According to on-chain analytics firm Lookonchain, the trading performance of the address linked to prominent crypto figure "Big Brother Ma Ji" Andre Huang has reversed sharply recently. After experiencing nearly 500 liquidations, the account grew its funds from $152,000 to $12.8 million in just three days, generating over $12.6 million in profit. "Ma Ji" now appears to no longer need to sell BAYC NFTs to maintain its leveraged long positions. Previously, "Ma Ji" had repeatedly sold BAYC NFTs to add margin to sustain his ETH long positions on Hyperliquid, a move that drew market attention.
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)
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.
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.
4 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.
4 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.
4 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.
4 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.
4 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)
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.
20 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.
20 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.
20 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)
20 minutes ago
Arthur Hayes warns: FLOP has not yet been launched, and there is no presale or Meme coin.
BitMEX co-founder Arthur Hayes has issued a reminder that Flop Labs has not yet released its FLOP token, nor is there any presale or meme coin associated with the project. Hayes noted that FLOP is not officially live, and cautioned the community against mistaking related tokens circulating in the market for official assets. He added that Flop Labs plans to launch an airdrop in the coming months and roll out its mainnet next year. Earlier public information showed the project had previously targeted a large-scale airdrop in Q4 2026, with the mainnet genesis block set for Q1 2027. Hayes had earlier announced he would lead Flop Labs, which is designed to build economic infrastructure for AI Agents, with FLOP serving as the native asset for AI Agents to pay for resources such as computing power and storage.
20 minutes ago
US Treasury repurchase operations unexpectedly pushed Bitcoin’s price up 25%, triggering $4 billion in short-position liquidations.
After the U.S. Treasury expanded its long-term U.S. Treasury bond repurchase operations, the 30-year U.S. Treasury yield fell from a 19-year high of 5.34% to around 5.19%, while Bitcoin rose roughly 25% in several days, briefly topping $79,000. Around $4 billion in cryptocurrency short positions were liquidated during this period, further amplifying the rally. The U.S. Treasury had earlier announced it would raise the size of its longest-dated Treasury repurchase operations from $2 billion per operation to $4 billion. Analysts noted that this operation is not equivalent to the Federal Reserve’s quantitative easing (QE); its main function is to improve the liquidity of older bonds and optimize the debt structure, but the market views it as a policy support signal for long-term U.S. Treasury yields. Analysts believe the key driver of Bitcoin’s recent rally is not the repurchase operation itself, but the market’s prior over-concentration of short positions. As long-term U.S. Treasury yields fell, short sellers were forced to cover their positions, triggering a powerful short squeeze. Meanwhile, U.S. spot Bitcoin ETFs saw a net inflow of around $650 million this week, and Trump once again urged Congress to advance the CLARITY Act, further boosting market risk appetite. Jeff Ko, chief analyst at CoinEx, said the key now is whether Bitcoin can hold its 200-day moving average around $69,000 and turn it from resistance into support. Market participants also warned that if the 10-year U.S. Treasury yield re-breaks above 4.7% and the 30-year yield approaches 5.3%, Bitcoin’s current breakout could face renewed tests. Bitcoin has now broken above its 200-day moving average and continues to rise; the next phase of the market will focus on whether it can sustain its rally in a high-yield environment.
XRP staged one of its strongest daily gains in recent months, climbing nearly 10% and reaching the $1.40 area after spending much of August seeking the $1.00 milestone. This sharp rally saw the cryptocurrency surpass several key moving averages and major resistance points, strengthening its immediate technical outlook.
XRP recovers key resistanceThe most notable advance came as XRP broke above the critical $1.16 resistance as well as short-term averages near $1.09. The price temporarily moved past the long-term moving average, which had previously acted as dynamic resistance during the extended downtrend, topping $1.34 at its peak.
Maintaining levels above $1.34–$1.35 could prove far more important to sustaining this uptrend than the initial surge. An established daily close above this region may open the door to the $1.45–$1.50 zone and turn the long-term moving average into a floor. The former consolidation area around $1.55 could become relevant if the momentum persists.
Trading volume added further confirmation, with daily turnover jumping to approximately 277 million, notably higher than in previous sessions. The daily relative strength index (RSI) spiked to around 83, placing XRP in distinctly overbought territory.
XRP’s short-term outlook has improved after the break above $1.34. Still, momentum readings suggest rising risks as the rally becomes increasingly stretched.
Analysts cautioned that while strong rallies can keep assets overbought for a while, the risk of a pullback grows. A retracement to $1.34 could be constructive if bulls defend that level; losing it may deepen the retest toward $1.16.
AssetCurrent PriceKey ResistanceKey SupportCurrent RSIXRP$1.40$1.45–$1.50$1.34, $1.1683SHIB$0.00000523$0.0000057–$0.0000058$0.000005, $0.0000046567.8DOGE$0.087$0.09–$0.095$0.080, $0.072–$0.07377.7HYPE$76$76–$78$68–$70, $60–$6178SHIB aims for bullish reversalShiba Inu (SHIB) advanced about 5.7% to $0.00000523, seeking to turn a recent bounce into a true trend reversal. After clearing the essential $0.000005 marker, SHIB’s technical structure has improved, highlighted by a break above the orange moving average near $0.00000489 and clearing short-term averages at $0.00000452–$0.00000465.
Trading activity surged as volume reached nearly 1.53 trillion SHIB. The price rise, combined with increased volume, reinforced the significance of the move, contrasting with the quieter period earlier in August. However, SHIB faces stiff resistance at $0.0000057–$0.0000058, near the downward-sloping long-term moving average of $0.00000574.
The RSI currently sits at roughly 67.8, just shy of the typical 70 overbought threshold. Compared to XRP, SHIB still has room for growth if momentum picks up. Breaking and securing $0.0000057 as support would put the March–May consolidation zone near $0.0000060 into focus for the bulls.
SHIB’s breakout over key averages and the $0.000005 level signals a potential bullish shift, but confirmation above $0.0000058 remains vital for a true reversal.
A failure to hold $0.000005 may weaken SHIB’s setup, returning focus to $0.00000465 and $0.0000045 as support.
HYPE tests yearly highsHyperliquid (HYPE) surged toward $76 in a strong daily move, essentially erasing losses from the August decline. The asset has returned to the upper edge of its 2026 trading range and is challenging previous highs between $76 and $78, lending further technical significance to the rally.
HYPE’s recovery is supported by reclaiming all major moving averages on the daily timeframe. The intermediate average near $57.70 and short-term support between $60.50 and $60.70 reinforce the uptrend, while a long-term average at $51.90 sits further below.
Compared to the earlier August correction, HYPE’s rebound comes with a stronger structure and increasing, though still moderate, trading volume. If buyers can secure a daily close above $76–$78, the token may enter price discovery mode, targeting $80 in the near term.
Momentum remains the main risk factor, with a daily RSI of about 78 marking very overbought conditions. Some cooling or a pause would be typical before further upside, while support at $68–$70 and then $60–$61 provide downside protection.
Hyperliquid is a decentralized derivatives trading platform offering perpetual contracts and spot trading for a wide range of digital assets.
Mini dictionary: Hyperliquid, a decentralized exchange specializing in derivatives and spot trading, uses advanced on-chain order book architecture to provide high-speed, gas-free trading for digital assets.
DOGE breaks out, eyes key resistanceDogecoin (DOGE) jumped roughly 4% to about $0.087, producing a clear breakout from the compressed trading structure that defined August. The move propelled DOGE past several important resistance zones that had weighed on the price near yearly lows.
A sustained recovery of short-term averages at $0.072 and a subsequent surge past the intermediate average at $0.080 marked the start of this breakout, with trading volumes climbing to 1.07 billion DOGE. This significant volume shift contrasts with the subdued activity earlier in the month, providing essential confirmation for the rally.
DOGE now faces new technical hurdles, trading below its primary dynamic resistance at the long-term moving average near $0.095. This level also aligns with a previous consolidation zone between $0.09 and $0.10.
Momentum indicators now reflect a stretched market, with DOGE’s daily RSI surging to 77.7. If the $0.09–$0.095 range is cleared and held, further gains to $0.10 or even the May highs around $0.11–$0.115 become possible. If momentum slows, defending $0.080 is now crucial for bulls.
While DOGE’s breakout is impressive, restoring the broader bullish structure depends on a decisive reclaim of $0.095; support sits strongest at $0.072–$0.073.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Hyperliquid, a decentralized perpetual futures exchange, reported significant growth in fee revenue for August, marking a 31% increase compared to the previous year. This surge is attributed to higher volume, an increase in active users, and an expanded market share. The exchange’s native asset, HYPE, has seen a notable upward movement, reflecting positive market sentiment and increased on-chain activity. The latest data suggests that HYPE’s price hovers around $73.53.
Advertisement
In the prediction market, the odds for Hyperliquid reaching $100 by the end of 2026 have increased, suggesting a more optimistic outlook from market participants. The current pricing shows a 42.5% chance of Hyperliquid reaching the $100 mark by December 31, up from 16% a week ago. This change is supported by the recent financial results, which appear consistent with the scenario where Hyperliquid continues its upward trajectory.
Key Takeaways Market activity suggests that participants view Hyperliquid’s recent performance as supportive of a YES outcome for reaching $100 by year-end. The 31% year-over-year increase in fee revenue appears consistent with positive sentiment towards Hyperliquid’s growth prospects. HYPE’s price increase and market dynamics may indicate strengthened confidence among participants in the decentralized perpetuals sector. What to Watch Watch for upcoming developments, such as potential announcements of partnerships or new integrations that could further influence Hyperliquid’s competitive position. Additionally, any shifts in market share or changes in user engagement metrics could impact the prediction market’s current outlook. The evolving sentiment around Hyperliquid’s performance will be crucial in determining future price movements and market expectations.
Get live prediction-market analysis, powered by Vera. Sign up for Vera.
Term Structure
Contract Odds Δ since publish Volume 24h December 31 42.5% — — View market → January 1 2027 3.6% — — View market → January 1 2027 2.9% — — View market → January 1 2027 82% — — View market → January 1 2027 5.7% — — View market → January 1 2027 3.1% — — View market → January 1 2027 54.5% — — 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.
Per monitoring by TradingBeats (formerly Hyperinsight), the 0x92-starting address belonging to Garrett Jin, agent of the "BTC OG Insider Whale", is set to break even after holding a long position for three months. The long position was opened on May 20 at an average price of $76,117. At Bitcoin’s current price of $75,810, it only needs the cryptocurrency’s price to rise by roughly $300 to reach break-even. However, strictly speaking, since the address has already paid $1.41 million in funding fees for the long position, fully recouping its costs will require further upside in Bitcoin’s price.
Coinbase’s Vice President of Product Has Resigned, Previously Overseeing Resolution of User Account Restrictions.
Coinbase Product Vice President Dor Levi has announced August 21 will be his final workday at the firm, with no immediate details on his next career move disclosed. Levi joined Coinbase in 2025, leading the Product Foundations function and driving efforts to resolve account restrictions and freezes that have long plagued the platform’s users.
7 hours ago
Bitcoin's Ahr999 indicator has exited the "buy-the-dip zone", with this round's dip-buying window lasting approximately 82 days.
According to third-party data, as Bitcoin continues its current rally, the Ahr999 "bottom-fishing" indicator has entered the "dollar-cost averaging (DCA) range", now standing at 0.5073. Looking back at the Ahr999 "bottom-fishing" signal for this cycle, its window period (May 29 to August 19 this year, when the indicator was below 0.45) lasted roughly 82 days. BlockBeats Note: The Ahr999 indicator assists Bitcoin DCA users in making investment decisions by combining timing strategies. It reflects the returns of short-term Bitcoin DCA and the deviation between Bitcoin's price and its expected valuation. Historically, the Ahr999 index has remained below the bottom line (0.45) for 655 days in Bitcoin's history.
7 hours ago
Goldman Sachs: Surge in demand for gold call options may amplify gold price volatility.
Goldman Sachs analysts noted in a report that surging demand for gold call options has amplified the risk of sharp swings in gold prices. Analysts including Lina Thomas wrote in the report that the rise in gold call option trading volume has formed a "price amplification mechanism for two-way volatility" in gold prices. "Therefore, we still maintain our forecast that gold will reach $4,900 per ounce by the end of 2026, though this projection faces notable upside risks, and gold prices are also subject to greater two-way volatility."
7 hours ago
Iran's Foreign Minister: US Economic Pressure on Iran 'Doomed to Fail'
Iranian Foreign Minister Araghchi posted on social media that all sanctions and pressure policies imposed by successive U.S. administrations on Iran have failed, and the latest U.S.-announced economic pressure campaign against Iran is also "doomed to fail". Araghchi reviewed a series of U.S. policies targeting Iran in recent years in his post. He noted that 14 years ago, the U.S. claimed to impose "the harshest sanctions in history" on Iran; 8 years ago, it implemented "maximum pressure" on Iran; and 5 months ago, it demanded Iran's "unconditional surrender"—all of these policies ultimately ended in failure. In response to U.S. President Trump's recent announcement of taking "the most devastating economic actions against a country in history" against Iran, Araghchi stated that this move is also "doomed to fail". He also criticized that successive U.S. administrations have made no substantial changes to their Iran policies. Araghchi said: "We have seen this play before—same lies, just a new set of bullies." (CCTV News)
Fee Revenue Climbs on Broader Platform GrowthHyperliquid (@HyperliquidX), the decentralized perpetual futures exchange, reported a 31% year-over-year increase in August fee revenue, driven by rising trading volumes and a growing user base.
The platform has steadily expanded its footprint in the decentralized derivatives market. That figure is up sharply from
A key driver of the broader fee growth has been Hyperliquid's HIP-3 markets, which allow traders to gain exposure to real-world assets without leaving the platform.
HYPE Token Surges Alongside Onchain ActivityThe protocol's native token $HYPE has responded to the stronger onchain activity. As of the time of writing, HYPE is trading near $74, up approximately 27% over the prior two days, reflecting renewed investor interest in the platform's growth trajectory.
Part of the token's appeal lies in how the protocol handles its fee income.
The exchange's broader market position also underpins the positive sentiment. The platform continues to command a dominant share of decentralized perpetuals,
Looking ahead, Hyperliquid is also positioning for further product expansion.
Sources:
21Shares: Hyperliquid H1 2026 Earnings and Fee Revenue Analysis
Crypto Times: Hyperliquid Active Traders Hit All-Time High
CoinGecko: Hyperliquid Exchange Statistics
Hyperliquid’s native token, HYPE, has reached a new all-time high, reflecting increased interest and optimism in the decentralized perpetuals exchange. The previous peak for HYPE was set in mid-June, indicating a significant rebound rather than a first-time high. The surge is attributed to multiple factors, including institutional capital inflows, buyback and burn mechanisms, and regulatory optimism surrounding the platform’s potential U.S. compliance. As a result, HYPE remains a prominent asset in the DeFi and DEX governance space, commanding a multi-billion-dollar market valuation.
Key Takeaways The new all-time high for Hyperliquid’s HYPE token suggests heightened market interest and sustained growth potential. Market pricing appears supportive of a YES outcome for HYPE reaching $100 by the end of 2026, with odds increasing from 38% to 44.5% in recent days. Institutional inflows and regulatory optimism are consistent with scenarios where HYPE continues to experience significant price appreciation. What to Watch Watch for further developments around regulatory approvals and institutional partnerships, as these could drive additional momentum for HYPE. Close attention should be paid to any announcements from major crypto exchanges or financial institutions that might affect market perceptions. The coming months will be critical in determining whether HYPE can maintain its upward trajectory and possibly achieve the $100 target by the end of 2026.
Get live prediction-market analysis, powered by Vera. Sign up for Vera.
Term Structure
Contract Odds Δ since publish Volume 24h December 31 48% — — View market → January 1 2027 3.6% — — View market → January 1 2027 2.9% — — View market → January 1 2027 82.5% — — View market → January 1 2027 4.6% — — View market → January 1 2027 3.1% — — View market → January 1 2027 55% — — View market →
Hyperliquid climbed about 5% to above $77 on Friday morning, setting a new record high as bullish sentiment around HYPE continued to strengthen following a mention by President Donald Trump and a strong crypto market recovery.
The digital asset has gained nearly 200% since the start of the year, even as much of the market remains in the red. Bitcoin has dropped around 12% year-to-date, while Ethereum has suffered a decline of about 20%.
Advertisement
Speaking at a White House event this week, Trump said the US is working to bring Hyperliquid into the country in a “fully compliant and legal fashion”. Trump said CFTC Chairman Michael Selig is “working very hard” on the effort.
Hyperliquid has built a major market around perpetual futures, allowing traders to take leveraged positions without traditional expiration dates. Its blockchain-based platform has also attracted activity in contracts linked to traditional assets such as stocks and commodities. It currently operates outside the US and does not officially serve American traders.
The prospect of a US launch immediately boosted assets tied to the ecosystem.
HYPE rose following Trump’s remarks, while Hyperliquid Strategies, whose treasury strategy centers on accumulating HYPE, surged as much as 31%. Traditional exchange operators Cboe and CME fell sharply, suggesting investors viewed potential US access for Hyperliquid as a competitive threat.
A US launch would give Hyperliquid access to a larger customer base and capital. The biggest question is how the platform’s decentralized model would fit within US requirements.
US regulators are creating clearer rules for crypto derivatives and perpetual contracts, but applying those rules to Hyperliquid could require changes that affect its current operating model.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
The Hyperliquid Policy Center released a new research report stating that perpetual contracts act as an effective complement to traditional delivery futures. By analyzing weekend trading data of 205 Bitcoin and 19 on-chain crude oil contracts, the report found that perpetual contracts eliminate forced rollover costs, lower the crude oil trading threshold to 1/100 of that of traditional WTI, and deliver accurate price discovery functions during non-trading hours of traditional markets. The policy center also cited data to prove that the growth of the perpetual market has not caused statistically significant harm to existing benchmark markets.
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’s Vice President of Product Has Resigned, Previously Overseeing Resolution of User Account Restrictions.
Coinbase Product Vice President Dor Levi has announced August 21 will be his final workday at the firm, with no immediate details on his next career move disclosed. Levi joined Coinbase in 2025, leading the Product Foundations function and driving efforts to resolve account restrictions and freezes that have long plagued the platform’s users.
7 hours ago
Bitcoin's Ahr999 indicator has exited the "buy-the-dip zone", with this round's dip-buying window lasting approximately 82 days.
According to third-party data, as Bitcoin continues its current rally, the Ahr999 "bottom-fishing" indicator has entered the "dollar-cost averaging (DCA) range", now standing at 0.5073. Looking back at the Ahr999 "bottom-fishing" signal for this cycle, its window period (May 29 to August 19 this year, when the indicator was below 0.45) lasted roughly 82 days. BlockBeats Note: The Ahr999 indicator assists Bitcoin DCA users in making investment decisions by combining timing strategies. It reflects the returns of short-term Bitcoin DCA and the deviation between Bitcoin's price and its expected valuation. Historically, the Ahr999 index has remained below the bottom line (0.45) for 655 days in Bitcoin's history.
7 hours ago
Goldman Sachs: Surge in demand for gold call options may amplify gold price volatility.
Goldman Sachs analysts noted in a report that surging demand for gold call options has amplified the risk of sharp swings in gold prices. Analysts including Lina Thomas wrote in the report that the rise in gold call option trading volume has formed a "price amplification mechanism for two-way volatility" in gold prices. "Therefore, we still maintain our forecast that gold will reach $4,900 per ounce by the end of 2026, though this projection faces notable upside risks, and gold prices are also subject to greater two-way volatility."
7 hours ago
Iran's Foreign Minister: US Economic Pressure on Iran 'Doomed to Fail'
Iranian Foreign Minister Araghchi posted on social media that all sanctions and pressure policies imposed by successive U.S. administrations on Iran have failed, and the latest U.S.-announced economic pressure campaign against Iran is also "doomed to fail". Araghchi reviewed a series of U.S. policies targeting Iran in recent years in his post. He noted that 14 years ago, the U.S. claimed to impose "the harshest sanctions in history" on Iran; 8 years ago, it implemented "maximum pressure" on Iran; and 5 months ago, it demanded Iran's "unconditional surrender"—all of these policies ultimately ended in failure. In response to U.S. President Trump's recent announcement of taking "the most devastating economic actions against a country in history" against Iran, Araghchi stated that this move is also "doomed to fail". He also criticized that successive U.S. administrations have made no substantial changes to their Iran policies. Araghchi said: "We have seen this play before—same lies, just a new set of bullies." (CCTV News)
Hyperliquid (CRYPTO: HYPE) could emerge as one of crypto’s strongest performers in a bull market after outperforming during the downturn, with U.S. access as another bullish catalyst cited by analysts.
What Will Drive HYPE?"HYPE was the best-performing asset in the bear market," pseudonymous veteran trader Pentoshi said in an X post on Aug. 21, as the token gained 33% over the past three months.
Hyperliquid Strategies Inc (NASDAQ:PURR) surged 26% during the same period.
By comparison, major cryptocurrencies Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and XRP (CRYPTO: XRP) rose between 1% and 15% over the same period.
HYPE could be among the strongest performers in a bull market as well thanks to Hyperliquid’s direct exposure to crypto trading activity, according to Pentoshi.
Trending
Get a 1% Match on Your First Deposit of $1,000+
If crypto markets turn bullish, trading volumes should rise, increasing fees generated by the platform.
The trader noted that 99% of those fees go toward HYPE burns, linking greater activity to reduced token supply.
Another catalyst arrives in less than a week with Aqav2, which Pentoshi expects to generate roughly $500,000 to $600,000 in additional daily fees for HYPE burns.
He argued that increased on-chain adoption could potentially double that figure to around $1 million per day.
Pentoshi said the token needs to decisively clear its previous peak but believes it is not far from entering price discovery, potentially with regulatory tailwinds supporting the move.
How U.S. Regulation Could Open HyperliquidBlockworks analyst Shaunda Devens said ion Friday that Hyperliquid could gain U.S. access, which would allow regulated firms to build on it while handling KYC, market surveillance and customer protections.
This could give compliant U.S. investors access without forcing Hyperliquid’s underlying permissionless protocol to become a traditional regulated exchange.
The Hyperliquid Policy Center is pushing regulators to treat Hyperliquid as neutral financial infrastructure, with regulated firms responsible for compliance.
The approach gained momentum after President Donald Trump said CFTC Chairman Michael Selig was working to bring HYPE into the U.S. legally and in full compliance.
PANews reported on August 22 that Blockworks Research analyst Shaunda Devens said Kraken may be testing new compliance-oriented features of Hyperliquid HIP-3 (Builder-Deployed Perpetuals) and could become one of the first centralized trading platforms to explore the mechanism.
Shaunda noted that Hyperliquid has recently continued to add features supporting compliant deployment on its testnet, including wallet whitelist management, canceling user orders, closing positions via reduce-only orders, and adjusting user collateral, among other permission controls. These features correspond to the risk management capabilities required by traditional financial institutions and regulated trading platforms.
According to observations, a deployer named “Kraken HIP-3 test DEX” has enabled permission control functionality (Star gating) on the Hyperliquid testnet and went live on August 19. So far, this test DEX has completed whitelist settings for 10 wallets, tested 3 of the 5 permission controls, and registered “Kraken Exchange Validator.”
Shaunda said that while it is still at the testing stage and any user can permissionlessly deploy a DEX under any name, it cannot be confirmed that this test project belongs to Kraken. However, given Hyperliquid’s recent expansion of xStocks functionality on HyperCore and the related initiatives by Payward (Kraken’s parent company), the company behind xStocks, she tends to believe Kraken may be testing HyperCore’s latest permissioned trading infrastructure.
HIP-3 is a framework launched by Hyperliquid for third-party deployment of perpetual contract markets, allowing developers to create independent perpetual trading markets based on the HyperCore order book system. Market participants believe that if compliant trading platforms such as Kraken join, it will further push on-chain derivatives toward institutional-grade trading infrastructure.
Bitcoin is surging again. The cryptocurrency climbed above $78,200 on Friday for the first time since May. But it wasn’t the only crypto asset posting big gains. Hyperliquid, the decentralized perpetual futures exchange, reached a record $75, leaving its HYPE token up over 195% so far this year, according to CoinGecko.
Hyperliquid’s gains have drawn market share that might otherwise have flowed into Bitcoin, according to Ish Asad, a research analyst at crypto index fund manager Bitwise Investments.
“If Hyperliquid and perpetual futures weren’t so popular, people would just be buying spot Bitcoin,” Asad told Fortune.
Hyperliquid, which lets users trade through self-custody wallets rather than a traditional centralized exchange, has emerged as a major force in crypto derivatives trading over the past year. During the first quarter of 2026, the platform processed more than $633 billion in combined spot and perpetual futures volume, over six times its total during the second quarter of 2024, according to investment manager VanEck.
Its growing success has “sucked away volume” from direct purchases of smaller crypto tokens. Perpetual futures let traders speculate on a cryptocurrency’s price, often with leverage, without buying or holding the token itself, making the platform attractive to active traders.
“All the crypto trading happens on Hyperliquid now, so most of the other crypto assets are getting less buying pressure,” Asad added.
Hyperliquid’s most recent price jump came two days after President Donald Trump said his administration was working to bring the platform to the U.S.
“I understand that [Commodity Futures Trading Commission Chair] Mike [Selig] is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion, working very hard on that,” Trump said at a White House event.
Behind the rally Despite Hyperliquid drawing some capital away from direct Bitcoin purchases, the cryptocurrency still gained nearly 25% over the past week. Macro factors, including the Treasury Department’s recent bond-buyback announcement, helped set the rally in motion, but Asad said liquidations drove Bitcoin’s most recent surge.
On Tuesday, as Bitcoin traded around $64,000, traders liquidated $1.3 billion in short positions in a single day. Another $1 billion in Bitcoin shorts were liquidated over the following 48 hours, bringing the week’s total to $4.5 billion, according to Bitwise.
Political developments also helped support the rally. At a meeting with crypto industry leaders this week, Trump urged Congress to pass the Clarity Act, a bill that would establish a long-awaited market structure framework for digital assets. On Thursday, Selig said he had directed the CFTC to begin developing clearer crypto rules if Congress does not pass the legislation before the end of the year.
In the meantime, worries over U.S. debt surpassing $40 trillion and a weakening U.S. dollar have renewed investor interest in alternative assets such as gold and Bitcoin.
HYPE confronted intensifying distribution as substantial $77.38 million in institutional and whale sales challenged its recovery near the $75 resistance.
As reported by Lookonchain, whales and institutions had sold 871,000 HYPE worth $64.82 million through FalconX within six hours. Earlier, a wallet associated with Syncracy moved 89,470 HYPE tokens valued at $6.6 million to Wintermute, presumably to be sold.
Another whale moved approximately $5.96 million HYPE across GSR Markets, Cumberland, and OKX.
Combined, those transactions introduced roughly $77.38 million in potential large-holder supply around HYPE’s recovery.
Significantly, the group of transfers had formed at a key resistance level of $75 near the price. Such concentration increased the burden on buyers because substantial liquidity had reached market-facing venues.
Exchange inflows amplify the supply challenge Exchange flows reinforced the sell pressure created by the whale and institutional transactions. Hyperliquid [HYPE] had recorded approximately $9.66 million in positive Spot Netflow at the time of writing.
The positive reading meant that more exchange inflows occurred, which boosted the amount of HYPE around trading venues. Hence, the flow direction aligned with the broader distribution pattern rather than offsetting it.
Notably, significant negative netflows can be observed in earlier periods, with significant spikes in outflow observed in June. However, the latest positive reading marked a notable change around the token’s resistance test.
Persistent inflows would increase available supply and make a clean $75 breakout harder to sustain.
However, a resumption of outflows would relieve the supply pressure on exchanges and help to maintain a recovery structure in HYPE.
Source: CoinGlass Whale demand loses ground against retail Large-holder participation had also weakened relative to retail activity during the latest market phase. The Whale versus Retail Delta had dropped to -0.006 on 21 August.
Previous positive readings had been accompanied by increased whale participation during HYPE’s recovery from lows in August. However, the new dip below zero showed that the tide was beginning to turn against whales.
Importantly, the reversal coincided with significant institutional sales and higher inflows into the exchanges. These metrics together strengthened the case for increasing large-holder supply rather than renewed whale accumulation.
Retail participation could still absorb some distribution if broader demand remained sufficiently strong. However, retail buyers would be left with a greater share of the burden of demand in the case of a prolonged negative whale delta.
A further degradation of the delta would therefore strengthen HYPE’s vulnerability near its current resistance zone.
Source: CoinGlass Can overbought HYPE conquer $75? On the daily TradingView chart, HYPE price recently jumped from the $53.67 support level to the $75 resistance level, before settling at HYPE at $72.40. However, the rapid advance pushed RSI to 72.67, placing the indicator above its overbought threshold.
Meanwhile, MACD had maintained a bullish pattern despite the factory’s supply pressure. The MACD line had crossed to 2.66 while its signal line remained close to 2.25.
Its histogram was still positive, around 0.40, and indicating the strength of the previous recovery. However, the RSI was overbought, meaning there was a higher risk of sellers getting exhausted at resistance.
Ultimately, a decisive break above $75 would strengthen the price structure and potentially open the path toward $90.
However, failure to absorb supply could instead expose $61.69, with $53.67 remaining the deeper structural support.
Source: TradingView Final Summary HYPE’s $75 resistance faces growing pressure as whales move substantial supply toward markets. Buyers must absorb rising exchange supply to protect HYPE’s recovery above $61.69.
After spending the majority of August working toward $1.00, XRP has made one of its strongest daily moves in months, rising by about 10% and hitting the $1.40 region. Although the move has already reached technically overheated territory, the breakout significantly improves the short-term structure.
XRP is finally backThe most significant development is that XRP recovered multiple moving averages in a single session. The price has broken through the major resistance near $1.16 and the short-term averages around $1.09. More significantly, XRP momentarily surpassed the long-term moving average, which had served as dynamic resistance during the larger decline, at $1.34.
XRP/USDT Chart by TradingViewTherefore, holding above roughly $1.34–$1.35 would be far more crucial than the actual spike. A verified daily close above this area could open the path toward $1.45–$1.50 and turn the long-term average into support. The previous consolidation zone around $1.55 becomes significant after that.
HOT Stories
Significant confirmation is provided by volume. The move appears to be supported by real market participation rather than thin liquidity, as the breakout coincided with roughly 277 million in daily volume, significantly higher than in recent sessions. Momentum is a concern. The daily RSI has surged to about 83, well inside overbought territory.
You Might Also Like
During a powerful rally, XRP may continue to be overbought, but it becomes riskier to pursue further upside. Thus, a pullback to $1.34 would be advantageous. XRP may develop an entirely new short-term structure if that level is maintained. Losing it would make a deeper retest toward $1.16 more likely.
Shiba Inu Pushes ThroughWith SHIB rising by about 5.7% to roughly $0.00000523, Shiba Inu is trying to turn its recent recovery into a proper trend reversal. The move continues the breakout above the crucial $0.000005 level, both technically and psychologically. The immediate technical situation has significantly improved.
SHIB has now broken through the orange moving average near $0.00000489 after rising above its short-term moving averages around $0.00000452–$0.00000465. The current breakout is especially significant because that latter level had consistently limited attempts at recovery. Additionally, trading volume has increased significantly, reaching about 1.53 trillion SHIB.
SHIB/USDT Chart by TradingViewThe breakout signal is strengthened when rising prices are accompanied by increased volume, which also distinguishes the current move from the low-volume consolidation that occurred earlier in August. Nevertheless, SHIB continues to confront a significant challenge in the $0.0000057–$0.0000058 region.
The long-term moving average is still sloping lower and is currently close to $0.00000574. If that level is broken, there will be much more evidence that SHIB is moving away from its broader bearish structure.
You Might Also Like
Another significant boundary is being approached by momentum. Just below the traditional overbought threshold of 70, the RSI has increased to roughly 67.8. SHIB has some potential for growth because, in contrast to XRP, it has not yet reached an extreme momentum reading. In the current bullish scenario, SHIB must challenge $0.0000057 and keep $0.000005 as support.
The former March–May consolidation area, starting at $0.0000060, might be reached by a breakout there. $0.00000465 and $0.0000045 would become the main support levels if $0.000005 were not held, significantly weakening the setup.
Hyperliquid's StrengtheningAfter an explosive daily move that drove HYPE toward $76, Hyperliquid has returned to the upper limit of its 2026 trading range. The asset has erased almost all of the August correction and is once again challenging its previous highs around $76–$78, making the recovery technically significant.
Compared to the early August decline, the structure supporting the move is significantly stronger. On the daily chart, HYPE has recovered all of the major moving averages. Currently, the intermediate moving average near $57.70 offers an additional layer of support, while short-term support is located between $60.50 and $60.70. At roughly $51.90, the long-term average remains significantly lower.
HYPE/USDT Chart by TradingViewBecause of this arrangement, the overall trend remains positive. In comparison to the larger 2026 structure, HYPE's correction toward $52 earlier this month ultimately resulted in a higher low, followed by a swift recovery. Although it is still below the extraordinary activity seen during previous significant moves, volume has also increased during the most recent breakout attempt.
The $76–$78 range is therefore especially crucial. HYPE would enter price discovery if there were a clear daily close above it, with $80 serving as the initial psychological target and minimal historical resistance just above. The primary short-term risk is created by momentum.
You Might Also Like
With a daily RSI of about 78, HYPE is firmly in overbought territory. Therefore, some cooling or consolidation would be typical without invalidating the breakout. The first significant retracement zone is between $68 and $70 if buyers fail at $76 to $78. The critical support area is between $60 and $61 below that. HYPE's broader bullish structure holds as long as it stays above those moving averages.
Dogecoin Needs More FuelDogecoin has finally produced a significant breakout from its compressed August structure, rising by about 4% to approximately $0.087 on the current daily candle. More significantly, DOGE has overcome a number of resistance levels that had trapped the asset near its annual lows.
The short-term moving averages' recovery at $0.072 is the first significant shift. After that, DOGE accelerated through the intermediate moving average around $0.080, transforming a slow rebound into a real breakout attempt. Alongside the move, trading volume increased significantly, hitting about 1.07 billion DOGE on the chart.
DOGE/USDT Chart by TradingViewFollowing weeks of comparatively weak activity around $0.07, that volume confirmation is important. But now DOGE has reached a more challenging technical area. The asset is still trading below its main dynamic resistance, as the long-term moving average sits at $0.095.
Additionally, this level roughly aligns with the previous February–May structure between $0.09 and $0.10. Momentum has already been stretched. The daily RSI has surged to roughly 77.7, compared to its moving average of about 51.3. As a result, DOGE quickly transitioned from neutral momentum to overbought conditions.
You Might Also Like
Thus, $0.09–$0.095 is the immediate test. If this area is broken and held, $0.10 and the May region around $0.11–$0.115 may be exposed. In the event that momentum wanes, bulls must first defend $0.080.
The strongest nearby support remains the $0.072–$0.073 cluster below it. Although the breakout is significant, the larger bearish structure cannot be deemed seriously damaged until DOGE regains $0.095.
During the White House meeting on crypto and financial technology innovation, a single regulatory comment was enough to send Hyperliquid [HYPE] sharply higher.
U.S. President Donald J. Trump stated that CFTC Chairman Mike Selig is working on bringing Hyperliquid into the United States under a compliant framework. Traders reacted quickly to this news, sending HYPE up to $72.30. This was a 20% surge from roughly $59.
Source: X That reaction was in correlation with a significant spike in trading volume, which has caused the stock price to rise aggressively towards the $72.50 resistance.
Source: HYPE/USD on TradingView That level matters because HYPE repeatedly failed around the same area before falling toward $52. Meanwhile, at press time, the RSI indicator reached 84.89, its highest reading since early May.
Thus, the regulatory repricing of HYPE currently faces a test based upon a technical standpoint. If HYPE can hold above $69-$70, it will help maintain its breakout structure. However, if HYPE fails again at the $72.50 resistance point, it would leave the broader range unresolved.
HYPE’s rally reshapes major whale positions The regulatory-driven rally has also created a sharp divide between traders positioned on opposite sides of HYPE.
In light of this, one trader is holding a long position that they had put on prior to the White House meeting with approximately $43 million in unrealized profit. This left the community with questions regarding the position, if it was insider trading.
Source: X On the other hand, Loracle’s 685,740 HYPE short, worth about $47.79 million, has been sharply negatively affected by the recent rally.
As such, Loracle currently faces approximately $10.95 million in unrealized losses for their short positions. Moreover, they may face additional loss if their position is forced into liquidation at $87.607.
Source: X This contrast matters because further gains increasingly pressure bearish leverage rather than merely rewarding existing longs. Therefore, continued buying could force shorts to reduce exposure, adding demand.
However, stalled momentum would ease that pressure and allow underwater positions more room to remain open.
Can HYPE target $75 next? The pressure on bearish traders has already spilled into broader liquidations, showing how leverage amplified HYPE’s initial rally. As of writing, total liquidations reached $54.4 million, with shorts accounting for $48.16 million versus $6.25 million in longs.
Source: CoinGlass That imbalance helps explain the rapid jump from roughly $63 toward $69, as forced short closures added buying pressure. However, HYPE now trades near another concentrated liquidity area around the $72–$73 zone.
Source: CoinGlass Still, if HYPE can clear that cluster of liquidations, it may add additional short liquidations and make the push to $75.
Yet the rally becomes more dependent on fresh demand once forced buying fades. If buyers fail to maintain pressure, the $66–$68 liquidity zone becomes the nearest area where price could retrace.
CME Group CEO Terry Duffy told the Commodity Futures Trading Commission (CFTC) it clears contracts that traders can rig. Chairman Michael Selig cut him off and called the claim fake news.
The exchange happened Thursday in Washington, at the first meeting of the CFTC’s Innovation Advisory Committee. Duffy runs the largest futures exchange in the world. Selig regulates it.
2,500 Filings and Zero ObjectionsSelig built the 35-member committee in February. Its roster includes the chief executives of Kalshi, Polymarket and DraftKings. Thursday’s agenda covered crypto, artificial intelligence and event contracts.
Duffy used his turn to attack the last one.
Roughly 2,500 self-certifications have landed at the agency since January 2025, he said. None were opposed.
Self-certification is the fast lane. An exchange files a contract, attests that it follows the law, and lists it. Nobody has to approve it.
Duffy said some of those filings break core principle 3. That rule bars any contract that traders can readily manipulate.
There is a structural reason few filings get challenged. Selig is the only sitting commissioner at the CFTC. Four of the agency’s five seats are empty.
“We’re not a bunch of carnival barkers at a circus. We are running the most envious markets in the world in the United States of America.”
Follow us on X to get the latest news as it happens
Selig Calls It Fake News, But The Record Is MessierDuffy raised two cases.
In the first, a Fort Bragg soldier named Gannon Van Dyke turned $33,034 into $409,881 on Polymarket. He bet on whether US forces would enter Venezuela. He also held classified details of the raid that captured Nicolás Maduro. Prosecutors charged him in April.
In the second, Trump’s teleprompter operator Gabriel Perez cleared more than $100,000 on Kalshi. He traded on what the president would say. Investigators found bets on more than a dozen speeches.
Selig cut in before Duffy finished.
“…those products are not listed in the United States. They never were. This occurred offshore, and that’s fake news.”
Duffy called that a cute comment. He granted that the Maduro market was Polymarket’s, which trades offshore.
The teleprompter case is different. Those trades ran on Kalshi, an exchange the CFTC itself designates and oversees. Kalshi’s own surveillance team flagged the activity and reported it to the agency.
So one example landed offshore. The other did not.
Kalshi Trades Compute Today. CME Waits for October.Duffy then moved to timing, and the complaint got sharper.
Kalshi already runs markets on the cost of renting Nvidia chips. It launched them in July.
CME wants in on the same trade. On August 11 it said it would list rental futures for Nvidia H100 and B200 chips. Its partner is Silicon Data, a firm backed by trading house DRW. Target date, October 5, pending review.
Then the agency opened a consultation. On August 19 it asked the public to comment on compute derivatives for 60 days.
Count the days. A 60-day window starting from Federal Register publication closes after October 5.
DRW founder Don Wilson, also on the committee, asked why compute needed 60 days at all.
Duffy added a second detail. Cantor Fitzgerald had opened institutional trading in Kalshi contracts hours earlier. “Let’s call that a coincidence,” he said.
Cantor Fitzgerald plans to give investment funds access to Kalshi’s prediction markets, arranging block trades on everything from weather forecasts to iPhone sales https://t.co/kb4dzux7m1
— WSJ Markets (@WSJmarkets) August 19, 2026
Cantor’s announcement covered event contracts broadly and never mentioned compute.
The Man Attacking Self-Certification Once Used ItDuffy’s frustration is not abstract. His own filings keep stalling.
In July the agency froze CME’s 24-hour crude oil contract while a rulemaking ran. Selig called the timing wholly inappropriate. That comment period closes on August 26.
CME has already gone to court. On June 18 it sued the CFTC over Kalshi’s Bitcoin perpetual contract, arguing the agency rubberstamped Kalshi’s reasoning. Those perps cleared $1 billion in volume in their first week.
Duffy also pressed on offshore venues. Traders in the US cannot legally touch them, he said, yet they get there anyway. He asked what the commission is doing to “police everybody’s VPN.”
Subscribe to our YouTube channel to watch leaders and journalists provide expert insights
He named Hyperliquid. President Donald Trump had floated bringing Hyperliquid onshore at a White House crypto summit the previous day.
One point cuts against Duffy. CME self-certified its own Bitcoin futures in December 2017, using the same fast lane he now calls dangerous. Duffy signed the announcement.
He closed on 2008. Bad behavior in finance does not cost the industry one step, he said. It costs 20, and the rebuild takes years.
Duffy hands the CEO job to Lynne Fitzpatrick in March 2027. The committee he was addressing cannot write rules. Selig can, alone, and two of his clocks run out within weeks.
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.
Chicago Mercantile Exchange (CME) Group Chairman and CEO Terry Duffy said at a Commodity Futures Trading Commission (CFTC) Innovation Advisory Committee meeting this morning that trade.xyz and Hyperliquid are exerting a material impact on the U.S. market. trade.xyz is a major market builder on the Hyperliquid chain, focusing on perpetual contracts for stocks, commodities, and pre-IPO assets, with its trading volume accounting for a significant share of Hyperliquid’s total volume. Duffy has repeatedly publicly raised concerns about leverage and regulatory issues related to such offshore platforms. Furthermore, Duffy engaged in a heated exchange with CFTC Chairman Michael Selig and Kalshi Chief Operating Officer Luana Lopes Lara over the regulation of prediction markets. Duffy noted that some prediction market contracts carry manipulation risks, particularly those listed via self-certification. He cited certain contracts linked to content from Trump’s State of the Union address and the timeline of Venezuelan President Nicolás Maduro’s ouster as potential manipulation risks, stating that this is harmful to the entire industry.
Chip export prices have surged, and the AI chip shortage crisis continues to intensify.
Samsung has recently raised foundry prices for some 4nm, 5nm, and 8nm nodes by 10% to 15%. TSMC has also hiked its 2026 capital expenditure to $60 billion to $64 billion, reflecting that existing production capacity still cannot fully meet AI demand. This round of price hikes benefits storage, foundry, and packaging players controlling scarce capacity, but will raise costs for server, PC, and consumer electronics firms. The market will next focus on the race between upward earnings revisions and new capacity expansion: the longer the supply shortage persists, the stronger the pricing power of leading players; if capacity expansion outpaces actual AI demand growth, price corrections and inventory reversals will amplify volatility in semiconductor stocks. (Jinshi)
20 minutes ago
Goldman Sachs: AI stocks have seen sharp volatility, but positions are far from returning to extreme levels.
Goldman Sachs OneDelta head Rich Privorotsky noted that AI and momentum trading have seen sharp swings over the past 48 hours, with Goldman Sachs’ GSPUMOMO momentum portfolio down nearly 7% in total. However, per Goldman Sachs Prime data, position changes are far more moderate: momentum exposure is now near neutral, investors have mostly added net exposure recently, and total leverage has not risen significantly again. This is particularly important as the market just went through a major de-risking process in July. While investors still hold considerable AI and semiconductor exposure, it remains well below earlier peak levels. Leverage within the semiconductor sector has declined, though some residual leverage remains in the system. A sharp price drop could easily trigger passive position cuts and forced selling. As such, recent sharp swings in AI stocks may be further amplified by low market liquidity in August. Intraday price action appears highly "fundamental-driven", but may not actually align with comparable fundamental changes. At this stage, it is more appropriate to continue monitoring total leverage, Prime positions, and semiconductor capital flows to assess whether this round of volatility will evolve into broader de-risking. (Jin10)
20 minutes ago
Analyst: Bitcoin faces fewer upside resistance levels, with $83,300 as the next key resistance level.
On-chain analyst Ali Charts said Bitcoin has now formed strong support in the $61,849 to $63,111 range, an area where over 2 million BTC were previously traded. More importantly, data from the Unrealized Profit/Loss Distribution (URPD) metric shows Bitcoin has relatively few resistance zones above its current level. Ali Charts added that if BTC can break through $75,733, the next major supply dense zone is likely located in the $83,307 to $84,569 range, where roughly 1 million BTC changed hands previously.
20 minutes ago
The whale, which set 10 major targets for its short positions, has expanded its total short position to $143 million, currently facing an unrealized loss of $309,000.
According to on-chain analyst Ai Yi (@ai_9684xtpa), the total short position of the whale codenamed "Set 10 Big Goals First" has risen to $143 million, with an unrealized loss of $309,000. Details: 5x leveraged short position on Bitcoin (BTC) holds 1,449.968 BTC, worth around $108 million, at an average entry price of $74,570.99; 7x leveraged short position on Ethereum (ETH) holds 15,000 ETH, worth approximately $35.21 million, with an average entry price of $2,347.89.
20 minutes ago
Bitget’s TradFi contract trades topped 150 million in August.
Bitget’s latest data shows that as of August 20, the cumulative number of trades on its TradFi contracts in August has surpassed 150 million, with a daily peak of 13.64 million trades. As demand for trading traditional financial assets including US stocks, foreign exchange, precious metals, and commodities continues to rise, trading activity in Bitget’s TradFi segment has further improved.
20 minutes ago
BTC long positions worth tens of millions of dollars have been pre-positioned, apparently betting on a rebound in macro risk assets.
According to monitoring by TradingBeats (formerly Hyperinsight), an address starting with 0xa0....e553c has recently completed a clear BTC long position build-up. Order records show the address did not chase prices at a single point; it had previously attempted swing trading for BTC and the XYZ:100 index multiple times. This round, after confirming an uptrend around August 20, it gradually built its BTC position via multiple orders. Entry prices for the position range from approximately $53,653 to $66,667, with multiple large orders of ~132.67 BTC, eventually forming a BTC perpetual long position worth around $9.9 million. Currently, it holds BTC longs valued at $9.89 million, with an average entry price of $68,785.80, an unrealized profit of $760,000, and a return of 154%. The address has not allocated large sums to ETH, SOL, or other popular altcoins, instead concentrating its funds heavily on BTC. Its position adjustments appear to be front-running expectations of improved macro liquidity. Additionally, as early as the start of August, the address began positioning for the XYZ100 index, with multiple rounds of adding and reducing positions during that period. This development comes amid recent improved expectations for U.S. digital asset regulation, policy signals supporting crypto market structure development, and improved liquidity expectations pushing BTC back to key price levels. On-chain Perpetual (Perp) and address analysis tool TradingBeats is now live, supporting real-time viewing of Hyperliquid data, enabling full deep analysis from address tracing to whale operations, all at a glance.
Chip export prices have surged, and the AI chip shortage crisis continues to intensify.
Samsung has recently raised foundry prices for some 4nm, 5nm, and 8nm nodes by 10% to 15%. TSMC has also hiked its 2026 capital expenditure to $60 billion to $64 billion, reflecting that existing production capacity still cannot fully meet AI demand. This round of price hikes benefits storage, foundry, and packaging players controlling scarce capacity, but will raise costs for server, PC, and consumer electronics firms. The market will next focus on the race between upward earnings revisions and new capacity expansion: the longer the supply shortage persists, the stronger the pricing power of leading players; if capacity expansion outpaces actual AI demand growth, price corrections and inventory reversals will amplify volatility in semiconductor stocks. (Jinshi)
20 minutes ago
Goldman Sachs: AI stocks have seen sharp volatility, but positions are far from returning to extreme levels.
Goldman Sachs OneDelta head Rich Privorotsky noted that AI and momentum trading have seen sharp swings over the past 48 hours, with Goldman Sachs’ GSPUMOMO momentum portfolio down nearly 7% in total. However, per Goldman Sachs Prime data, position changes are far more moderate: momentum exposure is now near neutral, investors have mostly added net exposure recently, and total leverage has not risen significantly again. This is particularly important as the market just went through a major de-risking process in July. While investors still hold considerable AI and semiconductor exposure, it remains well below earlier peak levels. Leverage within the semiconductor sector has declined, though some residual leverage remains in the system. A sharp price drop could easily trigger passive position cuts and forced selling. As such, recent sharp swings in AI stocks may be further amplified by low market liquidity in August. Intraday price action appears highly "fundamental-driven", but may not actually align with comparable fundamental changes. At this stage, it is more appropriate to continue monitoring total leverage, Prime positions, and semiconductor capital flows to assess whether this round of volatility will evolve into broader de-risking. (Jin10)
20 minutes ago
Analyst: Bitcoin faces fewer upside resistance levels, with $83,300 as the next key resistance level.
On-chain analyst Ali Charts said Bitcoin has now formed strong support in the $61,849 to $63,111 range, an area where over 2 million BTC were previously traded. More importantly, data from the Unrealized Profit/Loss Distribution (URPD) metric shows Bitcoin has relatively few resistance zones above its current level. Ali Charts added that if BTC can break through $75,733, the next major supply dense zone is likely located in the $83,307 to $84,569 range, where roughly 1 million BTC changed hands previously.
20 minutes ago
The whale, which set 10 major targets for its short positions, has expanded its total short position to $143 million, currently facing an unrealized loss of $309,000.
According to on-chain analyst Ai Yi (@ai_9684xtpa), the total short position of the whale codenamed "Set 10 Big Goals First" has risen to $143 million, with an unrealized loss of $309,000. Details: 5x leveraged short position on Bitcoin (BTC) holds 1,449.968 BTC, worth around $108 million, at an average entry price of $74,570.99; 7x leveraged short position on Ethereum (ETH) holds 15,000 ETH, worth approximately $35.21 million, with an average entry price of $2,347.89.
20 minutes ago
Bitget’s TradFi contract trades topped 150 million in August.
Bitget’s latest data shows that as of August 20, the cumulative number of trades on its TradFi contracts in August has surpassed 150 million, with a daily peak of 13.64 million trades. As demand for trading traditional financial assets including US stocks, foreign exchange, precious metals, and commodities continues to rise, trading activity in Bitget’s TradFi segment has further improved.
20 minutes ago
BTC long positions worth tens of millions of dollars have been pre-positioned, apparently betting on a rebound in macro risk assets.
According to monitoring by TradingBeats (formerly Hyperinsight), an address starting with 0xa0....e553c has recently completed a clear BTC long position build-up. Order records show the address did not chase prices at a single point; it had previously attempted swing trading for BTC and the XYZ:100 index multiple times. This round, after confirming an uptrend around August 20, it gradually built its BTC position via multiple orders. Entry prices for the position range from approximately $53,653 to $66,667, with multiple large orders of ~132.67 BTC, eventually forming a BTC perpetual long position worth around $9.9 million. Currently, it holds BTC longs valued at $9.89 million, with an average entry price of $68,785.80, an unrealized profit of $760,000, and a return of 154%. The address has not allocated large sums to ETH, SOL, or other popular altcoins, instead concentrating its funds heavily on BTC. Its position adjustments appear to be front-running expectations of improved macro liquidity. Additionally, as early as the start of August, the address began positioning for the XYZ100 index, with multiple rounds of adding and reducing positions during that period. This development comes amid recent improved expectations for U.S. digital asset regulation, policy signals supporting crypto market structure development, and improved liquidity expectations pushing BTC back to key price levels. On-chain Perpetual (Perp) and address analysis tool TradingBeats is now live, supporting real-time viewing of Hyperliquid data, enabling full deep analysis from address tracing to whale operations, all at a glance.
Serenity noted in a post that leveraged traders have shifted back from AI stocks to Hyperliquid, a crypto trading platform, and biotech assets, a move Serenity believes could help AI stocks recover faster. South Korean ETF EWY rose, driven primarily by SK Hynix’s share repurchases, while Samsung Foundry hiked wafer fabrication prices by roughly 10% to 15%. Serenity added that SK Hynix unveiled its Co-packaged Optics (CPO) roadmap, which involves a photonic interposer connecting memory chips. This initiative could expand the addressable market and boost demand for related supply chains including lasers, photonic integrated circuits, and packaging. Separately, after Changxin Memory Technologies (CXMT) completed its listing, Yangtze Memory Technologies (YMTC) is targeting an IPO in the next quarter. Optoelectronics manufacturer Tyntek saw its stock hit the daily trading limit, with order visibility extending to 2028, reflecting a supply-demand imbalance for photodiodes in the photonics industry. Additionally, a shortage of high-end PCB drill bits persists, as AI data centers, servers, and optical communications drive demand for PCBs, high-density interconnect (HDI) boards, and packaging substrates, while tungsten prices are also rising.
According to monitoring by TradingBeats (formerly Hyperinsight), an address starting with 0xa0....e553c has recently completed a clear BTC long position build-up. Order records show the address did not chase prices at a single point; it had previously attempted swing trading for BTC and the XYZ:100 index multiple times. This round, after confirming an uptrend around August 20, it gradually built its BTC position via multiple orders. Entry prices for the position range from approximately $53,653 to $66,667, with multiple large orders of ~132.67 BTC, eventually forming a BTC perpetual long position worth around $9.9 million. Currently, it holds BTC longs valued at $9.89 million, with an average entry price of $68,785.80, an unrealized profit of $760,000, and a return of 154%. The address has not allocated large sums to ETH, SOL, or other popular altcoins, instead concentrating its funds heavily on BTC. Its position adjustments appear to be front-running expectations of improved macro liquidity. Additionally, as early as the start of August, the address began positioning for the XYZ100 index, with multiple rounds of adding and reducing positions during that period. This development comes amid recent improved expectations for U.S. digital asset regulation, policy signals supporting crypto market structure development, and improved liquidity expectations pushing BTC back to key price levels. On-chain Perpetual (Perp) and address analysis tool TradingBeats is now live, supporting real-time viewing of Hyperliquid data, enabling full deep analysis from address tracing to whale operations, all at a glance.
Aster [ASTER] extended its rally, gaining over 10% in 24 hours to $0.65. The move followed growing regulatory optimism around decentralized perpetual futures exchanges.
President Donald Trump said CFTC Chair Mike Selig was working to bring Hyperliquid into the U.S. He said the process would happen in a “fully compliant and legal fashion.”
Because Aster directly competes with Hyperliquid, traders appeared to treat the news as a sector-wide catalyst. Trading Volume and Funding Rate also increased, placing $0.67 and $0.80 under focus.
Could Hyperliquid’s U.S. entry help Aster? Trump’s comments strengthened optimism across the already bullish crypto market. Hyperliquid’s compliant U.S. entry could signal a more accommodating environment for decentralized derivatives.
As a perpetual futures DEX backed by Changpeng Zhao [CZ], Aster could benefit from greater sector-wide attention and capital.
Zhao recently argued that any preferential treatment granted to one firm should extend across the industry. This makes ASTER’s rally unusual: Traders are pricing a rival’s regulatory progress as Aster’s opportunity.
Does Aster’s volume confirm the rally? ASTER’s Trading Volume climbed from $55 million to $152 million over 24 hours, nearly tripling. The expansion confirmed stronger participation behind the 10% price gain.
Sustained Trading Volume could help ASTER challenge $0.67. However, volume must now survive beyond the regulatory headline.
Source: CoinGlass Are ASTER traders becoming too bullish? Derivatives positioning also leaned bullish.
ASTER’s OI-Weighted Funding Rate stood at 0.0069%, meaning Longs paid Shorts to maintain their positions. The positive reading reflected a modest long bias.
Further increases could crowd Longs and raise liquidation risk during a reversal. Funding confirmed optimism. It also showed where the rally could become vulnerable if price stalled.
Source: CoinGlass Can ASTER reach $0.80? ASTER bounced from $0.60 support and reclaimed the 20-day, 50-day, and 100-day EMAs. The token then tested the 200-day EMA near $0.67.
Reclaiming these averages strengthened the short-term and medium-term structures. However, the 200-day EMA remained the longer-term hurdle.
Source: TradingView A decisive close above $0.67, supported by Trading Volume, could open the $0.80 range high. A rejection could return ASTER toward the reclaimed EMAs before another breakout attempt.
Hyperliquid opened the regulatory door. ASTER must prove rival platforms can walk through it too.
Final Summary ASTER gained over 10% as Hyperliquid’s potential U.S. entry lifted decentralized derivatives optimism. Aster’s Trading Volume nearly tripled from $55 million to $152 million.
After being stuck in a narrow consolidation between $63,000 and $65,000 throughout August, Bitcoin has now emerged. In a single session, Bitcoin increased by nearly 4% to about $71,950, but the move put the cryptocurrency squarely in its most crucial resistance zone. Technically, the breakout is significant.
Bitcoin's sharp surgeBitcoin successfully recovered the intermediate average near $66,500 after clearing the short-term moving averages between $64,200 and $64,900. The candle carries significantly more participation than prior recovery attempts, as evidenced by the trading volume's sharp expansion during the move.
BTC/USDT Chart by TradingViewThe issue is the $71,500 black long-term moving average. The $71,500–$72,500 range is the main barrier separating the current recovery from a more general trend reversal because BTC is currently testing this level almost exactly. Momentum has already been stretched. The daily RSI surged to about 79, clearly moving into overbought territory.
HOT Stories
You Might Also Like
This greatly increases the likelihood of volatility and profit-taking following such a swift move, but it does not necessarily imply an instant reversal, especially during a breakout. The structure of Bitcoin would be significantly improved by a daily close above $72,000. The previous May consolidation was between $77,000 and $82,000, and the next pertinent targets would be around $75,000.
$66,500 becomes the first significant support if BTC is unable to maintain the breakout. The clustered averages between $64,000 and $65,000 below it indicate the crucial region that bulls must protect. The conversion of $71,500 from long-term resistance to support is now necessary for confirmation of Bitcoin's strongest bullish signal in months.
Ethereum is even sharperCompared to Bitcoin, Ethereum has produced an even more aggressive breakout, breaking through several resistance levels in a single session to reach roughly $2,290. The move significantly altered ETH's technical structure. Ethereum broke above the short-term moving averages around $1,875–$1,940 after being compressed below $1,950 for weeks. It then attacked the long-term moving average around $2,125 right away.
ETH/USDT Chart by TradingViewWith the biggest volume spike since the June sell-off, the asset has now firmly moved above that level. Thus, the most crucial level to watch from this point on is $2,125. In the past, this moving average served as a significant dynamic barrier during the overall decline. If it were held above, there would be much more evidence that Ethereum is moving away from its current bearish structure.
You Might Also Like
Additionally, there is room for the next major supply zone. ETH previously consolidated between $2,300 and $2,400 in April and May, indicating that the current price has already reached a level where sellers may become significantly more active.
A clean break through $2,400 might reveal the $2,500–$2,600 range. Momentum is the current issue. The RSI has surged to about 83, well above the typical overbought threshold. Even if the larger breakout is still valid, ETH has moved hundreds of dollars without creating intermediate support, raising the possibility of a steep retracement.
The first significant support is approximately $2,125. The next defensive zone is formed below that by $1,935 and $1,875. Price, volume, and the moving-average structure all moved in tandem, making Ethereum's breakout technically convincing.
But holding onto $2,125 after such a dramatic one-day surge is far more important than immediately extending the rally. A successful retest would provide a much more solid basis for the breakout.
Hyperliquid turns 180Among the major altcoins, Hyperliquid has produced one of the best breakouts, rising about 3.4% on the current daily candle and momentarily surpassing $74. The action pushes HYPE back toward the upper limit of the trading range that was established following its rally in June. There has been a significant improvement in the technical structure.
For the majority of August, HYPE recovered from the $52–$54 range, where buyers were able to hold the rising long-term moving average close to $51.60. The price then recovered the orange average around $57.30, the short-term average around $59.10, and—above all—the blue dynamic resistance around $60.50.
HYPE/USDT Chart by TradingViewThus, the most recent increase toward $72 is not just a typical bounce. HYPE has returned to the $70–$76 supply zone, which has caused multiple reversals since June, after clearing nearly all of the chart's major moving averages. Additionally, volume increased during the breakout, offering some evidence that the move is supported by real participation.
You Might Also Like
But now, HYPE is dealing with the same issue that frequently arises after vertical advances: momentum has been stretched. With a daily RSI of roughly 74, the asset is in overbought territory. The current immediate resistance is between $74 and $77. HYPE would be in a position to reach a new high and possibly aim for the psychological $80 level if it broke above that range.
The bullish setup would not be instantly invalidated in the event of a failure. The much stronger $59–$61 cluster follows the first support, which is located between $66 and $68. Despite the increased short-term retracement risk, the larger technical structure favors buyers as long as HYPE stays above that latter region.
Near Protocol hides potentialAlthough Near Protocol is making an effort to improve, its technical standing is still far inferior to that of HYPE. After making a strong comeback from the $1.58–$1.60 range, NEAR is currently trading at about $1.73, with the daily RSI rising to about 54.
After weeks of falling prices, the rebound has moved NEAR above its short-term moving average, which is close to $1.69. This is the first positive development. Nevertheless, the move cannot turn into a confirmed reversal due to a dense resistance cluster just above the current price.
NEAR/USDT Chart by TradingViewThe range of three significant moving averages is approximately $1.78 to $1.80. The long-term black average is roughly between $1.78 and $1.79, the orange average is about $1.78, and the blue average is close to $1.80. Before the current move can become structurally significant, NEAR must break through this entire cluster.
You Might Also Like
Because the asset lost it during the late-July decline, that area is especially significant. Therefore, recovering $1.80 would invalidate a portion of the recent bearish structure and simultaneously reclaim multiple moving averages. The next resistance level is between $1.90 and $2.00 after $1.80.
Although NEAR is still far below the extreme $2.80–$3.00 highs noted during the June volatility spike, a sustained breakout there might reopen the path toward $2.10–$2.20. $1.60 is still the crucial support on the decline. Sellers appear to be having difficulty extending the decline based on repeated defenses of this area, but another breakdown would reveal about $1.50 and possibly the previous accumulation region around $1.40.
Goldman Sachs: AI stocks have seen sharp volatility, but positions are far from returning to extreme levels.
Goldman Sachs OneDelta head Rich Privorotsky noted that AI and momentum trading have seen sharp swings over the past 48 hours, with Goldman Sachs’ GSPUMOMO momentum portfolio down nearly 7% in total. However, per Goldman Sachs Prime data, position changes are far more moderate: momentum exposure is now near neutral, investors have mostly added net exposure recently, and total leverage has not risen significantly again. This is particularly important as the market just went through a major de-risking process in July. While investors still hold considerable AI and semiconductor exposure, it remains well below earlier peak levels. Leverage within the semiconductor sector has declined, though some residual leverage remains in the system. A sharp price drop could easily trigger passive position cuts and forced selling. As such, recent sharp swings in AI stocks may be further amplified by low market liquidity in August. Intraday price action appears highly "fundamental-driven", but may not actually align with comparable fundamental changes. At this stage, it is more appropriate to continue monitoring total leverage, Prime positions, and semiconductor capital flows to assess whether this round of volatility will evolve into broader de-risking. (Jin10)
1 seconds ago
Analyst: Bitcoin faces fewer upside resistance levels, with $83,300 as the next key resistance level.
On-chain analyst Ali Charts said Bitcoin has now formed strong support in the $61,849 to $63,111 range, an area where over 2 million BTC were previously traded. More importantly, data from the Unrealized Profit/Loss Distribution (URPD) metric shows Bitcoin has relatively few resistance zones above its current level. Ali Charts added that if BTC can break through $75,733, the next major supply dense zone is likely located in the $83,307 to $84,569 range, where roughly 1 million BTC changed hands previously.
1 seconds ago
The whale, which set 10 major targets for its short positions, has expanded its total short position to $143 million, currently facing an unrealized loss of $309,000.
According to on-chain analyst Ai Yi (@ai_9684xtpa), the total short position of the whale codenamed "Set 10 Big Goals First" has risen to $143 million, with an unrealized loss of $309,000. Details: 5x leveraged short position on Bitcoin (BTC) holds 1,449.968 BTC, worth around $108 million, at an average entry price of $74,570.99; 7x leveraged short position on Ethereum (ETH) holds 15,000 ETH, worth approximately $35.21 million, with an average entry price of $2,347.89.
1 seconds ago
Bitget’s TradFi contract trades topped 150 million in August.
Bitget’s latest data shows that as of August 20, the cumulative number of trades on its TradFi contracts in August has surpassed 150 million, with a daily peak of 13.64 million trades. As demand for trading traditional financial assets including US stocks, foreign exchange, precious metals, and commodities continues to rise, trading activity in Bitget’s TradFi segment has further improved.
1 seconds ago
BTC long positions worth tens of millions of dollars have been pre-positioned, apparently betting on a rebound in macro risk assets.
According to monitoring by TradingBeats (formerly Hyperinsight), an address starting with 0xa0....e553c has recently completed a clear BTC long position build-up. Order records show the address did not chase prices at a single point; it had previously attempted swing trading for BTC and the XYZ:100 index multiple times. This round, after confirming an uptrend around August 20, it gradually built its BTC position via multiple orders. Entry prices for the position range from approximately $53,653 to $66,667, with multiple large orders of ~132.67 BTC, eventually forming a BTC perpetual long position worth around $9.9 million. Currently, it holds BTC longs valued at $9.89 million, with an average entry price of $68,785.80, an unrealized profit of $760,000, and a return of 154%. The address has not allocated large sums to ETH, SOL, or other popular altcoins, instead concentrating its funds heavily on BTC. Its position adjustments appear to be front-running expectations of improved macro liquidity. Additionally, as early as the start of August, the address began positioning for the XYZ100 index, with multiple rounds of adding and reducing positions during that period. This development comes amid recent improved expectations for U.S. digital asset regulation, policy signals supporting crypto market structure development, and improved liquidity expectations pushing BTC back to key price levels. On-chain Perpetual (Perp) and address analysis tool TradingBeats is now live, supporting real-time viewing of Hyperliquid data, enabling full deep analysis from address tracing to whale operations, all at a glance.
1 seconds ago
Serenity: Leveraged traders shift to crypto markets and biotech, AI stocks are poised for a faster rebound
Serenity noted in a post that leveraged traders have shifted back from AI stocks to Hyperliquid, a crypto trading platform, and biotech assets, a move Serenity believes could help AI stocks recover faster. South Korean ETF EWY rose, driven primarily by SK Hynix’s share repurchases, while Samsung Foundry hiked wafer fabrication prices by roughly 10% to 15%. Serenity added that SK Hynix unveiled its Co-packaged Optics (CPO) roadmap, which involves a photonic interposer connecting memory chips. This initiative could expand the addressable market and boost demand for related supply chains including lasers, photonic integrated circuits, and packaging. Separately, after Changxin Memory Technologies (CXMT) completed its listing, Yangtze Memory Technologies (YMTC) is targeting an IPO in the next quarter. Optoelectronics manufacturer Tyntek saw its stock hit the daily trading limit, with order visibility extending to 2028, reflecting a supply-demand imbalance for photodiodes in the photonics industry. Additionally, a shortage of high-end PCB drill bits persists, as AI data centers, servers, and optical communications drive demand for PCBs, high-density interconnect (HDI) boards, and packaging substrates, while tungsten prices are also rising.
PANews reported on August 20, according to official sources, decentralized AI infrastructure DeAgentAI announced that its brand-new official website is now officially live.
The AI Agent hosting platform launched simultaneously with the website is committed to providing long-term underlying support for the building, deployment, and persistent hosting of agents. As the platform's first demonstration-level application, Sentry has also been launched, enabling 24/7 persistent strategy monitoring with full coverage of 308 Hyperliquid underlying instruments (including crypto assets, stocks, and commodities), and relying on underlying trusted infrastructure to convert market insights into objective, emotion-free automated strategy execution.
DeAgentAI stated that Sentry is only the first step in the platform's rollout, and more AI Agents for vertical scenarios will continue to be built and hosted on this platform.
At the same time, with the comprehensive rollout of the AI Agent platform, Sentry, and enterprise solutions, DeAgentAI has officially launched a programmatic, recurring buyback and burn mechanism for $AIA based on real protocol revenue, using actual business growth to drive token deflation and value capture, continuously supporting the long-term value of $AIA.
A single line from Trump about bringing the offshore perpetuals venue into U.S. regulation sent HYPE up 17% and lifted every Hyperliquid-linked product on the market.
Original Image Credits: mundissima / Shutterstock.com
Posted August 20, 2026 at 6:17 am EST.
President Donald Trump said Wednesday that CFTC Chair Michael Selig is working to bring Hyperliquid, the largest onchain venue for perpetual futures, into the United States in a “fully compliant and legal fashion.” The comment came during his White House meeting with crypto and technology executives.
HYPE has surged as much as 25% over 24 hours after the remark. The three U.S. Hyperliquid funds, 21Shares’ THYP, Bitwise’s BHYP and Grayscale’s staking product HYPG, each rose close to 20% in Wednesday’s session. Hyperliquid Strategies, the Nasdaq-listed treasury vehicle trading as PURR, gained 30.4%. Trump did not describe what an onshore version would look like, and no CFTC approval exists.
This story is an excerpt from the Unchained Daily newsletter.
Subscribe here to get these updates in your email for free
For traders, the significance is that the biggest offshore venue in a market U.S. exchanges covet may get a regulated route in rather than an enforcement fight. Perpetual futures carry no expiry and let traders take leveraged directional exposure without owning the asset, a structure that has drawn non-crypto traders into 24/7 markets for products like oil during off hours, JPMorgan analysts have said.
Selig has said a version of this before. In a June interview with Bankless, he said onchain technology of Hyperliquid’s kind will “transform our markets” and that the agency wants a path to bring onchain venues into the U.S. under some form of regulation. The CFTC has already cracked the door, approving Kalshi’s BTCPERP as the first true bitcoin perpetual on a regulated U.S. exchange in June and issuing Coinbase Financial Markets a no-action letter to route customers into perps listed on its Bermuda arm.
Hyperliquid has been preparing the ground. The Hyper Foundation committed 1 million HYPE, worth roughly $29 million at the time, to launch the Hyperliquid Policy Center in Washington under Jake Chervinsky in February, and in July the group pushed back on broker rules for DeFi software in a comment letter to the CFTC. ICE chair Jeffrey Sprecher, who sat in Wednesday’s White House meeting, disclosed in May that his company had held multiple meetings with Hyperliquid.
Related Listen: Why RWAs Just Out-Traded Crypto on Hyperliquid for the First Time
AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.
Binance founder Changpeng ‘CZ’ Zhao on Thursday said many people missed the bigger picture of the CFTC bringing Hyperliquid to the United States. He claimed the policy would benefit the whole crypto industry rather than a single project.
Changpeng ‘CZ’ Zhao Reacts to CFTC Bringing Hyperliquid to US CZ’s comments came after President Donald Trump revealed that CFTC Chair Michael Selig is working to bring the decentralized perpetual futures exchange Hyperliquid into the U.S. market.
Changpeng Zhao highlighted that CFTC policy cannot be limited to one company or project. He asserted that many observers are missing the bigger picture and that “what’s good for one is good for the rest of the industry.”
During the SALT Conference’s Wyoming Blockchain Symposium, CZ said “This is not just about Hyperliquid. There will be so many Perp DEX’s & decentralized services available to US users…This is hugely positive for everyone in the industry.”
Notably, the CFTC has already taken significant steps earlier to approve certain perpetual-style contracts on registered exchanges and issue related guidance. As CoinGape reported earlier, even prediction market Kalshi launched Hyperliquid perpetuals trading.
Hyperliquid and Broader Crypto Market Recovery President Trump made the comments during a White House meeting with crypto and technology executives. He highlighted efforts by CFTC Chair Mike Selig to bring Hyperliquid in a compliant way.
The statement triggered an immediate market response, causing HYPE price to skyrocket sharply by 17%. Over the last 24 hours, HYPE price has extended gains more than 25% to $73.
Hyperliquid has attracted Wall Street attention regarding on-chain perpetual futures support, offering high leverage and deep liquidity. US users were largely limited from decentralized derivatives products due to regulatory constraints.
Changpeng ‘CZ’ Zhao and his family office YZi Labs-backed Aster decentralized perpetual exchange also witnessed massive demand. ASTER price jumped more than 12%, currently trading at $0.671.
Notably, the broader crypto market has recovered, with market cap rising almost 9% to $2.46 trillion. Bitcoin price reclaimed $72K level, up more than 11%, and Ethereum (ETH) rallied almost 20% to $2,276.
To understand how these platforms operate, traders can explore our curated guide on the top perpetual futures trading platform options available globally.
Hyperliquid’s HYPE token surged more than 25% in the past day after US President Donald Trump announced that regulators are developing a pathway for the decentralized trading platform to become available to American users.
Regulatory Developments and Market ImpactsDuring a White House event on Wednesday, Trump stated that Commodity Futures Trading Commission Chair Michael Selig is actively working to bring Hyperliquid into the United States in full compliance with financial regulations. Trump emphasized ongoing efforts to establish perpetual futures markets domestically, referencing Selig’s commitment to finding ways for on-chain markets like Hyperliquid to operate legally within the country’s regulatory framework.
The remarks triggered a strong reaction from the market, with HYPE trading at approximately $73.27, marking a 25.7% increase on the day. This sharp rally propelled HYPE’s market capitalization to about $18.49 billion, positioning it as the ninth-largest cryptocurrency by market value.
Trump stated that CFTC Chair Michael Selig is working to enable Hyperliquid’s entry into the US in a fully compliant and legal way, as part of a broader push to establish legitimate perpetual futures markets at home.
Current Access Restrictions and Market PositionHyperliquid is currently unavailable to US persons under its terms of use, a restriction also disclosed in filings with the Securities and Exchange Commission for HYPE-related investment products. If made accessible in the US, the platform could reach a significant new segment of traders and investors.
The decentralized exchange has rapidly risen to become the largest platform for perpetual futures trading by volume. Data from DefiLlama indicates that Hyperliquid processed around $200.7 billion in trading volume for perpetual contracts over the past 30 days. Open interest on the platform recently surpassed $10 billion, highlighting its growing influence in the crypto derivatives market.
Mini dictionary: Hyperliquid is a decentralized trading platform specializing in perpetual futures contracts, allowing users to trade derivatives directly from their wallets without centralized intermediaries.
MetricValueHYPE price (latest)$73.27Daily % change25.7%Market capitalization$18.49 billionTrading volume (30d)$200.7 billionOpen interest$10 billionRegulator Attitude and Future OutlookThe recent developments coincide with a more open stance from the Commodity Futures Trading Commission toward cryptocurrency derivatives. According to Reuters, Selig has approved perpetual bitcoin futures and is expected by industry leaders to support similar products linked to a broader range of crypto assets.
Despite these signals, neither Hyperliquid nor the CFTC has announced any concrete plans, formal applications, or an official timeline for a US launch.
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.
Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt
GM!
Today’s top news:
Crypto majors are up 10-20% after Trump’s crypto meeting; BTC at $72k, ETH at $2,300 Trump says CFTC is working to bring Hyperliquid to US; HYPE and LIT jump 20%+ Over $3 billion in shorts liquidated in past 24 hours, most since tracking began BTC ETFs see $517M in net inflows (most since May), now over $1 billion for week; ETH had $187M Coinbase added Hyperliquid perps to the Base app, launched new $1 million accelerator 🏛️ Trump Says the CFTC Is Working to Bring Hyperliquid Onshore
Trump dropped an absolute bullish bombshell yesterday for crypto and perps.
Sitting in the White House with the heads of Coinbase, Ripple, Robinhood, Nasdaq, and ICE, President Trump said his CFTC chair is working to bring Hyperliquid into the United States.
Myriad: Ethereum next price move? Click to make your prediction.“I understand that Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion,” Trump said, referring to CFTC Chair Michael Selig. “Working very hard on that. We would really like to see it.”
And the market exploded. HYPE jumped 23% to $72 at peak. Another perps leader in LIT popped 20% as well to a new local high. The broader crypto market legged up as well (albeit perhaps for other reasons as well, like Bessent’s yield curve control actions). BTC hit $72k, ETH put up a 20% candle to $2,300+ and SOL hit $87. Coinbase (+17%), Circle (+17%) and Robinhood stock (+10%) all soared as well.
For those unfamiliar, Hyperliquid is the offshore venue where traders take leveraged bets through perpetual futures, contracts with no expiration date, by connecting a wallet instead of opening a brokerage account. Americans can’t legally use it. That design routes around the intermediary that U.S. derivatives rules assume exists, which is exactly why registration, customer protection, and market oversight requirements have kept it and most crypto platforms offshore. The CFTC has been building toward this for a year, clearing Coinbase Derivatives for perp-style Bitcoin and Ethereum futures in April 2025 and later approving Kalshi for a similar product.
The rest of the meeting was a pitch to the Senate. Trump asked Congress to pass what he called a fair version of the Clarity Act, the market structure bill that would split SEC and CFTC authority over digital assets, calling it a way to stay ahead of China. That bill returns to the Senate floor in September after lawmakers left for recess without a procedural vote, and Republicans still need roughly six Democratic votes to clear 60.
So where does this leave us? Two days ago the SEC proposed its first formal crypto rules, and Wednesday the president publicly told his CFTC chair to find a path for the biggest offshore perps venue in crypto. The agencies are clearly moving ahead while the Clarity Act sits stuck. And they’re putting serious pressure on Congress to act, or let the SEC and CFTC make their own rules without legislative input.
Now we wait for the CFTC’s Innovation Advisory Committee, which meets Thursday for the first time.
🌎 Macro Crypto and Markets Crypto majors are very green up 10-20% after Trump’s crypto meeting yesterday and ahead of today’s CFTC meeting; BTC +12% at $72.1k; ETH +20% at $2,300; SOL +13% at $87; HYPE +23% at $72.30 Top alt movers include PEPE (+21%), ENA (+20%), SPX (+20%) and LIT (+20%) Oil +3% at $88.40; Gold +3% at $4,540 Stock futures are slightly red as bonds rebound and oil rises; DOW -0.2%, Nasdaq -0.1% Over $3B in shorts were liquidated over the past 24 hours as BTC, ETH and other alt leaders legged up 10-20% VanEck flagged 8 of 12 capitulation signals firing on Bitcoin, while noting similar setups have produced below-average 90-day and 180-day returns FalconX and Ethena set up a $1 billion secured facility deploying assets backing USDe into overcollateralized institutional loans, reducing reliance on perp funding rates Fidelity Digital Assets warned that AI agent activity may route to banks and fintechs instead of public blockchains, with stablecoin issuers capturing more upside than base-layer tokens Fairshake spent more than $2 million trying to beat Oliver Gilbert in a Florida Democratic primary and lost, drawing criticism for ads built on faked Miami Herald headlines Corporate Treasuries & ETFs
The Bitcoin ETFs saw $517M in net inflows on Wednesday, the biggest day since May; the ETH ETFs saw $186M in inflows 12 of MSTR’s top 15 institutional holders added to their positions in Q2 2026 Meme Coin Tracker Meme leaders were very green up 10-20%; DOGE +10%, SHIB +9%, PEPE +21%, PENGU +10%, TRUMP +18%, BONK +13% Robinhood chain saw more major rebounds with Cashcat +22%, PONS +34%, Pipedog +17% and Tendies +31%; GOOD ran 10x to $4M Solana leaders included Bome (+69%), Cate (+26%) and Troll (+17%); Ansem +5% to $250M On BSC, Niu Lai ran 60% to $65M and CETS +33% to $13M 💰 Token, Airdrop & Protocol Tracker Kalshi filed with the CFTC to launch a cash-settled copper perps contract priced off Pyth Network data Coinbase added perps to Base App through Hyperliquid, giving eligible users 290-plus markets at up to 50x leverage, though not in the U.S., U.K., or Canada Base opened applications for Batches 004, a $1 million accelerator investing $100,000 each in 10 pre-seed teams building AI agents, payments, trading, and financing products 🚚 What is happening in NFTs? NFT leaders were mixed; Punks +1% at 32.4 ETH, BAYC -4% at 7.6 ETH, Pudgy even at 3.78 ETH; Stonkbrokers -17% to 5.7 ETH Cashcats (+20%) and Fuego (+20%) led top movers FWA introduced their first FWAir launch project, priced at 0.25 ETH each for 111 NFTs Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt
GM!
Today’s top news:
Crypto majors are up 10-20% after Trump’s crypto meeting; BTC at $72k, ETH at $2,300 Trump says CFTC is working to bring Hyperliquid to US; HYPE and LIT jump 20%+ Over $3 billion in shorts liquidated in past 24 hours, most since tracking began BTC ETFs see $517M in net inflows (most since May), now over $1 billion for week; ETH had $187M Coinbase added Hyperliquid perps to the Base app, launched new $1 million accelerator 🏛️ Trump Says the CFTC Is Working to Bring Hyperliquid Onshore
Trump dropped an absolute bullish bombshell yesterday for crypto and perps.
Sitting in the White House with the heads of Coinbase, Ripple, Robinhood, Nasdaq, and ICE, President Trump said his CFTC chair is working to bring Hyperliquid into the United States.
Myriad: Ethereum next price move? Click to make your prediction.“I understand that Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion,” Trump said, referring to CFTC Chair Michael Selig. “Working very hard on that. We would really like to see it.”
And the market exploded. HYPE jumped 23% to $72 at peak. Another perps leader in LIT popped 20% as well to a new local high. The broader crypto market legged up as well (albeit perhaps for other reasons as well, like Bessent’s yield curve control actions). BTC hit $72k, ETH put up a 20% candle to $2,300+ and SOL hit $87. Coinbase (+17%), Circle (+17%) and Robinhood stock (+10%) all soared as well.
For those unfamiliar, Hyperliquid is the offshore venue where traders take leveraged bets through perpetual futures, contracts with no expiration date, by connecting a wallet instead of opening a brokerage account. Americans can’t legally use it. That design routes around the intermediary that U.S. derivatives rules assume exists, which is exactly why registration, customer protection, and market oversight requirements have kept it and most crypto platforms offshore. The CFTC has been building toward this for a year, clearing Coinbase Derivatives for perp-style Bitcoin and Ethereum futures in April 2025 and later approving Kalshi for a similar product.
The rest of the meeting was a pitch to the Senate. Trump asked Congress to pass what he called a fair version of the Clarity Act, the market structure bill that would split SEC and CFTC authority over digital assets, calling it a way to stay ahead of China. That bill returns to the Senate floor in September after lawmakers left for recess without a procedural vote, and Republicans still need roughly six Democratic votes to clear 60.
So where does this leave us? Two days ago the SEC proposed its first formal crypto rules, and Wednesday the president publicly told his CFTC chair to find a path for the biggest offshore perps venue in crypto. The agencies are clearly moving ahead while the Clarity Act sits stuck. And they’re putting serious pressure on Congress to act, or let the SEC and CFTC make their own rules without legislative input.
Now we wait for the CFTC’s Innovation Advisory Committee, which meets Thursday for the first time.
🌎 Macro Crypto and Markets Crypto majors are very green up 10-20% after Trump’s crypto meeting yesterday and ahead of today’s CFTC meeting; BTC +12% at $72.1k; ETH +20% at $2,300; SOL +13% at $87; HYPE +23% at $72.30 Top alt movers include PEPE (+21%), ENA (+20%), SPX (+20%) and LIT (+20%) Oil +3% at $88.40; Gold +3% at $4,540 Stock futures are slightly red as bonds rebound and oil rises; DOW -0.2%, Nasdaq -0.1% Over $3B in shorts were liquidated over the past 24 hours as BTC, ETH and other alt leaders legged up 10-20% VanEck flagged 8 of 12 capitulation signals firing on Bitcoin, while noting similar setups have produced below-average 90-day and 180-day returns FalconX and Ethena set up a $1 billion secured facility deploying assets backing USDe into overcollateralized institutional loans, reducing reliance on perp funding rates Fidelity Digital Assets warned that AI agent activity may route to banks and fintechs instead of public blockchains, with stablecoin issuers capturing more upside than base-layer tokens Fairshake spent more than $2 million trying to beat Oliver Gilbert in a Florida Democratic primary and lost, drawing criticism for ads built on faked Miami Herald headlines Corporate Treasuries & ETFs
The Bitcoin ETFs saw $517M in net inflows on Wednesday, the biggest day since May; the ETH ETFs saw $186M in inflows 12 of MSTR’s top 15 institutional holders added to their positions in Q2 2026 Meme Coin Tracker Meme leaders were very green up 10-20%; DOGE +10%, SHIB +9%, PEPE +21%, PENGU +10%, TRUMP +18%, BONK +13% Robinhood chain saw more major rebounds with Cashcat +22%, PONS +34%, Pipedog +17% and Tendies +31%; GOOD ran 10x to $4M Solana leaders included Bome (+69%), Cate (+26%) and Troll (+17%); Ansem +5% to $250M On BSC, Niu Lai ran 60% to $65M and CETS +33% to $13M 💰 Token, Airdrop & Protocol Tracker Kalshi filed with the CFTC to launch a cash-settled copper perps contract priced off Pyth Network data Coinbase added perps to Base App through Hyperliquid, giving eligible users 290-plus markets at up to 50x leverage, though not in the U.S., U.K., or Canada Base opened applications for Batches 004, a $1 million accelerator investing $100,000 each in 10 pre-seed teams building AI agents, payments, trading, and financing products 🚚 What is happening in NFTs? NFT leaders were mixed; Punks +1% at 32.4 ETH, BAYC -4% at 7.6 ETH, Pudgy even at 3.78 ETH; Stonkbrokers -17% to 5.7 ETH Cashcats (+20%) and Fuego (+20%) led top movers FWA introduced their first FWAir launch project, priced at 0.25 ETH each for 111 NFTs Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
Hyperliquid Strategies Inc (NASDAQ:PURR) shares surged this week after President Donald Trump signaled support for bringing the Hyperliquid exchange into the U.S. under a compliant regulatory structure.
Hyperliquid Strategies stock is charging ahead with explosive momentum. Why is PURR stock surging? Trump Comments on Hyperliquid Spark RallyCrypto markets were already having a standout day heading into Wednesday afternoon, and that strength has carried into Thursday, with Bitcoin (CRYPTO:BTC) touching levels not seen since June ahead of a scheduled sit-down between Trump and executives from the industry.
On Wednesday afternoon, Trump mentioned Hyperliquid in a White House speech, which sent shares soaring.
Hyperliquid is the platform that helped popularize high-leverage perpetual futures contracts and has become a magnet for traders looking for swap-like exposure without an expiration date, according to CNBC.
“I understand that Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion,” Trump said, referring to CFTC chair Mike Selig.
The market reaction was immediate. Hyperliquid Strategies, the treasury vehicle that holds a stockpile of HYPE tokens, saw its stock leap 30% ahead of the close, stretching its 2026 gain past 163%. HYPE tokens themselves climbed 18%, nearing all-time highs in the process. That strength has continued into Thursday, with PURR stock reaching $10.06 at the highs of the session.
Speaking on a call once markets closed, Hyperliquid Strategies CEO David Schamis said the company had spent considerable time already pursuing U.S. market access and found the CFTC willing to engage, but noted that having the president raise it publicly instantly moves the topic higher on the priority list.
Druckenmiller Discloses New PURR StakeTrump’s remarks weren’t the only reason Hyperliquid Strategies found itself back in the spotlight this week. A 13F filing revealed that Stanley Druckenmiller’s Duquesne Family Office owned 2.94 million PURR shares as of the end of June, a $23.15 million position marking the fund’s first-ever disclosed stake in the company.
That holding represented a small slice, about 0.44%, of Duquesne’s total reported book, which ballooned from $3.38 billion spread across 70 names to $5.21 billion across 95 during the quarter.
PURR Shares ClimbPURR Price Action: Hyperliquid shares were up 2.46% at $9.63 at the time of publication on Thursday, according to Benzinga Pro.
A whale trader using the ENS-linked address pension-usdt.eth was liquidated on Hyperliquid after a massive Ether short position unraveled in just 12 seconds.
The position was large: 50,000 ETH, worth about $108 million in notional exposure. As prices spiked, the short was unwound between 04:51:03 and 04:51:15 UTC, leaving the trader with a reported loss of $26.66 million.
Hyperliquid’s insurance and backstop fund absorbed the remaining 1,417 ETH.
This is not an Ethereum network issue. It is not evidence of a Hyperliquid malfunction. It is a leverage story — and a sharp reminder that crypto derivatives can move faster than even experienced traders expect.
TL;DR A Hyperliquid trader using pension-usdt.eth was liquidated on a 50,000 ETH short. The unwind reportedly took 12 seconds. The trader lost $26.66 million, while Hyperliquid’s backstop fund absorbed the remaining 1,417 ETH. Why The Liquidation Matters Large liquidations are useful because they show where leverage was hiding.
Spot markets can look calm until a heavily leveraged position gets forced out. Then price moves suddenly, liquidity thins, and the market discovers that one trader’s risk can become everyone’s headline.
That appears to be what happened here.
A 50,000 ETH short is not a casual trade. It is a major directional bet against Ether. When price moved against it quickly enough, the position could not survive. The forced unwind then became part of the rally itself.
That is how leverage can turn a price move into a cascade.
Hyperliquid Keeps Becoming A Bigger Venue The episode also shows how much attention Hyperliquid now commands.
On-chain perpetuals and decentralized derivatives venues have become central to crypto market structure. Traders no longer need to rely only on centralized exchanges to take large leveraged positions. They can build major exposure on venues where activity is more transparent and often easier to track.
That transparency makes stories like this visible in real time.
When a large trader gets liquidated, the market can see the wallet, the position, the timing, and the aftermath. That creates a different kind of market theater from older exchange-driven liquidation events.
It also makes risk more public.
This Was A Margin Event, Not A Protocol Failure The distinction matters.
A trader being liquidated does not mean Hyperliquid failed. It means the trader’s margin could not support the position as price moved. The backstop mechanism then handled remaining exposure.
That is how derivatives venues are supposed to manage risk, though the speed and size of the event still deserve attention.
The Ethereum network itself was not affected. ETH did not experience a consensus issue, outage, or protocol-level disruption. The liquidation happened in the derivatives layer, not the base chain.
That is important for readers who may see a $26 million loss and assume something broke.
Nothing necessarily broke. A very large short was simply on the wrong side of a violent move.
Leverage Cuts Both Ways Crypto traders like leverage because it magnifies returns.
The other side is that it magnifies timing risk. Even if a trader has a reasonable market thesis, a sharp move in the wrong direction can liquidate the position before the thesis has time to play out.
That is especially true in ETH markets, where liquidity can be deep but volatility remains high.
A 12-second unwind is a brutal illustration of that point. There is no time to rethink, no time to gradually reposition, and no time to wait for a candle to close. Once margin thresholds are hit, the system takes over.
What Traders Should Watch Next The next question is whether this liquidation was isolated or part of a broader leverage flush.
If other large shorts were crowded near the same levels, the unwind may have contributed to additional upward pressure. If it was mostly a single whale event, the market may move on quickly once the forced buying is complete.
Funding rates, open interest, and spot volume will help show whether ETH traders are still leaning too heavily one way.
For now, the signal is clear enough.
Ether’s move was not only about spot buying. It also forced a major short off the board, and that can change positioning fast.
This article is based on public Hyperliquid trader and liquidation data.
This article was written by the News Desk and edited by Samuel Rae.
On August 19, 2026, a crypto whale quietly accumulated roughly $7.4 million worth of HYPE, the native token of decentralized perpetual futures platform Hyperliquid. Then President Trump took a podium at a White House event and mentioned that CFTC Chair Michael Selig was actively working to help Hyperliquid enter the US market compliantly. The price moved fast, and that $7.4 million position swelled to approximately $9 million.
The unrealized gain landed at around $1.57 million.
What Trump actually said, and why the market cared Trump’s remarks were specific enough to move markets. He named CFTC Chair Michael Selig directly and framed the regulatory engagement as active, not exploratory.
Advertisement
HYPE responded accordingly, rising between 11% and 19% on the day and pushing above $70, near a recent high for the token. For a decentralized exchange that built its reputation on high-volume perpetual futures trading, regulatory legitimacy in the world’s largest capital market would be a meaningful unlock.
Hyperliquid is not a household name outside of on-chain trading circles, but it has built a serious following among derivatives traders who want the speed and depth of a centralized exchange without handing custody of their assets to one. HYPE serves as the platform’s native asset, used for governance, fee discounts, and staking within the ecosystem.
The whale trade that everyone noticed On-chain data surfaced by Nansen showed the purchase happening before Trump’s comments reached the public. The timing raised obvious questions.
No evidence has linked the buyer to advance knowledge of the announcement. The whale’s entry at roughly $7.4 million and exit valuation near $9 million represents a gain of about 21% in a very short window.
Beyond the whale, analysts noted a broader spike in trading activity around Hyperliquid-related instruments, including Hyperliquid Strategies, known by the ticker PURR. Speculation around the platform’s regulatory future pulled in traders who had been watching from the sidelines, adding volume to an already sharp price move.
Regulation as a price catalyst, not just a compliance checkbox Trump’s specific mention of CFTC jurisdiction is also notable for what it implies about the ongoing turf war between the CFTC and the SEC over crypto oversight. If the CFTC is being positioned as the primary regulator for platforms like Hyperliquid, that would represent a meaningful shift in how decentralized derivatives platforms are classified and governed in the US.
What makes this moment different from prior regulatory headlines is the specificity. A named chair, a named platform, and a named regulatory body create a more traceable accountability chain than vague promises of a crypto-friendly posture.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Hyperliquid (CRYPTO: HYPE) and Hyperliquid Strategies Inc (NASDAQ:PURR) are up 22% and 33%, respectively, following President Trump’s comment on Wednesday that the administration will work on bringing the decentralized exchange to the United States.
HYPE Is Just The ‘Tip‘Speaking at the White House crypto meeting, Trump said CFTC Chairman Mike Selig is working on creating a "fully compliant and legal" pathway for Hyperliquid in the U.S.
The development drew attention from former Binance CEO Changpeng “CZ” Zhao, who sees potential U.S. legalization or formal regulation of Hyperliquid as a win for the broader crypto industry.
At the SALT Conference in Wyoming, Zhao characterized Hyperliquid as the “tip” that could pave the way for a broader wave of decentralized platforms to gain legitimate access to the U.S. market.
Latest Private Market Opportunities
Join 400,000+ Investors
A regulatory pathway for a permissionless decentralized platform could establish a precedent for other services while potentially bringing more crypto liquidity and activity back to the U.S.
Will TradFi Liquidity Flood On-Chain?‘Bitcoin Jack,’ a highly-followed cryptocurrency commentator, pointed out that "Hyperliquid to the U.S. is bigger than people think."
He expects U.S. access to encourage a growth of TradFi capital flowing into 24/7 markets and eventually crypto, boosting on-chain liquidity.
Hyperliquid could also become a gateway for funds seeking broader access to digital assets, according to the commentator.
In an X post on Aug. 20, he pointed to several catalysts that could amplify the impact, including potential passage of the CLARITY Act, continued efforts toward a U.S. strategic bitcoin reserve and Washington’s push to bring geofenced crypto activity back within American borders.
Why Grayscale Says HYPE Is Just Getting StartedInstitutional interest in Hyperliquid was building even before Trump’s remarks.
Grayscale launched its Grayscale Hyperliquid Staking ETF (NASDAQ:HYPG) on June 3. In less than 30 days, the investment product had accumulated more than $123.28 million in assets under management, making it the largest HYPE fund ahead of the 21shares Hyperliquid ETF (NASDAQ:THYP).
Following Trump’s White House comments, Grayscale highlighted the progression from launching HYPG to the administration working toward bringing Hyperliquid into the U.S.
“We’re just getting started,” Grayscale posted on X on Thursday.
Trump says CFTC Chair Mike Selig is working on a compliant U.S. path for Hyperliquid after months of regulatory engagement.
Listen
0
0:00 0:00
Subscribe to Bankless or sign in
President Trump said yesterday that CFTC Chair Mike Selig is working to bring Hyperliquid into the U.S. “in a fully compliant and legal fashion.”
What’s the scoop?White House Push: Trump made the comment during a White House meeting with crypto and finance executives, including those from Coinbase, Kraken, Ripple, Robinhood, Nasdaq and ICE, alongside Selig and SEC Chair Paul Atkins. Much of the event centered on the administration’s push to pass the CLARITY Act and keep crypto innovation blossoming domestically.Regulatory Groundwork: The comment follows months of engagement around bringing onchain markets under CFTC oversight. On July 9, the Hyperliquid Policy Center and Phantom filed a joint comment asking the CFTC to clarify that simply building onchain protocols does not trigger exchange registration while giving regulated firms a path to operate onchain. Six days later, Hyperliquid Strategic Inc. and Hyperliquid Labs met directly with the CFTC’s Innovation Task Force.Details Still TBD: Trump did not explain how or when Hyperliquid could enter the U.S., and neither the CFTC nor Hyperliquid has announced an approval, regulatory structure or launch timeline. As of today, Hyperliquid remains officially unavailable to U.S. traders.
0
Written by David Christopher
664 Articles • View all
David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.
Hyperliquid Strategies Inc. (NASDAQ: PURR), the publicly traded company that essentially functions as a giant piggy bank for HYPE tokens, saw its stock climb over 6% in a single session this week. The stock is approaching $10, capping off a nearly 45% weekly run that mirrors the explosive rally in HYPE, the native token of the Hyperliquid blockchain.
HYPE itself has been on a tear, trading above $73 after posting daily gains exceeding 18% and multi-day rallies north of 25%. For PURR shareholders, the math is straightforward: the company holds roughly 18.8 million HYPE tokens, so when HYPE goes up, PURR tends to follow like a shadow with a brokerage account.
Advertisement
A MicroStrategy playbook, Hyperliquid edition Incorporated in 2025 and headquartered in New York, Hyperliquid Strategies positions itself as the largest HYPE-focused digital asset treasury vehicle on public markets. The company’s balance sheet features HYPE tokens, cash reserves, zero debt, and no preferred obligations.
Beyond simply holding tokens, PURR monetizes its stash through staking and yield optimization strategies on the Hyperliquid network. The company has also authorized up to $30 million in stock buybacks.
Institutional money enters the chat The Duquesne Family Office, the investment vehicle associated with legendary investor Stanley Druckenmiller, has disclosed a position in the company. PURR has also secured inclusion in both the Russell 3000 and Russell 2000 indices. Index inclusion forces passive funds that track those benchmarks to buy shares, creating structural demand. The Russell 2000 is the go-to benchmark for small-cap US equities, meaning every index fund and ETF tracking that benchmark needs to hold PURR shares.
The HYPE rally powering the move HYPE has been trading in the $71 to $73-plus range, with daily gains exceeding 18% and multi-day rallies of over 25%. Hyperliquid operates as a high-performance Layer 1 blockchain focused on decentralized trading infrastructure, with a particular niche in perpetual futures trading.
What to watch from here At roughly 18.8 million HYPE tokens with HYPE above $73, the company’s token holdings alone represent a value well north of $1 billion. The $30 million buyback authorization gives management a tool to manage any discount between the stock price and underlying asset value, though it is a modest amount relative to the overall portfolio size.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
