The Trump administration has frequently intervened in financial markets, and the European Central Bank (ECB) fears this "claw" could extend to the Federal Reserve.
ECB officials have recently grown increasingly concerned over the US government’s frequent interventions in foreign exchange and Treasury markets. Sources familiar with the matter said that during last week’s Jackson Hole Symposium, Federal Reserve officials proactively reached out to reassure their European counterparts, committing to upholding existing international cooperation arrangements. However, given the Fed’s institutional independence from the US administration, Fed officials cannot guarantee that the Trump administration will not abruptly reverse course. European officials are particularly focused on recent financial market operations by the US Treasury. On August 1, the US Treasury intervened in FX markets by selling euros and buying yen, and European sides expressed dissatisfaction over the US failure to provide advance notice of such operations as is customary. Additionally, US Treasury Secretary Bessent’s recent expansion of long-term Treasury repurchase operations has also sparked European officials’ concerns over the growing blurring of lines between fiscal, exchange rate and monetary policies. European officials further warned that if the US administration continues to deploy financial tools for economic and trade goals, markets could start questioning the Fed’s policy independence and the stability of the US dollar swap lines. There are also worries that the US government may further pressure the Fed to directly intervene in Treasury markets in the future. No signs have emerged that the dollar swap arrangements will change. New Fed Chair Kevin Warsh has recently stepped up communication with European policymakers, and his performance in international financial cooperation has drawn relatively positive feedback from European officials.
4 minutes ago
China’s Ministry of Industry and Information Technology (MIIT) supports the rollout of AI applications: FDE on-site presence, token purchases, and computing power voucher issuances.
Beating AI Express (Insight): China’s Ministry of Industry and Information Technology (MIIT) has launched a special initiative to cultivate AI application service providers. Local governments are encouraged to leverage measures such as first-purchase and first-use policies, and risk compensation to boost procurement of large models, intelligent agents, and Token services, while using tools like "computing power vouchers" to cut computing costs. The MIIT will also build a national resource pool for AI application service providers, targeting over 2,000 such providers by the end of 2026 and no fewer than 3,000 by the end of 2027. These providers mainly assist enterprises in rolling out AI projects, with services covering pre-consultation, solution design, system development, integration and delivery, as well as post-launch operation and maintenance and security governance. The policy also specifically highlights FDE (Field Deployment Engineers), encouraging service providers to form FDE teams to work directly at user sites to resolve project implementation challenges. Local authorities will also open real business scenarios, organize supply-demand matching, and convert high-frequency, essential business needs into standardized AI products that can be delivered repeatedly.
4 minutes ago
Bybit launches PONS perpetual contracts today.
Bybit today adds the new Pons (PONSUSDT) perpetual contract, supporting up to 20x leverage.
4 minutes ago
OpenAI rolls out results-based pricing: Some major clients only pay when the AI delivers actual results.
Beating AI News reports that OpenAI has in recent months introduced a new payment model to some of its large enterprise clients: customers only pay once AI has fully completed their tasks. The Information notes that use cases already implemented include customer service. Businesses can pay based on the actual customer service tasks AI completes, rather than being billed solely by tokens, API calls, or seat counts. OpenAI has not disclosed specific client names, pricing details, or the criteria for defining "task completion," and declined to comment on the matter. This is not a new package OpenAI is rolling out for all enterprises; the official public pricing for its Enterprise plan remains primarily based on usage quotas and tokens, so this "pay-per-result" model appears to be custom contracts negotiated exclusively with select large clients. OpenAI has long signaled this direction: in January this year, CFO Sarah Friar stated that AI business models would shift toward pay-per-result in the future, and in July, OpenAI further noted that rather than focusing on token unit prices, the industry should prioritize the total cost for AI to complete a task. This approach has now been incorporated into actual contracts.
4 minutes ago
Nearly $80 million in Bitcoin buy orders were front-run, while a new address plans to go long near $75,000.
According to monitoring by TradingBeats (formerly Hyperinsight), a recently created address placed 30 non-position-reducing limit buy orders for BTC at 14:22 today, with prices ranging from $75,000 to $76,000. The total planned purchase volume is 1,046.7831 BTC, translating to a nominal value of approximately $79.032 million based on the order prices. The address currently holds no open positions; all 30 orders are identical in size at 34.892 BTC each, with each order valued between roughly $2.62 million and $2.65 million. BTC is currently trading at $78,689.4, meaning these buy orders are priced 3.42% to 4.69% below the current market rate. It is learned that this address was activated four days ago, receiving around $5.1 million in funds, after which it executed four short positions that yielded a profit of $330,000. If the orders are filled, this will mark the address’s first long position. On-chain perpetual and address analysis tool TradingBeats is now live, supporting real-time viewing of Hyperliquid data, enabling in-depth analysis from address tracing to whale operations, with comprehensive insights available at a glance.
Prediction market platform Polymarket suffered a major outage on August 31. Its official status page shows that the Trading API (CLOB) encountered "open order read response delays" starting around 6:30 UTC, resulting in a full suspension of trading. The platform’s website remains accessible and market data can be viewed, but users cannot place orders. The team is working on repairs, with a target to restore trading by 10:00 UTC at the latest. Ahead of the recovery, Polymarket will enter a 15-minute mode allowing only order cancellations. All other systems—including the website, data, and authentication services—are operating normally.
The Trump administration has frequently intervened in financial markets, and the European Central Bank (ECB) fears this "claw" could extend to the Federal Reserve.
ECB officials have recently grown increasingly concerned over the US government’s frequent interventions in foreign exchange and Treasury markets. Sources familiar with the matter said that during last week’s Jackson Hole Symposium, Federal Reserve officials proactively reached out to reassure their European counterparts, committing to upholding existing international cooperation arrangements. However, given the Fed’s institutional independence from the US administration, Fed officials cannot guarantee that the Trump administration will not abruptly reverse course. European officials are particularly focused on recent financial market operations by the US Treasury. On August 1, the US Treasury intervened in FX markets by selling euros and buying yen, and European sides expressed dissatisfaction over the US failure to provide advance notice of such operations as is customary. Additionally, US Treasury Secretary Bessent’s recent expansion of long-term Treasury repurchase operations has also sparked European officials’ concerns over the growing blurring of lines between fiscal, exchange rate and monetary policies. European officials further warned that if the US administration continues to deploy financial tools for economic and trade goals, markets could start questioning the Fed’s policy independence and the stability of the US dollar swap lines. There are also worries that the US government may further pressure the Fed to directly intervene in Treasury markets in the future. No signs have emerged that the dollar swap arrangements will change. New Fed Chair Kevin Warsh has recently stepped up communication with European policymakers, and his performance in international financial cooperation has drawn relatively positive feedback from European officials.
4 minutes ago
China’s Ministry of Industry and Information Technology (MIIT) supports the rollout of AI applications: FDE on-site presence, token purchases, and computing power voucher issuances.
Beating AI Express (Insight): China’s Ministry of Industry and Information Technology (MIIT) has launched a special initiative to cultivate AI application service providers. Local governments are encouraged to leverage measures such as first-purchase and first-use policies, and risk compensation to boost procurement of large models, intelligent agents, and Token services, while using tools like "computing power vouchers" to cut computing costs. The MIIT will also build a national resource pool for AI application service providers, targeting over 2,000 such providers by the end of 2026 and no fewer than 3,000 by the end of 2027. These providers mainly assist enterprises in rolling out AI projects, with services covering pre-consultation, solution design, system development, integration and delivery, as well as post-launch operation and maintenance and security governance. The policy also specifically highlights FDE (Field Deployment Engineers), encouraging service providers to form FDE teams to work directly at user sites to resolve project implementation challenges. Local authorities will also open real business scenarios, organize supply-demand matching, and convert high-frequency, essential business needs into standardized AI products that can be delivered repeatedly.
4 minutes ago
Bybit launches PONS perpetual contracts today.
Bybit today adds the new Pons (PONSUSDT) perpetual contract, supporting up to 20x leverage.
4 minutes ago
OpenAI rolls out results-based pricing: Some major clients only pay when the AI delivers actual results.
Beating AI News reports that OpenAI has in recent months introduced a new payment model to some of its large enterprise clients: customers only pay once AI has fully completed their tasks. The Information notes that use cases already implemented include customer service. Businesses can pay based on the actual customer service tasks AI completes, rather than being billed solely by tokens, API calls, or seat counts. OpenAI has not disclosed specific client names, pricing details, or the criteria for defining "task completion," and declined to comment on the matter. This is not a new package OpenAI is rolling out for all enterprises; the official public pricing for its Enterprise plan remains primarily based on usage quotas and tokens, so this "pay-per-result" model appears to be custom contracts negotiated exclusively with select large clients. OpenAI has long signaled this direction: in January this year, CFO Sarah Friar stated that AI business models would shift toward pay-per-result in the future, and in July, OpenAI further noted that rather than focusing on token unit prices, the industry should prioritize the total cost for AI to complete a task. This approach has now been incorporated into actual contracts.
4 minutes ago
Nearly $80 million in Bitcoin buy orders were front-run, while a new address plans to go long near $75,000.
According to monitoring by TradingBeats (formerly Hyperinsight), a recently created address placed 30 non-position-reducing limit buy orders for BTC at 14:22 today, with prices ranging from $75,000 to $76,000. The total planned purchase volume is 1,046.7831 BTC, translating to a nominal value of approximately $79.032 million based on the order prices. The address currently holds no open positions; all 30 orders are identical in size at 34.892 BTC each, with each order valued between roughly $2.62 million and $2.65 million. BTC is currently trading at $78,689.4, meaning these buy orders are priced 3.42% to 4.69% below the current market rate. It is learned that this address was activated four days ago, receiving around $5.1 million in funds, after which it executed four short positions that yielded a profit of $330,000. If the orders are filled, this will mark the address’s first long position. On-chain perpetual and address analysis tool TradingBeats is now live, supporting real-time viewing of Hyperliquid data, enabling in-depth analysis from address tracing to whale operations, with comprehensive insights available at a glance.
Prediction market platform Polymarket suffered a major outage on August 31. Its official status page shows that the Trading API (CLOB) encountered "open order read response delays" starting around 6:30 UTC, resulting in a full suspension of trading. The platform’s website remains accessible and market data can be viewed, but users cannot place orders. The team is working on repairs, with a target to restore trading by 10:00 UTC at the latest. Ahead of the recovery, Polymarket will enter a 15-minute mode allowing only order cancellations. All other systems—including the website, data, and authentication services—are operating normally.
The Trump administration has frequently intervened in financial markets, and the European Central Bank (ECB) fears this "claw" could extend to the Federal Reserve.
ECB officials have recently grown increasingly concerned over the US government’s frequent interventions in foreign exchange and Treasury markets. Sources familiar with the matter said that during last week’s Jackson Hole Symposium, Federal Reserve officials proactively reached out to reassure their European counterparts, committing to upholding existing international cooperation arrangements. However, given the Fed’s institutional independence from the US administration, Fed officials cannot guarantee that the Trump administration will not abruptly reverse course. European officials are particularly focused on recent financial market operations by the US Treasury. On August 1, the US Treasury intervened in FX markets by selling euros and buying yen, and European sides expressed dissatisfaction over the US failure to provide advance notice of such operations as is customary. Additionally, US Treasury Secretary Bessent’s recent expansion of long-term Treasury repurchase operations has also sparked European officials’ concerns over the growing blurring of lines between fiscal, exchange rate and monetary policies. European officials further warned that if the US administration continues to deploy financial tools for economic and trade goals, markets could start questioning the Fed’s policy independence and the stability of the US dollar swap lines. There are also worries that the US government may further pressure the Fed to directly intervene in Treasury markets in the future. No signs have emerged that the dollar swap arrangements will change. New Fed Chair Kevin Warsh has recently stepped up communication with European policymakers, and his performance in international financial cooperation has drawn relatively positive feedback from European officials.
4 minutes ago
China’s Ministry of Industry and Information Technology (MIIT) supports the rollout of AI applications: FDE on-site presence, token purchases, and computing power voucher issuances.
Beating AI Express (Insight): China’s Ministry of Industry and Information Technology (MIIT) has launched a special initiative to cultivate AI application service providers. Local governments are encouraged to leverage measures such as first-purchase and first-use policies, and risk compensation to boost procurement of large models, intelligent agents, and Token services, while using tools like "computing power vouchers" to cut computing costs. The MIIT will also build a national resource pool for AI application service providers, targeting over 2,000 such providers by the end of 2026 and no fewer than 3,000 by the end of 2027. These providers mainly assist enterprises in rolling out AI projects, with services covering pre-consultation, solution design, system development, integration and delivery, as well as post-launch operation and maintenance and security governance. The policy also specifically highlights FDE (Field Deployment Engineers), encouraging service providers to form FDE teams to work directly at user sites to resolve project implementation challenges. Local authorities will also open real business scenarios, organize supply-demand matching, and convert high-frequency, essential business needs into standardized AI products that can be delivered repeatedly.
4 minutes ago
Bybit launches PONS perpetual contracts today.
Bybit today adds the new Pons (PONSUSDT) perpetual contract, supporting up to 20x leverage.
4 minutes ago
OpenAI rolls out results-based pricing: Some major clients only pay when the AI delivers actual results.
Beating AI News reports that OpenAI has in recent months introduced a new payment model to some of its large enterprise clients: customers only pay once AI has fully completed their tasks. The Information notes that use cases already implemented include customer service. Businesses can pay based on the actual customer service tasks AI completes, rather than being billed solely by tokens, API calls, or seat counts. OpenAI has not disclosed specific client names, pricing details, or the criteria for defining "task completion," and declined to comment on the matter. This is not a new package OpenAI is rolling out for all enterprises; the official public pricing for its Enterprise plan remains primarily based on usage quotas and tokens, so this "pay-per-result" model appears to be custom contracts negotiated exclusively with select large clients. OpenAI has long signaled this direction: in January this year, CFO Sarah Friar stated that AI business models would shift toward pay-per-result in the future, and in July, OpenAI further noted that rather than focusing on token unit prices, the industry should prioritize the total cost for AI to complete a task. This approach has now been incorporated into actual contracts.
4 minutes ago
Nearly $80 million in Bitcoin buy orders were front-run, while a new address plans to go long near $75,000.
According to monitoring by TradingBeats (formerly Hyperinsight), a recently created address placed 30 non-position-reducing limit buy orders for BTC at 14:22 today, with prices ranging from $75,000 to $76,000. The total planned purchase volume is 1,046.7831 BTC, translating to a nominal value of approximately $79.032 million based on the order prices. The address currently holds no open positions; all 30 orders are identical in size at 34.892 BTC each, with each order valued between roughly $2.62 million and $2.65 million. BTC is currently trading at $78,689.4, meaning these buy orders are priced 3.42% to 4.69% below the current market rate. It is learned that this address was activated four days ago, receiving around $5.1 million in funds, after which it executed four short positions that yielded a profit of $330,000. If the orders are filled, this will mark the address’s first long position. On-chain perpetual and address analysis tool TradingBeats is now live, supporting real-time viewing of Hyperliquid data, enabling in-depth analysis from address tracing to whale operations, with comprehensive insights available at a glance.
Prediction market platform Polymarket suffered a major outage on August 31. Its official status page shows that the Trading API (CLOB) encountered "open order read response delays" starting around 6:30 UTC, resulting in a full suspension of trading. The platform’s website remains accessible and market data can be viewed, but users cannot place orders. The team is working on repairs, with a target to restore trading by 10:00 UTC at the latest. Ahead of the recovery, Polymarket will enter a 15-minute mode allowing only order cancellations. All other systems—including the website, data, and authentication services—are operating normally.
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.
The Trump administration has frequently intervened in financial markets, and the European Central Bank (ECB) fears this "claw" could extend to the Federal Reserve.
ECB officials have recently grown increasingly concerned over the US government’s frequent interventions in foreign exchange and Treasury markets. Sources familiar with the matter said that during last week’s Jackson Hole Symposium, Federal Reserve officials proactively reached out to reassure their European counterparts, committing to upholding existing international cooperation arrangements. However, given the Fed’s institutional independence from the US administration, Fed officials cannot guarantee that the Trump administration will not abruptly reverse course. European officials are particularly focused on recent financial market operations by the US Treasury. On August 1, the US Treasury intervened in FX markets by selling euros and buying yen, and European sides expressed dissatisfaction over the US failure to provide advance notice of such operations as is customary. Additionally, US Treasury Secretary Bessent’s recent expansion of long-term Treasury repurchase operations has also sparked European officials’ concerns over the growing blurring of lines between fiscal, exchange rate and monetary policies. European officials further warned that if the US administration continues to deploy financial tools for economic and trade goals, markets could start questioning the Fed’s policy independence and the stability of the US dollar swap lines. There are also worries that the US government may further pressure the Fed to directly intervene in Treasury markets in the future. No signs have emerged that the dollar swap arrangements will change. New Fed Chair Kevin Warsh has recently stepped up communication with European policymakers, and his performance in international financial cooperation has drawn relatively positive feedback from European officials.
4 minutes ago
China’s Ministry of Industry and Information Technology (MIIT) supports the rollout of AI applications: FDE on-site presence, token purchases, and computing power voucher issuances.
Beating AI Express (Insight): China’s Ministry of Industry and Information Technology (MIIT) has launched a special initiative to cultivate AI application service providers. Local governments are encouraged to leverage measures such as first-purchase and first-use policies, and risk compensation to boost procurement of large models, intelligent agents, and Token services, while using tools like "computing power vouchers" to cut computing costs. The MIIT will also build a national resource pool for AI application service providers, targeting over 2,000 such providers by the end of 2026 and no fewer than 3,000 by the end of 2027. These providers mainly assist enterprises in rolling out AI projects, with services covering pre-consultation, solution design, system development, integration and delivery, as well as post-launch operation and maintenance and security governance. The policy also specifically highlights FDE (Field Deployment Engineers), encouraging service providers to form FDE teams to work directly at user sites to resolve project implementation challenges. Local authorities will also open real business scenarios, organize supply-demand matching, and convert high-frequency, essential business needs into standardized AI products that can be delivered repeatedly.
4 minutes ago
Bybit launches PONS perpetual contracts today.
Bybit today adds the new Pons (PONSUSDT) perpetual contract, supporting up to 20x leverage.
4 minutes ago
OpenAI rolls out results-based pricing: Some major clients only pay when the AI delivers actual results.
Beating AI News reports that OpenAI has in recent months introduced a new payment model to some of its large enterprise clients: customers only pay once AI has fully completed their tasks. The Information notes that use cases already implemented include customer service. Businesses can pay based on the actual customer service tasks AI completes, rather than being billed solely by tokens, API calls, or seat counts. OpenAI has not disclosed specific client names, pricing details, or the criteria for defining "task completion," and declined to comment on the matter. This is not a new package OpenAI is rolling out for all enterprises; the official public pricing for its Enterprise plan remains primarily based on usage quotas and tokens, so this "pay-per-result" model appears to be custom contracts negotiated exclusively with select large clients. OpenAI has long signaled this direction: in January this year, CFO Sarah Friar stated that AI business models would shift toward pay-per-result in the future, and in July, OpenAI further noted that rather than focusing on token unit prices, the industry should prioritize the total cost for AI to complete a task. This approach has now been incorporated into actual contracts.
4 minutes ago
Nearly $80 million in Bitcoin buy orders were front-run, while a new address plans to go long near $75,000.
According to monitoring by TradingBeats (formerly Hyperinsight), a recently created address placed 30 non-position-reducing limit buy orders for BTC at 14:22 today, with prices ranging from $75,000 to $76,000. The total planned purchase volume is 1,046.7831 BTC, translating to a nominal value of approximately $79.032 million based on the order prices. The address currently holds no open positions; all 30 orders are identical in size at 34.892 BTC each, with each order valued between roughly $2.62 million and $2.65 million. BTC is currently trading at $78,689.4, meaning these buy orders are priced 3.42% to 4.69% below the current market rate. It is learned that this address was activated four days ago, receiving around $5.1 million in funds, after which it executed four short positions that yielded a profit of $330,000. If the orders are filled, this will mark the address’s first long position. On-chain perpetual and address analysis tool TradingBeats is now live, supporting real-time viewing of Hyperliquid data, enabling in-depth analysis from address tracing to whale operations, with comprehensive insights available at a glance.
Prediction market platform Polymarket suffered a major outage on August 31. Its official status page shows that the Trading API (CLOB) encountered "open order read response delays" starting around 6:30 UTC, resulting in a full suspension of trading. The platform’s website remains accessible and market data can be viewed, but users cannot place orders. The team is working on repairs, with a target to restore trading by 10:00 UTC at the latest. Ahead of the recovery, Polymarket will enter a 15-minute mode allowing only order cancellations. All other systems—including the website, data, and authentication services—are operating normally.
Less than two months after its public mainnet launch, Robinhood Chain generated $2.66 million in app revenue over a single 24-hour period on August 30, placing it second only to Solana among decentralized finance platforms. That figure topped both Hyperliquid L1, which brought in $1.7 million, and Ethereum, which managed roughly $1.27 to $1.28 million in the same window.
Where the money came from Three applications accounted for approximately 88% of Robinhood Chain’s daily revenue haul. GMGN led the pack at $1.11 million, followed by Pons at $930,587 and Uniswap at $306,877.
GMGN and Pons are memecoin-focused trading tools. Uniswap’s presence at a distant third suggests that while established DeFi protocols are active on the chain, the real revenue engine right now is meme-driven trading volume. Analysts note the trajectory for RWA engagement is still developing, with current revenue largely driven by memecentric trading activities rather than substantive RWA use cases.
The economics of keeping fees in-house Robinhood Chain retains roughly 89% of the fees generated within its network. About 10% flows to the Arbitrum ecosystem, and less than 2% trickles down to Ethereum for settlement and data availability.
Two months in, early metrics look aggressive Robinhood Chain launched its public mainnet on July 1, 2026, built as an Ethereum Layer 2 using Arbitrum Orbit technology. In the weeks since, the chain has racked up over $3 billion in DEX volume and attracted a rapid inflow of bridged assets.
Robinhood has positioned the network as a home for tokenized stocks, stablecoin products, and onchain lending integrations. Real-world asset engagement remains in its early stages, with current revenue overwhelmingly driven by speculative trading activity rather than those RWA use cases.
What this means for the Layer 2 landscape Ethereum’s daily revenue landing below $1.3 million while one of its own Layer 2s pulled in more than double that amount illustrates one of the most debated dynamics in modular blockchain design. Robinhood Chain retaining nearly 90% of generated fees within 60 days of launch raises direct questions about Ethereum’s economic model, given the base layer captures less than 2% of the value flowing through its ecosystem.
Having a high-profile chain like Robinhood’s built on Orbit technology and sending 10% of fees back to the Arbitrum ecosystem validates the Orbit framework as a viable path for institutions looking to launch their own chains without building from scratch.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Hyperliquid (HYPE) price is trading around $80.00 on Monday, maintaining a constructive bias with steady institutional inflows of over $50 million last week. On-chain data show elevated trading volume and revenue over the last two weeks, while retail speculation eases as HYPE futures Open Interest declines. The technical outlook is mixed as bullish momentum wanes.
Retail sentiment shifts as institutional, network demand holds steadyHyperliquid is gaining institutional interest amid elevated network demand. SoSoValue data shows that the HYPE Exchange Traded Funds (ETFs) recorded five consecutive days of inflows, totaling $56.86 million last week and $66.33 million so far this month.
HYPE ETFs data. Source: SosovalueOn the platform side, Hyperliquid Analytics recorded $61.93 billion in total volume last week, with $16.45 million in revenue, down from the previous week’s $88.68 billion in volume and $21.27 million in revenue. Though the data shows an easing in Hyperliquid metrics, the long-term trend reflects elevated network activity.
Hyperliquid total revenue data. Source: Hyperscreener.On the retail side, HYPE futures Open Interest (OI) is down 5% over the last 24 hours to $3.27 billion, indicating reduced notional value of active contracts or positional wipeout. Total liquidation of $3.98 million in the same period, led by long liquidation of $3.43 million, reaffirms the contraction in active long positions. The OI-weighted funding rate of 0.0085% indicates a persistent bullish bias among traders, willing to buy high-risk long positions at a premium.
HYPE derivatives data. Source: CoinGlassTechnical outlook: Will HYPE price extend gains above $80?Hyperliquid trades at $80.14 at press time on Monday, holding steady after a 4% drop the previous day. HYPE sustains a bullish near-term bias as price holds well above the major Exponential Moving Averages (EMAs). The 50-day EMA at $66.94, the 100-day EMA at $61.93, and the 200-day EMA at $54.61 all trail the advance, hinting at a firmly supported uptrend.
From a technical perspective, HYPE remains capped below the 127.2% Fibonacci extension level of the downswing from $76.93 to $51.20 at $83.93. A confirmed breakout above this level could extend the rally toward the 161.8% Fibonacci extension at $92.83.
Momentum eases but remains constructive on the daily chart, with the Relative Strength Index (RSI) easing from the overbought zone to 64, while the Moving Average Convergence Divergence (MACD) is sloping toward the signal line as the bullish histogram profile wanes, suggesting reduced upside pressure.
HYPE/USD daily price chart.On the downside, initial support emerges around the prior Fibonacci cycle high at $76.93, ahead of a dense retracement cluster between the 78.60% level at $71.42 and the 50-day EMA at $66.94.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
The Trump administration has frequently intervened in financial markets, and the European Central Bank (ECB) fears this "claw" could extend to the Federal Reserve.
ECB officials have recently grown increasingly concerned over the US government’s frequent interventions in foreign exchange and Treasury markets. Sources familiar with the matter said that during last week’s Jackson Hole Symposium, Federal Reserve officials proactively reached out to reassure their European counterparts, committing to upholding existing international cooperation arrangements. However, given the Fed’s institutional independence from the US administration, Fed officials cannot guarantee that the Trump administration will not abruptly reverse course. European officials are particularly focused on recent financial market operations by the US Treasury. On August 1, the US Treasury intervened in FX markets by selling euros and buying yen, and European sides expressed dissatisfaction over the US failure to provide advance notice of such operations as is customary. Additionally, US Treasury Secretary Bessent’s recent expansion of long-term Treasury repurchase operations has also sparked European officials’ concerns over the growing blurring of lines between fiscal, exchange rate and monetary policies. European officials further warned that if the US administration continues to deploy financial tools for economic and trade goals, markets could start questioning the Fed’s policy independence and the stability of the US dollar swap lines. There are also worries that the US government may further pressure the Fed to directly intervene in Treasury markets in the future. No signs have emerged that the dollar swap arrangements will change. New Fed Chair Kevin Warsh has recently stepped up communication with European policymakers, and his performance in international financial cooperation has drawn relatively positive feedback from European officials.
4 minutes ago
China’s Ministry of Industry and Information Technology (MIIT) supports the rollout of AI applications: FDE on-site presence, token purchases, and computing power voucher issuances.
Beating AI Express (Insight): China’s Ministry of Industry and Information Technology (MIIT) has launched a special initiative to cultivate AI application service providers. Local governments are encouraged to leverage measures such as first-purchase and first-use policies, and risk compensation to boost procurement of large models, intelligent agents, and Token services, while using tools like "computing power vouchers" to cut computing costs. The MIIT will also build a national resource pool for AI application service providers, targeting over 2,000 such providers by the end of 2026 and no fewer than 3,000 by the end of 2027. These providers mainly assist enterprises in rolling out AI projects, with services covering pre-consultation, solution design, system development, integration and delivery, as well as post-launch operation and maintenance and security governance. The policy also specifically highlights FDE (Field Deployment Engineers), encouraging service providers to form FDE teams to work directly at user sites to resolve project implementation challenges. Local authorities will also open real business scenarios, organize supply-demand matching, and convert high-frequency, essential business needs into standardized AI products that can be delivered repeatedly.
4 minutes ago
Bybit launches PONS perpetual contracts today.
Bybit today adds the new Pons (PONSUSDT) perpetual contract, supporting up to 20x leverage.
4 minutes ago
OpenAI rolls out results-based pricing: Some major clients only pay when the AI delivers actual results.
Beating AI News reports that OpenAI has in recent months introduced a new payment model to some of its large enterprise clients: customers only pay once AI has fully completed their tasks. The Information notes that use cases already implemented include customer service. Businesses can pay based on the actual customer service tasks AI completes, rather than being billed solely by tokens, API calls, or seat counts. OpenAI has not disclosed specific client names, pricing details, or the criteria for defining "task completion," and declined to comment on the matter. This is not a new package OpenAI is rolling out for all enterprises; the official public pricing for its Enterprise plan remains primarily based on usage quotas and tokens, so this "pay-per-result" model appears to be custom contracts negotiated exclusively with select large clients. OpenAI has long signaled this direction: in January this year, CFO Sarah Friar stated that AI business models would shift toward pay-per-result in the future, and in July, OpenAI further noted that rather than focusing on token unit prices, the industry should prioritize the total cost for AI to complete a task. This approach has now been incorporated into actual contracts.
4 minutes ago
Nearly $80 million in Bitcoin buy orders were front-run, while a new address plans to go long near $75,000.
According to monitoring by TradingBeats (formerly Hyperinsight), a recently created address placed 30 non-position-reducing limit buy orders for BTC at 14:22 today, with prices ranging from $75,000 to $76,000. The total planned purchase volume is 1,046.7831 BTC, translating to a nominal value of approximately $79.032 million based on the order prices. The address currently holds no open positions; all 30 orders are identical in size at 34.892 BTC each, with each order valued between roughly $2.62 million and $2.65 million. BTC is currently trading at $78,689.4, meaning these buy orders are priced 3.42% to 4.69% below the current market rate. It is learned that this address was activated four days ago, receiving around $5.1 million in funds, after which it executed four short positions that yielded a profit of $330,000. If the orders are filled, this will mark the address’s first long position. On-chain perpetual and address analysis tool TradingBeats is now live, supporting real-time viewing of Hyperliquid data, enabling in-depth analysis from address tracing to whale operations, with comprehensive insights available at a glance.
Prediction market platform Polymarket suffered a major outage on August 31. Its official status page shows that the Trading API (CLOB) encountered "open order read response delays" starting around 6:30 UTC, resulting in a full suspension of trading. The platform’s website remains accessible and market data can be viewed, but users cannot place orders. The team is working on repairs, with a target to restore trading by 10:00 UTC at the latest. Ahead of the recovery, Polymarket will enter a 15-minute mode allowing only order cancellations. All other systems—including the website, data, and authentication services—are operating normally.
Crypto projects spent approximately $638 million repurchasing their native tokens between January and Aug. 31, according to Allium Labs figures cited by the Financial Times.
Summary
Crypto projects spent $638 million on token buybacks this year, exceeding last year’s comparable total. Hyperliquid and Pump.fun represented nearly 90% of tracked repurchases, according to Allium Labs data overall. Hyperliquid directs 99% of eligible trading fees toward automated HYPE purchases and permanent token burns. Sky spent $26 million on 2026 repurchases, while its cumulative program remains considerably larger overall. Lido’s proposed framework activates buybacks only above revenue thresholds and limits annual purchases to $10 million. The total increased 17% from the $545 million recorded during the corresponding period in 2025. Projects spent only $366,000 across all of 2024, showing how quickly revenue-funded token repurchases have become part of decentralized finance.
Hyperliquid and Pump.fun accounted for nearly 90% of the 2026 total. Their dominance means the broader increase does not represent uniform adoption across the crypto market.
The annual figure also differs from cumulative buyback totals. Hyperliquid’s reported $1.3 billion covers purchases since its late-2024 launch, while the $638 million figure counts buybacks completed during 2026 by multiple projects.
Hyperliquid dominates crypto token buybacks Hyperliquid operates the largest revenue-funded repurchase program included in the dataset. The derivatives platform routes 99% of eligible trading fees to its Assistance Fund, according to its protocol documentation.
Crypto Projects Buy Back $638 Million in Native Tokens This Year; Hyperliquid and Pumpfun Account for Nearly 90%
According to the Financial Times, digital asset projects have bought back approximately $638 million worth of their own tokens so far this year, up from $545 million… pic.twitter.com/jTWVduwheh
— Wu Blockchain (@WuBlockchain) August 31, 2026 The system converts trading fees into HYPE through automated purchases executed as part of Hyperliquid’s layer-1 operations. Purchased tokens are then burned, permanently removing them from supply.
Hyperliquid has reportedly bought and cancelled about $1.3 billion in HYPE since launching in December 2024. That cumulative number should not be added to the $638 million annual total because the two figures cover different measurement periods.
HYPE traded near $63.35 on Aug. 31. The token had gained approximately 70% over the previous year, according to the Financial Times. Buybacks may have supported demand, but they cannot be isolated from trading growth, user activity and broader market sentiment.
An earlier examination of Hyperliquid’s automated fee-funded repurchase system found that the Assistance Fund had accumulated roughly 28.5 million HYPE by May. The analysis placed its annualized buyback rate near 7% of market capitalization at the prevailing revenue level.
Pump.fun supplies the second major buyback engine Pump.fun uses revenue from its token launchpad, PumpSwap exchange and trading products to purchase PUMP. Its current mechanism commits 50% of designated revenue to token buybacks and burns through a locked smart contract.
During the week ending Aug. 9, the platform spent approximately $5.02 million buying and burning 2.15 billion PUMP. Its cumulative program had offset an estimated 15.7% of the token’s original supply by that point.
The purchases have continued alongside scheduled token releases. In July, Pump.fun distributed $86.49 million in vested PUMP to 121 team and investor wallets. Buybacks reduce supply, while unlocks make previously restricted tokens transferable. The two forces therefore work in opposite directions.
PUMP traded near $0.0015 on Aug. 31. Its performance shows why repurchases should not be treated as guaranteed price support. Platform revenue, token unlocks, investor confidence and demand can outweigh the buying program.
Sky and Lido follow different models Sky Protocol bought approximately $26 million of SKY during 2026, according to Allium’s annual dataset. Its cumulative buyback spending is considerably higher because the Smart Burn Engine began operating before this year.
Sky’s official dashboard describes the mechanism as an onchain system that uses protocol surplus to purchase SKY from the open market. Governance reduced the buyback rate in March by lowering individual purchase sizes and lengthening the interval between transactions.
Sky also says staking rewards are financed through open-market purchases rather than new token issuance. That structure connects protocol surplus with token demand without increasing SKY’s maximum supply.
Lido’s proposed NEST framework is more conditional. Buybacks would activate when annualized revenue exceeds $40 million. The original proposal also required ETH to trade above $3,000, although later discussions considered disabling that separate price floor.
The framework would allocate 50% of staking revenue above the $40 million baseline to LDO purchases. It includes a $50,000 daily limit and a $10 million rolling 12-month cap. These are governance parameters rather than guaranteed spending commitments.
Buybacks cannot guarantee higher token prices Token buybacks create a recurring buyer and can reduce circulating supply when purchased assets are burned. Unlike corporate shares, however, governance tokens do not necessarily provide ownership, dividends or legal claims over protocol assets.
The effects also depend on execution. Tokens held in a treasury may eventually return to circulation, while permanently burned tokens cannot. Projects may change or discontinue discretionary programs through governance decisions.
Recent results have been mixed. Hyperliquid has combined strong revenue with positive HYPE performance, while several other tokens remained under pressure despite recurring purchases. Crypto analyst Ansem previously argued that buybacks cannot overcome weak community alignment or declining demand.
The next test is whether fee revenue remains strong enough to fund purchases during weaker trading periods. Investors should also track whether repurchased tokens are burned, held or redistributed and compare annual purchases with new emissions and insider unlocks.
Robinhood’s L2 network is no longer just a talking point. Robinhood Chain recorded $2.66 million in app revenue over a single 24-hour window on August 31, per DeFiLlama data.
That put it ahead of Hyperliquid L1 ($1.70M) and Ethereum ($1.28M). Only Solana, at $5.07 million, ranked higher.
For HOOD investors tracking the company’s on-chain bet, that number carries weight.
Three Apps Drove 88% of the Revenue The figures are not distributed evenly across the chain. Three protocols did most of the work. GMGN, a Telegram trading bot, led with $803K.
Pons, a launchpad and swap platform native to the chain, contributed $632K. Uniswap added $235K, its fee switch on Robinhood Chain went live on July 27, 2026.
Together, these three apps made up roughly 88% of all app revenue on the chain that day.
That concentration is a double-edged point. It shows the chain can attract high-fee activity. It also shows that the revenue base is still narrow.
GMGN and Pons draw memecoin and launchpad flow, not the tokenized stock plumbing Robinhood has spent months pitching publicly.
Robinhood CEO Vlad Tenev acknowledged as much in a July X post, writing that the chain “works great for memes too.”
Separate from app revenue, the chain itself netted $495K in gas revenue, after subtracting Ethereum L1 costs and the 10% Arbitrum Expansion Program share (8% to the Arbitrum DAO treasury, 2% to developer guild).
The Arbitrum Foundation collected $44K from the chain that day. That split matters for HOOD holders: the chain’s net gas revenue flows toward Robinhood, not ETH stakers or Arbitrum broadly.
Context keeps the snapshot honest. Hyperliquid still leads over longer windows.
Its 30-day app revenue stands at $53.41M, against Robinhood Chain’s $23.23M over the same stretch.
Ethereum’s 30-day figure is $45.8M. The August 31 flip is a daily spike, not a structural reversal. That distinction matters for investors who may read too much into a one-day chart.
Wall Street has already been adjusting its view of HOOD. Robinhood’s Q2 earnings and Wall Street price-target cuts followed a quarter where crypto trading revenue fell 38% year-over-year to $100M.
The onchain app fee line is shaping up as the replacement narrative, a take-rate stack that operates outside the brokerage spread compression dragging on the core business.
Robinhood Chain’s Broader Ambition, and the Gap Still to Close Robinhood Chain launched on July 1, 2026, as an Ethereum L2 built on the Arbitrum Orbit stack. Chain ID is 4663.
Blocks finalize in around 100 milliseconds. ETH is the gas token. Vlad Tenev said the chain hit 100 million transactions faster than any other EVM chain ever had.
The official pitch is real-world assets. Robinhood has been pushing stock tokens and tokenized equity from day one.
Platforms to trade tokenized stocks are multiplying fast, and Robinhood positioned its chain as the infrastructure layer for that wave.
By late August, Stock Token DEX cumulative volume crossed $1.5 billion, per a Robinhood Crypto post on X.
The competition is moving too. Coinbase’s Deribit exchange rolling out stock perps in August signals that equity-linked onchain trading is now an institutional priority, not just a retail experiment.
Meanwhile, Kraken’s launch of unified US stocks and xStocks trading in Europe shows that distribution, not just infrastructure, is where the race is being run.
One friction point remains for the HOOD bull case. Stock Tokens on Robinhood Chain are not available to US persons.
Robinhood’s core user base, the one that drove $1.31 billion in Q2 2026 revenue, sits outside the chain’s current RWA reach.
Goldman Sachs and other banks remain broadly positive on HOOD and COIN for H2.
Goldman’s cautiously optimistic crypto market stance on COIN and HOOD reflects conviction that the onchain revenue narrative holds even as brokerage volumes compress.
For now, the August 31 data point gives bulls a clean headline. Robinhood Chain outran Ethereum and Hyperliquid on app revenue for a day.
Whether that becomes a recurring pattern, or fades with launchpad volume, will determine whether the chain moves the needle on HOOD’s earnings story.
For decentralized borrowing and yield, see our roundup of DeFi lending platforms.
Crypto protocols have spent roughly $638 million buying back their own tokens so far in 2026, according to blockchain analytics firm Allium Labs. That figure already exceeds the $545 million recorded during the same period last year, and it dwarfs the $366,000 spent across all of 2024.
Two platforms are responsible for the vast majority of that spending: Hyperliquid and pump.fun, which together account for nearly 90% of total buyback volume.
How a perpetuals exchange became the poster child for buybacks Hyperliquid launched in late 2024 as a decentralized perpetuals exchange, and it wired buybacks directly into its revenue model from day one. The protocol routes approximately 99% of its trading fees into what it calls an Assistance Fund, which continuously buys and burns its native HYPE token on the open market.
Hyperliquid’s total buybacks have exceeded $1.1 billion since launch, with some estimates putting the figure closer to $1.3 billion. For context, the entire crypto industry spent less than $400,000 on buybacks in 2024.
HYPE has reportedly surged around 70% over the relevant period, with analysts pointing to the buyback model’s consistency as a key driver of sustained demand.
Pump.fun’s slower, messier conversion Pump.fun, the Solana-based memecoin launchpad, arrived at buybacks through a different path. The platform had already conducted a significant token burn before pivoting in April 2026 to allocate 50% of its net revenue toward ongoing open-market repurchases of its PUMP token.
The cumulative buyback figures for pump.fun range from approximately $138 million recorded in 2025 to over $400 million by mid-2026. Recent introductions, including a feature called BOOST mode, have stabilized revenue to some degree.
A Wall Street strategy finding its crypto footing Token buybacks follow the same supply-compression logic as corporate share buybacks. Protocols earn revenue, use it to buy tokens from the open market, and either hold or burn those tokens to permanently reduce circulating supply. The difference from equity markets is that crypto protocols can hardcode this behavior into smart contracts, making it automatic rather than discretionary.
Sky Protocol, the DeFi lending platform formerly known as MakerDAO, has also participated in the trend, executing $26 million in SKY buybacks as part of the broader industry wave Allium Labs has tracked.
Allium Labs’ data points to a regulatory tailwind as well. As the US regulatory environment has grown more accommodating of crypto products and structures in 2025 and 2026, protocols have more confidence deploying treasury resources in ways that might have drawn scrutiny under prior enforcement frameworks.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
HYPE currently trades at approximately $82.92, registering a 3.98% gain over 24 hours, with total market capitalization reaching $20.87 billion Market analyst Crypto Patel cautions that inability to surpass $87 may drive HYPE down to $60 or potentially $50 The release of 14.18 million tokens valued at roughly $1.2 billion caused downward pressure from the $86.71 peak The platform dominated with $249.2 billion in notional trading activity, significantly outpacing its closest rival’s $106 billion Growing institutional interest evident through Hyperliquid Strategies’ 29.3 million HYPE holdings and Bitwise’s new spot ETF The HYPE token from Hyperliquid is currently positioned at $82.92 as of this writing, following its peak performance of $86.71 reached on August 27, 2026. This milestone occurred simultaneously with the protocol’s most substantial scheduled token distribution since its initial deployment.
Hyperliquid (HYPE) Price Current 24-hour trading activity totals $863.67 million, while the total market valuation sits at $20.87 billion. HYPE continues maintaining its position among the top 10 cryptocurrency assets ranked by market capitalization.
The pullback stems from the introduction of 14.18 million HYPE tokens into active circulation — representing approximately 1.4% of the complete 1 billion token maximum supply. Based on present valuations, this release equates to roughly $1.2 billion in value.
Approximately half of these distributed tokens were designated for insiders and initial backers. An equivalent portion targets the community segment, while the Hyper Foundation receives a smaller allocation.
Critical $87 Threshold Remains the Focal Point Cryptocurrency market analyst Crypto Patel identified the $87 mark as a significant resistance barrier. HYPE attempted to reclaim that territory before experiencing a sharp reversal that brought prices down to approximately $78.50.
Patel observed that the $82 level, previously functioning as support, could now serve as resistance. A move toward the $84–$85 zone might present another exit opportunity should the price face rejection.
While HYPE remains below the $87 threshold, Patel projects potential downside objectives at $60 and $50.
According to analyst Ted Pillows on X, a major holder acquired $20,500,000 worth of HYPE within a single trading day, characterizing this as “smart money accumulating quality alts.” Such substantial accumulation from significant players indicates underlying conviction despite current market headwinds.
Corporate Acquisition and Token Burns Create Buying Pressure From the institutional perspective, Nasdaq-traded Hyperliquid Strategies has accumulated a reserve of 29.3 million HYPE tokens following successful equity fundraising rounds totaling hundreds of millions. Additionally, Bitwise’s Hyperliquid ETF has been actively staking a substantial HYPE allocation, as indicated by recent disclosures.
LATEST: 📈 Hyperliquid Strategies more than doubled its HYPE treasury to 29.3M coins in the past fiscal year while raising $647M in equity. pic.twitter.com/FcTwAZZw7a
— CoinMarketCap (@CoinMarketCap) August 28, 2026
The protocol has implemented its AQAv2 mechanism, which channels returns from billions in USDC holdings into systematic HYPE token repurchases and permanent burns. The initial execution phase is scheduled for early October.
Protocol-generated fees are already being directed to an Assistance Fund designed to permanently eliminate tokens from circulating supply.
Platform Leads Decentralized Perpetuals Trading Landscape From a volume perspective, Hyperliquid processed $249.2 billion in notional trading activity, substantially exceeding its nearest competitor’s $106 billion. This disparity highlights the platform’s commanding position within the decentralized perpetuals sector.
President Trump referenced CFTC Chair Michael Selig’s efforts to establish a regulatory framework for Hyperliquid within U.S. markets, statements that contributed to the token breaking through earlier resistance zones.
Currently, no U.S. retail access has received regulatory clearance.
Short-term price trajectory will probably hinge on whether the recently unlocked tokens face market selling pressure or get absorbed through staking mechanisms, ETF purchases, and corporate treasury acquisitions.
HYPE, the native token of the decentralized perpetuals exchange Hyperliquid, is trading at $82.92 following a major $1.2 billion token unlock that temporarily pushed its price to a high of $86.71 on August 27, 2026. This event marked the largest token release since the protocol’s inception and has drawn renewed attention from investors and market analysts.
Token unlock triggers increased volatilityIn the past 24 hours, HYPE’s trading volume reached $863.67 million with a total market capitalization of $20.87 billion. The token remains inside the top 10 cryptocurrencies by market cap. Hyperliquid released 14.18 million new HYPE tokens, equivalent to approximately 1.4% of its fixed maximum supply of 1 billion and worth around $1.2 billion based on current prices.
About half of the newly issued tokens were allocated to early backers and insiders, while the other half was split between community distribution and the Hyper Foundation. This unlock has put noticeable pressure on the token’s market, although some institutional players have continued to accumulate.
MetricValueCurrent Price$82.9224h Trading Volume$863.67 millionMarket Capitalization$20.87 billionTokens Unlocked14.18 millionValue of Token Unlock$1.2 billionMaximum Token Supply1 billionResistance at $87, downside risk highlightedCrypto market analyst Crypto Patel has emphasized the importance of the $87 resistance zone, describing it as a key level that HYPE failed to reclaim recently. The token reversed sharply from the $86.71 high down to $78.50 and has since struggled to move above the $82 area, which may now act as resistance following the breach.
Crypto Patel pointed out that as long as HYPE remains below $87, there is a risk of the token dropping toward $60 or potentially even $50 if further selling pressure emerges.
Patel indicated that a retest of the $84 to $85 range could provide another opportunity for investors to exit if the price faces renewed resistance.
Ted Pillows, another analyst posting on X, reported a significant purchase of $20.5 million worth of HYPE by a single holder, describing it as “smart money accumulating quality alts,” which suggests ongoing institutional interest despite price headwinds.
Institutional activity and protocol initiativesHyperliquid Strategies, a Nasdaq-listed fund manager specializing in digital assets, increased its HYPE treasury holdings to 29.3 million tokens after raising $647 million in new equity financing. Meanwhile, Bitwise announced that its spot Hyperliquid ETF is actively staking large amounts of HYPE, according to recent filings.
The Hyperliquid protocol has rolled out its AQAv2 mechanism, which automatically uses returns from its extensive USDC reserves to buy back and permanently remove HYPE tokens from circulation. The first round of buybacks and burns is expected to begin in early October. In addition, platform fees are being allocated to a dedicated assistance fund to facilitate further token burns.
Mini dictionary: AQAv2, an automated buyback and burn mechanism used by Hyperliquid, reinvests protocol-generated revenues—often denominated in stablecoins such as USDC—into purchasing and permanently destroying HYPE tokens, aiming to support token value and reduce circulating supply over time.
Hyperliquid dominance in decentralized perpetualsHyperliquid has taken the lead in the rapidly expanding decentralized perpetuals sector, processing $249.2 billion in notional trading activity. This figure far surpasses its closest rival’s $106 billion total, underlining Hyperliquid’s dominant position in the market.
PlatformNotional Trading VolumeHyperliquid$249.2 billionSecond-ranked competitor$106 billionGrowing attention from regulators accompanies Hyperliquid’s market share. US President Donald Trump cited ongoing efforts by CFTC Chair Michael Selig to craft a regulatory framework that could one day allow Hyperliquid’s retail market entry in the United States. However, as of now, Hyperliquid is still not licensed for US retail users.
Short-term HYPE price trends are expected to depend heavily on how newly unlocked tokens are absorbed—whether through staking mechanisms, ETF inflows, or continued activity by corporate treasuries and institutional funds.
Some analysts contend that if institutional demand remains robust and newly unlocked tokens are staked or removed via buybacks, HYPE could stabilize despite current volatility.
The Trump administration has frequently intervened in financial markets, and the European Central Bank (ECB) fears this "claw" could extend to the Federal Reserve.
ECB officials have recently grown increasingly concerned over the US government’s frequent interventions in foreign exchange and Treasury markets. Sources familiar with the matter said that during last week’s Jackson Hole Symposium, Federal Reserve officials proactively reached out to reassure their European counterparts, committing to upholding existing international cooperation arrangements. However, given the Fed’s institutional independence from the US administration, Fed officials cannot guarantee that the Trump administration will not abruptly reverse course. European officials are particularly focused on recent financial market operations by the US Treasury. On August 1, the US Treasury intervened in FX markets by selling euros and buying yen, and European sides expressed dissatisfaction over the US failure to provide advance notice of such operations as is customary. Additionally, US Treasury Secretary Bessent’s recent expansion of long-term Treasury repurchase operations has also sparked European officials’ concerns over the growing blurring of lines between fiscal, exchange rate and monetary policies. European officials further warned that if the US administration continues to deploy financial tools for economic and trade goals, markets could start questioning the Fed’s policy independence and the stability of the US dollar swap lines. There are also worries that the US government may further pressure the Fed to directly intervene in Treasury markets in the future. No signs have emerged that the dollar swap arrangements will change. New Fed Chair Kevin Warsh has recently stepped up communication with European policymakers, and his performance in international financial cooperation has drawn relatively positive feedback from European officials.
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China’s Ministry of Industry and Information Technology (MIIT) supports the rollout of AI applications: FDE on-site presence, token purchases, and computing power voucher issuances.
Beating AI Express (Insight): China’s Ministry of Industry and Information Technology (MIIT) has launched a special initiative to cultivate AI application service providers. Local governments are encouraged to leverage measures such as first-purchase and first-use policies, and risk compensation to boost procurement of large models, intelligent agents, and Token services, while using tools like "computing power vouchers" to cut computing costs. The MIIT will also build a national resource pool for AI application service providers, targeting over 2,000 such providers by the end of 2026 and no fewer than 3,000 by the end of 2027. These providers mainly assist enterprises in rolling out AI projects, with services covering pre-consultation, solution design, system development, integration and delivery, as well as post-launch operation and maintenance and security governance. The policy also specifically highlights FDE (Field Deployment Engineers), encouraging service providers to form FDE teams to work directly at user sites to resolve project implementation challenges. Local authorities will also open real business scenarios, organize supply-demand matching, and convert high-frequency, essential business needs into standardized AI products that can be delivered repeatedly.
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Bybit launches PONS perpetual contracts today.
Bybit today adds the new Pons (PONSUSDT) perpetual contract, supporting up to 20x leverage.
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OpenAI rolls out results-based pricing: Some major clients only pay when the AI delivers actual results.
Beating AI News reports that OpenAI has in recent months introduced a new payment model to some of its large enterprise clients: customers only pay once AI has fully completed their tasks. The Information notes that use cases already implemented include customer service. Businesses can pay based on the actual customer service tasks AI completes, rather than being billed solely by tokens, API calls, or seat counts. OpenAI has not disclosed specific client names, pricing details, or the criteria for defining "task completion," and declined to comment on the matter. This is not a new package OpenAI is rolling out for all enterprises; the official public pricing for its Enterprise plan remains primarily based on usage quotas and tokens, so this "pay-per-result" model appears to be custom contracts negotiated exclusively with select large clients. OpenAI has long signaled this direction: in January this year, CFO Sarah Friar stated that AI business models would shift toward pay-per-result in the future, and in July, OpenAI further noted that rather than focusing on token unit prices, the industry should prioritize the total cost for AI to complete a task. This approach has now been incorporated into actual contracts.
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Nearly $80 million in Bitcoin buy orders were front-run, while a new address plans to go long near $75,000.
According to monitoring by TradingBeats (formerly Hyperinsight), a recently created address placed 30 non-position-reducing limit buy orders for BTC at 14:22 today, with prices ranging from $75,000 to $76,000. The total planned purchase volume is 1,046.7831 BTC, translating to a nominal value of approximately $79.032 million based on the order prices. The address currently holds no open positions; all 30 orders are identical in size at 34.892 BTC each, with each order valued between roughly $2.62 million and $2.65 million. BTC is currently trading at $78,689.4, meaning these buy orders are priced 3.42% to 4.69% below the current market rate. It is learned that this address was activated four days ago, receiving around $5.1 million in funds, after which it executed four short positions that yielded a profit of $330,000. If the orders are filled, this will mark the address’s first long position. On-chain perpetual and address analysis tool TradingBeats is now live, supporting real-time viewing of Hyperliquid data, enabling in-depth analysis from address tracing to whale operations, with comprehensive insights available at a glance.
Prediction market platform Polymarket suffered a major outage on August 31. Its official status page shows that the Trading API (CLOB) encountered "open order read response delays" starting around 6:30 UTC, resulting in a full suspension of trading. The platform’s website remains accessible and market data can be viewed, but users cannot place orders. The team is working on repairs, with a target to restore trading by 10:00 UTC at the latest. Ahead of the recovery, Polymarket will enter a 15-minute mode allowing only order cancellations. All other systems—including the website, data, and authentication services—are operating normally.
Pump.fun has fully integrated HyperEVM into its mobile application, making it the first app to offer complete support for Hyperliquid’s EVM-compatible execution layer. The move lets users trade HyperEVM tokens against USDC with near-zero fees, a capability that was only partially available in preceding weeks.
What HyperEVM actually is and why it matters HyperEVM is the smart contract layer of the Hyperliquid L1 blockchain, operating under chain ID 999. It runs alongside HyperCore, Hyperliquid’s native trading infrastructure, with both sharing the same HyperBFT consensus mechanism. HyperCore handles the exchange’s core order book operations, while HyperEVM opens the door to general-purpose smart contracts and ERC-20 tokens.
HyperEVM launched in early 2025, and the HYPE token, which serves as the native gas token for all transactions on HyperEVM, has shown notable price strength in recent weeks. Meme trading activity on the network has also surged. Gas fees on HyperEVM have occasionally exceeded those on Ethereum mainnet.
Pump.fun’s multi-chain evolution Pump.fun’s origin story is straightforward. It burst onto the scene as a Solana-based platform where anyone could launch a meme token with minimal friction. The HyperEVM integration represents the latest chapter in Pump.fun’s strategic expansion beyond Solana, bringing full trading support for HyperEVM tokens into its mobile app.
The rollout followed a phased approach. Partial HyperEVM support was introduced weeks before the full integration, giving the team time to stress-test the infrastructure and iron out edge cases.
What this means for traders and the Hyperliquid ecosystem For active traders, the integration removes a layer of friction that previously existed when accessing HyperEVM tokens. Trading against USDC with near-zero fees on a mobile app is a compelling value proposition, particularly for the high-frequency, small-size trades that characterize meme token markets.
There are risks worth noting. The gas fee spikes that have already surfaced on HyperEVM could worsen as adoption grows, potentially undermining one of the network’s core selling points. And Pump.fun’s expansion into multiple chains means it needs to maintain security and reliability across a broader attack surface.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Pump.fun has added trading for any HyperEVM token through USDC as Hyperliquid L1 records about $503 million in decentralized exchange volume over 24 hours.
Summary
Pump.fun users can trade HyperEVM tokens with USDC through the platform’s application. The company said traders will receive referral rewards and pay close to zero trading fees. HyperEVM operates alongside Hyperliquid’s spot and perpetual trading system. Hyperliquid L1 currently holds about $1.59 billion across decentralized finance protocols. Pump.fun said on Aug. 26 that its application now supports tokens issued on HyperEVM, giving users a new route to buy and sell the assets with USDC.
The company described itself as the first application to introduce HyperEVM assets into this type of trading interface. Pump.fun did not provide independent evidence supporting the claim, which could not be verified at the time of publication.
Alongside token swaps, users can earn rewards when people trade through their referral links. Pump.fun also described transaction costs as close to zero, although its announcement did not publish an exact fee schedule or explain whether network gas charges are included.
At least one HyperEVM asset is already visible through the application. Pump.fun’s market page for EGG states that users can trade the token on Hyperliquid through Pump, confirming that the service was active when the page was checked.
Pump.fun has expanded beyond its Solana token market Created as a Solana-based token launchpad, Pump.fun allows users to issue and trade tokens without setting up a conventional liquidity pool at launch. Its application became closely associated with meme coins, many of which trade on an automated bonding curve before moving to an external decentralized exchange.
HyperEVM support adds assets from another blockchain environment to the same interface. The announcement refers only to trading existing HyperEVM tokens and does not say whether users will be able to create HyperEVM assets through Pump.fun.
Trading support also extends Pump.fun’s business beyond the Solana market, which produced most of its activity and fee income. As crypto.news reported on Aug. 10, the platform generated $10.03 million in fees during the previous seven-day reporting period as trading volume reached $2.97 billion.
During that period, Pump.fun used $5.02 million to buy and burn approximately 2.15 billion PUMP tokens. The company said it directs 50% of revenue to automated repurchases and burns through a locked smart contract, with the mechanism having removed the equivalent of 15.7% of the token’s original supply by Aug. 10.
The platform’s token economics have also faced supply pressure. On-chain tracking in July showed 57.279 billion PUMP, worth approximately $86.49 million at the time, moving to 121 team and investor wallets after a one-year lockup ended. The transfers began a three-year vesting period, although movements to recipient wallets did not establish that the tokens had been sold.
HyperEVM connects applications with Hyperliquid liquidity According to Hyperliquid’s documentation, HyperEVM is the Ethereum-compatible smart-contract environment built into the Hyperliquid blockchain. It is not a separate chain and shares the network with HyperCore, the system that handles Hyperliquid’s spot and perpetual order books.
Because HyperEVM supports the Ethereum Virtual Machine, developers can deploy applications written for Ethereum-compatible networks. HYPE serves as the gas token for transactions, while precompiled contracts and other network tools allow applications to read information from HyperCore.
Spot assets can also move between HyperCore and HyperEVM through Hyperliquid’s transfer system. Once deposited into the smart-contract environment, the assets can interact with decentralized exchanges, lending protocols, and other applications built on HyperEVM.
For users entering through Hyperliquid, the network’s onboarding documentation says they can buy HYPE with USDC and then transfer the HYPE from HyperCore to HyperEVM to cover gas costs. Pump.fun has not explained whether its interface handles that process automatically or whether users must maintain HYPE separately.
HyperEVM initially reached the testnet in February 2025, when Hyperliquid introduced support for Ethereum-compatible smart contracts. Since then, wallet providers, custodians, and decentralized finance projects have integrated the network.
Circle launched native USDC on HyperEVM in September 2025 alongside Cross-Chain Transfer Protocol V2. The system lets eligible users move USDC between supported networks without relying on conventional wrapped tokens.
Circle later became a stakeholder in the Hyperliquid ecosystem by purchasing HYPE. In May 2026, the stablecoin issuer said it had also extended USDC support to HyperCore and increased liquidity between HyperCore, HyperEVM and other supported blockchains.
Hyperliquid activity gives Pump.fun a larger token pool Data from DeFiLlama shows that Hyperliquid L1 currently holds about $1.59 billion in decentralized finance value. Stablecoins on the network have a market value of roughly $6.79 billion, with USDC accounting for nearly 98% of the total.
Hyperliquid L1 processed around $503 million in decentralized exchange volume over the latest 24-hour period and approximately $3.75 billion over seven days. Perpetual trading volume reached about $12.43 billion over 24 hours and $82.47 billion for the week.
Network activity included roughly 612,000 transactions, 21,900 active addresses, and 5,400 new addresses during the latest daily period tracked by DeFiLlama. Protocols listed on the network include Kinetiq, HyperLend, Project X, HyperSwap, and Felix.
Rising activity has also supported HYPE’s recent price performance. An Aug. 25 market report said the token had reached a record high near $83.27 before trading around $80.50. HYPE had opened the preceding seven-day period near $69.60, leaving it with a double-digit gain after some traders took profits.
Pump.fun has not disclosed which decentralized exchanges or liquidity sources execute HyperEVM orders through its interface. Its announcement also did not specify whether every token becomes available automatically or whether contracts must pass technical or security checks first.
US users receive limited federal protection for meme coins For American users, access to HyperEVM assets does not establish that every listed token has the same regulatory status. The U.S. Securities and Exchange Commission said in a February 2025 staff statement that transactions involving the types of meme coins described in the document generally do not constitute securities offerings.
SEC staff compared typical meme coins with collectibles whose prices depend mainly on trading and market sentiment rather than rights to business income, profits, or assets. Under that view, issuers of qualifying meme coins would not need to register the transactions under the Securities Act of 1933.
The SEC staff statement also said buyers and holders of qualifying meme coins are not protected by federal securities laws. Staff warned that the position does not cover tokens labeled as meme coins to avoid securities requirements or assets whose economic structure otherwise meets the definition of a security.
A March 2026 SEC interpretation reiterated that staff statements have no legal force, do not change applicable law, and have neither been approved nor rejected by the Commission. The agency said regulatory analysis depends on the economic facts surrounding each crypto asset and transaction.
This Friday, we examine Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid in greater detail.
Ethereum (ETH) Ethereum closed another week in the green after pushing above $2,400, ending 6% higher. If buyers manage to hold this key support level, higher highs may continue.
Bulls should do their best to consolidate their recent gains after the massive rally from the $1,500 level. To achieve this, defending $2,400 as support is key. The current resistance is at $2,800.
Looking ahead, this is the first time since 2025 that ETH has made a higher high. This halts the downtrend and positions this cryptocurrency for a sustained rally. The question is how far bulls can take it before they show signs of weakness.
Source: TradingView Ripple (XRP) After XRP pumped to $1.6, the price entered a pullback, which is still ongoing at the time of this post. Nevertheless, this cryptocurrency closed the week 9% higher. This recent performance is impressive and a significant change in the market structure.
With a higher high secured, XRP could be consolidating between the key support at $1.3 and the resistance at $1.6. Once the price settles, a renewed push higher could follow, sending XRP back into a rally.
Looking ahead, the most significant target, at this time, is $2. For that to happen, XRP will need to turn $1.6 into a support first. The odds favor this outcome considering that buyers have the advantage right now.
Source: TradingView Cardano (ADA) Cardano ended this week flat after the price failed to break the resistance at $0.23. Buyers tried to push ADA higher, but sellers would not budge. For this reason, the price is in a pullback at the time of this post.
While a consolidation period under the key resistance is normal, this cryptocurrency needs to avoid a long delay in breaking $0.23, as that may encourage sellers to step up their presence on the order book.
Looking ahead, Cardano needs to make a higher high to confirm the bottom under $0.15. So far, this has not happened, which may give bears a chance to retest the previous lows in the future.
Source: TradingView Binance Coin (BNB) Binance Coin had a good week, closing 7% higher. The price also broke the $690 resistance and appears close to forming a higher high. If confirmed next week, BNB may be well on its way to visit $900 next.
It is critical for the price to continue its rally, as any price below $740 would paint a lower high on the chart, which would be a bearish signal. Nevertheless, as long as the $690 level holds as support, buyers have control over the price.
Looking ahead, the recent drop under $580 could be the bottom. To confirm it, BNB needs to rally and sustain its recent gains. If so, the $900 and $1,000 targets will act as magnets for the price in the near future.
Source: TradingView Hype (HYPE) Hyperliquid had another fantastic week, closing 14% higher after setting a new record price of almost $87. Right now, HYPE is trading in a key range between $ 76 and $ 85 as it plans its next move.
To continue the rally, the price has to clear $85 as support and aim for $90 next. However, considering the strength of the recent move, a consolidation period would be welcomed to avoid a sharper correction later.
Looking ahead, HYPE has a real chance to hit a three-digit price in the near future if this bullish momentum is sustained. A price of $100 or higher is only a 20% rally from current levels.
Source: TradingView Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Hyperliquid Strategies (PURR) stock extended its strong upward trend, reaching a new all-time high of $14.15. This surge marks a gain of more than 140% from its lowest level in July, raising the company’s market capitalization above $2.5 billion.
HYPE token fuels Hyperliquid Strategies’ rallyHyperliquid Strategies has secured its status as a leading cryptocurrency treasury firm, boosting its holdings to 29.4 million HYPE tokens valued at over $2.4 billion. The ongoing rally in the HYPE token price has played a critical role in this growth.
HYPE token rebounded sharply from a low of $20.2 in January, reaching a peak of $86.75 before a modest pullback to $83.73. Many analysts attribute the token’s performance to strong market fundamentals. Hyperliquid, which dominates the perpetual decentralized exchange (DEX) sector, reported 24-hour trading volumes exceeding $10.7 billion and an open interest of $13.6 billion. Over the past month, transaction volume exceeded $221 billion.
Activity on Hyperliquid outpaced other major perpetual futures platforms, with Aster posting $50 billion in volume while edgeX, Lighter, ApeX Protocol, Grvt, and Pacifica logged $49 billion, $33 billion, $42 billion, $41 billion, and $14 billion respectively.
Hyperliquid attributed much of its success this year to its focus on asset tokenization. The most traded assets on the platform now include Nvidia, SK Hynix, SanDisk, S&P 500, and oil, highlighting the platform’s expansion beyond purely digital assets.
Management indicated that future growth could accelerate if Hyperliquid enters the US market, a move currently under consideration.
Record revenue and advancing token burnsHyperliquid stands among the most profitable crypto firms of the year. Data from TokenTerminal shows that, over the last 12 months, Hyperliquid generated more than $718 million in revenue. Only Tether, Tron, and Circle reported higher figures during this period.
A notable aspect of Hyperliquid’s business model is its policy of using revenues to burn tokens. The platform has removed more than 46 million tokens from circulation to date, corresponding to over $3.8 billion in value.
Further on-chain data shows that Hyperliquid’s native Layer 1 now has a stablecoin market capitalization of over $6.7 billion, cementing its place as one of the most active chains in the industry.
While these achievements underscore the momentum in the digital asset space, a broader trend is reshaping markets. With traditional venues relying on complex brokers, a significant shift is underway as Wall Street turns to Web3. Investors are increasingly using platforms such as 1stepSwap, enabling direct ownership of shares in leading US companies, as well as gold and silver, within their crypto wallets. By tokenizing real-world assets and providing instant price discovery, these platforms eliminate the need for intermediaries.
Technical outlook for PURR stock priceTechnical analysis shows that PURR stock outperformed major competitors including BitMine, Strategy, and MetaPlanet during the ongoing bull run in 2026.
Recently, PURR moved above a critical resistance level at $11.60—the highest point recorded on June 1. This upward move confirmed a bullish breakout by invalidating the double-top chart pattern.
Continuing to trade above both the 50-day and 100-day exponential moving averages, PURR also surpassed the $12.50 Ultimate Resistance noted on the Murrey Math Lines tool, signaling further upside potential with the next target set at $15.
Analysts warn that a reversal in HYPE’s price, similar to corrections previously observed in companies such as Strategy, BitMine, and MetaPlanet, could introduce renewed downside risk for PURR’s valuation.
TLDR: Zcash price trades near $790 after a rally toward $880. Support sits around $755 to $770, with resistance at $815 to $825. Santiment reports average ZEC social dominance 183% above its earlier baseline. That exceeds gains for Bitcoin, Ethereum and Hyperliquid. ZEC futures open interest totals roughly $1.57 billion. Daily derivatives turnover exceeds reported spot activity by over ten times. ZCSH expands brokerage access through NYSE Arca. The Zcash Foundation schedules its NU7 advisory poll to close on September 14. Zcash price holds near $790 as Santiment reports a 183% increase in average social dominance during the August rally. The privacy coin retreated after gaining almost 80% from roughly $490 to $880 earlier this month. Its share of online discussion expanded much faster than those of Bitcoin and Ethereum.
The Zcash price rally now faces technical resistance near $825, following several lower highs. ZEC futures open interest totals roughly $1.57 billion, adding substantial derivatives exposure around the current trading range. Meanwhile, a new exchange listing expands brokerage access, and an advisory vote addresses unresolved questions about the next network upgrade.
Zcash Price Rally Draws Attention Beyond Bitcoin and Ethereum According to Santiment, Hyperliquid averaged 44% above its earlier social dominance baseline during the same comparison period. Bitcoin recorded about 12% growth, while Ethereum posted approximately 8%. These percentages describe changes in discussion share, not token returns or market capitalization.
Source: Santiment The metric compares coin mentions with discussion of the 100 largest crypto assets. A 183% increase represents 2.83 times the baseline, rather than a 183% share of discussion.
Attention also peaked on different dates. Ethereum reached its social dominance high on August 11, followed by Zcash on August 22. Bitcoin and Hyperliquid peaked on August 26, pointing to successive waves of attention across the four assets.
Bitcoin social volume grew about 9% in the August comparison with July. Its price gained roughly 26%. Santiment interprets that gap as evidence that broad rallies can outpace growth in overall discussion. For Zcash price analysis, greater social dominance does not establish fresh buying or identify bullish sentiment.
Investment access has also changed during the Zcash price advance. Grayscale launched ZCSH on NYSE Arca on August 25, converting its existing trust into an exchange traded product. Assets of roughly $316 million include inherited holdings and should not be confused with fresh inflows.
Separately, the Zcash Foundation opened its Community Advisory Panel poll on unresolved NU7 proposals. Questions cover issuance policy and shorter block times, with voting closing September 14 at 19:00 UTC. The advisory process does not itself activate network changes.
The faster block proposal would shorten target intervals from 75 seconds to 25 seconds. Issuance options address future mining rewards without changing the total supply cap, the Foundation says.
ZEC Futures Exposure and Chart Levels Shape the Next Test CoinGlass figures shows ZEC futures open interest near $1.57 billion at 06:10 UTC on August 28. Futures turnover totaled approximately $3.54 billion over 24 hours, compared with reported spot volume of $345 million. That puts derivatives turnover at about 10.3 times the reported spot total.
Source: Coinglass Liquidations reached roughly $5.4 million, equivalent to about 0.34% of outstanding open interest. Open interest measures unsettled contracts and includes both long and short exposure. It cannot establish whether traders favor a higher Zcash price.
Nor does ZEC futures turnover measure new money entering the market. Repeated trading can increase volume without creating an equivalent increase in outstanding positions. Funding rates, collateral, and spot demand provide additional context that these totals alone cannot supply.
On the chart, buyers previously cleared $512 and $550 before the move accelerated. Sellers then established lower highs, leaving descending resistance around $815 to $825. A sustained Zcash price break above that band would put $840 to $850 in focus before the $880 peak.
Support lies around $765, with recent intraday lows widening the relevant area to $755 through $770. A loss of that zone would bring the next support area around $720 to $740 into view. Meanwhile, the daily Relative Strength Index has eased from above 80 to about 69.7.
TLDR: Solana open interest on Hyperliquid reached $638.1 million after SOL rebounded 44.9% from its August 14 closing price of $75.34. Tracked whale wallets showed 17 long positions and nine shorts, while average leverage approached 19 times on both sides. SOL cleared its 50-day, 100-day and 200-day averages, but daily RSI near 73.4 indicates elevated short-term momentum conditions. Support at $101.59 keeps the $105.48 and $110.60 resistance tests active, while a loss could expose $92.82 and $90 during a pullback. Solana traded near $105.21 on Sunday after an August recovery brought leveraged traders back into the market. Solana open interest on Hyperliquid’s SOL-USD perpetual contract reached $638.1 million, alongside $150.4 million in 24-hour volume. SOL advanced 44.9% from its August 14 close of $75.34 to $109.18 on August 27.
The price later eased below the $110-$111 peak. Funding stayed near neutral, which shows neither side was paying a large premium. Even so, high leverage and a strong long bias leave the market exposed to rapid liquidations. A move beyond nearby support or resistance could accelerate during thin weekend trading conditions.
Solana (SOL) Price Solana Open Interest Rises With Leveraged Whale Demand Open interest measures the value of futures contracts that traders have not closed. It can rise when buyers and sellers add positions together. Therefore, Solana open interest does not prove that the market holds a net bullish bet.
Coinlyze data placed Solana open interest at $638.1 million on Hyperliquid. A composite reading put total SOL futures exposure near $2.31 billion across tracked venues. Keeping those measures separate prevents the exchange figure from being mistaken for the aggregated market total.
Whale tracking showed 17 of 26 monitored wallets long, compared with nine short. That count equals 65.4% long, not the separately reported 71.2% account ratio. The gap could reflect position weighting or inconsistent methodology. Average leverage reached 18.94 times for longs and 17.22 times for shorts.
One wallet returned after eight months and bought 76,856 SOL through Hyperliquid futures. The position carried an estimated value of $8 million. Its size adds to Solana open interest but does not establish a broader institutional trend alone.
Solana open interest. Source: Coinlyze Funding hovered near zero in one window and later slipped negative. This matters when long accounts dominate. Traders appear heavily positioned without paying a recurring long premium.
Neutral funding can reduce immediate holding costs, but it does not remove liquidation risk. A sudden price decline can force leveraged longs to close. Meanwhile, an upside break can pressure short positions and add mechanical buying.
The tracked-wallet sample requires caution. It describes selected accounts rather than every trader on Hyperliquid. Still, the leverage readings show why Solana open interest can intensify volatility around closely watched technical levels.
SOL Price Breakout Faces a Crowded Long Positioning Test SOL price first cleared its 50-day and 100-day moving averages at $80.78 and $82.46. It then crossed a stronger trend cluster around $90. The 20-day exponential average stood near $90.06, while the 200-day average sat near $90.18.
The breakout arrived with expanding volume and lifted SOL more than 15% above the 200-day measure. The market must now defend the former resistance instead of merely approaching it.
SOL/USD daily chart. Source: TradingView Momentum has cooled from extreme levels. Daily RSI moved above 80 during the advance before falling near 73.4. The reading still signals strong demand, although buyers face greater risk near the recent peak.
First support sits at $101.59, with a composite score of 78. Holding that area keeps the $105-$110 range within reach. A clean break above $110-$111 would shift attention toward $115-$120.
Losing $101.59 would expose $92.82 before the crucial $90 zone. That area contains the 20-day and 200-day measures. A successful retest would support the case that previous resistance has become support.
Solana open interest now magnifies each technical outcome. Crowded longs could unwind below support, while short covering could strengthen a confirmed breakout. Hyperliquid futures funding and liquidation data will show which side loses control first.
30 August 2026 | 18:11 Solana is again approaching $110, but Hyperliquid open interest has risen far faster than price, leaving the recovery increasingly sensitive to forced liquidations on either side.
Key Takeaways SOL is approaching resistance near $110. Hyperliquid open interest gained 14.41% in 24h. Derivatives volume remains nearly ten times spot. A $98.82 loss would weaken recovery. Derivatives exposure is outpacing SOL’s recovery At 14:34 UTC on August 30, CoinGlass showed SOL trading at $106.94, up 2.47% over 24 hours. Open interest in Hyperliquid’s SOL market stood at $688.89 million following a 14.41% increase, while rolling volume reached $210.30 million.
Based on that percentage change, the notional value of open contracts had risen from approximately $602.12 million, a difference of about $86.77 million.
That difference does not represent $86.77 million in fresh deposits. SOL’s price increase contributed to the higher dollar value, while open interest counts the contracts that remained unsettled.
HypeBasis, which reads Hyperliquid’s public market data, showed a nearly identical open-interest reading at around the same time.
The $689 million reading does not reveal direction Open interest measures outstanding participation, not whether traders collectively expect SOL to rise or fall. Every futures contract connects a long with a short, leaving the notional value on both sides matched by construction.
CoinGlass displayed a long/short ratio of 1.1925, pointing to a modest long tilt within that particular measure. It should not be interpreted as a 19.25% imbalance in invested capital because such ratios may count accounts or categories of positions rather than compare their dollar value.
The more relevant risk is how much exposure may be forced out during a sudden price move. Hyperliquid allows up to 20x leverage on its SOL perpetual market, although the available data does not show the average leverage traders are using.
Higher leverage moves a position’s liquidation price closer to its entry. Once liquidations begin, forced market orders can push price into the next cluster of vulnerable positions, accelerating either a decline or a short squeeze.
The wider SOL market is dominated by futures CoinGlass reported $7.14 billion in aggregate SOL futures open interest, approximately 23% above the $5.81 billion recorded when we examined Solana’s earlier recovery above $94 on August 22.
Hyperliquid accounted for approximately 9.65% of the latest total, making it a significant venue without representing the entire SOL derivatives market.
Aggregate futures volume reached $6.13 billion, compared with $630.02 million in spot turnover. For every dollar of reported spot volume, the derivatives market processed approximately $9.73.
Contracts can change hands repeatedly, while futures are also used for hedging and arbitrage, so the ratio is not a measure of new money. It shows that derivatives are playing a much larger role than spot exchanges in SOL’s short-term price discovery.
Three supports sit below the recent high The Coinbase daily chart placed SOL near $107, leaving the price just below the recent high and resistance band between $109 and $110. Buyers need a daily close above that area to move the recovery beyond another test of the same ceiling.
Solana (SOL/USD) daily price chart with Fibonacci levels and RSI indicator. The latest daily low near $104 provides the first indication of whether buyers are defending the move. Below it, the rising trendline around $101-$102 offers a second short-term reference.
The more important support sits near $99. This 0.236 Fibonacci retracement acted as resistance before SOL broke higher, making it the first structural test during a deeper pullback. A daily close beneath it would weaken the breakout and expose the next retracement near $91.42.
Daily RSI stood near 76.5, showing how quickly Solana has travelled through the upper part of the range. That reading is a warning about the rally’s pace, not a sell signal. Price must lose support before the stretched momentum becomes a confirmed breakdown.
Price and open interest must be read together If buyers clear resistance A daily close above the recent high would extend the recovery and could force traders positioned for another rejection to cover their shorts.
Rising price and rising open interest would show traders adding exposure during the breakout. Participation would be increasing, but so would the amount of positioning vulnerable to a reversal. Rising price and falling open interest would point toward short covering or broader deleveraging rather than a wave of new contracts. If structural support fails A daily close beneath the former breakout level would return SOL to its previous range and shift attention toward the lower retracement.
Falling price and falling open interest would fit a market in which traders are closing positions or leveraged longs are being liquidated. Falling price and rising open interest would show traders adding exposure during the decline, potentially through new shorts, hedges or longs attempting to buy the pullback. The derivatives build-up does not invalidate SOL’s rebound, but it makes the move less forgiving. Buyers now need price to keep pace with the exposure behind it. A prolonged stall beneath overhead resistance would leave more positions crowded into a narrow area, with the former breakout level separating an ordinary pullback from a broader failure.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency and leveraged derivatives trading involve substantial risk.
Author
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
A mobile app most crypto natives hadn’t heard of six months ago just leapfrogged Trust Wallet in one of DeFi’s most competitive leaderboards. Invo, a social trading platform built on Hyperliquid, now sits at second place in 30-day builder code volume, trailing only Phantom on HyperTracker’s rankings.
The app recorded $1.49B in trading volume over the past 30 days, a 28% increase that pushed it past Trust Wallet and cemented its position as the fastest-growing front end in Hyperliquid’s ecosystem. It did this with 40,801 unique traders, more than double the count of the previous second-place holder.
Copy-trading meets TikTok marketing Invo’s core product is deceptively simple. Users can mirror the trading strategies of top-performing traders on Hyperliquid’s perpetuals markets, essentially turning someone else’s alpha into a one-tap investment thesis. The app supports more than 170 trading pairs.
What separates Invo is how aggressively it has leaned into social media distribution, particularly on TikTok, to acquire users who might never have interacted with a decentralized exchange directly. The app’s user count dwarfs competitors in its tier, and its volume figures have remained consistently between $1.4B and $1.7B through late August 2026.
HyperTracker publicly acknowledged Invo’s trajectory on August 18, highlighting the platform’s “user-led growth initiatives” and its differentiation through social features rather than traditional wallet integrations.
What builder codes actually measure For those unfamiliar with Hyperliquid’s architecture, builder codes are essentially referral tags baked into the protocol layer. When a front-end application routes trades through Hyperliquid, it stamps each transaction with its builder code. HyperTracker aggregates this data to show which interfaces are driving the most volume, giving the ecosystem a transparent scoreboard of who’s actually bringing users to the chain.
It’s a useful metric because it captures real economic activity, not just downloads or sign-ups. Invo’s $1.49B figure represents actual perpetual futures trades routed through its interface using the builder code INVO.
Phantom currently holds the top spot, which makes sense given its massive installed base as a multi-chain wallet. Trust Wallet, backed by Binance’s brand recognition and distribution, had been a comfortable second. Invo displacing it is roughly the equivalent of a scrappy startup outselling a major retailer in a specific product category.
The social trading thesis gets a stress test The copy-trading model introduces a different set of risks. Users who mirror a top trader’s positions are essentially delegating their risk management to someone else. When that someone else is profitable, it feels like a cheat code. When they’re not, the losses compound across every follower simultaneously.
The TikTok distribution channel adds another layer of complexity. Younger demographics drawn in by social media promotions may not fully understand the mechanics of leveraged perpetual futures, which can liquidate positions rapidly in volatile conditions.
For Hyperliquid itself, Invo’s growth is an unambiguous positive. The protocol benefits from volume regardless of which front end generates it, and a diverse ecosystem of builder-code applications reduces dependency on any single interface.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Per HyperTracker data, in Hyperliquid Builder’s 30-day revenue ranking, MetaMask leads with ~$1.3248 million, followed by Phantom at ~$1.2568 million, and Trust Wallet third with ~$900,200. The full breakdown: MetaMask: $1.3248M, 30-day trading volume $1.43B; Phantom: $1.2568M, $2.29B; Trust Wallet: $900.2k, $1.5B; Invo: $658.4k, $1.87B; fomo: $430.1k, $971M; 0xc7...b71a: $291.6k, $294M; 0x7c...e781: $242.3k, $636M; Trasia: $229k, $457M; Rabby: $227.7k, $1.13B; Blockchain: $181.2k, $160M. The Hyperliquid Builder Code mechanism allows wallets, trading frontends, tools, or bots to add origin tags to transaction orders via the on-chain Builder field, earning a share of fees from the transaction flows they route. Data shows top wallets and frontends are emerging as key revenue capture entry points for the Hyperliquid ecosystem, with MetaMask and Phantom both generating over $1.2 million in Builder revenue over the past 30 days.
A pseudonymous trader operating under the alias “watershedpath” is currently holding the largest on-chain long position in HYPE, the native token of Hyperliquid, according to blockchain analytics platform Arkham. The position stands at $111 million, with an unrealized profit of $58 million.
Trader maintains HYPE exposureArkham reported that watershedpath has maintained this significant HYPE position for almost a full year. In the fast-paced cryptocurrency market, where perpetual contracts are often held for only a few days or weeks, such a long holding period is notable. The profit remains on paper and is still subject to price movements in HYPE.
Rather than choosing to close the position and lock in profits, the trader recently withdrew $18.5 million from the position’s margin. This move offers insight into the trading strategy preferred by one of the largest holders of HYPE.
He’s up $58 million with the largest HYPE long on-chain. Trader “watershedpath” has been long $HYPE for almost a whole year, now holding $111 million in HYPE exposure—making this the largest single long position on-chain. Instead of selling, he withdrew $18.5 million of margin.
Strategy behind margin withdrawalsWithdrawing margin while maintaining a leveraged position lets a trader monetize gains without reducing market exposure. However, this maneuver increases liquidation risks, as removing margin lowers the buffer needed to protect the position against adverse price movements. A sharp downturn in HYPE could trigger liquidation more quickly than before, though the details of watershedpath’s liquidation margins and initial entry point remain undisclosed.
Arkham provided no further specifics regarding the price level where the position was opened, nor the exact margin thresholds for liquidation.
Mini dictionary: Hyperliquid is a decentralized exchange built to facilitate perpetual futures contracts on-chain, enabling users to trade cryptocurrency derivatives without an intermediary.
HYPE price and market backdropThis large HYPE position comes as Hyperliquid’s token has experienced marked volatility. Over the past month, HYPE’s price increased by more than 46%, with a further 16% gain in the last seven days. At the time of the report, HYPE was trading at $82.06 and its 24-hour trading volume neared $1.16 billion.
The trading activity and price performance add further context to the scale of watershedpath’s position and the associated risks and rewards.
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.
Genius Group plans to resume buying Bitcoin in Q4, with the goal of growing its Bitcoin treasury to $827 million by fiscal year 2031.
Genius Group announces a $1.2 billion capital plan, intending to use the shelf registration declared effective by the U.S. SEC in July 2025 to raise funds for its dual AI and Bitcoin treasuries. The company’s board of directors has approved goals to build an $800 million AI treasury and an $827 million Bitcoin treasury by fiscal 2031, while boosting total assets to $2 billion. Genius Group plans to use perpetual preferred securities as its primary financing instrument, a method it says is designed to increase net asset value (NAV) per share and reduce dilution of common shareholders. The firm intends to first issue $12.5 million in perpetual preferred securities, which are expected to be non-convertible and pay floating returns monthly. Proceeds will be allocated to the AI treasury, Bitcoin treasury, and a U.S. dollar reserve covering approximately 18 months of preferred stock dividends; specific terms and timing of the offering have not yet been finalized. Currently, the company holds a net asset value of $106.6 million, with a NAV per share of $0.62, and its closing price on August 26 stood at $0.18 per share. Genius Group projects its NAV per share could rise to $2–$4 over the next five years, though this target depends on financing execution and market conditions. The firm previously exited its Bitcoin holdings and plans to resume purchasing BTC in the fourth quarter of 2026.
24 minutes ago
realtrumpcoins has not launched or authorized any digital tokens and is cooperating with law enforcement agencies to investigate related incidents.
realtrumpcoins released a statement saying reports that Trump Coins has launched, promoted or authorized digital tokens are "completely untrue", noting the information is a malicious act by a third party. The statement emphasized that Trump Coins has never authorized any digital tokens, and will not launch, promote or authorize any such tokens in the future. It is currently cooperating with relevant law enforcement agencies to investigate the incident and seek to hold responsible parties accountable. Earlier reports noted that meme coin GOLD was created on Solana at 7:38 yesterday. Related addresses controlled more than 82% of the token’s total supply via distribution and post-launch buying. Around 9 a.m., Trump merchandise partner account @realtrumpcoins1 posted a tweet containing the GOLD contract address, pushing the token’s market cap to a peak of $66 million. At around 11:48 a.m., the tweet was deleted, and the associated addresses immediately began concentrated selling. GOLD’s market cap plummeted from $55 million to $1 million in roughly 30 seconds; the scammers then continued to offload their holdings, eventually selling all their tokens for a total profit of approximately 9,784.6 SOL (equivalent to around $1.01 million).
24 minutes ago
Iran's deputy foreign minister says there is no urgency to reopen the Strait of Hormuz.
Local time on August 29, Iranian Deputy Foreign Minister Gary Babadi stated that Iran has reached an understanding with Oman on transit arrangements for the Strait of Hormuz, but the agreement will not automatically enter the implementation phase. Babadi added that the Iran-Oman understanding on the Strait of Hormuz will not be implemented unless the U.S. fulfills its obligations, noting that Iran is in no hurry to reopen the strategic waterway. (Source: CCTV)
24 minutes ago
SK Hynix: Open to Investing in the U.S.
SK Hynix CEO Guo Luzheng recently stated that the company is open to further investments in the U.S. semiconductor industry, while predicting the global memory chip shortage will persist until the end of 2030. "We have always been open to more investments, but no decisions have been made yet," Guo Luzheng said. He noted that SK Hynix is searching globally for potential locations that can meet its R&D and testing needs, with power supply, water resources and government incentives being key considerations. "We are open to any location that can provide sufficient infrastructure and resources," he added. Guo Luzheng also expressed hope that the company will bring "more good news" to the U.S. artificial intelligence industry in the future. (Jinshi)
24 minutes ago
Sony and Warner Sue Anthropic, Accusing the Firm of "Brazenly Stealing" Intellectual Property
Beating AI News Flash: Sony Music and Warner Music’s publishing subsidiaries sued Anthropic in the U.S. District Court for the Northern District of California on Friday evening, naming CEO Dario Amodei and co-founder Benjamin Mann as defendants, accusing the firm of large-scale music copyright infringement during the development and operation of its Claude AI model series. In a 48-page complaint, plaintiffs allege Anthropic obtained copyrighted works through illegal seed downloading, scraping, and other means, and used "tens of thousands" of musical works to train its models—far exceeding the scope of BMG’s prior related lawsuit over 493 works. They further accuse Anthropic of pirating thousands of copyrighted musical works, seeking hundreds of thousands of dollars in damages for each infringing work. Anthropic responded: "We disagree with the publishers’ allegations and will actively defend ourselves in court." Earlier, Anthropic reached a $1.5 billion copyright settlement with writers and publishers in September 2025.
24 minutes ago
Well-known trader Killa: It is highly unlikely that Bitcoin will fall to $50,000 in October, and $62,000 has become the bottom of this cycle.
Renowned trader Killa stated in a post tonight that data from Bitcoin’s multiple bull and bear cycles shows the depth of bear markets is gradually shrinking, and the bottom of this cycle may have already formed. The expectation of some who missed out on gains that Bitcoin will fall to $50,000 in October is highly unlikely. However, Killa also pointed out that if Bitcoin drops to $61,000, the expected value of long positions being liquidated could reach as high as $20 billion, noting that market makers have the motivation and possibility to liquidate long positions before re-establishing new ones. Killa, a quantitative trader focused on BTC, previously predicted the peak of this bull market in May 2025 and has over 200,000 followers on X. In mid-April, he shorted Bitcoin at $74,688 and switched to long positions during the broad market sell-off on June 5.
TOKEN2049 returns to Marina Bay Sands in Singapore on Oct. 7-8, bringing together 25,000 attendees from over 7,000 companies across 160 countries.
The first 100 speakers have been announced, including Shayne Coplan, Founder and CEO of Polymarket; Jeff Yan, CEO of Hyperliquid Labs; Adena Friedman, Chair and CEO of Nasdaq; Jenny Johnson, CEO of Franklin Templeton; Eric Trump, Executive Vice President of The Trump Organization; Raoul Pal, Co-Founder and CEO of Real Vision; and Tom Lee, Managing Partner and Head of Research at Fundstrat.
Institutional participation will be a major focus of this year’s edition, with senior leaders from BlackRock, J.P. Morgan, Morgan Stanley, Nasdaq, NYSE, CME and Franklin Templeton expected across the event.
Taking over all five floors of Marina Bay Sands, TOKEN2049 will create a large-scale environment spanning content, networking, wellness, live experiences and its hospitality.
Across TOKEN2049 Week, more than 1,000 events, from conferences and hackathons to investor gatherings, meetups and networking receptions, will fill venues throughout the city. Other major gatherings taking place in Singapore that week include Digital Asset Summit Asia, Sui Basecamp, the Network State Conference, the Milken Institute Asia Summit, and the Forbes Global CEO Conference, all against the backdrop of the Formula 1 Singapore Grand Prix.
Alex Fiskum, Co-Founder of TOKEN2049, said: “With our Dubai edition moving to 2027, our full focus this year is on Singapore. We’re seeing strong interest, with more than 70% of the exhibition floor already secured. We’ll also unveil new tracks and formats in the coming weeks as we expand the institutional side of the programme. We can’t wait to welcome everyone back to TOKEN2049 this October for another edition in Singapore.”
The 2026 programme will also feature the second edition of TOKEN2049 Origins, a 36-hour hackathon, and the return of the NEXUS Startup Competition, with registrations and applications across both programmes. This year’s finalists are set to be judged by leading venture capital firms Dragonfly, Multicoin, and Maelstrom.
Happy Bird tickets are currently available. For tickets and further information, visit TOKEN2049 Singapore.
ABOUT TOKEN2049
TOKEN2049 is the world’s leading crypto event series, bringing together decision-makers from across the global digital asset ecosystem to connect, exchange ideas and shape the industry. TOKEN2049 is the meeting place for founders, executives, institutions, investors, builders and policymakers from around the world.
In brief A scheduled unlock will release 14,175,778 Hyperliquid tokens on August 29, worth about $1.2 billion at current prices. The release equals 1.4% of total supply and 2.7% of HYPE's market capitalization. Nearly 47% of the unlocked tokens go to insiders — the largest single share of this release. Hyperliquid, the layer-1 blockchain and perpetual futures exchange, is on a tear—and investors in the project’s native token HYPE are reaping the benefits.
Hyperliquid, which trades as HYPE, touched an all-time high of $83.27 on Sunday before slipping to around $77.50, data from CoinGecko shows. The token's market cap sits near $19.5 billion. That run-up, though, is about to collide with a supply release the tracking site Tokenomics.com lists as the largest of Hyperliquid's monthly unlocks.
Myriad: Ethereum next price move? Click to make your prediction.Every month since the November 2024 launch, Hyperliquid has freed a slice of its 1 billion-token supply on a fixed calendar. The August 29 event is the fourth in a row to send tokens to three recipient groups: community, foundation, and insiders. Insiders (the early investors) take the largest single share of this release—46.6%, against 46.3% for the community (grants, rewards, airdrops, etc.) and 7% for the Hyper Foundation.
Token unlocks don't automatically tank a price. They raise the number of tokens that can be sold, and the new supply can pressure the market if recipients cash out. The site's own price-impact history is mixed: After the three prior monthly unlocks, HYPE fell 7% (July), rose 1% (June), and dropped 14.1% (May) in the days that followed.
But unlocks routed to investors and early contributors are the ones traders watch—those holders paid little and have more reason to take profits than a community pool does.
Hyperliquid has been in the news for more than its token chart. Coinbase added 50x perpetual futures to its Base app through Hyperliquid's infrastructure this month, an integration that pushes the protocol deeper into mainstream trading rails.
Perhaps the most bullish news for HYPE investors came mid-last week, when President Donald Trump directly referenced Hyperliquid during a media appearance ahead of a closed-door meeting with cryptocurrency executives. The decentralized exchange for perpetual futures is currently geofenced and unavailable to Americans, but Trump told media the CFTC is “working to bring Hyperliquid into the United States in a fully compliant and legal fashion.”
The push lands as Washington signals a friendlier stance to crypto as a whole. Trump also called on Congress to pass a "fair version" of the Clarity Act at a White House crypto meeting.
With HYPE near record levels, the August 29 release drops about $560 million of insider-facing supply onto a market that's already off its peak. The next unlock, of the same size, arrives September 29.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
In brief A scheduled unlock will release 14,175,778 Hyperliquid tokens on August 29, worth about $1.2 billion at current prices. The release equals 1.4% of total supply and 2.7% of HYPE's market capitalization. Nearly 47% of the unlocked tokens go to insiders — the largest single share of this release. Hyperliquid, the layer-1 blockchain and perpetual futures exchange, is on a tear—and investors in the project’s native token HYPE are reaping the benefits.
Hyperliquid, which trades as HYPE, touched an all-time high of $83.27 on Sunday before slipping to around $77.50, data from CoinGecko shows. The token's market cap sits near $19.5 billion. That run-up, though, is about to collide with a supply release the tracking site Tokenomics.com lists as the largest of Hyperliquid's monthly unlocks.
Myriad: Ethereum next price move? Click to make your prediction.Every month since the November 2024 launch, Hyperliquid has freed a slice of its 1 billion-token supply on a fixed calendar. The August 29 event is the fourth in a row to send tokens to three recipient groups: community, foundation, and insiders. Insiders (the early investors) take the largest single share of this release—46.6%, against 46.3% for the community (grants, rewards, airdrops, etc.) and 7% for the Hyper Foundation.
Token unlocks don't automatically tank a price. They raise the number of tokens that can be sold, and the new supply can pressure the market if recipients cash out. The site's own price-impact history is mixed: After the three prior monthly unlocks, HYPE fell 7% (July), rose 1% (June), and dropped 14.1% (May) in the days that followed.
But unlocks routed to investors and early contributors are the ones traders watch—those holders paid little and have more reason to take profits than a community pool does.
Hyperliquid has been in the news for more than its token chart. Coinbase added 50x perpetual futures to its Base app through Hyperliquid's infrastructure this month, an integration that pushes the protocol deeper into mainstream trading rails.
Perhaps the most bullish news for HYPE investors came mid-last week, when President Donald Trump directly referenced Hyperliquid during a media appearance ahead of a closed-door meeting with cryptocurrency executives. The decentralized exchange for perpetual futures is currently geofenced and unavailable to Americans, but Trump told media the CFTC is “working to bring Hyperliquid into the United States in a fully compliant and legal fashion.”
The push lands as Washington signals a friendlier stance to crypto as a whole. Trump also called on Congress to pass a "fair version" of the Clarity Act at a White House crypto meeting.
With HYPE near record levels, the August 29 release drops about $560 million of insider-facing supply onto a market that's already off its peak. The next unlock, of the same size, arrives September 29.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
Hyperliquid, a layer-1 blockchain platform and decentralized perpetual futures exchange, is set for a major token unlock that will release 14,175,778 HYPE tokens on August 29. The release, valued at approximately $1.2 billion based on current prices, marks the largest scheduled monthly unlock for the project since its November 2024 launch.
Token unlock details and market impactThe upcoming token distribution will increase Hyperliquid’s circulating supply by 1.4%, representing 2.7% of the current HYPE market capitalization, which is estimated at around $19.5 billion. Just days before the announcement, HYPE reached an all-time high of $83.27 before retracing to $77.50, according to data tracked by CoinGecko.
Since its debut, Hyperliquid has followed a fixed monthly release schedule, gradually introducing segments of its 1 billion HYPE token supply to the market. The August 29 event will be the fourth consecutive month in which tokens are allocated to three key groups: community, foundation, and insiders.
Nearly 47% of this unlock, about $560 million, is designated for insiders, who consist primarily of early investors. The community will receive 46.3% (mainly grants, rewards, and airdrops), and the Hyper Foundation will be allocated the remaining 7%.
RecipientShare (%)Estimated Value ($ million)Insiders46.6%~$560Community46.3%~$555Hyper Foundation7%~$84Historically, token unlocks have shown mixed price effects in recent months. Following prior monthly unlocks, HYPE dropped 14.1% in May, increased 1% in June, and declined 7% in July.
Recent unlocks allocated to insiders and early contributors typically attract heightened trader attention, as these holders have substantial unrealized gains and often choose to take profits after distribution, introducing potential selling pressure with each release.
Hyperliquid has gained prominence not only for the performance of its native token but also through growing integrations with major platforms. Earlier this month, Coinbase, a leading US-based cryptocurrency exchange, integrated 50x perpetual futures on its Base app via Hyperliquid’s infrastructure, expanding mainstream access to advanced derivatives trading.
Perpetual futures are derivative contracts without an expiry date, allowing traders to speculate on asset prices with high leverage. Hyperliquid specializes in providing decentralized, non-custodial perpetual trading, distinguishing itself as a key player in on-chain futures markets.
Mini dictionary: Perpetual futures, a staple of crypto derivatives, are contracts that enable investors to bet on the future price of assets without a set expiration, often featuring high leverage and funding rate mechanisms to encourage price convergence with spot markets.
Regulatory signals and political exposurePolitical developments have further boosted Hyperliquid’s public profile. In a media appearance last week, US President Donald Trump named Hyperliquid during remarks ahead of a closed-door meeting with cryptocurrency industry leaders. Trump stated that the Commodity Futures Trading Commission (CFTC) is aiming to bring Hyperliquid’s exchange operations to the US in a compliant and legal manner. Currently, the platform geofences American users and restricts their access.
At the event, Trump also urged Congress to pass what he termed a “fair version” of the Clarity Act, highlighting his administration’s more favorable approach toward the digital asset industry.
The next scheduled unlock of similar size is set for September 29, maintaining the project’s monthly release rhythm as investors monitor potential price fluctuations in HYPE following each event.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Kinetiq unveiled Elysium, a Hyperliquid L2 built to improve HyperEVM performance, revive spot trading, and create a new KNTQ buyback engine.
Kinetiq, Hyperliquid’s largest liquid staking protocol, unveiled Elysium, an upcoming L2 designed to tackle HyperEVM’s performance limitations while also trying to jumpstart Hyperliquid’s stagnant spot and DeFi ecosystem.
What’s the Scoop?Introducing Elysium: Elysium will be a faster EVM environment built specifically for Hyperliquid, using HYPE as gas and connecting directly with HyperCore. It looks to address some of HyperEVM’s biggest limitations: low throughput, expensive transactions when activity spikes, and a dual-block design that splits transactions between fast, smaller blocks and slower, larger ones. Technical specs and launch partners are still to come, with Kinetiq saying launch is imminent.Reviving Hyperliquid Spot: Hyperliquid’s spot markets have failed to match its dominance in perps, with Kinetiq pointing to spot volumes and HIP-2 liquidity sitting near multi-month lows. Elysium aims to change that by giving PropAMMs a faster execution environment and direct access to HyperCore orderbook data, while creating a full token lifecycle where assets can launch through an AMM, graduate into deeper liquidity, bootstrap a HyperCore spot market, and eventually secure a HIP-3 perp listing.Kinetiq Needs It Too: Kinetiq still controls the overwhelming majority of HYPE liquid staking, but its core market has shrunk considerably. As we previously covered, kHYPE supply fell 62% from its August 2025 peak through May, while liquid-staked HYPE dropped from 10.42% to 4.42% of total staked HYPE. That weakness has persisted, with Kinetiq’s core kHYPE TVL down nearly 18% over the past month.Another KNTQ Engine: Elysium also adds a direct new source of value for KNTQ. Of sequencer fees, 25% will go to builders, 25% to Kinetiq’s treasury, and 50% toward open-market KNTQ purchases, with all purchased tokens burned. If Elysium succeeds in drawing meaningful activity, Kinetiq would no longer have to rely primarily on staking and its existing products to generate buybacks.
David Christopher
684 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.
Hyperliquid has become one of the standout winners of the latest crypto rebound. HYPE surged from around $58 to above $80 in less than a week, delivering roughly 37% gains as capital rushed back into high-beta altcoins. The move has put $100 firmly into the Hyperliquid price prediction conversation, but it is also pushing retail toward projects sitting much earlier in their own growth cycle.
ChainSpin is one of them. The new crypto has passed $120,000 raised, with its live presale showing roughly $126,000 collected and more than 10 million $SPIN sold. Buyers are still entering Stage 1 at $0.0125, while ChainSpin already has its casino live with thousands of games alongside an operational sportsbook.
HYPE’s 37% run puts $100 back on retail screens Table of Contents
HYPE’s breakout accelerated dramatically on August 19, when the token gained almost 19% in a single session before continuing higher through the weekend. It reached above $83 on August 23, extending a rally that has taken the token from the high-50s into the $80 region within days.
The rally is not happening without catalysts. Hyperliquid continues to attract attention for its revenue and token-buyback model, with Q2 revenue reported around $169 million and approximately $141 million allocated toward HYPE buybacks. Institutional interest has also strengthened, with recent reporting highlighting Multicoin Capital building a position worth more than $100 million.
From around $80, $100 would add another 25%. A move to $150 would represent another 87.5% and take HYPE significantly deeper into large-cap territory.
The early HYPE trade, however, has already delivered extraordinary gains. Retail buyers searching for the next asymmetric setup are increasingly looking for tokens that have not yet entered public-market price discovery.
ChainSpin is still at the stage HYPE buyers wish they caught earlier This is where ChainSpin offers a completely different entry point.
$SPIN remains in Stage 1 of a 12-stage presale at $0.0125. More than 10 million tokens have already been sold, Stage 1 is over 25% complete and the price is scheduled to increase as the presale moves forward.
ChainSpin also publishes a planned listing price of $0.12, putting that level 9.6 times above the current opening-stage price.
The bigger retail hook is that ChainSpin is unusually early from a token perspective while already advanced from a product perspective. Its core platform is operating before $SPIN has reached its first exchange, allowing the project to build users while Stage 1 buyers are still securing the earliest presale allocation.
Hyperliquid proved how powerful buybacks can become There is another reason the HYPE comparison is particularly interesting.
Hyperliquid has turned platform revenue into one of the central narratives supporting HYPE. Strong activity generates fees, and substantial amounts have been directed toward token buybacks. That mechanism has become a major part of the bullish HYPE thesis.
ChainSpin is building around a similar retail concept from a much earlier stage.
Its published SPIN Cycle is designed to direct portions of future platform revenue toward open-market $SPIN purchases. Tokens acquired through the model are intended to be divided between 60% permanent burns and 40% holder and staker rewards.
That means growing the platform can potentially create another source of $SPIN demand beyond investors simply buying the token.
Could $SPIN become the earlier asymmetric trade? HYPE’s latest 37% run shows exactly why retail chases tokens with strong products, growing activity and buyback narratives. The difference is that Hyperliquid has already reached public markets and HYPE now trades around the $80 level.
ChainSpin remains before that stage entirely.
$SPIN is still $0.0125, the project has passed $120K raised, more than 10 million tokens have been sold and the main platform is already operating. Maximum supply is fixed at 1 billion $SPIN, while the published token model combines buybacks, permanent burns and holder rewards.
For traders looking beyond the next Hyperliquid price prediction, ChainSpin offers the earlier part of the same type of hunt: finding a working ecosystem before its token has experienced its first open-market valuation.
VISIT CHAINSPIN OFFICIAL WEBSITE
FAQs What is the latest Hyperliquid price prediction? HYPE has surged roughly 37% from the high-$50s into the $80 region, putting $100 back into focus after its powerful August breakout.
What is the current ChainSpin presale price? $SPIN remains priced at $0.0125 in Stage 1, with ChainSpin showing more than $126,000 raised and over 10 million tokens sold.
Why are buyers watching ChainSpin? ChainSpin combines an opening-stage token price with an already-live core platform and a published model designed to connect future platform revenue with $SPIN buybacks, burns and holder rewards.
Disclaimer: This is a Press Release provided by a third party who is responsible for the content. Please conduct your own research before taking any action based on the content.
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.
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.
India plans to issue its first tokenized bond in September, with a value potentially exceeding $57 million.
According to Reuters, India plans to issue its first tokenized bond in September, offered by state-owned power finance firm REC, with an expected size of less than 5 billion rupees (around $57 million). India’s market regulator and central bank are jointly advancing the related pilot, with blockchain technology to be used for the bond’s issuance and settlement. Sources said the product is set to launch during Mumbai’s annual fintech conference in September, initially open only to a small group of investors. Investors will participate via wholesale central bank digital currency (CBDC) wallets and electronic securities wallets. India’s depository institutions are developing an e-wallet named DEMT 2.0, which will use distributed ledgers to track bond holdings. The bond has an initial three-month term; subsequent trading will be restricted to participants holding both CBDC-compatible and securities wallets. A secondary market for the tokenized bond is projected to form by December, and it will not be traded on traditional electronic trading platforms.
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FOLD drops over 26% in 24 hours, with its market cap standing at $97.34 million as of press time.
According to market data, FOLD is currently trading at approximately $0.0811, with a market capitalization of around $97.34 million, down 26.21% over the past 24 hours.
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Aster Trader Turns $90K Into $966K With 50x $BTC Long, Sitting on $810K Unrealized Profit
This trader turned $90K into $966K on @Aster_DEX — over a 10x return! He deposited $90K into Aster and opened a 50x long on 49 $BTC ($3.95M), now sitting on an unrealized profit of $810K(+1,025%).
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Arthur Hayes: Maelstrom is fully invested in risk assets, with Bitcoin, Ethereum, and others as core bets.
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Binance Alpha will roll out Teller first on August 26, with eligible users able to claim the airdrop.
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Bitcoin mining company Metaplanet deposited 1,000 Bitcoin into Coinbase Prime one hour ago.
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India plans to issue its first tokenized bond in September, with a value potentially exceeding $57 million.
According to Reuters, India plans to issue its first tokenized bond in September, offered by state-owned power finance firm REC, with an expected size of less than 5 billion rupees (around $57 million). India’s market regulator and central bank are jointly advancing the related pilot, with blockchain technology to be used for the bond’s issuance and settlement. Sources said the product is set to launch during Mumbai’s annual fintech conference in September, initially open only to a small group of investors. Investors will participate via wholesale central bank digital currency (CBDC) wallets and electronic securities wallets. India’s depository institutions are developing an e-wallet named DEMT 2.0, which will use distributed ledgers to track bond holdings. The bond has an initial three-month term; subsequent trading will be restricted to participants holding both CBDC-compatible and securities wallets. A secondary market for the tokenized bond is projected to form by December, and it will not be traded on traditional electronic trading platforms.
8 minutes ago
FOLD drops over 26% in 24 hours, with its market cap standing at $97.34 million as of press time.
According to market data, FOLD is currently trading at approximately $0.0811, with a market capitalization of around $97.34 million, down 26.21% over the past 24 hours.
8 minutes ago
Aster Trader Turns $90K Into $966K With 50x $BTC Long, Sitting on $810K Unrealized Profit
This trader turned $90K into $966K on @Aster_DEX — over a 10x return! He deposited $90K into Aster and opened a 50x long on 49 $BTC ($3.95M), now sitting on an unrealized profit of $810K(+1,025%).
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Arthur Hayes: Maelstrom is fully invested in risk assets, with Bitcoin, Ethereum, and others as core bets.
Arthur Hayes published a post noting that his Maelstrom Fund is currently at "maximum risk exposure", with core bets on Bitcoin, Ether, Ethena, and Ether.fi. Hayes argues that whether U.S. Treasury Secretary Bessent increases U.S. dollar liquidity rapidly or gradually, Bitcoin will keep rising, though market volatility will also spike. As such, he advises against using leverage unless one is a full-time trader. Hayes also pointed out that Bessent’s recent move to expand long-term U.S. Treasury repurchase operations could further boost U.S. dollar liquidity, lifting Bitcoin and other risk assets. He projects that if U.S. Treasury yields approach 5% again, the U.S. Treasury may further expand repurchase volumes or take other steps to increase U.S. dollar liquidity.
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Binance Alpha will roll out Teller first on August 26, with eligible users able to claim the airdrop.
According to official announcements, Binance Alpha will be the first to list Teller (TELLER) on August 26. Eligible users can visit the Binance Alpha event page to claim the airdrop using Binance Alpha points once trading opens, with specific airdrop details to be announced later.
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Bitcoin mining company Metaplanet deposited 1,000 Bitcoin into Coinbase Prime one hour ago.
According to Lookonchain’s monitoring, Bitcoin mining firm Metaplanet deposited 1,000 BTC into Coinbase Prime an hour ago, valued at roughly $79.77 million. Earlier, the company purchased 43,000 BTC at an average price of $96,191, totaling approximately $3.48 billion.
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.
India plans to issue its first tokenized bond in September, with a value potentially exceeding $57 million.
According to Reuters, India plans to issue its first tokenized bond in September, offered by state-owned power finance firm REC, with an expected size of less than 5 billion rupees (around $57 million). India’s market regulator and central bank are jointly advancing the related pilot, with blockchain technology to be used for the bond’s issuance and settlement. Sources said the product is set to launch during Mumbai’s annual fintech conference in September, initially open only to a small group of investors. Investors will participate via wholesale central bank digital currency (CBDC) wallets and electronic securities wallets. India’s depository institutions are developing an e-wallet named DEMT 2.0, which will use distributed ledgers to track bond holdings. The bond has an initial three-month term; subsequent trading will be restricted to participants holding both CBDC-compatible and securities wallets. A secondary market for the tokenized bond is projected to form by December, and it will not be traded on traditional electronic trading platforms.
8 minutes ago
FOLD drops over 26% in 24 hours, with its market cap standing at $97.34 million as of press time.
According to market data, FOLD is currently trading at approximately $0.0811, with a market capitalization of around $97.34 million, down 26.21% over the past 24 hours.
8 minutes ago
Aster Trader Turns $90K Into $966K With 50x $BTC Long, Sitting on $810K Unrealized Profit
This trader turned $90K into $966K on @Aster_DEX — over a 10x return! He deposited $90K into Aster and opened a 50x long on 49 $BTC ($3.95M), now sitting on an unrealized profit of $810K(+1,025%).
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Arthur Hayes: Maelstrom is fully invested in risk assets, with Bitcoin, Ethereum, and others as core bets.
Arthur Hayes published a post noting that his Maelstrom Fund is currently at "maximum risk exposure", with core bets on Bitcoin, Ether, Ethena, and Ether.fi. Hayes argues that whether U.S. Treasury Secretary Bessent increases U.S. dollar liquidity rapidly or gradually, Bitcoin will keep rising, though market volatility will also spike. As such, he advises against using leverage unless one is a full-time trader. Hayes also pointed out that Bessent’s recent move to expand long-term U.S. Treasury repurchase operations could further boost U.S. dollar liquidity, lifting Bitcoin and other risk assets. He projects that if U.S. Treasury yields approach 5% again, the U.S. Treasury may further expand repurchase volumes or take other steps to increase U.S. dollar liquidity.
8 minutes ago
Binance Alpha will roll out Teller first on August 26, with eligible users able to claim the airdrop.
According to official announcements, Binance Alpha will be the first to list Teller (TELLER) on August 26. Eligible users can visit the Binance Alpha event page to claim the airdrop using Binance Alpha points once trading opens, with specific airdrop details to be announced later.
8 minutes ago
Bitcoin mining company Metaplanet deposited 1,000 Bitcoin into Coinbase Prime one hour ago.
According to Lookonchain’s monitoring, Bitcoin mining firm Metaplanet deposited 1,000 BTC into Coinbase Prime an hour ago, valued at roughly $79.77 million. Earlier, the company purchased 43,000 BTC at an average price of $96,191, totaling approximately $3.48 billion.
India plans to issue its first tokenized bond in September, with a value potentially exceeding $57 million.
According to Reuters, India plans to issue its first tokenized bond in September, offered by state-owned power finance firm REC, with an expected size of less than 5 billion rupees (around $57 million). India’s market regulator and central bank are jointly advancing the related pilot, with blockchain technology to be used for the bond’s issuance and settlement. Sources said the product is set to launch during Mumbai’s annual fintech conference in September, initially open only to a small group of investors. Investors will participate via wholesale central bank digital currency (CBDC) wallets and electronic securities wallets. India’s depository institutions are developing an e-wallet named DEMT 2.0, which will use distributed ledgers to track bond holdings. The bond has an initial three-month term; subsequent trading will be restricted to participants holding both CBDC-compatible and securities wallets. A secondary market for the tokenized bond is projected to form by December, and it will not be traded on traditional electronic trading platforms.
8 minutes ago
FOLD drops over 26% in 24 hours, with its market cap standing at $97.34 million as of press time.
According to market data, FOLD is currently trading at approximately $0.0811, with a market capitalization of around $97.34 million, down 26.21% over the past 24 hours.
8 minutes ago
Aster Trader Turns $90K Into $966K With 50x $BTC Long, Sitting on $810K Unrealized Profit
This trader turned $90K into $966K on @Aster_DEX — over a 10x return! He deposited $90K into Aster and opened a 50x long on 49 $BTC ($3.95M), now sitting on an unrealized profit of $810K(+1,025%).
8 minutes ago
Arthur Hayes: Maelstrom is fully invested in risk assets, with Bitcoin, Ethereum, and others as core bets.
Arthur Hayes published a post noting that his Maelstrom Fund is currently at "maximum risk exposure", with core bets on Bitcoin, Ether, Ethena, and Ether.fi. Hayes argues that whether U.S. Treasury Secretary Bessent increases U.S. dollar liquidity rapidly or gradually, Bitcoin will keep rising, though market volatility will also spike. As such, he advises against using leverage unless one is a full-time trader. Hayes also pointed out that Bessent’s recent move to expand long-term U.S. Treasury repurchase operations could further boost U.S. dollar liquidity, lifting Bitcoin and other risk assets. He projects that if U.S. Treasury yields approach 5% again, the U.S. Treasury may further expand repurchase volumes or take other steps to increase U.S. dollar liquidity.
8 minutes ago
Binance Alpha will roll out Teller first on August 26, with eligible users able to claim the airdrop.
According to official announcements, Binance Alpha will be the first to list Teller (TELLER) on August 26. Eligible users can visit the Binance Alpha event page to claim the airdrop using Binance Alpha points once trading opens, with specific airdrop details to be announced later.
8 minutes ago
Bitcoin mining company Metaplanet deposited 1,000 Bitcoin into Coinbase Prime one hour ago.
According to Lookonchain’s monitoring, Bitcoin mining firm Metaplanet deposited 1,000 BTC into Coinbase Prime an hour ago, valued at roughly $79.77 million. Earlier, the company purchased 43,000 BTC at an average price of $96,191, totaling approximately $3.48 billion.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
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Two whales plan to short $42.2 million worth of HYPE.
According to monitoring by TradingBeats (formerly Hyperinsight), two HYPE whales placed 509 non-"position-reduction-only" sell orders earlier today at higher price levels. They still plan to sell roughly 449,500 HYPE tokens, with a nominal value of around $42.226 million, at a weighted average order price of $93.94. The two sets of orders were created less than two minutes apart, but no data yet links the two addresses. The "US stock market winner" whale tracked yesterday (starting with 0x4e23) held 152,800 HYPE long positions as of yesterday and has now fully closed them for profit. Earlier today, it re-placed 24 sell orders within one minute, planning to short 327,300 HYPE tokens in the $90.385–$104.68 range, with a nominal value of about $31.5 million and a weighted average price of $96.25. Another whale starting with 0xf02d has already shorted 391,100 HYPE tokens, with a position value of ~$31.29 million, an average entry price of $75.92, and an unrealized loss of around $1.598 million. This address also placed 485 additional short orders in the $80.409–$99 range today, with a remaining planned short of 122,200 HYPE tokens (nominal value ~$10.726 million). The lowest tier of these orders is only ~0.5% away from the current price, and some have already started executing.
11 minutes ago
Maji opens $113 million worth of BTC and ETH long positions, account balance surges nearly 200 times.
According to Lookonchain’s monitoring, "Maji" (@machibigbrother) was once liquidated to the point where his account held less than $60,000. His account balance has since surged nearly 200 times, and he has opened long positions worth $113 million in Bitcoin (BTC) and Ethereum (ETH), including 23,350 ETH valued at $59 million and 668 BTC worth $54 million.
11 minutes ago
Whale Tracking: The whale that had planned to short nearly $100 million worth of BTC has placed an additional buy order worth over $84 million.
According to monitoring by TradingBeats (formerly Hyperinsight), the whale with the address starting with 0xf517 — which placed nearly $100 million in BTC sell orders yesterday — added three new non-"only position reduction" buy orders in roughly 11 seconds early this morning: $75,888 for 329.4 BTC (~$25 million), $73,555 for 339.9 BTC (~$25 million), and $72,222 for 346.2 BTC (~$25 million). Combined, the three orders plan to buy 1,015.5 BTC for ~$75 million, with a weighted average order price of ~$73,857.5. At BTC’s current price of $80,674, the three buy orders are waiting for pullbacks of approximately 5.9%, 8.8%, and 10.5% respectively. Adding the prior $9.908 million buy order placed at $74,088, the whale now has four total buy orders, targeting 1,149.2 BTC for a nominal ~$84.908 million. The whale currently holds a 42.1 BTC long position with 40x full leverage, valued at ~$3.394 million, an average entry price of $77,330.3, and ~$141,000 in unrealized profit. Its long position has dropped ~55.3% since yesterday, but its preset buy orders below have expanded by over $75 million. The sell wall above remains unwithdrawn. As of press time, the whale has 183 non-"only position reduction" sell orders in the $81,272–$108,888 range, planning to sell 945.2 BTC for a nominal ~$91.296 million, with a weighted average price of ~$96,592.8; it also has an "only position reduction" sell order at $88,888 covering its current long position.
11 minutes ago
Binance's SAFU Fund has posted an unrealized profit of $221 million, with a return rate of 21.5%.
According to monitoring by ai_9684xtpa, Binance’s SAFU fund has an unrealized profit of $221 million. Between February 2 and 12, Binance accumulated 15,000 BTC, with an average cost of approximately $66,666.66 based on a total investment of $1 billion. At the current BTC price of $81,000, the fund’s estimated return rate stands at 21.5%.
11 minutes ago
Bitget Launches Stock Contracts for Deere (DE) and Nikkei 225 Index (JP225)
According to an official announcement, Bitget has launched two stock perpetual contracts—DE (Deere & Company) and JP225 (Nikkei 225 Index)—to meet users’ diverse investment needs. Both contracts are settled in USDT, offer up to 20x leverage, and support 24/7 trading. As of now, Bitget supports a total of 282 stock contract underlyings.
11 minutes ago
Whale "Set 10 Big Goals First" Likely Stopped Out of BTC Short Position, Incurring $9.86 Million in Unrealized Loss
On-chain analyst Ai Yi (@ai_9684xtpa) has monitored that BTC has broken through the stop-loss price of $80,500 from her "10 Major Targets" strategy. If her positions remain unchanged, she is now facing an unrealized loss of $9.86 million. Earlier, she disclosed holding short positions of 1,830.724 BTC (worth approximately $148 million) with an average entry price of $76,397.56, and short positions of 12,756.739 ETH (worth approximately $32.05 million) with an average entry price of $2,371.57.
Abraxas Capital, Fasanara Capital, and Wintermute still hold over $600 million in short positions in Bitcoin (BTC) and Ethereum (ETH).
Blockchain tracker Lookonchain identified the positions as market maker hedging accounts. Their liquidation prices sit far above current market levels.
Liquidation Prices Sit Far Above SpotThe crypto market rally, fueled by policy moves, triggered a wave of short liquidations. BeInCrypto reported that on August 19, short sellers lost $1.3 billion within 60 minutes as Bitcoin climbed 2.5%.
The broader sell-off in bearish positions intensified, with short liquidations reaching $2.74 billion as 172,202 traders were liquidated. Short sellers then lost another $1.06 billion over the following 24 hours.
Lookonchain said the largest remaining on-chain short positions now appear to belong to market makers’ hedging accounts.
“It seems that all the big whales have been liquidated in this price surge! Currently, the largest short positions on the blockchain are held by market makers’ hedging accounts,” Lookonchain posted.
The three firms hold short positions of 138,569 Ethereum (ETH) worth $338 million and 3,425 Bitcoin (BTC) worth $265 million.
Abraxas Capital runs the largest book. Its two ETH shorts liquidate at $4,008 and $3,958, while spot trades near $2,440.
Its BTC shorts liquidate at $128,521 and $140,437 against a $77,381 spot price. Wintermute’s Bitcoin position survives until $251,307.
No position faces liquidation unless Bitcoin climbs 66% or Ethereum climbs 62%. That distance explains why the squeeze passed them by.
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Wintermute Added Shorts as Losses MountedAbraxas Capital carries roughly $58 million in unrealized losses across its four positions. The firm has not closed any of them.
Fasanara Capital sits 18.87% underwater on a $74.81 million ETH short at 15X leverage. Wintermute remains marginally profitable on both assets, according to Lookonchain data.
Separately, Onchain Lens tracked Wintermute raising short exposure on Hyperliquid. That book shows $5.85 million in unrealized losses across various assets.
WINTERMUTE IS DOUBLING DOWN ON SHORTS WHILE MOVING HUGE FUNDS TO BINANCE 🐻
They have deposited millions more into Hyperliquid and increased their short exposure from $146.19M to $190.77M, adding ~$44.58M in shorts since our last update.
— Onchain Lens (@OnchainLens) August 23, 2026 The latest data suggests the remaining short exposure is less a broad bearish bet and more a reflection of market-making and hedging activity.
With liquidation levels still far above current prices, the positions are unlikely to face immediate pressure unless Bitcoin and Ethereum extend their rally significantly.
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The native token of the so-called decentralized trading platform Hyperliquid, known as HYPE, has reached a fresh all-time high, surpassing $77 in recent sessions. This milestone caps a strong year in which the asset has advanced almost 200% from the start of 2026.
The gains stand out against a mixed backdrop for major cryptocurrencies, with Bitcoin down roughly 12% and Ethereum lower by about 20% over the same period.
The latest upward move gained momentum after remarks by President Donald Trump during a White House meeting with crypto and finance leaders.
Trump indicated that Commodity Futures Trading Commission Chairman (CFTC) Michael Selig is working to enable Hyperliquid’s presence in the United States under a fully compliant and legal framework.
The platform, which specializes in perpetual futures contracts, currently restricts access for US users and operates largely offshore.
Hyperliquid’s core product allows traders to open leveraged positions on cryptocurrencies as well as certain traditional assets such as stocks and commodities, without the fixed expiration dates typical of conventional futures.
Its on-chain infrastructure has supported significant trading volumes and fee generation, helping establish it as a prominent venue in the decentralized derivatives space.
Market reaction to the presidential comments was swift.
HYPE advanced several percentage points to set the new record, while related vehicles—including a publicly traded company focused on holding the token—saw sharp gains of up to 31%.
The news coincided with a broader recovery in digital asset prices, adding further support.
No formal regulatory approval or specific timeline has been disclosed, and Hyperliquid’s terms still limit US participation.
Nevertheless, the explicit reference by the administration has been viewed by many participants as an encouraging signal of potential pathways for regulated onshore operations of advanced decentralized trading systems.
The development fits into wider discussions around digital asset policy, including calls for clearer legislative frameworks.
For a platform already handling substantial perpetual futures activity, access to the US market could meaningfully expand its user base and liquidity.
HYPE’s outperformance this year reflects both the platform’s operational traction and investor sensitivity to regulatory developments.
As policy conversations continue, tokens tied to infrastructure that demonstrates both technical strength and engagement with U.S. authorities may remain in focus.
While prices can shift quickly with headlines and overall market conditions, the combination of Hyperliquid’s existing metrics and the recent political attention has contributed to its position among the stronger performers in the current crypto landscape.
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TL;DR:
Bitcoin, Ethereum and XRP whale short positions reach $1.38 billion as Abraxas Capital, Wintermute and Fasanara Capital hedge gains on Hyperliquid rather than bet on a downturn.Gold hit a fresh August high of $4,659.85, driven by Treasury Secretary Scott Bessent's plan to move $950 billion from the TGA into long-term bonds.Ray Dalio urges investors to cut Treasury exposure for gold and Bitcoin, citing a looming US debt crisis.On Monday morning, Aug. 24, the cryptocurrency market is holding onto the momentum of its best weekly rally in three years, showing stable consolidation at elevated levels. Following the historic $4 billion short squeeze at the end of last week, trading platforms have entered a localized battle for liquidity.
According to CoinGlass, positions held by 78,395 futures traders worth $339.53 million were forcibly closed over the past 24 hours, with sellers accounting for a slight majority at $181.36 million. Against this backdrop, institutional capital continues its aggressive accumulation: weekly inflows into U.S. spot Bitcoin ETFs reached a 10-month high of $1.5 billion, according to SoSoValue estimates.
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At the same time, major issuers are making large balance-sheet moves. While Strategy has accumulated $1.59 billion in USD cash for future BTC purchases, BitMine has increased its stake to 4.8% of Ethereum's market supply, indefinitely removing liquidity from circulation by staking 87% of its ETH.
While retail optimism pushes spot prices higher, the market's underlying microstructure points to a significant divide between individual speculation and institutional strategies.
Real-time price charts for BTC/USD, ETH/USD, XRP/USD, and Gold on August 24, 2026. Source: TradingViewThe largest market makers are calmly maintaining short positions worth more than $1.3 billion across key digital assets, including Bitcoin, Ethereum and XRP. This aggressive short exposure is not a bet on a crash but part of a sophisticated multibillion-dollar risk-hedging strategy unfolding alongside a global flight of capital into hard assets.
Gold is posting a powerful V-shaped daily recovery of 1.24%, moving toward $4,660. The current morning calm merely conceals a fierce battle for liquidity, fueled by U.S. Treasury interventions and regulatory uncertainty in Washington.
Crypto market news: Behind the $1.38 billion BTC, ETH and XRP shortsThe explosive rise in prices has triggered a surge in institutional hedging, with the largest liquidity providers building heavy short positions on decentralized derivatives platform Hyperliquid. The current balance of power in the institutional sector looks as follows:
Abraxas Capital Management: Maintains the lead with a massive $783 million short portfolio across BTC, ETH and other assets, while simultaneously withdrawing 73,000 ETH, worth approximately $173 million, from Binance to build a spot-long cushion.Wintermute: Controls a $190.8 million short position, including $53 million in ETH, $30.7 million in BTC and $22.6 million in SOL. Despite a local unrealized loss of $5.85 million caused by the current rally, the firm's historical net PnL exceeds $203.6 million.Fasanara Capital: Together with Wintermute, forms an additional pool of short positions, bringing the total institutional short block to $1.38 billion.Wintermute founder and CEO Evgeny Gaevoy has sharply criticized superficial media interpretations of these metrics, emphasizing that large market-maker shorts represent neutral inventory management and premium collection rather than bearish sentiment.
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As retail euphoria sends funding rates through the roof, funds execute a classic cash-and-carry basis trade: they short perpetual futures while simultaneously buying the underlying asset on the spot market to earn a risk-free, double-digit annualized return.
Institutional discipline stands in stark contrast to the behavior of retail futures traders. The latest CoinGlass heatmap shows that Ethereum took the biggest hit over the past 24 hours, with $117.09 million in liquidations, including a $6.86 million ETH/USDT order on Binance. Bitcoin followed with $72.59 million.
Crypto derivatives market liquidation heatmap showcasing total liquidated positions across major assets within the last 24 hours. Source: CoinGlassTraders continue aggressively attempting to catch local price movements, as reflected in retail activity around XRP, with $20.90 million in liquidations, Zcash with $12.13 million and other altcoins.
While individual retail traders make repeated mistakes by attempting to short this powerful trend with extremely high leverage, such as 40x, major players are pricing in the risks of systemic fiat debasement and seeking a fundamental hedge in global markets, where gold traditionally serves as the main ally of digital assets.
Ray Dalio chooses gold and Bitcoin as protection against a U.S. debt crisisThe rapid rise of gold and silver reflects the same processes now unfolding in the cryptocurrency market: investors are fleeing the traditional U.S. financial system amid concerns about its hidden vulnerabilities. Gold has gained approximately 15% over the past month, while silver has posted an even more aggressive 19% increase.
This synchronized advance is being driven by a massive maneuver from Treasury Secretary Scott Bessent, who plans to deploy nearly $950 billion from the Treasury General Account, or TGA, to purchase long-term government bonds from the market. This liquidity injection has already pushed gold to a new August high of $4,659.85, breaking through key technical resistance at $4,400 on TradingView's daily chart.
Weakening demand for U.S. government bonds and aggressive financial engineering by the Treasury have prompted Wall Street heavyweights to speak out. At the end of last week, legendary investor and Bridgewater founder Ray Dalio directly urged investors to reduce their Treasury positions and shift capital into gold, predicting a full-scale U.S. debt crisis within the next three years — "plus or minus two years if the current policy direction does not change."
Bitcoin to Gold performance ratio chart. Source: TradingViewDalio emphasized that if demand for government bonds declines, authorities will resort to uncontrolled dollar issuance, triggering another wave of severe inflation. Notably, alongside gold, Dalio separately identified Bitcoin as one of the most effective alternative instruments for protection against these sovereign risks.
Major institutional funds are already acting within this paradigm. Fidelity International has doubled its gold longs over the past three weeks, hedging against the regulatory uncertainty left in the wake of new Federal Reserve Chair Kevin Warsh.
Nevertheless, macro analysts note that as the V-shaped recovery in precious metals approaches a local ceiling near the spring highs of $5,400, excess capital is beginning to seek higher beta in digital infrastructure, which is posting record figures:
Solana ecosystem: Set an unprecedented record by processing 1.318 billion transactions in a single week.Stablecoin market: Daily usage in the real economy reached $1 billion via debit cards.Zcash (ZEC): Surged 22% toward its 2018 price highs at $855 following Grayscale's updated application to launch the first U.S. spot ETF for a privacy-focused cryptocurrency.Bitcoin is directly absorbing this overflow from fiat, holding firmly at $78,143 and easily digesting local selling by whales. As Dalio predicted, capital is flowing into hard digital alternatives amid the deterioration of the debt market.
This is laying the foundation for Bitcoin to challenge the $100,000 level by the end of 2026. According to Standard Chartered analysts, even that target may prove overly conservative as daily ETF inflows return to levels above $1 billion.
Hyperliquid price traded near $80 on Aug. 24 after reaching a record $83.27, as rising platform fees and a 32% weekly gain kept HYPE in price discovery.
Summary
HYPE reached an all-time high of $83.27 before retreating toward $80. Hyperliquid generated $6.5 million in fees during a recent 24-hour period. Daily RSI reached 75.91, leaving the token overbought after its rapid advance. Liquidation data places the largest nearby liquidity cluster around $84. Hyperliquid price consolidates below its record high Hyperliquid (HYPE) price was trading at approximately $79.83 at the time of writing, down 1.15% over the previous 24 hours but up 32.3% over seven days. The token has also gained 35.8% over the past month.
HYPE reached an all-time high of $83.27 on Aug. 23, according to CoinGecko, before buyers encountered resistance between $82 and $84. Its market capitalization stood near $17.8 billion, placing it among the ten largest cryptocurrencies.
The 4-hour chart shows that the rally accelerated on Aug. 19, when HYPE climbed from below $60 to nearly $70 in a single session. Buyers then pushed the token through $75 and above $80 over the following four days.
Price remained close to $80 on Aug. 24 despite several attempts to take profits. The tight consolidation below the record high suggests buyers have not yet surrendered control, although the slowing momentum increases the risk of a short-term pullback.
HYPE also remained above the 4-hour Supertrend level at $72.67. A decisive fall below that line would weaken the current bullish structure and place the previous breakout area around $68 to $70 back in focus.
Hyperliquid price 4-hour chart — Aug. 24 | Source: crypto.news The Awesome Oscillator remained positive at 6.08, but its histogram declined after reaching a local peak. The change shows that bullish momentum is still present but no longer accelerating at the rate seen during the initial breakout.
Hyperliquid fees add support to HYPE demand The price advance coincided with a surge in activity on Hyperliquid’s derivatives platform. Data cited by Token Terminal showed the protocol generated $6.5 million in fees over a recent 24-hour period, compared with $1.5 million for Pump.fun.
Hyperliquid also recorded about $5.6 million in revenue and 102,800 daily active users during the period. Increased leveraged trading during the broader crypto market rally contributed to the rise in fees.
The revenue matters for HYPE because the protocol directs most trading fees to its Assistance Fund. DefiLlama states that 99% of perpetual and spot trading fees, excluding certain builder fees, go to the fund for open-market HYPE purchases.
Hyperliquid generated $55.64 million in fees over the past 30 days, including $40.94 million in protocol revenue, according to DefiLlama. Sustained trading activity can therefore create recurring demand for HYPE, although lower volume would reduce the size of future purchases.
HIP-3 provides another source of demand by allowing builders to deploy their own perpetual futures markets. Under the official Hyperliquid documentation, a deployer must stake 500,000 HYPE and operate markets with independent order books, margin rules, and settings.
The framework has expanded the platform beyond crypto markets by supporting derivatives linked to commodities, equities, and foreign exchange. However, activity remains concentrated among a limited number of major deployers, making continued growth an important condition for the bullish fundamental case.
HYPE faces resistance at the $84 liquidity cluster The daily chart shows HYPE trading above the upper Bollinger Band at $81.91 before pulling back. The middle band, represented by the 20-day simple moving average, stood at $62.43, showing how far price has moved above its short-term mean.
Hyperliquid price daily chart — Aug. 24 | Source: crypto.news Daily RSI reached 75.91, well above the usual overbought threshold of 70. Its moving average was lower at 61.80. An overbought reading does not guarantee an immediate reversal, but it shows that the rally has become stretched and vulnerable to profit-taking.
The three-day CoinGlass liquidation heatmap identifies $84 as the strongest nearby concentration of leveraged positions. A clean break above that level could force additional short liquidations and reopen price discovery, with $86.30 forming the next visible upper boundary.
Hyperliquid liquidation heatmap | Source: CoinGlass If HYPE fails to clear $84, the first support area sits between $78 and $79. The heatmap shows another concentration of positions near $77, while the broader chart places stronger support between $75 and $77.
A deeper correction could extend toward the 4-hour Supertrend at $72.67. Losing that level would raise the risk of a return to $68–$70, where the Aug. 19 breakout began.
Analysts watch for another expansion in volume Pseudonymous trader Altcoin Sherpa said HYPE appeared to be approaching another breakout candle and suggested that a move toward $100 million in trading volume was becoming increasingly likely. The accompanying chart showed price holding near its highs while volume eased after the initial surge.
The bullish scenario requires HYPE to close above $84 with rising spot volume. Such a move would invalidate the immediate rejection and place $86.30, followed by the psychological $90 level, in focus.
The bearish scenario begins with a loss of $77. Falling below that level could trigger long liquidations and expose $75, followed by the Supertrend support near $72.67.
For U.S. investors, regulatory access remains an unresolved part of the outlook. Hyperliquid’s Policy Center says it is advocating for a legal route that would allow Americans to access decentralized markets, but no official White House or CFTC announcement was found confirming that the platform is being integrated into the U.S. market.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
US equity markets are making their biggest schedule change in a generation, moving toward 23 hours a day, five days a week. Onchain venues already run seven. More than $540 billion has traded on the real-world asset markets Hyperliquid hosts and Pyth prices, much of it in hours when no exchange was open.
Markets should not close. The price of everything should be published continuously, by the firms that actually set it.
Hyperliquid was built on the first conviction. Pyth was built on the second. Over the past year they have turned into one working system.
A problem the whole industry is now trying to solveApple does not trade on a Saturday. Neither does Nvidia, or Tesla, or the S&P 500. Their exchanges keep hours set decades ago, and outside those hours the asset has no price, no matter what is happening in the world.
The industry has decided this is worth fixing. The SEC approved Nasdaq's move to 23 hours a day, five days a week, in April, following comparable approvals for 24X and NYSE Arca (see here). NYSE Arca is cleared for 22 hours a day Monday through Thursday, and Cboe is working toward the same on EDGX (see here). The plumbing has moved with it. NSCC extended clearing to support those sessions in mid-2026, and the consolidated quotation system is expected to extend in December, running from Sunday evening through Friday evening with a short pause each night (see here).
This is the largest change to US equity market hours in a generation, yet falls short of 24/7 trading. Nasdaq's week begins with a Sunday night session and ends at the Friday close (see here). The consolidated quote will still be off on weekends and holidays. Roughly 53 hours out of every 168 remain without a national quotation.
Which is a reasonable place for the traditional system to stop. Weekend clearing, weekend corporate actions, and weekend staffing are hard problems that a five-day extension does not require anyone to solve. But an asset does not stop having a value at 8pm on Friday, and the people who want to act on that value have to go somewhere.
HIP-3 changed who was allowed to tryHIP-3 is Hyperliquid's mechanism for letting an independent team deploy its own perpetual futures market on the exchange. The team defines the market, sets the risk parameters, and chooses the price source. Hyperliquid supplies the exchange infrastructure, the order book, and the liquidity engine underneath.
That is a meaningful shift in who gets to build a market. Listing decisions that would ordinarily require an exchange's approval, a licensing negotiation, and a multi-year integration became something a competent team could ship.
Which is how Hyperliquid became the venue where real-world assets trade around the clock.
Covering the 53 hoursThree mechanisms, operating in different places, none of which existed in usable form three years ago.
Extend external pricing as far as it goes. Pyth publishes over 220 US equities on a 24/5 basis, sourced from firms directly involved in price formation. Overnight coverage comes through an exclusive collaboration with Blue Ocean, along with other ATSs where US equity trading continues after the primary exchanges close. That covers pre-market, regular hours, post-market, and overnight. Past the Friday close there is no underlying market left to read.
Constrain discovery where no external price exists. On weekends, price discovery happens on Hyperliquid's own order book, bounded by a mechanism called discovery bounds (designed by Trade[XYZ], whose markets account for 99% of current HIP-3 volume). The last external price sets the anchor, and price can only travel so far from it before the anchor re-sets and a new range forms. The market can move a long way over a weekend, but it moves in steps from a known starting point. Bounding the downside is what makes traders willing to take the other side at all.
Construct what cannot be observed. Pyth Indices are 24/7 products, co-developed with a regulated index administrator, including single-name US equity indices. They are constructed rather than observed, which is what allows them to run on a Sunday when no exchange is publishing anything.
Extend the real price as far as the market allows. Bound discovery where it does not. Construct a reference where nothing can be observed. Between them, an equity market on Hyperliquid has a defensible price at every hour of the week.
Weekend gap risk was never inevitableWeekend gap risk is a longstanding cost of equity-market structure. It comes from the trading calendar: exchanges close, while information keeps arriving.
A regulatory decision, geopolitical event, or company announcement can change the value of an equity-linked position on a Saturday morning. The holder can understand what has changed, yet has no market in which to respond until trading resumes.
Always-on onchain venues change that constraint. Participants with equity-linked exposure can act when information arrives, including while the underlying exchange is closed. The risk remains, but the period in which it must be passively absorbed becomes a market in which exposure can be managed. The cost is real even when it never appears as a line item.
This is already operating at meaningful scale. HIP-3 markets have recorded more than $540 billion in cumulative volume, with 407,000 traders and more than $4 billion in open interest. Pyth feeds provide pricing across virtually all of that activity. Those are exchange-scale figures for a market category that barely existed two years ago.
Which raises a question for everyone elseA venue took real-world assets to 24/7 trading and made it work. The pricing infrastructure underneath it held. Billions in open interest and hundreds of billions in volume have moved through markets that, by the standards of traditional market structure, should not have been priceable at all outside exchange hours.
This arrives at the same moment the traditional exchanges are extending into the night. The two developments point the same way. Nasdaq, NYSE Arca, and 24X have all concluded that a sixteen-hour trading day no longer matches demand, and each has committed capital and years of infrastructure work to changing it (see here). The frameworks governing how firms participate have not moved at the same speed, and they still assume a consolidated quotation that will be unavailable for a third of every week even after December.
On August 17, Douro Labs and Hyperliquid Policy Center filed a joint comment letter with the U.S. Securities and Exchange Commission on its proposal to rescind Rule 611 of Regulation NMS.
The letter makes that case in regulatory language. Onchain venues operate continuously while the consolidated quotation system does not, and for large stretches of every week there is no national quotation against which a trade in a security can be evaluated at all. It asks that independent price sources meeting a defined standard be recognized where the traditional quotation cannot serve, and specifies what that standard should require. First-party contributions from participants involved in price formation. Published methodology. Public publisher identities, open to audit.
Six days earlier, Douro Labs filed a separate letter with the Financial Industry Regulatory Authority, jointly with Securitize Markets, in response to FINRA's request for comment on modernizing its best execution guidance. The two are coordinated. The SEC letter asks the Commission to set expectations and direct FINRA to act. The FINRA letter proposes what that guidance should contain, element by element, for the firms that will have to comply with it. That comment period runs to September 25.
Neither filing argues from a hypothetical. The gap they describe is the one Hyperliquid's markets engineered around, and the mechanism they propose is the one already carrying volume today. The market structure question is not whether continuous trading in real-world assets can work. It is how long the institutional framework takes to catch up with the fact that it already does.
What comes nextMore asset classes, more teams building on HIP-3, and more of the global macro surface that has historically only been reachable during a narrow window each day.
Every one of those markets needs the same thing first, which is a price that lasts longer than the exchange behind it.
Hyperliquid Policy Center has asked the SEC and CFTC to let qualifying equity perpetual contracts enter the U.S. as security futures after HIP-3 markets processed more than $480 billion in notional trading volume over their first 10 months.
Summary
Hyperliquid Policy Center has asked the SEC and CFTC to recognize qualifying equity perpetual contracts as security futures. The proposal would place eligible equity perpetuals under an existing framework jointly overseen by the SEC and CFTC. HIP 3 markets have processed more than $480 billion in cumulative notional volume during their first 10 months. HPC wants regulators to keep perpetual contract classification consistent across asset types while preserving exchange listing flexibility. Hyperliquid Policy Center said in an Aug. 24 comment letter that cash-settled equity perpetuals carrying the established characteristics of futures contracts should be eligible for classification as security futures, a category jointly overseen by the two U.S. regulators.
For a product trading hundreds of billions in volume, perpetual contracts still don't have a settled answer to the most basic question under U.S. law: are they futures, or are they swaps?
One federal judge described the exercise as deciding "whether tetrahedrons belong in… https://t.co/YjpwaV4fwh pic.twitter.com/dOcZtu1Ujq
— Hyperliquid Research Collective (HRC) (@HyperliquidR) August 24, 2026 The filing responds to a joint request for comment from the Securities and Exchange Commission and Commodity Futures Trading Commission on how U.S. law should define swaps, security-based swaps and products that may fall outside those categories. HPC described the issue as a basic classification question that has remained unsettled even as perpetual contracts have expanded outside the United States.
Under HPC’s proposal, regulators would first look at the structure of a derivative and how it trades to decide whether it is a future or a swap. The asset referenced by the contract would then determine how regulatory authority is divided between the SEC and CFTC.
A perpetual contract on Bitcoin, crude oil or an individual stock should therefore receive the same initial product classification when each instrument has the same futures-like characteristics, the group argued. A contract tied to a single stock that qualifies as a future would fall into the security futures category and come under both agencies.
Hyperliquid group says equity perpetuals can qualify as security futures At the center of HPC’s position is the structure of a perpetual contract, which has no predetermined expiration date but uses recurring funding payments to keep its price close to the asset it tracks.
When a contract trades above its reference price, long-position holders pay shorts. If the contract falls below the reference price, shorts pay longs. HPC said the mechanism creates a continuous incentive for the perpetual price to converge toward the underlying market, performing a function that expiration and final settlement serve in traditional dated futures.
HPC also cited features that courts and regulators have historically used when examining futures contracts, including standardized terms, fungibility, fixed unit quantities and the ability to close a position through an offsetting trade.
On Hyperliquid’s HIP-3 markets, positions open and close through a central limit order book, margin is maintained continuously, and contract prices are publicly available. Equity perpetual holders receive price exposure but do not obtain ownership, voting rights, or other claims attached to the referenced shares.
The lack of an expiry date does not automatically prevent futures classification, according to the filing. HPC cited federal court decisions finding that a specified future delivery or settlement date is not always required and that contracts of indefinite duration can still carry the futurity associated with a futures contract.
U.S. regulators have already applied that reasoning to crypto perpetuals. In May, crypto.news previously reported that the CFTC approved Kalshi’s Bitcoin perp as the first federally regulated Bitcoin perpetual futures contract in the United States. The May 29 approval classified BTCPERP as a futures contract even though it has no fixed expiration date.
Kalshi began offering the contract in June and subsequently expanded its regulated perpetual lineup to other cryptocurrencies. The CFTC said additional products would remain subject to review, leaving the treatment of contracts referencing other asset classes open to further regulatory analysis.
SEC and CFTC have yet to settle the classification question Past enforcement cases have not produced a uniform answer for perpetual contracts.
HPC said earlier CFTC actions treated some perpetual products as swaps after examining parts of the Commodity Exchange Act’s swap definition without determining whether the instruments qualified for the statutory exclusion covering futures contracts. Other cases treated perpetual-style products as leveraged or margined retail commodity transactions subject to trading requirements similar to those applied to futures.
The SEC also used the term “perpetual futures” in its case related to the Mango Markets exploit while disputing that the products were futures contracts offered under regulated futures rules. According to HPC, neither an enforcement action nor a court had resolved the threshold question of whether the instruments themselves qualify as futures or security futures excluded from the swap definition.
The CFTC took a different approach with Kalshi in May, approving BTCPERP as a “contract for sale of a commodity for future delivery.” Its accompanying policy statement said perpetual contracts on other asset classes should undergo review and specifically identified equity-based products as an area where the CFTC and SEC should both be involved.
Disagreement over that interpretation has already reached federal court. CME Group later filed a legal challenge over perps, arguing that products such as Kalshi’s contract should fall under the swaps framework instead of being treated as ordinary futures. CME’s position contests the legal basis the CFTC used when approving the contracts.
Around the same period, the SEC and CFTC opened the definitions review that prompted HPC’s latest submission. The agencies sought public input on swaps, security-based swaps, exclusions from those definitions and emerging derivatives, including products that raise questions about the boundary between their jurisdictions.
HIP-3 volume puts $480 billion behind the regulatory debate HPC tied its request to trading activity already taking place through Hyperliquid’s HIP-3 framework, where independent market operators known as deployers can create their own perpetual markets.
The protocol handles execution, price-time order matching, enforcement of margin requirements, funding transfers, clearing and settlement. Deployers control elements including the assets listed, contract specifications, oracle sources, leverage limits and open-interest caps.
HIP-3 markets now cover several traditional asset classes for users outside the United States, including crude oil, gold and other precious metals, foreign exchange, equity indexes, individual equities and exchange-traded funds.
Over the 10 months following HIP-3’s launch, those markets accumulated more than $480 billion in notional trading volume and maintained roughly $4 billion in open interest, according to the filing. Across Hyperliquid as a whole, markets processed nearly $3 trillion in notional volume during 2025 and more than $1.5 trillion during 2026 through Aug. 23.
Stock-linked products have become part of that expansion. A July examination of Hyperliquid equity perps detailed how the platform has hosted perpetual contracts tracking equities while giving traders synthetic price exposure without ownership of the underlying shares.
HPC said U.S. users currently cannot access Hyperliquid, meaning the liquidity and infrastructure described in its filing developed outside the country while regulated domestic access to perpetual contracts remained limited.
Security futures would put equity perps under both regulators HPC proposed using the existing security futures framework for equity perpetuals that meet futures characteristics because the category already assigns oversight to both agencies.
Under the framework, a designated contract market regulated by the CFTC can list security futures after notice-registering with the SEC. A national securities exchange can cross in the other direction by notice-registering with the CFTC, while intermediaries have parallel registration routes.
Security futures have seen limited commercial activity since OneChicago closed in 2020, but the filing noted renewed interest this year. CME Group announced in June that it would launch single-stock futures beginning July 27, returning U.S. exchange activity to a product category that had been largely dormant.
HPC asked the agencies to confirm that cash-settled equity perpetuals carrying established futures characteristics may be listed as security futures, while allowing exchanges to retain flexibility when deciding how individual products should be classified.
The group also requested a consistent taxonomy between the two regulators and asked them to update the security futures framework so existing listing standards can accommodate new contract structures. HPC said classification should remain flexible enough for a bilateral, individually negotiated perpetual-style product to be treated as a swap or security-based swap when it lacks the fungibility, offset rights and multilateral execution associated with futures.
According to the filing, the SEC and CFTC could issue interpretive guidance, policy statements or staff-level guidance without waiting for a formal rulemaking. The agencies also have joint authority to modify security futures listing standards, which they previously used for American Depositary Receipts, ETFs, closed-end fund shares and debt securities.
Hyperliquid ecosystem project Kinetiq has announced the launch of Elysium, a new Hyperliquid L2 network designed to address key pain points including HyperEVM’s performance bottlenecks and the complexity of its dual-block architecture. Elysium will use HYPE as its native gas token, enabling seamless integration with HyperCore and HyperEVM. Deployed in close synergy with the Hyperliquid mainnet, Elysium’s initial block production performance is projected to far outpace HyperEVM levels. The network will support token issuance: projects can launch starting with a long-tail asset AMM, then gradually integrate Elysium’s PropAMM, HyperCore spot order book, and qualify for perpetual contract listings via HIP-3. For its economic model, 25% of Elysium sequencer fees will be allocated to application builders that consume block space, 25% will go to the Kinetiq treasury, and 50% will be used for programmatic purchases of KNTQ tokens on the open market. All purchased KNTQ tokens will be burned and transferred to the Hyperliquid Aid Fund.
