According to GMGN data, following liquid staking protocol Kinetiq’s announcement of the launch of the new Hyperliquid L2 network Elysium, its governance token KNTQ rallied over 25% in a short period, with market capitalization surpassing $260 million and a 24-hour gain of 45.8%. BlockBeats reminds users that token prices are highly volatile, so caution is advised when investing.
Hyperliquid Policy Center has urged U.S. regulators to create consistent rules for perpetual contracts. Clearer classification could provide a path for more perpetual markets to operate under U.S. regulatory oversight.
Hyperliquid Policy Center Seeks Common Perpetuals Classification Hyperliquid Policy Center filed a comment asking the SEC and CFTC to coordinate their treatment of perpetual contracts. The group wants classification to depend on each contract’s structure and how the product trades.
Federal law generally divides derivatives into futures and swaps. However, perpetual contracts share features with both categories, which has created uncertainty over their treatment under U.S. law. Unlike conventional futures, perpetuals have no fixed expiration date. Funding payments instead help keep their prices aligned with the referenced assets.
The group said the underlying asset should determine which regulator oversees a contract. However, the reference asset should not change whether the product qualifies as a future or swap. Under this approach, similar perpetual contracts would receive the same classification across different markets.
For equity perpetuals, cash settled contracts with traditional futures characteristics could qualify as security futures. Both the SEC and CFTC oversee this product category. Registered securities and futures exchanges can also list security futures under the existing framework.
SEC and CFTC Review Treatment of Perpetual Contracts The regulatory debate follows recent steps by both agencies to address the growing perpetuals market. In May, the CFTC approved the first U.S.-listed perpetual contracts and permitted them to trade as futures.
Meanwhile, the SEC and CFTC have sought feedback on how existing derivatives rules apply to newer products. Regulators are considering definitions covering swaps, security based swaps, futures and security futures. One question is whether cash-settled equity perpetuals can qualify as security futures.
Hyperliquid Policy Center also asked regulators to preserve flexibility for exchanges when making product listing decisions. In addition, the group called for updates to the security futures framework to accommodate newer contract structures.
Regulators could provide initial clarity through interpretive guidance, policy statements or staff action. Formal rulemaking could follow as the agencies gain more experience with perpetual markets.
Hyperliquid U.S. Expansion Remains in Focus The proposal comes as U.S. officials consider bringing more perpetual trading under domestic oversight. President Donald Trump recently said CFTC Chairman Michael Selig is working on a compliant path for Hyperliquid to enter the United States.
“I understand Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion,” Trump said.
More than $480 billion in perpetual contract volume has traded through Hyperliquid markets over the past ten months, the policy group said. Trading has covered commodities, currencies, equity indices and individual stocks.
Selig has framed the issue around where perpetual markets operate rather than whether they will exist. The CFTC is now considering how its existing authority can accommodate these products within U.S. markets.
For more insight into retail focused derivatives, traders can compare features and markets on a dedicated perpetual futures trading platform before committing capital.
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.
According to monitoring by TradingBeats (formerly Hyperinsight), Loracle sub-address 0xefe4...194b currently ranks first on the Hyperliquid xyz:GOLD position leaderboard, holding approximately 12,801.96 long GOLD positions with a position value of around $59.8953 million and an unrealized profit of roughly $6.3510 million. Additionally, the address also holds about 15,567.34 short xyz:SNDK positions, with a position value of approximately $22.5929 million and an unrealized profit of around $0.3703 million. The combined value of the two positions is roughly $82.4881 million, with a total unrealized profit of approximately $6.7213 million.
Stanley Druckenmiller’s Duquesne Family Office picked up roughly 2.94 million shares of Hyperliquid Strategies Inc. (NASDAQ: PURR), a position worth $23.15 million as of June 30, 2026, according to the firm’s Q2 2026 13F filing.
The full crypto allocation The PURR stake wasn’t a one-off curiosity. Duquesne’s filing revealed a total crypto-related equity allocation of approximately $87.8 million across two positions. The larger of the two is a $64.7 million stake in Bitdeer Technologies (NASDAQ: BTDR), a Bitcoin mining firm. The PURR position accounts for roughly 0.44% of Duquesne’s overall portfolio.
What Hyperliquid Strategies actually does Hyperliquid Strategies operates as a digital asset treasury vehicle designed to accumulate and stake HYPE tokens, the native asset of the Hyperliquid protocol. As of late April 2026, the company reported holding 20 million HYPE tokens alongside $103 million in cash reserves.
The underlying protocol runs an on-chain perpetual futures exchange that has been generating north of $900 million in annual protocol fees. Daily trading volume routinely crosses into the billions. HYPE’s market capitalization currently sits in the $18 billion to $20 billion range, with daily token trading volumes exceeding $800 million.
Why this matters beyond Druckenmiller By investing through PURR rather than buying HYPE tokens directly, Duquesne’s office gets exposure to the Hyperliquid ecosystem while staying within the familiar guardrails of public equity markets: SEC reporting, custodial simplicity, and portfolio-level compliance. The Bitdeer stake adds another dimension: where PURR provides DeFi exposure, Bitdeer is a pure-play Bitcoin mining operation, suggesting Duquesne is building a diversified crypto equity book rather than making a single directional bet on one token or protocol.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
TL;DR Entropy is live on Hyperliquid via HIP-3, with the first liquid market for Anthropic’s pre-IPO alongside equity perpetuals. RedStone is the data layer these markets run on: integrating custom sources, pushing the data onchain through a 4-of-6 multisig config, and delivering the reference prices they price against. RWA and Pre-IPO perps trade 24/7 while their home markets keep hours, so RedStone Live continues to price them through the close, sourcing live venues with low latency. Entropy liquidity-weighted methodology blends the order book with RedStone’s external reference, weighting each by executable depth so the mark rests on the sounder source. RedStone secures the large majority of oracle-protected value on HyperEVM and built HyperStone, the first oracle dedicated to HIP-3. Entropy Launches HIP-3 Equity Perps Market Entropy, a perpetuals exchange offering 24/7 trading for real-world assets and pre-IPO equity, is now live on Hyperliquid. Built via the HIP-3 standard, Entropy’s opening markets feature Anthropic’s pre-IPO stock, the first way to trade the stock at scale on Hyperliquid, along with SNDK.
RedStone is the official data layer powering Entropy’s markets, integrating custom sources for assets that have no clean feed of their own and implementing the liquidity-weighted methodology behind their pricing. The data reaches the exchange through RedStone Live, a low-latency service built for RWAs trading onchain.
A weak key setup is a direct attack surface, the kind that cost DeFi over $600M in 2026. RedStone pushes prices to Entropy’s markets through a 4-of-6 multisig, meaning four of six independent signers have to agree before any update goes onchain. No single compromised key can move the price, making any oracle-related attack vector highly unlikely.
RedStone Live: 24/7 Pricing Data For RWAs Entropy’s perps are live 24/7. The market where its underlying asset trades is not. SanDisk trades on Nasdaq during US hours, and goes quiet overnight and over the weekend.
RedStone Live closes the gap between traditional markets and onchain venues. During market hours it sources pricing from licensed institutional providers. When those markets close, it switches to the CEX derivatives and other venues where the asset keeps trading on its own order flow. This method ensures that feeds keep tracking live prices through the night instead of freezing on the last print.
Price feeds are built per asset and aggregated from multiple sources rather than a single venue, which keeps the price stable when any one source thins out or drops. RedStone Live delivers data at low latency, and every input is cryptographically signed at each step.
Liquidity-weighted Methodology Standard perp markets can usually lean on an external price since the asset trades openly. Entropy’s markets are different. Stocks have strict trading hours and a pre-IPO stock like Anthropic has no public price at all. That means that a lot of time, pricing is pulled from Entropy’s own order book. Oftentimes, the mark that drives funding and liquidations has to be built from an order book whose liquidity shifts from one moment to the next.
RedStone implements a liquidity-weighted methodology, designed by Entropy, that reads the executable depth behind a price. The book and RedStone’s external reference for the same asset are blended into one mark, and the depth decides the mix. When there is real, fillable size resting in the book, the mark leans on the book. As that depth thins, it shifts weight onto RedStone’s reference, so the price always rests on whichever source is sounder at that moment.
The two launch markets show it working at both extremes. Anthropic has no official market price, only informal reference points, so its mark leans hardest on the book itself. The equity perps carry uneven depth through the day, and the methodology prices them on what is fillable at each point.
RedStone on HyperLiquid HIP-3 has democratized perp markets, lowering the entry barrier for teams building onchain trading venues. But once a market is launched, choosing a reliable data provider becomes one of the decisions the whole market rests on.
RedStone is the oldest oracle on HyperEVM, securing the large majority of oracle-protected value on the network. We have also built the first oracle dedicated to HIP-3, which has powered more than $3.4B in volume across 15 HIP-3 markets since going live with Felix.
About RedStone RedStone is the data layer for institutional DeFi, delivering secure, low-latency price feeds for digital assets, RWAs, stablecoins, LSTs, LRTs, and Bitcoin LSTs across 110+ chains. Trusted by 200+ clients, including Securitize, Morpho, Pendle, Spark, Ether.fi, Ethena, Lombard, Venus, and Compound, RedStone powers lending, stablecoins, perpetuals, and tokenized asset markets with custom pricing infrastructure built for complex onchain systems. RedStone provides data for tokenized products including BlackRock’s BUIDL, Apollo ACRED, and Hamilton Lane SCOPE. Zero mispricing events. 100% uptime. Learn more at redstone.finance.
About Entropy Entropy is a new perpetuals DEX on Hyperliquid via HIP-3, backed by a $14M seed round and a $40M HYPE stake required for deployment.
The goal of Entropy is to have the highest quality perps on real-world assets and indices, and Entropy achieves that by treating market design as a research problem. Their team brings deep market microstructure expertise, with backgrounds spanning Citadel Securities and Polymarket. This experience is focused on rigorous oracle design and robust mark price construction, which will allow us to list novel pre-IPO equity perps, rates, and index products, along with more liquid and efficient global equity perps.
The Hyperliquid Policy Center is urging the SEC and CFTC to adopt a harmonized framework for perpetual contracts as regulators consider how the products should be classified under US derivatives law.
In a comment filed with the agencies, HPC argued that equity perpetual contracts with the traditional characteristics of futures should be eligible to trade as security futures.
Under US law, derivatives are generally divided between futures and swaps, with different rules governing how they reach the market, who can trade them, and which venues can list them.
Perpetual contracts complicate that distinction because they share several characteristics associated with futures, including standardized terms, fungibility, futurity, and the ability to exit by taking the opposite position.
Unlike traditional futures, perpetuals do not have a fixed expiry date. HPC argued that this should not determine their classification because funding payments serve a similar function by keeping contract prices aligned with the underlying market.
The CFTC approved the first US listed perpetual contracts in May, allowing them to trade as futures. The agency later said equity perpetuals could warrant review by both the CFTC and SEC.
The regulators subsequently sought feedback on how existing definitions of swaps, security based swaps, futures, and security futures should apply to newer products, including cash settled equity perpetuals.
HPC said classification should depend on a contract’s structure and trading characteristics rather than the asset it references.
Under that approach, contracts with similar characteristics would receive the same initial classification whether they reference Bitcoin, crude oil, an equity index, or an individual stock. The underlying asset would instead determine regulatory jurisdiction and additional safeguards.
HPC argued that qualifying equity perpetuals can fit within the existing security futures framework, which is jointly overseen by the SEC and CFTC.
The group said this could allow securities and futures exchanges to compete for perpetual products while reducing jurisdictional disputes that have historically delayed new derivatives.
HPC asked regulators to confirm that qualifying equity perpetuals can be listed as security futures, preserve exchanges’ flexibility in listing decisions, apply consistent classification standards, and modernize the security futures framework.
The group said regulators could provide clarity through interpretive guidance, policy statements, and staff action without waiting for formal rulemaking.
HPC also argued that clearer rules could help bring more perpetual trading into regulated US markets.
It cited more than $480 billion in volume across Hyperliquid perpetual markets over the past ten months, including contracts tied to oil, metals, currencies, equity indices, and individual stocks.
CFTC Chairman Michael Selig has previously said the central question is not whether perpetual markets will exist, but whether they will operate under American oversight and standards.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
EntropyIO has launched new perpetual markets for Anthropic’s pre-IPO equity and SNDK on Hyperliquid, utilizing real-time data from RedStone. This development reinvigorates activity around Anthropic’s valuation after a previous market closure earlier this year. The move marks a significant step for EntropyIO as it aims to capture interest in the burgeoning AI sector, with Anthropic being a notable entity in the field. The relisting on Hyperliquid’s HIP-3 framework allows participants to engage with synthetic derivatives of Anthropic’s pre-IPO equity, maintaining a focus on valuation rather than direct equity ownership.
Key Takeaways EntropyIO’s launch of new perpetual markets appears to enhance interest in Anthropic’s pre-IPO valuations. Market pricing suggests potential increased exchange activity, reflecting interest in Anthropic’s significant AI endeavors. The relisting on Hyperliquid could indicate a renewed focus on Anthropic’s growth potential leading up to its anticipated IPO. What to Watch Observers should monitor Anthropic’s upcoming financial disclosures and any IPO-related announcements, as these could significantly impact market sentiment. Developments in the AI sector and broader tech market conditions may also influence participant behavior. Key indicators to watch include any updates from Anthropic’s leadership or changes in secondary market valuations that could affect the perceived attractiveness of the pre-IPO equity.
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Term Structure
Contract Odds Δ since publish Volume 24h December 31 2026 3.4% — — View market → December 31 2026 6.5% — — View market → December 31 2026 12% — — View market → December 31 2026 18% — — View market → December 31 2026 17% — — View market → December 31 2026 16.5% — — View market → December 31 2026 13.1% — — View market → December 31 2026 8.5% — — View market → December 31 2026 1.7% — — View market → December 31 2026 5.3% — — View market →
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Coinbase announced it has launched tokenized stocks natively on Base, allowing users to hold US equity positions and participate in DeFi.
Coinbase announced that its issued tokenized stocks have launched natively on the Base blockchain, built on the B20 standard. The underlying stocks are held 1:1 by regulated custodian Alpaca in a bankruptcy-remote structure, with token holders holding direct ownership of the reference assets. Non-US users in compliant global jurisdictions only need a wallet and internet access to gain exposure to US stocks without a brokerage account or settlement delays, and can trade at any time on 24/7 AMM pools. The first supported assets include companies like Apple and NVIDIA. As standard B20 tokens, the tokenized stocks can be freely held, transferred, and traded, with no whitelisted wallet or platform lockups. Their key significance lies in DeFi integration: users can use tokenized NVIDIA stocks as collateral to borrow on Aave, or deposit Apple stocks in decentralized exchanges to earn yields, marking the first time stocks have shifted from static assets in traditional accounts to programmable liquidity building blocks on-chain. Dividends and stock splits are handled via on-chain multiplier mechanisms to ensure DeFi positions remain uninterrupted. Ecosystem projects including Aerodrome and Aave have publicly backed the B20 standard. Coinbase said it will launch more tokenized stocks in the coming weeks and continue advancing the on-chainization of other real-world assets, opening up new opportunities for developers to integrate traditional financial assets with the crypto-native ecosystem.
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Bessent on Trump's increased tariffs on Canadian autos and steel: Trump hopes to sit down and negotiate in good faith.
US Treasury Secretary Scott Bessent commented on former President Donald Trump’s announcement to raise tariffs on Canadian autos and steel to 50%. Bessent said Trump wants Canada to engage in sincere negotiations. Trump posted earlier that Canada has long taken advantage of the U.S., imposing ridiculously high tariffs on American farmers and agricultural products, leaving these producers struggling to make ends meet, and creating a $60 billion trade deficit between the two nations over time. “This situation is unsustainable and will not continue!” Trump wrote. Starting January 1, 2027, tariffs will be hiked to 50% on all cars, trucks (large and small), auto parts, and steel. Goods manufactured in the U.S. will be fully exempt from tariffs. “Canada will no longer be treated as a state,” Trump added. “Whether in trade or other areas, Canada is among the world’s most difficult countries to deal with. They believe they deserve special treatment, but the truth is: we don’t need Canada—they need us! 95% of Canada’s business is conducted with the U.S., while our relationship with Canada is the exact opposite!”
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Bessent discusses the US Treasury bond repurchase plan: No bonds have been purchased yet, and the next operation is scheduled for September 9.
US Treasury Secretary Bessent discussed the US Treasury bond repurchase program, noting: "We have not purchased any bonds yet, and the next operation is scheduled for September 9." The US Treasury Department earlier announced that starting September 9, it will raise the size of its long-end liquidity support repurchase operations from a maximum of $2 billion per operation to at least $40 billion. Additionally, market sources indicate the US Treasury may draw on nearly $1 trillion in funds from its Treasury General Account (TGA) to finance the recently unveiled expanded US Treasury bond repurchase program.
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U.S. Treasury: Sanctions Imposed on Nearly 60 Iran-Related Entities, Individuals and Vessels
U.S. Treasury Department: Sanctions nearly 60 Iran-related entities, individuals, and vessels, covering nuclear, missile, cyber, and oil networks. The action imposes potential secondary sanctions on five sectors—including digital assets, technology, gold, aviation, and shipping—and suspends general licenses for certain remittances to Iran.
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Multicoin Capital-associated address transferred 1,061,100 HYPE tokens to Coinbase.
According to monitoring by OnchainLens, a wallet linked to Multicoin Capital transferred 1,061,100 HYPE tokens (valued at around $8.41 million) to Coinbase Prime minutes ago, potentially indicating an imminent sell-off.
U.S. Treasury: Sanctions Imposed on Nearly 60 Iran-Related Entities, Individuals and Vessels
U.S. Treasury Department: Sanctions nearly 60 Iran-related entities, individuals, and vessels, covering nuclear, missile, cyber, and oil networks. The action imposes potential secondary sanctions on five sectors—including digital assets, technology, gold, aviation, and shipping—and suspends general licenses for certain remittances to Iran.
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Multicoin Capital-associated address transferred 1,061,100 HYPE tokens to Coinbase.
According to monitoring by OnchainLens, a wallet linked to Multicoin Capital transferred 1,061,100 HYPE tokens (valued at around $8.41 million) to Coinbase Prime minutes ago, potentially indicating an imminent sell-off.
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ZEC hits an approximately 8-year high, briefly touching $888; the NU7 network upgrade snapshot is imminent.
According to HTX market data, ZEC hit an approximately 8-year high today, touching its highest price since 2018 at $888 with a weekly gain of over 70%. It is currently holding steady near the $844 level. The Zcash community will launch an 18-day token holder vote starting on the 24th (Beijing time: early morning of the 25th) to determine the scope of the upcoming NU7 upgrade. The minimum voting participation threshold is 1 million ZEC. Voting rights are based on spendable, shielded ZEC held in the Ironwood pool at the snapshot time (estimated 19:00 UTC on the 24th, mainnet block height approx. 3,459,350). The vote opens August 25 and closes at 19:00 UTC on September 14. Votes are cast privately via supported wallets, including Zodl, Vizor, Zkool, and Keystone hardware wallets; only aggregated data will be released, with no individual voting details disclosed. The initiative aims to gather holders’ feedback on the upgrade scope for reference by the community and developers.
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Whale’s short positions, which first set 10 major price targets, may see their unrealized losses expand to $6.88 million.
As Bitcoin rebounds to hit the $80,000 mark, the massive short positions in Bitcoin and Ethereum held by the whale codenamed "Set 10 Big Goals First" may return to loss if they retain their original positions. The open positions are as follows: - BTC short positions: 1,830.724 BTC, worth approximately $139 million, average entry price $76,397.56 - ETH short positions: 12,756.739 ETH, worth approximately $30.25 million, average entry price $2,371.57 Based on current BTC price of $79,300 and ETH price of $2,499, the total unrealized loss on the whale's address could reach $6.88 million. The whale has previously resumed live trading on Binance but is currently in an invisible status, making it impossible to confirm whether the trader has closed positions to stop loss.
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Scott Bessent plans to take aggressive measures to push the 10-year U.S. Treasury yield to 5%.
According to Fox Business News, Wall Street executives stated that U.S. Treasury Secretary Scott Bessent is preparing to take aggressive measures to push the 10-year U.S. Treasury yield to around 5%. The Trump administration is not expected to pursue fiscal austerity policies, but instead aims to reduce debt via tax increases. Earlier reports noted that Bessent is eyeing the trillion-dollar "emergency fund pool" to cover U.S. Treasury obligations, leveraging the powerful tool of the Treasury General Account (TGA) to influence long-term bond yields.
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Coinbase will list spot trading for BASECAT and DRB.
Coinbase to Launch Spot Trading for Basecat (BASECAT) and DebtReliefBot (DRB). If liquidity conditions are met and trading is supported in relevant regions, the BASECAT-USD and DRB-USD trading pairs will open today.
U.S. Treasury: Sanctions Imposed on Nearly 60 Iran-Related Entities, Individuals and Vessels
U.S. Treasury Department: Sanctions nearly 60 Iran-related entities, individuals, and vessels, covering nuclear, missile, cyber, and oil networks. The action imposes potential secondary sanctions on five sectors—including digital assets, technology, gold, aviation, and shipping—and suspends general licenses for certain remittances to Iran.
16 minutes ago
Multicoin Capital-associated address transferred 1,061,100 HYPE tokens to Coinbase.
According to monitoring by OnchainLens, a wallet linked to Multicoin Capital transferred 1,061,100 HYPE tokens (valued at around $8.41 million) to Coinbase Prime minutes ago, potentially indicating an imminent sell-off.
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ZEC hits an approximately 8-year high, briefly touching $888; the NU7 network upgrade snapshot is imminent.
According to HTX market data, ZEC hit an approximately 8-year high today, touching its highest price since 2018 at $888 with a weekly gain of over 70%. It is currently holding steady near the $844 level. The Zcash community will launch an 18-day token holder vote starting on the 24th (Beijing time: early morning of the 25th) to determine the scope of the upcoming NU7 upgrade. The minimum voting participation threshold is 1 million ZEC. Voting rights are based on spendable, shielded ZEC held in the Ironwood pool at the snapshot time (estimated 19:00 UTC on the 24th, mainnet block height approx. 3,459,350). The vote opens August 25 and closes at 19:00 UTC on September 14. Votes are cast privately via supported wallets, including Zodl, Vizor, Zkool, and Keystone hardware wallets; only aggregated data will be released, with no individual voting details disclosed. The initiative aims to gather holders’ feedback on the upgrade scope for reference by the community and developers.
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Whale’s short positions, which first set 10 major price targets, may see their unrealized losses expand to $6.88 million.
As Bitcoin rebounds to hit the $80,000 mark, the massive short positions in Bitcoin and Ethereum held by the whale codenamed "Set 10 Big Goals First" may return to loss if they retain their original positions. The open positions are as follows: - BTC short positions: 1,830.724 BTC, worth approximately $139 million, average entry price $76,397.56 - ETH short positions: 12,756.739 ETH, worth approximately $30.25 million, average entry price $2,371.57 Based on current BTC price of $79,300 and ETH price of $2,499, the total unrealized loss on the whale's address could reach $6.88 million. The whale has previously resumed live trading on Binance but is currently in an invisible status, making it impossible to confirm whether the trader has closed positions to stop loss.
16 minutes ago
Scott Bessent plans to take aggressive measures to push the 10-year U.S. Treasury yield to 5%.
According to Fox Business News, Wall Street executives stated that U.S. Treasury Secretary Scott Bessent is preparing to take aggressive measures to push the 10-year U.S. Treasury yield to around 5%. The Trump administration is not expected to pursue fiscal austerity policies, but instead aims to reduce debt via tax increases. Earlier reports noted that Bessent is eyeing the trillion-dollar "emergency fund pool" to cover U.S. Treasury obligations, leveraging the powerful tool of the Treasury General Account (TGA) to influence long-term bond yields.
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Coinbase will list spot trading for BASECAT and DRB.
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Blockchain security company Salus stated that the theft of approximately $550,000 in USDC from a Hyperliquid user on August 13 was connected to a professional phishing operation using the Inferno Drainer ecosystem.
Fake website targeted victim fundsAccording to Salus, the attacker set up a counterfeit Hyperliquid site to trick the victim into authorizing a harmful transaction. Following the attack, the stolen assets were distributed to several addresses. Salus mapped the movement of funds, noting that 80% of the stolen amount was sent to one address, 15% to a second, and 5% to a third, while another address was used to complete the initial draining process.
The security team also traced the malicious service to a Telegram account named @AngelFernoOwner, which appeared to promote automated, revenue-sharing features for affiliates. Salus reported that this infrastructure has been linked to an estimated $52.74 million in losses affiliated with multiple high-profile phishing attacks.
Mini dictionary: Inferno Drainer, a phishing-as-a-service network, provides ready-made tools that facilitate automated wallet drains, enabling attackers to siphon cryptocurrencies from victims efficiently using impersonation tactics.
Google has suspended the account responsible for advertising the counterfeit Hyperliquid website. Despite this action, concerns remain regarding the speed at which such malicious advertisements can be detected and removed before affecting users.
Growing risk and operational sophisticationThe report highlighted that phishing operations using prebuilt draining services have made it easier for malicious actors to attack victims. Attackers are now able to focus primarily on luring victims, as the technical aspects of asset movement are managed by third-party tools.
For individuals, a legitimate website appearance in major search results no longer ensures safety, as sophisticated phishing can now bypass simple checks and deceive even cautious users.
Salus submitted evidence, wallet addresses considered high risk, and other intelligence to multiple organizations for risk labelling and potential coordinated responses.
Beyond the single Hyperliquid case, Salus has also linked the same phishing infrastructure to incidents involving UXLINK and CoW.fi. The company stated that targeting these broader service networks could disrupt a wider range of phishing operations, rather than simply removing individual fake sites.
IncidentLinked ServiceEstimated LossHyperliquid user attackInferno Drainer$550,000UXLINK phishing caseInferno DrainerNot specifiedCoW.fi phishing caseInferno DrainerNot specifiedTotal associated attacksInferno Drainer$52.74 millionCalls for increased vigilance and coordinated actionThe incident has prompted cybersecurity experts to call for greater vigilance from both platforms and individual users. Reviewing site authenticity or relying exclusively on outwardly legitimate search results may not be adequate in safeguarding against such targeted operations.
Salus emphasized that disabling the underlying infrastructure behind recurring phishing schemes could provide more effective protection than simply blocking individual sites as they appear.
Looking ahead, the case illustrates the shifting landscape of crypto security, where the emergence of phishing-as-a-service models makes proactive, industry-wide coordination even more critical.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
On-chain analyst Ai Yi (@ai_9684xtpa) monitored that Hyperliquid’s largest LIT short seller today urgently added $2.5 million in margin, posting an unrealized loss of $5.605 million. The trader holds 2.528 million LIT short positions (valued at approximately $8.9 million) with an average entry price of $1.3. Following LIT’s listing on Upbit today, the token saw a brief rally; to mitigate liquidation risk, the short seller added margin. Currently, the single-coin margin stands at a high of $7.16 million, with a liquidation price of $5.78.
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Jiang Zhuoer recapped his recent trading operations: He incurred millions of dollars in losses from shorting ETH recently, but also successfully shorted ETH at its peak when the price reached $2,525.
Jiang Zhuoer, founder of BTC.TOP (LeiBit Mining Pool), said in a recent post that two trades he made are worth summarizing. One was a short position on Ethereum (ETH): he entered at $1,834 and stopped out at $2,100, losing millions of dollars. This is his single largest loss since he began trading swing positions, with multiple mistakes made during the process. The other was a short position opened at $2,525 that took profit at $2,450, successfully catching the market top within less than 1% of the peak — a rare stroke of luck. He will conduct a detailed review of his prior trades later.
7 minutes ago
Ethereum surpasses $2,500, with a 1.6% gain in the last 24 hours.
According to HTX market data, Ethereum has surged past $2,500, posting a 1.6% gain over the past 24 hours.
7 minutes ago
US Treasury may deploy nearly $1 trillion to fund the expansion of its US Treasury bond repurchase program.
A senior U.S. Treasury official said the U.S. Treasury may draw funds from its General Account (TGA) — nearly $1 trillion — to fund the recently announced expansion of its U.S. Treasury bond repurchase program. Using the TGA would give the Treasury a powerful tool to influence long-term bond yields. Last week, the U.S. Treasury announced it would double the repurchase size of long-term non-newly issued bonds, raising it from $2 billion to at least $4 billion, a move that surprised markets. Treasury Secretary Scott Bessent said the actual operational size could even exceed this new minimum threshold. However, the Treasury did not disclose the source of the repurchase funds. Most market participants had previously expected the Treasury to raise funds by issuing short-term Treasury bills, though the senior official did not rule out this option. According to market data from BIT (bit.com), U.S. Treasuries extended their rally, with the 10-year Treasury yield falling 4 basis points to 4.70%.
7 minutes ago
Serenity remains heavily invested in AAOI, but the timing of its $600 million at-the-market offering is unfavorable. Production constraints and demand visibility underpin its holding stance.
Serenity remains bullish on optical communications stock Applied Optoelectronics (AAOI) but criticized the company’s at-the-market (ATM) equity financing. “We dislike AAOI’s over-reliance on ATM offerings, a principle that applied equally to IREN and POET before, and we will not treat AAOI differently,” the firm stated. Its sharpest criticism centers on timing: the roughly $600 million ATM should have been launched after the completion of 1.6T optical module qualification, a milestone expected in the coming weeks, or structured as convertible bonds priced above market value. Instead, the company rolled out the offering after its share price dropped from $220 to $130, and every subsequent use of the ATM will trigger short-term structural selling pressure and sustained stock price suppression. Serenity explained its core rationale for maintaining a heavy position in AAOI: the firm faces capacity constraints while demand visibility is very high, making AAOI more attractive than POET. “Investors can hold AAOI’s stock long-term without supporting every business decision of its management,” it said. “You can absolutely criticize the management’s financing pace while still holding its stock based on the supply-demand structure.” AAOI reported 86% year-on-year revenue growth in the second quarter, beating expectations, but its third-quarter guidance was weak. The latest ATM offering has further amplified market concerns over short-term valuation and liquidity.
7 minutes ago
Pakistan has rolled out its cryptocurrency regulatory framework, mandating digital asset firms to complete registration by September 5.
Pakistan’s Virtual Assets Regulatory Authority (PVARA) has announced the official launch of the country’s cryptocurrency regulatory regime. Digital asset companies must submit applications for No Objection Certificates (NOCs) by the September 5 deadline, or cease operations. PVARA noted that licensed entities must comply with strict operational and security standards, including safeguarding client funds, maintaining robust cybersecurity, providing clear disclosures, and upholding transparent business practices. The licensing rules under Pakistan’s Virtual Assets Act 2026 cover 11 crypto-related activities, including custody, trading platforms, brokerage dealers, and derivatives. Earlier, Pakistan’s State Bank lifted the ban on financial institutions providing banking services to crypto firms in April, though banks themselves remain prohibited from investing in, trading, or holding crypto assets. Pakistan had long adopted a restrictive stance on cryptocurrencies; the establishment of this regulatory framework signals a policy shift from restriction to regulation, aiming to integrate the crypto industry into the formal financial system within anti-money laundering (AML) and consumer protection frameworks.
President Trump announced that the Commodity Futures Trading Commission (CFTC) is exploring a legal pathway to allow Hyperliquid, a blockchain-based perpetuals exchange, to operate in the U.S. The CFTC has reportedly directed staff to consider rules for non-registered crypto exchanges. Trump’s comments come as Hyperliquid’s native token, HYPE, has seen a 40.8% increase over the past week. The move has outperformed both Bitcoin (BTC) and Ethereum (ETH), which rose 22.5% and 30.0%, respectively, during the same period. Market participants appear to view this regulatory development as potentially supportive of further increases in HYPE’s value.
Key Takeaways Trump’s statement suggests potential U.S. regulatory accommodation for Hyperliquid, which may support increased volume and interest in HYPE. Hyperliquid’s recent performance shows a significant rise in HYPE, outpacing major cryptocurrencies like BTC and ETH. The market pricing for Hyperliquid reaching $100 by the end of 2026 has risen to 67% YES, indicating growing optimism among market participants. What to Watch Observers will be keenly focused on developments from the CFTC regarding possible regulatory frameworks for non-registered crypto exchanges. Any official announcements or changes in the regulatory landscape could influence market sentiment and pricing for HYPE. Additionally, Hyperliquid’s performance relative to major cryptocurrencies and its ability to maintain its recent momentum will be crucial indicators to watch. The market’s response to these developments will likely shape the outlook for HYPE’s price trajectory into 2026.
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Term Structure
Contract Odds Δ since publish Volume 24h December 31 66.5% — — View market → January 1 2027 4% — — View market → January 1 2027 2.9% — — View market → January 1 2027 5% — — View market → January 1 2027 3.1% — — View market → January 1 2027 82.5% — — View market →
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Hyperliquid, a notable player in the blockchain sector, has reported generating $6.2 million in fees within a single day, surpassing the combined fees of the top five blockchain networks. This performance highlights exceptional on-chain activity, driven by high demand and user engagement. The surge in fees and activity has led to increased attention in prediction markets surrounding Hyperliquid’s future price trajectory. The token, HYPE, was between $79 and $81 and boasts a market cap ranging from $18 to $20 billion.
Key Takeaways Market pricing suggests increased confidence in Hyperliquid reaching $100 by the end of 2026, with YES pricing rising from 49% to 66.5% in just 24 hours. The significant fee generation indicates strong user activity and market interest, consistent with scenarios where Hyperliquid maintains or increases its current momentum. Comparisons with the top five chains suggest Hyperliquid’s current operational scale and user engagement are exceptional, reinforcing market support for higher valuations. What to Watch Observers should monitor upcoming developments that could influence Hyperliquid’s market position, including potential partnerships, regulatory announcements, or technological advancements. Any major news related to Hyperliquid’s security, user base, or institutional investment could sway market sentiment. Additionally, reports from influential media outlets or commentary from key industry figures like Changpeng Zhao or Brian Armstrong could further impact market perceptions and pricing scenarios.
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Term Structure
Contract Odds Δ since publish Volume 24h December 31 66.5% — — View market → January 1 2027 4% — — View market → January 1 2027 2.9% — — View market → January 1 2027 5% — — View market → January 1 2027 3.1% — — View market → January 1 2027 83.5% — — View market →
Abraxas Capital, a London-based digital assets firm managing over $4 billion, has assembled a staggering short position portfolio on Hyperliquid while simultaneously withdrawing $173.17 million in Ethereum from Binance over four days. The dual-pronged strategy paints a picture of a firm betting aggressively on price declines across major tokens while keeping a hefty spot cushion to manage risk.
The numbers are eye-catching. Across two wallets on Hyperliquid’s decentralized perpetual futures platform, Abraxas holds roughly $598 million in predominantly short positions. That includes $193.9 million short on ETH, $175.4 million short on Bitcoin, $141.6 million short on Hyperliquid’s native HYPE token, and $65.8 million short on Solana.
A whale that keeps adding weight Abraxas isn’t just sitting on these positions. The firm has been actively increasing exposure, adding approximately $19.5 million in gross shorts within a two-hour window recently.
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Since mid-2025, the firm has consistently maintained short exposure ranging from $500 million to over $900 million on Hyperliquid, frequently ranking as the platform’s largest single whale. At its peak, the short book reportedly exceeded $900 million.
Right now, the trade isn’t exactly printing money. Abraxas is carrying an unrealized loss of $80.8 million across its positions.
The $173 million in ETH withdrawals from Binance supports that read, as the spot purchases serve as a natural hedge against the short perpetual exposure.
Funding rate arbitrage, not a doomsday bet The firm has realized profits exceeding $300 million, primarily through funding-rate arbitrage rather than pure directional trading. The strategy works like this: when perpetual futures trade at a premium to spot prices, shorts collect periodic funding payments from longs. By pairing short perp positions with nearly equal spot purchases of the underlying asset, Abraxas can harvest those funding payments while staying roughly market-neutral.
This approach has been particularly visible in how Abraxas handles its HYPE exposure. The firm has paired its $141.6 million HYPE short with spot purchases of the token, creating a hedged position that profits from the funding rate differential rather than from HYPE’s price falling.
The ETH withdrawals from Binance fit the same pattern. Pulling $173.17 million in ETH to cold storage or self-custody wallets while holding $193.9 million in ETH shorts creates a nearly balanced book.
What this signals for the broader market Abraxas has demonstrated flexibility before. The firm reduced its short exposure from $760 million in November 2025 down to approximately $270 million, showing it’s willing to cut and re-enter rather than ride positions into oblivion. The current buildup back toward $600 million suggests the firm sees favorable funding-rate conditions worth capturing at scale.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
US crypto-related stocks show mixed performance in pre-market trading, with PURR rising over 3%.
According to market data from BIT (bit.com), U.S. pre-market crypto-related stocks were mixed, with: CRCL down 1.59%, MSTR down 0.36%, MARA down 1.15%, COIN down 1.37%, RIOT down 0.66%, BMNR up 0.51%, and PURR up 3.12%.
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He Yi Reminds: CZ Does Not Use WeChat, Beware of Scams
Binance co-founder He Yi has issued a statement noting that CZ does not use WeChat. The highly active "Binance Mall" WeChat groups and the fake CZ accounts within them are run by scammers promoting pyramid schemes. Please alert one another to guard against fraud.
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Analysis: Bull-Bear Indicator Reaches Bullish Inflection Point, Signals of Market Recovery Strengthen
CryptoQuant analyst Darkfost has published a post noting that the bull-bear market indicator has just shifted into the early phase of a bull market. Though the indicator is not a flawless market signal, this shift confirms that market conditions have improved notably. This trend warrants close monitoring in the weeks ahead.
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Iranian Foreign Ministry Spokesperson: Has Not Yet Received an Invitation to Join the Mecca Agreement
Iranian Foreign Ministry Spokesperson stated, "We have not yet received an invitation to join the Mecca Agreement, but we have put forward a dialogue proposal to these countries (Saudi Arabia, Bahrain, Turkey) regarding regional security issues."
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Hong Kong-listed large language model concept stocks continue to decline, with Zhipu AI falling more than 11%.
According to Bitget market data, Hong Kong-listed large language model concept stocks have continued to slump. Zhipu fell over 11% intraday, while MINIMAX dropped more than 10%.
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Unitree Robotics has over 20 billion yuan wiped off its market cap in a single day.
C Yushu-W opened lower and trended downward today. By the close of trading, it was priced at 603.08 yuan, down over 10%, with a total market capitalization of 243.9 billion yuan. Calculated based on the previous trading day's closing price, Yushu Technology's market cap evaporated by more than 20 billion yuan intraday, and by over 200 billion yuan compared to its opening on the first day of listing.
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.
US crypto-related stocks show mixed performance in pre-market trading, with PURR rising over 3%.
According to market data from BIT (bit.com), U.S. pre-market crypto-related stocks were mixed, with: CRCL down 1.59%, MSTR down 0.36%, MARA down 1.15%, COIN down 1.37%, RIOT down 0.66%, BMNR up 0.51%, and PURR up 3.12%.
10 minutes ago
He Yi Reminds: CZ Does Not Use WeChat, Beware of Scams
Binance co-founder He Yi has issued a statement noting that CZ does not use WeChat. The highly active "Binance Mall" WeChat groups and the fake CZ accounts within them are run by scammers promoting pyramid schemes. Please alert one another to guard against fraud.
10 minutes ago
Analysis: Bull-Bear Indicator Reaches Bullish Inflection Point, Signals of Market Recovery Strengthen
CryptoQuant analyst Darkfost has published a post noting that the bull-bear market indicator has just shifted into the early phase of a bull market. Though the indicator is not a flawless market signal, this shift confirms that market conditions have improved notably. This trend warrants close monitoring in the weeks ahead.
10 minutes ago
Iranian Foreign Ministry Spokesperson: Has Not Yet Received an Invitation to Join the Mecca Agreement
Iranian Foreign Ministry Spokesperson stated, "We have not yet received an invitation to join the Mecca Agreement, but we have put forward a dialogue proposal to these countries (Saudi Arabia, Bahrain, Turkey) regarding regional security issues."
10 minutes ago
Hong Kong-listed large language model concept stocks continue to decline, with Zhipu AI falling more than 11%.
According to Bitget market data, Hong Kong-listed large language model concept stocks have continued to slump. Zhipu fell over 11% intraday, while MINIMAX dropped more than 10%.
10 minutes ago
Unitree Robotics has over 20 billion yuan wiped off its market cap in a single day.
C Yushu-W opened lower and trended downward today. By the close of trading, it was priced at 603.08 yuan, down over 10%, with a total market capitalization of 243.9 billion yuan. Calculated based on the previous trading day's closing price, Yushu Technology's market cap evaporated by more than 20 billion yuan intraday, and by over 200 billion yuan compared to its opening on the first day of listing.
Against the backdrop of Trump's mentions and favorable crypto policies, HYPE has hit successive new highs, while tokens in the Hyperliquid ecosystem have also seen a broad rally. According to GMGN market data, Hyperliquid ecosystem meme coin PURR currently has a market cap of $87.93 million, up over 57% in 24 hours; KNTQ, the token of Hyperliquid ecosystem restaking protocol Kinetiq, carries a market cap of $55.05 million, up 19% in 24 hours. Additionally, meme coin speculation on Hyper EVM is gaining momentum: EGG surged to a $9 million market cap yesterday before pulling back, now standing at $4.93 million with a 24-hour gain of 187%; Chomolon Joff (JOFF) has a market cap of $11.41 million, up 233.4% in 24 hours. BlockBeats reminds users that prices of related tokens are highly volatile, so investors should exercise caution.
Crypto market maker Wintermute has ramped up its short exposure on the Hyperliquid derivatives platform to around $190.8 million, according to on-chain data from Onchain Lens. The move marks a notable increase from a prior position of $146.19 million and spans five of the largest tokens in the market.
A Broad Bet Across Major Tokens
The $XRP short stands out given the token's recent price strength. XRP has gained nearly 47% over the past seven days, meaning Wintermute's bearish position is swimming against a strong tide. The firm's overall book currently carries around $5.85 million in unrealized losses as a result.
Hedging or a Directional Call? Wintermute has previously described its approach as rules-based and
Sources:
CryptoRank: Wintermute Raises Short Positions to $190M on Hyperliquid
Yahoo Finance: Why Wintermute and Other Market Makers Stopped Trading During Bitcoin Crash
CryptoPotato: BTC, ETH, XRP Tumble as Wintermute Builds Heavy Short Positions
Hyperliquid’s native token HYPE surged approximately 35% in the past week, moving from nearly $59 on August 18 to $79.50, as regulatory signals from the United States and strong participation on the Hyperliquid platform drove renewed trader interest.
Regulatory catalysts and platform growthMomentum intensified on August 20, when HYPE convincingly broke above $60 and quickly moved past $70. Buyers seized on this breakout, lifting the price beyond $80 and toward $83 before some profit-taking set in.
A key factor behind the rally came on August 19. US President Donald Trump stated that Commodity Futures Trading Commission Chair Mike Selig was working to establish Hyperliquid in the US under full legal compliance. Traders responded to the announcement by bidding up the token, anticipating a potential regulatory path for the decentralized derivatives exchange in the American market.
Additional support for HYPE’s momentum came from an uptick in platform activity. On August 23, Hyperliquid generated roughly $6.2 million in daily fees, surpassing the combined fees of several competing blockchain networks, according to comparisons from Crypto Briefing.
Part of Hyperliquid’s protocol revenue is allocated to token purchases via the platform’s Assistance Fund, directly linking fee growth to potential demand for HYPE.
In a market where a single Fed decision or a sudden altcoin listing can change everything in seconds, jumping between different apps for charts, news, and portfolio tracking is costing investors money. Smart traders are now utilizing privacy-first tools like CryptoAppsy to consolidate everything. Without even the hassle of creating an account, you get real-time charts, smart price alerts, coin-specific news, and critical macro data all on one screen.
Hyperliquid’s product environment has expanded due to Hyperliquid Improvement Proposal 3 (HIP-3), enabling external builders to launch perpetual markets. Coin Metrics reported that Trade[XYZ] has emerged as a dominant participant under this structure, generating nearly 55% of the trading volume in August.
HIP-3 developers have broadened available assets by introducing perpetual markets tied to stocks, commodities, and indices. Trade[XYZ] has extended activity into niches such as chipmakers and computing-related assets, reducing the protocol’s dependence on crypto perpetuals exclusively. Hyperliquid now maintains a diverse marketplace spanning both native and HIP-3 markets.
Regulatory engagement continues. On August 18, the Hyperliquid Policy Center and Trade[XYZ] jointly submitted a proposal to the Securities and Exchange Commission advocating for pre-IPO perpetual contract frameworks. The proposal aims to chart a regulatory path that could permit US investors to access these innovative products.
HYPE price action and technical outlookThe daily price chart suggests that HYPE’s uptrend remains intact despite the recent pullback. Price closed firmly above the June highs of $74 to $76 before peaking near $83 and retracing to $79.50.
The Aroon indicator continues to reflect bullish conditions. Aroon Up stands at 92.86%, while Aroon Down sits at 7.14%, indicating that recent highs are sustaining broader trend strength. The Chaikin Money Flow (CMF) offers further support, hovering around 0.22 and showing persistent buying pressure alongside capital inflows during the latest advance.
Higher trading volumes accompanied the breakout through $58 to $60 and reinforced technical momentum. Now, the critical upside challenge is the $82 to $84 range, where the rally recently stalled. A daily close above this zone could lead to a move toward $90, with $95 and $100 as potential targets if momentum strengthens.
Downside risk has grown as well. The $74 to $76 area is the main support HYPE bulls will look to defend. Should this level break, the token could face a larger retracement toward $70, making the previously established support of $64 to $68 relevant if the bullish structure gives way.
Intraday charts reveal that HYPE may need further consolidation before resuming higher. The Supertrend indicator remains positive, with its support line positioned near $72.67. Despite the minor correction, HYPE’s price sits well above this threshold. The region between $72 and $76, aligned with the Supertrend, remains pivotal in the event of intensifying downward pressure.
Meanwhile, the Stochastic RSI has dropped into oversold territory following a steep rally, with %K and %D readings now in the low teens. If price holds between $78 and $79 and momentum reverses, buyers could make another attempt to retest $82 to $84 without a deeper retracement.
If sellers gain traction, however, support at $76 to $77 and then $72.67 will be closely watched. A 4-hour close below the Supertrend would weaken the structure further and possibly bring $70 into focus.
For now, daily Aroon and CMF measures reinforce the broader uptrend, while the bullish Supertrend shows breakout structure holds firm. Yet, the Stochastic RSI indicates short-term momentum has cooled following the advance, keeping $82 to $84 as the immediate upside test and $72 to $76 as the key support.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
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.
A Hyperliquid user has lost about 550,000 USDC after a Google sponsored advertisement directed the victim to a fake version of the decentralized trading platform, with investigators linking the theft infrastructure to the Inferno drainer ecosystem.
Summary
A Hyperliquid user lost about 550,000 USDC after clicking a Google sponsored ad for a fake website. Salus linked the attack infrastructure to the Inferno drainer ecosystem. The backend automatically split the stolen funds among addresses tied to the operation. Groups linked to the infrastructure were connected to about $52.74 million in losses. Blockchain security firm Salus said in an Aug. 24 post on X that the theft took place on Aug. 13 and involved a counterfeit Hyperliquid website promoted through paid Google search results. After tracing the stolen funds and reviewing the infrastructure behind the page, the firm said it connected the operation to a professional drainer-as-a-service network associated with Inferno.
On August 13, 2026, a fake Hyperliquid website promoted through Google sponsored ads caused a victim to lose 550k USDC.
After cross-checking the subsequent fund flows, we confirmed that the case involved professional drainer-as-a-service infrastructure closely linked to the…
— Salus (@salus_sec) August 24, 2026 Hyperliquid phishing case used automated theft infrastructure Salus said its undercover investigation found that the service solicited customers through the Telegram account @AngelFernoOwner. The operator advertised tools including malicious scripts, administrative panels, approval-command generation, one-time contract deployment, automated draining, cross-chain withdrawals, token swaps, and fund consolidation.
The service also offered “automated revenue sharing,” according to the security firm, allowing proceeds from successful phishing attacks to be divided among participants without manual transfers.
In the Hyperliquid case, Salus attributed separate roles to the phishing group and the backend service. The group bought the sponsored advertisements, deployed the spoofed Hyperliquid entry point, and supplied the address designated to receive the proceeds. Once the victim approved the malicious transaction and the funds were taken, the infrastructure handled the split automatically.
According to Salus, address 0x98b276…13C55 received 80% of the proceeds, while 0x93b6B2…1d6D1 received 15% and 0x6fE314…B566 received 5%. A fourth address, 0x9bcd…9104a, executed the drain.
Earlier reporting on the Aug. 13 incident showed roughly 550,019 USDC moving in three transfers of about 440,015 USDC, 82,503 USDC and 27,501 USDC to addresses identified by security researchers as attacker-controlled. Google later suspended the advertiser linked to the reported campaign, according to reports published after the theft.
Drainer-as-a-service model provides ready-made phishing tools The setup described by Salus follows a model in which phishing operators can use ready-made wallet-draining infrastructure while concentrating on advertising, fake websites, and victim targeting.
As crypto.news explained in July 2026, wallet drainer services are built around malicious approvals that allow an attacker-controlled contract to transfer tokens after a user signs a transaction. The report also described drainer-as-a-service operations as an industry in which developers supply malicious software and share stolen proceeds with affiliates who bring in victims.
Such infrastructure can separate the visible phishing campaign from the software used to process approvals and move assets. In the latest case, Salus said the advertised package covered both the initial draining tools and later stages such as cross-chain withdrawals, swaps, consolidation, and profit distribution.
Inferno has been tied to other large approval-phishing cases. A May 2026 Coinbase lawsuit report covered an anonymous investor who alleged that about $55 million in DAI was stolen in August 2024 after the victim interacted with a fake login page. The complaint said the attacker used Inferno Drainer, while blockchain security firm Zero Shadow later traced part of the stolen assets to a Coinbase retail account.
Salus links infrastructure to $52.74 million in losses Tracing beyond the Hyperliquid victim, Salus said groups connected to the infrastructure were linked to approximately $52.74 million in total losses across multiple phishing incidents.
One of the largest cases cited by the firm involved the attacker behind the September 2025 UXLINK exploit. On Sept. 23, 2025, the attacker later became the victim of an approval-phishing attack that moved roughly 542 million UXLINK tokens.
A September 2025 UXLINK phishing report said ScamSniffer detected a malicious increaseAllowance approval that enabled phishing addresses to drain more than $43 million worth of UXLINK at the time. SlowMist founder Yu Xian said the theft was likely carried out by Inferno Drainer using an authorization-phishing method.
The phishing incident followed the original UXLINK compromise one day earlier. Attackers had exploited a delegateCall vulnerability in the project’s multi-signature wallet, obtained administrator privileges, and moved about $11.3 million in assets, while unauthorized token minting caused further disruption. The later phishing theft removed hundreds of millions of UXLINK from the exploiter’s own wallet.
Salus also linked the infrastructure to an April 15, 2026 incident involving CoW.fi. According to the security firm, the protocol’s official domain was hijacked, and one associated victim lost about 316,000 USDC.
A third incident cited by Salus occurred on July 9, when a suspected fake decentralized application or fake airdrop prompted a malicious approval that resulted in the theft of 999,999 USDT. ScamSniffer had reported the transaction, according to the firm’s account of the case.
Evidence and high-risk addresses sent for action The Hyperliquid case follows other phishing operations in which attackers copied recognizable crypto brands and used familiar online services or development platforms to place malicious pages in front of potential victims.
A March 2026 OpenClaw phishing report described attackers creating fake GitHub accounts and cloned websites before directing developers to malicious wallet-connection prompts. OX Security said the campaign used obfuscated code and targeted users with fake token offers, although no confirmed victims had been reported at the time.
For the Aug. 13 Hyperliquid theft, Salus said its investigation covered the subsequent fund flows, the service infrastructure and the accounts used to recruit phishing operators. The firm said all supporting evidence, identified high-risk addresses and related intelligence had been formally submitted to relevant organizations for risk labeling and coordinated action.
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.
Following one of its biggest daily movements of the year, XRP has completely altered its short-term technical structure. After briefly rising to about $1.70, the asset is currently trading at about $1.49. The breakout was accompanied by a significant increase in trading volume.
XRP's fundamental improvements Most significantly, the whole cluster of major moving averages has been cleared by XRP. The shorter averages are located much lower at about $1.10-$1.18, while the long-term moving average near $1.35 served as the last significant dynamic resistance. Therefore, holding above $1.35 would indicate a significant structural improvement as opposed to a brief spike in volatility.
XRP/USDT Chart by TradingViewBut the rally has grown incredibly long. With a daily RSI of about 86, XRP is extremely overbought. Additionally, the lengthy upper wick at $1.70 indicates that sellers have already reacted forcefully at higher prices. The $1. 50-$1. 55 area is the immediate problem. The route toward $1.60 and ultimately the most recent intraday peak of $1.70 could be reopened by a daily close above this area.
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XRP would have comparatively little visible resistance before the $1.80-$2.00 range if it broke $1.70. A correction wouldn't always render the breakout invalid. The long-term moving average and the breakout area are located at $1.35, which is the first significant support.
The larger recovery structure is maintained if XRP is able to establish that level as support. However, a decline below $1. 35 would increase the likelihood that the explosive move was an exhaustion event rather than the start of a long-term trend reversal.
Shiba Inu building recovery structureAfter months of consistent downward pressure, Shiba Inu is trying to build a recovery structure, but the most recent rejection indicates that bulls have not yet achieved a complete trend reversal. Following an explosive move that momentarily raised the token above $0.00000600, SHIB is currently trading around $0.00000544.
SHIB/USDT Chart by TradingViewThe long-term moving average, which is currently at $0.000574, was the most significant technical barrier in the current setup since that rally was promptly rejected close to it. The fact that SHIB is still higher than its shorter moving averages is a positive development. The token has recovered the orange average at $0.00000493, and there is more support at $0.00000480 and $0. 00000457.
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As a result, the short-term structure is significantly healthier than it was in June and July. It has also gained momentum. After the rejection, RSI is now close to 64, above its signal line but not overbought. During the breakout attempt, trading volume increased significantly, indicating real market participation as opposed to a low-liquidity drift higher.
Now, SHIB must convert $0. 00000550-$0. 00000575 into support. The former March-May consolidation zone, which is located between $0. 00000620 and $0. 00000660, would be exposed after a clear break above the long-term moving average at roughly $0.00000600.
SHIB would remain susceptible to another retracement if that obstacle was not overcome. The current recovery would be weakened if the token lost $0. 00000490, and it would revert to its previous bearish structure if it moved below roughly $0. 00000455. The long-term resistance directly overhead continues to be the crucial test, but for now, SHIB has momentum.
Hyperliquid's skyrocketing continuesAfter momentarily reaching about $82.50, Hyperliquid has continued its breakout and is currently trading around $80. The move confirms that the August recovery has grown into a much larger bullish impulse and places HYPE firmly above its prior June-July peaks around $75–$77, giving the token a new local high.
HYPE/USDT Chart by TradingViewTechnically, the structure is very robust. With dynamic support presently concentrated around $63. 21, $61.10, and $58.56, HYPE trades significantly above all major moving averages. Near $52.42, the long-term average is still significantly lower. The distance between price and these averages illustrates both the strength of the move and the length of HYPE.
The biggest immediate risk is now that extension. At 80. 55, the daily RSI is clearly in overbought territory. Additionally, volume has increased significantly during the breakout, bolstering the move's legitimacy and raising the likelihood of profit-taking following such quick appreciation.
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Keeping the price between $75 and $77 is now crucial for bulls. The first significant area of support ought to be this former resistance zone. A path toward $82. 50 and possibly $85-$87.50 would be preserved if it were held. While HYPE's overall structure is still bullish while it remains significantly above the $60-$63 region, a decline below $75 would instead raise the likelihood of a deeper retest toward $70.
Bitcoin's breakout might slow downBitcoin has experienced a significant technical breakout, rising from the consolidation range of $63,000 to $65,000 to roughly $77,000 in a few daily sessions. More significantly, one of the strongest technical barriers that had kept the price contained since the start of the wider downtrend has been removed as Bitcoin has crossed its long-term moving average at roughly $71,689.
The move's credibility was increased by the breakout's significant volume expansion. Additionally, Bitcoin trades well above its shorter moving averages, which are currently centered between $65,100 and $67,500. Momentum, however, is now severely stretched. The daily RSI is at about 80, while its moving average is at about 58 points.
BTC/USDT Chart by TradingViewThat does not necessarily mean a quick reversal, but it does make further upside more reliant on consistent buying as opposed to just momentum continuation. The May peak is located between $82,000 and $82,500, and the first resistance is located around $80,000. The $85,000 region might become visible if that area were cleared, which would be another significant structural improvement.
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On a pullback, the more crucial test might occur. Because it includes the recently reclaimed long-term moving average and breakout region, the $71,500–$72,500 area now serves as the crucial support zone.
The claim that Bitcoin has moved out of its prior bearish structure would be strengthened by a successful retest. That thesis would be undermined if $71,500 were lost, exposing $67,000 to $68,000. Although BTC has currently reached the necessary breakout bulls, consolidation would be preferable to another quick vertical advance due to its overbought momentum.
XRP, Shiba Inu, Hyperliquid, and Bitcoin have all made notable technical advances, with each asset climbing past crucial resistance zones. The most significant of these moves came from XRP, which surged to $1.70 before settling near $1.49, marking one of its largest intraday swings this year. This rally was underpinned by a sharp rise in volume, indicating strengthened buyer activity.
XRP clears major resistance, but faces overbought conditionsXRP has successfully moved above a dense cluster of major moving averages, with the key long-term average at $1.35. Shorter-term averages remain between $1.10 and $1.18, highlighting the extent of the breakout. The ability to hold above $1.35 now distinguishes a sustained trend reversal from a short-lived price spike.
With the daily Relative Strength Index (RSI) now at 86, XRP appears extremely overbought, and a long upper wick at $1.70 suggests significant selling pressure at higher price levels. Immediate resistance is now seen in the $1.50 to $1.55 range. If XRP closes above this zone, it could open a path toward $1.60 and potentially a retest of the recent $1.70 high.
If XRP breaks $1.70, visible technical resistance would not emerge before the $1.80 to $2.00 range. Even if a correction follows, the breakout remains valid as long as the price stays above $1.35. A decline below this support could indicate the rally was a temporary burst of volatility rather than a full reversal.
XRP’s ability to maintain support above the $1.35 breakout level is vital for the broader recovery structure. Failure to hold this level would increase the likelihood that recent gains represented an exhaustion move rather than a bullish long-term shift.
Shiba Inu seeks to build recovery momentumAfter sustained downward pressure, Shiba Inu is attempting to establish a recovery trend. The token briefly rose above $0.00000600, but now trades near $0.00000544 after encountering resistance. Its most significant technical obstacle is the long-term moving average, now at $0.00000574, where the recent rally was quickly rejected.
On a positive note, Shiba Inu remains above its shorter-term moving averages. The token recently reclaimed the orange average at $0.00000493 and finds support near $0.00000480 and $0.00000457. The recent rejection brought the RSI to around 64—above its signal line but not yet overbought—which, combined with strong trading volume, suggests real market interest during the attempted breakout.
For a sustained uptrend, Shiba Inu needs to establish the band between $0.00000550 and $0.00000575 as support. A decisive move above the long-term average at $0.00000600 would target the next resistance, connected to the March to May consolidation zone near $0.00000620 to $0.00000660.
If Shiba Inu cannot overcome resistance near $0.00000600, the risk of retracement remains. Fall below $0.00000490 would weaken its current structure, while a drop under $0.00000455 would mark a return to its earlier bearish trend.
Hyperliquid maintains rally, but caution growsHyperliquid, a decentralized perpetuals protocol token, extended its surge, reaching $82.50 before consolidating around $80. This breakout places HYPE above its earlier summer highs of $75 to $77, setting a new local peak. The token remains well above major moving averages, with dynamic support found between $58.56 and $63.21. The long-term average sits much lower at $52.42.
The swift rally brings risk of overextension, with the daily RSI at 80.55, deep in overbought territory. Trading volume has increased substantially during this move, confirming active participation and raising the prospect of profit-taking as the asset appreciates quickly.
Holding the former resistance zone at $75 to $77 is now crucial for bulls. If maintained, a further push toward $82.50 and possibly $85 to $87.50 remains possible. However, a drop below $75 could lead to a retest of support around $70, even as the broader structure stays positive above the $60 to $63 region.
Mini dictionary: Hyperliquid is a decentralized on-chain derivatives exchange known for offering perpetual contracts and high leverage trading directly on the blockchain, without the need for a centralized intermediary.
Bitcoin shatters key resistance, enters extended trendBitcoin has staged a strong technical breakout, climbing from consolidation around $63,000–$65,000 to a recent high of nearly $77,000. The move lifted Bitcoin above its long-term moving average near $71,689—seen as a critical resistance level since the start of the broader downturn.
Significant expansion in trading volume accompanied the breakout, while Bitcoin trades well above its shorter moving averages, which cluster between $65,100 and $67,500. The daily RSI now sits at 80, signaling overbought conditions as momentum stretches higher.
Further upside is now closely tied to sustained buying rather than pure momentum. Key resistance lies at $80,000, with the May high zones around $82,000 to $82,500 marking the next major hurdle. Clearing that area could pave the way to the $85,000 region and signal a major structural improvement.
On any pullback, the $71,500 to $72,500 region will be critical for support, incorporating both the recently reclaimed long-term average and the breakout zone. A successful defense here would reinforce Bitcoin’s new positive structure, while a fall below $71,500 could expose the market to another test of $67,000–$68,000 levels.
Despite the latest overbought readings, Bitcoin’s market structure has shifted in favor of the bulls after breaking through multi-month resistance. However, sustained consolidation may be more sustainable than another rapid climb.
AssetPrice (approx.)Key ResistanceKey SupportDaily RSIXRP$1.49$1.70 / $2.00$1.3586Shiba Inu$0.00000544$0.00000600 / $0.00000660$0.00000480 / $0.0000045764Hyperliquid (HYPE)$80$82.50 / $87.50$75 / $7080.55Bitcoin (BTC)$77,000$80,000 / $82,500 / $85,000$71,500 / $67,00080Disclaimer: 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.
Robinhood co-founder: The development of crypto-stock memes has exceeded the company's expectations, as this format connects users to real stock tokens.
Robinhood co-founder Vlad Tenev praised the work of builders on Robinhood’s blockchain during a recent appearance on the popular podcast *The Iced Coffee Hour*. Tenev noted that on-chain developers have built unique liquidity pools and protocols the company did not initially anticipate, combining meme coins, core crypto assets, and stock tokens. Meme coins act as an “entry point” or “reward mechanism” to connect users to actual stock tokens. Looking ahead, Tenev outlined a vision to raise the share of U.S. households holding stocks from roughly 50% before Robinhood’s launch to around 65%, with a long-term goal of pushing that figure above 95%. He emphasized tokenization as a critical tool, stating it will make U.S. blue-chip stocks and other real-world assets more accessible for global distribution. Separately, Binance’s CZ (Changpeng Zhao) also commented on crypto-stock memes on X yesterday, writing: “This is certainly fresh and interesting. But we need to ensure issuers can actually fulfill their obligations.”
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Key events to watch this week: Renewed tensions between the U.S. and Iran, Nvidia’s quarterly report to test the sustainability of the AI rally, and Walsh’s remarks to sway market sentiment.
This week, global markets will face multiple risk events, and the crypto market’s long-awaited rebound will be put to the test. The renewed tensions between the US and Iran will be the primary focus of market attention. US Treasury Secretary Bessent stated that the Trump administration will announce new sanctions against Iran on Monday. Trump previously warned that any country providing support to Iran could face economic consequences. Key events to watch (Beijing time): Monday: US Treasury Secretary Bessent holds a press conference on specific actions to escalate economic sanctions against Iran. Wednesday: US data releases include July core PCE price index year-over-year, July personal spending month-over-month, Q2 real GDP annualized quarterly rate revision, and July core PCE price index month-over-month; Nvidia releases its earnings report after US market close. Thursday: The Jackson Hole Global Central Bank Conference runs from August 27 to 29, with Federal Reserve Chair Waller delivering his first speech on August 28; Nvidia holds its earnings call. Friday: US data releases include August Chicago PMI, preliminary 2026 nonfarm payrolls benchmark revision, final August University of Michigan Consumer Sentiment Index, and final August 1-year inflation expectations.
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Crypto custodian Ceffu withdrew 120 million USDC from Ethena over the past day.
According to monitoring by Onchain Lens, institutional crypto custodian Ceffu has withdrawn 120 million USDC from Ethena’s Coinbase Prime custodial wallet via six transactions over the past day. The most recent withdrawal, totaling 30 million USDC, took place approximately six hours ago.
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Well-known trader Killa expects Bitcoin's correction will not be too large, and the range of 70,000 to 73,000 is likely to be the bottom.
Renowned crypto trader Killa posted a statement yesterday, noting that compared to Bitcoin’s 2022 bottom pattern, he expects the current Bitcoin pullback after a rally to be shallow, with $70,000 to $73,000 likely marking the bottom, and backing a subsequent breakout above the $80,000 mark. “I expect a range to form, allowing accumulation of long positions from chasing highs and liquidity building. The market may even see another liquidation sweep above $79,500 before finally heading toward the $70,000 low, followed by expansion,” Killa said. As a BTC-focused quantitative trader, Killa previously predicted the peak of this bull market in May 2025 and boasts over 200,000 followers on X. In mid-April, he shorted Bitcoin at $74,688, then shifted to long positions during the broad market sell-off on June 5.
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Preview: Nvidia will release its quarterly earnings report after market close this Wednesday, having exceeded analyst expectations in all of its past 14 quarterly reports.
Nvidia is set to release its quarterly earnings report after U.S. markets close this Wednesday, a key event for Wall Street to gauge whether the AI investment boom is still ongoing. Analysts advise the market not to focus solely on the company’s revenue and profits, but also to assess from CEO Jensen Huang’s remarks whether the massive current investment in AI infrastructure can sustain rapid growth. Market expectations for Nvidia’s earnings have been steadily rising. Data shows the chipmaker has beaten analyst earnings estimates in each of the past 14 quarters. In its most recent quarter, Nvidia’s net profit rose 210% year-over-year, well above Wall Street’s prior forecast of 126%. Analysts project the company’s second-quarter revenue will hit a record $92 billion, up from the $78 billion forecast earlier this year. To top current market expectations, Nvidia will need to deliver net profit exceeding $515 billion. However, Nvidia’s stock performance post-earnings follows a notable pattern: in each of the past four quarterly reports, its share price fell on the next trading day. Options markets are currently pricing in a 5.3% price swing for Nvidia’s shares in the session after the earnings release, a larger fluctuation than the average post-earnings move over the past 12 months. Some investors have positioned for a stock pullback, though analysts remain upbeat. Frank Lee, head of tech hardware and semiconductor research at HSBC Global Research, recently lifted Nvidia’s price target from $325 to $360, citing factors including the company’s strategic partnerships with suppliers and its key role in open-source AI.
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The Hang Seng Tech Index’s decline widened to 4%, with MINIMAX-W plunging more than 10%.
According to Bitget’s market data, the Hang Seng Tech Index’s decline has widened to 4%, with MINIMAX-W dropping over 10%.
Bitwise CIO warned that crypto investors may be focusing too narrowly on today's market while missing where the industry could go next.
Crypto investors may be underestimating where the industry is heading, according to Bitwise Chief Investment Officer Matt Hougan, who has pointed to three mistakes he sees in the market right now.
In a recent post, Hougan said that investors are using today’s market size, established brands, and current activity to judge crypto’s future. Those are normally reasonable approaches, but the space is evolving so quickly that these assumptions are becoming outdated.
Investors Missing the Bigger Market His first point is that investors are underestimating what crypto applications could eventually be used for. Uniswap, for example, was built as a platform for trading cryptocurrencies, but Hougan said it should not necessarily be valued only against the roughly $2 trillion market. As stocks, bonds, real estate, and other assets move onto blockchains, the addressable market for platforms such as Uniswap could become much larger.
The stock and bond markets are worth about $150 trillion and $350 trillion, respectively. Tapping these spaces could create an opportunity roughly 100x larger than crypto alone. Hougan said the same applies to applications such as Hyperliquid, Aave and Chainlink, which investors often view simply as crypto platforms.
The second mistake is assuming that the biggest TradFi companies will eventually take over crypto-native businesses. The exec pointed to PayPal’s stablecoin launch in 2023 as an example. Despite its global brand and position in payments, PYUSD only accounts for 1% of the stablecoin market, while Tether and Circle dominate 88%.
Fidelity faced a similar situation after launching its crypto custody service in 2019. While Fidelity has performed well in the market, Coinbase has become the largest crypto custodian in the US. The same goes for CME’s position in crypto derivatives and Bakkt, which was backed by Intercontinental Exchange, as examples of traditional finance companies that did not end up dominating their respective markets.
He said crypto-native firms have an advantage because they tend to move faster, focus entirely on crypto, and already have users and trust within the sector.
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While this alone does not mean volume will rise 5x, Hougan believes that the combination of round-the-clock trading and AI-driven activity could push stock transactions 10x higher. He added,
“I can imagine 50x or 100x.”
There exists a similar opportunity in payments, where activity involving AI agents could far exceed current levels. While higher volumes may bring lower fees, Hougan asserted that transaction growth of this scale is likely to more than offset that pressure.
The Bitwise CIO isn’t the only one pointing to artificial intelligence as a potential catalyst for crypto. Back in June, Binance founder CZ said that AI agents could rely on blockchain payments because TradFi systems often require human authentication and are not designed for autonomous software.
He expects agentic trading and payments to emerge within months, while AI-related activity could also add to blockchain trading volumes rather than compete with crypto.
According to monitoring by Onchain Lens, market maker Wintermute has recently continued depositing funds into Hyperliquid and expanding its short positions. Its total short exposure has risen from the previous $146 million to $191 million, adding approximately $44.58 million in short positions. Currently, its top five short positions are: ETH (~$53.02 million), BTC (~$30.66 million), SOL (~$22.62 million), HYPE (~$11.43 million), and XRP (~$10.19 million). The address currently has an unrealized loss of roughly $5.85 million. Additionally, Wintermute is transferring large amounts of funds to centralized exchanges such as Binance; the scale of its CEX perpetual contract positions remains to be further observed.
According to Defillama data, Hyperliquid's weekly revenue hit $16.93 million this week, a nearly 196% jump from last week's $5.72 million. Fueled by this week's rebound in the crypto market, demand for perpetual contract trading has risen, driving simultaneous growth in the platform's trading volume and fee revenue. Separately, HTX market data shows Hyperliquid's native token HYPE has rallied over 37% this week, currently trading at $78.66.
Cover image via depositphotos.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
With open interest rising above $13 billion for the first time since October, Hyperliquid has achieved a derivatives-market milestone not seen since October. Both price and speculative positioning are at abnormally high levels as the move coincides with HYPE surpassing its prior price highs and momentarily reaching the $82 area.
Exposure is increasingThe total amount of unsettled outstanding derivatives contracts is measured by open interest. Therefore, an increase over $13 billion suggests that traders are increasing their exposure rather than just closing their existing positions. Expanding OI typically indicates that more capital is entering leveraged positions and participating in the move in conjunction with rising prices.
HYPE/USDT Chart by TradingViewHYPE's daily chart backs up that theory. The token broke through the previous $75–$77 resistance area and is currently trading at about $79.30 after hitting about $82.50. The most recent breakout was technically significant because that zone halted multiple advances in June and July.
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Additionally, volume has significantly increased throughout the advance. In multiple sessions, HYPE has risen from about $56 to almost $80, leaving its major moving averages well behind. The closest averages, which are currently at $63.16, $61.09, and $58.55, show how rapidly the market has grown. However, there is an obvious short-term risk associated with this combination.
Agressive deleveraging With the daily RSI at around 80, HYPE is firmly in overbought territory. When an overextended price is combined with record-high positioning, even a slight reversal could lead to aggressive deleveraging. As a result, the $75–$77 range becomes the first crucial test.
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The claim that HYPE has entered a new phase of price discovery would be strengthened if previous resistance were held as support. In that scenario, $80 might establish itself as support, and the subsequent psychological targets would be $85 and eventually $90. If the rejection were below $75, things would be different.
Leveraged exposure has increased significantly with open interest above $13 billion, raising the possible size of liquidations in the event that momentum reverses. Around $60 to $63 is the next significant support cluster.
As of right now, HYPE is supported by exceptionally strong derivatives participation as well as a confirmed technical breakout. However, the same $13 billion milestone that shows market strength also implies that much more leverage now depends on the rally continuing.
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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Open interest in the derivatives market for HYPE, a prominent cryptocurrency token, has surged above $13 billion for the first time since October, marking a significant milestone for the Hyperliquid trading platform. This increase in open interest indicates that traders are aggressively adding new leveraged positions as HYPE’s price moves upward, rather than simply exiting existing trades.
HYPE price breaks resistance with strong momentumIn recent sessions, HYPE climbed above its previous resistance zone between $75 and $77, reaching a high near $82.50 before settling at approximately $79.30. This technical breakout is considered notable, as prior attempts to surpass this range were repeatedly halted during June and July. The sustained move above this level suggests a potential shift in trader sentiment and market dynamics for the token.
Trading volume has spiked throughout the advance, reflecting increased participation. The token’s price has rapidly escalated from around $56 to nearly $80, far surpassing its major moving averages. These averages are now positioned at $63.16, $61.09, and $58.55, offering a perspective on how quickly the market environment has strengthened for HYPE.
MetricCurrent ValueNotable LevelsOpen Interest$13 billionFirst time since OctoberHYPE Price High$82.50Resistance at $75–$77 brokenClosest Moving Averages$63.16, $61.09, $58.55Substantially below current priceRisks emerge as overbought signals flashHYPE’s daily Relative Strength Index (RSI) is measured at about 80, placing the token firmly in overbought territory. Analysts note that when high open interest coincides with an extended price rally, the market is more vulnerable to a rapid reversal if sentiment shifts. A minor decline could trigger widespread deleveraging, leading to increased volatility.
At this stage, defending the $75–$77 range as new support is critical; a sustained hold could reinforce the bullish trend, prompting targets towards $85 and ultimately $90. However, falling below $75 might indicate a potential trend reversal.
The large spike in open interest means leveraged exposure has reached heightened levels. If market momentum fades, the risk of sizable liquidations grows. Market watchers are pointing to the $60 to $63 range as the next major support zone if a deeper correction unfolds.
At present, HYPE enjoys strong derivatives participation tied to its technical breakout. Yet, as open interest rises beyond $13 billion, the dependence on continued price advances increases the chances of a swift and sizable correction should momentum fail to hold. This scenario makes short-term support levels especially important in monitoring risks moving forward.
Mini dictionary: Hyperliquid, a decentralized derivatives trading platform, provides users with synthetic assets and perpetual futures contracts for various cryptocurrencies. By enabling permissionless trading and supporting high leverage, Hyperliquid facilitates significant speculative activity around tokens like HYPE.
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.
23 August 2026 | 15:11 Pump’s full platform collected more fees than Hyperliquid in the latest snapshot, yet Hyperliquid sent more revenue into a HYPE buy-and-burn loop that directly shapes its token economics.
Key Takeaways Pump’s full stack generated $4.82M daily fees. Hyperliquid produced $2.37M in daily revenue. Eligible fees automatically purchase and burn HYPE. Both platforms monetise trading through distinct mechanics. Pump’s reported PUMP buybacks reached $941,387. Gross Fees Make a Misleading Headline The headline numbers suggest Pump is pulling far ahead of Hyperliquid, but raw fee totals mask a clear shift in actual protocol revenue.
DefiLlama’s Pump dashboard showed $4.82 million in 24-hour fees across its full platform, combining Pump.fun, PumpSwap, and Terminal. Over the same rolling window, Hyperliquid generated $2.94 million. On gross fees alone, Pump wins by roughly 64%.
Revenue flips the script. Hyperliquid’s dashboard listed $2.37 million in daily revenue, beating Pump’s $1.84 million by $530,000 (roughly 29%).
Revenue is the cleaner metric here. Pump’s gross fee total counts funds passed directly to liquidity providers and token creators. Meanwhile, Hyperliquid’s gross fees include builder fees that bypass its Assistance Fund. Neither headline fee figure reflects what the protocol retains or routes back to token holders.
Scope also distorts the conversation. Isolating the Pump.fun launchpad alone yields just $1.50 million in fees and $1.15 million in revenue, making Hyperliquid look much larger by comparison. Looking at the full platform vs. individual product streams keeps the playing field fair.
Protocol Fee & Revenue Comparison Matrix
Hyperliquid vs. Pump ecosystem metrics
Metric / Focus Hyperliquid Pump (Full Stack / Ecosystem) Gross Daily Fees $2.94 million $4.82 million (Full platform) / $1.50M (Launchpad alone) Daily Net Revenue $2.37 million $1.84 million (Full) / $1.15M (Launchpad alone) Token Buyback / Burn Mechanism Automatic daily purchase and permanent burn of HYPE via Assistance Fund (~$2.37M daily flow). PUMP buybacks executed from on-chain burns totaling $941,387. Core Engine & Model Perpetual derivatives, spot trading, and expanded builder markets (HIP-3). Token launches, bonding curves, and post-migration PumpSwap trading. ■ Protocol Revenue vs Fee Breakdown
How Hyperliquid Converts Fees to HYPE Demand HYPE hit an all-time high of $82.43 on August 22 before settling near $79.22. Its tokenomics design is central to that price action.
Hyperliquid’s documentation details how its Assistance Fund automatically converts trading fees into HYPE as part of L1 execution. That acquired HYPE is then permanently burned, taking it out of total circulation.
DefiLlama routes 99% of qualifying perpetual fees (minus builder fees) and 99% of eligible spot fees into this fund. Its 24-hour revenue and holders-revenue readings sit aligned at $2.37 million, providing a direct live metric for the value entering the HYPE buy-and-burn mechanism.
At $79.22 per HYPE, that daily flow equals roughly 30,000 HYPE. While actual purchases fluctuate with live execution prices, the core mechanic remains fixed: qualifying trading revenue creates steady buying pressure, permanently locking those tokens out of circulation.
Separately, HYPE paid in successful HIP-1 token auctions is also burned. Because this is an episodic deployment cost rather than recurring trading revenue, it isn’t included in the daily $2.37 million run rate.
Spot Tokens vs. Perpetual Risk Pump is far more than a launchpad. Traders buy and sell tokens on its bonding curves from second one, continuing on PumpSwap post-migration. Its bonding-curve specs outline a 1.25% trading fee split between the protocol and token creators before liquidity transfers out.
Hyperliquid handles spot trading too, but perpetual derivatives are its real engine. Traders take leveraged long or short positions, settle funding, and manage liquidations without touching the underlying asset. Through HIP-3, third-party builders can deploy perp markets for equities, indices, ETFs, and commodities, running as USDC-margined contracts on Hyperliquid infrastructure via TradeXYZ.
Holding an Nvidia or gold perp on Hyperliquid isn’t equity ownership, it’s cash-settled price exposure backed by builder oracle rules. Pump users swap actual spot crypto tokens. This creates two entirely different business models: Pump monetizes token launches and spot volatility, while Hyperliquid extracts value from traders continuously repositioning leverage across broad markets.
Pump’s Own Buyback Machine Hyperliquid isn’t alone in supporting its token. DefiLlama tracks $941,387 in 24-hour holders revenue for Pump, reflecting PUMP buybacks executed from on-chain burns across its products.
The mechanics differ significantly. Pump’s reported buybacks combine multiple product activities and don’t sum directly with its $1.84 million revenue figure. Hyperliquid’s holders-revenue figure mirrors daily revenue directly because tracking models assign the full qualifying Assistance Fund flow straight to HYPE holders.
The reality? Both protocols actively buy back their tokens. Hyperliquid simply routes about 2.5 times as much value into its holder mechanism ($2.37 million vs $941,387) and burns the acquired HYPE automatically.
A Sustainable Trend, Not a Liquidation Spike Hyperliquid logged $6.84 billion in perpetual volume over the last snapshot, just 3% above its 30-day daily average of $6.65 billion ($199.5 billion total).
Liquidation data tells a similar story. Daily liquidations hit $55.06 million, comfortably below the protocol’s 30-day average of $78.5 million daily ($2.36 billion monthly total).
This proves the latest buy-and-burn volume wasn’t driven by a single liquidation cascade. Generating $39.74 million in revenue over the past month shows Hyperliquid’s buyback engine is backed by steady daily trading activity rather than short-lived volatility.
Pump took home more gross fees across its Solana ecosystem, but Hyperliquid generated more net revenue and directed a bigger slice straight into automated HYPE burns. While token burns aren’t the sole driver behind HYPE’s run to $82, the continuous, data-backed demand provides strong fundamental support.
Methodology: Figures were captured from DefiLlama’s live Hyperliquid, Pump and Pump.fun dashboards on August 23, 2026, at 12:00 UTC. Fee, revenue, volume and holders-revenue metrics are rolling measures and change continuously. The article is provided for informational purposes only and does not constitute investment advice.
Author
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
Decentralized derivatives platform Hyperliquid has overtaken Solana based meme coin launchpad Pump.fun in 24-hour fees. Hyperliquid generated $6.5 million in fees over the past day, more than four times Pump.fun’s $1.5 million.
The rise comes as more traders turn to leveraged markets, helping its native HYPE token to reach a new all-time high of $82.43.
Hyperliquid Takes the Lead In Fee, Revenue, and User ActivityData from Token Terminal shows Hyperliquid leading Pump.fun across all three (fee, revenue, and user activity) key metrics over the past 24 hours. Hyperliquid generated $6.5 million in fees, more than four times Pump.fun’s $1.5 million.
Hyperliquid also led in revenue, recording $5.6 million compared with Pump.fun’s $1.3 million
User activity also points to stronger demand. Hyperliquid recorded around 102,800 daily active users, slightly higher than Pump.fun’s 95,200. This shows that its fee lead is not coming only from a small group of traders, but from broader activity across the platform.
If the trend continues, rising fees, revenue and user activity could show that more traders are actively using the Hyperliquid network, giving the token stronger support.
Reasons Behind Hype Surpassing Pump.funA major reason behind Hyperliquid’s higher fees was the recent market swings. Sharp price moves pushed more traders to close or change their leveraged positions, which increased activity on its futures market.
During the sell-off, a Bitcoin position worth nearly $25 million was also liquidated on Hyperliquid.
Pump.fun, meanwhile, mainly focuses on meme coins and recently introduced 0% trading fees on its Solana app, which may have reduced its fee income.
Another reason for HYPE’s growing attention is a recent statement from President Donald Trump, who said CFTC Chair Michael Selig was working to bring Hyperliquid to the U.S. in a “fully compliant and legal fashion.”
However, Hyperliquid has not received U.S. approval yet, and no launch date has been announced.
HYPE Hits New ATH PriceThe strong activity and U.S. regulatory hopes have also surged the HYPE token to a new all-time high of $82.43 on August 22, seeing a 52% gain in the week.
The token later pulled back as some traders took profits, now trading at $78.42, reflecting a drop of 2.2% in the last 24 hours.
If trading activity stays high, the platform could strengthen its position against major crypto apps and create more demand around HYPE.
Story Ends Here
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Institutional investors are reportedly increasing their exposure to Hyperliquid Strategies, as indicated by recent market behaviors and reports from Yahoo Finance. Hyperliquid Strategies, a U.S.-listed digital asset treasury company, has seen a significant rise in institutional ownership. MarketBeat reports that institutional ownership in Hyperliquid Strategies has reached 9.45%, with 43 institutional buyers in the last year. This trend suggests a growing institutional interest in regulated equity vehicles as a means to gain exposure to the Hyperliquid blockchain and its native token, HYPE.
The increase in institutional investment coincides with a notable shift in market dynamics, as the odds for Hyperliquid reaching $100 by the end of 2026 have risen significantly. The likelihood of this outcome is now priced at 62%, up from 40% just 24 hours ago. This reflects an apparent market consensus that institutional demand could drive price increases in the near term.
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These developments are part of a broader trend towards institutional engagement in the cryptocurrency sector, with Hyperliquid Strategies positioned as a key player. The company’s substantial holdings of HYPE tokens and significant cash reserves underscore its strategic role in facilitating institutional access to cryptocurrency markets.
Key Takeaways Institutional interest in Hyperliquid Strategies appears to be increasing, with a reported 122% rise in the number of financial institutions holding Hyperliquid Strategies shares. Market pricing suggests a growing expectation of Hyperliquid reaching the $100 mark by the end of 2026, now priced at 62% YES. The shift towards regulated equity vehicles for cryptocurrency exposure may indicate a maturing market landscape. What to Watch Observers will be monitoring any further increase in institutional ownership of Hyperliquid Strategies, which could reinforce current market trends. Attention will also be on potential announcements regarding partnerships or technological advancements that could impact Hyperliquid’s market perception. Additionally, developments in regulatory environments affecting cryptocurrency investments may influence institutional behavior and market pricing.
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Term Structure
Contract Odds Δ since publish Volume 24h December 31 62% 0.0¢ $5K View market → January 1 2027 4% 0.0¢ $11 View market → January 1 2027 2.9% 0.0¢ $53 View market → January 1 2027 4.8% 0.0¢ $1 View market → January 1 2027 3.1% 0.0¢ — View market → January 1 2027 88% 0.0¢ $8K View market → Updated 5min ago
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Goldman Sachs: AI trading sees July-style deleveraging resurface, storage and data center sectors most attractive
Goldman Sachs views this week’s market moves as a classic deleveraging-driven selloff, with underlying logic similar to the July rout. Its high-beta momentum portfolio fell 12% this week, while the AI hedge portfolio dropped 10% over five days. While leverage in the AI sector has pulled back from extreme highs, inertial capital is still driving rapid, indiscriminate dip-buying. Goldman notes that AI trading is not over, but the phase of generating excess returns via broad sector rallies is shifting; investors should now focus on opportunities where stock prices diverge significantly from earnings per share. Among these, the valuation gap in the storage and data center sectors is most pronounced, as earnings recovery has not yet been fully priced in, making them the most tactically attractive. Nvidia’s Q2 earnings report and its September industry conference will serve as upcoming catalysts. Meanwhile, momentum factors are rebalancing: software has replaced semiconductors as the largest weight in the three-month momentum long portfolio, while semiconductors and AI-linked names have shifted to short portfolios. Goldman adds that capital is also flowing into previously overlooked sectors such as European and Japanese banks, gold miners, and copper stocks.
27 minutes ago
Altcoins see widespread pullback, TAC drops over 40% in 24 hours.
According to HTX market data, as Bitcoin fell below $77,000, the cryptocurrency market has entered a pullback, with altcoins generally facing selling pressure and declining. Specifically: TAC is currently priced at $0.001672, down 40.86% in 24 hours; FHE trades at $0.01978, down 30.03% over 24 hours; SQD stands at $0.03, down 29.01% in 24 hours; PTB is priced at $0.0007364, down 27.11% in 24 hours; INX is at $0.006619, down 26.43% over 24 hours; BASED trades at $0.07328, down 25.35% in 24 hours; SWARMS is priced at $0.007254, down 24.80% in 24 hours; BEAT is at $0.1342, down 24.18% over 24 hours.
27 minutes ago
Grayscale: Bitcoin’s current price may offer favorable entry points for long-term investors.
Grayscale Research Head Zach Pandl wrote in a post that while he generally advises investors against trying to time the market, judging from three aspects—structural adoption trends, market cycles, and macro risks—the current Bitcoin price may offer a favorable entry point for investors with a long-term investment horizon. Grayscale noted that sustained growth in government debt, expanding applications of blockchain technology in financial services, and generational shifts in portfolio construction all indicate Bitcoin’s long-term adoption trend remains solid. The current Bitcoin bear market has lasted roughly 10 months, while previous bear markets typically ran 11 to 12 months, suggesting the market may be in the late stage of a bear cycle. The macro environment remains a key source of uncertainty: if the Federal Reserve raises interest rates soon, Bitcoin could fall further; if it holds rates steady, the market may have already hit bottom. Grayscale added that structural adoption, cycle positioning, and overall macro outlook are currently relatively favorable, though future performance remains uncertain.
27 minutes ago
Rumors that Donald Trump will launch a new cryptocurrency: Trump bought Robinhood stocks in June, and his son denied the cryptocurrency launch.
Recently, rumors have emerged in the crypto market that US President Donald Trump is "about to officially launch a new token". The rumors claimed that a newly created Robinhood Chain wallet received 290 ETH and interacted with a "Truth Coin" contract, but no wallet address, controller proof, official contract, or project announcement was provided. Eric Trump, Donald Trump’s second son, subsequently explicitly denied the rumors, stating: "This is a total joke, the news is completely false. No one is going to launch any type of token, and anyone who suggests otherwise is committing fraud." As of now, neither the Trump family nor Robinhood has announced the launch of any related token. Notably, a filing from the US Office of Government Ethics shows that Trump’s investment portfolio purchased Robinhood (HOOD) stocks worth between $1,001 and $15,000 on June 3. HOOD closed at $82.85 on that day, and stood at $108.13 on August 21, representing an approximate 30.5% increase in the period. If the entire position is still held and calculated based on the approximate closing price of that day, the unrealized profit would be roughly $305 to $4,577, though the actual transaction price and subsequent holdings have not been disclosed.
27 minutes ago
Predict.fun has launched its market for the Dota 2 loser's bracket final, with additional markets set to open during the grand final phase.
According to official announcements, Predict.fun’s Dota 2 prediction event The Predict International has launched markets for the loser’s bracket final. As the tournament enters its final phase, the platform will roll out additional prediction markets for the grand finals, with higher overall AP rewards per market. Given the short interval between the loser’s bracket final and the grand finals, users may have only a limited window to complete predictions and lock in their shares once the grand finals markets go live. Those planning to join the final round should closely monitor the event page. The total rewards for The Predict International amount to 100,000 USDT and 5,000,000 Predict Points.
27 minutes ago
Crypto market maker Wintermute has transferred $57 million worth of Bitcoin (BTC) and Solana (SOL) to centralized exchanges (CEXs), sparking speculation that the firm is selling the assets.
According to Onchain Lens monitoring, crypto market maker Wintermute transferred 129,500 SOL tokens to Binance, valued at roughly $12.42 million. The firm also moved 169.5 BTC worth approximately $13.11 million, a transaction suspected to be for sale. Separately, 407.47 BTC were transferred through an intermediate wallet before being deposited into Coinbase, with a total value of around $31.36 million.
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.
Investor Stanley Druckenmiller has signaled a notable shift toward digital assets through recent disclosures from his Duquesne Family Office. Regulatory filings for the second quarter of 2026 reveal new stakes totaling approximately $87.8 million in two crypto-related companies: Bitdeer Technologies Group (NASDAQ: BTDR) and Hyperliquid Strategies (NASDAQ: PURR).
According to the Form 13F submitted in August 2026 covering holdings as of June 30, Duquesne acquired about 4.1 million shares of Bitdeer Technologies Group.
The position was valued at more than $64.7 million, reflecting an average purchase price near $12.26 per share.
Bitdeer operates as a high-performance computing firm that produces cryptocurrency mining equipment and runs data centers both in the United States and abroad.
The stake ranks among the larger additions within Druckenmiller’s growing focus on artificial intelligence and digital asset infrastructure.Bitdeer has shown operational progress, including reduced quarter-over-quarter losses in its latest results.
The company also secured a long-term artificial intelligence agreement valued at $4.7 billion for 121 megawatts of capacity at its Tydal campus in Norway and has begun construction of a US facility in Nevada expected to manufacture thousands of mining units monthly.
In parallel, the family office established a position of roughly 2.9 million shares in Hyperliquid Strategies (PURR), valued at approximately $23.1 million.
This Nasdaq-listed entity functions as a digital-asset treasury vehicle centered on the HYPE token, the native asset of the Hyperliquid decentralized exchange. Hyperliquid specializes in perpetual futures and other on-chain trading activity.
By holding shares in Hyperliquid Strategies, investors gain regulated equity exposure to the HYPE ecosystem—including accumulation, staking, and yield strategies—without directly purchasing the token itself.
The investment arrives amid heightened attention on Hyperliquid.
The platform’s token recently reached new highs following comments from President Donald Trump indicating that Commodity Futures Trading Commission (CFTC) efforts were underway to bring the exchange into compliance for U.S. operations.
Shares of Hyperliquid Strategies also advanced on the news.These moves form part of a broader portfolio reallocation.
Duquesne’s reported US equity holdings expanded to about $5.21 billion across roughly 95 positions during the quarter.
The office initiated or expanded exposure to several bitcoin mining and related infrastructure names while exiting certain traditional semiconductor holdings.
Other large institutions, including Jane Street, Citadel, BlackRock, and State Street, similarly increased positions in Bitdeer or Hyperliquid Strategies during the same period.
Druckenmiller, long respected for macroeconomic insight and concentrated bets, has occasionally engaged with digital assets in the past.
The latest filings underscore interest in both the physical infrastructure supporting blockchain networks and regulated vehicles that offer institutional access to emerging tokens.
Bitdeer provides dual exposure to cryptocurrency mining and high-performance computing capacity that can serve artificial intelligence workloads.
Hyperliquid Strategies offers a structured pathway into one of the more active decentralized trading platforms.
Market observers note that 13F reports capture only publicly traded equity holdings and do not disclose any direct token positions the office may or may not hold.
Still, the disclosed stakes represent a clear allocation of capital toward the digital-asset sector at a time of evolving regulatory clarity and institutional participation.
As crypto markets continue to mature, the involvement of established investors such as Druckenmiller may further encourage traditional capital to explore infrastructure and treasury-style opportunities within the space. The full extent of any ongoing strategy will become clearer with subsequent filings.
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Hyperliquid, the HYPE token of the Hyperliquid protocol, reached an all-time high of $82.43 on August 22, 2026, as reported by CoinGecko. This peak marks a significant milestone for the token, which has seen a sharp price expansion, reflecting a new phase of price discovery. Despite this high, the token closed around $77.94, indicating a slight retreat following the intra-day rally. Market participants on various platforms recorded substantial volume, reportedly in the hundreds of millions to over $1 billion during this price surge, underscoring heightened interest in HYPE.
Key Takeaways Hyperliquid’s price surge to an all-time high of $82.43 suggests strong interest and potential momentum in the market. Current market pricing reflects a 51.5% probability that Hyperliquid will reach $100 by the end of 2026, indicating mixed confidence in continued upward movement. Recent price activity appears consistent with a broader trend of increased market participation and potential volatility. What to Watch Market participants will be watching for continued developments that could impact Hyperliquid’s price trajectory. Key indicators include announcements of major partnerships, technological advancements, or shifts in institutional interest, which could support a YES outcome for Hyperliquid reaching $100 by December 31, 2026. Conversely, negative news such as security breaches or regulatory challenges could affect confidence and pricing, potentially leading to a shift in the market’s current outlook. As the year progresses, these factors will play a crucial role in determining Hyperliquid’s ability to maintain its upward momentum.
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Term Structure
Contract Odds Δ since publish Volume 24h December 31 51.5% — — View market → January 1 2027 3.9% — — View market → January 1 2027 2.9% — — View market → January 1 2027 4.7% — — View market → January 1 2027 3.1% — — View market → January 1 2027 62.5% — — View market →
TLDR: Hyperliquid crypto could gain regulated US access after Trump said CFTC Chair Michael Selig is working on a legal pathway for the platform. CZ said a lawful entry could expand US perpetual DEX access and benefit competing decentralized and centralized venues through deeper liquidity. HYPE trades near $76.26, about 1.7% below its $77.55 record after gaining 36.3% over seven days amid fresh regulatory expectations. DeFiLlama shows $200 billion in 30-day perp volume and $12.55 billion in open interest, raising the stakes for CFTC market safeguards. Binance founder Changpeng Zhao backs a regulated American path for Hyperliquid crypto, calling it positive for the wider industry. Zhao spoke at the Wyoming Blockchain Symposium on August 19, shortly after President Donald Trump discussed the platform. Trump said CFTC Chairman Michael Selig was working toward a fully compliant and legal US entry.
The remarks supported interest in HYPE price, which traded near $76 on Friday. Market data placed the token close to its $77.55 record. Zhao argued that approval could extend beyond one exchange. He expects more decentralized trading services to reach American users under clearer federal rules.
Hyperliquid (HYPE) Price Hyperliquid Crypto Path Could Unlock Wider US Market Access Zhao described Hyperliquid crypto as the first opening in a potentially broader shift for decentralized finance. He said a lawful US route could encourage more perpetual DEX platforms and related services. Those products could then serve American traders and a larger global audience.
His remarks followed Trump’s White House meeting with regulators and leading crypto executives. Trump identified Selig as the official working on Hyperliquid’s compliant US path. The president did not announce an approval, license, timeline, or regulatory structure for Hyperliquid crypto.
CZ on Trump's Push to Bring Hyperliquid to the U.S.: A Win for the Entire Crypto Industry
Binance founder Changpeng Zhao (CZ) @cz_binance said at the Wyoming Blockchain Symposium 2026 on August 19 that President Trump had mentioned CFTC Chairman Michael Selig was working to… pic.twitter.com/lDjKE1P3MO
— Wu Blockchain (@WuBlockchain) August 22, 2026
That distinction matters for a decentralized venue offering perpetual futures. Such contracts have no expiry date and let traders follow asset prices without owning the underlying tokens. American derivatives rules cover registration, market surveillance, leverage, customer safeguards, and anti-money-laundering controls.
Hyperliquid currently blocks US access through its official interface. A regulated entry would therefore require a fully defined operating model that satisfies federal requirements. Neither the CFTC nor Hyperliquid has published those specific legal terms.
Zhao said the development could benefit competitors rather than only Hyperliquid. He expects lawful access to expand the available products and widen the pool of traders. In his view, deeper participation could improve liquidity and transaction prices across both decentralized and centralized exchanges.
The competition point also reaches Binance and other global platforms. Zhao said better US liquidity could produce tighter pricing when customers buy or sell crypto. He framed Hyperliquid crypto access as an industry-level policy change, not a single-platform advantage.
Perpetual DEX Growth Puts Liquidity and Oversight in Focus The market response shows why the discussion carries weight. HYPE price reached a record $77.55 on August 21 after Trump’s remarks fueled expectations for regulated access. The token later traded near $76.26, about 1.7% below that peak. It gained 36.3% over seven days.
Trading activity shows the Hyperliquid crypto platform’s scale within decentralized derivatives. DeFiLlama recorded about $200 billion in perpetual volume during the 30-day period. The platform handled $16.3 billion over 24 hours and held $12.55 billion in open interest.
Source: DeFiLlama Hyperliquid runs an on-chain order book on its Layer 1 network. Users connect wallets directly rather than opening conventional brokerage accounts. That structure can reduce intermediaries, yet US entry still raises questions around identity checks and customer eligibility.
Selig’s policy agenda provides the regulatory backdrop. The CFTC’s first Innovation Advisory Committee meeting on August 20 examined crypto market structure, blockchain infrastructure, cybersecurity, and operational resilience. Its agenda also covered modernizing existing rules while preserving market integrity and customer protection.
Those discussions could shape any route for a perpetual DEX. Regulators must determine how existing derivatives obligations apply to decentralized software, validators, interfaces, and governance. They must also establish who bears responsibility when trades, liquidations, or compliance controls fail.
Hyperliquid crypto would gain access to a major derivatives market if regulators establish a workable route. Competing platforms could study the same framework, while centralized exchanges may face stronger pressure on fees and execution. CFTC guidance has not yet specified whether one pathway could cover multiple decentralized venues. The agency has not disclosed a timetable.
Top Loser in Binance's 30-Day Live Futures Trading Closes Out Short Positions, Incurring a Net Loss of $3.46 Million
According to on-chain analyst Ai Yi (handle @ai_9684xtpa)’s monitoring, Binance futures live trading account "Jiujiu Jin" ranks first on the platform’s 24-hour, 7-day, and 30-day loss leaderboards. The account once held a short position of 250 BTC with an average entry price of $63,592, and closed the position at an average price of $77,758.91 at 8:15 AM today, incurring a total loss of $3.46 million.
14 minutes ago
Iraqi President: Some ships carrying Iraqi oil have been cleared to transit the Strait of Hormuz.
According to CCTV News, Iraqi President Amadi stated on the 22nd local time that Iraq had previously held talks with visiting Speaker of Iran's Islamic Parliament Ghalibaf, and conveyed a message to Iran regarding a review of bilateral relations between Iraq and Iran. Amadi also said that some ships carrying Iraqi oil have been granted passage through the Strait of Hormuz. He emphasized that the Iraqi government must engage in dialogue with militia groups, reach mutual understanding, and resolve the weapons control issue through plans that serve Iraq's national and ethnic interests. Amadi added that Iran did not request Iraq to delay its national weapons control process.
14 minutes ago
Jiang Zhuoer: Beware of "serial liquidations" in extreme market conditions, advises using isolated margin mode for high-leverage trading
Jiang Zhuoer, founder of BTC mining pool B.TOP, posted that around 1:10 PM Beijing time today, the entire crypto market experienced a mini flash crash, with BTC, ETH and numerous altcoins seeing notable pin price movements. Even non-crypto assets such as crude oil also synchronized short-term sharp fluctuations. He advised against holding large high-leverage altcoin long positions in a unified account, as under cross-margin mode, a sudden 50% crash in a single coin could lead to insufficient account margin, triggering forced liquidation of other assets in the account. For high-leverage altcoin trading, he recommended using isolated margin mode to separate positions, preventing extreme moves in one coin from affecting the entire account. While isolated margin operations are relatively cumbersome, at minimum, in extreme market conditions, "only one position will be liquidated", reducing the risk of the entire account being wiped out instantly.
14 minutes ago
A mysterious crypto whale took advantage of market momentum to offload 7,700 BTC over the past three days.
According to Lookonchain’s monitoring, a mysterious whale has sold 2,700 BTC again, valued at roughly $211.8 million. The whale has sold a total of 7,700 BTC over the past three days, totaling around $576.6 million.
14 minutes ago
Bitmine’s unrealized losses on its Ethereum positions narrowed to $5.408 billion.
According to the latest holding data from Bitmine, the treasury firm holds a total of 5,815,164 Ether (ETH), with an average cost basis of $3,366 per ETH. At the current ETH price of $2,436, the total unrealized loss on its holdings has narrowed to $5.408 billion, after previously exceeding $10 billion at one point.
14 minutes ago
Iraq confirms some oil tankers have obtained passage permits for the Strait of Hormuz.
According to Al Arabiya TV, the Iraqi President stated: "We discussed with Iranian Parliament Speaker Mohammad Bagher Ghalibaf the issue of re-examining relations between Baghdad and Tehran. Currently, some ships carrying Iraqi oil have indeed been allowed to pass through the Strait of Hormuz. Given the current situation, I believe the United States wants to reach an agreement to end its conflict with Iran. It must be noted that we are among the countries most deeply affected by the war, and the government is doing its utmost to avoid getting involved in it." (Jinshi)
