CANADA - 2025/09/28: In this photo illustration, the Hyperliquid (Hyper Liquid) logo is seen displayed on a smartphone screen. (Photo Illustration by Thomas Fuller/SOPA Images/LightRocket via Getty Images)
SOPA Images/LightRocket via Getty Images
"Supply cliffs get packaged as sentiment, but the actual selling is largely mechanical," said Dat Ngo, a certified public accountant at Vetted Prop Firms, in written comments. "In the typical construction the recipient has tax liability upon vesting (which is day + current day price), regardless of selling. That means a chunk will immediately get sold off just to pay a tax bill."
"HyperLabs unlocked another 433,025 $HYPE($23.46M) and has been gradually depositing the tokens into exchanges, including Flowdesk and OKX, likely to sell," the onchain research account @lookonchain posted on August 8.
"Around 433,000 $HYPE unlocked over the weekend. Great projects don't magically ignore supply and demand," the trader @MrStakamoto posted two days later. HYPE trades 22.7% below its June 16 record. The trackers project another 9.92 million for September 6, some $589 million at Monday's $59.39 and nine days before the Federal Reserve's September 15-16 meeting.
"Remove all discretionary supply, cut the 38% incentive and burn unclaimed airdrop tokens. Unscheduled vesting is arguably worse than fixed as you can't forecast it out," the trader @0xpostrich posted on August 13, under the heading "Hyperliquid float problem." The Hyper Foundation announces a claim amount around the 6th of each month, and it has landed far under the schedule's 9.92 million every time, at 173,217 HYPE in March.
"$HYPE buys back 1 of every 7 tokens on its unlock schedule," the token-unlock data service Tokenomist posted on August 14. "The vesting schedule unlocks 9.92M $HYPE a month to Core Contributors, 81.8M over nine months. The Assistance Fund bought back 11.9M of that on-chain, 14%, a 7:1 ratio in token counts." DefiLlama puts Hyperliquid's 30-day trading fees at $41.7 million, and the HYPE the fund buys is burned. Total supply is down to 955.3 million against a 1 billion cap.
'The Danger Is Margin'"Margin is what makes an already publicized calendar event a difficult event to navigate," said Ashley Akin, a certified public accountant at the broker TMGM, in written comments. "$581M to unlock is digestible by the market if it is not over-leveraged; the danger is margin placed on top." With two events stacked days apart, she said, "it seems reasonable to pare back size prior to the date, rather than trade through it."
That margin sits on the largest onchain perpetual futures venue, which challengers have attacked for two years.
"We're interested in Morpho markets, Aave markets. We're interested in like Hyperliquid perps," MacBrennan Peet, founder and chief executive of Project 0, said on the On The Margin podcast of the venues his DeFi prime brokerage cross-margins for clients. When one of them, Drift, was exploited, "as with any like traditional market prime broker, we isolated risk, we contained risk in that event to Drift specific lenders," he said.
"The only restriction being that, you know, you can't trade through some news events like nonfarm payrolls was this morning," James Sixsmith, founder and chief executive of Take Profit Trader, said on the On The Margin podcast. That rule is the one difference between his firm's simulated accounts and its live ones. Onchain perps carry no equivalent, including the trading Telegram put in front of a billion users.
"Liquidations down 71%. Volume down 50%. BTC unchanged. This isn't consolidation, it's abstention," the macro account @Richmanvn posted Sunday. "Everyone is flat into Wednesday's FOMC minutes." The minutes cover the July 28-29 meeting, where three officials dissented in favor of a hike from the 3.50% to 3.75% range. Jackson Hole follows August 27-29.
"That is leverage bleeding out slowly. I do not see $BTC sustaining above $65K before the September FOMC while open interest keeps unwinding," the market commentary account @CryptoChannel24 posted on August 15, as open interest and prices fell together.
Bitcoin sits at $63,840, 49% below its October 2025 record and 1.2% lower on the week, and prediction market bettors dumped their rate cut hopes in the spring.
"Seeing an event on the calendar doesn't help steady nerves; all it really does is increase the time we have available to craft a narrative for why this time it's different," said Sira Masetti, founder of consultancy Bias for Growth, in written comments.
CANADA - 2025/09/28: In this photo illustration, the Hyperliquid (Hyper Liquid) logo is seen displayed on a smartphone screen. (Photo Illustration by Thomas Fuller/SOPA Images/LightRocket via Getty Images)
SOPA Images/LightRocket via Getty Images
"Supply cliffs get packaged as sentiment, but the actual selling is largely mechanical," said Dat Ngo, a certified public accountant at Vetted Prop Firms, in written comments. "In the typical construction the recipient has tax liability upon vesting (which is day + current day price), regardless of selling. That means a chunk will immediately get sold off just to pay a tax bill."
"HyperLabs unlocked another 433,025 $HYPE($23.46M) and has been gradually depositing the tokens into exchanges, including Flowdesk and OKX, likely to sell," the onchain research account @lookonchain posted on August 8.
"Around 433,000 $HYPE unlocked over the weekend. Great projects don't magically ignore supply and demand," the trader @MrStakamoto posted two days later. HYPE trades 22.7% below its June 16 record. The trackers project another 9.92 million for September 6, some $589 million at Monday's $59.39 and nine days before the Federal Reserve's September 15-16 meeting.
"Remove all discretionary supply, cut the 38% incentive and burn unclaimed airdrop tokens. Unscheduled vesting is arguably worse than fixed as you can't forecast it out," the trader @0xpostrich posted on August 13, under the heading "Hyperliquid float problem." The Hyper Foundation announces a claim amount around the 6th of each month, and it has landed far under the schedule's 9.92 million every time, at 173,217 HYPE in March.
"$HYPE buys back 1 of every 7 tokens on its unlock schedule," the token-unlock data service Tokenomist posted on August 14. "The vesting schedule unlocks 9.92M $HYPE a month to Core Contributors, 81.8M over nine months. The Assistance Fund bought back 11.9M of that on-chain, 14%, a 7:1 ratio in token counts." DefiLlama puts Hyperliquid's 30-day trading fees at $41.7 million, and the HYPE the fund buys is burned. Total supply is down to 955.3 million against a 1 billion cap.
'The Danger Is Margin'"Margin is what makes an already publicized calendar event a difficult event to navigate," said Ashley Akin, a certified public accountant at the broker TMGM, in written comments. "$581M to unlock is digestible by the market if it is not over-leveraged; the danger is margin placed on top." With two events stacked days apart, she said, "it seems reasonable to pare back size prior to the date, rather than trade through it."
That margin sits on the largest onchain perpetual futures venue, which challengers have attacked for two years.
"We're interested in Morpho markets, Aave markets. We're interested in like Hyperliquid perps," MacBrennan Peet, founder and chief executive of Project 0, said on the On The Margin podcast of the venues his DeFi prime brokerage cross-margins for clients. When one of them, Drift, was exploited, "as with any like traditional market prime broker, we isolated risk, we contained risk in that event to Drift specific lenders," he said.
"The only restriction being that, you know, you can't trade through some news events like nonfarm payrolls was this morning," James Sixsmith, founder and chief executive of Take Profit Trader, said on the On The Margin podcast. That rule is the one difference between his firm's simulated accounts and its live ones. Onchain perps carry no equivalent, including the trading Telegram put in front of a billion users.
"Liquidations down 71%. Volume down 50%. BTC unchanged. This isn't consolidation, it's abstention," the macro account @Richmanvn posted Sunday. "Everyone is flat into Wednesday's FOMC minutes." The minutes cover the July 28-29 meeting, where three officials dissented in favor of a hike from the 3.50% to 3.75% range. Jackson Hole follows August 27-29.
"That is leverage bleeding out slowly. I do not see $BTC sustaining above $65K before the September FOMC while open interest keeps unwinding," the market commentary account @CryptoChannel24 posted on August 15, as open interest and prices fell together.
Bitcoin sits at $63,840, 49% below its October 2025 record and 1.2% lower on the week, and prediction market bettors dumped their rate cut hopes in the spring.
"Seeing an event on the calendar doesn't help steady nerves; all it really does is increase the time we have available to craft a narrative for why this time it's different," said Sira Masetti, founder of consultancy Bias for Growth, in written comments.
According to monitoring by TradingBeats (formerly Hyperinsight), two whales have collectively shorted 50,838 ETH on Hyperliquid, valued at approximately $98 million.
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.
4 minutes ago
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%.
4 minutes ago
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.
4 minutes ago
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%.
4 minutes ago
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.
4 minutes ago
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.
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 [HYPE] whale accumulation strengthened demand again after one newly created wallet withdrew 57,000 tokens, worth $3.36 million, from Coinbase.
Importantly, the withdrawal moved those tokens away from Coinbase’s immediately tradable liquidity. Therefore, the transaction strengthened HYPE’s whale accumulation narrative despite the competing exchange-side conditions elsewhere.
Large withdrawals usually tighten the accessible supply when holders retain tokens outside centralized trading venues. However, one wallet alone could not establish a broader accumulation trend without supporting demand elsewhere.
The deal instead delivered a valuable demand signal to the evolving market structure of HYPE. Meanwhile, HYPE continued its recovery movement, which reinforced the significance of the accumulation.
Recent $3.38M inflow pressures whale demand Activity on the exchange was against the whale withdrawal narrative, with HYPE having a recent Netflow of +$3.38 million in the spot segment. Unlike the Coinbase withdrawal, positive netflow represented more tokens entering exchanges than leaving them overall, creating supply pressure.
That meant capacity for exchange-side supplies had to be increased for trading or distribution, so the reading added to the potential for exchange-side supplies.
More significantly, the divergence established a direct competition between the accumulation of whales in isolated areas with the wider exchange flows. There is a need for additional whale demand for this return in liquidity to have any real meaningful effect for supply to tighten.
Source: CoinGlass Derivatives expand while shorts absorb pressure The derivatives market saw wider participation by trading volume rising 18.98% to $1.74 billion in HYPE.
Open Interest (OI) too rose by 0.73% to $2.54 billion, while there was a slight increase in outstanding leveraged exposure. On the other hand, Options Volume jumped 174.12% to $2.09 million as trading activity expanded into perpetual markets beyond options.
Options OI rose by 2.25% to $18.44 million, adding another layer of growing exposure. The overall positioning was slightly short weighted, though, as the 24-hour Long/Short Ratio dropped to 0.9689. Liquidations offered a different lens to look at the performance of those positions in HYPE’s recovery.
Short liquidations totaled $1.14 million in 24 hours, almost double the $599.76K in long liquidations. The total value of total liquidations was $1.74 million for the period. Thus, the increased volume was accompanied by a higher pressure against short positions, helping the buyers despite the short positioning bias.
Source: CoinGlass Can HYPE extend recovery toward $62? Price recovery strengthened after HYPE defended the $53.67 support region and subsequently reclaimed $57.10.
At the time of analysis, HYPE traded near $59.59, placing the market between reclaimed support and the next resistance at $62.48.
Additionally, the day’s directional edge was with the buyers as +DI closed at 24.91, while -DI closed at 12.92. ADX, however, stayed at 16.04, showing weak momentum building up on the ongoing trend.
Despite the buyers’ advantage, the weak ADX reading dampened the bullish DMI reading. A sustained hold above $57.10 would preserve the recovery structure and keep $62.48 within reach. A move above $62.48 would solidify the push higher and may bring the medium-term $68.00 resistance level into focus.
Alternatively, renewed selling could pressure $57.10 again before exposing $53.67. Therefore, HYPE needed stronger directional participation to convert its rebound into a broader price expansion.
Source: TradingView Final Summary Fresh whale accumulation supports HYPE, but rising exchange supply could restrain further gains. HYPE reclaimed $57.10, while expanding derivatives activity keeps $62.48 firmly in focus.
Hyperliquid’s platform-wide open interest has crossed the $12B threshold, a level the decentralized perpetuals exchange hasn’t touched since October 10. The milestone signals a steady climb back toward the platform’s previous highs and reflects broadening trader appetite for on-chain derivatives.
For a protocol that runs its own Layer-1 blockchain dedicated entirely to perpetual futures trading, reclaiming $12B in open interest is more than a vanity metric. It’s a proxy for how much capital traders are willing to park in leveraged positions on a decentralized venue, essentially a confidence vote denominated in billions.
What’s driving the recovery A significant chunk of this growth traces back to HIP-3 markets, Hyperliquid’s framework that lets third-party developers spin up bespoke perpetual contracts. The twist: many of those contracts aren’t crypto assets at all. They’re tied to traditional financial instruments like the S&P 500 and individual equities.
HIP-3 open interest alone has surpassed $4B at points, which means roughly a third of the platform’s total positioning has come from traders betting on stocks and indices through crypto rails.
Earlier in 2026, Hyperliquid had already crossed the $10B open interest mark as it expanded into commodities and real-world assets. The jump from $10B to $12B suggests the expansion isn’t just attracting curiosity, it’s retaining capital.
Hyperliquid has also captured a record 9.5% share of centralized exchange perpetual open interest, competing against incumbents like Binance and Bybit.
Context and the road back The pre-downturn peak for Hyperliquid’s open interest sat around $15.85B, so the platform still has ground to cover before setting new all-time highs. The October decline was part of a broader market correction that compressed positioning across crypto derivatives venues. Recovering to $12B puts Hyperliquid roughly 75% of the way back to its previous ceiling.
HYPE, the platform’s native token, handles governance, staking, and transaction fees on the Hyperliquid blockchain, with a maximum supply capped at 1 billion tokens. As trading volumes and open interest climb, demand for HYPE naturally increases since every transaction on the chain requires it for gas.
The platform’s architecture is deliberately different from competitors that build on top of existing chains like Ethereum or Arbitrum. By operating its own Layer-1, Hyperliquid controls the entire stack, from consensus to order matching.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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.
Avalanche Leadership Reshuffle: Ava Labs Welcomes New President
Former Ava Labs President John Wu announced a leadership adjustment on X, appointing Charley Cooper as the new president and Lydia as CFO, while Wu transitions to a senior advisor role to focus on long-term strategy and institutional relations. Cooper, who has backgrounds in the U.S. Department of Defense, CFTC and traditional financial institutions, plus over a decade of blockchain experience, is seen as the right person to drive Avalanche’s next phase of growth. As of press time, AVAX’s market capitalization stands at $2.77 billion per HTX market data, with its all-time peak hitting nearly $30 billion in 2021.
28 minutes ago
Stablecoin yield application Osero, backed by a Sky-led investment, has officially launched.
Stablecoin yield project Osero has announced the official launch of its application, now open to all users. Official website data shows Osero currently offers an annual percentage yield (APY) of 3.52%, supporting stablecoins including USDC.e, USDe, AUSD, GHO, PYUSD, RLUSD, USDD, USDG, USDtb, and frxUSD. Its returns are generated from sUSDS and the Sky Ecosystem’s savings rate mechanism. Earlier reports indicated that Osero was incubated by Stablewatch and closed a $13.5 million funding round in May this year, led by the Sky Ecosystem and Plasma.
28 minutes ago
A source familiar with the situation has revealed that Iran is considering striking military targets in Europe if the U.S. escalates the conflict.
Sources familiar with the matter said Iran is considering expanding its strike range to include military targets in Europe if Trump escalates the conflict. The sources added that Iran’s military has assessed striking U.S. military assets in Southeast European countries such as Bulgaria, and also evaluated plans to cut undersea cables in the Strait of Hormuz amid escalating tensions. (Financial Times)
28 minutes ago
Embodied intelligence firm MouShen Intelligence completes nearly 500 million yuan in Pre-A+ round financing.
Embodied intelligence firm Moushen Intelligence recently closed a nearly 500 million yuan Pre-A+ financing round. The round was jointly invested by leading state-owned fund Shenbao Yiben Fund, Orient Securities, Shaanxi High-Tech Industry Investment Co., Ltd., industrial investors Anyu Fund, Tianmeng Investment, and Jianyuan Tianhua; existing shareholders Chuanghehui Capital, Xuhui Capital, and Gengxin Capital also made oversubscribed follow-on investments. As a result, Moushen Intelligence’s valuation has surged over 10 times in the first half of the year, making it one of the fastest-growing embodied brain enterprises in the industry. (Science and Technology Board Daily)
28 minutes ago
Yesterday, Bitcoin ETFs posted a net inflow of $189.3 million, while Ethereum ETFs registered a net inflow of $71.4 million.
According to monitoring by Farside Investors, U.S. spot Bitcoin ETFs posted a net inflow of $189.3 million yesterday, with IBIT contributing $143.6 million of that total. This marks the second consecutive day of net inflows for Bitcoin ETFs overall. Ethereum ETFs saw a net inflow of $71.4 million, while ETHA recorded a net inflow of $64.7 million.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Avalanche Leadership Reshuffle: Ava Labs Welcomes New President
Former Ava Labs President John Wu announced a leadership adjustment on X, appointing Charley Cooper as the new president and Lydia as CFO, while Wu transitions to a senior advisor role to focus on long-term strategy and institutional relations. Cooper, who has backgrounds in the U.S. Department of Defense, CFTC and traditional financial institutions, plus over a decade of blockchain experience, is seen as the right person to drive Avalanche’s next phase of growth. As of press time, AVAX’s market capitalization stands at $2.77 billion per HTX market data, with its all-time peak hitting nearly $30 billion in 2021.
28 minutes ago
Stablecoin yield application Osero, backed by a Sky-led investment, has officially launched.
Stablecoin yield project Osero has announced the official launch of its application, now open to all users. Official website data shows Osero currently offers an annual percentage yield (APY) of 3.52%, supporting stablecoins including USDC.e, USDe, AUSD, GHO, PYUSD, RLUSD, USDD, USDG, USDtb, and frxUSD. Its returns are generated from sUSDS and the Sky Ecosystem’s savings rate mechanism. Earlier reports indicated that Osero was incubated by Stablewatch and closed a $13.5 million funding round in May this year, led by the Sky Ecosystem and Plasma.
28 minutes ago
A source familiar with the situation has revealed that Iran is considering striking military targets in Europe if the U.S. escalates the conflict.
Sources familiar with the matter said Iran is considering expanding its strike range to include military targets in Europe if Trump escalates the conflict. The sources added that Iran’s military has assessed striking U.S. military assets in Southeast European countries such as Bulgaria, and also evaluated plans to cut undersea cables in the Strait of Hormuz amid escalating tensions. (Financial Times)
28 minutes ago
Embodied intelligence firm MouShen Intelligence completes nearly 500 million yuan in Pre-A+ round financing.
Embodied intelligence firm Moushen Intelligence recently closed a nearly 500 million yuan Pre-A+ financing round. The round was jointly invested by leading state-owned fund Shenbao Yiben Fund, Orient Securities, Shaanxi High-Tech Industry Investment Co., Ltd., industrial investors Anyu Fund, Tianmeng Investment, and Jianyuan Tianhua; existing shareholders Chuanghehui Capital, Xuhui Capital, and Gengxin Capital also made oversubscribed follow-on investments. As a result, Moushen Intelligence’s valuation has surged over 10 times in the first half of the year, making it one of the fastest-growing embodied brain enterprises in the industry. (Science and Technology Board Daily)
28 minutes ago
Yesterday, Bitcoin ETFs posted a net inflow of $189.3 million, while Ethereum ETFs registered a net inflow of $71.4 million.
According to monitoring by Farside Investors, U.S. spot Bitcoin ETFs posted a net inflow of $189.3 million yesterday, with IBIT contributing $143.6 million of that total. This marks the second consecutive day of net inflows for Bitcoin ETFs overall. Ethereum ETFs saw a net inflow of $71.4 million, while ETHA recorded a net inflow of $64.7 million.
Avalanche Leadership Reshuffle: Ava Labs Welcomes New President
Former Ava Labs President John Wu announced a leadership adjustment on X, appointing Charley Cooper as the new president and Lydia as CFO, while Wu transitions to a senior advisor role to focus on long-term strategy and institutional relations. Cooper, who has backgrounds in the U.S. Department of Defense, CFTC and traditional financial institutions, plus over a decade of blockchain experience, is seen as the right person to drive Avalanche’s next phase of growth. As of press time, AVAX’s market capitalization stands at $2.77 billion per HTX market data, with its all-time peak hitting nearly $30 billion in 2021.
28 minutes ago
Stablecoin yield application Osero, backed by a Sky-led investment, has officially launched.
Stablecoin yield project Osero has announced the official launch of its application, now open to all users. Official website data shows Osero currently offers an annual percentage yield (APY) of 3.52%, supporting stablecoins including USDC.e, USDe, AUSD, GHO, PYUSD, RLUSD, USDD, USDG, USDtb, and frxUSD. Its returns are generated from sUSDS and the Sky Ecosystem’s savings rate mechanism. Earlier reports indicated that Osero was incubated by Stablewatch and closed a $13.5 million funding round in May this year, led by the Sky Ecosystem and Plasma.
28 minutes ago
A source familiar with the situation has revealed that Iran is considering striking military targets in Europe if the U.S. escalates the conflict.
Sources familiar with the matter said Iran is considering expanding its strike range to include military targets in Europe if Trump escalates the conflict. The sources added that Iran’s military has assessed striking U.S. military assets in Southeast European countries such as Bulgaria, and also evaluated plans to cut undersea cables in the Strait of Hormuz amid escalating tensions. (Financial Times)
28 minutes ago
Embodied intelligence firm MouShen Intelligence completes nearly 500 million yuan in Pre-A+ round financing.
Embodied intelligence firm Moushen Intelligence recently closed a nearly 500 million yuan Pre-A+ financing round. The round was jointly invested by leading state-owned fund Shenbao Yiben Fund, Orient Securities, Shaanxi High-Tech Industry Investment Co., Ltd., industrial investors Anyu Fund, Tianmeng Investment, and Jianyuan Tianhua; existing shareholders Chuanghehui Capital, Xuhui Capital, and Gengxin Capital also made oversubscribed follow-on investments. As a result, Moushen Intelligence’s valuation has surged over 10 times in the first half of the year, making it one of the fastest-growing embodied brain enterprises in the industry. (Science and Technology Board Daily)
28 minutes ago
Yesterday, Bitcoin ETFs posted a net inflow of $189.3 million, while Ethereum ETFs registered a net inflow of $71.4 million.
According to monitoring by Farside Investors, U.S. spot Bitcoin ETFs posted a net inflow of $189.3 million yesterday, with IBIT contributing $143.6 million of that total. This marks the second consecutive day of net inflows for Bitcoin ETFs overall. Ethereum ETFs saw a net inflow of $71.4 million, while ETHA recorded a net inflow of $64.7 million.
On August 18, blockchain analytics platform Onchain Lens reported that Multicoin Capital transferred 172,710 HYPE tokens, valued at around $10.15 million, to Coinbase Prime, raising questions about potential selling activity from one of HYPE’s most prominent institutional holders.
Market impact of the transferHYPE, backed by the Hyperliquid decentralized exchange, has recently ranked among the top 10 crypto assets by market capitalization. With a market cap of approximately $13 billion and a current trading price near $58.59, as reported by DefiLlama, large-scale token transfers have the potential to influence market sentiment significantly.
While direct sales have not been confirmed, market observers often interpret substantial inflows to major exchanges as early signs of possible liquidation. Elevated awareness of such transfers has intensified as the token’s price remains well below its earlier June peak of $76.87.
Multicoin Capital’s position in HYPEDespite the recent transfer, Multicoin Capital, a crypto investment firm known for actively supporting emerging blockchain projects, continues to be a major HYPE holder. According to Onchain Lens, the firm still holds around 2.16 million HYPE, valued at nearly $126.63 million, making the latest movement a relatively modest trim instead of a substantial exit.
Coinbase Prime, the institutional platform operated by Coinbase, provides custody, trading, and financing solutions for large-scale clients. Transfers to platforms such as Coinbase Prime are often classified as either preparation for potential sales or custody management.
Onchain Lens described this transaction as “likely to sell,” prompting caution among traders due to the high profile of the institution involved.
Mini dictionary: Multicoin Capital is a prominent digital asset investment firm specializing in tokens, blockchain projects, and supporting new Web3 infrastructure initiatives.
Exchange inflows and liquidity concernsThe market reads major token inflows to exchanges as a sign of additional supply that could exert downward price pressure. Although HYPE’s open interest sits around $11.8 billion, its liquidity remains more limited than larger cryptocurrencies, amplifying the price impact from large holders’ transactions.
After a period in which Hyperliquid’s biggest holders have made visible token movements, further actions by Multicoin Capital continue to attract market scrutiny.
MetricValueHYPE current price$58.59June peak price$76.87Current market cap$13 billionOpen interest$11.8 billionMulticoin’s remaining HYPE2.16 million ($126.63 million)Latest transfer172,710 HYPE ($10.15 million)Multicoin Capital has continued to engage with speculation about its intentions, as large transfers to exchanges may spook investors, particularly when liquidity is limited and open interest remains high.
Previous statements and ongoing debateFollowing a previous $291 million combined HYPE unstaking executed by Multicoin Capital and Paradigm in July, which led to price volatility, Multicoin Capital’s co-founder Tushar Jain stated that the unstaking aimed to enhance privacy and rotate wallets rather than initiate sales. On-chain analysts at Markets Alpha backed this by showing the tokens were moved to custody providers rather than exchanges.
The latest transfer, however, marks a shift as tokens have entered Coinbase Prime, an institutionally focused exchange platform more directly linked with trading and settlement. This difference in transaction destination has drawn additional attention to the $10.15 million movement, though there is still no evidence indicating an active sale has taken place.
Multicoin Capital previously stated that wallet movements were for privacy and operational security, not immediate selling, underscoring the ongoing debate about investor intentions during large crypto transfers.
Fundamental outlook for HYPEDespite short-term selling pressure, Hyperliquid reported revenue of $873 million on approximately $2.9 trillion in trading volume for 2025, representing nearly 59% of open interest in the decentralized derivatives market. According to Multicoin Capital’s June valuation report, nearly all protocol revenue is allocated to HYPE buybacks and subsequent burning, underlining the token’s deflationary structure.
Multicoin’s analysts estimated in their forecast that HYPE could eventually reach approximately $319 by 2028, although actual outcomes may depend on market dynamics and investor behavior in the interim.
While the recent transfer has intensified short-term speculation, Multicoin Capital’s substantial remaining stake in HYPE ensures it will remain a focal point for traders monitoring large-scale token moves.
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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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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An independent advocacy group tied to the Hyperliquid ecosystem is making its case to Washington: let traders bet on IPO prices before companies actually go public, and do it on-chain.
The Hyperliquid Policy Center (HPC) and trade[XYZ] submitted a comment letter to the US Securities and Exchange Commission on August 18, urging the agency to build a regulatory framework around what they’re calling IPOPs, or pre-IPO perpetual contracts. These are cash-settled derivative instruments that reference anticipated public company listings, settling in USDC rather than delivering any actual shares.
What exactly are IPOPs The contracts don’t grant ownership rights, voting power, or any allocation in the actual IPO. What they do provide is a continuous, market-implied valuation for private companies that operates around the clock.
Five active IPOP markets currently operate on the Hyperliquid platform through trade[XYZ]’s HIP-3 deployment. Among the most notable are SpaceX (trading under the ticker SPCX) and Cerebras (CBRS), two companies whose pre-IPO perpetual prices have closely tracked their actual IPO opening levels.
The numbers behind the petition Hyperliquid’s pre-IPO markets have generated approximately $1.46 billion in cumulative trading volume, with open interest sitting around $106 million as of early June. The SpaceX IPOP launched on May 18 and quickly became one of the most closely watched contracts in the market.
trade[XYZ] has been the primary contributor to these volumes, operating as the interface layer between Hyperliquid’s on-chain infrastructure and the IPOP market structure. The HIP-3 deployment framework handles the listing and settlement mechanics, while the perpetual contract design eliminates the expiration dynamics that complicate traditional futures.
The regulatory chess game This isn’t HPC’s first conversation with the SEC. The group, founded in February 2026 under CEO Jake Chervinsky, met with the SEC’s Crypto Task Force on July 14 to discuss perpetual markets more broadly. The comment letter represents the next step in what appears to be a deliberate, multi-touch regulatory engagement strategy.
The letter itself isn’t just a plea for approval. HPC included specific recommendations around disclosures, listing standards, leverage limits, and safeguards against market manipulation.
One of the more politically interesting elements: the letter advocates for retail investor access. In traditional finance, pre-IPO exposure has been almost exclusively the domain of venture capital funds, institutional allocators, and high-net-worth individuals. The pitch here is that IPOPs democratize that access without requiring anyone to actually hold pre-IPO shares.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Telegram applies for the '.gram' domain, planning to provide exclusive domain names for its 1 billion users.
Telegram founder Pavel Durov announced in a post on his personal channel that the messaging app has applied for the .gram domain suffix. If the application is approved by the Internet Corporation for Assigned Names and Numbers (ICANN), Telegram’s roughly 1 billion users will be able to get their own second-level domains. Durov cited examples: Telegram usernames like @durov would map to durov.gram, while @monk would correspond to monk.gram. Users can also input a command to host and create interactive websites on Telegram.
2 hours ago
Google plans to spend $10 million acquiring data from bankrupt airline Spirit Airlines to train its AI models.
Google has agreed to acquire certain corporate data from bankrupt airline Spirit Airlines for $10 million to improve its products and AI models. The data includes internal emails, Microsoft Teams chat logs, calendars, spreadsheets, booking and frequent flyer records, as well as marketing, productivity, operations and employee human resources data. Spirit stated that the data delivered to Google will be anonymized to remove personally identifiable information. The deal faces competition: AI data firm Mercor previously bid $7.5 million for the same set of data. The transaction still requires approval from a U.S. bankruptcy court, with U.S. bankruptcy judge Sean Lane scheduled to review it on Wednesday local time. Spirit Airlines ceased operations in May this year and is selling its remaining assets through bankruptcy proceedings. As AI companies ramp up demand for high-quality training data, internal corporate business data is emerging as a new type of data asset for AI model training and product optimization.
2 hours ago
Bitcoin’s volatility falls to a cycle low, as traders shift to AI stocks and prediction markets.
Bitcoin’s recent volatility has dropped to multi-year lows, with its 30-day realized volatility standing at around 42%, compared to the S&P 500’s roughly 18% — marking the narrowest gap in volatility between the two assets on record. The market is stuck in a stalemate between buyers and sellers: sell-offs by corporates and mining firms cap upside gains, while deleveraging and ongoing accumulation by long-term holders limit downside declines. As Bitcoin’s volatility eases, some short-term traders have shifted their risk appetite to assets like AI stocks, tokenized equities, stock perpetuals, and prediction markets. A NYDIG study notes that short-term traders tend to chase volatility, narrative momentum, and upside potential, with “traders targeting 5x or 10x returns” now having options including Bitcoin, Nvidia, gold, stock perpetuals, 0DTE options, and sports event contracts. Data shows that monthly trading volume of traditional asset perpetuals on crypto platforms has surged more than fivefold from $52 billion in January to $268 billion in June. Meanwhile, South Korean retail traders have clearly shifted from cryptocurrencies to AI-related stocks, with trading volumes on major South Korean crypto exchanges falling by up to around 80% year-over-year. CoinDesk points out that the Bitcoin market is currently more like in a “dormant” state, with falling trading participation, shrinking market depth, and regulatory uncertainty combining to suppress volatility. If U.S. crypto regulation makes substantial progress, the macro environment shifts, or a new market narrative emerges, the current low-volatility regime could be broken, and thinner liquidity may further amplify price swings.
2 hours ago
NVIDIA: Multi-GPU UMAP can process 870GB of vector data in 8 minutes, achieving a maximum speedup of 74 times.
NVIDIA has released a technical blog announcing that its cuML and cuVS libraries now support multi-GPU UMAP functionality, enabling distributed execution of dimensionality reduction for large-scale vector data across multiple GPUs—significantly cutting runtime while preserving embedding quality. NVIDIA noted that during tests on the MIRACL dataset (containing 106 million vectors, totaling ~870GB) run on a DGX system equipped with 8 H100 GPUs, cuML’s multi-GPU UMAP completed end-to-end processing in just 8 minutes, delivering up to 74x speedups over projected CPU-based implementations. Prior CPU-based solutions failed to process the full dataset even with 2TB of memory. The approach works by partitioning data into multiple clusters, building local k-nearest neighbor (kNN) graphs in parallel across different GPUs, then merging these into a global graph, thereby overcoming the memory constraints of a single GPU. NVIDIA added that this technology can reduce hundreds-of-GB UMAP tasks that previously took hours or even days to process down to just minutes.
2 hours ago
Market News: Anthropic Plans to Raise Over $10 Billion in Credit Lines Ahead of Its IPO
Market sources say Anthropic is asking lead banks to provide around $1.25 billion each in loans, while other major participating banks are expected to contribute roughly $1 billion apiece. Separately, reports indicate the credit line Anthropic aims to raise ahead of its IPO could exceed its $10 billion target.
2 hours ago
Axios reporter: The White House will host a tech leaders event with Trump tomorrow, and prediction market firms have not been invited.
According to Axios reporter Alex Isenstadt, the White House plans to co-host an event with President Trump tomorrow, with several tech industry leaders in attendance. White House sources noted that prediction market firms have not been invited to the event and will not participate. BlockBeats previously reported that on August 15, insiders disclosed that U.S. President Trump is expected to attend a crypto industry innovation conference at the White House next week, where he will hold discussions with executives from multiple crypto firms, as well as heads of prediction market and AI companies. Attendees of the conference include leaders from firms such as Coinbase, Ripple, Gemini, Robinhood, Polymarket, and Kalshi. All these executives are members of the newly established Innovation Advisory Committee of the U.S. Commodity Futures Trading Commission (CFTC). Sources said the conference is scheduled to take place at the Eisenhower Executive Office Building adjacent to the White House, aiming to hold policy dialogues around innovative fields including U.S. fintech, crypto assets, prediction markets, and artificial intelligence. CFTC Chairman Mike Selig and other government advisors are also expected to attend, while Treasury Secretary Bessent and Commerce Secretary Lutnick may be present.
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.
Arthur Hayes says he is ending his retirement to lead Flop Labs, a new startup building a token for AI agents. The FLOP airdrop lands in Q4 2026, while the blockchain behind it only arrives in Q1 2027.
In other words, the token will exist before the chain it runs on. Almost nothing else about the project is on paper yet.
I’m coming out of retirement to lead @flop_labs $FLOP is food for your AI agent.
No presale
No VCs
100% fair launch
Let’s build the agentic economy’s currency together fam and get fucking rich!
More details to come, but expect a massive airdrop in Q4, genesis block Q1 27 https://t.co/ChnTAAFRUh
— Arthur Hayes (@CryptoHayes) August 18, 2026
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FLOP Airdrop Comes Before the BlockchainHayes revealed the plan on X (Twitter) on Tuesday, hours after the official Flop Labs account introduced the project. He also rewrote his bio to read CEO of Flop Labs.
Flop Network calls itself a proof-of-useful-inference protocol. In plain terms, AI agents would pay FLOP for computing power and memory. Miners supply that power, while validators check the work, according to the project’s website.
Here is the catch. The airdrop arrives a full quarter before the network’s first block. Until then, recipients would hold a claim on a chain that does not exist.
The paper trail is just as thin. The project has published one landing page, three application forms, and one overview graphic. There is no whitepaper, no supply schedule, no named chain, and no audit. Meanwhile, Hayes brings roughly 806,000 X followers to a Flop Labs account that counted 570 at launch.
Fair Launch Promises and Missing DetailsThe pitch leans on the absence of insiders. No presale, no venture capital (VC) allocation, and a 100% fair launch. It echoes Bittensor (TAO), the best-known AI network to launch without investors.
“It’s very easy to understand the Bittensor opportunity when you see it as Bitcoin-like: fair launch, no VC funding round, completely decentralized.”
“But instead of rewarding Bitcoin miners, it incentivizes people to solve the world’s problems.”
~ @BarrySilbert pic.twitter.com/0sRZ7uwT8C
— xTAO – a Bittensor company (@xtaohq) May 27, 2026
Yet one group already knows how it will get paid. Key opinion leaders (KOLs) will earn FLOP based on their communities’ activity. That role is the most detailed part of the project so far.
Hayes also carries heavy history into this launch. He co-founded BitMEX in 2014 and co-created the perpetual swap, the contract that now dominates crypto trading volume. He pleaded guilty to a US Bank Secrecy Act charge in 2022 and received a presidential pardon in 2025.
BitMEX announced its closure in July after an 11-year run, and BeInCrypto examined why BitMEX shut down. Hayes’ retirement therefore lasted less than a month.
His recent trades add tension. In June, tracking firm Lookonchain tied a $2.09 million Hyperliquid (HYPE) purchase to Hayes days after he sold the token. He denied the disputed HYPE buyback.
The problem FLOP targets is real, however. Deutsche Telekom is helping build AI agent payment rails, and Hayes himself has warned an AI credit bust could reshape markets.
For now, FLOP is a promise attached to a famous name. The next tests are simple. Publish a whitepaper, name the chain, and show what airdrop recipients actually receive.
Hyperliquid (HYPE) retains a broad bullish outlook, trading above $59.00 on Tuesday. The decentralized exchange (DEX) native token marks the second consecutive day of gains as bulls return, eyeing a short-term breakout above $60.00.
Hyperliquid pushes for pre-IPO markets rulesHyperliquid Policy Center and trade[XYZ], a leading deployer of perpetual markets built on the Hyperliquid blockchain, have jointly filed a comment letter in response to the United States (US) Securities and Exchange Commission’s (SEC) call for ideas to modernize the Initial Public Offering (IPO) process.
The letter laid out the pricing record of at least five trade[XYZ] pre-IPO perpetual (IPOP) markets that have completed their full life cycle on Hyperliquid. The letter also highlights questions the agency would need to resolve before opening IPOP markets for trading in the US.
An IPOP is a streamlined financial instrument that lets traders express directional views on a referenced issuer’s equity ahead of a scheduled listing, with transparent, continuously updated public pricing. It is a useful direction indicator for a stock that has been traded publicly before. However, holding an IPOP does not represent actual shares, allocation, voting rights or a claim of any form against the referenced issuer. It is solely meant for price exposure in the weeks before equities are publicly listed.
The five key items the Hyperliquid Policy Center urged the SEC to consider include the instrument's classification, issuer disclosure, listing-eligibility guardrails, market integrity and onshore IPOP for all investors.
Hyperliquid argues that Americans are missing out on pre-IPO exposure opportunities, including SpaceX, which was priced at $135 and listed at $150.
“They (American investors) had the signal in plain view and no way to trade it. Under a new framework that the Commission has the authority to write, American investors and issuers could join others around the world in benefitting from the innovation that pre-IPO markets afford,” the Hyperliquid Policy Center said in the press release statement.
Technical analysis: HYPE rises as bulls return HYPE trades at $59.37, maintaining a constructive bullish bias as price holds above the 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs). This stacked EMA configuration beneath spot reinforces a supportive backdrop, while the Moving Average Convergence Divergence (MACD) indicator has turned firmly positive and the Relative Strength Index (RSI) near 56 suggests steady, rather than overstretched, upside momentum.
HYPE/USDT daily chartImmediate support lies at the 50-day EMA at $58.33, followed by the 100-day EMA at $56.76, with the 200-day EMA at $51.68 emerging as a deeper bullish line in the sand if sellers intensify. On the topside, the prevailing downward resistance trendline remains the key barrier. A sustained break above this structural cap would likely open the door for a continued recovery, while failure to clear it could see HYPE/USDT moderating back toward the clustered EMA support zone.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Bitcoin, altcoins, stablecoins FAQs Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
Hyperliquid Policy Center and trade[XYZ] have filed a joint comment letter with the US Securities and Exchange Commission proposing pre IPO perpetual markets as a tool to improve price discovery before public listings.
The letter responds to the SEC’s request for ideas to modernize the IPO process and argues that pre IPO perpetuals, or IPOPs, could give investors and issuers a continuous public market signal before shares begin trading.
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Unlike private secondary markets, IPOPs do not provide ownership, voting rights, allocations, or claims against the underlying company. Instead, they give traders price exposure to an anticipated listing before the stock enters public markets.
The groups pointed to five completed trade[XYZ] IPOP markets on Hyperliquid, including Cerebras, SpaceX, SK Hynix and ChangXin Memory Technologies. According to the filing, US offerings were priced between 10.8% and 38.4% below where their respective IPOP markets traded the previous day.
The groups argue that these markets could help issuers and underwriters assess investor demand before setting an offering price, potentially reducing large gaps between IPO pricing and opening trades.
The letter asks the SEC and Commodity Futures Trading Commission to clarify how equity linked perpetuals should be classified and regulated. It also recommends disclosure requirements focused on contract mechanics, leverage, liquidation thresholds and settlement rules.
Additional proposals include eligibility rules limiting when IPOPs can launch, market integrity requirements and a phased framework that could eventually allow US retail investors to access the products.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
Hyperliquid (HYPE) price has gained 13.99% in August, making it the strongest performer among the top 10 crypto assets this month.
However, exchange-traded fund flows, large holder activity, and derivatives positioning now point in different directions.
HYPE Outpaces Bitcoin and Ethereum as ETF Demand SlowsCryptoRank data show HYPE up 13.99% for the month. This runs roughly 3.3 times Solana’s (SOL) 4.26% gain and 6.8 times Bitcoin’s (BTC) 2.07% uptick.
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August Month-To-Date Performance of the Top 10 Crypto Assets Excluding Stablecoins. Source: BeInCrypto/CryptoRankXRP (XRP) is the only major asset in the red, down 5.98%. It has spent the month trailing its major peers while large holders kept buying.
The latest gain comes after a period of decline. HYPE fell 21.94% from its record high until early August, before rebounding. A 13.99% gain off a 21.94% drawdown still leaves the token short of its prior mark.
Meanwhile, institutional demand has yet to return in any sustained form. SoSoValue data shows that HYPE ETFs saw three consecutive weeks of outflows through July 31.
Flows turned positive in the first two weeks of August. The recovery has since stalled, with no new inflows recorded since August 10.
Holders Show Mixed BehaviorLarge holders moved in both directions this month. On-chain trackers recorded several wallets buying while others sold.
A wallet linked to Maven11 Capital withdrew 202,705 HYPE from OKX last week. Monetalis-linked wallets sold 3.72 million Uniswap (UNI) via Cumberland and bought 171,543 HYPE, worth $9.56 million, over the weekend.
FRESH WALLET ACCUMULATES 57,000 HYPE
A fresh wallet accumulated and withdrew 57K $HYPE (~$3.36M) from Coinbase.
— Onchain Lens (@OnchainLens) August 18, 2026
Selling ran in parallel. One whale sold 923,743 HYPE worth $53.02 million last week.
“HyperLabs unlocked another 433,025 HYPE ($23.46M) and has been gradually depositing the tokens into exchanges, including Flowdesk and OKX, likely to sell,” Lookonchain reported in early August.
Sophisticated Traders Lean Short Derivatives positioning leans the other way. Nansen data show whales, smart traders, and public figures all net short. Funding stands at 0.00125% per hour, near 10.95% annualized, so longs currently pay shorts.
Spot flows offer no tiebreaker. Nansen recorded $5.7 million in HYPE leaving exchanges over seven days, alongside heavy accumulation on centralized exchanges and over-the-counter across 30 days.
Each dataset answers a different question, and none confirms the others. Renewed ETF creations would show institutional buyers returning. A shift in the whale cohort to net long would signal the same from derivatives. Neither has happened yet.
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Hyperliquid’in yerel tokeni HYPE, kurumsal yatırımcı ilgisinin desteğiyle yeniden yükseliş ivmesi kazanarak piyasada dikkatleri üzerine çekti. Son 24 saatte yüzde 2,28 değer kazanıp 59,19 dolar seviyesine ulaşan HYPE, hafta sonu gördüğü dip seviyelerden yüzde 16’nın üzerinde toparlanmayı başardı. Fiyat hareketindeki bu güçlü toparlanma, yatırımcıların HYPE’ye yönelik ilgisinin yeniden arttığını gösterirken, gözler şimdi kritik 60 dolar direncine çevrildi. Özellikle Grayscale ve Bitwise müşterilerinin yaklaşık 2,8 milyon dolarlık HYPE alımı gerçekleştirmesi, kurumsal talebin fiyat üzerindeki etkisini güçlendiren önemli gelişmelerden biri olarak öne çıkıyor.
HYPE Fiyatında Gözler 60 Dolar Direncinde HYPE fiyatındaki toparlanmanın ardından yatırımcıların odağında 60 dolar seviyesi bulunuyor. Kripto analisti Umair Orakzai, son günlerde artan alım baskısının fiyat yapısını güçlendirdiğini belirtiyor. Günlük kapanışın 60 dolar üzerinde gerçekleşmesi halinde HYPE için 66 dolar bölgesine doğru yeni bir yükseliş alanı oluşabileceği değerlendiriliyor. Buna karşılık 60 dolar direncinin aşılamaması satış baskısının yeniden güçlenmesine neden olabilir. Özellikle 55 dolar seviyesinin altına inilmesi, kısa vadeli görünümün zayıflaması açısından önemli bir sinyal olarak takip ediliyor.
İlginizi Çekebilir: Balinalar Bu Altcoini Borsalardan Çekiyor: Yükseliş Sinyali mi?
Arkham verilerine göre geçen hafta Hyperliquid odaklı ETF fonlarında HYPE satışı görülmedi. Fonların mevcut pozisyonlarını koruduğu veya yeni alımlar gerçekleştirdiği belirtilirken, Grayscale ve Bitwise müşterilerinin yaklaşık 2,8 milyon dolarlık HYPE alımı yapması dikkat çekti. Bu gelişme, hafta sonundaki düşük seviyelerden sonra yaşanan güçlü toparlanmayı destekleyen önemli faktörlerden biri oldu. Kurumsal talebin devam etmesi, HYPE fiyatının kritik direnç bölgesini test etmesi açısından önem taşıyor.
Piyasada HYPE İçin Yükseliş Beklentisi Güçleniyor Bitcoin fiyatındaki toparlanma ve kripto piyasasındaki genel risk iştahının yeniden güçlenmesi, HYPE üzerindeki alım baskısını destekleyen önemli faktörler arasında yer alıyor. Piyasadaki olumlu havanın devam etmesi halinde yatırımcıların altcoinlere yönelik ilgisinin de artabileceği değerlendiriliyor. Önümüzdeki dönemde özellikle ETF bağlantılı fonların HYPE pozisyonlarında değişiklik yapıp yapmayacağı ve 60 dolar seviyesinde oluşacak fiyat hareketi yakından izlenecek. Kurumsal alımların sürmesi ve HYPE’nin bu direncin üzerinde kalıcılaşması, yükseliş beklentilerinin daha da güçlenmesini sağlayabilir.
Değerlendirme HYPE fiyatındaki toparlanma, kurumsal yatırımcıların gerçekleştirdiği alımların da etkisiyle piyasada dikkat çekici bir görünüm oluşturuyor. Özellikle ETF bağlantılı fonlarda satış görülmemesi ve yeni alımların gelmesi, yükseliş hareketinin arkasındaki talebi destekleyen önemli gelişmeler arasında yer alıyor. HYPE’nin 60 dolar seviyesinin üzerinde günlük kapanış gerçekleştirmesi, mevcut yükseliş trendinin güç kazanması açısından kritik bir eşik olabilir. Bu direncin aşılması ve üzerinde kalıcılık sağlanması halinde yatırımcıların odağı 66 dolar bölgesine çevrilebilir. Buna karşılık 60 doların aşılamaması durumunda kısa vadeli kâr satışları ve fiyat dalgalanmaları görülebilir.
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Hyperliquid (HYPE) has shown renewed momentum, driven by continued institutional interest and positive ETF-linked fund activity. As the token’s price trend strengthens, analysts point to key resistance levels that could define its near-term direction.
ETF Holdings Fuel HYPE MomentumHYPE is currently priced at $59.19, recording a 2.28% increase in the last 24 hours. Trading volume reached $259 million, contributing to a total market capitalization of $14.94 billion.
ETF-linked funds, including those managed by Grayscale and Bitwise, have either maintained or increased their HYPE holdings over the past week. These institutions, recognized for their regulated investment products, collectively acquired approximately $2.8 million worth of HYPE recently. Arkham data shows that not a single Hyperliquid ETF reduced its holdings during this period, underlining sustained institutional support.
Mini dictionary: Grayscale and Bitwise are prominent crypto asset management firms offering investment products that give institutional and accredited investors exposure to digital assets through regulated, ETF-like structures.
A significant recovery has been noted, with HYPE rebounding by over 16% from last weekend’s lower levels, reflecting a marked improvement in market sentiment.
Technical Analysis Signals Next TargetsCrypto analyst Umair Orakzai commented that HYPE could attempt further gains, citing recent positive buying pressure. During Monday’s session, the token opened at $57.14, briefly dipped to $57.05, and then climbed higher. The narrow price range and small lower wick suggest that liquidity remains accessible below current levels.
A decisive daily close above $60 could pave the way for HYPE to reach the short-term target of $66. If, however, the price fails to sustain this breakout, resistance may spark renewed selling pressure, resulting in possible consolidation between $55 and $60. Should the token fall below $55, a period of sideways movement or further weakening is likely.
LevelSupport/ResistancePotential Outcome$55SupportPossible consolidation or weakness below this point$60Key resistanceBreakout could target $66$66Short-term targetUptrend continuation above this levelAnalysts and investors are closely watching whether HYPE can maintain its momentum, with ETF accumulation seen as a possible catalyst for sustained bullish sentiment.
Clients from Grayscale and Bitwise spent about $2.8 million on HYPE, highlighting notable demand from institutional investors through ETF-related products.
Market Context and OutlookThe recent uptick in HYPE’s price comes as broader crypto sentiment improves, assisted by Bitcoin’s ongoing climb. Market participants are monitoring whether ETF inflows can continue, potentially offering further support to HYPE’s recovery efforts.
While accumulation in ETF-linked funds can reinforce the uptrend, a setback at resistance may keep HYPE consolidating. The next week’s performance may offer clearer direction for the token.
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.
The Hyperliquid Policy Center (@HyperliquidX) and Douro Labs, a core contributor to Pyth Network (@PythNetwork), have filed a joint comment letter urging the U.S. Securities and Exchange Commission (SEC) to repeal Rule 611, the so-called trade-through rule that has governed U.S. equity market structure for two decades.
What Is Rule 611 and Why Does It Matter?Rule 611, adopted in 2005 as part of Regulation NMS, requires trading venues to prevent executions at prices worse than the best publicly quoted price available on any other exchange, known as the National Best Bid and Offer (NBBO). In practice, it obliges brokers and trading centres to route orders to wherever the best price is displayed. The SEC itself moved first:
The Crypto Industry's Case for Repeal
The groups are not only calling for repeal.
On broker obligations, the letter calls for clearer rules covering how brokers route orders to onchain markets, while maintaining that tokenized U.S. equities should remain subject to existing securities rules. , positioning Pyth price feeds as independent references for situations where the NBBO does not apply.
Sources:
Crypto Briefing: Hyperliquid Policy Center and Douro Labs urge SEC to repeal trade-through rule
WilmerHale: The SEC Takes Aim at the Trade-Through Rule
Federal Register: Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
PANews reported on August 18 that, according to SoSoValue data, crypto market sectors were mixed, with Bitcoin (BTC) up 1.57%, breaking through $64,000; Ethereum (ETH) up 0.42%, breaking through $1,900. The DeFi sector stood out, rising 1.06% in 24 hours, with Compound (COMP) up 8.92%, Morpho Token (MORPHO) up 5.30%, and Hyperliquid (HYPE) up 1.41%.
In other sectors, the Layer1 sector rose 0.47% in 24 hours, with Zcash (ZEC) up 4.15%; the Layer2 sector rose 0.46%, with Polygon(ex-MATIC) (POL) up 6.29%; the Meme sector rose 0.18%, with PIPPIN (PIPPIN) surging 16.38%; the PayFi sector rose 0.01%, with SafePal (SFP) up 2.45%.
In addition, the CeFi sector fell 0.13%, with OKB down 5.06%; the AI sector fell 3.42%, with Worldcoin (WLD) down 7.54% and Velvet (VELVET) sharply down 43.90%.
Key Highlights Bitcoin hovers near the $64,000 level and continues serving as crypto’s primary benchmark Ethereum dropped under $1,900 while U.S. ETF products attracted $103.9 million in weekly inflows Solana upgraded its block capacity to 100 million compute units and currently trades around $75 Chainlink climbed toward the $10 mark after announcing fresh integrations and launching its agent platform Hyperliquid delivered approximately 154% returns during the initial six months of 2026 As cryptocurrency markets experience a mid-2026 correction, investors are evaluating which digital assets maintain compelling long-term prospects. Below are five projects currently capturing attention.
Bitcoin Bitcoin is currently changing hands around the $64,000 mark. Diminished market liquidity combined with widespread uncertainty has contributed to recent price declines.
Bitcoin (BTC) Price Bitcoin maintains the most extensive network infrastructure, dominant brand awareness, and strongest institutional support among all cryptocurrency assets.
While it may not deliver the dramatic gains associated with smaller-cap projects, it presents significantly lower protocol-specific risk. Bitcoin continues functioning as the standard against which the entire crypto sector is evaluated.
Ethereum Ethereum dipped beneath the $1,900 threshold during the recent market downturn. However, institutional demand remained resilient despite the price decline.
During the week concluding July 24, U.S.-listed Ethereum ETF products recorded $103.9 million in net inflows. This figure represented the strongest single-week performance among all cryptocurrency ETFs during that timeframe.
Ethereum serves as the backbone for decentralized finance protocols, stablecoin infrastructure, NFT marketplaces, and thousands of decentralized applications. Sustained developer engagement and powerful network effects maintain its position among the most-watched assets for long-term portfolios.
Solana Solana expanded its block capacity to accommodate 100 million compute units. The blockchain directly challenges Ethereum through superior transaction speeds and minimal fees.
Solana’s ecosystem continues expanding across payment solutions, asset tokenization initiatives, and cross-chain infrastructure. As of mid-August, Solana was trading in the vicinity of $75, substantially below its historical peak levels.
This disconnect between present valuations and previous all-time highs represents what certain investors view as an attractive accumulation zone.
Chainlink Chainlink bridges blockchain networks with off-chain data sources and facilitates asset transfers between disparate protocols. It functions as critical infrastructure underpinning the asset tokenization sector.
Chainlink pushed toward $10 during mid-August following additional CCIP integration announcements and the beta release of Chainlink for Agents.
Should tokenized real-world assets evolve into a substantial component of global financial markets, Chainlink stands positioned as an essential infrastructure provider enabling that transformation.
Hyperliquid Hyperliquid represents the highest-risk opportunity among these five assets. This decentralized perpetual futures trading venue witnessed its native token appreciate approximately 154% throughout the first half of 2026.
Such exceptional performance creates elevated expectations going forward. Upcoming token unlock schedules and evolving regulatory frameworks constitute meaningful risks that warrant careful consideration.
Hyperliquid has demonstrated that decentralized trading infrastructure can effectively compete against centralized platforms. Its accelerated adoption trajectory makes it a noteworthy project despite elevated risk characteristics.
Major cryptocurrencies have come under renewed focus as the market correction deepens in mid-2026. While price volatility remains high, investors continue to evaluate the long-term potential of leading projects, with Bitcoin, Ethereum, Solana, Chainlink, and Hyperliquid drawing significant interest.
Bitcoin maintains benchmark statusBitcoin is trading near $64,000, reaffirming its role as the premier benchmark for the broader crypto sector. Reduced market liquidity and ongoing economic uncertainty have contributed to its recent decline, though the asset retains the largest network, highest brand recognition, and most robust institutional backing in the industry.
While returns may not match those of smaller-cap digital assets, Bitcoin offers comparatively lower protocol-related risks. For many participants, it remains the standard by which all other cryptocurrencies are measured.
Bitcoin continues to set the pace for the entire crypto sector, offering unmatched network security and institutional support, though investors should be aware that current volatility may persist.
Institutional activity sustains EthereumEthereum dropped below $1,900 during the latest downturn, but institutional appetite held steady. US-listed Ethereum ETFs registered $103.9 million in net inflows for the week ending July 24, marking the strongest performance among crypto ETFs at that time.
Ethereum is widely recognized as the backbone for decentralized finance, stablecoin platforms, NFT trading venues, and a significant number of decentralized applications. Continued developer activity and significant network effects keep Ethereum among the top contenders for long-term investment strategies.
AssetPrice (approx.)Recent ETF flow (week ending July 24)Bitcoin (BTC)$64,000Not specifiedEthereum (ETH)$1,900$103.9 million (inflow)Solana technology upgrade and outlookSolana recently expanded its block capacity to 100 million compute units, further enhancing its capability to process transactions quickly and with low fees. The network directly competes with Ethereum in speed and cost efficiency, and its expanding ecosystem includes payment, asset tokenization, and cross-chain solutions.
Trading around $75 in mid-August, Solana remains significantly below its all-time highs, leading some investors to view current valuations as an opportunity to build positions.
Mini dictionary: Compute units, a measure of computational power Solana allocates to each block, determine the blockchain’s capacity to process smart contracts and transactions efficiently.
Chainlink’s expanding integrationsChainlink moved toward the $10 level following updates about new CCIP integrations and the beta launch of its agent platform. As a key provider of blockchain oracle solutions, Chainlink connects decentralized networks with real-world data, supporting secure asset tokenization between blockchains.
Analysts note that if tokenized real-world assets grow within global finance, Chainlink could become critical infrastructure for these flows.
Mini dictionary: CCIP, or Cross-Chain Interoperability Protocol, is a Chainlink-powered system that enables secure movement of assets and data across multiple blockchain networks.
Hyperliquid delivers strong returns, but risk remains elevatedHyperliquid experienced gains of approximately 154% in the first six months of 2026. As a decentralized perpetual futures trading platform, Hyperliquid has attracted attention for significantly outperforming major crypto assets.
Despite rapid expansion, the project faces heightened risk from upcoming token unlocks and potential changes in regulatory policy. Analysts recommend caution and thorough risk assessment for those considering exposure.
Mini dictionary: Hyperliquid, launched in 2023, is a decentralized platform enabling perpetual futures trading, offering on-chain derivatives without an intermediary.
Hyperliquid’s accelerated growth highlights the potential of decentralized trading venues to compete against established centralized exchanges, though elevated volatility and regulatory headwinds remain prominent challenges for participants.
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.
Although Hyperliquid had its own share of the recent market volatility, trading in the red zone for several days during the last week, its institutional investors remained resilient throughout the period.
Despite its weak price movements, recent data from Arkham Intelligence showed that the Hyperliquid ETFs maintained a full week of zero sell-offs.
Hyperliquid recovers 16%The data provided by the source showed that Hyperliquid rapidly surged by over 16% from its weekend lows, thanks to the sustained demand from its ETFs even during such a weak period.
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Notably, the data showed that no Hyperliquid ETF sold HYPE last week, even though other crypto funds saw some outflows during the period.
Rather than selling, all the Hyperliquid funds either recorded net purchases or held firmly to their existing HYPE holdings, signalling continued institutional interest in the asset.
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Nonetheless, the consistent ETF demand seen over the last week has fueled a strong recovery for HYPE from the low price levels at which it traded during the weekend.
HYPE recorded an increase of over 16% from its weekend lows. The rebound is attributed to renewed interest from its ETFs.
Bitwise and Grayscale bought $2.8 million of HYPEWhile the Hyperliquid ETF market saw renewed momentum during the last week, Bitwise and Grayscale were among the most notable buyers in the market.
The data showed that both firms collectively purchased about $2.8 million worth of HYPE during the week, further supporting the asset's price rebound.
While HYPE is still trading on a bullish trajectory, analysts believe that if the funds maintain their rising interest, the asset could be set for further upward movement.
Bitwise and Grayscale have emerged as leading buyers of HYPE, purchasing a combined $2.8 million worth of the token over the past week. Their activity follows a period of significant price recovery for Hyperliquid, after the asset experienced several days trading in negative territory.
ETF holdings and market resilienceArkham Intelligence reported that despite heightened market volatility and a stretch of lackluster price action, Hyperliquid ETF investors refrained from selling their HYPE holdings throughout the week. Instead, these funds either maintained or increased their positions, standing apart from other crypto funds that saw net outflows during the same period.
Analysts pointed to this unwavering demand from institutional investors as a key driver behind the recent recovery in HYPE’s price. From its weekend lows, Hyperliquid advanced by more than 16%, suggesting a robust rebound tied to ongoing ETF interest.
Data indicated that no sales of HYPE occurred from any Hyperliquid ETF over the week, while other crypto funds experienced noticeable outflows. The sustained holding or accumulation among institutional participants signals a strong confidence in the asset’s potential.
Institutional activity supports price actionBitwise and Grayscale’s involvement was particularly notable, as the two investment firms together acquired roughly $2.8 million in HYPE during this market recovery. Their purchases further reinforced the positive momentum, providing additional support to the price rebound.
According to market observers, renewed institutional interest has amplified demand for HYPE and contributed to its climb from depressed levels. Market participants are now monitoring whether this pattern will persist, with some analysts suggesting that continuous ETF buying could signal further upside potential for the token.
Analysts believe that sustained ETF demand, especially from major institutions, may indicate the beginning of a new upward trend for HYPE if current buying patterns continue.
Efficiency in a volatile environmentAs HYPE responds to institutional activity and market swings, investors increasingly seek streamlined tools to navigate crypto markets efficiently. In a landscape where a sudden Fed decision or an unanticipated altcoin listing can spark instant volatility, managing multiple apps for tracking data often leads to missed opportunities. Many traders now turn to privacy-first platforms such as CryptoAppsy, which consolidates real-time charts, trade alerts, coin-specific news, and macroeconomic data onto a single interface without requiring account creation.
HYPE continues to trade with bullish momentum as ETF interest remains high and institutional accumulation drives optimism for further 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.
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.
Two organizations deeply embedded in the Hyperliquid ecosystem have told the SEC to ditch a 20-year-old equity trading rule and start thinking about what “best execution” actually means when trades settle on a blockchain instead of the NYSE.
The Hyperliquid Policy Center (HPC) and Douro Labs submitted a joint comment letter on August 17 backing the SEC’s June 11 proposal to rescind Rule 611 of Regulation NMS. The rule, originally adopted in 2005, requires trading venues to route orders to whichever exchange displays the best price, a concept known as the “trade-through” rule. Both organizations argue the rule is a relic of an era when stock exchanges were the only game in town.
What Rule 611 does and why crypto wants it gone Rule 611 was designed to protect investors by ensuring their orders got the National Best Bid and Offer (NBBO) price across all registered exchanges. In practice, it means a broker can’t execute your trade at a worse price if a better one exists somewhere else in the system. Onchain markets don’t operate like centralized exchanges. There’s no consolidated quote system, no closing bell, and no neat hierarchy of registered venues. Trading happens 24/7 across permissionless protocols where liquidity can appear and vanish within a single block.
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The SEC itself acknowledged in its June proposal that the trade-through rule “complicates execution and increases costs.” The proposal would also impact related provisions governing locked and crossed market prohibitions under Regulation NMS.
Best execution, but make it onchain Repealing Rule 611 is only half of what HPC and Douro Labs are asking for. The other half is principles-based best-execution guidance designed specifically for onchain markets. Onchain trading introduces complications that didn’t exist when those rules were written. Network fees (gas costs) eat into execution quality. Maximal extractable value, or MEV, lets validators and sophisticated actors reorder transactions to profit at a trader’s expense. And because many decentralized venues don’t display conventional quotes, there’s no obvious benchmark to measure “best” against.
Douro Labs, which is closely associated with the Pyth Network oracle, previously submitted comments to the SEC on February 20, proposing that execution certainty, privacy, and total costs should all factor into the assessment of best execution. The joint letter extends that thinking, suggesting that independent, transparent pricing feeds could replace conventional market quotes as the relevant benchmark for onchain venues.
Who’s behind the push HPC launched on February 18 in Washington, D.C., funded by a $28 million donation in HYPE tokens. Its stated mission is to influence regulatory frameworks for decentralized markets, with a particular focus on onchain perpetual derivatives, the product category where Hyperliquid has built its reputation.
Douro Labs brings a complementary angle. As the team behind the Pyth Network, it has a direct interest in how regulators treat onchain data feeds. If the SEC eventually requires some form of best-execution reporting for decentralized venues, the infrastructure that provides those reference prices becomes critical plumbing, not unlike the role that SIP (Securities Information Processor) feeds play in traditional equities today.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
The push to bring onchain trading into U.S. equity market structure is no longer a side conversation. Hyperliquid Policy Center and Douro Labs, a core contributor to Pyth Network, have asked the U.S. Securities and Exchange Commission to repeal Rule 611 under Regulation NMS, the trade-through rule that has shaped how U.S. stock orders are routed for decades. According to the original report, the joint comment letter argues the rule was designed around centralized quotations and the National Best Bid and Offer framework, a structure that does not map well onto automated market makers, onchain order books, or markets that never close.
The argument is more precise than a blanket complaint about legacy regulation. Rule 611 generally requires brokers to route orders to the market displaying the best price, preventing a trade from being executed at an inferior quote. That logic depends on an NBBO that consolidates displayed liquidity from regulated exchanges and a shared trading calendar. Onchain venues do not produce the same kind of consolidated quotation, and their continuous operation means the very concept of a best price shifts constantly across pools and chains.
A Market Rule Built for Another Era HPC’s letter frames this as a mismatch between the SEC’s existing toolbox and the mechanics of decentralized execution. The trade-through rule assumed a world of lit central limit order books, specialist quotes, and synchronized sessions. In a 24/7 environment with AMMs, there is no single national best bid and offer to enforce, and forcing one into that framework would distort how liquidity actually clears.
Onchain venues rely on continuous liquidity pools, and execution quality can shift with chain activity. Recent developer activity rankings show how concentrated building remains across a handful of networks, which means reference prices and routing logic also vary by ecosystem. That mismatch carries costs for more than just trading venues. Brokers and market makers face compliance uncertainty when deciding whether an onchain execution can satisfy their duty of best execution. The HPC letter asks the SEC to address that directly if Rule 611 is repealed, rather than leaving intermediaries to guess.
Best Execution Without a Consolidated Quote One of the more concrete proposals in the letter is to allow transparent and manipulation-resistant independent reference prices where NBBO is not applicable, including onchain price feeds such as Pyth. That would give brokers a workable alternative to a centralized consolidated tape while preserving the core policy goal of protecting orders from inferior prices.
This is not simply a crypto-native ask. Best execution obligations have been a major pressure point in traditional equities litigation and enforcement. The question is whether an independently verifiable oracle price can provide the same kind of audit trail that regulators have historically demanded from displayed exchange quotes. Douro Labs’ involvement with Pyth suggests the answer could be built around onchain pricing infrastructure, but the SEC has not embraced that substitute.
Tokenized Equities Stay in the Old Framework Notably, HPC does not argue for a blanket exemption for all tokenized securities. The letter says tokenized U.S. equities should remain subject to Regulation NMS and existing best-execution requirements. That distinction matters because the tokenization market has been expanding rapidly. A recent tokenization roundup tracked the sector crossing $20 billion onchain and major institutions settling tokenized Treasuries, so the regulatory line between traditional securities and onchain markets is becoming harder to avoid.
The carve-out also signals a more careful lobbying position. HPC is not asking the SEC to abandon investor protections for tokenized equity products; it is asking for a different compliance path for native onchain trading systems. That could make the proposal more acceptable to regulators who remain focused on retail protection.
What the SEC Still Has to Resolve Even if the trade-through rule is repealed, the harder work is in defining how brokers can demonstrate best execution when routing to onchain markets. The comment letter opens that question but does not resolve it. The SEC would need to determine what counts as a reliable reference price, what manipulation-resistant means in practice, and who bears liability when an onchain execution diverges from a later reference feed.
The letter arrives amid broader tension over how Washington treats digital asset market infrastructure. Banking interests were already working to reshape major crypto legislation before a Senate vote, and the SEC’s approach to market structure remains a separate but connected fight. For anyone building onchain trading systems, the Rule 611 question is less about deregulation than about getting a coherent framework in place before tokenized equities and crypto-native order books grow further into the same regulatory space.
The open issue is whether the SEC uses this comment period to modernize execution rules or simply leaves the existing structure in place. That decision will determine whether brokers can rely on onchain price feeds as a compliance tool or keep treating decentralized venues as too risky for institutional order flow.
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An Elliott Wave analysis suggests Hyperliquid’s native token HYPE may have completed its correction phase near $50.70, with prospects for another upward move if the market maintains its pattern of higher highs and higher lows. However, the setup remains cautious; a clear recovery above recent resistance would bolster the bullish case, while a sustained break below $50.70 could lead to further consolidation and invalidate the current technical structure.
Technical outlook and key levelsHyperliquid reached a recent high at approximately $76.67 before entering a complex corrective pattern, ultimately finding support at the $50.70 zone. This level is seen by analysts as the possible completion of Wave (iv) in the Elliott Wave sequence. The following bounce hints at the early stages of Wave (v), forming the final impulsive move in the sequence if sustained.
According to analyst Kap_Waves, holding above the $50.70 support would preserve the bullish Elliott Wave count. Failure to do so would require a reassessment of the scenario. The broader Hyperliquid market activity remains robust, with the network’s 24-hour perpetual volume reaching around $9.3 billion and open interest above $10.8 billion, based on DefiLlama data. Over the last 30 days, perpetual volume recorded was approximately $184.7 billion.
HYPE also serves functional roles in the Hyperliquid ecosystem. The token can be staked with validators, contributing to network security under a delegated proof-of-stake model known as HyperCore.
Kap_Waves identifies $99.42 as an initial major upside target, with $116.57 as a potential extension, noting that these are technical projections requiring the price to overcome several resistance layers first.
Beyond the Elliott Wave perspective, another trader, thatsavibe_eth, points to the 0.786 Fibonacci retracement as a crucial level. After breaking out of a large pennant, HYPE retested this area. Reclaiming and holding above the 0.786 level could strengthen the continuation setup, while a rejection might prompt another retracement.
Crypto trader @DonWedge highlights a descending resistance trendline, targeting $89 if a decisive breakout occurs. This figure is positioned between the prior high and higher Elliott Wave targets.
Market structure and scenario risksThe technical backdrop from TradingView currently rates HYPEHUSD as a buy, with moving averages providing the strongest buy signal on both weekly and monthly timeframes. However, analysts recommend viewing such signals as supportive rather than conclusive, due to the volatility typical in digital asset markets.
Hyperliquid’s protocol continues to show fundamental strength, with DefiLlama reporting $50.8 million in fees and $35.8 million in revenue over the past month. The platform channels trading fees into mechanisms like the Assistance Fund, which converts part of the fees into HYPE and burns the acquired tokens, tying economic activity to network growth.
Despite the bullish case, alternative scenarios remain in play. Kap_Waves outlines a triangle pattern, where the recent correction could persist and keep HYPE range-bound. A failure to reclaim and sustain resistance levels could trap the token between support and resistance, delaying a decisive directional move.
The critical focus across technical setups stays on the $50.70 level; holding above it preserves the bullish case, but a breakdown could trigger a deeper correction.
Testing the 0.786 Fibonacci level presents similar risks. If HYPE is rejected at this resistance, another pullback toward the support area is possible, as noted by trader thatsavibe_eth, though this would not necessarily end the broader bullish narrative.
Hyperliquid’s derivatives markets also amplify risks, as over $10.8 billion in open interest increases the chance for pronounced price swings. Approximately $150 million in 24-hour liquidations attest to the scale of leverage present.
Given these dynamics, confirmation is key. A sustained breakout with higher volume and demand would signal greater conviction than a brief move above resistance followed by a reversal. In a market where swiftly changing Fed decisions or altcoin listings can reshape conditions within seconds, tracking multiple data points becomes crucial. Many traders increasingly use privacy-focused platforms like CryptoAppsy, which offer real-time charts, smart price alerts, portfolio tracking, coin-specific news, and macro data—all from one screen without account creation, allowing for faster, consolidated market reactions.
Fundamental context and price projectionsHYPE’s usage extends beyond trading. It is used for staking and securing the network, serves as the gas token for HyperEVM, and assists in powering permissionless HIP-3 perpetual markets.
The overall technical perspective remains cautiously optimistic but unconfirmed. Holding the $50.70 support keeps the bullish structure valid. The next milestones include breakouts above $76.67 and $89, with further technical projections at $99.42 and $116.57, contingent upon the price clearing successive resistance levels. Conversely, if HYPE loses the $50.70 floor, deeper corrections are likely. Market participants are expected to monitor multiple indicators—support and resistance zones, volume flows, and derivatives activity—rather than remain fixated on any single price point.
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.
Treasury’s new stablecoin rules would decide which dollar tokens can legally reach US buyers. Chains already running on a licensed dollar hold the edge, and six altcoins sit closest to it.
Nothing is final yet, and Treasury opened a 60-day comment period. The hard deadlines land in January 2027 and July 2028.
How Treasury’s New Stablecoin Rules Sort the ChainsCongress passed the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act in July 2025. The idea is simple. A dollar token needs a US license to reach American users.
Two dates carry the weight. Unlicensed issuance inside the country ends on January 18, 2027. Then from July 18, 2028, platforms generally cannot sell payment stablecoins to US persons. Only licensed issuers pass.
No issuer holds that license yet, because licensing opens in 2027. However, the queue has already formed.
The Office of the Comptroller of the Currency (OCC) approved five trust bank charters last December on a conditional basis. Circle, Ripple, Paxos, Fidelity Digital Assets, and BitGo made that list. Circle then went further and won final approval in July.
Treasury Secretary Scott Bessent framed the goal as certainty.
“Treasury welcomes input from stakeholders as we work to provide the regulatory certainty businesses need to innovate and grow in America…” read an excerpt in the Monday announcement, citing Bessent.
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This is the third time Treasury has asked the industry to weigh in. It opened a second comment window last September.
.@POTUS and Congress delivered the GENIUS Act, establishing a landmark framework and clear rules of the road for payment stablecoins, and Treasury is moving quickly to implement that framework. @USTreasury welcomes input from stakeholders as we work to provide the regulatory…
— Treasury Secretary Scott Bessent (@SecScottBessent) August 17, 2026
Europe Already Ran This ExperimentThe US is not first. Europe’s Markets in Crypto-Assets (MiCA) rules set a similar test, and the result is on record.
Binance told European users on March 3, 2025 that eight tokens would go. USDT also led that list. Margin pairs were delisted on March 27 and converted to USDC automatically.
Spot pairs then followed on March 31. In its announcement, Binance pointed users toward USDC.
That is the pattern the GENIUS Act now sets up for America, only on a far larger base.
6 Altcoins That Could Benefit From the ProposalStablecoins hold about $300 billion across all chains, according to DefiLlama.
Total Stablecoin Market Cap. Source: DefiLlamaThe ranking below uses one measure. It is the share of each chain’s stablecoin supply that already sits with a licensed issuer.
Hyperliquid (HYPE)
Hyperliquid carries $6.18 billion in stablecoins. USD Coin (USDC), issued by Circle, makes up 97.8% of it. No other major chain leans so hard on a single licensed issuer. HYPE trades at $59.34, up 3.9%. It is also the only altcoin here in profit over 12 months, at 26.3%.
Arbitrum (ARB)
USDC covers 63.5% of Arbitrum’s $3.5 billion stablecoin base. Foreign-issued tokens face the tighter test, so that mix helps. ARB trades at $0.0749, up 1.2%.
Polygon (POL)
Polygon holds $3.03 billion in stablecoins, with USDC at 53.3%. A slim majority therefore sits with a chartered issuer. POL changed hands at $0.0781 after a 3.8% gain.
Solana (SOL)
Solana’s $15.33 billion base ranks third among all chains. USDC leads it at 43.5%, ahead of Tether (USDT). SOL trades at $75.84, up 0.9%.
Ethereum (ETH)
Ethereum hosts $146.57 billion in stablecoins, nearly half the global total. However, USDT holds 50.4% of that. The rest, about $73 billion, is the deepest non-Tether pool anywhere. Meanwhile, ETH price near $1,900 reflects a 1.4% gain to $1,904.24.
XRP
Ripple issues Ripple USD (RLUSD) and holds one of those conditional charters. More than half a billion dollars of RLUSD supply moved to XRPL. That network passed Ethereum as RLUSD’s main settlement venue in June. XRP trades at $1.002, up 0.3%.
6 Altcoins That Could Benefit From Treasury’s New Stablecoin RulesTron Holds the Largest Bet the Other WayTron carries $92.04 billion in stablecoins, second only to Ethereum. USDT makes up 97.9% of that. The chain therefore has almost no licensed alternative.
BeInCrypto reported in March that Tron’s USDT balance had passed Ethereum’s. TRX trades at $0.3313, up 0.1%.
Tether is not sitting still, however. It launched a US token called USAT in January through Anchorage Digital Bank. The company says USDT is working toward GENIUS Act compliance.
None of this promises a rally. Every altcoin listed except HYPE is down 58% to 86% over the past year. Monday’s moves also stayed under 4%. The comment file closes 60 days after Federal Register publication. That is where the real fight happens.
Duquesne Family Office has disclosed a $23 million position in Hyperliquid Strategies Inc., giving Stanley Druckenmiller’s investment office indirect exposure to HYPE through the Nasdaq-listed digital asset treasury company.
Summary
Duquesne Family Office disclosed a new $23 million stake in Hyperliquid Strategies. The Nasdaq listed company holds millions of HYPE tokens as part of its digital asset treasury strategy. Duquesne’s former partner Kevin Warsh became Federal Reserve chairman in May 2026. Warsh disclosed more than $100 million in assets before his confirmation. The SEC filing for the second quarter of 2026 showed Duquesne held shares of Hyperliquid Strategies, which trades under the ticker PURR, as of June 30, with the position appearing in the family office’s portfolio for the first time.
The disclosure adds Duquesne to the institutional investors gaining exposure to Hyperliquid through publicly traded shares instead of purchasing the protocol’s HYPE token directly. Hyperliquid Strategies operates as a digital asset treasury company built around accumulating and managing HYPE.
Fintel data based on the filing also lists PURR as a new Duquesne position, accounting for roughly 0.44% of the investment manager’s reported portfolio.
Duquesne adds Hyperliquid Strategies to its portfolio Hyperliquid Strategies has built one of the largest corporate HYPE holdings since establishing its digital asset treasury business.
As crypto.news previously reported in February, the Nasdaq-listed company purchased another 5 million HYPE for about $129.5 million at an average price of $25.90 per token. The acquisition increased its holdings at the time to 17.6 million HYPE while leaving the company with about $125 million in cash.
Its holdings later increased substantially. Artemis data cited in a June treasury report showed Hyperliquid Strategies controlled about 23.7 million HYPE and was sitting on more than $1.1 billion in unrealized gains at the time.
The report found HYPE-focused treasury companies were among the few major digital asset treasury groups still carrying sizeable paper profits during the June market downturn. Bitcoin, Ether and Solana treasury companies, by comparison, were recording substantial unrealized losses as prices fell.
Duquesne’s $23 million PURR holding gives the family office exposure to that treasury structure through a regulated U.S. equity. The 13F does not show whether the firm bought the shares in a single transaction or accumulated them at different points during the quarter, since the filing only reports holdings as of June 30.
Form 13F reports are required from institutional investment managers that exercise investment discretion over at least $100 million in certain securities. The disclosures provide a quarterly snapshot of reportable holdings but do not show positions purchased or sold after the reporting date.
Hyperliquid Strategies has accumulated millions of HYPE Institutional interest in Hyperliquid Strategies came as HYPE recorded large price swings during the second quarter.
HYPE reached a record of about $73.7 on June 1 after gaining more than 70% over the preceding month. At the time, Hyperliquid Strategies was already one of the largest publicly identified corporate holders of the token.
Demand for HYPE had also expanded through regulated investment and derivatives products. In June, Kalshi launched CFTC-regulated HYPE perpetual futures for U.S. traders, after which HYPE futures open interest rose to $2.48 billion and briefly surpassed XRP open interest, according to a June 11 report.
Institutional exposure has not been limited to listed treasury companies. Bitwise Chief Investment Officer Matt Hougan said in May that HYPE had gained 77% since the start of 2026 while Hyperliquid processed about $170 billion in monthly trading volume.
Bitwise also said it would direct 10% of management fees collected from its BHYP Hyperliquid exchange-traded fund toward purchasing and holding HYPE on its own balance sheet, as detailed in May.
Hyperliquid’s token model sends a large share of protocol trading fees toward HYPE purchases through its Assistance Fund. The mechanism has provided another source of demand alongside corporate treasury purchases and investment products.
Fed Chair Kevin Warsh previously worked with Duquesne Duquesne’s newly disclosed PURR investment also comes with a connection to Federal Reserve Chairman Kevin Warsh, who worked with the family office before returning to the central bank.
The Federal Reserve’s official biography says Warsh served as a partner at Duquesne Family Office after leaving the Fed’s Board of Governors in 2011. Warsh had previously served as a governor from 2006 to 2011 and returned to the central bank as chairman on May 22, 2026.
Before his confirmation, financial disclosures filed as part of the nomination process provided more detail about his relationship with Stanley Druckenmiller’s investment office.
Warsh disclosed assets worth well over $100 million, according to his April financial disclosure, although government ethics forms report investments in ranges and do not always provide precise valuations.
Two positions in the Juggernaut Fund LP were each listed at more than $50 million. The disclosure did not identify the underlying investments because of pre-existing confidentiality agreements, while Warsh committed to divesting the positions if confirmed.
The same filing showed that Warsh had received $10.2 million in consulting fees from Druckenmiller’s investment office during the period covered by the disclosure. His overall consulting income exceeded $13 million across several financial firms.
Warsh also agreed to dispose of assets required under Federal Reserve ethics rules before assuming the chairmanship. Fed investment rules introduced in 2022 place restrictions on the securities that senior officials and their immediate families may hold, including crypto-related assets.
After completing the confirmation process, Warsh took office as Federal Reserve chairman on May 22 for a four-year term ending May 21, 2030. He also became chairman of the Federal Open Market Committee and holds a separate term as a member of the Board of Governors through January 31, 2040.
TLDR RWA activity made up 31.7% of new Hyperliquid users in H1 2026, pulling in 169,000 wallets. About 137,000 of those wallets, or 80.9%, stayed focused on RWA markets instead of moving into Bitcoin or Ethereum. HYPE traded at $57.39, up 22.52% over the past year. A break above the descending trendline could push HYPE toward $57.21 and then $60, while a loss of support may send it to $51.20. HYPE ETFs have seen $297.73 million in inflows against $15.16 million in outflows since launch. Hyperliquid has seen a rise in real-world asset, or RWA, activity this year. New data shows this trend is shaping how people use the platform, and it may connect to how HYPE is priced.
RWAs are tokens that represent things like bonds, real estate, or other traditional assets. They let users trade familiar financial products on a blockchain.
In the first half of 2026, RWA activity accounted for 31.7% of new users on Hyperliquid. This activity attracted 169,000 wallets to the platform.
Out of these wallets, 137,000 stayed within RWA markets. They did not move into other assets like Bitcoin or Ethereum. That is 80.9% of RWA-driven users staying put.
What This Means for New Users This pattern suggests RWAs are not just a doorway into crypto. They may be a destination on their own within blockchain finance.
The price movement of Bitcoin or Ethereum may not affect RWA adoption much. Some users are on these platforms only for traditional-style exposure, not for crypto speculation.
Other factors could shape how RWA adoption grows going forward. These include institutional involvement, regulatory changes, and general user behavior.
HYPE Price Levels to Watch HYPE was trading at $57.39 at press time. That price reflects a 22.52% increase over the previous year.
Analysts pointed to a descending trendline on the price chart. A break above it could open the path toward $57.21 and then $60.
Hyperliquid Price on CoinGecko If HYPE loses its current support level, the price could instead fall to $51.20.
HYPE ETFs have brought in $297.73 million in inflows since they launched. Outflows during that same period totaled $15.16 million.
The inflow numbers support the idea that buyers are accumulating HYPE. Bitwise added to this trend with a recent purchase.
Bitwise bought 28,085.8 HYPE from Nonco and moved the tokens to its HYPE wallet. The purchase was made for its ETF clients.
Hyperliquid’s expansion beyond crypto derivatives has been one of the more aggressive pushes into tokenized real-world assets, commodities, and equity trading. But Wintermute CEO Evgeny Gaevoy is not treating that growth as a clean path toward becoming a full-scale market venue. In an interview with The Archive Pod, he framed US regulation as the biggest long-term obstacle for the perps exchange, according to the original report.
Gaevoy said Hyperliquid has performed well across those asset classes, but the platform will eventually have to confront two structural constraints. One is regulatory pressure from the United States. The other is throughput, especially if Hyperliquid wants to compete against incumbent venues like CME and Nasdaq. That second issue compounds the first: scaling into traditional market competition may require order matching and data infrastructure that do not map neatly onto a fully decentralized validator set.
The regulatory concern is not abstract. If Hyperliquid is eventually required to implement know-your-customer checks, the product would need identity verification at deposit, withdrawal, or even trading layers. That would erode the permissionless model that has made the venue attractive to traders who are outside major jurisdictions. Gaevoy noted that a KYC mandate and a desire to compete with CME and Nasdaq could push Hyperliquid toward becoming increasingly centralized. That is the core tradeoff: the closer the platform gets to institutional equities and commodities, the more it may look like the intermediaries it set out to replace.
The KYC and Centralization Tension US regulators have been moving unevenly on market structure rules, and the stakes for crypto venues have become clearer as the fight over the biggest crypto bill in US history showed how much banks and legacy financial players still control the process. For Hyperliquid, the question is whether it will be treated as a derivatives exchange, an alternative trading system, or something else entirely.
A KYC requirement would not just add a compliance layer. It would change the sequencing and clearing assumptions behind a decentralized perpetuals venue. Users could still trade without custody, but their on-chain addresses would need to be tied to identities. That undermines one part of the value proposition while leaving the operational complexity intact. Hyperliquid’s fast block times and low-fee execution may still work, but the user experience would shift dramatically if a regulator demands real-time screening and transaction monitoring.
The bigger unknown is token classification. If the HYPE token is seen as facilitating an unregistered exchange or clearing activity, the pressure would extend beyond KYC to delisting, fines, or geographic blocks. Gaevoy’s comments did not go that far, but they reflect a recognition that US enforcement often uses market access as a lever even when formal rules are unresolved.
Throughput Is the Second Friction Point Competing with CME and Nasdaq is not only a legal problem. It is an engineering problem. Traditional venues operate with microsecond-level matching and deeply optimized order books. Hyperliquid’s own throughput has been a differentiator in crypto, but the gap remains when compared with centralized derivatives infrastructure. Gaevoy identified throughput as the second long-term challenge, which suggests that raw transaction speed alone will not close the distance if compliance and data retention requirements add friction.
Even among the top blockchains by developer activity this week, sequencing and scalability remain design constraints rather than solved problems. Hyperliquid’s approach uses a specialized L1 with a smaller validator set, which improves performance at the cost of decentralization. That architecture may be a preview of where high-performance trading chains are headed, but it also makes the regulatory conversation harder because there are fewer independent operators to distribute legal responsibility.
What the Market Is Watching Next Hyperliquid’s positioning sits at the intersection of two growing narratives. On one side, tokenized real-world assets have gained traction as on-chain tokenization volumes crossed $20 billion, with institutions beginning to treat the space as a serious settlement layer. On the other side, US enforcement and legislative uncertainty continue to weigh on venues that try to list equities or commodities without traditional registration.
For traders, the practical question is whether Hyperliquid will be forced to restrict US users, introduce gradual KYC, or split its product into compliant and non-compliant silos. Each option changes the liquidity profile. Institutional participants may prefer a KYC-enabled order book because it gives them clearer legal standing, while offshore retail traders may migrate if identity checks become mandatory.
What remains uncertain is timing. Regulators have not issued a specific rule targeting Hyperliquid, and the platform has not signaled a shift toward centralized compliance. But the Wintermute CEO’s warning matters because it comes from a market maker that deals with liquidity and risk across venues. His concern is less about whether Hyperliquid can scale technically, and more about whether the final version of the platform will still be recognizable as the decentralized venue it is today.
AUTHOR
Tokoni Uti is a Lagos-based writer with several years of experience. Her work has appeared in the Huffington Post, the Los Angeles Free Press and the San Diego Free press among others. She is a graduate of Bowen University.
Hyperliquid has experienced a marked surge in real-world asset (RWA) activity in the first half of 2026, drawing significant attention to the platform’s evolving user base and market trends.
RWA engagement drives fresh user adoptionRWAs are blockchain tokens that represent conventional assets such as government bonds, real estate, or commodities. This rapidly growing sector enables investors to gain exposure to familiar financial products within a decentralized environment.
Recent platform data show that RWA trading accounted for 31.7% of all new users joining Hyperliquid during the first six months of 2026. In total, these activities attracted 169,000 new wallets to the platform over this period.
Out of these, approximately 137,000 wallets, or 80.9%, remained focused on RWA markets rather than moving into established digital assets such as Bitcoin or Ethereum. This highlights a shift in user intent: for many, RWAs appear to serve as a final destination in blockchain finance, not merely as an entrance to the broader crypto sector.
A decisive majority of RWA-driven wallets stayed within these markets, suggesting that for many users, blockchain-based exposure to traditional assets has become the primary appeal, rather than a mere introduction to digital currencies like Bitcoin or Ethereum.
This pattern points to changing user expectations around blockchain platforms. Analysts suggest that institutional engagement, regulatory updates, and evolving investor demographics could further mold the adoption of RWAs going forward.
HYPE price movements and ETF inflowsAt last check, HYPE, the governance token of Hyperliquid, was trading at $57.39. This reflects a 22.52% gain over the past year.
Technical analysts identified a descending trendline on the HYPE price chart. Should the token break above this resistance, further gains toward $57.21 and, subsequently, the $60 threshold could be possible. However, if HYPE fails to hold its current support level, the price may fall toward $51.20.
Since launch, HYPE ETFs have seen a net inflow of $297.73 million, countered by outflows of $15.16 million during the same span. The sizable inflows are viewed as a sign of growing demand for the asset among institutional and retail investors alike.
Bitwise contributed to this momentum by acquiring 28,085.8 HYPE from Nonco for its ETF clients, transferring the tokens to its HYPE wallet. This activity underscores the interest from large holders and institutions in accumulating HYPE exposure.
Institutional moves and the rise of Web3 platformsWhile traditional financial markets have long relied on complex broker networks, a major shift is underway: Wall Street is adopting Web3 infrastructure. Investors are increasingly using platforms like 1stepSwap to hold shares of leading U.S. companies, along with gold and silver, directly on their crypto wallets. By leveraging the tokenization of real-world assets and offering automated best-price discovery, these platforms aim to eliminate traditional intermediaries.
As the RWA sector widens its reach and crypto-native platforms integrate more conventional asset classes, market participants are observing how new technology and investment demand could redefine participation in global financial markets.
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.
Cambricon’s 561,000 equity incentive shares will be listed for trading on August 20.
Chinese AI chip firm Cambricon announced that it has recently received the "Transfer Registration Confirmation" and "Securities Change Registration Certificate" from the Shanghai Branch of China Securities Depository and Clearing Co., Ltd., completing the share registration for the first vesting period of the reserved portion of its 2023 Restricted Stock Incentive Plan (the "Incentive Plan"). A total of 124 incentive recipients are eligible for this vesting. The total number of shares to be listed and traded is 561,000, with the listing date set for August 20, 2026. The total vested restricted shares amount to 597,600: 36,600 shares come from the company’s repurchased A-share common stock, and the remaining 561,000 shares are from the company’s targeted issuance of A-share common stock to the incentive recipients.
9 minutes ago
Iranian officials have set a deadline for the US to fulfill the memorandum of understanding.
A senior Iranian official said Iran has set a several-week deadline for the U.S. to fully implement the Iran-U.S. memorandum of understanding (MOU), noting that Iran will not wait indefinitely for the U.S. to maintain its maritime blockade. Citing that "efforts to reach a permanent ceasefire agreement with the U.S. have reached an impasse", Iran has decided to shift its policy "from defensive to fully offensive". If diplomatic efforts fail, "Iran is prepared to escalate tensions in the Strait of Hormuz and the Middle East region. Iran’s timeline will be conveyed to the U.S. through intermediary countries". The U.S. and Iran released the official MOU text on June 17, with its third clause stipulating that both sides commit to negotiating and reaching a final agreement within a maximum of 60 days. The 60-day negotiation window set by the MOU expired on August 17. Due to severe disagreements on issues including the Strait of Hormuz, the U.S.-Iran negotiations reached an impasse and made no substantive progress. (CCTV News)
9 minutes ago
The rally in the US memory sector has further widened, with SanDisk rising over 10.4% and Kioxia’s ADR surging 15%.
According to market data from BIT (bit.com), during US stock trading hours, the storage sector’s gains further expanded: Kioxia ADR surged 15%, SanDisk (SNDK) rose over 10.4%, Seagate Technology (STX) gained 3.3%, Western Digital (WDC) climbed 6.8%, Micron Technology (MU) advanced 5.6%, and SK Hynix ADR rose 6.4%.
9 minutes ago
Public companies shed 2,501 BTC; Bitmine buys 9,926 ETH as DEX volumes slip
Aug 10–Aug 16, 2026 #LookonchainWeeklyReport ?? Overview Stablecoin supply grew by $40.88M last week, DEX spot volume fell and perp volume fell, while public companies shed 2,501 BTC. ?? Stablecoin Market The total stablecoin market cap increased by $40.88M. ?? Spot & Perps Trading Volume on DEXs DEX spot volume fell 14.13% and perp volume fell 10.49% WoW. ?? Protocol Revenue Protocol revenue edged up 0.09% WoW, while Hydration Lending led weekly revenue growth with a 2085% increase. ?? Last ...
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$BTC ETF Outflows Hit -$421.76M Weekly; $ETH Gains +$6.58M Today
Anthropic and OpenAI may restrict enterprise API access to their most powerful AI models, sparking concerns over competition risks.
Anthropic and OpenAI are accelerating the rollout of industry-specific AI applications and features. Some enterprise clients fear the two firms may prioritize deploying their most powerful AI capabilities to their own products over making them accessible to external enterprises via APIs. This trend has shifted the dynamic between model providers and enterprise clients from underlying tech collaboration to potential competition. If top-tier model capabilities are increasingly directed toward their own applications, businesses may need to reassess their reliance on AI infrastructure suppliers, supply chain arrangements, and long-term technology strategies.
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.
Cambricon’s 561,000 equity incentive shares will be listed for trading on August 20.
Chinese AI chip firm Cambricon announced that it has recently received the "Transfer Registration Confirmation" and "Securities Change Registration Certificate" from the Shanghai Branch of China Securities Depository and Clearing Co., Ltd., completing the share registration for the first vesting period of the reserved portion of its 2023 Restricted Stock Incentive Plan (the "Incentive Plan"). A total of 124 incentive recipients are eligible for this vesting. The total number of shares to be listed and traded is 561,000, with the listing date set for August 20, 2026. The total vested restricted shares amount to 597,600: 36,600 shares come from the company’s repurchased A-share common stock, and the remaining 561,000 shares are from the company’s targeted issuance of A-share common stock to the incentive recipients.
9 minutes ago
Iranian officials have set a deadline for the US to fulfill the memorandum of understanding.
A senior Iranian official said Iran has set a several-week deadline for the U.S. to fully implement the Iran-U.S. memorandum of understanding (MOU), noting that Iran will not wait indefinitely for the U.S. to maintain its maritime blockade. Citing that "efforts to reach a permanent ceasefire agreement with the U.S. have reached an impasse", Iran has decided to shift its policy "from defensive to fully offensive". If diplomatic efforts fail, "Iran is prepared to escalate tensions in the Strait of Hormuz and the Middle East region. Iran’s timeline will be conveyed to the U.S. through intermediary countries". The U.S. and Iran released the official MOU text on June 17, with its third clause stipulating that both sides commit to negotiating and reaching a final agreement within a maximum of 60 days. The 60-day negotiation window set by the MOU expired on August 17. Due to severe disagreements on issues including the Strait of Hormuz, the U.S.-Iran negotiations reached an impasse and made no substantive progress. (CCTV News)
9 minutes ago
The rally in the US memory sector has further widened, with SanDisk rising over 10.4% and Kioxia’s ADR surging 15%.
According to market data from BIT (bit.com), during US stock trading hours, the storage sector’s gains further expanded: Kioxia ADR surged 15%, SanDisk (SNDK) rose over 10.4%, Seagate Technology (STX) gained 3.3%, Western Digital (WDC) climbed 6.8%, Micron Technology (MU) advanced 5.6%, and SK Hynix ADR rose 6.4%.
9 minutes ago
Public companies shed 2,501 BTC; Bitmine buys 9,926 ETH as DEX volumes slip
Aug 10–Aug 16, 2026 #LookonchainWeeklyReport ?? Overview Stablecoin supply grew by $40.88M last week, DEX spot volume fell and perp volume fell, while public companies shed 2,501 BTC. ?? Stablecoin Market The total stablecoin market cap increased by $40.88M. ?? Spot & Perps Trading Volume on DEXs DEX spot volume fell 14.13% and perp volume fell 10.49% WoW. ?? Protocol Revenue Protocol revenue edged up 0.09% WoW, while Hydration Lending led weekly revenue growth with a 2085% increase. ?? Last ...
9 minutes ago
$BTC ETF Outflows Hit -$421.76M Weekly; $ETH Gains +$6.58M Today
Anthropic and OpenAI may restrict enterprise API access to their most powerful AI models, sparking concerns over competition risks.
Anthropic and OpenAI are accelerating the rollout of industry-specific AI applications and features. Some enterprise clients fear the two firms may prioritize deploying their most powerful AI capabilities to their own products over making them accessible to external enterprises via APIs. This trend has shifted the dynamic between model providers and enterprise clients from underlying tech collaboration to potential competition. If top-tier model capabilities are increasingly directed toward their own applications, businesses may need to reassess their reliance on AI infrastructure suppliers, supply chain arrangements, and long-term technology strategies.
TLDR Bitcoin traded near $63,460 on Monday, up 0.7% daily but still 2.3% lower over the week. Hyperliquid’s HYPE gained 3.4% daily and 8.7% weekly, outperforming most large-cap coins. Chainlink’s LINK rose 15.7% over seven days, one of the biggest weekly gains in the top 20. U.S. spot Bitcoin ETFs saw $390 million in net outflows last week, reversing the prior week’s inflows. Bitcoin faces resistance near $65,000–$66,000, with $60,000 acting as the main support level. Bitcoin traded around $63,460 during Asian hours on Monday, August 17. The price was up 0.7% over 24 hours.
Over the past week, though, Bitcoin remained 2.3% lower. It had fallen from above $65,000 the week before.
The cryptocurrency’s market capitalization stood near $1.27 trillion. The broader crypto market was valued at roughly $2.24 trillion.
Bitcoin dominance held close to 57%. Most large-cap coins posted small daily gains, but weekly results were mixed.
Bitcoin fell as low as $62,500 on Friday. It stabilized over the weekend and climbed back above $63,000.
Bitcoin Price on CoinGecko Other major coins moved in different directions. Ethereum traded near $1,900, up 1% daily but down slightly for the week.
XRP stayed near $1.00, down 2.8% weekly. Solana traded around $75.47, roughly flat on the week.
ETF Outflows Mark a Reversal Spot Bitcoin ETFs recorded about $390 million in net outflows between August 10 and August 14. Fidelity’s FBTC accounted for roughly $153 million of that total.
This is a shift from the previous week. Bitcoin ETFs had attracted $853.5 million in inflows across five straight sessions before that.
Spot Ethereum ETFs saw a smaller outflow of $2.26 million for the week.
HYPE and LINK Outperform the Market Hyperliquid’s HYPE token traded near $58.81. It gained 3.4% daily and 8.7% over seven days, giving it a market cap near $13.1 billion.
Hyperliquid reported $169 million in second-quarter revenue. The platform directed $141 million of that toward HYPE buybacks.
Chainlink’s LINK traded near $9.45, up 15.7% for the week. Monero also outperformed Bitcoin, rising 4.9% weekly to around $413.84.
Among the top 100 coins, Bitway rose 22.3% daily, the strongest performer in that group. Stable and Quant posted the largest daily losses, falling 3.7% and 3.6%.
Bitcoin’s chart shows the price consolidating below the $65,000–$66,000 resistance band. The $60,000 level continues to act as the main support floor.
The Federal Reserve will release minutes from its July meeting on Wednesday, August 19. Officials voted 9-3 to hold rates at 3.5%-3.75% at that meeting.
Bitcoin traded around $63,460 during Asian hours on Monday, Aug. 17, recovering 0.7% over 24 hours but remaining 2.3% lower over seven days as the cryptocurrency market entered another week with limited momentum.
Summary
Bitcoin traded near $63,460 Monday, gaining 0.7% daily while remaining 2.3% lower across the week. Hyperliquid rose 3.4% daily and 8.7% weekly, outperforming most major cryptocurrencies during Monday morning trading. Monero traded near $413.84, gaining 4.9% weekly as momentum improved toward its $420–$430 resistance zone. U.S. spot Bitcoin ETFs recorded $390 million in net outflows across last week’s five sessions. Bitway led top-100 gainers with 22.3%, while Stable and Quant posted the largest daily declines. Bitcoin’s market capitalization stood near $1.27 trillion.
The broader crypto market was valued at roughly $2.24 trillion, while Bitcoin dominance remained close to 57%. Most large-cap cryptocurrencies posted modest daily gains, but weekly performance remained mixed after Bitcoin fell from above $65,000 during the previous week.
Bitcoin price remains below last week’s highs Bitcoin’s latest rebound has yet to erase the decline from last week’s $65,400 area. BTC fell as low as roughly $62,500 on Friday before stabilizing through the weekend and moving back above $63,000.
Ethereum was trading around $1,900.64, up 1% in 24 hours but 0.8% lower over seven days. XRP remained near $1.00 and was down 2.8% for the week. Solana traded around $75.47, down 0.1% daily and 1.4% weekly. BNB held near $605.63 and was 0.6% higher over seven days.
TRON changed hands near $0.332, gaining 0.4% daily and 0.7% weekly, while Dogecoin rose 0.6% to about $0.070.
The subdued Bitcoin performance follows another reversal in U.S. institutional flows. Spot Bitcoin ETFs recorded roughly $390 million in combined net outflows between Aug. 10 and Aug. 14, with Fidelity’s FBTC accounting for about $153 million. Spot Ethereum ETFs recorded a smaller $2.26 million weekly net outflow.
Bitcoin spot ETF net inflow, source: SoSoValue That marked a sharp change from the previous week, when, as crypto.newspreviously reported, Bitcoin ETFs attracted $853.5 million across five consecutive inflow sessions.
HYPE and LINK outperform major altcoins Hyperliquid’s HYPE remained one of the strongest large-cap performers. The token traded around $58.81, gaining 3.4% over 24 hours and 8.7% during the past seven days. Its market capitalization stood near $13.1 billion.
Chainlink posted an even larger weekly increase among the top 20 cryptocurrencies. LINK traded near $9.45, gaining 0.7% on the day and 15.7% over seven days. Monero also outperformed Bitcoin, rising 4.9% weekly to around $413.84.
HYPE’s performance follows a period of renewed activity around Hyperliquid. In related coverage, crypto.newsreported that Hyperliquid generated $169 million in second-quarter revenue and directed $141 million toward HYPE buybacks.
Among the broader top-100 market-cap group, Bitway was the strongest daily performer in the latest crypto.news snapshot, rising 22.3%. Ether.fi followed with a 7.9% increase.
On the downside, Stable fell 3.7%, Quant lost 3.6%, and Canton declined 2.7%. Uniswap remained one of the weakest weekly performers among larger assets, falling 18.4% over seven days despite gaining 1.3% Monday.
Bitcoin tests resistance after steady recovery Bitcoin’s daily chart shows BTC consolidating after its sharp June pullback, with price hovering near $63,490 and posting a modest 0.94% intraday gain. Despite the short-term uptick, BTC continues to trade below the key resistance band around $65,000–$66,000, keeping the broader structure tilted to the downside compared with earlier cycle highs. In the near term, price action remains confined to a range, with $60,000 acting as the main support floor.
The Aroon Oscillator sits in positive territory at 42.86, suggesting that recent upward moves are currently outweighing recent lows. This points to mild bullish momentum in the short term, though the signal is not strong enough to indicate a confirmed trend shift.
Bitcoin (BTC) price chart, source: crypto.news Momentum indicators, however, remain weak. The MACD continues to reflect bearish conditions, with the histogram at approximately -124.49 and the MACD line near -236.26, still positioned below the signal line around -111.77. This setup indicates that downside momentum has not fully dissipated despite the recent price recovery.
Overall, Bitcoin is stabilizing after its decline but has yet to establish a convincing bullish reversal. A sustained breakout above the $65,000–$66,000 resistance zone would strengthen the recovery case, while a breakdown below $60,000 would likely reintroduce stronger bearish pressure.
Fed minutes and White House meeting come into focus Macro policy returns to the foreground this week. The Federal Reserve will publish minutes from its July 28–29 meeting on Wednesday, Aug. 19, at 2 p.m. ET. Officials voted 9–3 to maintain the federal funds target range at 3.5%–3.75%, with three members preferring a quarter-point increase.
Markets have since reduced expectations for another rate increase. Futures pricing pointed to roughly a 30% probability of a September hike heading into Monday, according to the Financial Times.
Crypto traders will also watch Washington. As crypto.news reported, Coinbase, Ripple and other crypto and prediction-market executives are expected at an Aug. 19 White House meeting as policymakers continue discussing digital asset regulation.
For Bitcoin, the immediate question is whether Monday’s move can extend beyond the $64,000 region and recover last week’s highs. Until then, BTC remains below its recent range peak while selected altcoins, notably LINK, HYPE and XMR, continue to outperform.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Who would have believed it! In three months, a new segment of the crypto market multiplied its volume by 17. According to CryptoQuant, the monthly volume of crypto perpetual stock actions on exchanges has indeed exploded from 15 to 250 billion dollars between April and July 2026. Binance dominates with 76% of the market, while Gate records the strongest growth (+308%). AI and semiconductor stocks concentrate most of the volumes.
In brief The monthly volume of crypto perpetual stock actions on exchanges rose from about 15 billion dollars in April to nearly 250 billion in July 2026, according to CryptoQuant. Binance alone captures 76% of this market, with about 193 billion dollars in volume processed in one month. Gate shows the fastest sector growth, with a 308% jump between June and July. Assets related to semiconductors and artificial intelligence concentrate most of the trades. This phenomenon is part of a broader trend. An unprecedented volume explosion in the history of crypto assets According to a report published on August 13, 2026 by the analytics company CryptoQuant, the monthly volume of perpetual stock actions on the major crypto exchanges rose from about 15 billion dollars in April to nearly 250 billion dollars in July. A 17-fold increase in only three months and a 56% rise just between June and July.
These derivatives allow traders to gain exposure to publicly traded stocks without adhering to the traditional Wall Street trading hours. But there’s more! Unlike a traditional future, a crypto perpetual contract also has no expiration date. It is maintained through a periodic funding mechanism that aligns its price with that of the underlying asset.
As a result, crypto exchanges become 24/7 trading floors, even when U.S. stock markets are closed.
The CryptoQuant research team summarizes the facts well in their August 13 report:
This expansion transforms crypto exchanges into permanent marketplaces for contracts linked to traditional stocks.
This reinforces the ambition expressed by several crypto platforms: to become “everything exchanges,” capable of hosting cryptocurrencies, stocks, and commodities in a single account.
Binance already controls 76% of trades In this new segment of the crypto market, one player largely dominates the scene: Binance. The platform processed about 193 billion dollars in volume in July. This represents 76% of the total perpetual stock actions market. A concentration level reminiscent of Binance’s dominant position in the broader crypto derivatives market!
Binance crushes competition in perpetual stock actions (Source: CryptoQuant) Behind the leader, the hierarchy tightens. Bitfer, Bybit, and Gate follow at a fair distance, but their growth dynamics attract more attention than their absolute market shares.
Gate sees its volume of perpetual stock actions increase by 308% between June and July. Those of Bybit and Binance respectively total 176% and only 59%. The crypto exchange Gate has thus recorded continuous monthly growth since May. An indicator closely monitored by analysts. But that’s not all! Concentration there also reaches peaks. SanDisk and SK Hynix alone represent 53% of the total volume of perpetual stock actions processed by the crypto platform last month. This figure illustrates how much this young market remains dependent on a handful of technology stocks.
It’s a fact! AI and semiconductors dominate crypto trading Beyond the overall figures, the market composition deserves close examination. Trades indeed remain concentrated on a limited number of technology and semiconductor-related assets. SanDisk, SK Hynix, Micron, and the leveraged ETF SOXL form what analysts call the “AI-memory complex”. This set consists of securities directly exposed to the demand for chips for artificial intelligence.
Additional data published by CryptoRank provides further insight:
SpaceX generated 84.6 billion dollars in volume over 90 days. It even surpasses Solana (SOL), which totals 77 billion dollars over the same period. SK Hynix records 31.1 billion dollars. Bitcoin remains however the dominant crypto asset with 543 billion dollars in volume. It sits ahead of Ethereum (246 billion dollars) and Hyperliquid (93.6 billion dollars).
Decoding: the non-crypto assets represent about 17% of the combined volume of the top ten perpetual contracts in the market.
Ranking of assets dominating trading (Source: CryptoRank) A phenomenon to put into perspective with the global crypto market To properly assess the extent of this growth, it needs to be placed in a broader context. According to CoinGecko data, crypto exchanges processed 1,320 billion dollars in perpetuals backed by traditional assets during the first five months of 2026, compared to only 104.21 billion dollars for the entire year of 2025. Monthly volume thus rose from 230 million dollars in January 2025 to 347.17 billion dollars in May 2026.
Another indicator to watch: open interest, meaning the outstanding value on these contracts. According to another CryptoQuant report, open interest on perpetuals backed by traditional assets doubled to exceed 2 billion dollars in July, compared to 350 to 500 million dollars in spring.
This figure remains small, though. The fact is that this segment represents only about 3% of the 65 billion dollars of total open interest in the crypto derivatives market. Moreover, these volumes (however spectacular) remain tiny on the scale of traditional stock markets.
In any case, the explosion of perpetual stock actions marks a turning point in the convergence between traditional finance and crypto. The question remains whether it will withstand a market shock or if it will be limited to a few trendy tech stocks.
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Ariela R.
My name is Ariela, and I am 31 years old. I have been working in the field of web writing for 7 years now. I only discovered trading and cryptocurrency a few years ago, but it is a universe that greatly interests me. The topics covered on the platform allow me to learn more. A singer in my spare time, I also cultivate a great passion for music and reading (and animals!)
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