Trump says Iran conflict 'not a major issue for the US': Current situation is not a state of war.
US President Donald Trump said on local time September 4 that the more than six-month US-Iran conflict is "small potatoes" for the US, adding that it is more appropriate to define it as a "military conflict" rather than a war. Trump noted that the US is currently only conducting "intermittent strikes" with no sustained fighting between the two sides, and he expressed understanding for Vice President JD Vance’s earlier remark that "it should not be called a war". Trump also stated that the conflict has killed 18 US service members, but its scale is "not large" compared to conflicts like the Vietnam War that claimed tens of thousands of US troops, while emphasizing that "losing even one person is too many". Trump further claimed that the US has achieved "significant results" on the Iran issue, with its core goal being to prevent Iran from acquiring nuclear weapons. According to reports, the conflict has driven up energy prices and brought domestic political pressure to the Trump administration. US public approval of Trump’s handling of the Iran conflict is low, and the Republican Party faces pressure to retain its congressional majority in the November midterm elections.
3 minutes ago
A $70 million Bitcoin movie has entered post-production, with its plot suspected to portray Craig Wright as Satoshi Nakamoto.
The film *Bitcoin*, directed by Doug Liman and starring Gal Gadot, Casey Affleck, Pete Davidson, Isla Fisher, and others, has a budget of approximately $70 million and is currently in post-production. Reportedly centered on Bitcoin’s origins and the identity of Satoshi Nakamoto, the movie leans toward portraying Craig Wright—who claims to be Bitcoin’s inventor—as Satoshi Nakamoto, a premise that has sparked controversy in the crypto community. Content creator Terence Michael noted that the film may push the narrative that "Craig Wright is Satoshi Nakamoto" to mainstream audiences, further intensifying the debate over Satoshi Nakamoto’s true identity. Earlier, a UK court ruled that Craig Wright is not Satoshi Nakamoto, and the related controversy had cooled down for a time. The film is written by Nick Schenk, produced by Ryan Kavanaugh and Lawrence Grey, with Wright supporter Calvin Ayre also involved; no major US distributor has been confirmed for the project yet.
3 minutes ago
A mysterious crypto whale has bought another 343,000 HYPE tokens, bringing its total holdings to 3.24 million HYPE, all of which are staked.
According to Lookonchain’s monitoring, the mysterious whale address 0x6436 has purchased an additional 343,000 HYPE tokens, valued at approximately $29.09 million. As of now, the address has accumulated a total of around 3.24 million HYPE tokens, with a total value of roughly $252 million, and has staked all of its HYPE holdings.
3 minutes ago
The "stock market version of Pokémon GO" meme coin GRASS briefly surged past $13.6 million in market capitalization this morning, hitting a new all-time high.
According to GMGN market data, the Robinhood ecosystem meme coin GRASS briefly surged past $13.6 million in market cap early this morning, hitting an all-time high, and has since pulled back to $8.3 million. It has recorded a 111% 24-hour price increase and a $8.7 million 24-hour trading volume. GRASS combines the internet meme "Touch Grass" with the gameplay of a stock-themed Pokémon GO. The project is officially positioned as a game, where tokenized fractional shares of real stocks (including AAPL, NVDA, TSLA, GME, etc., on Robinhood Chain) "spawn" at the physical locations of their respective companies—such as Apple Stores, GameStop outlets, Tesla showrooms, etc. Users can claim these tokenized stock fractions to their wallets by tapping on them when nearby. BlockBeats reminds users that most meme coins lack practical use cases and are highly volatile; please protect your assets and avoid FOMO.
3 minutes ago
Bitcoin is once again exhibiting characteristics of an "amplified version of gold", though the four-year cycle theory warns that the market still faces downside risks ahead.
Bitcoin has recently re-emerged as a safe-haven asset, hitting a four-month high of $82,262 this week before pulling back to around $79,800. André Dragosch, head of European research at Bitwise, said that amid rising macroeconomic uncertainty and currency devaluation risks, investors are increasingly viewing Bitcoin less as a high-risk tech asset and more as a store of value. Dragosch noted that Bitcoin’s 90-day price correlation with gold is near its highest level in six years. He argued that as macro forces strengthen and currency devaluation risks rise, investors are blurring the lines between Bitcoin and gold, with the cryptocurrency recently acting as an “amplified version of gold”. However, the four-year cycle theory remains a headwind for Bitcoin’s outlook. The theory links Bitcoin’s bull-bear cycles to its halving events. Fidelity projects that if historical cycle patterns hold, Bitcoin’s next bear market bottom could land around November 2026. Alex Thorn, head of research at Galaxy, previously estimated that the baseline scenario for this correction would bottom in the $40,000 to $46,000 range. Chris Kuiper, vice president of research at Fidelity Digital Assets, argued that the four-year cycle is not an exact timing rule, meaning it does not guarantee Bitcoin will decline later this year, and a long-term perspective and holding period have historically been more beneficial for investors.
3 minutes ago
Circle Details cirBTC Reserve Mechanism, Emphasizing 1:1 BTC Backing, Segregated Custody and On-Chain Reserve Verification
Circle recently released details on the reserve mechanism for its wrapped Bitcoin product cirBTC, emphasizing that cirBTC is backed 1:1 by native BTC, with segregated asset custody and an on-chain verifiable reserve model. According to Circle, cirBTC is now live on Ethereum; it will offer native support after the Arc mainnet launches, and plans to gradually expand to more blockchains. Each cirBTC is 1:1 backed by one native BTC and can be redeemed for native BTC at a 1:1 ratio. For reserve management, the relevant BTC is held by a Circle affiliate and custodied by Circle National Trust, which is regulated by the U.S. Office of the Comptroller of the Currency (OCC). Reserve assets are segregated from Circle’s corporate assets and used exclusively to protect cirBTC holders’ rights and interests. Furthermore, Circle enables on-chain reserve verification via public BTC reserve addresses and the Chainlink Proof of Reserve mechanism. Market participants can monitor the size of reserve BTC and compare it with cirBTC circulating supply on each supported chain to confirm that cirBTC circulation does not exceed the underlying BTC reserve. Circle noted that this model is designed to provide institutions with a more transparent wrapped BTC reserve standard, and to support BTC as collateral for on-chain smart contract use cases including lending, trading, and settlement.
Uniswap co-founder: AMC CEO attempted overreach in law enforcement, and stock tokenization was carefully structured in a legal manner.
Uniswap co-founder Hayden Adams has joined the debate between AMC CEO and Robinhood over the legalization of tokenized stocks. Adams noted that the AMC CEO is hearing about tokenized stocks for the first time and is attempting over-enforcement, adding that tokenized stocks were carefully structured in a legal manner by former SEC commissioners.
5 minutes ago
Iranian media: Missile attack hits US targets in northern Jordan
According to Tasnim News Agency, a source said that a loud explosion was heard in Jordan, and a U.S. target in northern Jordan was hit by a missile.
5 minutes ago
AMC CEO launches fresh attack on Robinhood; MEME token accelerates decline, falling below $40 million
AMC CEO Adam Aron once again targeted Robinhood on X, harshly criticizing the firm for promoting offshore stock tokens on its U.S. website. Aron alleges Robinhood is essentially evading the spirit of securities laws and operating an unauthorized synthetic market. In apparent reaction to the news, MEME has accelerated its decline, falling below $40 million in market capitalization to a current level of $38.82 million, per GMGN data.
5 minutes ago
Trump: Strong jobs data, yet the stock market is falling, and high interest rates are the culprit.
Trump released a post stating: "We just got outstanding jobs data. The market should rally given our improved credit and economic conditions, but as has been the case over the past 25 years, the stock market is falling anyway. This is because we live in a false reality where if things go well, we must 'kill it' out of 'fear' of inflation. It should be the opposite, and that is how things operated until 25 years ago. If we cling to this theory, we will never achieve the real economic prosperity our country deserves, because every time we perform well, foolish people immediately want to halt this positive upward momentum. Growth does not cause inflation! This morning, as soon as I saw these strong jobs numbers, I knew the market should have skyrocketed, but instead it dropped. Our GDP growth rate should be 15% to 20%, not 2%, 3% or 4%; the U.S. should be far more financially robust than it is now. Debt should be repaid, and all sorts of other benefits should be realized. Remember, every one percentage point increase in interest rates costs the U.S. $650 billion annually. We should adopt the lowest interest rates in the world, because we keep everything running and bring massive economic wealth to countries that might otherwise be struggling!"
5 minutes ago
US stocks have maintained low volatility for 25 consecutive days, marking the longest such stretch since May 1992.
According to market data, the CBOE Volatility Index (VIX), the benchmark gauge for U.S. stock market volatility tied to the S&P 500, has closed in the 14 to 17 point range for 25 consecutive trading days — the longest such stretch since May 1992. Over the past 34 years, the only comparable period occurred in 2025, with the streak lasting 24 trading days. Meanwhile, the S&P 500 has not posted a decline of at least -1.0% across 26 consecutive trading days, leaving the market in an unusually calm phase.
5 minutes ago
Hyperliquid will cut the minimum order notional amount for its prediction markets from $10 to $1.
Hyperliquid announced that in its upcoming network upgrade, it will lower the minimum notional amount for outcome orders (prediction market result token orders) from $10 to $1. Meanwhile, deployers will be able to query their remaining quota via the outcomeDeployerLimits information request interface.
Uniswap co-founder: AMC CEO attempted overreach in law enforcement, and stock tokenization was carefully structured in a legal manner.
Uniswap co-founder Hayden Adams has joined the debate between AMC CEO and Robinhood over the legalization of tokenized stocks. Adams noted that the AMC CEO is hearing about tokenized stocks for the first time and is attempting over-enforcement, adding that tokenized stocks were carefully structured in a legal manner by former SEC commissioners.
5 minutes ago
Iranian media: Missile attack hits US targets in northern Jordan
According to Tasnim News Agency, a source said that a loud explosion was heard in Jordan, and a U.S. target in northern Jordan was hit by a missile.
5 minutes ago
AMC CEO launches fresh attack on Robinhood; MEME token accelerates decline, falling below $40 million
AMC CEO Adam Aron once again targeted Robinhood on X, harshly criticizing the firm for promoting offshore stock tokens on its U.S. website. Aron alleges Robinhood is essentially evading the spirit of securities laws and operating an unauthorized synthetic market. In apparent reaction to the news, MEME has accelerated its decline, falling below $40 million in market capitalization to a current level of $38.82 million, per GMGN data.
5 minutes ago
Trump: Strong jobs data, yet the stock market is falling, and high interest rates are the culprit.
Trump released a post stating: "We just got outstanding jobs data. The market should rally given our improved credit and economic conditions, but as has been the case over the past 25 years, the stock market is falling anyway. This is because we live in a false reality where if things go well, we must 'kill it' out of 'fear' of inflation. It should be the opposite, and that is how things operated until 25 years ago. If we cling to this theory, we will never achieve the real economic prosperity our country deserves, because every time we perform well, foolish people immediately want to halt this positive upward momentum. Growth does not cause inflation! This morning, as soon as I saw these strong jobs numbers, I knew the market should have skyrocketed, but instead it dropped. Our GDP growth rate should be 15% to 20%, not 2%, 3% or 4%; the U.S. should be far more financially robust than it is now. Debt should be repaid, and all sorts of other benefits should be realized. Remember, every one percentage point increase in interest rates costs the U.S. $650 billion annually. We should adopt the lowest interest rates in the world, because we keep everything running and bring massive economic wealth to countries that might otherwise be struggling!"
5 minutes ago
US stocks have maintained low volatility for 25 consecutive days, marking the longest such stretch since May 1992.
According to market data, the CBOE Volatility Index (VIX), the benchmark gauge for U.S. stock market volatility tied to the S&P 500, has closed in the 14 to 17 point range for 25 consecutive trading days — the longest such stretch since May 1992. Over the past 34 years, the only comparable period occurred in 2025, with the streak lasting 24 trading days. Meanwhile, the S&P 500 has not posted a decline of at least -1.0% across 26 consecutive trading days, leaving the market in an unusually calm phase.
5 minutes ago
Hyperliquid will cut the minimum order notional amount for its prediction markets from $10 to $1.
Hyperliquid announced that in its upcoming network upgrade, it will lower the minimum notional amount for outcome orders (prediction market result token orders) from $10 to $1. Meanwhile, deployers will be able to query their remaining quota via the outcomeDeployerLimits information request interface.
Hyperliquid (HYPE) surged to a record high of $88, demonstrating robust growth in an otherwise dynamic cryptocurrency landscape. Data from CoinGecko shows that HYPE’s value climbed 5.2% over the past 24 hours, rose 18.5% across the last 14 days, and grew more than 51% in the previous month.
Surge in user activity and platform growthHyperliquid, a decentralized derivatives exchange, has attracted notable attention in 2026 as traders increasingly turn to the platform for futures trading, especially with commodities like oil. This uptick in participation is largely attributed to Hyperliquid’s 24/7 trading capabilities, making it appealing for active market participants worldwide.
As user activity intensified, the exchange saw an increase in transaction fee collection. The platform directs these fees to buy back its native HYPE token, reducing the token’s circulating supply and placing upward pressure on its price. This cycle of fee-driven buybacks is widely recognized as a significant factor behind the recent price acceleration.
Mini dictionary: Hyperliquid, a decentralized crypto exchange, enables perpetual futures trading without a central authority, offering continuous market access and direct on-chain settlement for users.
Institutional optimism and market sentimentHYPE’s strong performance also followed remarks from President Donald Trump, who expressed support for digital assets at a White House event. Trump stated that Michael Selig, Chair of the Commodity Futures Trading Commission (CFTC), is working toward bringing Hyperliquid’s platform to the US market. While an official launch date has not been announced, these developments have contributed to heightened optimism among investors and traders.
Market watchers cited the influence of wider crypto market trends as another catalyst. The Federal Reserve’s latest communication, delivered by Governor Christopher Waller, suggested that interest rates may remain steady if inflation shows no significant change. Many traders are now anticipating a potential rate reduction later in the year, fueling an ongoing rally in several digital assets.
Recent moves to buy back HYPE tokens, reduced circulating supply, and rising user activity have all been credited for the surge to new highs. Market observers say investor sentiment notably improved after President Trump signaled regulatory support for Hyperliquid’s prospective US rollout.
Outlook for HYPE price and potential US expansionIf Hyperliquid secures approval to operate in the United States, analysts believe the exchange’s native token could experience further momentum. A US launch may attract a broader investor base, potentially allowing HYPE to challenge the $100 mark within the year.
The synchronized effect of platform growth, favorable macroeconomic signals, and regulatory discussions has placed HYPE among the top performing cryptocurrencies of 2026.
PeriodHYPE Price Change24 hours+5.2%14 days+18.5%1 month+51%Investors and analysts are watching closely for any official updates on Hyperliquid’s expansion plans and the evolving regulatory environment in the US. HYPE’s performance remains subject to further developments in macroeconomic policy and digital asset oversight.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
According to on-chain analyst Ai Yi (@ai_9684xtpa), the smart money address yixie10 has accumulated over $9.503 million in profits from long positions in ZEC. Per the provided screenshot, the address holds $20 million in ZEC long positions (leveraged 2x), with a realized profit of $1.038 million and an unrealized profit of $8.465 million; no take-profit target has been set yet. The address was previously active primarily on Hyperliquid, having earned over $6.5 million from bets on the AI sector.
Uniswap co-founder: AMC CEO attempted overreach in law enforcement, and stock tokenization was carefully structured in a legal manner.
Uniswap co-founder Hayden Adams has joined the debate between AMC CEO and Robinhood over the legalization of tokenized stocks. Adams noted that the AMC CEO is hearing about tokenized stocks for the first time and is attempting over-enforcement, adding that tokenized stocks were carefully structured in a legal manner by former SEC commissioners.
4 minutes ago
Iranian media: Missile attack hits US targets in northern Jordan
According to Tasnim News Agency, a source said that a loud explosion was heard in Jordan, and a U.S. target in northern Jordan was hit by a missile.
4 minutes ago
AMC CEO launches fresh attack on Robinhood; MEME token accelerates decline, falling below $40 million
AMC CEO Adam Aron once again targeted Robinhood on X, harshly criticizing the firm for promoting offshore stock tokens on its U.S. website. Aron alleges Robinhood is essentially evading the spirit of securities laws and operating an unauthorized synthetic market. In apparent reaction to the news, MEME has accelerated its decline, falling below $40 million in market capitalization to a current level of $38.82 million, per GMGN data.
4 minutes ago
Trump: Strong jobs data, yet the stock market is falling, and high interest rates are the culprit.
Trump released a post stating: "We just got outstanding jobs data. The market should rally given our improved credit and economic conditions, but as has been the case over the past 25 years, the stock market is falling anyway. This is because we live in a false reality where if things go well, we must 'kill it' out of 'fear' of inflation. It should be the opposite, and that is how things operated until 25 years ago. If we cling to this theory, we will never achieve the real economic prosperity our country deserves, because every time we perform well, foolish people immediately want to halt this positive upward momentum. Growth does not cause inflation! This morning, as soon as I saw these strong jobs numbers, I knew the market should have skyrocketed, but instead it dropped. Our GDP growth rate should be 15% to 20%, not 2%, 3% or 4%; the U.S. should be far more financially robust than it is now. Debt should be repaid, and all sorts of other benefits should be realized. Remember, every one percentage point increase in interest rates costs the U.S. $650 billion annually. We should adopt the lowest interest rates in the world, because we keep everything running and bring massive economic wealth to countries that might otherwise be struggling!"
4 minutes ago
US stocks have maintained low volatility for 25 consecutive days, marking the longest such stretch since May 1992.
According to market data, the CBOE Volatility Index (VIX), the benchmark gauge for U.S. stock market volatility tied to the S&P 500, has closed in the 14 to 17 point range for 25 consecutive trading days — the longest such stretch since May 1992. Over the past 34 years, the only comparable period occurred in 2025, with the streak lasting 24 trading days. Meanwhile, the S&P 500 has not posted a decline of at least -1.0% across 26 consecutive trading days, leaving the market in an unusually calm phase.
4 minutes ago
Anthropic’s strategic deployment of in-house payment technology could erode Stripe’s market share.
Beating AI Express (from Dongcha) reports: Recent job postings reveal that Anthropic is planning to develop more in-house billing, fraud detection, and other financial infrastructure, while evaluating which payment-related services can be built internally instead of relying on external service providers. The postings show Anthropic has not yet finalized decisions on whether to further develop its own tools in areas including payments, billing, and tax processing, or continue procuring solutions from external providers. One senior software engineer position focused on billing requires assisting the company with technical selection: determining which business lines will continue development on external provider platforms, and which scenarios necessitate building their own underlying foundational modules around those external platforms.
WhiteBIT Coin (WBT), Hyperliquid (HYPE), and Rain (RAIN) all printed all-time highs within the past 10 days. All three altcoins now trade just beneath those records rather than rolling over.
Two of the three sit within roughly 3% of a new peak. RAIN needs a far larger move, which makes it the outside bet of the group heading into the weekend.
WBT Price Sits 2.7% Below Its RecordWBT trades at $73.05 after gaining 1.49% in 24 hours, giving it a market capitalization of nearly $8.6 billion. The token set its record of $74.87 on Aug. 25.
Price action has stayed in discovery mode since WBT cleared its former peak at $64.43. An ascending parallel channel formed in early February, broke down before the June selloff to $42.38, then recovered on Aug. 21.
WBT daily chart / Source: TradingviewThe upper channel band near $72.50 has since held as support. Resistance runs from $73.50 to $75.05. WBT approached similar territory in early August without breaking through. Meanwhile, the relative strength index (RSI) reads 69, down from 80 in late August, which indicates cooling momentum.
HYPE Price Needs 3.1% for a New All-Time HighHYPE changed hands at $85.39 after a 3.36% daily gain. Its market capitalization is near $19 billion, ranks 10th by size, and its record of $88.06 arrived on Sept. 3.
Two objectives sit above the spot. A new peak requires 3.1%. The 1.272 Fibonacci extension at $92.37 demands 8.2% and caps a supply band starting at $88.50. Hyperliquid already featured among the altcoins flagged for September.
HYPE daily chart / Source: TradingviewSupport starts at the former record of $77.00. Below that, an ascending trendline from the February low runs near $57. It converges with the 0.618 Fibonacci level at $55.41 and has held three times since March. RSI near 66 suggests strength is fading, though HYPE has still gained about 70% since Aug. 2.
RAIN Price Must Climb 17% to Set a RecordRAIN trades at $0.01661 for a market capitalization near $11.8 billion. Its record of $0.01943 dates to Aug. 25, so a new peak this weekend would take almost 17%. That makes RAIN the least likely of the three.
Longer-term structure still favors buyers. A late-May breakout lifted RAIN from $0.0067, and the token has built higher lows while holding the $0.01624 shelf. RAIN traded near record levels in mid-July as well.
RAIN daily chart / Source: TradingviewResistance sits at the 1.272 Fibonacci extension of $0.01884, roughly 3% under the record. Support follows at $0.01420 and $0.01259. However, volume has thinned for four sessions and RSI has slipped from 78 to 60. Momentum may not carry price that far.
Hyperliquid ekosisteminin yerel tokenı HYPE, güçlü performansıyla dikkat çekmeye devam ederken Multicoin Capital’in gerçekleştirdiği yeni satış piyasada soru işaretleri oluşturdu. Blockchain analiz platformu Arkham Intelligence verilerine göre Multicoin, elindeki HYPE varlıklarının yüzde 10’unu daha sattı. Bu işlemin ardından yatırım şirketinin zirvede tuttuğu yaklaşık 4 milyon HYPE’lik pozisyonun yalnızca yüzde 25’inden biraz fazlasını elinde bulundurduğu belirtiliyor.
Multicoin HYPE Varlıklarının Yüzde 10’unu Daha Sattı Multicoin Capital, HYPE tokenlarını Şubat ve Mart ayları arasında biriktirmeye başlamış ve pozisyonunu altı aydan uzun süre taşımıştı. Ancak son dönemde gerçekleştirilen transferler, yatırım şirketinin pozisyonunu kademeli olarak azaltmaya başladığını gösteriyor. Bu hafta başında toplam 261.555 HYPE, üç ayrı işlemle Coinbase Prime’a aktarıldı. Transfer edilen tokenların toplam değerinin yaklaşık 21,7 milyon dolar olduğu belirtilirken, işlemlerin HYPE fiyatının zirve seviyelerine yakın seyrettiği dönemde gerçekleşmesi dikkat çekti.
İlginizi Çekebilir: Bu Token İçin Geri Alım Kararı Geldi: Fiyat Yükseldi!
Multicoin’in HYPE satışları, şirketin token hakkındaki uzun vadeli olumlu görüşünü tamamen değiştirmiş görünmüyor. Şirket Haziran ayında yayımladığı analizde HYPE için 319 dolarlık bir değerleme hedefi ortaya koymuştu. Bu tahmin, Hyperliquid’in türev piyasasındaki payının büyümesi, kripto türev işlem hacminin yıllık yüzde 35 artması ve platformdaki USDC bakiyelerinin işlem hacmiyle birlikte yükselmesi gibi varsayımlara dayanıyor. Multicoin’in analizinde ayı senaryosu 109 dolar, boğa senaryosu ise 689 dolar olarak değerlendirildi.
HYPE Fiyatında Teknik Görünüm İzleniyor HYPE, son dönemde güçlü bir yükseliş performansı sergileyerek tüm zamanların en yüksek seviyesi olan 88 dolara kadar çıktı. Ardından sınırlı bir geri çekilme yaşayan token, halen 85 doların üzerinde işlem görüyor. Ancak teknik görünümde satış baskısının artması halinde daha derin bir düzeltme ihtimali bulunuyor. Piyasa gözlemcisi Swarmik, dört saatlik grafik üzerinden HYPE için yüzde 17,2 seviyesinde bir düşüş ihtimaline dikkat çekti. Analizde 76,77 dolar, 72,68 dolar ve 68,49 dolar seviyeleri olası aşağı yönlü hedefler olarak öne çıkarılıyor.
HYPE fiyatında mevcut yükseliş trendinin korunabilmesi için özellikle 76,77 dolar ve 72,68 dolar bölgelerinin takip edilmesi önem taşıyor. Bu seviyelerin üzerinde kalıcılık sağlanması, yaşanabilecek geri çekilmelerin yalnızca kısa vadeli kâr satışları olarak kalmasını sağlayabilir. Buna karşılık destek bölgelerinin artan hacimle kırılması, teknik görünümde daha güçlü bir düzeltmenin başladığına işaret edebilir. Multicoin’in satışları da devam ederse piyasadaki arz baskısı kısa vadede HYPE fiyatının momentumunu zorlayabilir.
Değerlendirme HYPE uzun vadede güçlü büyüme beklentilerine sahip olsa da Multicoin Capital’in kademeli satışları kısa vadede yatırımcıların dikkat etmesi gereken bir risk oluşturuyor. Tokenın 86,71 dolarlık zirveyi yeniden test edip edemeyeceği kadar, geri çekilmelerde 76,77 dolar ve 72,68 dolar desteklerinin korunup korunmayacağı da kritik olacak. Özellikle balina transferleri, işlem hacmi ve piyasa yapısındaki değişimler HYPE’nin bir sonraki yönünü belirlemede önemli rol oynayabilir.
Son dakika kripto para haberleri için hemen tıkla.
Konu ile ilgili yorumlarınızı bize yazabilirsiniz. Ayrıca, bu tarz bilgilendirici içeriklerin devamının gelmesini isterseniz, bizleri Telegram, Youtube ve Twitter kanallarımızdan takip edebilirsiniz.
At an Unchained panel, lawyers from the Hyperliquid Policy Center, WilmerHale, and Temporal argued perpetual futures are futures rather than swaps, days after the CFTC asked a judge to throw out CME’s challenge to that classification.
Cathy Yoon, General Counsel at Temporal, Tiffany J. Smith, Partner at WilmerHale, and Jake Chervinsky, CEO of Hyperliquid Policy Center, join Laura Shin at the Real World Assets Summit
Original Image Credits: RWA Summit Brooklyn 2026
Posted September 3, 2026 at 6:13 pm EST.
As the fight over how the US will regulate perpetual futures escalates in court, a panel of legal experts hosted by Unchained came down on the government’s side of the core question. Lawyers from the Hyperliquid Policy Center, WilmerHale, and Temporal argued that perps are best classified as futures rather than swaps, the reading the CFTC adopted and that CME Group is now suing to overturn.
The distinction decides who can trade the product. A swap is largely an institutional instrument that cannot trade to a retail audience on a registered exchange, while a future can. “The key issue here is who will have access to this innovative financial product here in the US,” said Jake Chervinsky, founder and CEO of the Hyperliquid Policy Center, who argued perps “should be classified as futures.”
Where the confusion came from Tiffany J. Smith, a partner at the law firm WilmerHale, said on the panel that “the future is a better category for them” because perps are standardized, not bilateral like most swaps. She traced the swaps view to the “regulation by enforcement environment we had years ago,” citing “five different CFTC enforcement actions” in which “the CFTC took the position that perps were swaps.” Cathy Yoon, general counsel of Temporal, said she was “obviously in the futures camp.”
The court fight behind it Their arguments cut against CME, which sued the CFTC in June, contending perpetual contracts are swaps under the Commodity Exchange Act and that the agency sidestepped the swaps regime when it approved the products at Kalshi and Coinbase. On Sept. 2, the CFTC asked a federal judge to dismiss the suit, calling it “much ado about nothing” and arguing CME has no standing because it is free to list the same contracts itself.
The panelists spoke at the Real World Asset Summit, where Chervinsky noted CME had been slated to join the discussion before pulling out. With the classification now in front of a judge, the question the panel worked through is the one the court will have to answer.
Related Listen: The Chopping Block: Is Strategy the Luna for Suits?, ETH Labs Shakeup & CME vs Perps
AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.
Ansem: Over 10 billion-dollar crypto protocols could emerge in the next 18 months.
Crypto KOL Ansem published a post stating that over the next 12 to 18 months, the crypto industry will see more than 10 protocols grow from scratch to a valuation of over $1 billion. He attributes this trend primarily to the ongoing migration of real-world assets (RWA) onto blockchains. Meanwhile, more skilled developers are coming to recognize that the crypto sector enables immediate incentive alignment, boosting their willingness to participate; continuously evolving AI models will also lower the barriers to protocol development.
9 minutes ago
Crypto meme project GME briefly surges past $11 million, hitting an all-time high.
According to GMGN data, the stock-meme project GME (Greatest Meme Ever) on Robinhood Chain saw its market cap briefly surge past $11 million within five hours of launch, before pulling back to $7.1 million, with trading volume reaching $8.7 million. GME uses stock trading platform Robinhood, pairing its liquidity pool with the tokenized version of U.S. stock GameStop (ticker: GME), and provides liquidity via a GME/GME trading pair. BlockBeats Note: Stock Meme is an emerging concept that combines traditional meme coins with tokenized U.S. stocks: instead of pairing meme coins with USDT or ETH, they are directly matched with on-chain U.S. stock tokens (such as NVDA, TSLA, AAPL, etc.). This model retains meme coins' high volatility and community-driven speculative attributes, while leveraging the popularity and narrative of real stocks. A portion of transaction fees is often channeled back to the community treasury to accumulate corresponding U.S. stock tokens, forming a dual-driven model of "sentiment speculation + real asset anchoring". Prices are highly volatile; investors should exercise caution.
9 minutes ago
Huobi HTX has launched perpetual contracts for GPRO, LMT, and SMIC.
Per official announcement, Huobi HTX launched GPRO/USDT, LMT/USDT, and SMIC/USDT perpetual contracts on September 4, supporting 1x to 20x long and short positions. Meanwhile, from now until 15:00 UTC+8 on September 8, Huobi HTX is hosting a new contract token trading contest: users who complete registration, trade the eligible token contracts, and meet the specified thresholds will have the chance to split the total prize pool of 1 billion $HTX.
9 minutes ago
GPT-6 Astra Claims Top Spot in Perplexity’s Research Agent Rankings: 13.5% More Performant Than Fable 5.1, 6.1% Cheaper
From Beating AI Express: Perplexity used its proprietary agent benchmark WANDR to test GPT-6 Astra, which scored 0.682 — the highest mark of any model tested to date. The average cost per task came to $11.98. Compared to Claude Fable 5.1, Astra’s score is 13.5% higher, while its cost is 6.1% lower; versus Opus 5, the score is 27% higher, with a cost increase of only 3.3%. WANDR is tailored to evaluate "broad and deep" research tasks, featuring 500 real-world research assignments that require agents to not just find partial answers, but to identify all eligible entities, verify each entity’s information and identity, and attach verifiable sources to every result. Typical tasks include competitor research, due diligence, literature retrieval, market analysis, and talent search. Prior to this, Fable 5.1 held the top spot with a score of 0.601 and $12.76 per task, while Opus 5 scored 0.537 at $11.60 per task. Astra’s performance has notably lifted the benchmark score, and this gain was not driven by inflated costs.
9 minutes ago
An address purchased MEME at a low point, netting $964,000 in profit.
On-chain analyst Ai Yi (@ai_9684xtpa) monitored that address 0xf7b…3fe48 invested $1,138 to buy MEME when its price was approximately $0.0001112. The address has now accumulated a profit of around $964,000, with a return rate of 83,677%. It still holds 88.5% of its initial position and currently ranks second on the MEME profit leaderboard.
9 minutes ago
OKX's Flash Earn Lite launches the DOS "Stake to Earn" program, allowing users to split 650,000 DOS in rewards.
According to official announcements, OKX’s Flash Earn Lite will launch the DOS "Stake to Earn" program from 15:00 UTC+8 on September 10, 2026 to 15:00 UTC+8 on September 15, 2026. During the event, users who lock BTC, OKB, or DOS to subscribe will share the 650,000 DOS airdrop reward pool. Early subscription is open starting from 15:00 UTC+8 on September 5, 2026, with rewards calculated from the official event start. Additionally, starting with this event, users can directly use assets from their flexible Simple Earn wallets to subscribe to Flash Earn’s Stake to Earn programs. Participation is available via the event link or by selecting "Flash Earn" at the top of the OKX App’s Explore page.
Hyperliquid is expanding its HIP-3 framework with optional features that will let independent deployment teams create permissioned markets using on-chain allowlists while retaining control over access and operations.
HIP-3 Adds Optional Permissioned Markets Hyperliquid unveils HIP-3 as an optional extension that will allow independent deployment teams to create permissioned markets through deployer controlled onchain allowlists. Hyperliquid co-founder Jeffrey Yan said deployers or their appointed sub-deployers will manage these lists, giving individual operators control over who can access their markets.
The upgrade remains optional and will not alter existing HIP-3 markets. Teams that do not require permissioned access can continue operating under the current framework. Hyperliquid has already released the first version of HIP-3 on testnet, although its specifications remain preliminary and could change following feedback.
HIP-3 allows independent teams to launch perpetual futures markets on HyperCore without requiring approval from Hyperliquid’s core development team. Deployers can manage assets, oracles, leverage limits and fee structures while retaining responsibility for operating and settling their markets.
Hyperliquid Keeps Deployers in Control HIP-3 extends that model by giving market operators additional tools to meet requirements tied to their individual deployments. Hyperliquid provides the underlying onchain infrastructure, while independent deployers maintain responsibility for how their markets operate.
The permissioned model could allow deployment teams to restrict market participation when their operations require access controls. However, the testnet design is not final, leaving room for technical changes before the features reach a wider release.
Hyperliquid has described its broader role as a neutral infrastructure layer for financial markets. Under that structure, deployers using HIP-3 remain independent operators rather than having Hyperliquid manage access rules on their behalf.
US Perpetual Futures Talks Await Approval The HIP-3 development comes as Hyperliquid Labs and Kraken parent Payward discuss a separate structure that could bring selected crypto perpetual futures to US traders through regulated derivatives exchange Bitnomial.
Payward has presented the proposed arrangement to the Commodity Futures Trading Commission. However, any launch would still require regulatory clearance, and no approval has been confirmed.
The proposed setup would allow eligible Bitnomial customers to trade selected futures linked to crypto assets using Hyperliquid technology.
The discussions remain separate from the HIP-3 testnet rollout, which focuses on giving independent market deployers optional permissioning tools.
For more options in self-custodial markets, traders can compare top-tier venues in our guide to the best crypto futures trading platforms.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
According to Lookonchain’s monitoring, Abraxas Capital added 16,554 spot ETH to its holdings over the past 12 hours, valued at approximately $39.8 million. Concurrently, its two hedge accounts on Hyperliquid hold a combined 120,178 ETH short positions, worth around $291.4 million.
Abraxas Capital, a London-based digital asset firm managing over $4 billion, just scooped up 16,554 ETH worth roughly $39 million. At the same time, the firm is sitting on 120,178 ETH in short positions on Hyperliquid, the decentralized perpetual futures exchange.
The two-sided trade The firm’s short exposure on the platform has frequently exceeded $700 to $900 million in gross positions across ETH, Bitcoin, and Solana. Of that, Ethereum consistently accounts for the largest single-asset chunk, with ETH shorts ranging between $120 million and $194 million depending on the day.
Earlier in August, Abraxas withdrew 73,872 ETH from Binance over a four-day stretch, a haul worth approximately $173 million. The latest 16,554 ETH purchase adds to that accumulation pattern.
Advertisement
Abraxas is collecting ETH at spot prices while using short positions to earn funding rates and hedge against downside risk. When the market pays you to hold shorts (because long traders are paying a premium), you can accumulate the underlying asset while your short positions generate yield.
Profits in the hundreds of millions On August 29, Abraxas posted a $21 million profit in a single 24-hour window, generated from a portfolio containing $472 million in short positions. That kind of daily return, roughly 4.4% on the short book alone, illustrates why the firm keeps scaling into this approach.
The total short exposure has at times ballooned to between $598 million and $783 million across all assets on Hyperliquid. On-chain analysts have been tracking Abraxas’s wallets closely, and the firm frequently ranks among the platform’s top traders by volume.
Why Hyperliquid matters here Hyperliquid operates on its own Layer-1 blockchain and has carved out a niche as the go-to venue for on-chain perpetual futures trading. Its native token, HYPE, has attracted attention partly because institutional players like Abraxas are generating enormous volume on the platform.
What this means for the ETH market The dual approach of accumulating spot ETH while maintaining enormous short positions suggests Abraxas is positioning for multiple scenarios. If ETH drops, the shorts profit. If ETH rises, the spot holdings appreciate. And regardless of direction, funding rates from perpetual futures provide a steady income stream.
A sudden ETH rally would generate unrealized losses on the shorts that need to be managed carefully, even if the spot book offsets some of that pain. Abraxas has faced unrealized losses during volatile stretches, though cumulative profits have remained positive.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Ansem on Shifting Mindsets Between Bull and Bear Markets: To Capture Maximum Profits in a Bull Market, You Have to Relearn to 'Dream'
Crypto trader Ansem says the hardest part of transitioning from a bear market to a bull market is that the strategies that helped you survive and profit in a bear market will end up losing you money in a bull market. If you’re still making money from short-term, high-frequency trading right now, that demonstrates strong trading skills. But to capture the largest gains of a bull market, you need to re-learn to "dream"—meaning daring to hold spot assets and embrace long-term positions. Ansem’s advice for those already profitable is to allocate a portion of their positions to long-term holdings, while using the remaining capital to continue short-term trading as usual. Meanwhile, Ansem once again posted to call for buying ZEC, stating that purchasing ZEC at $948 is equivalent to buying Bitcoin at $948. Per HTX market data, ZEC is currently trading at $948, with a 24-hour increase of over 16%.
5 hours ago
28x surge in a single day! Apple-linked meme coin ICOIN crosses $5.5 million in market cap
According to GMGN market data, Robinhood Chain’s crypto-stock meme token ICOIN has hit a market cap of over $5.5 million, reaching a recent high and approaching its all-time peak of $5.8 million. The token has rallied more than 28 times in 24 hours, with a trading volume of $8.9 million. ICOIN is paired with tokenized U.S. stock Apple (AAPL). BlockBeats Note: Crypto-stock meme (Stock Meme) is an emerging concept merging traditional meme coins with tokenized U.S. stocks. Unlike standard meme coins paired with USDT or ETH, these tokens form trading pairs directly with on-chain U.S. stock tokens (e.g., NVDA, TSLA, AAPL). This model retains meme coins’ high volatility and community-driven speculative traits while leveraging real stocks’ popularity and narratives. A portion of transaction fees often flows back to the community treasury to accumulate corresponding U.S. stock tokens, creating a dual-driven framework of "sentiment speculation + real asset anchoring". Price volatility is significant; investors should exercise caution.
5 hours ago
Robinhood-linked meme token NUDES hits a new all-time high as its market cap tops $23 million.
According to GMGN data, the stock-meme project NUDES on Robinhood Chain has hit a new all-time high with a market cap exceeding $23 million, surging over 113% in 24 hours and logging a trading volume of $13.9 million. NUDES is paired with tokenized US stock Snap, trading under the ticker SNAP. BlockBeats Note: Stock Meme is an emerging concept that combines traditional meme coins with tokenized US stocks: instead of pairing meme coins with USDT or ETH, they are matched directly with on-chain US stock tokens (such as NVDA, TSLA, AAPL, etc.). This model retains meme coins’ high volatility and community-driven speculative traits while leveraging the popularity and narrative of real stocks. A portion of transaction fees often flows back to the community treasury to accumulate corresponding US stock tokens, forming a dual-driven model of "sentiment speculation + real asset anchoring". Prices are highly volatile; investors should exercise caution.
5 hours ago
Trader Loracle’s unrealized losses on short positions in CASHCAT and PONS have expanded to $2.4 million.
According to TradingBeats’ monitoring, trader Loracle has opened 3x leveraged short positions on CASHCAT and PONS, with a combined short position value of roughly $13 million. As CASHCAT’s market cap breaks through $300 million to a new all-time high, and PONS nears its own $600 million peak, the trader’s unrealized loss has climbed to approximately $2.4 million. The CASHCAT short position is valued at around $6.6 million, with an average entry price of $0.23, leading to an unrealized loss of about $1.1 million. The PONS short position is worth roughly $6.3 million, with an average entry price of $0.47, and an unrealized loss of approximately $1.3 million. On-chain perpetual contract and address analysis tool TradingBeats is now live, supporting real-time access to Hyperliquid data, with in-depth analysis covering everything from address tracing to whale operations, all available at a glance.
5 hours ago
Jiang Zhuoer recapped his trading operations: He bought 4,000 ETH at the $2,380 bottom, but closed his position too early, missing out on potential profits.
Jiang Zhuoer, founder of BTC.TOP (莱比特矿池), shared his recent trading operations, announcing he will no longer trade ETH perpetual contracts, citing excessive candlestick wicks that disrupt his trading mindset. For instance, he bought 4,000 ETH at $2,380 last night in a bottom-fishing move, originally setting a take-profit order at $2,493. However, a sharp candlestick wick pushed ETH down to $2,367 this morning, prompting him to decide to close his position once ETH rebounded to $2,403. ETH indeed rallied to his $2,493 take-profit target tonight. Crucially, BTC’s candlestick did not have such a wick. Going forward, he plans to use WBETH as margin, trade BTC perpetual contracts without leverage (maxing out at a full position), and hold all funds in ETH spot when not actively trading.
5 hours ago
Oman Rejects Iran's Proposal to Impose Fees on the Strait of Hormuz
According to a New York Post report, Oman has quietly rejected Iran’s proposal to charge commercial vessels fees in the Strait of Hormuz. A regional official with knowledge of the matter stated that Oman refused to agree to collecting environmental and security fees, even if they were voluntary. Iran’s Revolutionary Guard Corps’ earlier claim that the two sides had reached an agreement is untrue. A U.S. official noted that the terms of Iran’s proposed revenue-sharing agreement had not even been finalized by Tehran. Earlier, after Iranian Foreign Minister Hossein Amir-Abdollahian and Omani Foreign Minister Badr bin Hamad Al Busaidi held talks in Tehran, Revolutionary Guard Corps spokesperson Hossein said the two countries had reached an agreement on the division of waters in the Strait of Hormuz and revenue sharing.
Hyperliquid has introduced a preliminary HIP-3 testnet upgrade that lets independent deployment teams control access to perpetual futures markets through deployer-managed on-chain allowlists.
Summary
HIP-3 deployers can choose whether to restrict access to their independently operated markets. On-chain allowlists can be managed by deployers or sub-deployers appointed by them. Existing HIP-3 markets will remain unchanged because the permissioning feature is optional. Separate talks involving Hyperliquid Labs, Payward and Bitnomial remain subject to CFTC clearance. Hyperliquid co-founder Jeffrey Yan said in a testnet proposal that deployers will be able to create permissioned markets and manage their participant lists without handing access decisions to Hyperliquid’s core development team.
In a future network upgrade, HIP-3 will support optinal deployer configuration for permissioned markets.
This would, for example, allow U.S. investors to access certain markets, or institutional investors that have strict rules. pic.twitter.com/0Ezjtx00D5
— Hyperliquid News (@HyperliquidNews) September 3, 2026 Hyperliquid HIP-3 adds optional on-chain allowlists Under the preliminary design, a deployer can maintain an on-chain list of approved participants or appoint a sub-deployer to handle access. Market operators that do not need permissioning can continue using the existing HIP-3 structure without changing how their markets work.
Hyperliquid has made the first version available on the testnet, where developers can examine the design before any production release. Yan said the specifications remain preliminary, allowing the team to adjust the system after receiving technical feedback.
HIP-3 already allows outside teams to deploy perpetual futures markets on HyperCore without seeking approval from Hyperliquid’s core developers. Each deployer selects the assets offered through its market and controls several operating terms, including oracle inputs, leverage limits, and fees.
Responsibility also remains with the deployment team. Independent operators manage their markets, oversee settlement, and address problems tied to the products they list, while Hyperliquid supplies the underlying blockchain and trading infrastructure.
Adding permissioning extends the tools available to the same operators rather than transferring market control to Hyperliquid. A team could use an allowlist when its business model, legal obligations, or internal policies require it to limit participation, while another deployer could keep its market open under the present framework.
The design also separates infrastructure governance from market-level access. Hyperliquid would maintain the underlying network, but each participating team would decide whether to activate an allowlist and who qualifies to enter its deployment.
Independent deployers retain operational responsibility HIP-3 was built to support markets launched by third parties instead of limiting product creation to Hyperliquid’s own team. Deployers can list perpetual contracts linked to crypto assets and other reference markets, provided they manage the technical and operational duties attached to their products.
A perpetual futures contract does not carry a fixed expiry date. Recurring funding payments help keep its price close to the referenced asset, while traders can maintain a position as long as they meet the applicable margin requirements.
Through HIP-3, independent teams can determine how those contracts are structured. Oracle selection affects the reference price used by the market, leverage rules determine how much exposure traders can take, and fee settings establish what participants pay for trading.
Permissioned deployments would add participant screening to that list of controls. Hyperliquid has not said that all HIP-3 operators must use the feature, and the testnet release does not change existing markets automatically.
Such separation is consistent with Hyperliquid’s description of itself as a neutral infrastructure provider rather than the operator of every market built on its systems. Deployers remain responsible for the products they introduce and the access rules they choose to apply.
Operational control can also leave deployment teams responsible for failures linked to their own market configuration. Oracle quality, leverage settings, settlement procedures and access management sit with the operator rather than Hyperliquid’s central development group under the structure described by Yan.
During the testnet stage, participating developers can assess how allowlists interact with trading accounts, market permissions and sub-deployer roles. Hyperliquid has not announced a date for moving the feature to mainnet, and feedback could alter the final specifications.
Permissioned markets could support compliance controls On-chain allowlists provide a technical method for restricting participation, but the proposal does not state that activating one makes a deployment compliant with any particular jurisdiction. Legal obligations depend on the assets, customers, operator, and countries involved, while an allowlist only controls which blockchain accounts can enter a market.
For U.S.-facing operators, derivatives access is generally tied to Commodity Futures Trading Commission rules and the licenses held by the venue, clearing organization, and intermediary. Permissioning software by itself does not replace registration, customer-protection, reporting, or market-surveillance requirements imposed by the regulator.
In July, the Hyperliquid Policy Center and Phantom requested tailored rules for decentralized trading systems. As crypto.news reported, the groups argued that software developers and non-custodial wallet providers should not automatically face the same registration duties as traditional financial intermediaries that control customer assets.
An Aug. 26 filing from the Hyperliquid Policy Center and trade[XYZ] later proposed energy perpetuals tied to West Texas Intermediate crude, Brent crude, and Henry Hub natural gas. The filing said trade[XYZ] had operated third-party perpetual markets on Hyperliquid since October 2025 and recorded more than $500 billion in cumulative volume across several asset classes.
According to the filing, any regulated U.S. operator would still need to comply with CFTC rules covering customer protection, market integrity and recordkeeping. The groups also proposed asset-specific leverage limits, plain-language funding disclosures and controls addressing benchmark reliability and manipulation risks.
The CFTC has not approved the requested energy products. Its review covers price reliability, surveillance, position limits, margin, clearing, and the possible effects of continuous derivatives trading on physical commodity markets.
U.S. perpetual futures plans require regulatory clearance Separate discussions involving Hyperliquid Labs and Kraken parent Payward could place selected crypto perpetual futures on Bitnomial, a regulated U.S. derivatives exchange. Payward has presented the proposed structure to the CFTC, according to the supplied report, but no authorization has been confirmed.
Under the discussed arrangement, eligible Bitnomial customers could trade selected crypto-linked futures using Hyperliquid technology. Bitnomial would provide the regulated venue, while the proposed technical and operating roles would depend on the final structure accepted by the companies and the CFTC.
Payward already owns Bitnomial, which holds U.S. exchange, clearinghouse, and brokerage licenses. Kraken launched regulated perpetuals for eligible American clients through Bitnomial in June, allowing users to manage spot, margin, conventional futures, and perpetual contracts from a Kraken Pro account.
The proposed Hyperliquid arrangement concerns selected contracts using its technology and remains distinct from Kraken’s existing Bitnomial products. Any launch would depend on the CFTC’s assessment of the contracts, market structure and safeguards presented by Payward.
A separate legal dispute could also affect how such products reach American customers. CME Group has challenged the CFTC’s treatment of perpetual contracts, arguing that they should be governed as swaps under the Dodd-Frank Act rather than listed as ordinary futures.
The perpetuals classification dispute began after the CFTC cleared Kalshi’s Bitcoin perpetual contract in May. CME’s position would place the products under a different regulatory framework, while the CFTC has argued that federal law does not require a futures contract to carry a fixed expiry date.
Payward’s proposal involving Hyperliquid technology remains before the CFTC, with no confirmed launch date, approved contract list, or final eligibility requirements for Bitnomial customers.
After holding a Hyperliquid [HYPE] position for a year, a whale has secured nearly $140 million in profit. That trade began a year ago, when the holder accumulated roughly 2.89 million HYPE when the token was trading near $17.35.
Rather than cashing in profits quickly, the whale staked the tokens before later selling at a higher profit. The whale recently completed its exit, moving 969,595 HYPE worth approximately $79.18 million to Coinbase Prime and FalconX exchanges for trade.
Source: X The sale cleared the whale’s remaining position after weeks of distribution, ending a highly profitable trade. More importantly for HYPE, that removes a major source of potential selling pressure. As a result, that leaves the market demand to absorb the final wave of distributed tokens.
Multicoin adds to HYPE’s sell-side pressure However, this whale exit seems less isolated, given that Multicoin Capital has been steadily decreasing their HYPE holdings. This is after they sold 75% of their peak position.
In total, Multicoin had acquired approximately 4 million HYPE in February and March. However, they have decreased that to just under 1 million over time.
The most recent four transactions deposited 404K HYPE worth roughly $34.2 million at Coinbase Prime. These deposits are important, as once an exchange becomes able to sell those deposit tokens, it will create additional supply on top of the aforementioned whale’s exit.
Source: X Meanwhile, Multicoin still retains $91 million in HYPE in their holdings. This remaining position could hit the open market.
Any further sales by Multicoin will test whether buyer demand is strong enough to absorb institutional selling pressure or force HYPE into even weaker territory.
That institutional selling now faces a new source of demand. This comes after Hashdex, a crypto asset manager, added HYPE to its NCIQ ETF. Hashdex allocated 3.4% of NCIQ to HYPE, creating roughly $14.7 million in exposure across 177,313 tokens.
Source: X However, Multicoin’s recent $21.7 million Coinbase Prime deposit already exceeded that entire position. Such an imbalance means ETF inclusion alone cannot absorb the full scale of institutional supply yet.
Moreover, the move of HYPE into the top five holdings of NCIQ will create a regular demand channel as money flows into this fund. That shift changes the setup from one-sided distribution toward a contest between new institutional demand and existing sellers.
Despite that, strong NCIQ inflows could narrow that gap. Meanwhile, continued whale deposits would keep supply dominant.
Final Summary Hyperliquid faces heavy distribution as whales and Multicoin realize profits and move tokens toward exchanges. Hashdex’s HYPE allocation adds institutional demand, but current ETF exposure remains smaller than major-holder selling.
Ansem on Shifting Mindsets Between Bull and Bear Markets: To Capture Maximum Profits in a Bull Market, You Have to Relearn to 'Dream'
Crypto trader Ansem says the hardest part of transitioning from a bear market to a bull market is that the strategies that helped you survive and profit in a bear market will end up losing you money in a bull market. If you’re still making money from short-term, high-frequency trading right now, that demonstrates strong trading skills. But to capture the largest gains of a bull market, you need to re-learn to "dream"—meaning daring to hold spot assets and embrace long-term positions. Ansem’s advice for those already profitable is to allocate a portion of their positions to long-term holdings, while using the remaining capital to continue short-term trading as usual. Meanwhile, Ansem once again posted to call for buying ZEC, stating that purchasing ZEC at $948 is equivalent to buying Bitcoin at $948. Per HTX market data, ZEC is currently trading at $948, with a 24-hour increase of over 16%.
5 hours ago
28x surge in a single day! Apple-linked meme coin ICOIN crosses $5.5 million in market cap
According to GMGN market data, Robinhood Chain’s crypto-stock meme token ICOIN has hit a market cap of over $5.5 million, reaching a recent high and approaching its all-time peak of $5.8 million. The token has rallied more than 28 times in 24 hours, with a trading volume of $8.9 million. ICOIN is paired with tokenized U.S. stock Apple (AAPL). BlockBeats Note: Crypto-stock meme (Stock Meme) is an emerging concept merging traditional meme coins with tokenized U.S. stocks. Unlike standard meme coins paired with USDT or ETH, these tokens form trading pairs directly with on-chain U.S. stock tokens (e.g., NVDA, TSLA, AAPL). This model retains meme coins’ high volatility and community-driven speculative traits while leveraging real stocks’ popularity and narratives. A portion of transaction fees often flows back to the community treasury to accumulate corresponding U.S. stock tokens, creating a dual-driven framework of "sentiment speculation + real asset anchoring". Price volatility is significant; investors should exercise caution.
5 hours ago
Robinhood-linked meme token NUDES hits a new all-time high as its market cap tops $23 million.
According to GMGN data, the stock-meme project NUDES on Robinhood Chain has hit a new all-time high with a market cap exceeding $23 million, surging over 113% in 24 hours and logging a trading volume of $13.9 million. NUDES is paired with tokenized US stock Snap, trading under the ticker SNAP. BlockBeats Note: Stock Meme is an emerging concept that combines traditional meme coins with tokenized US stocks: instead of pairing meme coins with USDT or ETH, they are matched directly with on-chain US stock tokens (such as NVDA, TSLA, AAPL, etc.). This model retains meme coins’ high volatility and community-driven speculative traits while leveraging the popularity and narrative of real stocks. A portion of transaction fees often flows back to the community treasury to accumulate corresponding US stock tokens, forming a dual-driven model of "sentiment speculation + real asset anchoring". Prices are highly volatile; investors should exercise caution.
5 hours ago
Jiang Zhuoer recapped his trading operations: He bought 4,000 ETH at the $2,380 bottom, but closed his position too early, missing out on potential profits.
Jiang Zhuoer, founder of BTC.TOP (莱比特矿池), shared his recent trading operations, announcing he will no longer trade ETH perpetual contracts, citing excessive candlestick wicks that disrupt his trading mindset. For instance, he bought 4,000 ETH at $2,380 last night in a bottom-fishing move, originally setting a take-profit order at $2,493. However, a sharp candlestick wick pushed ETH down to $2,367 this morning, prompting him to decide to close his position once ETH rebounded to $2,403. ETH indeed rallied to his $2,493 take-profit target tonight. Crucially, BTC’s candlestick did not have such a wick. Going forward, he plans to use WBETH as margin, trade BTC perpetual contracts without leverage (maxing out at a full position), and hold all funds in ETH spot when not actively trading.
5 hours ago
Oman Rejects Iran's Proposal to Impose Fees on the Strait of Hormuz
According to a New York Post report, Oman has quietly rejected Iran’s proposal to charge commercial vessels fees in the Strait of Hormuz. A regional official with knowledge of the matter stated that Oman refused to agree to collecting environmental and security fees, even if they were voluntary. Iran’s Revolutionary Guard Corps’ earlier claim that the two sides had reached an agreement is untrue. A U.S. official noted that the terms of Iran’s proposed revenue-sharing agreement had not even been finalized by Tehran. Earlier, after Iranian Foreign Minister Hossein Amir-Abdollahian and Omani Foreign Minister Badr bin Hamad Al Busaidi held talks in Tehran, Revolutionary Guard Corps spokesperson Hossein said the two countries had reached an agreement on the division of waters in the Strait of Hormuz and revenue sharing.
5 hours ago
Global AI Outage Tracker: Claude Service Back to Normal, ChatGPT and Codex See High Error Rates, Grok Remains Offline
Beating AI News Flash: OpenAI’s official status page shows ChatGPT and Codex are experiencing elevated error rates; mitigation measures have been implemented, and recovery is currently being monitored. Claude’s official status page indicates its services have now returned to normal. Earlier today, multi-model error rates spiked, affecting Mythos/Fable 5.1, Mythos/Fable 5, Opus 5, 4.8, and 4.6. The company announced at 00:16 UTC+8 that the impact has ended, with web, console, API, Claude Code, and Cowork all currently operational. Grok’s official status page shows Grok’s main user-facing entry remains down. Services currently in outage include: Grok iOS, Grok Android, Grok web version, Grok Build, Office/Workspace plugins, East Coast API (us-east-1.api.x.ai), West Coast API (us-west-2.api.x.ai), and X-integrated Grok. Available services include: login, Europe API (eu-west-1.api.x.ai), API Console, Docs, and the xAI official website.
A meme coin launchpad called Pons generated nearly $6 million in fees Thursday, outearning Pump (CRYPTO: PUMP), Hyperliquid, and the Robinhood (NASDAQ:HOOD) Chain it runs on.
Pons Turns $1 Token Launches Into a $6 Million Fee MachineAccording to CoinDesk, Pons lets anyone create and launch a tradable token on Robinhood Chain for about $1.
Once launched, Pons collects a cut of every subsequent trade, splitting revenue between the protocol and token creators.
Nearly 25,000 new tokens launched through the platform on September 2 alone, up 19% from the prior day, with 24-hour trading volume hitting $544 million.
Trending
Since July, Pons has produced roughly 646,000 tokens from more than 167,000 unique creator addresses.
The platform also uses a portion of its retained fees to buy and burn its own PONS token, removing 29% of the original supply from circulation. That buyback mechanism likely contributed to PONS surging 300% over the past week.
How It Stacks Up Against the CompetitionDefiLlama data cited by CoinDesk shows Pons ranked fourth by 24-hour fees across all tracked protocols, sitting behind only Tether (CRYPTO: USDT), Uniswap (CRYPTO: UNI), and Circle (NYSE:CRCL).
Pump generated $4.64 million over the same period, Robinhood Chain itself took about $4 million, and Hyperliquid as measured by Hyperliquid Strategies (NASDAQ:PURR) brought in roughly $2 million.
Wednesday was Robinhood Chain’s biggest single day ever, with roughly one-fifth of its entire lifetime fee total since July arriving in a single 24-hour period.
Why This Matters for RobinhoodRobinhood launched its Layer-2 chain in July around tokenized stocks, but memecoins have become the dominant fee driver.
CEO Vlad Tenev acknowledged on the Q2 earnings call that outside developers were already building on the network “in ways that we have not thought of.”
CFO Shiv Verma added that the company earns a few basis points per transaction rather than per volume, splitting roughly half with Arbitrum (CRYPTO: ARB), making transaction count the more meaningful metric than raw fee dollars.
On Thursday, HOOD surged more than 15% as Bitcoin pushed toward $80,000, with Morgan Stanley upgrading the stock this week on broader product growth.
The stock now trades about 21% above its 20-day moving average at $101.78 and roughly 29.6% above its 200-day moving average at $95.06, putting it in extended territory after a sharp run.
4 September 2026 | 00:36 Hyperliquid is testing an optional way for individual perpetual markets to admit approved wallets only, while leaving the protocol’s existing open markets unchanged.
Key Takeaways HIP-3* adds optional wallet-level market access. Existing HIP-3 markets remain open. Deployers manage approved wallets on-chain. An allowlist is not regulatory approval. The first version remains on testnet. HIP-3* does not close Hyperliquid’s existing markets “Permissioned markets” can sound like a plan to restrict Hyperliquid itself. HIP-3* is more limited. It gives the operator of one perpetual market the option to restrict that market to approved wallets, without applying the same rule to every venue on the protocol.
Under HIP-3’s existing design, qualified third parties can deploy perpetual venues on HyperCore. They set the contract specifications, choose the oracle methodology, establish leverage parameters and operate the market.
HIP-3* would add a further choice to that setup: the deployer could keep a market open to every wallet or apply an on-chain allowlist. Existing HIP-3 venues would not be converted into restricted products, and new deployers could still choose the original open model.
What HIP-3* adds
A deployer can limit trading in a chosen market to wallets included on its approved list.
What remains the same
The protocol stays open, and HIP-3 markets that do not activate the option continue without wallet restrictions.
The access decision sits with the deployer HIP-3 already separates Hyperliquid’s infrastructure from the markets built on it. Hyperliquid supplies the on-chain order books, margining and trade execution; the deployer is responsible for the product it introduces. HIP-3* extends that division of responsibilities to entry rules.
Who controls what under HIP-3*
Hyperliquid
Provides HyperCore’s order books, margining and trade execution.
Deployer
Defines and operates the product, then chooses whether to apply wallet access controls.
Trader
Can use a restricted product only after the operator approves the relevant wallet.
One operator could therefore create a market for approved participants while another offers a fully open market on the same underlying infrastructure. That flexibility, rather than permissioning itself, is the central change.
An approved wallet does not equal a verified investor An allowlist answers one narrow question on-chain: may this wallet trade this market? It does not prove who controls the wallet, why that person is eligible or whether the product complies with the rules in a particular jurisdiction.
Any operator that wants to serve verified or institution-only clients would still need an off-chain process for eligibility, customer checks, disclosures and legal compliance. HIP-3* could enforce the outcome of that process at the wallet level, but it does not replace the process itself.
This is why the proposal should not be presented as a U.S. launch or as regulatory approval for Hyperliquid. That distinction also matters after Hyperliquid-related representatives met the SEC Crypto Task Force: the meeting showed regulatory engagement, not permission for HIP-3 markets to serve U.S. traders.
What the change could mean for traders Restricted access may make some markets possible that would otherwise require an operator to build its own exchange infrastructure. A specialist venue could use HyperCore’s execution layer while applying its own customer or risk requirements around a particular product.
For an approved trader, the potential advantage is access to that market through the same on-chain environment instead of moving collateral and activity to a separate platform. The benefit is availability, however, not an automatic improvement in execution.
Permissioned access cannot create liquidity A restricted market can still have wide spreads, a shallow order book or a weak oracle design. It can also carry the same leverage and liquidation risks as any other perpetual product. An approved wallet should therefore never be mistaken for a quality signal.
In practice, the trader still needs to assess the operator, the contract’s reference price, the leverage available and the market’s liquidity. Those factors determine whether a position can be entered and exited efficiently, especially when price volatility rises.
What traders should check before using a restricted market If HIP-3* reaches mainnet, access status will become another market condition to understand before trading. It should sit alongside familiar checks such as leverage, funding, liquidity and the quality of the underlying price feed.
The approved wallet: Confirm that the address holding collateral is the address the operator has authorised. The operator: Read its market documentation and understand who controls the contract and price inputs. Access-rule changes: Check how the operator handles updates to its list, particularly when users have open orders or positions. Available liquidity: Limited participation can affect order-book depth, spreads and the ability to close during volatility. The underlying exposure: A perpetual tracks a price; it does not confer ownership, dividends or shareholder rights in a referenced asset. That final point is particularly important for non-crypto markets. A contract can reference a stock, commodity or index without giving its holder the rights attached to the underlying security or physical asset.
Testnet will show whether the model is workable The first HIP-3* version is live on testnet. That shows the idea has reached implementation, but it is not a completed mainnet rollout and does not identify a launch partner or a specific restricted market.
The next questions are operational: how deployers will update allowlists, how interfaces will explain access limits, and whether markets that choose the option can build dependable liquidity.
HIP-3 made perpetual-market deployment permissionless. HIP-3* adds a more targeted decision, allowing each deployer to keep a market open to every wallet or set its own boundary around participation.
The article is provided for informational purposes only and does not constitute investment advice.
Author
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
ARK Invest researcher Lorenzo Valente made noteworthy assessments regarding Ethereum, Solana, and Hyperliquid.
Lorenzo Valente, posting from account X, compared the value capture models of Ethereum, Solana, and Hyperliquid through three different fast-food chains.
At this point, Valente argued that ETH, SOL, and HYPE should not be considered as different versions of the same Layer 1 (L1) business model, but rather as having entirely different value capture structures, comparing them to McDonald’s, Chipotle, and In-N-Out, respectively.
Ethereum: The Most Successful Franchise System! Valente argued that Ethereum has established the most successful franchise system in the crypto market through its Layer 2 networks, but collects very little rent or fees at the payment layer.
Instead of directly operating its own Layer 2 (L2) networks, Ethereum allows independent teams like Arbitrum, Base, and OP Mainnet to develop their own networks. However, Ethereum charges limited fees compared to this massive franchise ecosystem it has created.
Solana: She Keeps the Entire Operation Under Her Own Roof! An ARK Invest researcher noted that, unlike Ethereum, Solana has built its own vertically integrated system and holds higher fees and MEV (maximum extractable value).
This gives Solana a stronger direct value capture mechanism compared to Ethereum. However, in return, the network has to operate the entire infrastructure itself and bear the technical and operational risks that may arise.
According to Valente, Solana’s advantage is its ability to keep a significant portion of economic activity and income under its own umbrella; its disadvantage is that this structure creates a higher degree of vertical integration and systemic risk.
Hyperliquid: The Shortest Value Capture Chain In Valente’s comparison, Hyperliquid is equivalent to In-N-Out. According to the renowned expert, Hyperliquid has the shortest value-capture chain thanks to its tight vertical integration, lack of VC funding, and fee-financed HYPE buybacks.
Hyperliquid’s model has no external capital, and almost all of the fees flow into a relief fund used to buy back HYPE.
According to Valente, this structure significantly shortens the gap between the fee paid by the user and the economic value obtained by token holders. Therefore, he believes that Hyperliquid has the most direct value capture mechanism among the three models.
*This is not investment advice.
Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data!
Hyperliquid Research Collective (HRC) released a report noting that after Hyperliquid opened third-party permissionless deployment for its HIP-4 prediction market layer on August 29, the platform’s trading volume grew rapidly. The average daily trading volume of HIP-4 in the first 28 days of August was around $545,000; following the deployment opening, single-day volume hit $1.97 million on August 31, with a 24-hour trading volume reaching $2.75 million, and the number of active traders rose from 1,256 to 1,841. The report points out that prediction market project Outcome has been the main beneficiary, currently accounting for nearly 85% of HIP-4’s total trading volume, and its $1 million trading incentive program further boosted liquidity growth. HRC attributes Hyperliquid’s core advantage to its unified account system: prediction markets can share the same account environment as perpetual contracts and HIP-3 assets, allowing users to hedge perpetual positions via prediction market contracts—an experience not currently offered by platforms like Kalshi and Polymarket. Sports prediction markets may become HIP-4’s largest growth area. During the recent World Cup, HIP-4-related markets recorded a cumulative trading volume of $189.5 million, accounting for around 3% of the global World Cup prediction market trading volume. However, HRC states that HIP-4’s current main limitation is not on-chain deployment, but regulatory access. The U.S. market involves regulatory frameworks from the CFTC, SEC, and other bodies, with sports prediction markets in particular likely triggering gambling-related regulatory scrutiny. HIP-4 has proven that permissionless deployment can rapidly expand trading scale, but whether it can further grow its market share will depend on the regulatory environment, recovery of the sports market, and future governance votes.
Relevant content
Fed Mouthpiece: Governor Waller shifts stance, now cautiously optimistic about holding interest rates steady
Wall Street Journal reporter Nick Timiraos, known as the "Fed’s mouthpiece", says Fed Governor Christopher Waller’s overall stance has not fundamentally changed since July, but his policy tilt has shifted: from concerns and a bias toward tightening monetary policy back then, to cautious optimism and a preference for keeping interest rates unchanged now. The final decision will depend on August’s inflation data. Waller’s reaction path for the September 15-16 policy meeting is clear: if inflation continues moving toward the 2% target, he will hold rates steady; if August’s inflation figures come in higher, he will consider a rate hike.
7 minutes ago
Apple faces a $2.7 billion class-action lawsuit, accused of unfair application tracking rules against third-party developers and gaining an improper advantage for its own advertising ecosystem.
Apple Inc. is facing a class-action lawsuit in London seeking up to ￡2 billion (approximately $2.7 billion) in damages. The suit was filed today at the Competition Appeal Tribunal in London, initiated by Ann Pope, a former senior official at the UK’s Competition and Markets Authority, on behalf of app developers. The core allegation is that Apple’s App Tracking Transparency (ATT) feature, launched in 2021, imposes stricter restrictions on third-party developers than on its own services, granting Apple’s in-house advertising ecosystem an unfair competitive advantage. Ann Pope stated that Apple’s policies have "caused very significant harm to businesses that rely on Apple as a gatekeeper." Since its rollout, ATT has been a longstanding focus of global regulatory scrutiny. Apple’s official stance is that the feature is designed to let users control whether apps track their activity across other companies and websites. However, plaintiffs argue there is a double standard in the rule’s implementation: third-party apps’ tracking requests require strict pop-up authorization, while Apple’s own personalized ads and services can bypass equivalent restrictions. This lawsuit is the latest legal challenge facing Apple over its ATT policy, and marks the first major private antitrust lawsuit in the UK targeting Apple’s app ecosystem rules, following regulatory reviews from the EU, the U.S., and multiple other countries.
7 minutes ago
Eightco Holdings disclosed approximately $380 million in holdings, covering OpenAI equity, Ethereum (ETH), and Worldcoin (WLD).
US-listed firm Eightco Holdings (Nasdaq: ORBS) announced that as of September 2, its total assets stood at roughly $380 million, primarily consisting of: approximately $90 million in OpenAI equity held indirectly via a special purpose vehicle (SPV), $18 million in Beast Industries equity, a $1 million investment in Mythical Games, 16,278 ether (ETH), nearly 302 million Worldcoin (WLD) tokens (priced at ~$0.37 per token on Coinbase), plus about $122 million in cash and stablecoins. Over the past month, the company has repurchased more than 25 million common shares under its previously unveiled $125 million share buyback program, and took part in World Foundation’s $52.5 million funding round led by Pantera. The company positions its investment portfolio to target three core trends: artificial intelligence, digital identity, and the creator economy. OpenAI accounts for roughly 24% of its treasury assets, WLD makes up ~29% (the largest publicly disclosed institutional holding globally, representing ~8.3% of its circulating supply), while Beast Industries accounts for ~5%. Management notes that this portfolio covers key segments of the future AI and digital financial system.
7 minutes ago
Bonk Guy holds $2.52 million worth of USELESS, with an unrealized profit of $1.68 million.
According to Lookonchain's monitoring, five months ago, when Solana ecosystem meme coin USELESS’s market cap dropped to $30 million, well-known crypto KOL "Bonk Guy" began using a dollar-cost averaging strategy to buy the token. Over the past month, Bonk Guy has continued purchasing USELESS, and now holds 15.9 million tokens worth $2.52 million, with an unrealized profit of $1.68 million. Per GMGN data, USELESS, the Solana meme coin, rose over 50% in 24 hours, pushing its market cap above $150 million. On September 1, Bonk Guy said his bullishness on USELESS is even stronger than when he traded BONK in 2023, noting that USELESS previously surged from a $4 million market cap to $450 million in a non-bull market, and could see even larger gains if it experiences a real bull market for the first time. After Bonk Guy’s bullish call on September 1, USELESS jumped over 50% that day, breaking through the $100 million market cap mark. BlockBeats reminds users that most meme coins have no real use cases, are highly volatile, and require cautious investment.
7 minutes ago
Meme coin FATCOIN’s market cap hits a new high, surging past $3.8 million with a 66% gain in the past 24 hours.
According to GMGN market data, the meme stock coin FATCOIN on Robinhood Chain has hit a new all-time high, with its market cap exceeding $3.8 million, a 66% 24-hour gain, and a 24-hour trading volume of $3.5 million. FATCOIN (nicknamed "Fat Coin") is paired with tokenized shares of Eli Lilly (LLY), the leading U.S. weight-loss drug developer. BlockBeats Note: Stock Meme is an emerging concept that merges traditional meme coins with tokenized U.S. stocks. Unlike typical meme coins paired with USDT or ETH, these tokens form trading pairs directly with on-chain U.S. stock tokens (e.g., NVDA, TSLA, AAPL, etc.). This approach retains meme coins’ high volatility and community-driven speculative traits while tapping into the popularity and narratives of real stocks. A portion of transaction fees is often redirected to the community treasury to accumulate the corresponding U.S. stock tokens, creating a dual-driven model of "sentiment speculation + real asset anchoring". Note: Prices are highly volatile; invest with caution.
7 minutes ago
AI company Humain plans to launch a $2.5 billion fund focused on data center investments.
Beating AI Insight Flash News: According to a Bloomberg report, AI firm Humain plans to raise an initial $2.5 billion to establish a fund focused on data center investments. People familiar with the matter said the fund will finance the 250-megawatt data center capacity being built by Humain in partnership with Al Moammar Information Systems, with the overall scale potentially expanding to 1 gigawatt in the future. Backed by Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF), Humain is advancing local AI computing power and data center infrastructure development to meet surging demand for AI computing resources.
Multicoin Capital has now sold roughly another 10% of its HYPE position, according to blockchain intelligence platform Arkham.
The latest sale leaves the investment firm with approximately $90.5 million worth of HYPE.
This is its largest on-chain holding despite continued sales.
HOT Stories
Multicoin accumulated roughly 4 million HYPE during February and March, when its position reached a peak. Its current holdings stand at slightly more than one-quarter of that amount. The firm has now sold nearly 75% of its peak position.
In July, Multicoin also made a decision to make a direct investment into the Hyperliquid ecosystem.
On July 16, Multicoin invested $1.75 million in Trasia Labs, an Asia-focused perpetual futures platform built on Hyperliquid.
Multicoin was the sole investor in the seed round. This makes the deal notable given the firm’s large HYPE position.
card
And in February, co-founder Kyle Samani stepped back from Multicoin after nearly a decade. He remained chairman of Forward Industries.
HYPE's continued momentum HYPE recently made a debut within Hashdex’s Nasdaq CME Crypto Index ETF (NCIQ). HYPE was added with a roughly 3.4% weighting.
This is the fund’s fifth-largest holding behind Bitcoin, Ethereum, XRP and Solana. This is the first reported inclusion of HYPE in a U.S.-listed crypto index ETF.
HYPE is now also more accessible to U.S. investors. Coinbase currently lists Hyperliquid for trading and offers HYPE-related derivatives, including cash-settled futures.
There are also some important developments on the institutional side. Grayscale’s Hyperliquid Staking ETF, HYPG, continues to make the case for HYPE around the token’s economics and Hyperliquid’s growth.
Multicoin Capital has reduced its exposure to HYPE, selling nearly 10% of its position this week, according to blockchain analytics platform Arkham. Despite ongoing sales, the firm still holds approximately $90.5 million worth of HYPE, making it its largest on-chain asset.
Significant HYPE DivestmentOver February and March, Multicoin Capital accumulated about 4 million HYPE, reaching its peak allocation. Since then, the company has sold nearly 75% of this position, now retaining just over one-quarter of its peak holdings. The recent reduction further underscores the firm’s strategy to gradually decrease its exposure to HYPE while maintaining a dominant stake.
Multicoin Capital is a crypto investment firm known for early backing of major blockchain protocols and projects across the decentralized finance ecosystem.
Multicoin Capital once amassed nearly 4 million HYPE and has now reduced its position by almost 75%, reflecting a significant divestment while remaining the largest on-chain holder.
Investment in Hyperliquid EcosystemIn July, the firm made a direct investment in the broader Hyperliquid ecosystem. On July 16, Multicoin Capital invested $1.75 million in Trasia Labs, a perpetual futures platform tailored towards Asian markets and built on Hyperliquid’s infrastructure. Multicoin was the sole investor in this seed round, further strengthening its involvement in the ecosystem despite declining HYPE holdings.
Founded by Kyle Samani and Tushar Jain, Multicoin Capital has a notable presence within the crypto venture capital space. In February, Samani transitioned away from daily operations at Multicoin after nearly a decade, retaining his role as chairman of Forward Industries.
Mini dictionary: Hyperliquid is a decentralized exchange protocol that supports spot and perpetual trading, aiming to provide high liquidity and fast transaction speeds for digital assets. Trasia Labs, built on Hyperliquid, develops infrastructure for derivatives trading, focusing on markets in Asia.
Institutional Access and ETF InclusionHYPE has expanded its reach in the U.S. market. The token was recently included in Hashdex’s Nasdaq CME Crypto Index ETF (NCIQ), with a 3.4% allocation, making it the fund’s fifth-largest holding after Bitcoin, Ethereum, XRP, and Solana. This marks the first inclusion of HYPE in a U.S.-listed crypto index ETF, enhancing its visibility among institutional investors.
AssetNCIQ ETF WeightingBitcoinLargest holdingEthereumSecond largestXRPThird largestSolanaFourth largestHYPE3.4% (Fifth largest)HYPE has also become more accessible to individual investors in the U.S., with Coinbase listing Hyperliquid for spot trading and offering cash-settled HYPE derivatives.
Growing Institutional InterestGrayscale, a major asset manager in the crypto space, has introduced the Hyperliquid Staking ETF (HYPG), aiming to highlight the economics of the HYPE token and the continued development of the Hyperliquid network. This ETF is part of a broader institutional effort to offer exposure to the token’s staking rewards and the underlying infrastructure’s growth.
With new ETF inclusions and expanded derivatives offerings, HYPE is gaining traction among both institutional and retail investors, particularly following major backing from entities like Multicoin Capital and Grayscale.
Hyperliquid opened its HIP-4 outcome-market infrastructure to outside venues on Aug. 29, and daily trading volume nearly tripled within three days, according to research published Sept. 3.
Summary
Hyperliquid opened HIP-4 deployment August 29, and reported daily outcome volume tripled within three days. Two outside venues each posted 500,000 HYPE bonds to deploy markets using approved templates independently. Outcome captured 85% of reported volume while offering traders a $1 million active rebate program. Hyperliquid validators publish settlement prices every three seconds, according to the research collective’s analysis publicly. U.S. availability would require regulatory authorization, while sports contracts could face additional federal scrutiny requirements. Daily volume increased from an August average of approximately $545,000 to $1.97 million on Aug. 31, the Hyperliquid Research Collective reported. The trailing daily figure subsequently reached approximately $2.75 million.
Two outside venues, Outcome and Skew, posted 500,000 HYPE bonds and began deploying markets through seven templates approved by Hyperliquid validators. However, the early volume was heavily concentrated in Outcome and supported by trading incentives.
The rollout makes market deployment permissionless at the protocol level. It does not automatically authorize HIP-4 operators to serve U.S. customers or offer every category of event contract.
Hyperliquid HIP-4 opens deployment to outside venues HIP-4 supports fully collateralized outcome contracts that settle within a fixed range, usually zero or one. Prices can represent the market’s assessment of whether a specified event will occur.
Unlike perpetual futures, these contracts do not use leverage, funding payments or liquidations. Traders must provide the full collateral required for their positions.
As crypto.news previously explained, HIP-4 introduced outcome contracts alongside Hyperliquid’s builder-deployed perpetual markets. The first HIP-4 products reached mainnet in May but remained controlled by validators and selected operators.
The Aug. 29 upgrade opened deployment to outside builders. Each operator must bond 500,000 HYPE for at least six months. The bond can be slashed if validators determine that a deployer created an invalid market, settled it incorrectly or failed to complete settlement within the permitted period.
Permissionless deployment also remains limited by templates. Validators approve standard market formats and their permitted language. Builders can then launch markets that follow those specifications without seeking separate approval for every contract.
This design separates market creation from template governance. Outside operators gain control over individual listings, while validators retain influence over the categories and settlement structures that the protocol supports.
Incentives drove most of the early volume Outcome accounted for approximately 85% of reported HIP-4 volume after third-party deployment opened. Skew produced roughly 1%, leaving the remaining activity with existing validator-deployed markets.
Hyperliquid opened HIP-4 to outside venues on August 29 and daily volume tripled in three days, from a $545,000 August average to $1.97 million on August 31.
Two venues posted 500k HYPE bonds and drew from the 7 validator-approved templates. Outcome took 85% of volume behind a…
— Hyperliquid Research Collective (HRC) (@HyperliquidR) September 3, 2026 Outcome introduced a $1 million rebate campaign that paid users approximately one cent for every dollar traded, according to the research. The incentive means the initial increase should not be treated entirely as evidence of lasting demand.
Rebate programs can encourage participants to trade more frequently or execute transactions that would be less attractive without rewards. The reported volume remains genuine trading activity, but its durability will become clearer after incentives decline or expire.
The concentration also creates an early test for HIP-4’s permissionless model. Two operators have posted bonds, yet one venue controls most of the new activity. More deployers, market templates and liquidity sources would be needed to establish a broader competitive market.
Hyperliquid previously announced plans for permissionless HIP-4 deployment in July. At the time, crypto.news reported that outside builders would need substantial HYPE stakes and could face slashing.
The current 500,000 HYPE requirement provides an economic penalty for misconduct. However, its dollar value also creates a high entry barrier. Only operators controlling or borrowing large HYPE positions can deploy markets directly.
No verified market data showed that the permissionless rollout alone caused a distinct change in HYPE’s price. Wider crypto-market conditions and other activity on Hyperliquid also affect the token.
Shared settlement connects outcomes with perpetuals HIP-4 contracts settle using prices published by Hyperliquid validators every three seconds, according to the collective. The outcome positions use the same account environment supporting Hyperliquid’s perpetual markets.
This architecture can allow a trader to hedge a binary outcome with a perpetual contract referencing the same mark price. Because both positions use the same underlying price source, the hedge avoids differences created when separate venues use different indexes or settlement times.
For example, a contract paying one dollar if Bitcoin closes above a specified level could be paired with a Bitcoin perpetual position. Both instruments would respond to a common Hyperliquid mark rather than independent external references.
The arrangement does not remove every risk. Traders still face liquidity, execution and settlement risks. Validators also play a central role in publishing the prices used for settlement.
The collective argued that neither Kalshi nor Polymarket can offer an identical hedge because their event contracts do not share Hyperliquid’s perpetual account and mark-price system. That comparison concerns technical market structure, not liquidity quality, regulatory protection or overall platform risk.
Kalshi operates as a regulated U.S. designated contract market. Polymarket has used blockchain settlement and external resolution systems. Hyperliquid instead places matching, collateral and validator-directed settlement within its own network.
That tighter structure may reduce basis differences between instruments. It also concentrates operational dependencies within Hyperliquid’s validator and trading systems.
U.S. access remains a separate challenge None of the current HIP-4 templates reportedly covers sports, elections or other categories commonly associated with federal event-contract disputes. Existing listings instead focus on prices, economic figures and other objectively measurable results.
Avoiding sports does not by itself make the markets lawful for U.S. customers. A platform offering commodity derivatives to U.S. persons generally requires an appropriate regulatory framework, regardless of whether its software permits permissionless deployment.
The Commodity Exchange Act allows registered entities to submit new contracts to the Commodity Futures Trading Commission. Federal law also allows the CFTC to review event contracts involving gaming, terrorism, assassination, war, unlawful activity or similar subjects considered contrary to the public interest.
Current CFTC rules establish a review process for contracts involving those categories. The regulator can request a trading suspension during a 90-day review before approving or rejecting a contract.
Sports would therefore add another legal question. The research collective found that sports accounted for 91% of HIP-4’s largest historical trading session. Opening third-party sports markets could increase demand, but it could also trigger scrutiny under the gaming provision.
The collective described regulatory “permission” as the remaining constraint, but no regulator has confirmed that registration alone would authorize every HIP-4 structure or market category.
The legal status could also depend on who operates the interface, controls market parameters, receives fees and makes the platform available to U.S. users. A protocol’s decentralized architecture does not settle those questions automatically.
What happens next for HIP-4 The clearest test will be whether volume remains above its August average after Outcome’s rebate campaign ends. Activity will also need to spread beyond a single operator to demonstrate that permissionless deployment has produced durable competition.
Additional builders may enter after posting the required HYPE bonds. Hyperliquid validators could approve more templates, expanding the range of economic, crypto and financial outcomes available for deployment.
U.S. access would require a separate compliance path. Any operator seeking American users would need to determine whether its contracts require CFTC registration, submission or other authorization.
Sports markets would face an added review question because federal law specifically identifies gaming as an event-contract category that may be examined under the public-interest standard.
FAQs What is Hyperliquid HIP-4? HIP-4 is Hyperliquid’s framework for fully collateralized outcome contracts. The contracts commonly settle at zero or one based on a predetermined result.
When did permissionless HIP-4 deployment begin? Hyperliquid enabled outside HIP-4 deployment on Aug. 29, 2026. Builders must use validator-approved templates and post a 500,000 HYPE bond.
Why did HIP-4 volume triple? Outcome generated most of the increase after launching third-party markets. Its $1 million rebate program also rewarded users according to their trading volume.
Can U.S. customers legally trade HIP-4 markets? Permissionless protocol deployment does not establish lawful U.S. access. Operators may require CFTC registration or authorization, depending on their products and activities.
Why could sports markets face greater scrutiny? The Commodity Exchange Act allows the CFTC to review certain event contracts involving gaming under a public-interest standard.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
According to TradingBeats' monitoring, trader Loracle has shorted CASHCAT and PONS with 3x leverage, with a total short position value of approximately $10.621 million, currently facing an unrealized loss of around $1.336 million. PONS, which rose by about 50.6% from the previous day on the platform, is the main source of the losses: - CASHCAT short position: Holding 22.4999 million tokens valued at ~$5.723 million, average entry price of $0.231, current price of $0.254, unrealized loss of ~$515,000, return rate of -29.6%; - PONS short position: Holding 9.1261 million tokens valued at ~$4.898 million, average entry price of $0.446, current price of $0.536, unrealized loss of ~$821,000, return rate of -60.5%. Since 20:00 on September 1, Loracle has been expanding both short positions, with a total of ~$8.024 million in regular short trading volume during this period. Its latest PONS short addition trade took place at 18:16 today, and it currently holds 4 non-reduction sell orders at $0.55276 to $0.5603, with plans to add another ~$300,000 in short positions. On-chain Perp and address analysis tool TradingBeats is now live, supporting real-time Hyperliquid data viewing, enabling in-depth analysis from address tracing to whale operations, all at a glance.
Hyperliquid is preparing HIP-3*, an optional set of deployer features that will add support for permissioned markets on top of its existing HIP-3 framework through deployer-controlled onchain allowlists, co-founder Jeffrey Yan said Thursday.
The allowlists will be managed by the deployer or its sub-deployers, giving them an additional way to configure access to their markets.
HIP-3 is a Hyperliquid protocol upgrade that makes the creation of perpetual futures markets permissionless, allowing independent builders to deploy markets directly on HyperCore without approval from the core team.
Deployers control market parameters including the assets, oracles, leverage limits and fee structures, while taking responsibility for operating and settling their markets.
Advertisement
HIP-3* will not change existing HIP-3 deployments. The functionality is strictly additive and will only be activated by deployers that need the additional access-control capabilities, according to Yan.
The initial HIP-3* release is currently available on testnet, where the specifications remain preliminary and could change based on feedback.
The Hyperliquid CEO said the upgrade is intended to give independent market operators more flexibility to meet requirements applicable to their individual deployments. The company will continue to provide the underlying onchain infrastructure, while deployers remain responsible for operating and managing their own markets.
The announcement comes shortly after Hyperliquid Labs reportedly discussed a potential partnership with Payward, the parent company of Kraken, that could give US traders access to selected Hyperliquid-linked perpetual futures through regulated exchange Bitnomial.
The proposed structure would allow registered Bitnomial customers to trade a subset of futures tied to crypto tokens built using Hyperliquid technology. Payward has reportedly submitted the basic proposal to the CFTC, but the arrangement would still need regulatory approval before going live.
The talks follow President Donald Trump’s recent comments that his administration was working to bring Hyperliquid into the US. The platform is currently unavailable to US users, despite becoming one of the largest venues for perpetual futures.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
Hyperliquid has issued an API announcement stating that it will introduce an optional deployer configuration feature for HIP-3 in an upcoming network upgrade, collectively named HIP-3*. The core functionality allows deployers or their sub-deployers to manage on-chain whitelists and set access permissions for specific markets, enabling the creation of "permissioned markets". This feature is strictly an incremental addition to HIP-3, fully optional, with deployers deciding independently whether to adopt it—no impact on existing markets. The initial version of HIP-3* is now live on testnet; the testnet is a preliminary build and will be adjusted based on community feedback. Hyperliquid emphasized that it remains a neutral infrastructure layer, with the goal of supporting large-scale deployment of financial systems. HIP-3* is designed to provide deployers with additional functionality to operate their deployments while complying with their respective applicable regulatory requirements. Consistent with HIP-3, HIP-3* deployers are independent operators that use Hyperliquid as the on-chain infrastructure layer for their own markets, retaining full control and responsibility over their deployments. This design allows Hyperliquid to maintain its permissionless core while opening access to institutional participants that require a compliance framework.
Hyperliquid Strategies Inc. (NASDAQ: PURR), the digital asset treasury company trading under the ticker PURR, has enlarged the committed equity purchase arrangement it maintains with Chardan Capital Markets.
An amendment filed with the US Securities and Exchange Commission (SEC) on September 1, 2026, lifts the maximum aggregate amount of newly issued common stock that may be sold under the facility from $1 billion to $2.5 billion.
The original ChEF Purchase Agreement was signed on October 22, 2025.
Under that contract the company may, at its own discretion and subject to pricing, volume and other contractual conditions, instruct Chardan to buy newly issued shares.
Chardan may then resell those shares in the public market.
The September amendment simply raises the total commitment while leaving the operational mechanics of the facility otherwise intact.
The expanded ceiling is a capacity figure, not a guarantee that $2.5 billion will actually be raised.
Sales occur only when Hyperliquid Strategies elects to deliver purchase notices, and the proceeds ultimately received will depend on the prevailing share price and the frequency of those notices.
Management has previously indicated that funds drawn from the facility may be used for general corporate purposes, including possible additional purchases of HYPE, the native token of the Hyperliquid network.
A Nasdaq-related restriction now applies once $1 billion of stock has already been sold under the agreement.
After that threshold, any further issuances priced below $12.02 per share are limited to 42,641,847 shares—equivalent to 19.99 percent of the shares outstanding immediately before the amendment—unless shareholders approve a larger issuance.
The cap is intended to constrain dilution when shares are sold at a discount.
By the end of June 2026 the company had already generated approximately $647 million of gross proceeds through the original facility, issuing tens of millions of shares at an average price of roughly $8.70.
Those proceeds, together with other capital, helped expand the firm’s HYPE treasury from an initial 12.5 million tokens to about 29.3 million tokens.
The company also reported a cash and cash-equivalent position of roughly $150 million and no debt at fiscal year-end.
The larger facility therefore gives Hyperliquid Strategies additional flexibility to continue accumulating HYPE if market conditions and internal strategy warrant it.
At the same time, any further draw-downs will increase the number of shares outstanding and may dilute existing holders.
Investors will watch both the pace of future issuances and the price at which they occur, especially once the $1 billion mark is passed and the exchange cap becomes relevant.
Hyperliquid Strategies emphasizes that it is an independent public company and is not affiliated with the Hyperliquid protocol itself, even though its treasury strategy is concentrated in that ecosystem’s token. The amendment simply enlarges the financing tool the firm has already used extensively, giving it more room to act as market opportunities arise.
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!
ARK Invest digital asset researcher Lorenzo Valente compared Ethereum, Solana and Hyperliquid with three U.S. restaurant businesses on Sept. 3, arguing that their different operating structures require separate valuation frameworks.
Summary
ARK researcher Lorenzo Valente compared Ethereum, Solana and Hyperliquid through three contrasting restaurant business models. Ethereum uses layer two networks for scaling while collecting relatively limited settlement fees today overall. Solana processes applications within one integrated environment, keeping execution fees closer to validators and holders. Hyperliquid channels most eligible trading fees toward HYPE purchases through its Assistance Fund mechanism automatically. Valente said each architecture requires separate valuation methods because revenue paths and risks differ materially. In an essay, Valente likened Ethereum to McDonald’s, Solana to Chipotle and Hyperliquid to In-N-Out. The comparisons address how each blockchain expands, controls its infrastructure and directs revenue toward its native asset.
Valente argued that Ethereum operates like a franchise network because independent layer 2 teams build their own systems while relying on Ethereum for settlement. Solana resembles a company-owned chain because applications execute inside one integrated environment. Hyperliquid offers a more concentrated structure built around its trading venue, consensus system and fee-funded HYPE purchases.
The restaurant comparisons are Valente’s analytical framework. They are not ARK investment recommendations or objective classifications of the three networks.
Ethereum resembles a franchise that charges limited rent Ethereum’s scaling roadmap allows layer 2 networks such as Arbitrum, Base and OP Mainnet to process transactions away from its main execution layer. Those networks periodically submit data or proofs to Ethereum to inherit parts of its security and settlement infrastructure.
Valente compared this arrangement with McDonald’s franchising model. Ethereum provides the brand, standards, developer ecosystem and settlement layer. Independent teams finance and operate the layer 2 networks, just as franchise operators fund and manage individual restaurants.
“Blockchains Are Cities” from @hosseeb and @jmonegro “Fat Protocols” are two pieces I’ve returned to repeatedly over the yrs
But things changed in the last 10 years
This piece looks at the trade-offs between ETH, SOL, and HYPE and why all 3 can win imo https://t.co/vTDivLVenu
— Lorenzo Valente (@LorenzoARK) September 2, 2026 This structure helps Ethereum expand without financing every new execution network itself. Separate teams can develop specialized products, attract users and experiment with different technologies while continuing to settle on Ethereum.
However, Valente argued that Ethereum captures too little of the economic activity generated by those networks. Layer 2 operators collect transaction fees from users but pay Ethereum primarily for data availability and settlement.
EIP-4844 introduced separate blob space for rollup data in March 2024. Blobs reduced the cost of submitting layer 2 data to Ethereum, making transactions cheaper for users. They also lowered the fees that rollups paid to the main network when blob capacity exceeded demand.
Valente described this as Ethereum building a successful franchise network but failing to collect enough rent. In his view, Ethereum owns valuable settlement infrastructure but prices access too close to its operating cost.
The analogy has limits. Ethereum does not sign commercial franchise agreements with layer 2 operators. It also cannot impose royalties, control their products or prevent them from using alternative data availability services. Any proposal to raise the minimum blob fee would require technical review and acceptance through Ethereum’s decentralized governance process.
Ethereum developers have considered changes to blob pricing as demand and capacity evolve. A higher fee floor could increase payments to Ethereum, but it could also increase layer 2 transaction costs or encourage operators to use competing systems.
Solana keeps more activity inside one environment Valente compared Solana with Chipotle because both follow what he described as a vertically integrated model. Solana processes application activity directly through its base network instead of making external rollups the main route for scaling.
Trades on Jupiter, token launches, stablecoin transfers and other application transactions share the same execution environment. Users pay base and priority fees, while validators may receive additional value through transaction ordering and Jito tips.
This structure keeps more of the fee flow within the Solana network. Validators and their delegators receive compensation, while part of the base fee is burned. The relationship between network use and value capture is therefore more direct than it is when execution occurs on an independent layer 2.
Valente compared that arrangement with Chipotle owning and operating its restaurants. The company controls the customer experience and retains store revenue, but it must also finance expansion and absorb operational failures.
Solana faces a similar trade-off. Its unified architecture provides direct control over execution, fee markets and performance upgrades. It also means congestion or network disruption can affect applications across the ecosystem simultaneously.
The network has invested in additional validator clients, including Firedancer, to improve performance and reduce its dependence on one main software implementation. Solana’s Firedancer and Alpenglow upgrades could strengthen performance and validator diversity, although their full effects depend on deployment and operator adoption.
Valente argued that Solana’s integrated model produces better fee retention than Ethereum’s rollup structure. That assessment depends on which revenues and costs are included. Validator rewards involve token issuance, while application fees do not automatically accrue equally to every SOL holder.
Hyperliquid creates the shortest fee-capture chain Hyperliquid received the In-N-Out comparison because it combines a focused product range, internal infrastructure and limited reliance on outside capital. Its original product centered on perpetual futures trading through an onchain order book.
The platform built its own consensus system, HyperBFT, and operates its trading infrastructure through HyperCore. It later added HyperEVM for general smart contract applications, but derivatives remain a major source of activity and revenue.
Valente argued that Hyperliquid has the shortest value-capture path among the three networks. Trading fees flow into the protocol, and the Assistance Fund uses most eligible revenue to purchase HYPE from the market.
The model differs from a conventional corporate share repurchase. HYPE is a crypto token rather than equity, and holding it does not grant the same legal claims as owning company stock. Assistance Fund purchases can still create recurring market demand when trading activity generates sufficient fees.
Hyperliquid’s Assistance Fund directs most protocol trading fees into HYPE purchases. Crypto.news reported in May that the fund had used more than $1.3 billion for purchases since the mechanism began, based on available protocol and market data.
More recent research found that Hyperliquid and Pump.fun accounted for nearly 90% of tracked crypto token repurchases during 2026. Those figures measure purchases during the examined period and should not be interpreted as guaranteed future demand.
Hyperliquid has also expanded through HIP-3, which lets approved builders deploy perpetual markets while using its underlying infrastructure. Official documentation says spot and HIP-3 deployers may retain up to 50% of fees generated by their deployed assets.
Valente compared the arrangement with a tightly controlled restaurant operator allowing outside builders to introduce products without surrendering its infrastructure or customer relationship.
Different models produce different concentration risks Ethereum’s main advantage under Valente’s framework is distribution. Independent layer 2 teams provide external capital, engineering capacity and access to large companies. The cost is weaker control over users, execution revenue and the behavior of those networks.
Solana retains more activity inside one system. This can strengthen fee capture and product coordination, but the network must support a broader technical surface and absorb system-wide operational risks.
Hyperliquid offers the most direct relationship between product revenue and token purchases. It also carries the greatest concentration risk of the three models because activity, leadership and revenue remain closely connected to one trading ecosystem.
Valente warned that builders responsible for a large share of HIP-3 trading could eventually seek better fee terms. Revenue may also weaken during a prolonged decline in derivatives activity.
The comparison does not establish which token will outperform. Valuations also depend on issuance, liquidity, governance, competition, regulation and demand for the products running on each network.
No verified market move could be attributed directly to Valente’s essay. ETH, SOL and HYPE trade continuously and respond to broader crypto prices, leverage, protocol activity and macroeconomic conditions.
What happens next Ethereum’s value-capture debate will focus partly on blob demand and pricing. Developers can adjust capacity or fee parameters, but changes require testing and community support. Higher settlement revenue would need to be balanced against affordable layer 2 transactions.
Solana’s model will be tested by network upgrades, validator-client diversity and its ability to support higher activity without recurring congestion. The expansion of institutional products and consumer applications could also change its fee composition.
For Hyperliquid, HIP-3 adoption will show whether the network can expand beyond its internally developed markets while preserving its revenue share. Trading volumes and Assistance Fund purchases will remain important measures of the model’s durability.
Valente’s central argument is that investors should not value every layer 1 network using identical metrics. Ethereum emphasizes external ecosystem expansion, Solana emphasizes unified execution and Hyperliquid emphasizes direct product revenue. Each model can succeed, he said, but each carries a different path to failure.
FAQs Did ARK Invest officially classify Ethereum as McDonald’s? No. Lorenzo Valente presented the comparison in an analytical essay. The analogy represents his framework for examining blockchain economics.
Why did Valente compare Solana with Chipotle? He argued that Solana operates an integrated network where applications execute directly and fees remain within the underlying system.
Why was Hyperliquid compared with In-N-Out? The comparison reflects Hyperliquid’s focused product, internal infrastructure, limited outside funding and direct fee-to-token purchase mechanism.
Does Ethereum receive fees from layer 2 networks? Yes. Layer 2 networks pay Ethereum for data and settlement. Valente’s criticism concerns the amount Ethereum captures relative to layer 2 activity.
BonkGuy noted that BNB Chain meme coin MarsCoin has surpassed $110 million in market capitalization, hitting a new all-time high.
Trader BonkGuy (Unipcs) stated in a post that MARSCOIN reminds him of SAFEMOON on BNB Chain in 2021, which once hit a market capitalization of around $17 billion. BonkGuy noted that MARSCOIN boasts a stronger narrative, integrating multiple hot concepts including Elon Musk, CZ, Mars, and SpaceX, making it one of the key assets in the BNB Chain meme coin segment. Fueled by growing market attention, GMGN data shows that the market cap of MarsCoin, a meme coin in the BNB Chain ecosystem, has surpassed $110 million, currently standing at $105 million, with a 24-hour gain of 41.7%.
10 minutes ago
Market News: The Bank of Japan is reportedly leaning towards a 25 basis point interest rate hike.
According to people familiar with the matter, the Bank of Japan (BOJ) is inclined to raise its benchmark interest rate by 25 basis points this month to address upside inflation risks, while adjusting the pace of future interest rate hikes flexibly based on economic and price conditions. The sources added that BOJ officials will discuss the possibility of raising the policy rate, and continue to hold the view that inflation risks are skewed to the upside. Rising service prices and the persistent weakness of the yen have further strengthened the case for action. Japan’s current economic development is generally in line with the BOJ’s earlier expectations. As no major changes have emerged in the economic situation that would require significant policy adjustments, a 50 basis point rate hike is unlikely. A source familiar with the matter noted that this has reduced market expectations for a "large rate hike". (Jinshi)
10 minutes ago
AI inference startup Wafer secures $40 million in Series A funding, with a team of just 8 employees, while hitting $8 million in annual recurring revenue (ARR).
Beating AI News Flash: Wafer, an AI inference startup with an 8-person team, has raised $40 million in Series A funding, valuing the company at over $200 million. The startup previously turned down acquisition offers from multiple cloud providers and inference service firms. Wafer’s inference business reached $8 million in annual recurring revenue (ARR) in just about three months. Unlike chipmakers, Wafer focuses on helping models run faster and cheaper on existing hardware. It uses AI agents to automatically adjust models, inference engines, kernels, caches, quantization, and scheduling, then optimizes for different hardware like NVIDIA and AMD. Historically, much of this work required manual tuning by inference performance engineers, a task Wafer aims to automate with AI. In internal tests, Wafer found GLM 5.2 running on AMD MI355X delivers ~80% of the throughput of NVIDIA B200 at less than half the cost. Current clients include Vercel and Inworld AI. Vercel has also independently published tests showing Wafer’s throughput for GLM 5.2 is roughly twice that of other serverless providers. Post-funding, Wafer is expanding its team immediately. It has recently opened four roles: engineering, growth, CEO office, and go-to-market (GTM), all requiring 5 days of in-office work weekly in San Francisco. Technical positions offer a $250,000 base salary plus equity.
10 minutes ago
Analysis: Bitcoin Poised for a Golden Cross, Decline in USDT's Dominance Signals Rising Risk Appetite
Bitcoin is currently approaching the formation of a "golden cross" technical pattern, where the 50-day moving average crosses above the 200-day moving average. This indicator is widely regarded by the market as a signal of a long-term uptrend. While its historical performance does not accurately predict market movements every time, this golden cross may receive further support from USDT’s declining market dominance. Bitcoin has seen a total of 12 golden crosses in its history, with several periods delivering significant rallies. Statistics show that among the 9 measurable golden crosses, the average 3-month gain is roughly 24.9%; cases where the cross holds for a full year without being invalidated by a "death cross" are rare, but the average 1-year gain of the previous 3 such instances reached 250%. Meanwhile, USDT’s market dominance is approaching a "death cross"—its 50-day moving average has fallen below the 200-day moving average. The market typically views a decline in USDT’s market share as a sign of rising risk appetite, meaning funds may flow from stablecoins to Bitcoin and other crypto assets. Currently, Bitcoin’s golden cross and the signal of falling USDT dominance are emerging simultaneously, indicating recent market momentum is strengthening and risk asset allocation sentiment may be improving.
10 minutes ago
Term Labs: All affected fixed-rate loan positions in vaults have been fully restored, and the incident did not impact Term V1/V2 contracts.
According to an official announcement from Term Labs, progress has been made in resolving the Term Vault incident. All fixed-rate loan positions in affected vaults have been fully restored, with the final recovery operation completed at 14:52 UTC on August 25. Term Labs said the incident is currently deemed to have only impacted liquid assets held in Term Vaults. Meta Vaults and related strategies remain offline. The team has not detected any attacks on Term V1 and V2 contracts during the incident, and the direct lending market was unharmed—supply, repayment, and liquidation functions are all operating normally. Per technical analysis, the attacker funded their operational wallet via Tornado Cash, exploited a governance proposal to reset the governance delay of multiple strategies to zero, bypassing the LP additional block window. The attacker then deployed fake controllers, price adapters, and fraudulent Repo tokens, manipulating strategy parameters and price mechanisms to siphon liquid assets from certain ETH and USDC strategies. Term Labs noted it is currently collaborating with law enforcement agencies and cybersecurity firms to investigate the attacker’s identity, and has provided information to relevant authorities to assist the probe. Affected Meta Vaults and strategies have been shut down, while remaining low-activity vaults are being processed. Fixed-rate loans on Term were not targeted by the attack, but to mitigate risks as they may redeem to affected vaults upon maturity, related contracts have been upgraded and migrated in advance.
10 minutes ago
Analysis: Stablecoin trading platforms’ net inflow ends their 113-day outflow streak, with liquidity signals shifting to neutral.
CryptoQuant analyst Axel Adler Jr. wrote in a post that the 30-day net flow of stablecoin trading platforms turned positive on September 1, the first time after 113 consecutive days of net outflows, signaling a change in the previously sustained stablecoin liquidity environment. The 30-day average net flow of ERC20 stablecoin trading platforms had stayed below zero from May 11 to August 31, amounting to 113 days of net outflows. On September 1, the metric hit $13.85 million, then dropped to $11.66 million on September 2 and $6.85 million on September 3, with the two-day net inflow falling by around 51%. At present, this should be seen more as a shift from sustained net outflows to a balanced liquidity environment, rather than confirmation of large-scale capital inflows. Meanwhile, Bitcoin’s Stablecoin Supply Ratio (SSR) is declining from its August peak. The SSR stood at 13.84 on September 1, and its 90-day, 200-day, and 365-day oscillators all remain positive, indicating that stablecoins’ relative purchasing power is improving but has not yet entered a clear expansion phase. Current market signals stay neutral. If stablecoin trading platform net inflows continue to expand and the SSR keeps falling, it could further confirm a liquidity reversal in the crypto market; if net flows fall back below zero, this improvement may only be a temporary shift.
Lighter’s strategic move to conduct daily buybacks of LIT, maintaining its price above $3.94, has potential implications for related assets, including Hyperliquid. The buyback, drawn from a $250 million float, is seen as a stabilizing factor for LIT’s market performance. The involvement of Hyperliquid in this scenario may amplify a short squeeze, as suggested by recent social media reports. These developments occur against a backdrop of speculative activity in the cryptocurrency markets, where daily price movements can be influenced by a variety of factors.
The pricing on prediction markets reflects these dynamics, with the probability of Hyperliquid reaching $100 by the end of the year currently priced at 58.5% YES. This marks a decrease from 65% just 24 hours ago, suggesting a reassessment of the likelihood among market participants. The news of Lighter’s buybacks appears consistent with scenarios where Hyperliquid’s perceived value could increase, although the reliability of the source remains a consideration.
Key Takeaways Lighter’s daily buybacks appear to support LIT’s price above $3.94, suggesting stability in its market position. The potential for a Hyperliquid short squeeze is indicated by recent social media activity, hinting at possible upward price movements. Market pricing suggests a recalibration in expectations for Hyperliquid, with a current 58.5% YES probability for reaching $100 by year-end. What to Watch Watch for any official announcements from Lighter or Hyperliquid that could further influence market perceptions. Developments such as new partnerships or significant investment moves might impact Hyperliquid’s price trajectory. Additionally, monitor broader market trends and sentiment, which could shift in response to regulatory news or macroeconomic events. These factors could either bolster or undermine the current market pricing, affecting predictions about Hyperliquid’s future valuation.
Get live prediction-market analysis, powered by Vera. Sign up for Vera.
Term Structure
Contract Odds Δ since publish Volume 24h December 31 58.5% — — View market → January 1 2027 4% — — View market → January 1 2027 2.6% — — View market → January 1 2027 5.2% — — View market → January 1 2027 2.8% — — View market → January 1 2027 80% — — View market → January 1 2027 13.5% — — View market → January 1 2027 5.5% — — View market →
Hyperliquid Bridge has surpassed EigenCloud in total value locked (TVL), marking a notable shift among major DeFi infrastructure protocols. According to DefiLlama data, Hyperliquid Bridge now holds $6.53 billion in TVL, while EigenCloud stands at $6.37 billion. This move places Hyperliquid Bridge in the 9th position among 146 DeFi protocols with at least $200 million in TVL.
Hyperliquid Bridge growth and HYPE ecosystemWithin the DeFi ecosystem, Hyperswitch, operated by Hyperliquid (HYPE), has emerged as the largest DeFi bridge by TVL. The platform enables users to transfer tokens from Ethereum’s mainnet to other blockchains seamlessly in a single transaction. Once transferred, users can utilize wrapped tokens to engage with HYPE’s perpetuals market.
The increase in TVL highlights substantial user confidence and liquidity in the Hyperliquid protocol. For Hyperliquid’s market makers, the $6.53 billion milestone sends a strong signal regarding user trust and efficient custody solutions compared to relying mainly on points farming strategies.
Mini dictionary: DefiLlama is an analytics platform that tracks decentralized finance (DeFi) protocols by aggregating data on key metrics such as total value locked (TVL), allowing users to compare blockchain projects and network activity.
For Hyperliquid and its market makers, reaching $6.53 billion in TVL demonstrates strong user trust and liquidity, positioning it as a highly preferred solution for token storage and interaction over other passive points accumulation methods.
Implications for investors and developersFor investors and cryptocurrency exchanges, several fundamental factors contribute to HYPE’s current momentum. These include the token’s economic model, liquidity characteristics, and support for native pairs such as HYPE-USDC. Developers view TVL as an indicator of real capital allocation and engagement across chains, offering deeper insights into asset flow within blockchain networks.
The trend of rising TVL in bridge protocols spotlights their evolving role within decentralized finance, especially as new infrastructure solutions increasingly prioritize vertical integration and application-specific chains. Native bridging methods, such as those found in Hyperliquid, are gaining traction over external third-party services like Wormhole and LayerZero.
ProtocolTVL ($ Billion)RankingHyperliquid Bridge6.539EigenCloud6.3710The top 10 DeFi protocols now account for over 60% of total aggregated DeFi TVL, revealing concentrated activity at the highest tier and reflecting the sector’s ongoing transition toward vertically integrated exchanges and in-house bridging solutions.
Outlook for Hyperliquid and DeFi bridgesLooking ahead, Hyperliquid’s long-term prospects will hinge on the ability to sustain and grow trading volumes across both perpetual and spot markets, as well as to strengthen stablecoin infrastructure. Maintaining bridge security remains a key concern following historical incidents involving bridge vulnerabilities that led to significant collateral damage within the sector.
The continued expansion of Hyperliquid’s DeFi infrastructure underscores a broader market movement, with application-specific layer-1 solutions and vertically integrated platforms shaping the next phase of growth and competitiveness across decentralized finance.
Three of the world’s biggest exchange groups are moving their shares onto blockchains through Kraken. Kraken’s parent, Payward, is not ready to list itself. It now targets the second quarter of 2027 at the earliest.
Payward filed a confidential draft registration in November 2025. It paused the process in March 2026. People familiar with the plans point to 2027.
Kraken Builds the Rails Wall Street WantsOn September 1, Payward agreed to tokenize the 100 largest London-listed companies. They become xStocks, tokens backed one for one by real shares. The tokenized London stock plan covers investors in over 110 countries. UK residents and US persons are shut out.
Payward and the London Stock Exchange are partnering to advance the tokenization of UK equity markets.
In the coming weeks, the 100 largest London-listed equities will go live as xStocks, bringing 24/7, programmable onchain access to investors in more than 110 countries.…
— Payward (@Payward) September 1, 2026 The London Stock Exchange plans to trade them on LSE 24, its round-the-clock venue, once regulators approve. Payward counts $40 billion in xStocks volume since June 2025 and more than 200,000 holders.
Nasdaq signed a similar deal in March. It is building a gateway with Payward so tokenized shares can cross between regulated venues and public blockchains. That launch targets the first half of 2027.
Deutsche Börse paid $200 million in April for a stake of roughly 1.5%. Even Hyperliquid may reach US traders this way.
Why the Kraken IPO Delay Makes SenseThat April price implies a valuation near $13.3 billion. Payward raised $800 million last November at $20 billion, in a round led by Jane Street and Citadel Securities. Wall Street bought the rails, then marked them down by a third.
The trading business explains the caution. Second quarter adjusted revenue rose 17% to $508 million. Adjusted EBITDA fell 71% year over year to $23 million. Platform volume dropped 18% to $310 billion.
Payward kept buying anyway through crypto’s stalled IPO year. It closed on derivatives venue Bitnomial in May, completing a US regulated derivatives stack it can now rent out.
“The industry around us is consolidating. We built this company so that is when we compound fastest,” Arjun Sethi, Co-CEO of Payward, in the company’s quarterly letter.
That letter never mentions the listing. The rails are going up for other people’s markets first. Whether public investors pay for infrastructure, rather than trading fees, is the open question.
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.
After losing a significant amount of its late-August rally, Dogecoin is about to go through a crucial support test. At the moment, DOGE is trading at $0.0823, which puts the price right in the middle of a cluster of short-term technical support. The area between $0.080 and $0.082 is the most significant.
Dogecoin buyers stay on the sidelinesThe 100-day EMA around $0.0816 and the short-term moving average near $0.0806 both converge in this area. The most recent candles for DOGE show buyers trying to protect it after the price dropped from its most recent peak of $0.095. The August breakout structure would remain intact if this support were maintained.
DOGE/USDT Chart by TradingViewPrior to this, DOGE accelerated from about $0.070 and came very close to the 200-day EMA at about $0.0945. The strong rejection that the long-term moving average generated indicates that the overall trend has not yet entirely turned in favor of buyers. Momentum has significantly decreased.
HOT Stories
You Might Also Like
After going into overbought territory, the RSI has dropped to about 55. This eliminates a portion of the rally's speculative excess without causing DOGE to enter a bearish trend just yet. The first recovery targets are $0.086 and $0.090 if $0.080 holds, and then another attempt is made at $0.094–$0.095.
The medium-term structure would be significantly improved by a successful breakout above the 200-day EMA. Instead, losing $0.080 would reveal the 50-day EMA at $0.075, with $0.070 emerging as the subsequent significant support.
Hyperliquid stays strongTechnically speaking, Hyperliquid is still much stronger, with HYPE trading at about $84 following a strong breakout from the $58–$60 range. Instead of immediately retracing the rally, the asset has established a consolidation range close to its recent highs. The price has fluctuated between roughly $79 and $86 on several occasions, and buyers are still absorbing selling pressure around $80.
HYPE/USDT Chart by TradingViewAdditionally, HYPE continues to have a very large lead over its major moving averages. The 50-day and 100-day averages are roughly $63.7 and $62.5, respectively, while the short-term average has increased to roughly $72.8. The 200-day EMA is still much lower, at about $55.
The trend's strength is confirmed by that separation, but it also raises the possibility of a retracement. Since the August breakout, HYPE has increased by over 40%, extending the market in relation to its underlying averages. The RSI moved well into overbought territory before cooling to about 69.
You Might Also Like
If HYPE keeps consolidating, momentum can normalize without necessitating a significant price correction, which is beneficial. The immediate barrier is still between $85 and $87. If this range were to be broken, $90 would be in play, and then the psychologically important $100 target. $80 is the first level to watch when conditions deteriorate.
A deeper retracement toward $75 and the short-term EMA around $73 could result from losing it. However, the dominant structure is still bullish as long as HYPE stays above this level.
Shiba Inu's stabilizationFollowing another volatile rejection, Shiba Inu is trying to stabilize above one of its most significant short-term technical zones. SHIB is currently trading at about $0.00000518, which places the token marginally above the $0.000005 level that has consistently dictated the recent price action's direction.
SHIB/USDT Chart by TradingViewThe positive development is that SHIB has recovered the 100-day EMA around $0.00000498 and the short-term moving average around $0.00000501. Additionally, the price is upholding the rising support structure that was established by the August lows.
A comparatively concentrated support area between roughly $0.0000049 and $0.0000050 is produced by these levels taken together. Holding it might enable SHIB to try again at $0.0000054–$0.0000055. But above that, the declining 200-day EMA currently sits at $0.0000057, where much stronger resistance emerges.
You Might Also Like
Although buyers were unable to sustain the breakout, SHIB's prior surge momentarily surpassed this average and reached about $0.0000062. The primary flaw in the current configuration is still that rejection. SHIB continues to trade below its 200-day EMA despite the recent rebound, indicating that the broader trend has not yet shifted into a confirmed bullish structure.
Neutral momentum, as opposed to strong buying pressure, is also reflected in the RSI around 54. The recovery would be weakened by a break below $0.0000049, which could reopen $0.0000047, followed by the $0.0000044–$0.0000045 region.
Bitcoin's key stabilization thresholdAfter its extraordinarily strong breakout from the $63,000–$65,000 range, Bitcoin is still consolidating around $78,200. The biggest technical shift is that Bitcoin successfully crossed the 200-day EMA, which is now at about $72,300.
BTC/USDT Chart by TradingViewDespite a few days of consolidation, Bitcoin crossed this long-term resistance with significant volume and has stayed comfortably above it. Between roughly $77,000 and $81,000, the current battle is being fought.
Selling pressure has been applied to several attempts to push the rally past $80,000–$81,000, but sellers have also failed to generate a significant reversal. After the breakout, this places Bitcoin in a high-level consolidation.
You Might Also Like
Momentum is still high. After entering overbought territory recently, the RSI is currently around 69. Cooling the RSI while the price remains around $78,000 would actually strengthen the setup by reducing momentum excess without destroying the bullish structure.
A strong move above $80,000–$81,000 could reopen the May peak at $82,000 and possibly set up another leg higher. In the short term, the downside structure is more significant.
The closest support is found between $76,500 and $77,000, but the main technical safety net is located between $72,000 and $73,000, where the 200-day EMA and rising short-term average converge. The recent breakout is structurally sound unless Bitcoin loses that area.
Hyperliquid’s (HYPE) native token has entered a US-listed crypto index exchange-traded fund (ETF) for the first time, joining Hashdex’s Nasdaq CME Crypto Index ETF (NCIQ) at a 3.4% weighting.
The addition makes HYPE the fund’s fifth-largest holding, ranking behind Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL).
How HYPE Entered the Hashdex Crypto ETFNCIQ tracks the Nasdaq CME Crypto Settlement Price Index (NCIS). The index reflects the daily close of the Nasdaq CME Crypto Index (NCI), built under Nasdaq and CME Group methodology.
The fund held roughly $431.37 million in net assets as of September 1. Shares closed that day at $19.46, against a net asset value of $19.50, according to the fund’s disclosures.
Bitcoin’s weighting dropped from 78% to 74.6% in the update. Solana’s share climbed from 3.2% to 3.7% over the same period.
HYPE has more weighting than the likes of ADA, LINK and XLM. Image Source: NCIQEthereum, XRP, Cardano (ADA), Chainlink (LINK), Stellar (XLM), and Bitcoin Cash (BCH) round out the remaining holdings.
Momentum Builds for HyperliquidHyperliquid is a layer-1 blockchain built around onchain perpetual futures trading. Perpetual futures let traders speculate on price without owning the underlying asset.
HYPE reached an all-time high of $84.80 in late August. A new buyback program funded by reserve yield helped drive that rally.
As of publication, HYPE trades at $81.76, up 5.74% over 24 hours. Its market capitalization stands near $18.31 billion, ranking tenth among all cryptocurrencies.
HYPE has seen a large spike since late August. Image Source: CoinGeckoThe listing adds to steady institutional demand for crypto ETFs this year. Spot Bitcoin ETF inflows have stayed strong, and Solana ETF inflows recently hit a multi-month high too.
Rival index providers have taken different approaches to asset selection. A Bitcoin-free benchmark from S&P Dow Jones and Pantera excludes BTC entirely.
How future rebalances unfold could determine whether HYPE’s weighting keeps growing.
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 Strategies, the Nasdaq-listed treasury firm focused on Hyperliquid's native token, has significantly expanded its capital-raising capacity. The company has raised its committed equity facility with Chardan Capital Markets from $1 billion to $2.5 billion, a move disclosed in a Form 8-K filed with the US Securities and Exchange Commission on September 1.
How the Facility Works The agreement, first signed in October 2025, allows Hyperliquid Strategies to periodically direct Chardan, a New York-based investment bank and broker-dealer, to purchase newly issued common shares. Chardan can then resell those shares into the public market. The company controls the timing and size of individual sales, with financing decisions depending on market conditions, the stock's trading price, and management's assessment of how proceeds should be deployed.
It is important to note that the $2.5 billion represents the maximum capacity of the facility, not funds already in hand. The amount ultimately raised could fall short of that ceiling, and Chardan is under no obligation to purchase the full amount. Unlike a traditional loan, selling shares under the arrangement does not create interest expenses or repayment obligations, but it does dilute existing shareholders by reducing the ownership percentage represented by each share.
A Nasdaq-related cap also applies once cumulative sales under the original $1 billion tranche are exhausted. Beyond that point, sales priced below $12.02 per share cannot exceed 19.99% of shares outstanding at the time of the amendment, unless shareholders grant approval.
HYPE Treasury Strategy and Market Context The expansion comes as the company approaches the limit of its original facility. Hyperliquid Strategies has already raised around $647 million through share sales and, as of late August, held approximately 29.4 million $HYPE tokens in its treasury. Proceeds from the facility are earmarked for general corporate purposes, which may include further $HYPE purchases, though no fixed token allocation or purchase deadline has been set.
Interest in Hyperliquid has picked up in recent weeks. $HYPE gained more than 20% in August after US President Donald Trump indicated that Commodity Futures Trading Commission Chair Michael Selig was working to bring the decentralised trading platform into the US under a regulatory framework. Hyperliquid Strategies shares rose 30.4% in the same period. Despite sharing the protocol's name and holding its native token, the company states it is independent and not affiliated with the Hyperliquid protocol.
Sources:
The Block: Hyperliquid Strategies expands equity facility to $2.5 billion
CoinTelegraph: HYPE treasury firm Hyperliquid Strategies boosts equity facility to $2.5B
Blockonomi: Hyperliquid Strategies Expands Chardan Equity Facility to $2.5 Billion
Hyperliquid Strategies (PURR) has amended its financing arrangement with Chardan Capital Markets, lifting the maximum commitment for purchases of newly issued common shares to $2.5 billion from $1 billion, according to a Form 8-K filed with the U.S. Securities and Exchange Commission (SEC).
The change modifies the ChEF Purchase Agreement that the two companies entered into on Oct. 22, 2025. Hyperliquid Strategies can continue issuing shares to Chardan under the terms, conditions, and limits set by the agreement.
Lower-Priced Share Sales Face 19.99% Issuance Limit A restriction takes effect once cumulative common-stock sales through the arrangement pass $1 billion. From that stage, transactions below $12.02 a share are generally limited to 42,641,847 shares, equal to 19.99% of the company’s outstanding common stock immediately before the amendment.
Sales beyond that ceiling may proceed if shareholders authorize the additional issuance under applicable Nasdaq requirements, or when those rules do not require such approval.
Hyperliquid Strategies gave no explanation in the filing for enlarging the commitment. Earlier company disclosures showed that roughly $647 million of stock had been sold by June 30.
The expanded financing capacity comes as Hyperliquid Strategies continues to maintain a sizable HYPE treasury.
HYPE Treasury Stood at 29.4 Million Tokens The company’s digital-asset treasury is centered on HYPE, the native token associated with Hyperliquid. Its latest Form 10-K reported holdings of about 29.4 million HYPE as of Aug. 23.
As of this writing, HYPE trades at $82.06, down 1% over 24 hours. Nasdaq-listed PURR finished Tuesday’s session at $11.36 after falling 7.31%, while the shares remained up 73% over the preceding month and 230% year to date.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Hyperliquid’s native token HYPE is under the spotlight after Multicoin Capital moved a major allocation to Coinbase Prime, sparking speculation over potential supply pressure. On-chain data indicates Multicoin Capital transferred a total of 261,555 HYPE, valued at approximately $21.7 million, to the institutional-focused platform in the last 12 hours.
Large-Scale Transfers Draw Market AttentionThe transactions occurred in three separate batches: 63,235 HYPE, 101,144 HYPE, and 97,176 HYPE. These transfers stand out due to their scale and timing, arriving as HYPE trades close to all-time highs after a powerful rally.
After surging from about $57 in the latter part of August, HYPE recently consolidated just below its peak, changing hands at $82.93 following highs in the $86 to $87 range. The asset’s brief pause has left traders closely monitoring its ability to maintain momentum.
Sizeable transfers from funds to exchange-linked addresses often point to possible preparation for significant selling activity. However, a deposit to Coinbase Prime does not necessarily mean an immediate market sell, as the platform also facilitates OTC transactions, settlement, and institutional custody solutions.
Technical and Structural FactorsRather than confirming a direct sell-off, these deposits have heightened possible near-term sell-side liquidity, as indicated by on-chain watchers. Technically, HYPE’s structure remains strong but faces an uptick in institutional pressure, with recent resistance making further breakouts increasingly challenging.
Buyers have encountered repeated upper wicks in the price chart, highlighting difficulty sustaining momentum above $84 to $87. Despite intensified activity from institutional players, HYPE continues to trade significantly above its main moving averages—key structural supports are located at $64.01 and $62.86, with the nearest major average at $73.48. This range creates a considerable buffer between support and the current spot price.
Momentum has softened, but the rally remains intact. After HYPE’s relative strength index (RSI) entered overbought territory, it has since declined toward 66, reflecting cooling enthusiasm but preserving underlying strength. Market participants are now focused on the $80 support level as a decisive point. A breakdown below this area could accelerate profit-taking and bring the $76 to $73 zone into play.
Institutional Flows Meet Web3 InnovationIn line with technical indicators and evolving trading dynamics, traditional market participants are increasingly adopting on-chain solutions. While legacy financial systems depend on complex intermediaries, a substantial transformation is underway as institutions turn to Web3 models. Investors now use platforms like 1stepSwap to hold tokenized real-world assets, including shares of leading U.S. companies, gold, and silver, directly within their crypto wallets. This model eliminates middlemen by automatically sourcing the best available market prices and tokenizing RWAs for quicker, more direct execution.
Rather than immediate selling pressure, the $21.7 million transfer from Multicoin to Coinbase Prime signals increased potential liquidity on the sell side at recent highs. HYPE’s price structure continues to hold above its main moving averages, and a decisive move below $80 would intensify near-term downside risk for the token.
If the additional supply from Multicoin Capital is absorbed while HYPE holds $80, it would point to strong underlying demand. Until the price structure confirms that institutional distribution exceeds market buying, the current outlook suggests heightened vigilance but does not support a confirmed trend reversal.
TLDR Hyperliquid Strategies expanded its Chardan equity facility from $1 billion to $2.5 billion on Sept. 1. The facility lets the company sell newly issued shares over time, but proceeds are not guaranteed. The company holds about 29.3 million HYPE tokens as of Aug. 19, worth over $773 million in total purchases. A new exchange cap limits share sales below $12.02 once $1 billion has been raised through the facility. The stock closed at $11.36 on Sept. 1, down about 7.3% for the day. Hyperliquid Strategies has expanded its equity financing facility with Chardan Capital Markets from $1 billion to $2.5 billion. The company disclosed the change in a filing with the U.S. Securities and Exchange Commission on Sept. 1.
The Nasdaq-listed firm can now raise more money by selling new shares to Chardan over time. This gives the company added room to fund its treasury strategy, which centers on buying HYPE, the token tied to the Hyperliquid network.
The $2.5 billion figure represents the maximum size of the facility. It does not mean the company has raised that amount or plans to spend it all on HYPE.
How the Equity Facility Works Under the agreement, Hyperliquid Strategies can direct Chardan to purchase newly issued shares at different points in time. Chardan then resells those shares on the open market.
The company controls when and how much it sells. Decisions depend on market conditions, the stock price and how management wants to use the funds.
Proceeds are meant for general corporate purposes, which may include buying more HYPE. The language gives leadership flexibility rather than setting a fixed token target or deadline.
Selling shares also increases the total share count. This can reduce the ownership stake held by existing investors.
The company had previously raised $647 million through the same facility before this expansion. That earlier funding helped grow its HYPE holdings to their current size.
HYPE Holdings and Recent Stock Moves Since completing its business combination in December 2025, Hyperliquid Strategies has spent $773.4 million buying about 16.5 million HYPE tokens. The average purchase price was $46.77 per token.
As of Aug. 19, the company held roughly 29.3 million HYPE. It reported $149.9 million in cash at the end of June and said it carries no debt.
The new agreement includes a cap tied to Nasdaq rules. Once total sales through the facility reach $1 billion, the company generally cannot sell more than 42,641,847 shares below $12.02 each without shareholder approval.
That share count equals about 19.99% of shares outstanding before the amendment. At $12.02 per share, it would represent roughly $512.5 million in proceeds before fees.
Shares of Hyperliquid Strategies closed at $11.36 on Sept. 1, down about 7.3% for the session. The stock traded between $11.03 and $12.31, with volume near 24.3 million shares.
That closing price sits below the $12.02 threshold tied to the new share cap. The cap itself only applies once cumulative sales under the facility pass $1 billion.
The filing does not disclose whether the company has already used any of the newly added capacity. It also does not report a new HYPE purchase tied to this amendment.
The broader interest in Hyperliquid grew last month after President Donald Trump said the Commodity Futures Trading Commission was working to bring the platform into the U.S. under regulatory oversight. HYPE rose more than 20% following the comments, and Hyperliquid Strategies shares gained 30.4% in the same period.
The company has said it operates independently and is not affiliated with the Hyperliquid protocol, despite sharing its name and holding its token.
Nasdaq-listed Hyperliquid Strategies (Nasdaq: PURR) has expanded its Chardan equity facility from $1.0 billion to $2.5 billion. The move hands the HYPE treasury firm $1.5 billion in additional fundraising capacity, without a single dollar yet guaranteed.
$647M Already Drawn, and 29.3M HYPE Bought The company filed a Form 8-K with the SEC on September 1, 2026. It confirmed the signing of Amendment No. 1 to its Committed Equity Facility (ChEF) Purchase Agreement with Chardan Capital Markets LLC, dated October 22, 2025.
CoinGape earlier reported on the $1 billion Chardan equity facility when Hyperliquid Strategies first announced the capital raise and its plan to accumulate HYPE.
The facility is not new money on arrival. It is a discretionary equity line. Hyperliquid Strategies sells shares to Chardan, and Chardan resells them in the open market.
Nothing in the amendment forces the company to draw the extra $1.5 billion.
Through June 30, 2026, the company had already issued roughly 76.06 million PURR shares under the original facility.
That generated $646.6 million in gross proceeds at an average issue price of about $8.70 per share.
As CoinGape reported, the 29.3 million HYPE treasury update showed those proceeds were largely deployed, roughly $773.4 million went into HYPE purchases and PURR buybacks combined.
About 16.5 million HYPE tokens were bought at an average price of $46.77.
The treasury grew from approximately 12.5 million HYPE at the time of the Sonnet merger, covered by CoinGape when the Sonnet merger secured approval, to about 29.3 million tokens by late August.
That leaves roughly $353 million of unused capacity under the old $1 billion ceiling before the new $1.5 billion of headroom even kicks in.
The $12.02 Cap: What It Means for Investors The amendment contains an investor protection clause that kicks in after $1.0 billion of total facility sales are complete.
At that point, any shares issued below $12.02 per share cannot exceed 42,641,847 shares, equal to 19.99% of shares outstanding just before the amendment.
Going beyond that threshold requires a Nasdaq shareholder vote, or a qualifying exemption.
PURR closed September 1 at $11.36, down 7.3%, on heavy volume of around 24 million shares.
That close sits below the $12.02 reference price. For investors, $12.02 is not a price floor. It is a dilution governor on discounted stock once the first $1 billion is fully used.
Hashdex added HYPE to the Nasdaq CME Crypto Index ETF, effective September 1, the same day as the 8-K filing.
Separately, Hyperliquid activated its AQAv2 engine, which routes most USDC reserve yield into programmatic HYPE buybacks.
CoinGape reported that AQAv2 buy-back and burn mechanism now operates alongside roughly 99% of protocol trading fees already flowing into HYPE buybacks.
On the regulatory front, Hyperliquid and Kraken’s Payward are in advanced talks to bring crypto perpetuals to U.S. markets via Bitnomial.
President Trump has publicly noted that CFTC Chair Michael Selig is working to bring Hyperliquid onshore in a fully compliant manner, based on remarks made at a White House event on August 19.
Additionally, Grayscale filed an updated S-1 for a HYPE ETF with staking, adding another listed-product demand vector for the token.
The bull case is straightforward. Unused capacity plus a larger ceiling lets Hyperliquid Strategies keep buying HYPE if PURR trades at a premium to its modified net asset value.
The bear case is equally clear. A $2.5 billion equity line is an overhang. Drawing it below $12.02 after the first $1 billion hits the Exchange Cap still dilutes existing holders.
Investors should watch three things: the remaining draw to $1 billion, PURR price relative to $12.02, and weekly HYPE treasury updates on hypestrat.xyz.
Our guide covers proven strategies to earn passive income with crypto in any market condition.
