Hyperliquid Strategies (PURR) closed 30.4% higher on Wednesday, outpacing the gain in Hyperliquid (HYPE) token’s price after President Donald Trump said regulators are working to bring the exchange onshore.
The Nasdaq-listed company holds HYPE as a digital asset treasury. Its shares moved further on the news than the token sitting on its balance sheet.
Hyperliquid Treasury Stock Rose 30%, the Token It Holds 18%Trump spoke at a White House meeting with crypto and financial executives on Wednesday. He credited Commodity Futures Trading Commission (CFTC) Chair Mike Selig with the effort.
“I understand that Mike (Selig) is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion,” Trump said.
Hyperliquid currently operates outside the US and does not officially serve American traders. A regulated US presence would open it to a far larger pool of customers and capital.
Meanwhile, Trump’s remarks lifted HYPE 18.6% to around $69.22. The HYPE treasury stock did better.
Hyperliquid Strategies shares closed up 30.42% at $9.39. The stock continued to climb in after-hours trading, gaining another 4.9% to reach $9.85.
Hyperliquid Strategies (PURR) Stock Performance. Source: Google FinanceIncumbent venues moved the other way. Cboe Global Markets fell 3.5% and CME Group 1.7%. Each runs a regulated derivatives market, a licensed Hyperliquid would contest.
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HYPE Treasuries Are the Exception in a Broken DAT TradeThe digital asset treasury model has had a punishing 2026, with most vehicles now seeing sharp unrealized losses. Companies built around HYPE are the exception.
Artemis data shows just two treasury firms still sitting on unrealized gains: Hyperliquid Strategies and Hyperion DeFi (HYPD), and the asset on both balance sheets is the same.
Digital Asset Treasuries Performance. Source: ArtemisThe share prices tell the same story. PURR has gained more than 163% this year, while Strategy (MSTR) has fallen 33.6% and Bitmine Immersion (BMNR) has dropped 35.11%.
That gap explains why so many crypto-exposed companies went looking for a different narrative. For instance, Bitcoin (BTC) miners have been repricing on artificial intelligence.
TeraWulf, IREN, and Hut 8 have rallied this year on their pivot even as mining economics deteriorated. Wednesday reversed that. No AI pivot, no hyperscaler lease, just a crypto headline moving a Nasdaq stock 30%.
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Binance co-founder Changpeng Zhao (CZ) has argued that any regulatory framework adopted to accommodate Hyperliquid would, by extension, benefit the entire decentralized trading sector, not just one platform.
"Policy cannot be applied to only one company/project," CZ said. "What's good for one is good for the rest of the industry."
A Rising Tide for Perp DEXsCZ's comments point to an opportunity that extends well beyond Hyperliquid. If US regulators carve out a clear pathway for decentralized perpetual futures platforms, more perp DEXs and on-chain services could become accessible to American users for the first time. Hyperliquid, the largest decentralized perpetual futures exchange by volume, is actively working to find a legally compliant way to serve US traders, though the platform currently geo-blocks American users.
The push comes after the Commodity Futures Trading Commission (CFTC) took a significant step in late May 2026, That decision is widely seen as a potential turning point for the broader on-chain derivatives market.
CZ's Broader View on Decentralized TradingThe remarks reflect CZ's long-held view that decentralized venues will play an increasingly significant role in crypto markets. Zhao has previously predicted that perp DEXs will rival centralized exchange volumes within one market cycle. At the same time, he has been candid about the compliance risks that come with operating without KYC checks, drawing on his own experience navigating regulatory scrutiny at Binance.
CZ's public backing adds weight to that case, signaling that how Washington treats platforms like Hyperliquid has implications for the entire decentralized trading industry.
Sources
CoinDesk: Hyperliquid starts DeFi lobbying group with $29 million token backing
Proskauer: The CFTC approves US-listed perpetual futures
CoinMarketCap: Hyperliquid launches $29M DeFi Policy Center in Washington
Hyperliquid’s native token surged more than 20% over 24 hours after United States President Donald Trump said regulators were working on a compliant pathway to make the decentralized trading platform available to American users.
HYPE traded around $62 immediately before Trump’s remarks and subsequently jumped as much as 16% to a 24-hour high of $72.28, according to CoinGecko. It later settled to about $70, up approximately 20% in the last day, with 24-hour trading volume reaching $1.4 billion.
“I understand that Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion,” Trump said during a Wednesday White House event, referring to Commodity Futures Trading Commission (CFTC) Chair Michael Selig. “Working very hard on that.”
Hyperliquid is a decentralized trading platform and layer-1 blockchain best known for its onchain perpetual futures exchange. It is the largest decentralized perpetuals venue, accounting for about 40% of the sector’s trading volume over the past 30 days, with roughly $201 billion in volume, according to DefiLlama.
Neither the CFTC nor Hyperliquid has released a formal proposal explaining how US access would work, whether an application has been submitted or when a compliant service could launch.
Options bet on HYPE treasury firm raises eyebrowsMeanwhile, shares of Hyperliquid Strategies, a Nasdaq-listed HYPE treasury company trading under the ticker PURR, closed Wednesday at $9.39, up 30.4%, according to Yahoo Finance. Despite sharing the protocol’s name, the company said it is independent and not affiliated with Hyperliquid.
Roughly four hours before Trump spoke, someone reportedly paid about $65,000 for 719 PURR call options with an $8 strike price expiring in mid-October. According to CNBC, the contracts were purchased for approximately $0.90 each and were quoted at $2.45 by the close, valuing the position at roughly $176,000 and producing an unrealized gain of about $111,000.
Delayed market data derived from the Options Price Reporting Authority corroborates the unusually heavy activity in the contract. OptiView data showed 2,575 of the October $8 calls traded during the session, compared with just 67 contracts in open interest beforehand. Volume was more than 140 times the contract’s 30-day average.
The publicly available data does not identify the buyer or establish that the trade was based on material nonpublic information.
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Hyperliquid’s HYPE token rallied 19.6% in the past 24 hours, reaching $70.44 on August 20 and briefly topping $72 during a sharp uptick fueled by optimism over the project’s advancing regulatory efforts in the United States.
Trump’s remarks and regulatory discussions boost sentimentUS President Donald Trump told reporters at the White House on August 19 that Commodity Futures Trading Commission Chair Michael Selig is taking steps to bring Hyperliquid into the US in what he described as a “fully compliant and legal fashion.” The president’s comments build on recent speculation that Hyperliquid is actively exploring a regulated access point for US users.
Following Trump’s remarks, HYPE advanced above $70, adding to an initial rally earlier in the session. Over the last seven days, the token has climbed 23.2%, according to CoinGecko data.
Regulatory records confirm recent talks between Hyperliquid and US authorities. On July 14, the project’s team met with the Securities and Exchange Commission’s Crypto Task Force to discuss how a compliant path might allow Americans to participate in on-chain markets built on the Hyperliquid protocol. A day later, Hyperliquid Labs and Hyperliquid Strategic met with the CFTC’s Innovation Task Force to continue these discussions.
Regulatory filings detail a series of meetings in July, where Hyperliquid outlined to both the SEC and CFTC its pursuit of a “clear, regulated pathway” for on-chain market access within the US.
The regulatory push has become significant for Hyperliquid, as the protocol specializes in perpetual futures—an asset class facing more restrictions for US retail traders compared to certain offshore jurisdictions.
Market rally and broader policy movesBroader market momentum also provided a tailwind for HYPE. Bitcoin neared $69,000, and Ether traded back above $2,000 during the session, contributing to gains across the crypto sector. The US Treasury’s decision to increase longer-dated bond buybacks and a proposed Securities and Exchange Commission framework for crypto offerings further fueled positive sentiment.
The strong move led to nearly $2 billion in liquidated crypto positions as traders scrambled to adapt to the fast-moving market. Meanwhile, Reuters reported that President Trump used the same White House event to urge Congress to pass the stalled CLARITY Act, adding another layer of political momentum to the regulatory conversation.
Alongside these developments, investors seeking transparency and efficiency have increasingly turned to blockchain solutions that allow direct asset ownership. While market participants monitor key breakouts and resistance levels, a sweeping technological shift is underway: Wall Street is embracing Web3. New platforms, such as 1stepSwap, enable investors to hold tokenized shares of leading US firms, gold, and silver directly in crypto wallets. By converting real-world assets into digital tokens and sourcing optimal prices automatically, platforms like these eliminate intermediaries from the process.
HYPE price outlook and technical analysisTechnical charts show HYPE pushing toward the upper boundary of its recent trading range. On August 20, the Average Directional Index (ADX) jumped to 22.60 from the low teens earlier this month, signaling strengthening trend momentum. However, market watchers note that a level above 25 would be needed for a fully established uptrend.
Daily Fibonacci Bands show an upper target near $82.95, provided HYPE clears the June and July highs. Intermediate resistance sits at $73.39, with a successful breakout potentially paving the way toward the $80 psychological mark and then the $83 area.
Should HYPE encounter resistance at current levels, analysts identify support zones at $67.50 and $62—levels that marked the beginning of the latest rally. The 4-hour chart provides a stronger bullish formation, with HYPE trading at $70.77, above all key exponential moving averages (20-day at $62.55, 50-day at $59.53, 100-day at $58.29, and 200-day at $58.07).
The EMAs have aligned in a bullish order, while HYPE’s significant distance from the 20-day average reflects the velocity of its recent price surge.
Meanwhile, the 4-hour relative strength index has soared to 83.94, far exceeding the typical overbought threshold, indicating the rally could take a breather before another move higher. For the upside scenario, clearing the $72–$73.40 range may open the door to $80 and then the daily upper band at $82.95, suggesting a potential 18% gain from current prices. On the downside, initial dynamic support remains near the 20-day EMA at $62.55, while the $58–$60 area provides additional protection, though a pullback of that magnitude would offset much of the day’s gains.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
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According to monitoring by TradingBeats (formerly Hyperinsight), the largest HYPE long address on Hyperliquid—0x082e...ca88—currently holds around 1.38 million HYPE long positions, with a position value of roughly $98.12 million, an average entry price of $38.6755, unrealized profit of about $44.75 million, and uses 5x full leverage. The address opened a HYPE long position worth approximately $40 million with 5x leverage roughly 5 hours before Robinhood announced the listing of HYPE spot trading on October 23, 2025. Due to the extremely precise timing of its heavy entry, the community suspected it had non-public information, earning it the nickname "HYPE Listing Insider Whale". Between December 5 and 6 that same year, the address added around 93,500 HYPE in the $31–$32 range, bringing its total current holdings to about 1.38 million HYPE, and has held the contract positions ever since. It has so far paid $4.71 million in funding fees for its long positions.
Key Takeaways The HYPE token climbed more than 19% following President Trump’s announcement that the CFTC is facilitating Hyperliquid’s U.S. entry. The president’s remarks came during a White House cryptocurrency summit featuring prominent industry and exchange leaders. HYPE’s price surged past $70, climbing from approximately $62 prior to the presidential statement. The perpetual futures platform presently functions offshore with no access for American traders. The CFTC’s first IAC gathering is scheduled for Thursday, featuring discussions about offshore cryptocurrency platforms. The native cryptocurrency of Hyperliquid, known as HYPE, experienced a dramatic rally exceeding 19% on Wednesday following President Donald Trump’s revelation that the Commodity Futures Trading Commission is facilitating the platform’s regulated entry into U.S. markets.
[[IMG_4]]Hyperliquid (HYPE) Price During a White House gathering with cryptocurrency and technology industry leaders, Trump addressed the topic directly. “I understand that Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion, working very hard on that,” the president stated, mentioning CFTC Chair Mike Selig by name.
LATEST: 📈 President Trump said the CFTC is working to bring Hyperliquid into the US “in a fully compliant and legal fashion,” sending HYPE above $70. pic.twitter.com/tELCVVUSkb
— CoinMarketCap (@CoinMarketCap) August 19, 2026
The high-profile event drew attendance from major industry figures including Brian Armstrong of Coinbase, Brad Garlinghouse of Ripple, Vlad Tenev of Robinhood, alongside representatives from Nasdaq and Intercontinental Exchange.
Following the presidential announcement, HYPE experienced a swift price movement, climbing from roughly $62 to breach the $70 threshold. Market data from TradingView indicated the token maintained trading levels around $70 at press time.
Market analyst Ash Crypto shared observations on X immediately following the news, highlighting that $HYPE had surged 17% within a mere 10-minute window after Trump’s confirmation regarding the CFTC’s active involvement in establishing Hyperliquid’s U.S. presence. The commentary resonated widely throughout cryptocurrency circles.
BREAKING: 🇺🇸 President Trump says the CFTC is working to bring Hyperliquid into the United States.$HYPE is up +17% in last 10 minutes 🚀 pic.twitter.com/G3NVt7mwvO
— Ash Crypto (@AshCrypto) August 19, 2026
Understanding Hyperliquid’s Platform Hyperliquid operates as a blockchain-powered trading venue specializing in perpetual futures contracts, commonly referred to as “perps.” These financial instruments enable market participants to speculate on price movements without actual asset ownership and feature no expiration dates. The platform’s architecture allows users to interact through direct cryptocurrency wallet connections, bypassing conventional brokerage intermediaries.
At present, the exchange maintains offshore operations and explicitly excludes American customers from accessing its services. Establishing a U.S. presence would necessitate compliance with domestic regulatory frameworks covering registration requirements, consumer safeguards, and market surveillance protocols.
The president’s statement did not provide specific details regarding the structure of a potential domestic Hyperliquid operation or enumerate necessary regulatory approvals. It’s important to note that his comments should not be interpreted as formal CFTC authorization of the platform.
Regulatory Developments and CFTC Initiatives The CFTC has demonstrated increasing activity in approving cryptocurrency derivative products. Earlier this year, in April 2025, the agency authorized Coinbase Derivatives to offer perpetual-style futures contracts for both bitcoin and ether. Additionally, prediction marketplace Kalshi received clearance to introduce America’s first regulated Bitcoin perpetual contract.
Thursday marks the CFTC’s inaugural IAC assembly. The meeting’s planned topics encompass strategies for integrating offshore trading venues such as Hyperliquid into the U.S. regulatory framework.
The Hyperliquid Policy Center, led by CEO Jake Chervinsky, has actively advocated for establishing regulated channels enabling on-chain perpetual futures trading within American borders. The organization previously submitted formal commentary to the SEC advocating for domestic pre-IPO perpetual marketplace development.
At the conclusion of the White House summit, HYPE maintained price levels near $70, representing gains exceeding 19% for the trading session.
President Donald Trump in his recent White House Meeting with crypto Industry leaders put Hyperliquid in the spotlight after saying CFTC Chair Michael Selig is working to bring the platform to the U.S. legally and with full compliance. Hyperliquid currently blocks U.S. users. After the news, HYPE jumped from around $62 to $72 before settling near $69–$70, up about 20% in 24 hours. Hyperliquid-linked ETFs also rose sharply with $1.97M Net Inflow.
Trump Opens the HYPE Door Trump’s comments were made at the White House on August 19, where crypto industry leaders including Coinbase, Ripple, a16z, Chainlink, and many more were present. Importantly, Trump did not announce regulatory approval for Hyperliquid. Instead, he indicated that Selig is working on a possible compliant route for the platform to operate in the U.S.
Hyperliquid is a major blockchain-based derivatives exchange, allowing users to trade leveraged contracts that do not expire. Unlike traditional exchanges, its trading activity runs on-chain, making orders, trades and liquidations visible on the blockchain.
The platform has become one of the largest venues for crypto perpetual trading, reportedly handling 60–80% of the market, but U.S. users are currently classified as restricted and blocked from accessing the platform.
Changpeng Zhao praised Trump’s push to bring Hyperliquid into the U.S. could be a major win for crypto, opening the door for more decentralized platforms while improving liquidity and prices for U.S. users.
Many people miss the bigger picture. Policy cannot be applied to only one company/project. What's good for one is good for the rest of the industry. https://t.co/9jWYCwciIR
— CZ 🔶 BNB (@cz_binance) August 20, 2026 What Could a U.S. Entry Look Like?The proposal would not necessarily mean simply removing the U.S. block. One possible model would involve licensed U.S. brokers providing the regulated entry point, while handling customer checks, paperwork and compliance requirements.Hyperliquid itself could continue operating as the underlying trading venue without directly holding customer funds. In other words, the idea is potentially a regulated U.S. front door rather than an immediate change to the entire platform.That is also why some crypto users are concerned. A legal U.S. pathway could bring KYC and greater regulatory controls, potentially reducing some of the privacy that attracts users to the platform.Hyperliquid has not received final approval yet and still faces regulatory and implementation hurdles. Why HYPE Reacted So StronglyThe key for HYPE is the potential impact of more U.S. trading. Hyperliquid reportedly generated about $41.7 million in fees over 30 days, with around 97–99% of those fees used to buy HYPE. The token has a maximum supply of 1 billion, with about 955.3 million remaining, while its market value was reported at roughly $14.68 billion. Hence more trading could mean more fees, more HYPE purchases, and fewer tokens available in the market.
A U.S. market would therefore represent a major potential source of additional trading activity.
While HYPE is enjoying the price hike behind the scenes, a 9.92 million HYPE token unlock on September 6 could also create selling pressure.
Story Ends Here
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Hyperliquid native HYPE token jumped from around $62 to as high as $72 today in a move of more than 20%. It was all happening after President Donald Trump said regulators were working on a compliant U.S. pathway for the decentralized exchange. But the price action wasn’t the only signal worth watching as options trading tied to a HYPE-linked treasury company spiked hours before Trump’s remarks, drawing scrutiny from traders without settling what, if anything, it proves.
Trump made the comments last night during a White House event, saying:
“I understand that Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion. Working very hard on that.”
He was referring to Commodity Futures Trading Commission (CFTC) Chair Michael Selig. HYPE traded near $70 following the remarks, with 24-hour trading volume reaching $1.4 billion, according to CoinGecko.
Donald Trump delivering a speech at the White House. The $65,000 Hyperliquid Options Trade That Raised Eyebrows Roughly four hours before Trump spoke, someone paid about $65,000 for 719 call options on Hyperliquid Strategies, the Nasdaq-listed HYPE treasury company trading under the ticker PURR with an $8 strike price expiring in mid-October, according to CNBC. The contracts cost about $0.90 each and closed the session valued at $2.45, an unrealized gain of roughly $111,000 on paper.
Options Price Reporting Authority data cited by OptiView showed 2,575 of those October $8 calls changed hands during the session, with more than 140 times the contract’s 30-day average volume, against just 67 contracts of open interest beforehand. That’s an unusually large bet relative to how thinly the contract normally trades, the kind of imbalance that tends to catch a trading desk’s attention regardless of the underlying cause.
Despite sharing part of its name with the protocol, Hyperliquid Strategies has said it operates independently and is not affiliated with Hyperliquid itself. Shares closed Wednesday at $9.39, up 30.4% on the day.
EXPLORE: Trade Hyperliquid and Any Other Major Cryptocurrencies on MEXC
No Proof of Insider Trading, Yet Heavy pre-announcement call buying naturally invites questions about who knew what and when. But the publicly available options data confirms unusual activity without identifying the buyer or establishing that the trade relied on nonpublic information.
The CFTC had already disclosed a July 15 meeting with Hyperliquid Labs and Hyperliquid Strategies, meaning regulatory contact between the parties predates Trump’s remarks by more than a month and isn’t itself evidence of a leak.
🚨JUST IN: Hyperliquid surges 19% from $57 to $69 after Trump confirms the CFTC is working to onshore the world's largest decentralized exchange.
HYPE currently blocks ALL American users, and approval would unlock a platform processing over $200 BILLION a month for US traders. https://t.co/tagav8tUv6 pic.twitter.com/vl3jADqL4p
— Coin Bureau (@coinbureau) August 19, 2026
As of now, neither the CFTC nor Hyperliquid has published a formal proposal detailing how U.S. access would work, whether an application has been filed, or when, if ever, a compliant product might launch.
That ambiguity around CFTC regulation of decentralized platforms sits alongside broader questions about how DeFi fits into existing frameworks, a debate that has also played out around the SEC’s own delayed crypto regulation vote.
For HYPE holders, Trump’s comments function as a catalyst without a confirmed outcome. It’s the kind of headline that reprices an asset on possibility rather than certainty.
Hyperliquid itself has recently drawn scrutiny over its revenue and treasury dynamics, and this latest options trading frenzy adds a regulatory dimension to an already volatile setup. Until the CFTC or Hyperliquid confirms specifics, the trade remains a data point about positioning, not proof of what happens next.
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290 Markets, Up to 50x LeverageCoinbase has integrated Hyperliquid perpetual futures into its Base App, opening access to more than 290 markets for eligible users. The available markets span Bitcoin, Ethereum, and contracts tied to stocks and commodities. The platform has confirmed leverage of up to 50x, with positions subject to liquidation if losses cross set thresholds.
Trades are routed through Hyperliquid for execution while the interface remains inside the Base App. Coinbase's Head of Engineering Chintan Turakhia framed the move as a direct response to user demand, noting that perpetual futures are the most requested feature among Base App's power users and account for roughly 75% of all crypto trading volume. He described Hyperliquid as "one of the highest-performance onchain perps protocols," adding that the integration lets users tap into its deep liquidity without leaving their existing wallet.
The integration builds on an existing relationship: Coinbase became Hyperliquid's official treasury deployer for USDC on 14 May, taking on a role in managing the dollar liquidity underpinning Hyperliquid's markets. The Base App integration adds a retail distribution layer on top of that existing arrangement.
The product carries geographic restrictions. Perpetual futures through Base App are not available in the U.S., UK, Canada, or other jurisdictions that restrict leveraged crypto derivatives. Coinbase offers separate futures products in the United States through Coinbase Financial Markets, a futures commission merchant registered with the Commodity Futures Trading Commission.
$HYPE Surges to Two-Month HighThe announcement gave a sharp boost to $HYPE, the native token of the Hyperliquid protocol. The token surged roughly 23% in 24 hours to around $72, its highest level in two months, putting it within reach of the prior all-time high of $73.72 set on June 16, 2026.
The Base App perps launch follows a broader shift at Coinbase away from Base's earlier focus on social features and toward trading, payments, and AI agents. The company's first-quarter 2026 shareholder materials showed retail derivatives had passed $200 million in annualized revenue, while derivatives volume over the previous 12 months had risen 169% year over year.
Sources:
Coinbase Adds 50x Crypto Perps to Base App Through Hyperliquid — Decrypt
Coinbase Routes Base App Users to Hyperliquid's Perps — Finance Magnates
Coinbase Adds 50x Hyperliquid Perpetuals to Base App — Crypto.news
TLDR: HYPE gained 22.53% in 24 hours, while CoinGecko recorded $1.55 billion in daily trading volume. Coinbase added Hyperliquid perpetual futures, opening access to more than 290 eligible trading markets. Regulatory comments and Coinbase’s Base App integration coincided with HYPE’s rise toward the $72.58 intraday high. Crypto Patel identified $70 to $74 as a key technical zone, while $77 marks a major invalidation level. Hyperliquid (HYPE) price surged more than 22% over the past 24 hours, reaching an intraday high near $72.58. CoinGecko data placed HYPE at $71.46, with trading volume reaching $1.55 billion.
The rally followed Coinbase’s integration of Hyperliquid perpetual futures into its Base App. Remarks concerning potential U.S. regulatory access also added momentum to the move.
Hyperliquid HYPE Price Rises as Coinbase Adds Perpetual Futures Wu Blockchain reported that Coinbase integrated Hyperliquid perpetual futures trading into the Base App. Eligible users can now access more than 290 perpetual markets through the integration.
The available markets include crypto assets, equities, and commodity-related products. Hyperliquid handles trade execution, while the platform offers leverage of up to 50x.
Coinbase Adds Hyperliquid Perpetual Futures Trading to Base App
Coinbase has integrated Hyperliquid perpetual futures trading into its Base App, allowing eligible users to access more than 290 perpetual markets, including BTC, ETH, equities and commodity-related markets, with up… pic.twitter.com/hEAyzcUtt1
— Wu Blockchain (@WuBlockchain) August 20, 2026
Coinbase said perpetual futures account for about 75% of current crypto trading volume. The exchange also identified perpetual trading as a frequently requested feature among Base App users.
However, Coinbase will not offer the product in the United States, United Kingdom, Canada, and other restricted jurisdictions. Local rules limit access to leveraged crypto derivatives in those markets.
The integration marks a broader shift in the Base App’s product strategy. Coinbase has expanded its focus beyond social and creator features toward trading, payments, and AI agent capabilities.
Meanwhile, CryptoEmpress reported that HYPE advanced above 22% during the latest 24-hour period. The token reached $72.58 before trading near $71.40.
CoinGecko recorded a 22.53% daily increase and a 23.40% gain over seven days. The sharp move also pushed 24-hour trading volume above $1.54 billion.
Hyperliquid HYPE Trading Volume Expands as Market Tracks Key Levels Additional attention followed remarks attributed to President Trump concerning the CFTC’s work on bringing Hyperliquid into the United States compliantly. CryptoEmpress identified those comments as another factor behind the price advance.
The account also pointed to Coinbase’s integration and Hyperliquid’s ongoing revenue-driven token burns. Trading volume expanded notably as HYPE moved higher.
The latest rally brought the $72.50 to $73.20 area into focus. That range now sits near the token’s recent intraday highs.
Separately, Crypto Patel compared the current market structure with an earlier HYPE price move. The analysis focused on Fibonacci levels, order blocks, fair value gaps, and liquidity reactions.
Crypto Patel identified the $70 to $74 range as a potential short-term reversal area. The post also set a weekly close above $77 as the level that would invalidate that short setup.
$HYPE MAY BE REPLAYING ITS BIGGEST MOVE 🚀
Previous Setup: 0.618 Fib → Bullish OB + FVG → $59 → $77 → NEW ATH 🚀
Current Setup: 33% Dump → $70-$74 Recovery → Retracement → $40 Next → New ATH
Same structure. Same liquidity reaction. Same FVG holding.
IMO, $70-$74 could… pic.twitter.com/cm6dKjxS0Y
— Crypto Patel (@CryptoPatel) August 20, 2026
The analysis presented a separate accumulation zone between $41 and $32. Those levels remain below the current HYPE price and reflect the analyst’s technical scenario.
Lookonchain also reported continued volatility around leveraged HYPE positions. According to its data, loracle.hl lost more than $60 million across recent long and short trades.
The sequence included a reported $46 million loss from a HYPE short position in June. Lookonchain later reported additional losses after subsequent long and short position changes.
HYPE, the native token of the Hyperliquid decentralized perpetual exchange, jumped 22.53% in the last 24 hours, reaching a daily high of $72.58. CoinGecko data indicated HYPE was trading at $71.46, with 24-hour volume surpassing $1.55 billion.
Coinbase, a leading cryptocurrency exchange based in the United States, has integrated Hyperliquid perpetual futures into its Base App. This update enables eligible users to access more than 290 perpetual trading markets, spanning assets such as Bitcoin, Ethereum, equities, and certain commodities.
Hyperliquid, known for providing decentralized perpetual trading, manages the execution for these markets and supports leverage up to 50x. Coinbase stated that perpetual futures account for approximately 75% of global crypto trading volume, describing perpetual products as highly requested by Base App customers.
Perpetual trading is one of the most requested features among Base App users, and now, more than 290 perpetual markets are available through Hyperliquid integration.
Despite the expansion, Coinbase will not offer Hyperliquid perpetual futures in restricted jurisdictions, including the United States, United Kingdom, and Canada. Current regulations in these countries limit access to leveraged crypto derivatives.
Coinbase has signaled a broader product shift with the Base App, moving beyond its social and creator focus into a wider mix of trading features, payments, and artificial intelligence tools.
Mini dictionary: Hyperliquid, a decentralized exchange specializing in perpetual crypto futures, allows users to trade with significant leverage and offers a broad set of asset markets through a permissionless platform.
Regulatory attention and trading momentumMarket sentiment was further supported by comments linked to President Donald Trump, referencing efforts by the Commodity Futures Trading Commission (CFTC) to explore compliant access to Hyperliquid products in the US. Social media accounts speculated that these remarks contributed to increased HYPE demand during the surge.
Rising interest also coincided with Hyperliquid’s ongoing token burns, which are conducted using a share of protocol revenue. The $72.50 to $73.20 range came under focus as HYPE notched new near-term highs.
Crypto Patel, an independent analyst, compared HYPE’s current trading structure with previous rallies. By analyzing indicators such as Fibonacci retracement levels, order blocks, and fair value gaps, Patel emphasized the importance of the $70 to $74 price zone for potential short-term price reversals.
If HYPE closes the week above $77, that would invalidate the near-term reversal setup and potentially signal further bullish momentum.
Patel also noted an accumulation area from $41 to $32 below present prices, citing past liquidity reactions. Meanwhile, data from Lookonchain highlighted continued volatility around leveraged HYPE trades. The analytics service tracked losses over $60 million by trader loracle.hl, who saw a $46 million short position loss in June, followed by further declines amid active long and short swings in subsequent trading sessions.
Key LevelsImplication$70 to $74Identified as short-term reversal zone$77Weekly close above invalidates short setup$41 to $32Accumulation area below marketDisclaimer: 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.
TLDR HYPE jumped as much as 20% after President Trump said the CFTC is working to bring Hyperliquid into the US legally. The token hit a 24-hour high of $72.28 before settling near $70, with volume reaching $1.4 billion. Hyperliquid Strategies (PURR), a Nasdaq-listed treasury firm holding HYPE, closed up 30.4% at $9.39. CNBC reported unusual options activity in PURR call contracts hours before Trump’s comments, producing a $111,000 unrealized gain. CFTC Chair Michael Selig said he would share more details on a regulatory path the next day. President Donald Trump said on August 19 that the Commodity Futures Trading Commission is working to bring Hyperliquid into the United States under a compliant framework.
Hyperliquid is a decentralized trading platform built on its own layer-1 blockchain. It is best known for its onchain perpetual futures exchange.
Trump made the comment at a White House event referring to CFTC Chair Michael Selig. “I understand that Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion,” he said.
The United States has a choice. We can either write the rules that define the next generation of financial markets, or we can let other countries write them for us.
Under @POTUS' leadership, we’ve made our choice: America will lead. pic.twitter.com/BoHZhQWxg3
— Mike Selig (@ChairmanSelig) August 19, 2026
The event included Coinbase CEO Brian Armstrong, Ripple CEO Brad Garlinghouse, and Robinhood CEO Vlad Tenev. SEC Chair Paul Atkins also attended.
HYPE traded around $62 before Trump spoke. It jumped as much as 16% to a 24-hour high of $72.28, according to CoinGecko.
Hyperliquid Price on CoinGecko The token later settled near $70, up about 20% for the day. Trading volume over 24 hours reached $1.4 billion.
Two Separate Assets Moved Together Shares of Hyperliquid Strategies, listed under the ticker PURR, closed Wednesday at $9.39. That was up 30.4% on the day, according to Yahoo Finance.
The company holds HYPE as its main treasury asset. It has said it operates independently from the Hyperliquid protocol despite the shared name.
Hyperliquid itself is the largest decentralized perpetuals exchange by volume. It handled roughly $201 billion in trading over the past 30 days, about 40% of the sector total, per DefiLlama.
Options Activity Raised Questions About four hours before Trump’s remarks, someone paid roughly $65,000 for 719 PURR call options with an $8 strike price expiring in mid-October, CNBC reported.
The contracts cost about $0.90 each at the time of purchase. They closed the session quoted at $2.45, giving the position an unrealized gain of about $111,000.
OptiView data showed 2,575 of those October $8 calls traded during the session. Open interest beforehand stood at just 67 contracts, meaning volume was over 140 times the 30-day average.
Neither Hyperliquid nor the CFTC has released a formal proposal explaining how US access would work. It is unclear if an application has been submitted or when any service could launch.
CFTC Chair Michael Selig said he planned to share more details the following day. That timing lined up with the CFTC’s first Innovation Advisory Committee meeting in Washington on August 20, covering crypto assets and prediction markets.
Binance founder Changpeng Zhao has publicly supported President Donald Trump’s proposal to bring Hyperliquid, a leading decentralized perpetuals platform, legally into the United States. On X, Zhao argued that establishing a compliant framework for Hyperliquid could set a valuable precedent for the broader cryptocurrency sector.
Industry leaders weigh in on Hyperliquid’s potential impactContent creator Jake Gagain echoed these sentiments and wrote, “This is not just about Hyperliquid. There will be so many Perp DEXs and decentralized services available to U.S. users. This is hugely positive for everyone in the industry.”
During a White House meeting with technology and crypto executives on August 19, President Trump announced that the government is actively seeking legal avenues to bring Hyperliquid onshore. Trump specifically recognized Commodity Futures Trading Commission (CFTC) Chairman Michael Selig for leading these efforts.
“I understand Mike [Selig] is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion,” Trump said, addressing an audience that included top executives from Ripple, Coinbase, Robinhood, Kraken, and Nasdaq, along with regulators Paul Atkins from the Securities and Exchange Commission (SEC) and Michael Selig from the CFTC.
Hyperliquid stands as a major on-chain decentralized exchange specializing in leveraged perpetual contracts. Currently, US residents are listed as restricted users on the platform’s terms.
In a June appearance on the Bankless podcast, CFTC Chairman Selig shared that Hyperliquid’s technology could significantly reshape financial markets in the US. He stated, “We want to create a path to bring these onchain markets into the United States and make sure they comply with some form of regulation.”
Mini dictionary: Hyperliquid is a decentralized perpetuals exchange (Perp DEX) where users trade leveraged contracts directly on-chain, bypassing centralized platforms. Perpetual contracts are derivatives that do not have an expiration date but track the price of underlying assets like cryptocurrencies.
Policy changes and regulatory outlookIn a follow-up post on X, Zhao emphasized that regulatory policy should apply universally across the industry. He warned against creating frameworks aimed at specific projects and stressed, “Many people miss the bigger picture. Policy cannot be applied to only one company or project. What’s good for one is good for the rest of the industry.”
Zhao reiterated the importance of industry-wide clarity, noting that frameworks designed for a single entity inevitably influence the regulatory environment for all participants.
Hyperliquid has engaged with US regulators in recent months. The platform, supported by the Hyper Foundation, established the Hyperliquid Policy Center to carry out policy research in Washington, D.C., aiming to enable the legal use of on-chain perpetual contracts.
At present, US regulations pose significant barriers for Hyperliquid. While perpetual contracts are not explicitly illegal, they remain incompatible with the Commodity Exchange Act’s guidelines for execution and clearing. This regulatory disconnect continues to limit Hyperliquid’s access to the American market.
However, the CFTC approved a spot Bitcoin perpetual contract in May and announced plans to review cases for other assets individually. In June, the CFTC sought public feedback regarding continuous 24/7 trading of traditional futures and the introduction of perpetual contracts for physical assets, such as crude oil.
MonthRegulatory DevelopmentMayCFTC approves spot Bitcoin perpetual contractJuneCFTC opens consultation on 24/7 futures trading and perpetual contracts for physical assetsImplications for decentralized derivatives and future regulationA regulated debut of Hyperliquid would represent a transformative milestone for both the platform and decentralized finance overall. Hyperliquid’s model allows users to access leveraged derivatives without relying on centralized exchanges, which has complicated compliance with US regulations.
Success in bringing Hyperliquid into the US under regulatory oversight could open the door for other decentralized finance projects to pursue legal status. This move would also encourage crypto developers to design products that meet US compliance requirements, rather than excluding local users altogether.
Industry watchers see the Hyperliquid case as a potential benchmark that could shape how American regulators approach other on-chain platforms in the future.
Trump advocates for the CLARITY ActDuring the same White House event, President Trump fielded questions about whether the US government plans to acquire Bitcoin, referencing the SEC for further information.
Trump also urged lawmakers to advance the long-delayed CLARITY Act, describing it as “very powerful, structured legislation” that would help the US maintain a technological edge over countries like China.
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.
For several important reasons, Coinbase’s recent action is bullish for Hyperliquid.
To set the scene, Coinbase has announced the availability of Hyperliquid [HYPE] perpetuals on the Base App. The key takeaway? The product offers exposure to over 290 markets with up to 50x leverage for eligible users. In short, the integration will bring both increased liquidity and users to Hyperliquid, while also providing much-needed publicity for the protocol.
What’s more, the reason it matters ties directly to another chart below. According to Coinglass data, the crypto open interest hit a peak of almost $220 billion before the October crash. This highlights how much leverage has built up and how it continues to build, with Open Interest reclaiming $130 billion.
Source: Coinglass In essence, on-chain data highlights the increased interest in derivatives liquidity in crypto.
With that in mind, Coinbase’s integration of Hyperliquid into the Base App appears to be a calculated attempt to capitalize on the rising speculative demand. Whereas for Coinbase, the addition of Hyperliquid to its ecosystem is an opportunity to offer its users alternative derivatives. For Hyperliquid, though, the immediate question concerns the potential to diversify its liquidity, increase its user base, and overall volume.
Naturally, the question becomes: What does this integration mean for Hyperliquid?
Coinbase’s timing could give Hyperliquid a boost Coinbase picking Hyperliquid for the integration is actually a great sign of the protocol’s potential.
However, unlike the open interest data depicted above, which depicts the leverage used across CEXs and DEXs, Hyperliquid is a DEX-focused perpetuals platform. Therefore, the volume growth is correlated with on-chain derivatives usage and liquidity. And as suggested by the data below, this seems to be the case, which explains why Coinbase’s decision is hardly surprising.
As seen in the chart above, the trading volume of perpetuals on DEXs reached a peak of $3.64 trillion in Q4 2025, before the market crash. Sure, quarterly volume has since fallen, with Q2 2026 closing at around $1.8 trillion. However, with the market now on its way to recovery, DEX perpetuals have much room to grow, potentially giving Hyperliquid a bigger share of the growing on-chain derivatives market.
Source: DeFiLlama In this regard, Coinbase’s move looks well-timed.
With potential access to 290+ markets, Base App has the capacity to drive liquidity and users into Hyperliquid as on-chain perpetual trading is set to boom once more. Meanwhile, Hyperliquid is well positioned to benefit from this development directly.
Final Summary Coinbase is adding Hyperliquid perps to Base App, giving users access to 290+ markets. As DEX perps activity recovers, Hyperliquid could benefit from growing demand for on-chain derivatives.
Bitcoin, Ethereum, and XRP rallied after Trump's crypto meeting, but the CLARITY Act still faces political disagreements in the Senate.
President Donald Trump met with executives from Coinbase, Ripple, Gemini, and other major crypto companies at the White House on Wednesday as the administration sought to take a stronger position in the digital asset industry.
The discussion focused heavily on the Digital Asset Market Clarity Act, Bitcoin, and the push to bring more crypto activity into the US.
CLARITY, Bitcoin and Hyperliquid Trump called on Congress to pass “a fair version” of CLARITY and said the legislation would help keep the US “ahead of China.” The bill passed the House of Representatives in July 2025 but has remained stalled in the Senate over issues including tokenized equities, stablecoin rewards, and concerns about potential conflicts involving the Trump family and the crypto industry.
Coinbase CEO Brian Armstrong said the legislation would make the country’s crypto policy “durable into the future, so it could survive for decades and decades to come.” The exec expects the bill to get “more than 60 votes” when the Senate takes up a cloture motion on September 15. Trump backed Armstrong’s assessment of the bill’s support and said,
“It’s very bipartisan, I would say. Lot of Democrats support.”
During the meeting, Trump also said the US has discussed plans to buy “sizable” amounts of Bitcoin and other cryptocurrencies. He later said,
“We’re going to ensure America remains the undisputed leader, not only in Bitcoin and crypto, but also in technologies like prediction markets and artificial intelligence.”
Hyperliquid was another topic raised during the meeting. Trump said Commodity Futures Trading Commission Chair Michael Selig is working to bring the perpetuals-focused trading platform into the US in a “fully compliant and legal fashion.” HYPE jumped more than 20% following the remarks and climbed to $71.
Markets Cheer, But Hurdles Remain Crypto markets reacted strongly after the White House meeting and the latest signals on regulation. Bitcoin gained 7% and tapped $70,000, while Ethereum posted a bigger jump of nearly 18% and reached $2,327. XRP also moved higher as it climbed to $1.14.
You may also like: This Bitcoin Cycle Pattern Could Set Up a 1,000% Rally: Analyst HYPE Skyrockets Past $70 as Trump Reveals CFTC Push for Hyperliquid’s US Entry Over $1B in Liquidations as Bitcoin Surges to 2-Month High Above $69K But the bigger question for the industry is still in Washington. Trump can urge lawmakers to move ahead, but the CLARITY Act must still clear political hurdles in the Senate. Democratic Senator Ruben Gallego, for instance, warned lawmakers to slow down rather than rush toward a Senate vote. Speaking at the SALT Wyoming Blockchain Symposium on Wednesday, Gallego said Democrats and Republicans still need to work through disagreements over ethics and stablecoin yield.
“Don’t go for a fast vote. A fast vote gets you a fast result, but I’m not sure it’s the result you want.”
It is important to note that Senate Democrats have pushed for language that would prevent public officials, including the president, from selling digital currencies. But Gallego said that repeated efforts to reach the White House on the ethics language have made little progress.
What future investors see for crypto has become clearer during the last 24 hours.
Over the years, utility narratives have been gaining ground over speculative ones. While the latter ones provide “high-risk high-reward” opportunities, utility and fundamentals are better at delivering on a long-term basis, although with lower speed and requiring more conviction. And based on how the last 24 hours have played out, it’s becoming clearer that investors are choosing conviction over speculation.
At the center of this shift is Hyperliquid [HYPE], which has emerged as the biggest winner of the recent crypto market rally, hitting more than a 20% increase in terms of value during the last 24 hours. The key part? It has overtaken Dogecoin [DOGE] in terms of market value, securing itself as the 10th largest asset in the crypto market.
Source: CoinGecko However, the question is: Can Hyperliquid sustain this momentum?
From a technical perspective, HYPE saw a return to the early-July level, piercing the $70 barrier. This development makes it tempting to believe that this asset can soon pierce the $80 barrier. However, if the bulls fail to provide the necessary support, a long-squeeze wave can emerge. Furthermore, this is where the entire speculative-to-utility narrative starts to face its first real test.
On a market value basis, HYPE’s lead over Dogecoin is marginal, at just 1.4x. This is worth just $4 billion, making the lead anything but safe, as the advantage can be easily reversed. Therefore, HYPE needs to see strong demand to keep DOGE at bay. Thus, this is where on-chain signals start to matter.
HYPE flips DOGE as utility takes the spotlight As a utility token, HYPE’s double-digit rise should also be seen on the on-chain layer.
Notably, that’s exactly what is happening. According to the DeFiLlama data, the total Perp Volume saw an increase of more than 78% within a day, reaching $34 billion. On the chart below, you can see that Hyperliquid’s share was more than 50%, so the volume was incredibly large.
The result? A significant jump in fees. As the chart below shows, Hyperliquid’s fees reached $5.1 million from $1.3 million, or almost 4x higher than a day before. This means that the increase in trading volumes resulted in higher fees, which provides further support to HYPE’s utility thesis by showing a significant jump on the on-chain level and not only on speculation.
Source: DeFiLlama Against the above backdrop, HYPE’s outperformance of DOGE looks more plausible.
With hype around Hyperliquid picking up on both technical and fundamental fronts and, more critically, on-chain adoption, the token’s bullish run makes more sense. Most crucially, this on-chain adoption is now reflected in price, which contrasts sharply with DOGE’s 6% gains over the same period and explains why HYPE’s 20% outperformance is much more convincing.
With this shift underway, it is now even more likely that HYPE will hold its ground against DOGE and continue to stay among the top-10 cryptocurrencies.
Final Summary HYPE has flipped DOGE after a 20% rally, backed by strong on-chain activity and rising fees. Can HYPE hold its top-10 spot and keep outperforming DOGE?
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.
Bitcoin surges past $72,000, notching an 11.8% 24-hour gain.
According to HTX market data, Bitcoin has broken through the $72,000 mark, with a 11.8% increase in the past 24 hours.
1 seconds ago
In just the past 30 minutes, two wallets were liquidated for a total of $45.77M. 0x50b3 had 281 $BTC ($20.12M) liquid...
In just the past 30 minutes, two wallets were liquidated for a total of $45.77M. 0x50b3 had 281 $BTC ($20.12M) liquidated. 0x66f8 had 240 $BTC ($17.15M) and 3,738 $ETH ($8.5M) liquidated.
1 seconds ago
US media: The US side believes Iran-UAE talks broke down weeks ago.
According to U.S. financial media outlet Semafor, U.S. President Donald Trump’s latest move to avoid escalating military actions against Iran comes as Washington views talks between Iran and Oman—previously seen as a rare, productive negotiation channel—as deadlocked. A U.S. official and a White House official stated that the U.S. government believes the Iran-Oman talks collapsed several weeks ago. The talks had raised the possibility of a toll agreement for the Strait of Hormuz, a development that frustrated Trump. The Omani Embassy did not respond to the U.S.’s assessment of its negotiations. However, Trump still describes the situation with Iran as “very good” and remains optimistic that economic pressure can force Tehran to return to the negotiating table, even though he has halted future talks for the foreseeable future. Last night, Trump posted on social media threatening to launch an “economic war” against Iran, saying the U.S. will impose sanctions on any country that does business with Tehran. (Jin10)
1 seconds ago
Whales are buying $ETH! Whale 0x2d59 withdrew another 30,000 $ETH ($67.42M) from #Binance 20 mins ago. Over the past ...
Whales are buying $ETH! Whale 0x2d59 withdrew another 30,000 $ETH ($67.42M) from #Binance 20 mins ago. Over the past 3 weeks, the whale has withdrawn 120,000 $ETH($237.7M) from #Binance. Abraxas Capital withdrew 18,000 $ETH($39.56M) from #Binance today. Newly created wallet 0x2261 also withdrew 6,704 $ETH($14M) from #Binance today.
1 seconds ago
Whale codenamed "Set 10 Big Goals First" has again sharply cut its BTC and ETH short positions via stop-loss, with remaining positions still facing an unrealized loss of over $2 million.
Whale codenamed "First Set 10 Big Goals" has once again cut losses by significantly reducing its short positions in Bitcoin (BTC) and Ethereum (ETH). The cumulative reduction amounts to 1,169.625 BTC and 24,684.515 ETH. The whale currently holds 1,066.759 BTC and 4,632.162 ETH, with the remaining positions still carrying unrealized losses exceeding $1.9 million.
1 seconds ago
ETH rebound saves a crypto whale from $88.5 million in unrealized losses, with $270 million in long positions fully recovered.
According to monitoring from TradingBeats, the "BIT-linked whale" that once faced an unrealized loss of roughly $88.5 million has finally seen ETH prices rebound to near its cost basis, without selling a single one of its 120,000 ETH. As of press time, the whale’s four addresses collectively hold approximately 120,000 ETH, with a position value of around $271 million and an average entry price of $2,261.23. With ETH’s rally, the position was fully unlocked this morning, and amid a minor pullback, it now carries an unrealized loss of roughly $108,000. The entity has held its position since completing entry, repeatedly topped up its margin, and weathered the nearly $88.5 million paper loss to wait for a price rebound. Its latest liquidation price has fallen to around $1,195.95. Including the roughly $4.9 million in cumulative funding fees paid since opening the position, the whale has not yet fully recouped its costs; however, on a price basis, the unrealized loss has almost been completely erased.
Bitcoin surges past $72,000, notching an 11.8% 24-hour gain.
According to HTX market data, Bitcoin has broken through the $72,000 mark, with a 11.8% increase in the past 24 hours.
1 seconds ago
In just the past 30 minutes, two wallets were liquidated for a total of $45.77M. 0x50b3 had 281 $BTC ($20.12M) liquid...
In just the past 30 minutes, two wallets were liquidated for a total of $45.77M. 0x50b3 had 281 $BTC ($20.12M) liquidated. 0x66f8 had 240 $BTC ($17.15M) and 3,738 $ETH ($8.5M) liquidated.
1 seconds ago
US media: The US side believes Iran-UAE talks broke down weeks ago.
According to U.S. financial media outlet Semafor, U.S. President Donald Trump’s latest move to avoid escalating military actions against Iran comes as Washington views talks between Iran and Oman—previously seen as a rare, productive negotiation channel—as deadlocked. A U.S. official and a White House official stated that the U.S. government believes the Iran-Oman talks collapsed several weeks ago. The talks had raised the possibility of a toll agreement for the Strait of Hormuz, a development that frustrated Trump. The Omani Embassy did not respond to the U.S.’s assessment of its negotiations. However, Trump still describes the situation with Iran as “very good” and remains optimistic that economic pressure can force Tehran to return to the negotiating table, even though he has halted future talks for the foreseeable future. Last night, Trump posted on social media threatening to launch an “economic war” against Iran, saying the U.S. will impose sanctions on any country that does business with Tehran. (Jin10)
1 seconds ago
Whales are buying $ETH! Whale 0x2d59 withdrew another 30,000 $ETH ($67.42M) from #Binance 20 mins ago. Over the past ...
Whales are buying $ETH! Whale 0x2d59 withdrew another 30,000 $ETH ($67.42M) from #Binance 20 mins ago. Over the past 3 weeks, the whale has withdrawn 120,000 $ETH($237.7M) from #Binance. Abraxas Capital withdrew 18,000 $ETH($39.56M) from #Binance today. Newly created wallet 0x2261 also withdrew 6,704 $ETH($14M) from #Binance today.
1 seconds ago
Whale codenamed "Set 10 Big Goals First" has again sharply cut its BTC and ETH short positions via stop-loss, with remaining positions still facing an unrealized loss of over $2 million.
Whale codenamed "First Set 10 Big Goals" has once again cut losses by significantly reducing its short positions in Bitcoin (BTC) and Ethereum (ETH). The cumulative reduction amounts to 1,169.625 BTC and 24,684.515 ETH. The whale currently holds 1,066.759 BTC and 4,632.162 ETH, with the remaining positions still carrying unrealized losses exceeding $1.9 million.
1 seconds ago
ETH rebound saves a crypto whale from $88.5 million in unrealized losses, with $270 million in long positions fully recovered.
According to monitoring from TradingBeats, the "BIT-linked whale" that once faced an unrealized loss of roughly $88.5 million has finally seen ETH prices rebound to near its cost basis, without selling a single one of its 120,000 ETH. As of press time, the whale’s four addresses collectively hold approximately 120,000 ETH, with a position value of around $271 million and an average entry price of $2,261.23. With ETH’s rally, the position was fully unlocked this morning, and amid a minor pullback, it now carries an unrealized loss of roughly $108,000. The entity has held its position since completing entry, repeatedly topped up its margin, and weathered the nearly $88.5 million paper loss to wait for a price rebound. Its latest liquidation price has fallen to around $1,195.95. Including the roughly $4.9 million in cumulative funding fees paid since opening the position, the whale has not yet fully recouped its costs; however, on a price basis, the unrealized loss has almost been completely erased.
President Donald Trump said US regulators are working to bring Hyperliquid, a fast-growing crypto platform, into the country, offering one of the clearest signals yet that the White House wants to pull a major piece of the industry’s offshore market infrastructure onshore.
“I understand that Mike 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, referring to Commodity Futures Trading Commission Chairman Michael Selig.
Hyperliquid operates outside the US and isn’t officially open to American traders. Bringing it onshore would mean giving them a legal way to use the platform under US oversight. It was co-founded by Jeff Yan, a former trader at Hudson River Trading. The main developer of the platform, Hyperliquid Labs, is based in Singapore.
The comments immediately rippled through an ecosystem of assets tied to Hyperliquid, including HYPE, the platform’s cryptocurrency, and Hyperliquid Strategies Inc., a publicly traded company whose strategy is built around holding the token.
Shares of Hyperliquid Strategies, which trades under the ticker PURR, jumped as much as 31% Wednesday. The company is a digital-asset treasury, essentially a listed vehicle that accumulates cryptocurrency, and its focus on HYPE gives traditional equity investors an indirect way to bet on Hyperliquid’s growth.
Shares of mainstream US exchange operators fell to session lows. Cboe Global Markets declined as much as 6.1% while CME Group Inc. fell as much as 3.4%.
Read more: Hyperliquid Strategies Up, Exchanges Down on Trump Comments (1)
Hyperliquid is a crypto exchange best known for perpetual futures, leveraged contracts that allow traders to speculate on cryptocurrency prices without an expiration date. It’s captured Wall Street’s attention this year after drawing demand for contracts tied to real-world assets, including equities and commodities. The platform, which runs on its namesake blockchain, has grown into a major venue for a kind of trading that historically flourished largely outside the US because of regulatory restrictions.
“Trump’s comments on Hyperliquid and the immediate reaction in HYPE are another indication of how quickly the regulatory and political backdrop for digital assets is shifting,” said Ayesha Kiani, chief operating officer at Monarq Asset Management. “What’s notable isn’t just the price move but it’s that decentralized market infrastructure is increasingly entering mainstream policy conversations.”
The CFTC has recently laid out conditions under which regulated US platforms can offer perpetual contracts, part of a broader Trump administration effort to move crypto businesses and trading activity into the American financial system.
Exactly how a platform like Hyperliquid can legally offer perps products in the US remains unclear, with compliance requirements potentially undercutting its decentralized appeal.
In any case, a path into the US would open Hyperliquid to a much larger pool of customers and capital, while testing whether a trading model initially forged outside traditional US rules can be operate within them.
“Hyperliquid has been the poster child for convergence: the idea that traditional asset classes are going to be traded, margined and settled 24/7 on crypto rails,” said Joshua Lim, global co-head of markets at FalconX. “It’s exhilarating to see the administration and regulators acknowledge them as a market structure innovator and opening up access to US market participants.”
President Donald Trump said US regulators are working to bring Hyperliquid, a fast-growing platform, into the country, offering one of the clearest signals yet that the White House wants to pull a major piece of the industry’s offshore market infrastructure onshore.
“I understand that Mike 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, referring to Commodity Futures Trading Commission Chairman Michael Selig.
Hyperliquid outside the US and isn’t officially open to American traders. Bringing it onshore would ...
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Hyperliquid generated $4.4 million in revenue over the past 24 hours, burning $4.24 million worth of HYPE.
According to monitoring by Onchain Lens, decentralized exchange platform Hyperliquid generated approximately $4.4 million in revenue over the past 24 hours, while burning HYPE tokens worth around $4.24 million in the same period.
5 minutes ago
Japanese and South Korean stock indexes opened higher, with South Korea’s KOSPI index rising 3.2% at the open.
According to Bitget market data, the Nikkei 225 index opened 461.11 points higher on Thursday, August 20, with a 0.71% gain to 65,787.53 points. South Korea’s KOSPI index opened 3.2% higher, with SK Hynix surging over 7% and Samsung Electronics climbing more than 3%.
5 minutes ago
Linera claims it aims to become the 'next Hyperliquid' and will promote the LNRA token sale.
New public blockchain Linera, founded by former Libra employees, announced today that it aims to become the "next Hyperliquid" and teased an upcoming LNRA token sale. Linera said it is following Hyperliquid’s playbook: building its own dedicated chain, focusing on consumer products, operating with a small team, generating real revenue first, and prioritizing user rewards. Its core product is a real-time prediction market at app.linera.xyz, which can launch, operate, and settle within one minute. The project uses a parallel microchains architecture, supporting thousands of small markets to run simultaneously, with final confirmation times typically under one second—solving congestion and high fees that plague general-purpose blockchains in real-time use cases. All markets operate on a pure player-versus-player (PvP) model, with no house and no external market makers required. The core team numbers just five members. Users who earn badges by engaging with the product will get priority access to an exclusive subscription pool for the LNRA sale. Detailed sale information will be announced at a later date.
5 minutes ago
US CFTC Seeks Public Comment on AI Computing Power Futures
As industry giants begin to accept compute power as a tradable asset, the U.S. Commodity Futures Trading Commission (CFTC) is seeking public comments on compute power futures contracts. Multiple exchanges, including CME Group (CME), Intercontinental Exchange (ICE), and emerging fintech firm Architect Financial Technologies, have announced plans to launch such contracts once regulatory approval is secured. These exchanges argue that establishing a compute power futures market would help end-users and speculators hedge against risks like energy shortages or other issues that could hinder technological progress for AI developers. CFTC Chair Michael Selig said in a Wednesday statement: "Without a robust compute power derivatives market, the U.S. cannot win the AI race. This public comment period is the first step toward establishing clear rules for the U.S. compute power market." One of the issues covered in the CFTC’s public comment process is how compute power futures differ from other derivatives or underlying commodities already regulated by the agency. If compute power futures are permitted to list on CFTC-regulated exchanges, further standardization of variables affecting compute power prices may be required, including price indices used for settlement reference and other related factors.
5 minutes ago
U.S. stocks: The three major indexes closed higher this morning, Moderna surged 177%, and crypto-related stocks rallied sharply.
According to market data from BIT (Bit.com), U.S. stocks closed on Wednesday: the Dow Jones Industrial Average initially rose 0.22%, the S&P 500 gained 0.21%, and the Nasdaq advanced 0.16%. Moderna (MRNA.O) surged 176.9%, while Merck (MRK.N) climbed 12.6%. Moderna and Merck announced that their jointly developed personalized mRNA cancer vaccine intismeran autogene (formerly mRNA-4157/V940), in combination with Merck’s immunotherapy drug Keytruda (pembrolizumab), met both the primary endpoint and key secondary endpoints in the Phase III clinical trial (INTerpath-001) for patients with high-risk melanoma (skin cancer). Marvell Technology (MRVL.O) rose over 9.8%, SK Hynix (SKHY.O) gained 0.35%, SanDisk (SNDK.O) fell 3.5%, and Micron Technology (MU.O) dropped 0.39%. In terms of crypto-related stocks: Strategy’s share price rose 11.95% to $103.58, having surged more than 13% intraday; Coinbase climbed 9.05% to $159.47; stablecoin issuer Circle increased 9.44% to $78.50; and Ethereum reserve firm BitMine gained 9.68% to $20.05.
5 minutes ago
Key takeaways from Trump’s crypto-friendly remarks: He disclosed that the U.S. government has discussed accumulating a "significant amount" of Bitcoin, vowed to end the "war on crypto" entirely, and urged the prompt passage of the Genius Act.
U.S. President Donald Trump met with executives from crypto and fintech firms including Coinbase, Ripple, Robinhood, Gemini, and Chainlink at the White House’s Roosevelt Room on Wednesday local time, delivering a speech in support of cryptocurrencies. Trump said his administration has “completely ended the war on cryptocurrencies,” noting the industry is thriving, and the U.S. must retain its “undisputed leadership” in areas such as Bitcoin, cryptocurrencies, prediction markets, and artificial intelligence, while committing to becoming the “world’s crypto capital.” He added that the U.S. government has discussed accumulating “significant quantities” of Bitcoin and other cryptocurrencies, claiming crypto assets “have greatly eased pressure on the U.S. dollar.” Meanwhile, he urged Congress to pass a “fair version” of the Clarity Act (Digital Asset Market Clarity Act) promptly, arguing this would keep the U.S. ahead of China and other countries. Trump also noted that the SEC Chair is working to bring Hyperliquid to the U.S. market in a compliant manner, and highlighted policy achievements including the signed Genius Act (stablecoin legislation), strategic Bitcoin reserves, and the ban on central bank digital currencies (CBDCs).
Hyperliquid's native token $HYPE surged as much as 22% on Wednesday after President Donald Trump publicly stated that the Commodity Futures Trading Commission is working to bring the decentralized perpetual futures exchange into the United States under a regulated framework. Trading volume spiked 277%, with the token changing hands at around $71.
What Trump Said at the White House
The Road to a US Launch
The scale of what could be unlocked for US traders is significant.
For now, the path and timeline remain undefined, and no regulatory approval has been granted.
Sources:
CoinDesk: HYPE jumps as Trump says CFTC is working to bring Hyperliquid to the US
Bloomberg: Trump Opens Door to Hyperliquid as US Pulls Crypto Trade Onshore
Crypto Briefing: Hyperliquid seeks compliant path for US perpetual contracts
President Donald Trump said U.S. regulators are working to bring Hyperliquid, a popular offshore venue for perpetual futures, to the U.S. The price of Hyperliquid token jumped 22% after the remark.
“I understand that Mike [Selig] is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion,” said Trump at a White House crypto meeting Wednesday, referring to the Commodity Futures Trading Commission Chairman Michael Selig.
If Hyperliquid enters the U.S., it will bring a competitor to Coinbase and Kalshi, which recently got approval to offer perpetual futures, which are contracts that allow traders to bet on the price of crypto or other assets with leverage without an expiry date.
Hyperliquid, an exchange and blockchain founded by Harvard graduate Jeff Yan in 2023, doesn’t operate a U.S.-regulated exchange and its interface prohibits U.S. users from trading through it. One regulatory pathway would be petitioning regulators to allow U.S.-regulated firms to offer perpetual futures to their clients on markets that trade, clear and settle on Hyperliquid’s public blockchain, Jake Chervinsky, CEO of Hyperliquid Policy Center, told The Information in a recent interview.
Hyperliquid generated $4.4 million in revenue over the past 24 hours, burning $4.24 million worth of HYPE.
According to monitoring by Onchain Lens, decentralized exchange platform Hyperliquid generated approximately $4.4 million in revenue over the past 24 hours, while burning HYPE tokens worth around $4.24 million in the same period.
4 minutes ago
Japanese and South Korean stock indexes opened higher, with South Korea’s KOSPI index rising 3.2% at the open.
According to Bitget market data, the Nikkei 225 index opened 461.11 points higher on Thursday, August 20, with a 0.71% gain to 65,787.53 points. South Korea’s KOSPI index opened 3.2% higher, with SK Hynix surging over 7% and Samsung Electronics climbing more than 3%.
4 minutes ago
Linera claims it aims to become the 'next Hyperliquid' and will promote the LNRA token sale.
New public blockchain Linera, founded by former Libra employees, announced today that it aims to become the "next Hyperliquid" and teased an upcoming LNRA token sale. Linera said it is following Hyperliquid’s playbook: building its own dedicated chain, focusing on consumer products, operating with a small team, generating real revenue first, and prioritizing user rewards. Its core product is a real-time prediction market at app.linera.xyz, which can launch, operate, and settle within one minute. The project uses a parallel microchains architecture, supporting thousands of small markets to run simultaneously, with final confirmation times typically under one second—solving congestion and high fees that plague general-purpose blockchains in real-time use cases. All markets operate on a pure player-versus-player (PvP) model, with no house and no external market makers required. The core team numbers just five members. Users who earn badges by engaging with the product will get priority access to an exclusive subscription pool for the LNRA sale. Detailed sale information will be announced at a later date.
4 minutes ago
US CFTC Seeks Public Comment on AI Computing Power Futures
As industry giants begin to accept compute power as a tradable asset, the U.S. Commodity Futures Trading Commission (CFTC) is seeking public comments on compute power futures contracts. Multiple exchanges, including CME Group (CME), Intercontinental Exchange (ICE), and emerging fintech firm Architect Financial Technologies, have announced plans to launch such contracts once regulatory approval is secured. These exchanges argue that establishing a compute power futures market would help end-users and speculators hedge against risks like energy shortages or other issues that could hinder technological progress for AI developers. CFTC Chair Michael Selig said in a Wednesday statement: "Without a robust compute power derivatives market, the U.S. cannot win the AI race. This public comment period is the first step toward establishing clear rules for the U.S. compute power market." One of the issues covered in the CFTC’s public comment process is how compute power futures differ from other derivatives or underlying commodities already regulated by the agency. If compute power futures are permitted to list on CFTC-regulated exchanges, further standardization of variables affecting compute power prices may be required, including price indices used for settlement reference and other related factors.
4 minutes ago
U.S. stocks: The three major indexes closed higher this morning, Moderna surged 177%, and crypto-related stocks rallied sharply.
According to market data from BIT (Bit.com), U.S. stocks closed on Wednesday: the Dow Jones Industrial Average initially rose 0.22%, the S&P 500 gained 0.21%, and the Nasdaq advanced 0.16%. Moderna (MRNA.O) surged 176.9%, while Merck (MRK.N) climbed 12.6%. Moderna and Merck announced that their jointly developed personalized mRNA cancer vaccine intismeran autogene (formerly mRNA-4157/V940), in combination with Merck’s immunotherapy drug Keytruda (pembrolizumab), met both the primary endpoint and key secondary endpoints in the Phase III clinical trial (INTerpath-001) for patients with high-risk melanoma (skin cancer). Marvell Technology (MRVL.O) rose over 9.8%, SK Hynix (SKHY.O) gained 0.35%, SanDisk (SNDK.O) fell 3.5%, and Micron Technology (MU.O) dropped 0.39%. In terms of crypto-related stocks: Strategy’s share price rose 11.95% to $103.58, having surged more than 13% intraday; Coinbase climbed 9.05% to $159.47; stablecoin issuer Circle increased 9.44% to $78.50; and Ethereum reserve firm BitMine gained 9.68% to $20.05.
4 minutes ago
Key takeaways from Trump’s crypto-friendly remarks: He disclosed that the U.S. government has discussed accumulating a "significant amount" of Bitcoin, vowed to end the "war on crypto" entirely, and urged the prompt passage of the Genius Act.
U.S. President Donald Trump met with executives from crypto and fintech firms including Coinbase, Ripple, Robinhood, Gemini, and Chainlink at the White House’s Roosevelt Room on Wednesday local time, delivering a speech in support of cryptocurrencies. Trump said his administration has “completely ended the war on cryptocurrencies,” noting the industry is thriving, and the U.S. must retain its “undisputed leadership” in areas such as Bitcoin, cryptocurrencies, prediction markets, and artificial intelligence, while committing to becoming the “world’s crypto capital.” He added that the U.S. government has discussed accumulating “significant quantities” of Bitcoin and other cryptocurrencies, claiming crypto assets “have greatly eased pressure on the U.S. dollar.” Meanwhile, he urged Congress to pass a “fair version” of the Clarity Act (Digital Asset Market Clarity Act) promptly, arguing this would keep the U.S. ahead of China and other countries. Trump also noted that the SEC Chair is working to bring Hyperliquid to the U.S. market in a compliant manner, and highlighted policy achievements including the signed Genius Act (stablecoin legislation), strategic Bitcoin reserves, and the ban on central bank digital currencies (CBDCs).
Hyperliquid generated $4.4 million in revenue over the past 24 hours, burning $4.24 million worth of HYPE.
According to monitoring by Onchain Lens, decentralized exchange platform Hyperliquid generated approximately $4.4 million in revenue over the past 24 hours, while burning HYPE tokens worth around $4.24 million in the same period.
4 minutes ago
Japanese and South Korean stock indexes opened higher, with South Korea’s KOSPI index rising 3.2% at the open.
According to Bitget market data, the Nikkei 225 index opened 461.11 points higher on Thursday, August 20, with a 0.71% gain to 65,787.53 points. South Korea’s KOSPI index opened 3.2% higher, with SK Hynix surging over 7% and Samsung Electronics climbing more than 3%.
4 minutes ago
Linera claims it aims to become the 'next Hyperliquid' and will promote the LNRA token sale.
New public blockchain Linera, founded by former Libra employees, announced today that it aims to become the "next Hyperliquid" and teased an upcoming LNRA token sale. Linera said it is following Hyperliquid’s playbook: building its own dedicated chain, focusing on consumer products, operating with a small team, generating real revenue first, and prioritizing user rewards. Its core product is a real-time prediction market at app.linera.xyz, which can launch, operate, and settle within one minute. The project uses a parallel microchains architecture, supporting thousands of small markets to run simultaneously, with final confirmation times typically under one second—solving congestion and high fees that plague general-purpose blockchains in real-time use cases. All markets operate on a pure player-versus-player (PvP) model, with no house and no external market makers required. The core team numbers just five members. Users who earn badges by engaging with the product will get priority access to an exclusive subscription pool for the LNRA sale. Detailed sale information will be announced at a later date.
4 minutes ago
US CFTC Seeks Public Comment on AI Computing Power Futures
As industry giants begin to accept compute power as a tradable asset, the U.S. Commodity Futures Trading Commission (CFTC) is seeking public comments on compute power futures contracts. Multiple exchanges, including CME Group (CME), Intercontinental Exchange (ICE), and emerging fintech firm Architect Financial Technologies, have announced plans to launch such contracts once regulatory approval is secured. These exchanges argue that establishing a compute power futures market would help end-users and speculators hedge against risks like energy shortages or other issues that could hinder technological progress for AI developers. CFTC Chair Michael Selig said in a Wednesday statement: "Without a robust compute power derivatives market, the U.S. cannot win the AI race. This public comment period is the first step toward establishing clear rules for the U.S. compute power market." One of the issues covered in the CFTC’s public comment process is how compute power futures differ from other derivatives or underlying commodities already regulated by the agency. If compute power futures are permitted to list on CFTC-regulated exchanges, further standardization of variables affecting compute power prices may be required, including price indices used for settlement reference and other related factors.
4 minutes ago
U.S. stocks: The three major indexes closed higher this morning, Moderna surged 177%, and crypto-related stocks rallied sharply.
According to market data from BIT (Bit.com), U.S. stocks closed on Wednesday: the Dow Jones Industrial Average initially rose 0.22%, the S&P 500 gained 0.21%, and the Nasdaq advanced 0.16%. Moderna (MRNA.O) surged 176.9%, while Merck (MRK.N) climbed 12.6%. Moderna and Merck announced that their jointly developed personalized mRNA cancer vaccine intismeran autogene (formerly mRNA-4157/V940), in combination with Merck’s immunotherapy drug Keytruda (pembrolizumab), met both the primary endpoint and key secondary endpoints in the Phase III clinical trial (INTerpath-001) for patients with high-risk melanoma (skin cancer). Marvell Technology (MRVL.O) rose over 9.8%, SK Hynix (SKHY.O) gained 0.35%, SanDisk (SNDK.O) fell 3.5%, and Micron Technology (MU.O) dropped 0.39%. In terms of crypto-related stocks: Strategy’s share price rose 11.95% to $103.58, having surged more than 13% intraday; Coinbase climbed 9.05% to $159.47; stablecoin issuer Circle increased 9.44% to $78.50; and Ethereum reserve firm BitMine gained 9.68% to $20.05.
4 minutes ago
Key takeaways from Trump’s crypto-friendly remarks: He disclosed that the U.S. government has discussed accumulating a "significant amount" of Bitcoin, vowed to end the "war on crypto" entirely, and urged the prompt passage of the Genius Act.
U.S. President Donald Trump met with executives from crypto and fintech firms including Coinbase, Ripple, Robinhood, Gemini, and Chainlink at the White House’s Roosevelt Room on Wednesday local time, delivering a speech in support of cryptocurrencies. Trump said his administration has “completely ended the war on cryptocurrencies,” noting the industry is thriving, and the U.S. must retain its “undisputed leadership” in areas such as Bitcoin, cryptocurrencies, prediction markets, and artificial intelligence, while committing to becoming the “world’s crypto capital.” He added that the U.S. government has discussed accumulating “significant quantities” of Bitcoin and other cryptocurrencies, claiming crypto assets “have greatly eased pressure on the U.S. dollar.” Meanwhile, he urged Congress to pass a “fair version” of the Clarity Act (Digital Asset Market Clarity Act) promptly, arguing this would keep the U.S. ahead of China and other countries. Trump also noted that the SEC Chair is working to bring Hyperliquid to the U.S. market in a compliant manner, and highlighted policy achievements including the signed Genius Act (stablecoin legislation), strategic Bitcoin reserves, and the ban on central bank digital currencies (CBDCs).
Hyperliquid (HYPE), ABD Başkanı Donald Trump’ın Hyperliquid hakkında yaptığı açıklamanın ardından kripto para piyasasının gündemine oturdu. Trump, Beyaz Saray’daki toplantıda ABD Menkul Kıymetler ve Borsa Komisyonu (SEC) Başkanı Paul Atkins’in Hyperliquid’in ABD pazarına girişini sağlamak için çalıştığını söyledi. Açıklamanın ardından HYPE fiyatı Bitstamp borsasında 80 dolar seviyesine fitil attı ve sonrasında yaklaşık 71 dolar seviyesine geriledi.
Bu açıklama yalnızca fiyat hareketi açısından değil, ABD’nin merkeziyetsiz finans ve türev platformlarına yönelik yaklaşımı açısından da dikkat çekiyor. Özellikle bir düzenleyici kurum başkanının belirli bir projeyi doğrudan ABD pazarına taşımaya yönelik çalıştığının kamuoyuna açıklanması oldukça sıra dışı bir gelişme olarak değerlendiriliyor.
Trump Hyperliquid (HYPE) Hakkında Neler Söyledi? Trump, 19 Ağustos’ta Beyaz Saray’da dijital varlık ve finans sektörünün temsilcileriyle gerçekleştirilen toplantıda Hyperliquid’in ABD’ye girişine ilişkin önemli mesajlar verdi. Toplantıya SEC Başkanı Paul Atkins’in yanı sıra Emtia Vadeli İşlemler Komisyonu (CFTC) Başkanı Mike Selig ve Coinbase ile Ripple gibi sektörün önde gelen şirketlerinden temsilciler katıldı.
Trump’ın açıklamasına göre Atkins, Hyperliquid’in ABD pazarında faaliyet gösterebilmesi için çalışmalar yürütüyor. Bu gelişme, Trump yönetiminin dijital varlık sektörüne yönelik daha açık ve destekleyici düzenleme yaklaşımının yeni bir örneği olarak görülüyor.
Hyperliquid Nedir Ve Neden Öne Çıkıyor? Hyperliquid, özellikle merkeziyetsiz sürekli vadeli işlemler piyasasıyla tanınan yüksek performanslı bir Layer-1 blok zinciri ağıdır. Platformun HyperCore altyapısı, sürekli vadeli işlemler ile spot piyasadaki emir defterlerini tamamen zincir üzerinde çalıştırıyor.
Hyperliquid’in teknik kapasitesi de projeyi rakiplerinden ayıran önemli unsurlardan biri. Resmi verilere göre ağ saniyede yaklaşık 200.000 emir işleyebilecek kapasiteye sahip.
Platformun ekosistemindeki temel dijital varlık ise HYPE olarak öne çıkıyor. HYPE; ağ güvenliği, işlem ücretleri ve ekosistemdeki çeşitli işlevler için kullanılıyor.
HYPE Token İçin 1 Milyar Dolarlık Mekanizma HYPE fiyatındaki yükselişi destekleyen en önemli unsurlardan biri token ekonomisi. Hyperliquid’in resmi verilerine göre platformdaki işlemlerden elde edilen yıllık 1 milyar doların üzerindeki ücret, programatik olarak HYPE geri alımlarında kullanılıyor.
Bu mekanizma, platform faaliyetleri ile HYPE token arasındaki ekonomik bağlantıyı güçlendiriyor. İşlem hacminin ve platform gelirlerinin yüksek kalması durumunda geri alım mekanizması token üzerinde uzun vadeli talep oluşturabilecek faktörlerden biri olarak öne çıkıyor.
Trump’ın açıklamasının ardından HYPE fiyatının 80 dolar seviyesini aşarak yeni zirve oluşturması da piyasanın gelişmeyi olumlu karşıladığını gösterdi. Ancak fiyat daha sonra geri çekilerek yaklaşık 71 dolar seviyesine geldi.
Hyperliquid (HYPE) Fiyatı İçin Bundan Sonra Ne Olabilir? HYPE anlık olarak 71 dolar seviyesinde fiyatlanıyor. Yaşanan geri çekilme, kısa vadeli yatırımcıların kâr satışına yöneldiğini gösterebilir.
Bunun yanında ABD pazarına olası giriş sürecinin somut düzenleyici adımlara dönüşmesi, HYPE açısından yeni bir katalizör yaratabilir. Özellikle SEC ve CFTC gibi iki önemli düzenleyici kurumun başkanlarının aynı toplantıda yer alması, gelişmenin önemini artırıyor.
ABD düzenlemelerinden gelecek yeni açıklamalar ve Hyperliquid’in işlem hacmi, HYPE’ın sonraki yönü açısından belirleyici olabilir
Bu içerik kesinlikle yatırım tavsiyesi niteliği taşımamaktadır. Piyasalar yüksek risk içermektedir ve yatırım kararlarınızı almadan önce kendi araştırmanızı yapmanız önemlidir.
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Wednesday was already shaping up to be the best for crypto assets in recent memory, with bitcoin trading the highest since June as President Donald Trump scheduled a meeting with industry leaders.
Then the big news hit.
Around 3 p.m. ET, the president hinted at regulating Hyperliquid, the decentralized exchange that's been garnering popularity among traders as the home base of "perpetual futures" trading – the swap-like derivatives contracts with high leverage and no expiration that have been a thorn in the side of incumbent exchanges this year – despite U.S. residents not being allowed on the platform.
"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," Trump said in a press conference.
Shares of Hyperliquid Strategies (PURR), the publicly traded treasury company that owns HYPE tokens, surged 30% before the closing bell, bringing the stock's year-to-date gain to more than 163%. HYPE, the digital token that powers the exchange's blockchain-based settlement and operations, jumped 18% to just below record highs. Shares of Cboe Global Markets dropped 3.5%, Miami International Holdings fell 3.1% and CME Group slid 1.7%.
Hyperliquid shares in the past day
"We've been trying for awhile to figure out how to get into the U.S. and the CFTC has been quite responsive, but when Trump says it at a press conference, it means it's a priority," David Schamis, CEO of Hyperliquid Strategies and founding partner at Atlas Merchant Capital, said in a call after the bell on Wednesday.
"You can't do something like this and make new rules – you see how hard it is to get Clarity [Act] passed. You have to figure out how to make it work with rules existing today," he added. The Clarity Act is a bill that would establish a regulatory framework for cryptocurrencies.
Options volume in Hyperliquid was almost eight times the 30-day average, with more than 120,000 calls traded versus under 8,000 puts. Traders bought almost 45,000 calls and sold 29,000. About $10 million in premium exchanged hands, with the biggest single trades coming about a half-hour after the announcement when someone bought 2,000 8-strike calls expiring in November and December for about $510,000.
There was also a flurry of heavy call-trading activity in the hours before the announcement. Just shy of $2 million in calls of various strikes and expiries traded before 3 p.m., including some trades that carried signs of indiscriminate and rushed buying indicative of someone eager to get in on a trade.
In one case, around 11 a.m., someone spent $65,000 trading 719 of the 8-strike calls expiring in mid-October, paying 90 cents each for a contract that had just 67 open positions coming into Wednesday. Those calls are now worth $2.45 each, meaning the trader was up about $111,000 by the close.
"These by definition were opening trades so you're asking me to believe someone went out in front of this announcement and sold a bunch of upside call opening trades?" said Dennis Davitt, CNBC contributor and co-founder of Millbank Dartmoor Portsmouth, an investment firm managing more than $500 million in institutional assets. "I hope they have a robust alibi."
Trading in the iShares Bitcoin Trust ETF (IBIT) was more than 4.5 times the 30-day average even before the Hyperliquid headlines as Treasury yields retreated, and investors overall pivoted toward underperforming sectors of the past year. Bitcoin volatility measured by Volmex Labs' BVIV Index jumped 13% after hitting a year-to-date low of 35.5 Friday.
Whether Hyperliquid's success translates into a bitcoin price revival remains to be seen. Shares of Michael Saylor's Strategy rallied nearly 13% Wednesday, while Coinbase surged almost 10%. Both are down roughly 30% year-to-date after bitcoin posted the worst year relative to the S&P 500 since 2019
"We have four things on our balance sheet," said Schamis. "Two billion of HYPE token, cash, common equity, and deferred tax liability. No debt and no funky converts."
Correction: Hyperliquid Strategies does not own the Hyperliquid exchange.
President Donald Trump said US regulators are working to bring Hyperliquid, a fast-growing crypto platform, into the country, offering one of the clearest signals yet that the White House wants to pull a major piece of the industry’s offshore market infrastructure onshore.
“I understand that Mike 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, referring to Commodity Futures Trading Commission Chairman Michael Selig.
Hyperliquid operates outside the US and is not officially open to American traders. Bringing it onshore would mean giving it a legal way to use the platform under US oversight.
It was co-founded by Jeff Yan, a former trader at Hudson River Trading. The main developer of the platform, Hyperliquid Labs, is based in Singapore.
The comments immediately rippled through an ecosystem of assets tied to Hyperliquid, including HYPE, the platform’s cryptocurrency, and Hyperliquid Strategies, a publicly traded company whose strategy is built around holding the token.
Shares of Hyperliquid Strategies, which trades under the ticker PURR, jumped as much as 31 per cent on Aug 19. The company is a digital-asset treasury, essentially a listed vehicle that accumulates cryptocurrency, and its focus on HYPE gives traditional equity investors an indirect way to bet on Hyperliquid’s growth.
Shares of mainstream US exchange operators fell to session lows. Cboe Global Markets declined as much as 6.1 per cent while CME Group fell as much as 3.4 per cent.
Hyperliquid is a crypto exchange best known for perpetual futures, leveraged contracts that allow traders to speculate on cryptocurrency prices without an expiration date.
It has captured Wall Street’s attention this year after drawing demand for contracts tied to real-world assets, including equities and commodities.
The platform, which runs on its namesake blockchain, has grown into a major venue for a kind of trading that historically flourished largely outside the US because of regulatory restrictions.
“Trump’s comments on Hyperliquid and the immediate reaction in HYPE are another indication of how quickly the regulatory and political backdrop for digital assets is shifting,” said Ayesha Kiani, chief operating officer at Monarq Asset Management.
“What’s notable isn’t just the price move but it’s that decentralised market infrastructure is increasingly entering mainstream policy conversations.”
The CFTC has recently laid out conditions under which regulated US platforms can offer perpetual contracts, part of a broader Trump administration effort to move crypto businesses and trading activity into the American financial system.
Exactly how a platform like Hyperliquid can legally offer perps products in the US remains unclear, with compliance requirements potentially undercutting its decentralised appeal.
In any case, a path into the US would open Hyperliquid to a much larger pool of customers and capital, while testing whether a trading model initially forged outside traditional US rules can be operate within them.
“Hyperliquid has been the poster child for convergence: the idea that traditional asset classes are going to be traded, margined and settled 24/7 on crypto rails,” said Joshua Lim, global co-head of markets at FalconX.
“It’s exhilarating to see the administration and regulators acknowledge them as a market structure innovator and opening up access to US market participants.” BLOOMBERG
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Hyperliquid generated $4.4 million in revenue over the past 24 hours, burning $4.24 million worth of HYPE.
According to monitoring by Onchain Lens, decentralized exchange platform Hyperliquid generated approximately $4.4 million in revenue over the past 24 hours, while burning HYPE tokens worth around $4.24 million in the same period.
4 minutes ago
Japanese and South Korean stock indexes opened higher, with South Korea’s KOSPI index rising 3.2% at the open.
According to Bitget market data, the Nikkei 225 index opened 461.11 points higher on Thursday, August 20, with a 0.71% gain to 65,787.53 points. South Korea’s KOSPI index opened 3.2% higher, with SK Hynix surging over 7% and Samsung Electronics climbing more than 3%.
4 minutes ago
US CFTC Seeks Public Comment on AI Computing Power Futures
As industry giants begin to accept compute power as a tradable asset, the U.S. Commodity Futures Trading Commission (CFTC) is seeking public comments on compute power futures contracts. Multiple exchanges, including CME Group (CME), Intercontinental Exchange (ICE), and emerging fintech firm Architect Financial Technologies, have announced plans to launch such contracts once regulatory approval is secured. These exchanges argue that establishing a compute power futures market would help end-users and speculators hedge against risks like energy shortages or other issues that could hinder technological progress for AI developers. CFTC Chair Michael Selig said in a Wednesday statement: "Without a robust compute power derivatives market, the U.S. cannot win the AI race. This public comment period is the first step toward establishing clear rules for the U.S. compute power market." One of the issues covered in the CFTC’s public comment process is how compute power futures differ from other derivatives or underlying commodities already regulated by the agency. If compute power futures are permitted to list on CFTC-regulated exchanges, further standardization of variables affecting compute power prices may be required, including price indices used for settlement reference and other related factors.
4 minutes ago
U.S. stocks: The three major indexes closed higher this morning, Moderna surged 177%, and crypto-related stocks rallied sharply.
According to market data from BIT (Bit.com), U.S. stocks closed on Wednesday: the Dow Jones Industrial Average initially rose 0.22%, the S&P 500 gained 0.21%, and the Nasdaq advanced 0.16%. Moderna (MRNA.O) surged 176.9%, while Merck (MRK.N) climbed 12.6%. Moderna and Merck announced that their jointly developed personalized mRNA cancer vaccine intismeran autogene (formerly mRNA-4157/V940), in combination with Merck’s immunotherapy drug Keytruda (pembrolizumab), met both the primary endpoint and key secondary endpoints in the Phase III clinical trial (INTerpath-001) for patients with high-risk melanoma (skin cancer). Marvell Technology (MRVL.O) rose over 9.8%, SK Hynix (SKHY.O) gained 0.35%, SanDisk (SNDK.O) fell 3.5%, and Micron Technology (MU.O) dropped 0.39%. In terms of crypto-related stocks: Strategy’s share price rose 11.95% to $103.58, having surged more than 13% intraday; Coinbase climbed 9.05% to $159.47; stablecoin issuer Circle increased 9.44% to $78.50; and Ethereum reserve firm BitMine gained 9.68% to $20.05.
4 minutes ago
Key takeaways from Trump’s crypto-friendly remarks: He disclosed that the U.S. government has discussed accumulating a "significant amount" of Bitcoin, vowed to end the "war on crypto" entirely, and urged the prompt passage of the Genius Act.
U.S. President Donald Trump met with executives from crypto and fintech firms including Coinbase, Ripple, Robinhood, Gemini, and Chainlink at the White House’s Roosevelt Room on Wednesday local time, delivering a speech in support of cryptocurrencies. Trump said his administration has “completely ended the war on cryptocurrencies,” noting the industry is thriving, and the U.S. must retain its “undisputed leadership” in areas such as Bitcoin, cryptocurrencies, prediction markets, and artificial intelligence, while committing to becoming the “world’s crypto capital.” He added that the U.S. government has discussed accumulating “significant quantities” of Bitcoin and other cryptocurrencies, claiming crypto assets “have greatly eased pressure on the U.S. dollar.” Meanwhile, he urged Congress to pass a “fair version” of the Clarity Act (Digital Asset Market Clarity Act) promptly, arguing this would keep the U.S. ahead of China and other countries. Trump also noted that the SEC Chair is working to bring Hyperliquid to the U.S. market in a compliant manner, and highlighted policy achievements including the signed Genius Act (stablecoin legislation), strategic Bitcoin reserves, and the ban on central bank digital currencies (CBDCs).
4 minutes ago
Kalshi Seeks CFTC Approval for Copper Perpetual Futures, Prediction Market Platforms Accelerate Expansion Into Derivatives Sector
Prediction market platform Kalshi has submitted an application to the U.S. Commodity Futures Trading Commission (CFTC) to launch copper price-linked perpetual futures contracts. According to an August 18 filing, the proposed COPPERPERP contract will track copper spot prices priced in U.S. dollars per pound, utilizing price data from blockchain data service provider Pyth Network. The contract will be cash-settled with no physical copper delivery involved. Unlike traditional futures, perpetual futures have no expiration date, enabling traders to hold positions long-term without rolling over, and maintain price alignment with the spot market via a periodic funding rate mechanism between long and short parties. This application signals Kalshi’s further expansion beyond the bounds of traditional event prediction markets into the commodities and financial derivatives space. Earlier this May, Kalshi secured CFTC approval to launch bitcoin perpetual futures. Additionally, the firm has recently submitted applications for stock index perpetual futures. Copper, a critical raw material for infrastructure including power grids, construction, electric vehicles, electronic devices, and AI data centers, is already widely traded on exchanges such as CME COMEX, London Metal Exchange (LME), and Shanghai Futures Exchange.
Coinbase has added more than 290 perpetual contract markets to the Base App through Hyperliquid, giving eligible users access to leverage of up to 50 times.
Summary
More than 290 perpetual markets are available through the Base App. Hyperliquid executes the trades while users remain inside their existing wallets. Leverage reaches 50x on supported markets, raising the risk of liquidation. Users in the United States, United Kingdom, and Canada cannot access the product. According to an Aug. 19 report, Coinbase said that the integration covers Bitcoin, Ethereum, and contracts tied to stocks and commodities, although the leverage limit varies by market.
Coinbase brings Hyperliquid trading into Base App Rather than operating a separate derivatives venue inside the Base App, Coinbase is routing perpetual contract orders to Hyperliquid for execution. Users can open and manage positions without leaving their existing wallets, according to the company.
Coinbase Head of Engineering Chintan Turakhia described Hyperliquid as one of the highest-performance on-chain perpetual trading protocols, pointing to its liquidity and execution speed as reasons for the integration.
“Because we support multiple chains and ecosystems, this integration lets our users tap into its deep liquidity and speed without ever leaving their existing wallet,” Turakhia said in a statement.
The arrangement keeps the trading interface inside the Base App while relying on Hyperliquid’s infrastructure to process orders. Coinbase did not disclose whether it receives a share of trading fees, pays Hyperliquid for order execution, or applies additional charges to trades placed through the app.
Perpetual contracts let traders take long or short positions on an asset without buying the underlying instrument. Unlike dated futures, the contracts have no fixed expiry, while funding payments between long and short traders help keep their prices close to the referenced market.
Alongside Bitcoin and Ethereum, the available markets include contracts linked to equities and commodities. Coinbase did not provide a complete list of the supported markets in its announcement, and leverage can fall below the advertised 50x maximum depending on the asset.
The stock-linked products provide price exposure through derivatives rather than ownership of company shares. Traders therefore do not receive voting rights, dividends or other rights normally attached to the underlying stock.
A June report on pre-IPO perpetuals examined Coinbase’s contracts tied to private companies, including SpaceX, OpenAI, and Anthropic. Such products rely on constructed reference prices because privately held companies do not have continuously traded public shares.
Up to 50x leverage raises liquidation risk Using 50x leverage allows a trader to control a position worth 50 times the capital committed as margin. The same structure can amplify losses, with relatively small price changes capable of exhausting the funds supporting a position.
Coinbase said positions may be liquidated when losses pass the applicable maintenance threshold. Hyperliquid’s execution system can close a position if the trader no longer has enough collateral to keep it open, although the precise liquidation level depends on the market, position size, and leverage selected.
Turakhia said perpetual contracts account for about 75% of current cryptocurrency trading volume, describing the product as the most requested addition among frequent Base App users.
“Perps are where the volume is—roughly 75% of all crypto trading today is perps, not spot,” he said.
Coinbase did not identify the dataset or measurement period behind the 75% figure. Trading-volume estimates can differ depending on whether a calculation includes centralized exchanges, decentralized protocols, dated futures, options, and exchanges that do not publish independently verified figures.
Hyperliquid has developed into one of the largest on-chain venues for perpetual contracts. A May review of the protocol cited industry trackers showing that it processed more monthly perpetual volume than several competing decentralized platforms combined.
For Base App users, the integration removes the need to open a separate Hyperliquid interface before entering a position. Coinbase, however, has not said whether the Base App will offer every Hyperliquid order type or provide the same trading controls available through Hyperliquid’s native platform.
US users remain blocked from Base App perpetuals Coinbase said the new perpetual product is unavailable in the United States, the United Kingdom, Canada, and other jurisdictions that restrict leveraged cryptocurrency derivatives.
American customers therefore cannot use the Base App integration to trade Hyperliquid perpetuals. Coinbase offers separate futures products in the United States through Coinbase Financial Markets, a futures commission merchant registered with the Commodity Futures Trading Commission and a member of the National Futures Association.
According to Coinbase’s risk disclosures, its regulated U.S. futures service can liquidate positions if a customer’s margin ratio reaches 100%. The company also warns that leveraged futures may produce losses exceeding the amount initially deposited.
Funds placed in a U.S. Coinbase Financial Markets futures account fall under CFTC customer-protection rules, including segregation requirements. Coinbase states that ordinary spot balances held by Coinbase Inc. do not receive the same protection.
Hyperliquid perpetuals inside the Base App are separate from the regulated U.S. futures service. Coinbase has not announced a timetable for seeking American access to the new integration or identified a U.S.-regulated entity that would offer the contracts.
The geographic limits also exclude UK users from the product, even though Coinbase has recently expanded other services in the country. In August, the exchange began rolling out access to almost 4,000 U.S. stocks for eligible UK customers, with trading available 24 hours a day on weekdays.
Base App has returned its focus to financial products The Hyperliquid integration follows a change in Base App’s product priorities after its earlier focus on social feeds, creators, and creator tokens failed to produce the user growth its developers expected.
As crypto.news reported in July, Base creator Jesse Pollak said the network had fallen behind in prediction markets and perpetual futures while concentrating on social products.
Pollak wrote that demand for the social features had “disintegrated completely” and called the creator-led approach the “wrong bet.” He subsequently stepped back from leading the Base App to concentrate on the development of the Base blockchain, while Coinbase resumed control of the application.
Trading, payments, stablecoins, and AI agents have since taken a more prominent role in the app’s development. Coinbase has also pursued an “Everything Exchange” model that combines crypto markets with stocks, derivatives, prediction markets, and other financial products.
In July, coverage of prediction markets showed that Coinbase had described the category as one of its fastest-growing products. The company’s first-quarter 2026 shareholder materials said retail derivatives had passed $200 million in annualized revenue, while derivatives volume over the previous 12 months had risen 169% year over year.
Base already offered perpetual trading through Avantis and prediction markets through Limitless, but Pollak acknowledged in July that both products trailed larger competitors. Dune Analytics data cited at the time showed that Limitless accounted for about 0.5% of monthly prediction-market notional volume.
Japanese and South Korean stock indexes opened higher, with South Korea’s KOSPI index rising 3.2% at the open.
According to Bitget market data, the Nikkei 225 index opened 461.11 points higher on Thursday, August 20, with a 0.71% gain to 65,787.53 points. South Korea’s KOSPI index opened 3.2% higher, with SK Hynix surging over 7% and Samsung Electronics climbing more than 3%.
4 minutes ago
Linera claims it aims to become the 'next Hyperliquid' and will promote the LNRA token sale.
New public blockchain Linera, founded by former Libra employees, announced today that it aims to become the "next Hyperliquid" and teased an upcoming LNRA token sale. Linera said it is following Hyperliquid’s playbook: building its own dedicated chain, focusing on consumer products, operating with a small team, generating real revenue first, and prioritizing user rewards. Its core product is a real-time prediction market at app.linera.xyz, which can launch, operate, and settle within one minute. The project uses a parallel microchains architecture, supporting thousands of small markets to run simultaneously, with final confirmation times typically under one second—solving congestion and high fees that plague general-purpose blockchains in real-time use cases. All markets operate on a pure player-versus-player (PvP) model, with no house and no external market makers required. The core team numbers just five members. Users who earn badges by engaging with the product will get priority access to an exclusive subscription pool for the LNRA sale. Detailed sale information will be announced at a later date.
4 minutes ago
US CFTC Seeks Public Comment on AI Computing Power Futures
As industry giants begin to accept compute power as a tradable asset, the U.S. Commodity Futures Trading Commission (CFTC) is seeking public comments on compute power futures contracts. Multiple exchanges, including CME Group (CME), Intercontinental Exchange (ICE), and emerging fintech firm Architect Financial Technologies, have announced plans to launch such contracts once regulatory approval is secured. These exchanges argue that establishing a compute power futures market would help end-users and speculators hedge against risks like energy shortages or other issues that could hinder technological progress for AI developers. CFTC Chair Michael Selig said in a Wednesday statement: "Without a robust compute power derivatives market, the U.S. cannot win the AI race. This public comment period is the first step toward establishing clear rules for the U.S. compute power market." One of the issues covered in the CFTC’s public comment process is how compute power futures differ from other derivatives or underlying commodities already regulated by the agency. If compute power futures are permitted to list on CFTC-regulated exchanges, further standardization of variables affecting compute power prices may be required, including price indices used for settlement reference and other related factors.
4 minutes ago
U.S. stocks: The three major indexes closed higher this morning, Moderna surged 177%, and crypto-related stocks rallied sharply.
According to market data from BIT (Bit.com), U.S. stocks closed on Wednesday: the Dow Jones Industrial Average initially rose 0.22%, the S&P 500 gained 0.21%, and the Nasdaq advanced 0.16%. Moderna (MRNA.O) surged 176.9%, while Merck (MRK.N) climbed 12.6%. Moderna and Merck announced that their jointly developed personalized mRNA cancer vaccine intismeran autogene (formerly mRNA-4157/V940), in combination with Merck’s immunotherapy drug Keytruda (pembrolizumab), met both the primary endpoint and key secondary endpoints in the Phase III clinical trial (INTerpath-001) for patients with high-risk melanoma (skin cancer). Marvell Technology (MRVL.O) rose over 9.8%, SK Hynix (SKHY.O) gained 0.35%, SanDisk (SNDK.O) fell 3.5%, and Micron Technology (MU.O) dropped 0.39%. In terms of crypto-related stocks: Strategy’s share price rose 11.95% to $103.58, having surged more than 13% intraday; Coinbase climbed 9.05% to $159.47; stablecoin issuer Circle increased 9.44% to $78.50; and Ethereum reserve firm BitMine gained 9.68% to $20.05.
4 minutes ago
Key takeaways from Trump’s crypto-friendly remarks: He disclosed that the U.S. government has discussed accumulating a "significant amount" of Bitcoin, vowed to end the "war on crypto" entirely, and urged the prompt passage of the Genius Act.
U.S. President Donald Trump met with executives from crypto and fintech firms including Coinbase, Ripple, Robinhood, Gemini, and Chainlink at the White House’s Roosevelt Room on Wednesday local time, delivering a speech in support of cryptocurrencies. Trump said his administration has “completely ended the war on cryptocurrencies,” noting the industry is thriving, and the U.S. must retain its “undisputed leadership” in areas such as Bitcoin, cryptocurrencies, prediction markets, and artificial intelligence, while committing to becoming the “world’s crypto capital.” He added that the U.S. government has discussed accumulating “significant quantities” of Bitcoin and other cryptocurrencies, claiming crypto assets “have greatly eased pressure on the U.S. dollar.” Meanwhile, he urged Congress to pass a “fair version” of the Clarity Act (Digital Asset Market Clarity Act) promptly, arguing this would keep the U.S. ahead of China and other countries. Trump also noted that the SEC Chair is working to bring Hyperliquid to the U.S. market in a compliant manner, and highlighted policy achievements including the signed Genius Act (stablecoin legislation), strategic Bitcoin reserves, and the ban on central bank digital currencies (CBDCs).
4 minutes ago
Kalshi Seeks CFTC Approval for Copper Perpetual Futures, Prediction Market Platforms Accelerate Expansion Into Derivatives Sector
Prediction market platform Kalshi has submitted an application to the U.S. Commodity Futures Trading Commission (CFTC) to launch copper price-linked perpetual futures contracts. According to an August 18 filing, the proposed COPPERPERP contract will track copper spot prices priced in U.S. dollars per pound, utilizing price data from blockchain data service provider Pyth Network. The contract will be cash-settled with no physical copper delivery involved. Unlike traditional futures, perpetual futures have no expiration date, enabling traders to hold positions long-term without rolling over, and maintain price alignment with the spot market via a periodic funding rate mechanism between long and short parties. This application signals Kalshi’s further expansion beyond the bounds of traditional event prediction markets into the commodities and financial derivatives space. Earlier this May, Kalshi secured CFTC approval to launch bitcoin perpetual futures. Additionally, the firm has recently submitted applications for stock index perpetual futures. Copper, a critical raw material for infrastructure including power grids, construction, electric vehicles, electronic devices, and AI data centers, is already widely traded on exchanges such as CME COMEX, London Metal Exchange (LME), and Shanghai Futures Exchange.
U.S. stocks: The three major indexes closed higher this morning, Moderna surged 177%, and crypto-related stocks rallied sharply.
According to market data from BIT (Bit.com), U.S. stocks closed on Wednesday: the Dow Jones Industrial Average initially rose 0.22%, the S&P 500 gained 0.21%, and the Nasdaq advanced 0.16%. Moderna (MRNA.O) surged 176.9%, while Merck (MRK.N) climbed 12.6%. Moderna and Merck announced that their jointly developed personalized mRNA cancer vaccine intismeran autogene (formerly mRNA-4157/V940), in combination with Merck’s immunotherapy drug Keytruda (pembrolizumab), met both the primary endpoint and key secondary endpoints in the Phase III clinical trial (INTerpath-001) for patients with high-risk melanoma (skin cancer). Marvell Technology (MRVL.O) rose over 9.8%, SK Hynix (SKHY.O) gained 0.35%, SanDisk (SNDK.O) fell 3.5%, and Micron Technology (MU.O) dropped 0.39%. In terms of crypto-related stocks: Strategy’s share price rose 11.95% to $103.58, having surged more than 13% intraday; Coinbase climbed 9.05% to $159.47; stablecoin issuer Circle increased 9.44% to $78.50; and Ethereum reserve firm BitMine gained 9.68% to $20.05.
1 seconds ago
Key takeaways from Trump’s crypto-friendly remarks: He disclosed that the U.S. government has discussed accumulating a "significant amount" of Bitcoin, vowed to end the "war on crypto" entirely, and urged the prompt passage of the Genius Act.
U.S. President Donald Trump met with executives from crypto and fintech firms including Coinbase, Ripple, Robinhood, Gemini, and Chainlink at the White House’s Roosevelt Room on Wednesday local time, delivering a speech in support of cryptocurrencies. Trump said his administration has “completely ended the war on cryptocurrencies,” noting the industry is thriving, and the U.S. must retain its “undisputed leadership” in areas such as Bitcoin, cryptocurrencies, prediction markets, and artificial intelligence, while committing to becoming the “world’s crypto capital.” He added that the U.S. government has discussed accumulating “significant quantities” of Bitcoin and other cryptocurrencies, claiming crypto assets “have greatly eased pressure on the U.S. dollar.” Meanwhile, he urged Congress to pass a “fair version” of the Clarity Act (Digital Asset Market Clarity Act) promptly, arguing this would keep the U.S. ahead of China and other countries. Trump also noted that the SEC Chair is working to bring Hyperliquid to the U.S. market in a compliant manner, and highlighted policy achievements including the signed Genius Act (stablecoin legislation), strategic Bitcoin reserves, and the ban on central bank digital currencies (CBDCs).
1 seconds ago
Kalshi Seeks CFTC Approval for Copper Perpetual Futures, Prediction Market Platforms Accelerate Expansion Into Derivatives Sector
Prediction market platform Kalshi has submitted an application to the U.S. Commodity Futures Trading Commission (CFTC) to launch copper price-linked perpetual futures contracts. According to an August 18 filing, the proposed COPPERPERP contract will track copper spot prices priced in U.S. dollars per pound, utilizing price data from blockchain data service provider Pyth Network. The contract will be cash-settled with no physical copper delivery involved. Unlike traditional futures, perpetual futures have no expiration date, enabling traders to hold positions long-term without rolling over, and maintain price alignment with the spot market via a periodic funding rate mechanism between long and short parties. This application signals Kalshi’s further expansion beyond the bounds of traditional event prediction markets into the commodities and financial derivatives space. Earlier this May, Kalshi secured CFTC approval to launch bitcoin perpetual futures. Additionally, the firm has recently submitted applications for stock index perpetual futures. Copper, a critical raw material for infrastructure including power grids, construction, electric vehicles, electronic devices, and AI data centers, is already widely traded on exchanges such as CME COMEX, London Metal Exchange (LME), and Shanghai Futures Exchange.
1 seconds ago
Trump again criticizes the Federal Reserve's high interest rate policy, saying the US should bear lower financing costs.
US President Donald Trump once again criticized the Federal Reserve’s interest rate policy on Wednesday, stating that amid positive economic data, the central bank should not block interest rate cuts, and that the US should pay “much lower” interest rates. Trump said Federal Reserve Chair Kevin Warsh is “doing a good job,” but criticized the Federal Reserve Board for having “political factors,” noting that some members were appointed by Obama, Biden, and himself, and may support keeping rates high for political reasons. He added that in the past, improving economic data typically led to lower interest rates, but now “the better the data, the higher the rates instead.” Trump argued that interest rate cuts would not only boost economic growth, but also reduce financing pressure on the US’s nearly $40 trillion debt. However, the Federal Reserve has not raised rates since 2023, and launched a rate-cut cycle in the second half of 2025, cutting rates six times in total. The minutes of the Fed’s July meeting showed that most officials believe that if inflation fails to cool further, it may still be necessary to maintain high rates in the future. Trump also complained that US interest rates are higher than those of some overseas economies, citing Switzerland’s benchmark rate of around 0.5% as an example, calling the US’s current rate of about 3.5% “unreasonable.” On the same day, the US Treasury Department announced an expansion of its long-term Treasury bond repurchase operations, at least doubling the scale of its 10-year to 30-year Treasury bond repurchases from $2 billion per operation to $4 billion, to boost liquidity in the long-term bond market. Markets view the move as helpful in easing recent upward pressure on US Treasury yields.
1 seconds ago
US crypto-related stocks surged collectively, with Strategy gaining nearly 12% and Coinbase rising 9%.
As Bitcoin approaches $70,000, crypto-related stocks notched their largest single-day gain since summer on Wednesday, with major players including Strategy (MSTR), Coinbase (COIN), Circle (CRCL), and BitMine (BMNR) rallying sharply. Bitcoin reserve firm Strategy’s stock rose 11.95% to $103.58, surging over 13% at one point during the session. Crypto exchange Coinbase gained 9.05% to $159.47; stablecoin issuer Circle climbed 9.44% to $78.50; and Ethereum reserve firm BitMine jumped 9.68% to $20.05. The rally was primarily driven by Bitcoin’s short-covering squeeze. As Bitcoin pushed toward $70,000, numerous bearish positions were forced to liquidate, leading to nearly $2 billion in crypto market liquidations over the past 24 hours. Additionally, the U.S. Treasury expanded its long-term Treasury repurchase operations, improving market liquidity expectations and spurring broad gains in risk assets. Stocks like Strategy and Coinbase were also boosted by short covering: both firms had previously ranked among Wall Street’s most heavily shorted stocks, and as share prices rebounded rapidly, some short sellers were forced to buy to close positions, further amplifying gains. Strategy currently holds around 840,000 Bitcoin, with its stock price highly correlated to BTC’s value. BitMine, meanwhile, holds approximately 5.82 million ETH, making it one of the publicly listed companies with the closest pure exposure to Ethereum. However, despite the sharp rebound, Strategy, Coinbase, and BitMine are still down year-to-date. The market is now closely watching whether Bitcoin can break through and hold the $70,000 resistance level to determine if this rally marks a trend reversal or a short-term short squeeze.
1 seconds ago
HYPE surges more than 22% in 24 hours; Trump says US SEC Chair is pushing Hyperliquid to enter the U.S. in a compliant manner.
Per HTX market data, HYPE has jumped over 22% in the past 24 hours, currently trading at $71.94. On the news front, US President Donald Trump stated that SEC Chair is working to advance Hyperliquid’s entry into the US market. Trump noted that relevant efforts are ongoing, with the goal of enabling Hyperliquid to operate under the US regulatory framework. No specific implementation plan or timeline has been disclosed yet. Earlier, Hyperliquid representatives discussed digital asset regulatory issues with the US SEC Crypto Assets Working Group, covering Hyperliquid’s ecosystem, technical architecture, and market regulatory pathways.
U.S. President Donald Trump met with executives from crypto and fintech firms including Coinbase, Ripple, Robinhood, Gemini, and Chainlink at the White House’s Roosevelt Room on Wednesday local time, delivering a speech in support of cryptocurrencies. Trump said his administration has “completely ended the war on cryptocurrencies,” noting the industry is thriving, and the U.S. must retain its “undisputed leadership” in areas such as Bitcoin, cryptocurrencies, prediction markets, and artificial intelligence, while committing to becoming the “world’s crypto capital.” He added that the U.S. government has discussed accumulating “significant quantities” of Bitcoin and other cryptocurrencies, claiming crypto assets “have greatly eased pressure on the U.S. dollar.” Meanwhile, he urged Congress to pass a “fair version” of the Clarity Act (Digital Asset Market Clarity Act) promptly, arguing this would keep the U.S. ahead of China and other countries. Trump also noted that the SEC Chair is working to bring Hyperliquid to the U.S. market in a compliant manner, and highlighted policy achievements including the signed Genius Act (stablecoin legislation), strategic Bitcoin reserves, and the ban on central bank digital currencies (CBDCs).
On October 10 last year, a Friday, a tariff headline hit an over-leveraged market, and roughly $19 billion in positions were liquidated within 24 hours, most of them longs, most of them retail.
Bitcoin fell from above $120,000 to around $105,000. Solana lost 40% before finding a bid, and more than 1.6 million accounts went to zero or close to it. Prices eventually stabilized. The people did not come back the same way.
Ten months on, October 10 will be remembered less for the crash itself than for what it did to retail behavior. The risk appetite survived. It just stopped showing up in the same places.
Biggest Crypto Liquidations of All-Time. Source: Coinglass
A Drawdown for Some, a Wipeout for Others
The October 10 crash showed how different spot and futures trading are, if it wasn’t clear before. A spot trader took a brutal hit that day, but they still held on to their coins. They can still wait for prices to eventually go back up. But a perpetual futures trader likely has nothing left.
Rebuilding capital from zero is a different project than sitting through a bad year.
Every dataset since carries the mark. On-chain perp volumes fell for five straight months after October, from $1.36 trillion to under $700 billion, with no bounce in between.
An estimated 38% of altcoins now sit near all-time lows, a worse reading than the aftermath of FTX, and the median altcoin trades roughly 79 percent below its cycle peak.
Tokens that carried multi-billion-dollar valuations in September learned in October that there was no bid underneath them until they were 50-80% lower.
Something else shifted alongside the prices. With stock markets setting records on AI, crypto stopped being the only destination for risk capital, and investors started demanding an answer to a question this industry dodged for years: what is a token actually worth when speculators’ attention moves elsewhere?
Bitcoin Price Chart Since October 10, 2025. Source: CoinGecko
Why Hyperliquid Went Up While Markets Crashed
Hyperliquid is instructive because it had an answer. HYPE traded down into the mid-$20s over the winter, then set a new all-time high near $77 in June on the back of more than $650 million in annual revenue, and now carries a market cap above $12 billion.
A crypto business with real cash flow got repriced upward in the middle of a bear market. The wave of perpetual DEXs that launched to copy it mostly did not, because they were not creating new traders so much as renting the same ones from each other.
One prominent venue lost 83% of its monthly volume the moment its incentive season ended. The industry kept adding venues while the pool of perp traders shrank. Hyperliquid is starting to look like the exception, not the template.
Hyperliquid Monthly Revenue and TVL. Source: DeFilLama
The Game That Never Needed Leverage
Meanwhile, the traders everyone assumed would be the first casualties were barely noticed. Meme coin traders came through October relatively intact because their game never ran on leverage, and by January, while altcoins bled out, pump.fun was printing an all-time high above $2 billion in daily volume.
Roughly 97% of meme coins die. Every serious participant knows it and plays anyway. There is no white paper to read and usually no technology to evaluate. Because dead tokens are part of the design, the way lost hands are part of poker.
What gets analyzed instead is holder counts, wallet concentration, supply distribution, who bought and when, and how fast attention is spreading. Market structure, attention, and social coordination. That is the asset.
The closest analogy is competitive gaming rather than investing. These traders grind, refine their tactics, study the other players at the table, and treat a losing trade as one bad round in a long session rather than a failed thesis.
The goal is not to invest in an asset. It is to win a PvP game.
Where the Volume Went
So are the perpetual futures dying along with the altcoin market it grew up on? The volume data points the other way.
In the first five months of 2026, exchanges processed $1.32 trillion in perpetual futures tied to stocks, indices, and commodities, against $104 billion in all of 2025. The first regulated tokenized-equity perps went live in February.
The S&P 500 now has a licensed on-chain perpetual, and when Wall Street closes on Friday afternoon, these contracts keep trading through the weekend, increasingly setting the price Monday opens against.
Some exchanges, like Phemex, launched TradFi futures. This is because users have been demanding it through their behavior, if not their words.
Tesla, Apple, Nvidia, gold, silver, and the major indices now trade around the clock on the same USDT account and margin system as their crypto positions, and volume crossed $100 million on day one. Nobody was holding out for another altcoin listing. They wanted something worth trading at 3 a.m. on a Sunday.
As today’s meme coin traders age and accumulate capital, many of them will likely diversify into exactly these markets, on rails they already know how to use.
The Rewiring: Crypto Will Never Be the Same Again
The 2020 version of this industry, hundreds of tokens sustaining deep valuations and deep perp books all at once, is probably gone for good. What replaced it is narrower and more honest.
On one end, a fast, explicitly player-versus-player game in the memecoin ecosystem. On the other hand, perpetual futures are quietly becoming infrastructure for global markets.
The market that produced the last altcoin boom may never come back. The infrastructure it built is getting started, and it is already moving markets far beyond crypto. Our job is to be where speculation is going, not where it was.
Hyperliquid, Ethereum, and Solana have all seen notable price increases, each rising by over 20% in the past 24 hours. Hyperliquid’s native token HYPE was around $72.19 with a 23.1% gain, while Ethereum’s ETH stood at approximately $1,921.93. Solana’s recent surge is attributed to ongoing developments within its network, rather than a single major market event. These price movements place all three assets among the strongest performers in the crypto top 100 for the day. Market participants appear to be showing significant interest, particularly in Solana, as its price momentum increases the likelihood of reaching higher targets in August.
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Key Takeaways The recent price surge in Solana suggests market participants are optimistic about its potential to reach higher price targets within August. Hyperliquid’s HYPE token rise is consistent with strong interest due to its token-burn and buyback mechanics. Ethereum’s steady price increase aligns with continued market confidence in its long-term utility and relevance. What to Watch Observers will be monitoring whether Solana can sustain its upward momentum, with potential catalysts including network upgrades and institutional interest. The focus will also be on any developments from the Solana Foundation and ecosystem leaders, particularly as they relate to technological upgrades and potential ETF approvals. Market participants may also keep an eye on macroeconomic factors that could influence broader market trends.
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Term Structure
Contract Odds Δ since publish Volume 24h September 1 2026 0.1% — — View market → September 1 2026 0.9% — — View market → September 1 2026 0.9% — — View market → September 1 2026 1.3% — — View market → September 1 2026 16.2% — — View market → September 1 2026 66.4% — — View market → September 1 2026 7% — — View market → September 1 2026 1.2% — — View market → September 1 2026 0.4% — — View market → September 1 2026 0.1% — — View market → September 1 2026 0.7% — — View market →
The move marks one of the most direct pushes by a decentralised finance platform to bring an on-chain product into the U.S. regulatory mainstream.
What Are IPOPs?
The groups cite that track record as evidence of genuine market demand. , a gap the groups argue shows these contracts can produce meaningful pricing signals ahead of a public listing.
The Regulatory Ask
The petition builds on prior engagement with Washington. The latest filing takes that conversation a step further by putting specific rule proposals on the table.
The push comes as U.S. regulators are already rethinking how they approach perpetual products more broadly. Whether that regulatory momentum extends to equity-linked pre-IPO contracts remains to be seen.
Sources:
Crypto Briefing: Hyperliquid Policy Center and trade[XYZ] petition SEC for pre-IPO perpetual framework
MoneyCheck: Hyperliquid urges SEC to allow pre-IPO perpetual markets for U.S. investors
Proskauer Rose: The CFTC approves U.S.-listed perpetual futures
Unitree Robotics stock opened 629% above its IPO price in Shanghai on Wednesday, overshooting the valuation crypto derivatives traders had priced into pre-IPO perpetual futures.
The Hangzhou company raised about 6.1 billion yuan, or $905 million. Its stock opened at 1,100 yuan against an offer price of 150.8 yuan, then pared gains to 968.1 yuan.
Pre-IPO Perps Called the Unitree Stock Pop and Still Undershot ItPerpetual futures tracking Unitree changed hands near $100 on Hyperliquid on Tuesday. That level implied a valuation of $40.5 billion, according to Bloomberg.
The offering itself valued the robot maker at nearly $9 billion. Perp pricing, therefore, signaled a first-day gain of roughly 347%. The open delivered 629%.
Perpetual futures for CXMT, the Chinese memory-chip maker, also pointed to a sharp rally before its debut last month.
IPO-linked perps have attracted growing attention this year, particularly for highly anticipated listings. Contracts tracking SpaceX, for example, drew significant trading interest ahead of its June IPO.
Most equity-linked perpetuals give traders exposure to US companies. CXMT and Unitree mark a notable expansion of that market, offering exposure to companies listed on the mainland China market.
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DeepSeek Money Meets a 50,000 Robot ForecastUnitree’s IPO drew strong demand from both retail and institutional investors. Last week, the Chinese robotics maker said its offering was more than 8,000 times oversubscribed among retail investors.
The company’s existing backers include Chinese technology giant Tencent. DeepSeek, the Chinese artificial intelligence (AI) company, has also invested about 140.8 million yuan ($19.6 million) in Unitree.
The firm also unveiled its latest humanoid robot, Superman, on Monday ahead of the IPO. The company says the robot can perform a standing jump of more than 2 meters and reach a top running speed of 12.66 meters per second.
The strong investor interest comes as expectations for China’s humanoid robotics industry continue to rise. In June, Morgan Stanley nearly doubled its 2026 forecast for Chinese humanoid shipments to 50,000 units, up from 28,000. The bank expects the market to grow from $2 billion this year to $15 billion by 2030.
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Hyperliquid Policy Center and trade[XYZ] asked the U.S. Securities and Exchange Commission on Aug. 18 to create a regulatory framework for pre IPO perpetual contracts.
Summary
Hyperliquid Policy Center and trade[XYZ] submitted five proposed regulatory pillars for pre IPO perpetual contracts. IPOP holders receive price exposure without shares, voting rights, allocation rights, or issuer claims whatsoever. Five completed trade[XYZ] markets preceded listings by between one and twenty five calendar days only. SEC has posted the letter publicly but has not endorsed or approved the proposed products. CFTC policy says equity perpetuals would benefit from coordinated review by both federal regulators together. The SEC added the joint submission to its public IPO modernization docket. Posting the letter confirms its receipt but does not mean the agency supports its recommendations or has approved the products.
The groups call the proposed instrument an IPOP. It would provide cash settled price exposure to a company approaching a public listing without conveying shares, voting rights, IPO allocations or claims against the issuer.
Hyperliquid proposal seeks five regulatory pillars The 15 page letter asks the SEC and Commodity Futures Trading Commission to determine whether equity linked perpetuals are security futures or security based swaps. The classification would decide which registration, trading venue, clearing and margin requirements apply.
The groups also proposed rules covering product disclosures, listing eligibility, investor access and market integrity. They recommended disclosures addressing funding rates, leverage, liquidations, pricing methods, settlement and contract conversion rather than treating holders as equity owners.
Americans should have access to pre-IPO perpetuals.
Cerebras opened 89% above its IPO price. SK Hynix 14%. SpaceX 11%. Each time, a public market on Hyperliquid signaled the gap before trading began.IPO modernization offers a chance to put that price signal to work for issuers… https://t.co/FAIMrUYHIq
— Hyperliquid Policy Center (@HyperliquidPC) August 18, 2026 Listing rules could limit an IPOP to a defined period after a company publicly files registration documents. Oracle and settlement procedures would be announced in advance, while changes would need disclosure.
Market integrity provisions could include audit trails, conflict controls and restrictions on deployers or affiliates trading while holding material nonpublic information. A phased rollout could also impose leverage and position limits before expanding access to retail investors.
Five markets underpin the price discovery argument Trade[XYZ] told the SEC it had completed five IPOP markets tied to Cerebras, Quantinuum, SpaceX, SK Hynix and ChangXin Memory Technologies. The products operated for between one and 25 days before the referenced listings.
According to the applicants’ data, each contract’s final price before trading began was within 0.44% to 7.23% of the relevant stock’s opening price. Four U.S. offerings priced between 10.8% and 38.4% below the IPOP level recorded one day earlier.
Those figures support the groups’ claim that continuously traded derivatives “could” provide issuers and underwriters with an independent measure of demand. They do not establish how the products would perform across a larger or less active group of listings.
The SEC has not independently endorsed those performance claims. A five market sample is also too limited to establish that similar contracts would consistently improve IPO pricing.
As previously reported, the SpaceX product exposed a regulatory gray zone around private markets. SpaceX had not authorized the contract and received no proceeds from its trading.
Oracle risk remains central to investor protection Pre IPO perpetuals depend on pricing and settlement rules designed by market deployers. Unlike listed stocks, private companies may lack a continuous, authoritative market price before their public debut.
Trade[XYZ] experienced a related problem after one unusually low SK Hynix share transaction entered its oracle inputs. As crypto.news reported, the SK Hynix pricing anomaly pushed the perpetual’s mark price down about 18% and triggered liquidations.
Trade[XYZ] later agreed to cover eligible losses as a discretionary measure. The company said its oracle followed its published design, although the external transaction involved only one share in a thin trading session.
The episode supports the letter’s call for disclosed oracle rules and market controls. It also shows why an accurate technical process may still produce a price that does not represent a deep or durable market.
SEC and CFTC must settle product classification Trade[XYZ] currently operates these markets offshore and excludes U.S. persons. No approved U.S. pre IPO perpetual framework presently gives American retail traders access to the products described in the letter.
The CFTC’s May 29 policy established case by case review for perpetual contracts outside the Bitcoin product it approved for KalshiEX. The related policy text said equity based perpetuals would benefit from coordinated SEC and CFTC review.
The agencies have separately asked whether a cash settled perpetual referencing an equity security could qualify as a security future. Their eventual answer would determine whether current security futures rules can accommodate an instrument tied to a company whose shares have not yet started trading.
No response deadline applies to the Hyperliquid submission, and the SEC does not have to adopt its recommendations. Further steps could include staff discussions, another request for comment, joint agency guidance or formal rulemaking.
The White House Tech Leadership Summit is taking place today, with Trump attending alongside the chairs of the SEC and CFTC and multiple crypto industry executives.
Crypto journalist Eleanor Terrett posted that the White House Tech Leadership Conference will kick off at 2:30 PM ET today. U.S. President Donald Trump is expected to deliver remarks alongside SEC Chair Paul Atkins and CFTC Chair Selig. Expected attendees from crypto and traditional finance sectors include Coinbase CEO Brian Armstrong, Ripple CEO Brad Garlinghouse, Payward/Kraken Co-CEO Arjun Sethi, Gemini co-founders Cameron Winklevoss and Tyler Winklevoss, Chainlink co-founder Sergey Nazarov, a16z partner Chris Dixon, Blockchain.com CEO Peter Smith, BitGo CEO Mike Belshe, and others. Additionally, leaders of industry groups such as the Digital Chamber, Blockchain Association, and Crypto Council for Innovation, as well as ICE (parent company of the New York Stock Exchange) CEO Jeff Sprecher and Nasdaq CEO Adena Friedman, are also set to attend. Patrick Witt, executive director of the White House Crypto Council, will also participate in the conference.
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The yield on the 30-year U.S. Treasury note fell 10 basis points intraday to 5.18%.
According to Bitget data, the yield on the US 30-year Treasury bond fell 10 basis points intraday to 5.18%.
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US retail investors’ put option buying volume surged, with defensive demand rising, though they continued to buy tech stocks on dips.
According to data from research firm Vanda Research, U.S. retail trading behavior has clearly shifted to a defensive posture since April this year. While the total volume of direct stock purchases has declined, the buying volume of put options for the 12 most popular stocks favored by retail investors in 2026 has nearly doubled compared to the first quarter; the proportion of related option purchases to net cash purchases has also risen from around 26% to 110%. Kaidi Meng, global equity strategist at Vanda, noted that unlike the past when retail investors almost uniformly "buy the dip", this year they have become more selective, starting to rotate quickly between stocks, or allocate protective put options while purchasing individual stocks. Since mid-April, trading activity in bullish tech ETFs has dropped by around 50%, while bearish ETF activity has fallen by about 35%, indicating that overall long exposure has contracted. However, data from Charles Schwab shows that retail investors as a whole have not turned bearish. In July, the number of buyers on its platform still outnumbered sellers by more than two times, and the STAX trading activity index rose from 59.12 in June to 59.80, hitting its highest level since January 2022. Retail investors continued to buy high-volatility popular individual stocks during tech stock pullbacks, while funds also rotated from Nvidia to other assets. Joe Mazzola, chief trading and derivatives strategist at Charles Schwab, said some investors are selling put options on Nvidia, Micron, and SanDisk to collect option premiums, while moderately increasing holdings of low-cost QQQ put options to hedge against downside risks in the broader tech sector. He believes that current portfolio defensive moves are evident, but not overly aggressive.
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The Nasdaq Biotechnology Index hits a new high, with MRNA surging 153%.
According to market data from BIT (bit.com), the Nasdaq Biotechnology Index climbed 5.3% to hit a new all-time high, while Moderna (MRNA) surged 153%.
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X Layer launches RWA ecosystem liquidity incentive program, with a total incentive pool of $5 million.
According to official announcements, X Layer has officially launched its RWA ecosystem liquidity incentive program, with a total incentive pool of $5 million, aimed at enhancing the liquidity and trading experience of RWA ecosystem assets. The incentive will be implemented in multiple rounds; the first round will allocate $300,000 in liquidity incentives, covering liquidity for all RWA-related trading pairs, including pairs of RWA assets and stablecoins, as well as pairs of RWA assets and ecosystem tokens. It is reported that X Layer is continuously refining its RWA ecosystem infrastructure to support the on-chain issuance, trading, and circulation of more RWA assets.
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Binance Blockchain Week will be held in Bangkok, Thailand in November, focusing on the integration of traditional finance and the crypto industry.
Binance announced that Binance Blockchain Week will take place at the Queen Sirikit National Convention Center (QSNCC) in Bangkok, Thailand, from November 28 to 29, 2026. This marks the event’s return to Asia after previous editions in Singapore, Istanbul, Paris, and Dubai. The conference, themed "EVOLVE", is expected to gather thousands of developers, institutional investors, fintech leaders, and policymakers, focusing on industry trends including institutional adoption of Bitcoin, stablecoin payments, institutional DeFi, RWA tokenization, tokenized stocks, cross-border payments, the integration of AI and the crypto sector, and regulatory frameworks. Binance Co-CEO Richard Teng noted that Asia will be a key market for the next phase of development and large-scale adoption of traditional finance and the crypto industry. Co-CEO and co-founder He Yi added that the next wave of mass crypto asset adoption will be driven by accessibility, education, and products that deliver real value, with Binance continuing to explore ways to make crypto assets more accessible, trustworthy, and integrated into daily financial life.
Key Highlights HYPE maintains trading position around $59.37, continuing its upward trajectory for the second consecutive session with buyers eyeing the $60.00 threshold. Major whale activity detected as 57,000 HYPE tokens valued at $3.36 million were withdrawn from Coinbase, indicating strong accumulation behavior. Hyperliquid Policy Center submitted formal recommendations to the SEC advocating for regulatory framework around pre-IPO futures trading. Derivatives market activity surged with an 18.98% increase to $1.74 billion, while short liquidations significantly exceeded long positions. Critical resistance zone identified at $62.48, with potential extension toward $68.00 if bullish momentum continues. The native token of Hyperliquid continues to demonstrate resilience on Tuesday, maintaining its position above the $59.00 threshold as market participants show renewed confidence in the asset.
Hyperliquid (HYPE) Price Currently valued at approximately $59.37, HYPE has established itself firmly above critical moving average indicators including the 50-day, 100-day, and 200-day EMAs. Technical indicators show the MACD has flipped bullish, while the Relative Strength Index hovers around 56, suggesting sustained buying pressure without entering overbought territory.
On-chain analytics revealed that a freshly established wallet address extracted 57,000 HYPE tokens from Coinbase, representing a $3.36 million transaction. This type of exchange withdrawal generally indicates reduced selling pressure as tokens move into cold storage, a pattern frequently associated with long-term holding strategies.
Despite this bullish signal, data shows net spot market inflows to exchanges reached $3.38 million during the same period. This indicates aggregate token deposits exceeded withdrawals, potentially introducing near-term supply dynamics that could temper immediate price appreciation.
Source; Coinglass Futures Market Shows Increased Engagement HYPE derivatives markets experienced substantial growth, with trading volume climbing 18.98% to reach $1.74 billion. Open Interest registered a modest increase of 0.73%, settling at $2.54 billion, while options trading volume exploded by 174.12% to $2.09 million.
The 24-hour Long/Short Ratio currently stands at 0.9689, reflecting a slight tilt toward bearish positioning. However, liquidation data tells a different story: short positions were forced to close to the tune of $1.14 million in the past day, substantially outpacing the $599,760 in long liquidations, suggesting bulls maintain control of price action.
Breaking: Hyperliquid Strategies is surging after Stan Druckenmiller's Family Office disclosed a new $23,150,000 stake in the company as of Q2$PURR has added ~$66,700,000 in market cap today pic.twitter.com/w8fp3JoNCb
— Autopilot (@joinautopilot) August 17, 2026
Cryptocurrency analyst Bluntz shared observations on social platform X, highlighting that HYPE completed an 86-day consolidation period during which both range extremes were tested and reclaimed. He emphasized that billionaire investor Stanley Druckenmiller recently allocated $23 million into HYPE through PURR, characterizing the technical and fundamental alignment as compelling.
SEC Receives Pre-IPO Futures Trading Proposal In a significant regulatory development, Hyperliquid Policy Center partnered with trade[XYZ] to submit comprehensive feedback to the US Securities and Exchange Commission. This correspondence directly addresses the regulator’s ongoing solicitation for innovative approaches to enhance the traditional IPO framework.
The submission references five completed cycles of pre-IPO perpetual futures markets on the Hyperliquid platform and identifies five critical regulatory considerations: proper classification of trading instruments, requirements for issuer transparency, listing standards and safeguards, market surveillance mechanisms, and democratized access for domestic retail investors.
Hyperliquid contends that U.S. market participants have been systematically excluded from valuable pre-listing price discovery, using SpaceX as a case study where the token traded at $135 before the official listing price of $150.
From a technical perspective, HYPE successfully defended the $53.67 support zone and has recaptured the $57.10 level. The immediate resistance target remains $62.48, with a successful breakthrough potentially opening the path toward $68.00. Should bearish pressure reemerge, traders will monitor $57.10 and $53.67 as critical support levels.
HYPE, the native token of the decentralized exchange Hyperliquid, continued its upward movement on Tuesday, trading near $59.37 and maintaining bullish momentum for a second consecutive session. Buyers are now watching the $60.00 psychological mark as a potential breakout point.
Technical indicators and whale accumulationThe current HYPE price remains above key 50-day, 100-day, and 200-day exponential moving averages, indicating a solid technical foundation. The MACD has formed a positive crossover, while the Relative Strength Index is at 56, signaling active buying without overextending into overbought conditions.
On-chain data shows significant whale activity, with a newly created wallet withdrawing 57,000 HYPE tokens—worth approximately $3.36 million—from Coinbase. Such large withdrawals are typically interpreted as long-term accumulation strategies, suggesting reduced short-term selling pressure as assets are moved off-exchange for cold storage.
Despite this accumulation, the total spot exchange inflow reached $3.38 million in the same period, indicating that more tokens were deposited than withdrawn. This balance between deposits and withdrawals suggests that while accumulation is taking place, near-term supply pressures may persist and affect price momentum.
Derivatives market activityActivity in HYPE’s derivatives market has increased notably, with total trading volume rising 18.98% to $1.74 billion. Open interest saw a marginal uptick of 0.73%, reaching $2.54 billion, while options volume surged 174.12% to $2.09 million.
The 24-hour Long/Short Ratio remains near parity at 0.9689, indicating a slight bearish positioning. However, short liquidations reached $1.14 million—exceeding long liquidations of $599,760—highlighting that bullish traders continue to hold an advantage in recent price action.
MetricCurrent ValueChangeSpot trading volume$1.74 billion+18.98%Open Interest$2.54 billion+0.73%Options volume$2.09 million+174.12%Short liquidations$1.14 million—Long liquidations$599,760—High-profile investors have taken note. Cryptocurrency analyst Bluntz commented on X that HYPE completed an 86-day consolidation period, with both ends of the trading range tested and recaptured. He also pointed out that billionaire investor Stanley Druckenmiller has allocated $23 million into HYPE through PURR, describing a strong alignment between technical indicators and fundamental factors.
HYPE has ended an 86-day sideways period, reclaiming key levels, while Stanley Druckenmiller’s $23 million investment through PURR underlines strong technical and fundamental alignment for the token.
Stanley Druckenmiller is a prominent American investor known for his work in macroeconomic investing. PURR, Druckenmiller’s investment vehicle, enables him to take positions in digital assets through structured allocations.
Mini dictionary: PURR, an investment fund used by institutional and high-net-worth investors to gain exposure to specific cryptocurrencies or tokenized assets, often employed as a proxy to access digital markets indirectly.
SEC policy push and updated resistance levelsThe Hyperliquid Policy Center, in partnership with tradeXYZ, submitted policy recommendations to the US Securities and Exchange Commission regarding the regulation of pre-IPO futures trading. Their proposal addresses five core areas: instrument classification, issuer transparency standards, listing requirements, surveillance mechanisms, and broader retail access.
Hyperliquid raised concerns about US investors being left out of early-stage price discovery, citing an example where the pre-listing token for SpaceX traded at $135 before reaching $150 upon official listing. The platform’s proposal calls for expanded access to these markets under regulatory oversight.
Technically, HYPE has defended the $53.67 support and reclaimed the $57.10 area. Immediate resistance is found at $62.48, with a potential extension toward $68.00 if the bullish trend holds. Critical supports are located at $57.10 and $53.67 should the current momentum reverse.
If HYPE breaks through the $62.48 resistance, price targets may extend to $68.00, while key support remains at $53.67 if market sentiment weakens.
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 [HYPE] is expanding its derivative model to include pre-IPO perpetuals, opening a new market for equity-linked speculation.
Early results from five completed markets show traders can highlight valuation gaps before public listings begin. Cerebras opened 89% above its IPO price, while SK Hynix and SpaceX opened 14% and 11% higher.
These gaps show why continuous pre-listing markets could matter, as public demand becomes visible before banks finalize offering prices.
Broader application by Hyperliquid may draw in additional equity-focused traders. As a result, this reduces its reliance on speculative activity related to cryptocurrency derivatives.
Source: X Issuers may also receive additional pricing references, resulting in smaller first-day premium pricing at listing and allow issuers to retain more value during the listing process.
However, expansion only becomes meaningful if these markets develop deep liquidity and sustained participation.
Still, stronger volume and open interest across future IPOPs would confirm whether Hyperliquid can build a viable derivatives market outside crypto.
Hyperliquid activity expands beyond crypto Interest in Hyperliquid’s wider market coverage is already showing through its broader derivatives activity. Open Interest (OI) at Hyperliquid has grown to over $11 billion, with over 264,000 active perpetual traders as of early August.
Source: Coinmarketman These figures indicate that new markets have been attracting numerous participants.
However, the financial impact of these changes is relatively less clear-cut than the activity itself. Despite increased trading activity, the total amount of capital flowing into Hyperliquid’s treasury from transaction fees continues to decline.
HIP-3 markets help explain this divergence, as deployers retain part of the fees generated through their markets. Thus, an increase in traded volume or other market metrics will likely not lead to an equal increase in Hyperliquid’s treasury income.
Sustained increases in both activity and retained fees would show whether expansion is strengthening Hyperliquid’s economic base.
In addition to increasing its exposure to broader markets, Hype faces another form of supply pressure. In two trades, Multicoin Capital sent 172,710 HYPE worth approximately $10.15 million to Coinbase Prime.
Although these transfers put the HYPE at a higher proximity to market liquidity, they do not confirm sales.
Source: OnChain Lens Still, Multicoin retains 2.16 million HYPE worth $126.63 million, making the remaining position far more significant than this transfer alone.
Therefore, this single transfer is significantly less than the remaining position. A series of future transfers may be interpreted by traders as continued distributions, which may negatively affect Hype’s price.
However, limited follow-through would reduce that concern, making Coinbase Prime movements and spot volume important for confirming whether actual selling develops.
Final Summary Hyperliquid [HYPE] expansion is attracting activity, though fee growth remains key. Multicoin’s $10.15 million HYPE transfer adds potential selling pressure despite its larger remaining position.
