service he referenced.
Monero is a privacy-focused cryptocurrency that obscures certain transaction details. Its use can make tracing funds after conversion more difficult, although an XMR transaction does not by itself demonstrate criminal conduct.
The reported KuCoin transfers do not establish that the exchange knowingly participated in the alleged laundering activity.
KuCoin has faced questions over suspicious transfers in previous investigations. In June, ZachXBT raised concerns about stolen funds linked to five alleged deposit addresses at the exchange following a reported USD 250,000 theft.
Separately, an investigation involving Monero transfers traced USD 120.2 million in USDT through several cryptocurrency services, including KuCoin. Tether subsequently froze USD 72.03 million associated with the case. Neither investigation establishes wrongdoing by KuCoin in connection with FreedomXMR.
Hyperliquid’s permissionless listing model faces scrutiny FreedomXMR reportedly secured the FXMR ticker through a Hyperliquid auction on July 27, paying 518.28 HYPE, valued at approximately $28,000 at the time.
Hyperliquid’s HIP-1 documentation confirms that token deployment uses a Dutch auction, allowing participants to acquire deployment rights without obtaining permission from a centralized listing committee.
The protocol’s official announcements explicitly state that user-deployed spot assets are not endorsed by the development team.
ZachXBT compared FXMR with b1exch, another alleged centralized laundering service he said had previously operated on Hyperliquid Core.
Moreover, ZachXBT has documented similar concerns in investigations involving stolen cryptocurrency moving through several services. An October report on the Bybit hack described his findings on an alleged laundering network connected to the 2025 exploit, including more than USD 12 million in traced funds.
The investigator said he had shared a spreadsheet containing supporting blockchain data with the Hyperliquid team. He did not report any resulting enforcement action, account restrictions or formal response from the protocol.
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.
Two assets are fighting for the bottom of the top-10 list right now. Hyperliquid (HYPE) sits 9th with a market cap of $19.78 billion, while Zcash (ZEC) holds 10th place at $19.22 billion. The gap between them is only about $560 million, so a small move can change their places. HYPE trades at $77.90 and has dropped 5.16% over the last week.
ZEC trades at $1,135.89, down 4.50% in the same period. Both coins are weaker than Bitcoin, which lost 2.23%, but they are holding up better than Ethereum, which fell 4.66%. Trading volume favors ZEC at $715.21 million over HYPE at $541.44 million, which indicates strong interest in the privacy coin.
Hyperliquid (HYPE) AnalysisOn the chart, Hyperliquid peaked near $98 in late September and has been sliding since. The price now sits right at the 100-day moving average at around $77. This line has acted as support before, so buyers will likely try to defend it. If it breaks, the next important level is the 200-day line near $67.
HOT Stories
HYPE/USDT Chart by TradingViewThe RSI is near 40, which points to weak momentum but not an oversold market. To turn bullish again, HYPE needs to reclaim the $82 to $83 zone.
Zcash (ZEC) AnalysisZcash had a far bigger run. It jumped from about $500 in August to nearly $1,700 in September, a gain of more than 200%. The fall since then has been sharp, with the price dropping to around $1,050 before bouncing slightly.
You Might Also Like
ZEC is now trading below the 50-day average near $1,180, which has turned into resistance. The 100-day line near $1,000 is the main support, and the 200-day line near $790 is far below. The RSI is around 45, which is neutral.
Both assets share a similar pattern. They rallied hard, topped out in late September, and are now cooling off. The key difference is the distance to support. HYPE is already testing its 100-day line, while ZEC still has room to fall before reaching its own.
The race for 9th place will depend on which coin recovers first. A move above $82 for HYPE could widen its lead. A push above $1,200 for ZEC could flip the ranking and put the privacy coin back in front.
Two major cryptocurrencies, Hyperliquid (HYPE) and Zcash (ZEC), are locked in a close contest for a spot in the top 10 by market capitalization. Hyperliquid currently holds ninth place with a market value of $19.78 billion, while Zcash follows closely at $19.22 billion in tenth. The slim margin of $560 million separating the two means that even minor price movements could see them swapping positions in the rankings.
HYPE and ZEC: Technical LandscapeHyperliquid trades at $77.90 after falling 5.16% over the past week. Its price action shows that the asset peaked near $98 in late September but has since trended downward. The token now sits on its 100-day moving average, around the $77 mark. This level previously provided support, suggesting buyers may look to defend it once again.
If Hyperliquid loses this support, attention could turn to the 200-day moving average near $67 as the next target. Technical indicators support the cautious mood: the Relative Strength Index (RSI) is at 40, reflecting weak momentum but not yet an oversold condition. For sentiment to improve, HYPE would need to reclaim the $82 to $83 range.
Recent trading patterns indicate that Hyperliquid must recover the $82 to $83 zone to regain its bullish momentum, as the current RSI reading near 40 points to soft buying pressure rather than a clear buy signal.
Zcash, in comparison, experienced a more explosive rally. The coin jumped from roughly $500 in August to nearly $1,700 in September, gaining over 200% in that period. Since its peak, ZEC’s price fell sharply to around $1,050, where it has seen modest stabilization.
Now trading below its 50-day moving average near $1,180, Zcash faces resistance at that level. The 100-day moving average close to $1,000 serves as the primary support. The more distant 200-day average sits around $790. The RSI for ZEC is near 45, indicating a neutral stance in buyer-seller dynamics.
Market Patterns and Meme Token InsightBoth HYPE and ZEC share notable similarities: each rallied strongly before peaking in late September, followed by a period of cooling off. However, Hyperliquid stands out for already testing a major technical support, while Zcash has further to drop before approaching its equivalent threshold.
In trending markets, technical zones such as moving averages and RSI levels provide valuable signals to traders monitoring potential reversals or breakdowns. Parallel to this, the meme token market continues to attract attention for its speed and volatility.
In the meme token sphere, a viral online movement can rapidly generate millions of dollars in trading activity. Fomo App highlighted a notable example: an investor in “Niu Lai” turned an initial $99 trade into approximately $370,000 within days, illustrating the importance of closely watching not just price trends, but also timing and token selection. Fomo App’s platform enables users to follow token discovery, investor rankings, and trade notifications, bringing trading and social features together in a single ecosystem for market observers navigating the fast-changing meme token landscape.
During periods of high volatility, tracking technical indicators like moving averages alongside investor sentiment can be critical for anticipating potential trend shifts or emerging opportunities.
With only a narrow difference in market capitalization between Hyperliquid and Zcash, and with supporters from both communities watching closely, these assets remain in focus as traders await their next moves near key technical levels.
On-chain investigator ZachXBT published a report stating that a centralized money laundering service called FreedomXMR (FXMR) emerged on Hyperliquid Core in August 2026, with over 87% of its inflow volume directly linked to illegal activities. ZachXBT manually reviewed FXMR’s historical inflow transactions exceeding $10,000 each, tracing more than $20 million in funds directly to ransomware, exploit attacks, malware, and social engineering incidents. These include attacks targeting DCENT Wallet, Fetch.ai, and Axelar in September 2026, unnamed ransomware payments, and the Gamdom attack in October 2026. ZachXBT also noted that FXMR operators source Monero (XMR) liquidity via KuCoin, with associated addresses making over 3,000 cumulative deposits to the exchange, and its operating model may mirror that of Wagyu’s mixing service. The FXMR token contract was acquired via a Hyperliquid auction on July 27, 2026, for 518.28 HYPE tokens, valued at roughly $28,000 at the time. ZachXBT added that Hyperliquid Core has previously hosted other centralized money laundering services like b1exch, which leverage the blockchain’s permissionless mechanisms to operate, and confirmed he has shared a spreadsheet containing relevant data with the Hyperliquid team. The fund tracing and illegal association ratios referenced are conclusions from ZachXBT’s investigation.
Hyperliquid’in HYPE tokenı, analistlerin yükseliş beklentisi sıralamasında Bitcoin (BTC) ve Ethereum’u (ETH) geride bıraktı. CryptoQuant CEO’su Ki Young Ju’nun paylaştığı değerlendirmede ilk sıraya yerleşen HYPE, haftalık yaklaşık %11 yükselerek 80 doların üzerine çıktı. Analist Ali Martinez ise tam tersi görüşte: Aşırı iyimserlik, kısa vadeli bir düşüşün habercisi olabilir.
HYPE’a yönelik beklentilerin arkasında, Hyperliquid’in işlem ücretlerini kullanarak yaptığı token geri alımları var. Buna karşılık fiyat, yıl içinde gördüğü yaklaşık 100 dolarlık zirvenin hala %18 altında. Yükseliş beklentisi güçlenirken fiyatın eski zirvesine dönememesi, HYPE hakkındaki görüş ayrılığını daha belirgin hale getiriyor.
HYPE Neden İlk Sırada? Ki Young Ju’nun paylaştığı analist duyarlılığı sıralamasında HYPE ilk sırada yer aldı. BNB ikinci, Solana (SOL) üçüncü olurken Bitcoin dördüncü sıraya yerleşti. Cardano (ADA), XRP, Ethereum ve Uniswap (UNI) listenin devamında sıralandı.
HYPE’ın öne çıkmasındaki temel etken, Hyperliquid’in token ekonomisi. Platform, işlem ücretlerinin bir bölümünü açık piyasadan HYPE satın almak için kullanıyor. Böylece protokoldeki işlem faaliyetleri, tokena yönelik potansiyel taleple doğrudan bağlantı kuruyor.
İşlem hacmi ve ücret gelirleri yükseldiğinde geri alım mekanizması HYPE talebini destekleyebilir. Ancak bu yapı fiyatın sürekli yükseleceğini garanti etmiyor. Piyasa koşulları, yatırımcı satışları ve tokenın işlem gördüğü platformlara erişim de fiyat üzerinde etkili oluyor.
Aşırı İyimserlik Düşüş Sinyali mi? HYPE’ın analist duyarlılığında ilk sıraya çıkması olumlu görünse de Ali Martinez aynı veriye ters yönden yaklaşıyor.
Martinez, Ki Young Ju’nun paylaşımına yanıt olarak aşırı iyimserliğin ters yönlü bir gösterge açısından düşüş sinyali sayılabileceğini belirtti. Mantık basit: Beklentiler tepe noktasına ulaştığında piyasada yeni alıcı kalmaz. Bu da fiyatı ani bir düzeltmeye açık hale getirir.
Bu nedenle duyarlılık sıralaması HYPE’ın yükseliş potansiyelini ölçen kesin bir gösterge değil; piyasanın tokena ne kadar olumlu yaklaştığını gösteren bir veri.
HYPE 86 Doları Görebilir mi? Ali Martinez, HYPE için teknik açıdan yeni bir yükseliş ihtimalini de değerlendiriyor. Analist, geçen hafta grafikte yeni bir TD Sequential alım sinyali oluştuğunu ve önceki benzer sinyalin ardından fiyatın yaklaşık %11 yükseldiğini hatırlattı.
Martinez’e göre mevcut sinyal benzer bir hareketle sonuçlanırsa HYPE önce 86 dolar, ardından 93 dolar civarındaki direnç bölgesini test edebilir. TD Sequential, fiyat hareketindeki olası dönüş noktalarını belirlemek için kullanılan teknik göstergelerden biri. Verdiği sinyal, yükselişin mutlaka gerçekleşeceği anlamına gelmiyor.
Jelle isimli analist de HYPE’ın 100 günlük üssel hareketli ortalamasını (EMA) test ettiğini ve bu bölgeden tepki aldığını belirtti. Analiste göre haziran ayındaki yaklaşık 76 dolar seviyesi korunduğu sürece uzun vadeli teknik görünümdeki olumlu yapı geçerliliğini koruyabilir.
HYPE için iki ayrı seviye öne çıkıyor: 76 dolar bölgesi desteğin korunup korunmadığını, 86 dolar ise yukarı yönlü hareketin güç kazanıp kazanmadığını gösterebilir. Martinez’in 93 dolarlık hedefi ise ilk direnç bölgesinin aşılmasına bağlı. Analistlerin yükseliş beklentisi güçlü olsa da HYPE henüz yaklaşık 100 dolarlık zirvesine geri dönmüş değil.
Bu içerik genel piyasa verilerine dayanır ve yatırım tavsiyesi değildir. Kendi araştırmanızı yapmanızı öneririz.
Son Dakika kripto para haberleri için hemen tıkla.
Konu ile ilgili yorumlarınızı bize yazabilirsiniz. Ayrıca, bu tarz bilgilendirici içeriklerin devamının gelmesini isterseniz, bizleri Telegram, Youtube ve Twitter kanallarımızdan takip edebilirsiniz.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Multicoin Capital has identified Hyperliquid’s HYPE token as the largest position in its hedge fund, reinforcing its dedication to cryptocurrency investments despite a challenging competitive landscape. The disclosure comes as several major venture capital firms shift their focus toward artificial intelligence and robotics.
HYPE emerges as dominant holding after consistent accumulationSpencer Applebaum, general partner and co-head of venture investments at Multicoin Capital, confirmed the firm’s significant HYPE holdings in an interview with Bloomberg on October 19. Multicoin Capital oversees approximately $2.7 billion in assets, and has steadily accumulated its HYPE stake on the public market, rather than through private token distributions.
The firm revealed in June that it began acquiring a sizable HYPE position earlier in 2026 and continued adding to its allocation in subsequent months. At that point, Hyperliquid had already become one of Multicoin’s largest investments in the liquid portion of its fund.
Multicoin’s core investment thesis envisions Hyperliquid evolving from a decentralized derivatives platform into a broader financial exchange. The company projected in previous research that Hyperliquid could generate $8 billion in annual earnings by 2028, applying a 20-times multiple for a theoretical valuation of $160 billion. With a revised supply estimate of 502 million HYPE tokens, Multicoin calculated a base-case price above $319 per token.
Multicoin’s forecasts rely on specific assumptions, and the research defines the $319 figure as a conditional scenario rather than a guaranteed price target.
Institutional interest in Hyperliquid continues to grow, underpinned by exchange revenue and ongoing token purchases funded from protocol fees. The exchange has also expanded operations, notably rolling out HIP-3 to support perpetual markets tied to equities, commodities, indices and additional asset classes.
Multicoin defends crypto-first focus amid AI sector expansionThe decision to double down on HYPE comes as rival crypto-focused investors explore artificial intelligence and robotics. Firms such as Paradigm, Framework Ventures and Haun Ventures have broadened their mandates to include technologies beyond digital assets.
Applebaum stated that Multicoin’s strategic edge lies within digital assets, and questioned the narrative linking crypto with AI. However, the firm maintains some interest in projects positioned at the intersection of blockchain and AI, such as Grass, a decentralized data infrastructure for AI applications.
This approach contrasts with a full pivot to AI businesses and instead favors blockchain infrastructure that could benefit from increased AI adoption. While some well-known investors have reduced exposure to HYPE, Multicoin is maintaining and expanding its position. For example, BitMEX co-founder Arthur Hayes previously exited his HYPE stake, citing macroeconomic risks and potential competition from large-scale AI projects entering crypto markets.
Despite some portfolio trimming by previous investors, institutional interest in HYPE remains strong, with growing attention from fund managers and exchange-traded products.
Managing concentrated risk and portfolio exposureMulticoin has not disclosed the precise portfolio weight of its HYPE allocation, making it difficult to determine exactly how concentrated the fund’s exposure is based on its $2.7 billion total assets under management.
Other investment managers have taken various approaches to HYPE exposure. Bitwise recently increased its own holdings, while Hyperliquid Strategies, a Nasdaq-listed entity, has built up a substantial corporate treasury supported by equity financing.
In a market where a single Fed decision or a sudden altcoin listing can change everything in seconds, jumping between different apps for charts, news, and portfolio tracking is costing investors money. Smart traders are now utilizing privacy-first tools like CryptoAppsy to consolidate everything. Without even the hassle of creating an account, you get real-time charts, smart price alerts, coin-specific news, and critical macro data all on one screen.
TLDR: HPC filed a comment letter urging the SEC to adopt Regulation Crypto Assets with five refinements. The proposal allows up to $75 million in offerings per 12 months under a fundraising exemption. HPC wants the safe harbor usable without a tacit admission of a prior investment contract. The group asks that federal preemption survive after a project satisfies the safe harbor. Regulation Crypto Assets received formal backing from the Hyperliquid Policy Center (HPC), which filed a comment letter with the U.S. Securities and Exchange Commission (SEC).
The group urged the agency to adopt the proposal and recommended five refinements before finalization. The SEC released the proposal in August.
It offers token issuers a federal path through offering exemptions, a new safe harbor, and relief from state-by-state registration requirements. The letter also addresses airdrops, secondary trading, and buybacks.
What the SEC Proposed Under Regulation Crypto Assets The SEC spent much of 2026 working on token clarity. In March, it issued an interpretation covering several token distributions, including airdrops.
Before that, a 1946 Supreme Court case about Florida citrus groves governed the analysis. As a result, many projects launched abroad or excluded Americans.
In August, the SEC proposed the rule. A startup exemption would allow offerings of up to $5 million over four years.
A fundraising exemption would permit up to $75 million in any 12-month period. Tokens sold under these exemptions would also avoid state registration.
The proposal also adds a safe harbor. It would confirm when a token no longer ties to an investment contract. Certain resales would receive the same state-level relief. Meanwhile, HPC announced its filing on X, where it described the purpose of the proposal.
Today, HPC filed a comment letter supporting the @SECGov’s proposed Regulation Crypto Assets and recommending five refinements before the Commission adopts it.
For years, builders could not tell when the securities laws applied to their tokens, and many launched abroad or… https://t.co/DzcD6cTabE
— Hyperliquid Policy Center (@HyperliquidPC) October 19, 2026
In that post, the group wrote that builders “could not tell when the securities laws applied to their tokens.” It added that the proposal “gives them a federal path.” HPC also said many developers launched abroad or turned away Americans because of that uncertainty.
Five Refinements to HPC Requests for Regulation of Crypto Assets The first recommendation concerns airdrops. HPC asks the SEC to write the March analysis into the rule text. The comment anchors that analysis to the “tangible and definable consideration” the Supreme Court requires. It also says wallet connections and sanctions screening should not count as payment.
The second addresses secondary trading. The proposal does not say how onchain protocols may facilitate resales. HPC cites the SEC’s economic analysis, which says benefits “may be fairly small” without a liquid secondary market. Therefore, the group wants clarity at adoption.
The third targets the safe harbor. Projects must certify that their essential managerial efforts are complete. However, HPC says some filers would effectively admit a past investment contract. The group wants a certification that no such contract existed, plus access while development continues.
The remaining two cover buybacks and preemption. HPC wants staff buyback guidance added to the final rule, with a single “central party” definition. It also asks that federal preemption survive once a project meets the safe harbor.
Otherwise, tokens would face registration regimes in more than 50 jurisdictions. HPC said it will keep engaging with SEC staff as the rule is finalized.
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.
Robinhood CEO Follows Meme Coin Account on X, Corresponding Token Surges Over 17x in Short Time
Robinhood CEO Vlad Tenev followed the meme coin account Giga Tenev X, which may have driven its price movement. Per GMGN data, GIGATENEV rallied 17 times in a short period, with its current market cap standing at $5.26 million. It should be noted that the token was not issued via mainstream platforms. Prior analysis pointed out that most of the token was purchased by newly created wallets, and there is a possibility that Tenev’s account follow was a result of a hack. As such, the token poses considerable risks, and users should exercise caution when investing in it.
2 minutes ago
Hong Kong-listed large model giants both fall, Zhipu AI drops nearly 7%
According to Bitget's market data, the two leading Hong Kong-listed large language model stocks both declined: Zhipu AI fell 6.76%, with its current share price at HK$483.2; MINIMAX-W dropped 6.64%.
2 minutes ago
As NVIDIA GTC draws near, a large crypto whale has opened a new short position worth $12.61 million in NVDA.
Nvidia’s GTC Berlin conference will be held from October 20 to 22. Jensen Huang is scheduled to deliver a keynote speech from 17:00 to 19:00 Beijing time. Earlier, Nvidia announced plans to invest in four German startups as part of its nearly $10 billion European investment commitment. According to TradingBeats’ monitoring, against this backdrop, a crypto whale opened a large short position with an average entry price of $218.078. The current position is valued at approximately $12.61 million, with an unrealized profit of around $86,600 (0x4e23).
2 minutes ago
The French Prime Minister: Curfews will be imposed wherever necessary tonight.
French Prime Minister stated that a curfew will be implemented tonight wherever necessary, in response to recent riots across various regions.
2 minutes ago
Bitcoin's volatility has contracted to an extreme level unseen in nearly two and a half years, and the cryptocurrency is poised for sharp price swings.
According to Barchart, Bitcoin's daily Bollinger Bands have formed one of the narrowest widths in the past two and a half years. This indicates Bitcoin is in a "consolidation tightening" phase, possibly preparing for a major price move.
BlockBeats Note: Bollinger Bands are a commonly used technical analysis indicator consisting of three lines: the middle band, typically a 20-day simple moving average (SMA); the upper band (middle band + 2 times standard deviation); the lower band (middle band - 2 times standard deviation). Historical experience shows that after Bollinger Bands tighten significantly, a directional breakout (either upward or downward) often follows. It is common for volatility to expand suddenly from an extremely low state.
2 minutes ago
Morgan Stanley raises Amazon’s price target and designates it as a top pick, while two crypto whales simultaneously opened new long positions worth $3.84 million.
Morgan Stanley analyst Brian Nowak raised Amazon (AMZN)’s price target from $335 to $350, maintained an “Overweight” rating, and named it a top pick in the firm’s coverage universe. Morgan Stanley noted that Amazon Web Services (AWS)’ growth potential and profit margins have not been fully recognized, projecting AWS revenue will rise 47% in 2027 and 42% in 2028, and forecasting Amazon’s 2028 earnings per share (EPS) at roughly $16.50. All figures are firm projections.
Per TradingBeats monitoring, as of press time, the AMZN perpetual contract on Hyperliquid trades at $263.36, up approximately 4.01% over the past 24 hours, with a trading volume of around $26.17 million. Over the same period, the notional value of open interest increased by roughly $3.28 million, a 12.53% rise; excluding price fluctuations, the estimated number of positions still grew by about 8.16%.
Against this backdrop, at least two large crypto whales opened new million-dollar long positions overnight. One account purchased 4,641.043 contracts at 22:47, with a trading volume of ~$1.2129 million at an average price of $261.337 (0x30af); another account bought 10,000 contracts between 23:06 and 23:17, with a trading volume of ~$2.6239 million at an average price of $262.389 (0xcb58). The two new long positions totaled ~$3.8368 million in trading volume, with a weighted average entry price of ~$262.06.
Robinhood CEO Follows Meme Coin Account on X, Corresponding Token Surges Over 17x in Short Time
Robinhood CEO Vlad Tenev followed the meme coin account Giga Tenev X, which may have driven its price movement. Per GMGN data, GIGATENEV rallied 17 times in a short period, with its current market cap standing at $5.26 million. It should be noted that the token was not issued via mainstream platforms. Prior analysis pointed out that most of the token was purchased by newly created wallets, and there is a possibility that Tenev’s account follow was a result of a hack. As such, the token poses considerable risks, and users should exercise caution when investing in it.
2 minutes ago
Hong Kong-listed large model giants both fall, Zhipu AI drops nearly 7%
According to Bitget's market data, the two leading Hong Kong-listed large language model stocks both declined: Zhipu AI fell 6.76%, with its current share price at HK$483.2; MINIMAX-W dropped 6.64%.
2 minutes ago
As NVIDIA GTC draws near, a large crypto whale has opened a new short position worth $12.61 million in NVDA.
Nvidia’s GTC Berlin conference will be held from October 20 to 22. Jensen Huang is scheduled to deliver a keynote speech from 17:00 to 19:00 Beijing time. Earlier, Nvidia announced plans to invest in four German startups as part of its nearly $10 billion European investment commitment. According to TradingBeats’ monitoring, against this backdrop, a crypto whale opened a large short position with an average entry price of $218.078. The current position is valued at approximately $12.61 million, with an unrealized profit of around $86,600 (0x4e23).
2 minutes ago
The French Prime Minister: Curfews will be imposed wherever necessary tonight.
French Prime Minister stated that a curfew will be implemented tonight wherever necessary, in response to recent riots across various regions.
2 minutes ago
Bitcoin's volatility has contracted to an extreme level unseen in nearly two and a half years, and the cryptocurrency is poised for sharp price swings.
According to Barchart, Bitcoin's daily Bollinger Bands have formed one of the narrowest widths in the past two and a half years. This indicates Bitcoin is in a "consolidation tightening" phase, possibly preparing for a major price move.
BlockBeats Note: Bollinger Bands are a commonly used technical analysis indicator consisting of three lines: the middle band, typically a 20-day simple moving average (SMA); the upper band (middle band + 2 times standard deviation); the lower band (middle band - 2 times standard deviation). Historical experience shows that after Bollinger Bands tighten significantly, a directional breakout (either upward or downward) often follows. It is common for volatility to expand suddenly from an extremely low state.
2 minutes ago
Morgan Stanley raises Amazon’s price target and designates it as a top pick, while two crypto whales simultaneously opened new long positions worth $3.84 million.
Morgan Stanley analyst Brian Nowak raised Amazon (AMZN)’s price target from $335 to $350, maintained an “Overweight” rating, and named it a top pick in the firm’s coverage universe. Morgan Stanley noted that Amazon Web Services (AWS)’ growth potential and profit margins have not been fully recognized, projecting AWS revenue will rise 47% in 2027 and 42% in 2028, and forecasting Amazon’s 2028 earnings per share (EPS) at roughly $16.50. All figures are firm projections.
Per TradingBeats monitoring, as of press time, the AMZN perpetual contract on Hyperliquid trades at $263.36, up approximately 4.01% over the past 24 hours, with a trading volume of around $26.17 million. Over the same period, the notional value of open interest increased by roughly $3.28 million, a 12.53% rise; excluding price fluctuations, the estimated number of positions still grew by about 8.16%.
Against this backdrop, at least two large crypto whales opened new million-dollar long positions overnight. One account purchased 4,641.043 contracts at 22:47, with a trading volume of ~$1.2129 million at an average price of $261.337 (0x30af); another account bought 10,000 contracts between 23:06 and 23:17, with a trading volume of ~$2.6239 million at an average price of $262.389 (0xcb58). The two new long positions totaled ~$3.8368 million in trading volume, with a weighted average entry price of ~$262.06.
Silhouette opened its HyperCore perpetuals RFQ service on October 19, 2026, with $BTC and $HYPE markets and an initial cap of $100k per quote. The launch announcement says accepted trades print on Hyperliquid’s order book. Margin and positions stay in the trader’s own Hyperliquid account.
The service is public, with no waitlist or invitation requirement. In its longer announcement, Silhouette says working a large order in slices exposes the trader’s intent before execution is complete. Its RFQ asks competing makers to quote the full size before the trader chooses a price. The trade then uses Hyperliquid’s existing book and margin system.
A signed quote still goes through the book
The perpetuals documentation describes a request in which the taker selects a market, side, size and price limit. Makers respond for the requested size. To accept a quote, the taker must sign an order at that price and size; a quote cannot win automatically. If nobody quotes, or the taker accepts none before the window closes, there is no trade.
Silhouette first places the winning maker’s order on the book. It sends the taker’s order only if the maker’s order rests there. If the market has moved through the maker’s price and the order is rejected, the process stops before Silhouette sends the taker’s order. A stale quote can also fail. A maker that reprices requires a fresh acceptance, and cancellation ends once Silhouette starts placing the orders.
Silhouette sends the taker’s order once, as signed. It cannot fill above the accepted size or execute at a worse price before fees. The taker’s order never rests on the book. If better-priced liquidity sits ahead of the maker, the taker keeps the price improvement.
Full-size quotes do not guarantee full-size fills. Another trader can take the maker’s order before the taker’s order arrives. With no remaining liquidity at the agreed price or better, the request fails without a fill. If only part of the requested size is available, that part can execute and the request still displays as settled. Traders need to check the filled quantity to see how much exposure they added.
Fees sit outside the signed price
Silhouette’s fee schedule lists a 1.4 bps builder fee for HyperCore perpetuals. Hyperliquid charges it to the taker’s account on the fill. The maker’s order carries no Silhouette builder fee. Hyperliquid’s own taker fee applies separately at the trader’s fee tier, and funding continues to accrue on the position.
The published example uses a fill of 100,000 USDC notional: the builder charge is 14 USDC, before Hyperliquid’s own fee. If only 60,000 USDC fills, the builder charge is 8.40 USDC. Silhouette takes no additional spread on the perpetuals fill. The charge follows executed notional, including when execution covers less than the original request.
Neither the quote nor its price limit includes these fees. After fees, a buy can cost more per unit than the signed price, while a seller can receive less. Silhouette’s HyperEVM spot trades settle directly with makers; the perps trades pass through the Hyperliquid book. The perps service leaves funds in the Hyperliquid account and collects its charge through Hyperliquid’s builder mechanism.
Traders must approve the builder fee in their Hyperliquid account before using the service. If the rate rises above their existing allowance, they must approve it again. An approval below the required rate prevents Silhouette from sending the trade. Insufficient margin can separately cause Hyperliquid to reject the taker’s order.
Account permissions and closing exposure
The app requires a funded Hyperliquid account with $USDC margin, unified account mode and an approved signing key. The main wallet signs the setup actions: switching account mode, authorizing the key and approving the builder fee. After setup, the key signs orders when the trader accepts quotes, without a new main-wallet prompt. Those orders book to the main account. A key that stops working must be approved again from the main wallet.
The RFQ itself carries no leverage or margin-mode setting. Execution uses the settings already held for that market in the Hyperliquid account. The app shows leverage and margin mode on the request ticket, but those controls change the underlying account settings. The RFQ service has no separate margin account or independent position parameters.
Hyperliquid nets positions by market. To close a position, the app sends an ordinary order on the opposite side, and Silhouette does not cap that request at the size of the open position. A larger trade can close the existing position and open exposure in the opposite direction. The documentation tells traders to check their current size on Hyperliquid and keep the closing request at or below it.
API users can instead sign a reduce-only order. Hyperliquid checks that instruction against the position when execution occurs. The order can fill partially or not at all, but it can only shrink the position. The ordinary closing order submitted through the app lacks that protection.
Check Hyperliquid after a failed request
The RFQ result reports the filled quantity and average price before fees. Silhouette returns neither a Hyperliquid order ID nor a transaction hash. Hyperliquid holds the fill record and position, and traders can check the fill in their Hyperliquid trade history.
A position may exist even when Silhouette cannot confirm execution. The documentation says an unconfirmed request is final and will not be updated later. It instructs traders to check their Hyperliquid position after any failed perpetuals request before trading the same market again.
The launch announcement names HIP-3 markets and higher quote caps as planned additions. It gives no date for either expansion.
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.
Robinhood CEO Follows Meme Coin Account on X, Corresponding Token Surges Over 17x in Short Time
Robinhood CEO Vlad Tenev followed the meme coin account Giga Tenev X, which may have driven its price movement. Per GMGN data, GIGATENEV rallied 17 times in a short period, with its current market cap standing at $5.26 million. It should be noted that the token was not issued via mainstream platforms. Prior analysis pointed out that most of the token was purchased by newly created wallets, and there is a possibility that Tenev’s account follow was a result of a hack. As such, the token poses considerable risks, and users should exercise caution when investing in it.
2 minutes ago
Hong Kong-listed large model giants both fall, Zhipu AI drops nearly 7%
According to Bitget's market data, the two leading Hong Kong-listed large language model stocks both declined: Zhipu AI fell 6.76%, with its current share price at HK$483.2; MINIMAX-W dropped 6.64%.
2 minutes ago
As NVIDIA GTC draws near, a large crypto whale has opened a new short position worth $12.61 million in NVDA.
Nvidia’s GTC Berlin conference will be held from October 20 to 22. Jensen Huang is scheduled to deliver a keynote speech from 17:00 to 19:00 Beijing time. Earlier, Nvidia announced plans to invest in four German startups as part of its nearly $10 billion European investment commitment. According to TradingBeats’ monitoring, against this backdrop, a crypto whale opened a large short position with an average entry price of $218.078. The current position is valued at approximately $12.61 million, with an unrealized profit of around $86,600 (0x4e23).
2 minutes ago
The French Prime Minister: Curfews will be imposed wherever necessary tonight.
French Prime Minister stated that a curfew will be implemented tonight wherever necessary, in response to recent riots across various regions.
2 minutes ago
Bitcoin's volatility has contracted to an extreme level unseen in nearly two and a half years, and the cryptocurrency is poised for sharp price swings.
According to Barchart, Bitcoin's daily Bollinger Bands have formed one of the narrowest widths in the past two and a half years. This indicates Bitcoin is in a "consolidation tightening" phase, possibly preparing for a major price move. BlockBeats Note: Bollinger Bands are a commonly used technical analysis indicator consisting of three lines: the middle band, typically a 20-day simple moving average (SMA); the upper band (middle band + 2 times standard deviation); the lower band (middle band - 2 times standard deviation). Historical experience shows that after Bollinger Bands tighten significantly, a directional breakout (either upward or downward) often follows. It is common for volatility to expand suddenly from an extremely low state.
2 minutes ago
Morgan Stanley raises Amazon’s price target and designates it as a top pick, while two crypto whales simultaneously opened new long positions worth $3.84 million.
Morgan Stanley analyst Brian Nowak raised Amazon (AMZN)’s price target from $335 to $350, maintained an “Overweight” rating, and named it a top pick in the firm’s coverage universe. Morgan Stanley noted that Amazon Web Services (AWS)’ growth potential and profit margins have not been fully recognized, projecting AWS revenue will rise 47% in 2027 and 42% in 2028, and forecasting Amazon’s 2028 earnings per share (EPS) at roughly $16.50. All figures are firm projections. Per TradingBeats monitoring, as of press time, the AMZN perpetual contract on Hyperliquid trades at $263.36, up approximately 4.01% over the past 24 hours, with a trading volume of around $26.17 million. Over the same period, the notional value of open interest increased by roughly $3.28 million, a 12.53% rise; excluding price fluctuations, the estimated number of positions still grew by about 8.16%. Against this backdrop, at least two large crypto whales opened new million-dollar long positions overnight. One account purchased 4,641.043 contracts at 22:47, with a trading volume of ~$1.2129 million at an average price of $261.337 (0x30af); another account bought 10,000 contracts between 23:06 and 23:17, with a trading volume of ~$2.6239 million at an average price of $262.389 (0xcb58). The two new long positions totaled ~$3.8368 million in trading volume, with a weighted average entry price of ~$262.06.
Robinhood CEO Follows Meme Coin Account on X, Corresponding Token Surges Over 17x in Short Time
Robinhood CEO Vlad Tenev followed the meme coin account Giga Tenev X, which may have driven its price movement. Per GMGN data, GIGATENEV rallied 17 times in a short period, with its current market cap standing at $5.26 million. It should be noted that the token was not issued via mainstream platforms. Prior analysis pointed out that most of the token was purchased by newly created wallets, and there is a possibility that Tenev’s account follow was a result of a hack. As such, the token poses considerable risks, and users should exercise caution when investing in it.
2 minutes ago
Hong Kong-listed large model giants both fall, Zhipu AI drops nearly 7%
According to Bitget's market data, the two leading Hong Kong-listed large language model stocks both declined: Zhipu AI fell 6.76%, with its current share price at HK$483.2; MINIMAX-W dropped 6.64%.
2 minutes ago
As NVIDIA GTC draws near, a large crypto whale has opened a new short position worth $12.61 million in NVDA.
Nvidia’s GTC Berlin conference will be held from October 20 to 22. Jensen Huang is scheduled to deliver a keynote speech from 17:00 to 19:00 Beijing time. Earlier, Nvidia announced plans to invest in four German startups as part of its nearly $10 billion European investment commitment. According to TradingBeats’ monitoring, against this backdrop, a crypto whale opened a large short position with an average entry price of $218.078. The current position is valued at approximately $12.61 million, with an unrealized profit of around $86,600 (0x4e23).
2 minutes ago
The French Prime Minister: Curfews will be imposed wherever necessary tonight.
French Prime Minister stated that a curfew will be implemented tonight wherever necessary, in response to recent riots across various regions.
2 minutes ago
Bitcoin's volatility has contracted to an extreme level unseen in nearly two and a half years, and the cryptocurrency is poised for sharp price swings.
According to Barchart, Bitcoin's daily Bollinger Bands have formed one of the narrowest widths in the past two and a half years. This indicates Bitcoin is in a "consolidation tightening" phase, possibly preparing for a major price move.
BlockBeats Note: Bollinger Bands are a commonly used technical analysis indicator consisting of three lines: the middle band, typically a 20-day simple moving average (SMA); the upper band (middle band + 2 times standard deviation); the lower band (middle band - 2 times standard deviation). Historical experience shows that after Bollinger Bands tighten significantly, a directional breakout (either upward or downward) often follows. It is common for volatility to expand suddenly from an extremely low state.
2 minutes ago
Morgan Stanley raises Amazon’s price target and designates it as a top pick, while two crypto whales simultaneously opened new long positions worth $3.84 million.
Morgan Stanley analyst Brian Nowak raised Amazon (AMZN)’s price target from $335 to $350, maintained an “Overweight” rating, and named it a top pick in the firm’s coverage universe. Morgan Stanley noted that Amazon Web Services (AWS)’ growth potential and profit margins have not been fully recognized, projecting AWS revenue will rise 47% in 2027 and 42% in 2028, and forecasting Amazon’s 2028 earnings per share (EPS) at roughly $16.50. All figures are firm projections.
Per TradingBeats monitoring, as of press time, the AMZN perpetual contract on Hyperliquid trades at $263.36, up approximately 4.01% over the past 24 hours, with a trading volume of around $26.17 million. Over the same period, the notional value of open interest increased by roughly $3.28 million, a 12.53% rise; excluding price fluctuations, the estimated number of positions still grew by about 8.16%.
Against this backdrop, at least two large crypto whales opened new million-dollar long positions overnight. One account purchased 4,641.043 contracts at 22:47, with a trading volume of ~$1.2129 million at an average price of $261.337 (0x30af); another account bought 10,000 contracts between 23:06 and 23:17, with a trading volume of ~$2.6239 million at an average price of $262.389 (0xcb58). The two new long positions totaled ~$3.8368 million in trading volume, with a weighted average entry price of ~$262.06.
Robinhood CEO Follows Meme Coin Account on X, Corresponding Token Surges Over 17x in Short Time
Robinhood CEO Vlad Tenev followed the meme coin account Giga Tenev X, which may have driven its price movement. Per GMGN data, GIGATENEV rallied 17 times in a short period, with its current market cap standing at $5.26 million. It should be noted that the token was not issued via mainstream platforms. Prior analysis pointed out that most of the token was purchased by newly created wallets, and there is a possibility that Tenev’s account follow was a result of a hack. As such, the token poses considerable risks, and users should exercise caution when investing in it.
2 minutes ago
Hong Kong-listed large model giants both fall, Zhipu AI drops nearly 7%
According to Bitget's market data, the two leading Hong Kong-listed large language model stocks both declined: Zhipu AI fell 6.76%, with its current share price at HK$483.2; MINIMAX-W dropped 6.64%.
2 minutes ago
As NVIDIA GTC draws near, a large crypto whale has opened a new short position worth $12.61 million in NVDA.
Nvidia’s GTC Berlin conference will be held from October 20 to 22. Jensen Huang is scheduled to deliver a keynote speech from 17:00 to 19:00 Beijing time. Earlier, Nvidia announced plans to invest in four German startups as part of its nearly $10 billion European investment commitment. According to TradingBeats’ monitoring, against this backdrop, a crypto whale opened a large short position with an average entry price of $218.078. The current position is valued at approximately $12.61 million, with an unrealized profit of around $86,600 (0x4e23).
2 minutes ago
The French Prime Minister: Curfews will be imposed wherever necessary tonight.
French Prime Minister stated that a curfew will be implemented tonight wherever necessary, in response to recent riots across various regions.
2 minutes ago
Bitcoin's volatility has contracted to an extreme level unseen in nearly two and a half years, and the cryptocurrency is poised for sharp price swings.
According to Barchart, Bitcoin's daily Bollinger Bands have formed one of the narrowest widths in the past two and a half years. This indicates Bitcoin is in a "consolidation tightening" phase, possibly preparing for a major price move. BlockBeats Note: Bollinger Bands are a commonly used technical analysis indicator consisting of three lines: the middle band, typically a 20-day simple moving average (SMA); the upper band (middle band + 2 times standard deviation); the lower band (middle band - 2 times standard deviation). Historical experience shows that after Bollinger Bands tighten significantly, a directional breakout (either upward or downward) often follows. It is common for volatility to expand suddenly from an extremely low state.
2 minutes ago
Morgan Stanley raises Amazon’s price target and designates it as a top pick, while two crypto whales simultaneously opened new long positions worth $3.84 million.
Morgan Stanley analyst Brian Nowak raised Amazon (AMZN)’s price target from $335 to $350, maintained an “Overweight” rating, and named it a top pick in the firm’s coverage universe. Morgan Stanley noted that Amazon Web Services (AWS)’ growth potential and profit margins have not been fully recognized, projecting AWS revenue will rise 47% in 2027 and 42% in 2028, and forecasting Amazon’s 2028 earnings per share (EPS) at roughly $16.50. All figures are firm projections. Per TradingBeats monitoring, as of press time, the AMZN perpetual contract on Hyperliquid trades at $263.36, up approximately 4.01% over the past 24 hours, with a trading volume of around $26.17 million. Over the same period, the notional value of open interest increased by roughly $3.28 million, a 12.53% rise; excluding price fluctuations, the estimated number of positions still grew by about 8.16%. Against this backdrop, at least two large crypto whales opened new million-dollar long positions overnight. One account purchased 4,641.043 contracts at 22:47, with a trading volume of ~$1.2129 million at an average price of $261.337 (0x30af); another account bought 10,000 contracts between 23:06 and 23:17, with a trading volume of ~$2.6239 million at an average price of $262.389 (0xcb58). The two new long positions totaled ~$3.8368 million in trading volume, with a weighted average entry price of ~$262.06.
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.
Morgan Stanley analyst Brian Nowak raised Amazon (AMZN)’s price target from $335 to $350, maintained an “Overweight” rating, and named it a top pick in the firm’s coverage universe. Morgan Stanley noted that Amazon Web Services (AWS)’ growth potential and profit margins have not been fully recognized, projecting AWS revenue will rise 47% in 2027 and 42% in 2028, and forecasting Amazon’s 2028 earnings per share (EPS) at roughly $16.50. All figures are firm projections.
Per TradingBeats monitoring, as of press time, the AMZN perpetual contract on Hyperliquid trades at $263.36, up approximately 4.01% over the past 24 hours, with a trading volume of around $26.17 million. Over the same period, the notional value of open interest increased by roughly $3.28 million, a 12.53% rise; excluding price fluctuations, the estimated number of positions still grew by about 8.16%.
Against this backdrop, at least two large crypto whales opened new million-dollar long positions overnight. One account purchased 4,641.043 contracts at 22:47, with a trading volume of ~$1.2129 million at an average price of $261.337 (0x30af); another account bought 10,000 contracts between 23:06 and 23:17, with a trading volume of ~$2.6239 million at an average price of $262.389 (0xcb58). The two new long positions totaled ~$3.8368 million in trading volume, with a weighted average entry price of ~$262.06.
Relevant content
Robinhood CEO Follows Meme Coin Account on X, Corresponding Token Surges Over 17x in Short Time
Robinhood CEO Vlad Tenev followed the meme coin account Giga Tenev X, which may have driven its price movement. Per GMGN data, GIGATENEV rallied 17 times in a short period, with its current market cap standing at $5.26 million. It should be noted that the token was not issued via mainstream platforms. Prior analysis pointed out that most of the token was purchased by newly created wallets, and there is a possibility that Tenev’s account follow was a result of a hack. As such, the token poses considerable risks, and users should exercise caution when investing in it.
2 minutes ago
Hong Kong-listed large model giants both fall, Zhipu AI drops nearly 7%
According to Bitget's market data, the two leading Hong Kong-listed large language model stocks both declined: Zhipu AI fell 6.76%, with its current share price at HK$483.2; MINIMAX-W dropped 6.64%.
2 minutes ago
As NVIDIA GTC draws near, a large crypto whale has opened a new short position worth $12.61 million in NVDA.
Nvidia’s GTC Berlin conference will be held from October 20 to 22. Jensen Huang is scheduled to deliver a keynote speech from 17:00 to 19:00 Beijing time. Earlier, Nvidia announced plans to invest in four German startups as part of its nearly $10 billion European investment commitment. According to TradingBeats’ monitoring, against this backdrop, a crypto whale opened a large short position with an average entry price of $218.078. The current position is valued at approximately $12.61 million, with an unrealized profit of around $86,600 (0x4e23).
2 minutes ago
The French Prime Minister: Curfews will be imposed wherever necessary tonight.
French Prime Minister stated that a curfew will be implemented tonight wherever necessary, in response to recent riots across various regions.
2 minutes ago
Bitcoin's volatility has contracted to an extreme level unseen in nearly two and a half years, and the cryptocurrency is poised for sharp price swings.
According to Barchart, Bitcoin's daily Bollinger Bands have formed one of the narrowest widths in the past two and a half years. This indicates Bitcoin is in a "consolidation tightening" phase, possibly preparing for a major price move.
BlockBeats Note: Bollinger Bands are a commonly used technical analysis indicator consisting of three lines: the middle band, typically a 20-day simple moving average (SMA); the upper band (middle band + 2 times standard deviation); the lower band (middle band - 2 times standard deviation). Historical experience shows that after Bollinger Bands tighten significantly, a directional breakout (either upward or downward) often follows. It is common for volatility to expand suddenly from an extremely low state.
2 minutes ago
GitHub public repositories now require identity verification: a surge in bot traffic is disrupting regular CI workflows.
Beating AI News Flash: On October 19, GitHub announced it will temporarily add authentication to HTTPS download requests for some public repositories. Once the system detects abnormal traffic, code that previously could be cloned or fetched without logging in may suddenly require a token. CI builds and automatic installation scripts relying on anonymous downloads may also be disrupted. A similar issue emerged in September. On September 2, a developer reported in the GitHub Community that their CI server repeatedly received 401 errors when fetching the MariaDB public repository, and even submodule updates could not be completed. The developer of AMP, a game server management tool, also noted that a large number of users' installation processes were affected, forcing the team to consider urgent program modifications. At that time, GitHub explained that the platform was facing growing bot traffic, which could lead to misclassification of legitimate development requests. The latest announcement further clarifies the scope of the temporary authentication measure. GitHub advises developers to configure authentication for automated tasks and avoid relying on anonymous HTTPS fetching. Authenticated HTTPS and SSH operations are not subject to this restriction.
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.
HYPE has slipped below its short-term moving averages after pulling back from its September high. A bearish crossover between the two averages is forming but has not been confirmed. Hyperliquid’s CEO wants US rules to target market operators instead of the blockchain itself. A regulated route for American traders through Kraken’s parent company still awaits approval. HYPE price is hovering near $79.30 on Monday, down about 8.5% over the past week and roughly 19% below the $98.16 peak it reached in September, after sellers pushed the price under both its 20-day and 50-day exponential moving averages. The pullback lands in the same week Hyperliquid Labs CEO and co-founder Jeff Yan used an interview on Bloomberg’s Odd Lots podcast to explain how the platform could legally serve American traders, which matters for HYPE because the token’s buybacks are funded by trading fees on the network.
Two averages close to crossing The 20-day EMA sits at $83.60 and the 50-day EMA at $82.85, a gap of less than $1 that keeps shrinking as the faster line turns lower. If the 20-day average drops beneath the 50-day, traders would read it as a bearish crossover, meaning the average price of roughly the last month has fallen below the average of the last two and a half months, and that the October selling has started to outweigh the uptrend HYPE built from early August. That signal is still pending, although the price has already spent several sessions below both lines, so the $82.85 to $83.60 band now works as a ceiling buyers would need to break through before the short-term trend can be called healthy again.
Hyperliquid (HYPE) daily chart. Source: Alexander Stefanov / TradingView. HYPE also lost the 0.382 Fibonacci retracement at $80.21. These levels measure how much of the August to September rally, which took the token from $51.15 to $98.16, has been given back, and the 0.382 line marks the point where about 38% of that gain has been erased. A return above $80.21 would be the first sign of repair, while the 0.5 retracement at $74.66, where half of the rally would be gone, is the next support buyers have to defend.
Level Role $87.07 (0.236 Fib) Upper resistance $83.60 / $82.85 (EMAs) Trend ceiling $80.21 (0.382 Fib) First resistance $74.66 (0.5 Fib) First support $69.11 (0.618 Fib) Deeper support Key HYPE levels on the daily chart.
The Relative Strength Index reads 39.67, below the neutral 50 mark and under its own signal average of 43.77, which shows sellers have held the upper hand for most of the past two weeks. The reading is still above 30, the zone where a token is usually considered sold heavily enough to attract bargain hunters, so the chart still leaves room for more weakness before the token reaches levels that have historically drawn buyers back in. Volume during the October decline has also stayed well below the levels seen during the August breakout, a sign that the selling so far lacks the force of the rally that preceded it.
Yan’s case for regulating deployers Yan said Americans who reach Hyperliquid through a VPN are breaking its terms of service, and argued that compliant US access depends on regulators understanding onchain technology well enough to judge whether it meets the CFTC’s core principles. His proposal treats the Hyperliquid blockchain like an internet protocol and places compliance duties on the firms that deploy and run markets on top of it, since those firms control listings, margin rules and who can trade. As an example of what the technology offers supervisors, he noted that anyone can verify that total user balances equal the USDC held at a given address, a live proof of funds that customers of a traditional exchange cannot check for themselves.
How the US route is being built The pieces Yan described already exist on paper. HIP-3 lets outside builders launch their own perpetual futures markets on Hyperliquid, and on September 16 Payward, the parent company of Kraken, said it intends to deploy onchain perpetual futures for US clients starting with HIP-3* markets, a permissioned version of HIP-3 where the market operator decides who is allowed to trade. Under that plan, Bitnomial, a CFTC-regulated exchange that Payward acquired this year, would create and administer the markets and clear the contracts, while NinjaTrader Clearing would hold client accounts. American users would trade newly created contracts listed under Bitnomial’s rules, without any access to Hyperliquid’s existing order books, and the whole structure remains subject to regulatory approval.
Hyperliquid’s path toward US markets
Feb 2026 – Hyperliquid Policy Center opens in Washington
May 29 – CFTC approves Kalshi’s bitcoin perpetual as a futures contract
Jun 18 – CME sues the CFTC, arguing perpetuals are swaps
Aug 19 – Trump says the CFTC chair is working to bring Hyperliquid onshore
Sep 16 – Payward unveils US perpetuals plan via Bitnomial
Oct 15 – Yan sets out deployer-level regulation
Political backing arrived in August, when President Donald Trump said at a White House meeting that CFTC Chair Mike Selig was working to bring Hyperliquid into the United States in a fully compliant and legal fashion. The legal ground is less settled. CME Group sued the CFTC in June over its approval of perpetual futures, arguing they should be regulated as swaps under the Dodd-Frank Act, and the Hyperliquid Policy Center hired former US Solicitor General Elizabeth Prelogar to file a brief asking the court to throw the case out.
Why US access matters for HYPE The link between regulation and the HYPE price runs through fees. Most of the trading fees Hyperliquid collects go toward buying HYPE on the open market, and builders who launch HIP-3 markets have to stake HYPE, so regulated American volume would feed both mechanisms. Ki Young Ju, founder and CEO of on-chain analytics firm CryptoQuant, shared a ranking that put HYPE first among major crypto assets by analyst sentiment, about 2.3 standard deviations more bullish than the average reading, with fee-driven buybacks named as the main reason. That optimism has not stopped the token from sliding this month, and the US channel would initially cover only a subset of new contracts on Bitnomial, which limits how quickly any approval could show up in fee revenue.
The most bullish crypto asset by analyst sentiment is $HYPE. pic.twitter.com/VtqsqWSsiD
— Ki Young Ju (@ki_young_ju) October 18, 2026
Bitnomial approval and the CME case On the chart, a daily close above $80.21 followed by a move through the EMA band would neutralize the crossover threat, while a break under $74.66 would open the way toward $69.11. On the regulatory side, the CFTC still has to clear Bitnomial’s listing, and a ruling in CME’s favor could push perpetual contracts into the heavier swaps regime, raising compliance costs for every venue planning to offer them. Hyperliquid keeps expanding offshore in the meantime: EQX Labs said on October 14 it plans to launch 11 tokenized US stock and ETF markets on the platform, including SPY, QQQ and NVIDIA, and US persons are explicitly barred from buying them.
Alex is a financial markets journalist and co-founder of Millennial Media Group, and he's spent close to ten years trying to answer one stubborn question: what's really driving this? It started in 2016, when Bitcoin refused to make sense to him - and rather than shrug, he stayed with it until it did. That patience became his method. He's less interested in what an asset is doing today than in the plumbing behind it: how liquidity flows, where risk hides, what a chart is quietly telling you that the headline isn't. That lens eventually stretched well past crypto into traditional markets, because the same forces - fear, leverage, incentives, timing - show up everywhere once you know how to look. Most coverage, in his view, insults the reader by stopping at the surface. Price up, price down, moving on. He'd rather leave someone genuinely understanding a move than merely informed that it happened. His path into markets ran through a Tourism degree at New Bulgarian University - proof, maybe, that curiosity beats credentials. With more than 200 deep analyses and over 10,000 articles behind him, he still walks away from most trading days having learned something he didn't know that morning.
