Track market-moving stories before they get noisy

Wash’s former employer took its first position in HYPE Treasury Company during Q2, acquiring $23 million worth of shares.

Binance will distribute dividends for Microsoft (MSFT) and Applied Materials (AMAT) via bStocks.

According to an official announcement, Binance will distribute dividends for Applied Materials (AMAT) and Microsoft (MSFT) to users holding AMATB or MSFTB balances via its bStocks platform. After deducting applicable withholding taxes, fees, costs, and other charges, the net cash dividend will be reinvested into additional units or fractional shares of the same underlying securities. Eligible users will receive these dividends in the form of AMATB or MSFTB bStocks stock tokens. Users holding AMATB or MSFTB on-chain will receive bStocks dividends via a multiplier adjustment. Only users holding AMATB or MSFTB at the snapshot time of 08:00 (UTC+8) on August 20, 2026, will qualify for the stock dividends.

6 minutes ago

Changxin Technology's stock rose more than 10% in afternoon trading, hitting a new high since its listing.

According to market data, Changxin Technology rose more than 10% in the afternoon session, hitting a new high in its share price since listing, with a market capitalization of 4.07 trillion yuan and trading volume exceeding 23 billion yuan.

6 minutes ago

After $牛来 was listed on @Aster_DEX Perps, its price surged by over 150%. The 24-hour trading volume has reached $4.47M.

After $牛来 was listed on @Aster_DEX Perps, its price surged by over 150%. The 24-hour trading volume has reached $4.47M.

6 minutes ago

Glassnode: Bitcoin is being sidelined amid the ongoing capital rotation, as risk capital continues to flow into U.S. stocks and AI assets.

Glassnode noted in a recent post that as U.S. consumer confidence has plunged to an all-time low, U.S. stock markets have continued to hit new all-time highs, creating a stark contrast between market sentiment and asset performance. Weak consumer confidence is driving capital to accelerate shifting from cash assets to stocks, artificial intelligence (AI)-related assets, and commodities, as investors seek higher returns by allocating to risk assets. Notably, Bitcoin has been noticeably overlooked in this round of capital rotation. While stocks, AI, and commodities continue to attract inflows, Bitcoin has not benefited in tandem, indicating that current market capital allocation remains concentrated primarily on traditional risk assets and AI themes, with BTC’s participation in this round of asset rotation being relatively limited.

6 minutes ago

Goldman Sachs: Market expectations for the Federal Reserve's interest rate hikes are overly hawkish.

Goldman Sachs said that given U.S. inflation is cooling, market expectations for Federal Reserve interest rate hikes remain overly aggressive. Goldman Sachs chief economist Jan Hatzius wrote in a report that due to weak retail sales data, disappointing employment figures, and continued slowing inflation data, the likelihood of the Fed raising rates at its September meeting is "extremely low". Hatzius noted: "Based on our baseline economic forecast, the likelihood of inflation data improving further over time is higher than that of it worsening again. We still believe market pricing for the federal funds rate is overly hawkish." Data shows markets have pushed back expectations for the Fed's next 25-basis-point rate hike to January next year, while just a week ago, markets had fully expected the Fed to raise rates in December. Goldman Sachs believes that although market pricing is no longer as hawkish, there is still room for rate hike expectations to fade further.

6 minutes ago

Real world assets (RWAs) are playing an increasingly influential role in decentralized finance, according to recent data from Hyperliquid and DeFiLlama Research. The integration of tokenized traditional assets into on-chain markets has contributed substantially to new-user adoption patterns during the first half of 2026.

Surge in RWA-First User AdoptionBetween January and June 2026, the Hyperliquid platform recorded 534,362 wallets making their first trades. Of this group, 169,514 wallets began their activity by trading RWAs, according to DeFiLlama’s analysis. This RWA-driven group represented 31.7% of all new-user onboardings during the period.

DeFiLlama Research noted that these new wallets did not simply diversify their portfolios but entered the DeFi ecosystem specifically for access to tokenized real world assets. This suggests that RWA markets are drawing in a unique user segment distinct from existing crypto participants.

Trading and Fee BreakdownRWA-First wallets contributed $111.6 billion in trading volume during the period, accounting for 31.5% of total new-user trading activity. However, these users largely limited their activity to RWA products, reinforcing the notion that tokenized traditional assets can attract dedicated market participants.

RWA-First wallets generated $34.1 million in fees, representing 8.3% of the $412.6 million in new user fees. Over 80% of fees were attributed to Other-First wallets, indicating that long-standing crypto users contribute more platform revenue compared to RWA-focused newcomers.

Other-First wallets, typically crypto-native users, accounted for a significant proportion of RWA market volume by progressively diversifying their activity into these products. Specifically, DeFiLlama’s analysis found that crypto-focused users contributed 40% of RWA market volumes, while RWA-First wallets remained primarily active in their initial product segment.

Wallet TypeNumber of New WalletsTrading Volume ($)Fees Generated ($)Share of RWA VolumeRWA-First169,514$111.6 billion$34.1 million60%Other-First364,848Data not specified$378.5 million40%Product Expansion and Market WavesThe surge in RWA onboarding follows the launch of Hyperliquid’s HIP-3 framework in October 2025. This permissionless listing system allows qualifying market builders to introduce new perpetual contracts by staking 500,000 HYPE. The initiative expanded access to multiple asset classes, including equities, commodities, indices, and foreign exchange.

DefiLlama observed significant spikes in user adoption correlating with new market launches. For example, the S&P 500 perpetual market attracted over 38,000 unique wallets within eight days of opening. Similarly, in June, the introduction of a SpaceX pre-IPO market drove another onboarding wave.

Mini dictionary: HIP-3: A Hyperliquid framework enabling any qualified participant to create and list new perpetual futures markets for various asset classes, provided they stake the required amount of the HYPE token. This system removes centralized control from market listings, supporting broader user-driven innovation.

Despite robust user engagement, economic returns from RWA-First onboarding appear mixed. The research highlights that user acquisition and trading activity are increasing, while monetization remains centered on more established, crypto-native users who are active across multiple markets.

Outlook for Hyperliquid and RWAsLooking ahead, Hyperliquid’s growth in the RWA segment will likely depend on whether users initially attracted by tokenized traditional assets expand their involvement into broader market offerings. Current data signals that RWA markets are successfully enlarging DeFi’s user base, but the platform’s economic value hinges on encouraging cross-market participation.

Hyperliquid is a decentralized trading platform known for supporting perpetual futures across digital and tokenized real-world assets.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Quick Overview

Table of Contents

Bitcoin maintains its position near $63,000, serving as the primary market indicator for digital assets
Ethereum dropped under $1,900, yet U.S. ETF products attracted $103.9 million in net inflows over one week
Solana expanded block capacity to 100 million compute units while hovering around $75
Chainlink approached $10 after announcing new partnerships and releasing its agent platform beta
Hyperliquid posted approximately 154% gains during the first six months of 2026

Cryptocurrency markets are experiencing turbulence, yet price declines often create opportunities for strategic investors. Five digital assets—Bitcoin, Ethereum, Solana, Chainlink, and Hyperliquid—deserve attention in the current environment.

Bitcoin: The Industry Standard
Bitcoin continues to serve as the cornerstone of cryptocurrency investing. With the most extensive network infrastructure, unmatched brand awareness, and significant institutional support, it remains the dominant digital asset.

Bitcoin (BTC) Price
BTC currently hovers around $63,000. Market liquidity constraints and general uncertainty have contributed to price pressure, though this correction may present entry points for investors viewing Bitcoin as a long-term wealth preservation tool.

While Bitcoin may not deliver the dramatic gains seen in smaller-cap projects, it presents significantly lower project-specific risks, solidifying its role as the standard against which all cryptocurrencies are evaluated.

Ethereum: Sustained Institutional Appetite
Ethereum serves as the backbone for decentralized finance protocols, stablecoin infrastructure, asset tokenization, NFT marketplaces, and countless decentralized applications. It maintains its position as the leading smart contract platform globally.

ETH slipped beneath $1,900 during recent market volatility. However, institutional interest proved resilient. U.S.-based Ethereum ETF products recorded $103.9 million in net inflows for the week concluded July 24, topping all cryptocurrency ETF products during that timeframe.

The convergence of robust developer engagement, powerful network effects, and growing institutional participation positions Ethereum as a priority holding for long-term portfolios.

Solana: Speed, Efficiency, and Momentum
Solana presents a direct alternative to Ethereum, particularly for applications requiring high throughput and minimal transaction costs. The platform recently upgraded its block capacity to accommodate 100 million compute units.

The ecosystem continues expanding across payment solutions, tokenized real-world assets, and interoperability protocols. SOL traded around $75 in mid-August, considerably below previous all-time highs.

This disparity between current valuations and historical peaks may represent an entry opportunity for investors confident in the platform’s continued development trajectory.

Chainlink: Critical Infrastructure Investment
Chainlink provides essential connectivity between blockchain networks and external data sources while facilitating cross-chain asset transfers. It functions as fundamental infrastructure supporting the emerging tokenization ecosystem.

LINK surged toward $10 in mid-August following announcements of additional CCIP integrations and the beta release of Chainlink for Agents. These milestones demonstrate ongoing platform evolution and expansion.

Should tokenized assets achieve widespread adoption in traditional finance, Chainlink is well-positioned to capture value as a critical infrastructure provider supporting this transformation.

Hyperliquid: Aggressive Growth with Elevated Risk
Hyperliquid represents the highest-risk proposition in this selection. The decentralized perpetual futures exchange has experienced rapid expansion, with HYPE appreciating approximately 154% during the first half of 2026.

Such performance establishes elevated expectations going forward. Planned token unlock schedules and regulatory ambiguity introduce risks requiring careful consideration.

Nevertheless, Hyperliquid demonstrates that decentralized trading infrastructure can effectively challenge centralized exchange dominance in the cryptocurrency derivatives market.

Table of contents

Unitree has not begun trading on a public exchange, but Hyperliquid already carries a market verdict. Perpetual traders on the venue are pricing the robot maker near $38 billion, more than four times the $9 billion implied by its IPO, according to Allium analysts cited in the original report. That gap is not just a number. It creates a positioning problem before the first real share trades.

The spread matters because Hyperliquid is not simply hosting a passive price quote. Traders have built positions around a synthetic pre-listing exposure, and those positions come with leverage. When a market’s starting reference point sits that far above the IPO price, even normal price discovery can turn into forced selling.

Allium’s read is effectively a risk warning. A valuation of roughly $38 billion assumes a much larger outcome than the $9 billion IPO reference. Pre-listing perpetuals can drift because they are not constrained by share supply or underwriter pricing. Early momentum, thin liquidity, and shorting frictions can push a market away from any anchor. BlockchainReporter’s weekly tokenization roundup has tracked how quickly on-chain markets are absorbing real-world asset exposure, but this Unitree trade is a derivatives bet rather than a tokenized equity product.

Pre-Listing Perps Create a Fragile Reference Point
A pre-market perpetual does not have the same clearing mechanics as a share listing. On Hyperliquid, positions are marked to a synthetic contract rather than a spot asset. If the contract begins with a premium over the IPO level, long traders are effectively borrowing confidence. The longer the premium holds, the more crowded the trade becomes.

This is where the liquidation risk bites. A market that opens near $9 billion while the perp marks $38 billion would force a convergence. For late longs, that is not a mild pullback. It is a more than 75% markdown from the pre-listing price, assuming the two levels meet.

The analysts did not predict an immediate collapse. They pointed to vulnerability. Leverage amplifies the position, but it does not change the underlying reference point. The market may stay elevated, or it may correct sharply. The question is how many traders are positioned for the gap to close.

The start of public trading introduces a real cash price. That is the moment the synthetic pre-listing price has to reconcile with actual buyers and sellers. If underwriters priced the company at $9 billion and public investors are not willing to pay a $38 billion valuation, the perp market will have to adjust quickly.

The adjustment could be orderly if early liquidity is deep. It could also be violent if long positions are stacked on the assumption that the pre-listing premium was information rather than froth. Hyperliquid’s risk engine will process liquidations automatically, but automatic does not mean painless.

The same mechanics drive the speculative bursts visible in weekly crypto gainers, where momentum and leverage can sustain a move until a sudden repricing changes the book. Unitree’s perp market is a compressed version of that dynamic tied to a single corporate event.

Why This Is More Than a Single-Stock Story
Unitree sits at the intersection of robotics and AI, two narratives that have been pulling speculative capital across crypto and equity markets. The same appetite that has pushed AI-linked tokens and storage projects higher is now showing up in pre-IPO derivatives. BlockchainReporter’s Filecoin price outlook has noted how AI storage demand is shaping valuations, and Unitree is attracting similar attention as a physical AI name.

But the Unitree trade also tests whether decentralized perp venues can handle pre-listing price discovery without creating a cascade. The venue can list the contract, but it cannot guarantee that the contract price stays tethered to economic reality. The gap between $9 billion and $38 billion is the visible measure of that tension.

The next test is not the listing itself. It is what happens to the leveraged book when the real price begins to speak.

AUTHOR

Jide Idowu is a skilled freelance writer with expertise in blockchain technology, cryptocurrency, and digital finance. Known for his ability to break down complex topics into clear, engaging content, Jide crafts articles, blog posts, and analyses that resonate with both beginners and seasoned professionals. His work spans a wide range of subjects, from emerging crypto trends to in-depth explorations of blockchain innovations. With a keen eye for detail and a passion for educating readers, Jide is a reliable voice in the rapidly evolving world of digital assets.

TECHINASIA: Unitree IPO at $9b as Hyperliquid contracts signal $38b

https://www.dlnews.com/articles/markets/hyperliquid-protocol-cranks-up-the-risk-with-1000x-leverage/

Multicoin Capital has invested over $100 million in Hyperliquid’s native token, HYPE, as part of its strategic allocation to high-potential blockchain ventures. Hyperliquid, a Layer 1 blockchain with a decentralized perpetual futures exchange, aims to generate real cash flow through a fee-driven token buyback model. Multicoin Capital has been actively investing in HYPE since February, marking it as one of its largest positions. This investment underscores institutional confidence in Hyperliquid’s business model, which focuses on fee revenue directed towards token buybacks.

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Key Takeaways

Multicoin Capital’s significant investment in HYPE suggests strong institutional confidence in Hyperliquid’s business model.
Market pricing indicates an increase in the perceived likelihood of Hyperliquid reaching its price targets by the end of 2026.
The investment appears consistent with market participant expectations of Hyperliquid’s growth in the blockchain ecosystem.

What to Watch
Market participants will be monitoring developments from Hyperliquid, including potential partnerships and expansions, which could influence price predictions. Any significant announcements or regulatory changes affecting Hyperliquid’s operations could impact market sentiment. Observers will also be attentive to Multicoin Capital’s future moves within the blockchain space, as these could provide further insights into the fund’s confidence and strategic direction.

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Term Structure

Contract
Odds
Δ since publish
Volume 24h

December 31
15.5%
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—
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January 1 2027
4.1%
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—
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January 1 2027
3%
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—
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January 1 2027
30.5%
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—
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January 1 2027
8.1%
—
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January 1 2027
3.2%
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—
View market →

According to monitoring by Onchain Lens, a Hyperliquid trader opened a long BTC position three hours ago, purchasing 96.25 BTC with the position valued at approximately $6.05 million. The position uses 40x leverage, with an entry price of $62,900.9 and a liquidation price of $59,147.3.

Relevant content

ABFinance officially announced it will shut down in approximately five months and is currently initiating an orderly liquidation.

Crypto finance platform ABFinance, founded by former Bybit co-CEO Helen Liu, announced it will not proceed with its planned launch and is now in the process of orderly shutdown. ABFinance stated on social media that it thanks all team members, community users, and partners involved in its development, adding: "Thank you for your trust, support, and belief along the way." In March this year, after leaving Bybit, Helen Liu announced the launch of her startup ABFinance, which aimed to build a one-stop financial platform connecting fiat and crypto assets, integrating functions such as deposits, yields, trading, and payments, and emphasized that it would be built under the U.S. compliance license framework from day one. According to prior reports, Bybit announced that Helen Liu would step down on April 30, 2026, to embark on her personal entrepreneurial journey. However, just about five months after ABFinance unveiled its project plan, the platform announced it would halt its launch and enter the shutdown process. The specific reason for the shutdown has not been disclosed by officials so far.

26 minutes ago

Morgan Stanley’s holdings of Circle surged nearly sixfold, but the firm cut its rating on the crypto firm to "Underweight" and lowered its target price to $38.

Morgan Stanley downgraded Circle (CRCL) stock rating from "Hold" to "Underweight" on August 3, slashing its price target from $106 to $38. Analysts attributed the rating cut primarily to the contraction in USDC circulation, which exposed Circle’s high sensitivity to reserve-related revenue. Meanwhile, the company’s business structure is shifting toward a transaction-based revenue model with lower profit margins. The report also cut Circle’s USDC size forecasts for 2027 and 2028 by approximately 33% and 44% respectively, and projected the company’s GAAP earnings per share (EPS) to be about 3% and 20% lower than market consensus.
However, Morgan Stanley’s latest filed 13F document shows that as of June 30, its holdings of Circle shares surged from around 1.46 million to 8.32 million, marking a clear position increase in the second quarter. This means that while Morgan Stanley publicly downgraded Circle’s rating and price target in early August, signaling a cautious outlook, its disclosed holdings as of the end of Q2 showed a significant position increase. It should be noted that 13F filings reflect holdings as of June 30, and cannot reflect whether positions were adjusted before or after the August rating cut. The market’s focus centers on the stark contrast between the institutional research view and the historical holdings disclosure.

26 minutes ago

Binance Research: Gen Z Prefers ETFs, With Lower Trading Frequency and Leverage Usage Than Other Age Groups

Binance Research data shows that Gen Z investors are gradually shifting to long-term asset allocation tools like ETFs, with lower trading frequency and weaker leverage preference compared to Millennials, Gen X, and Baby Boomers. In early August, ETFs accounted for 25% of Gen Z's stock trading volume. In July, ETFs made up 21.9% of Gen Z's net inflows into stocks, up from 18.5% in June; over the same period, the share of individual stock investments dropped from 77% to 74.2%.
Binance Research analyzed trading activities including direct stocks, tokenized stocks, and traditional financial perpetual contracts. The data shows Gen Z's trading activity across these three asset classes is lower than that of other working-age groups. Specifically, Gen Z's traditional financial perpetual contract accounts average 13 trades per month, lower than Millennials' 17 and Gen X's 16.5. Among direct stock accounts, 22% of Gen Z users have never sold any stocks, higher than Gen X's 19% and Baby Boomers' 9%. For Gen Z accounts where stocks were purchased but never sold, the top assets by cumulative purchase amount include Broadcom, Tesla, and the Charles Schwab U.S. Dividend Equity ETF.
In terms of leveraged products, Gen Z exhibits a lower risk appetite. Data shows 88.2% of Gen Z's traditional financial perpetual contract accounts have never traded leveraged or inverse ETFs, higher than Millennials' 84.5% and Gen X's 85.9%.
Additionally, the tokenized stock market continues to expand. Data shows Binance's bStocks recently briefly surpassed Kraken's xStocks to become the world's second-largest tokenized stock issuance platform. As of the latest data, Ondo Finance ranks first with approximately $972 million in tokenized stock value, while xStocks and bStocks stand at around $611 million and $580 million respectively.

26 minutes ago

Serenity responds to "going to zero" rumors by sharing a screenshot, with its year-to-date return standing at 2411.84%.

Serenity released a statement accompanied by photos to address recent market rumors that his trading account has "gone to zero", calling the claims "too exaggerated". He added that despite the sharp correction in the AI sector in July, his year-to-date (YTD) return still stands at 2411.84%. Earlier, Serenity had publicly stated that the slump in AI-related stocks in July led to a roughly 49.4% drawdown in his portfolio at one time, with his positions mainly concentrated in key segments of AI infrastructure—including high-volatility sectors such as storage, optical communications, robotics, and upstream semiconductors. Serenity has long focused on "bottleneck segments" within the AI industrial chain, has conducted multiple researches on memory, photonics, CPO, and semiconductor supply chains, and has drawn market attention for his bets on AI infrastructure-related assets.

26 minutes ago

Talks between Stripe and Advent to acquire PayPal are heating up, with the potential deal valued at up to $53 billion.

Payment giant PayPal’s acquisition talks with Stripe and private equity firm Advent Global Opportunities are heating up, with a potential deal to be finalized in the coming weeks. Back in July, Stripe and Advent proposed acquiring PayPal at $60.50 per share, valuing the deal at roughly $53 billion, but PayPal rejected the offer at the time. However, sources familiar with the matter revealed that negotiations have not broken off and are still ongoing. Neither PayPal nor Stripe has confirmed the reports. PayPal declined to comment, while Stripe said it does not respond to market rumors or speculation.
The potential sale comes as PayPal seeks to reverse its growth struggles. Since PayPal CEO Enrique Lores took office in March this year, he has rolled out a restructuring plan splitting the business into three segments: checkout and PayPal core services, consumer financial services (including Venmo), and payment services and crypto operations. Lores has stated that PayPal will return to its identity as a technology company and strengthen its core payment capabilities. Meanwhile, the company plans to boost efficiency through cost cuts, with an estimated 20% workforce reduction over the next two to three years.
Founded in 1998, PayPal’s founding team includes Silicon Valley figures such as Peter Thiel, Elon Musk, and Max Levchin. The company grew rapidly during the pandemic due to the e-commerce boom, but has faced challenges including slowing growth and downward pressure on its stock price in recent years. If the deal is completed, it will be one of the largest acquisitions in the fintech industry in recent years.

26 minutes ago

Duan Yongping has bet on SpaceX for about 20 days, with paper gains exceeding $5.4 million.

According to public information from Xueqiu platform, Duan Yongping recently participated in SpaceX (SPCX) via two transactions: options and common stock. On July 24, he sold 1,000 SPCX put options expiring on December 18, 2026, with a strike price of $115, at a transaction price of approximately $23.26, corresponding to a premium of about $2.326 million. Then, on August 5, Duan Yongping bought 100,000 SPCX shares at a cost of roughly $108.68 per share. Based on SpaceX’s latest closing price of $140, this long stock position has an unrealized gain of around $3.132 million. Combined, Duan Yongping’s round of SpaceX trades has generated an unrealized profit of approximately $5.458 million in about 20 days.
However, it should be noted that although the premium from selling the put option has been credited, the option has not yet expired. If SPCX subsequently falls below $115 and is exercised, he will still be obligated to take delivery of the shares at the strike price. SPCX has been highly volatile recently: after its June listing, the stock once surged to above $200, then dropped back to around $105. In August, as the impact of the first batch of restricted stock unlocks was weaker than expected and market risk appetite recovered, the stock price rebounded to the $140 level. As a result, Duan Yongping’s current trade has evolved from "selling puts to collect premiums" to a staged high-probability trade.

26 minutes ago

Shiba Inu continues its effort to stabilize after a failed attempt at reversing its long-term trend. Currently trading at $0.00000453, the token has climbed about 1.6% on the daily chart, but bears still maintain an advantage in the broader technical setup.

Shiba Inu faces resistance in recovery attemptSHIB has established a consolidation zone near the $0.00000453 level. The price is testing support around $0.00000446, hovering just below the short-term moving average of $0.00000459. A recovery above $0.00000459 would mark an early sign of renewed buyer interest, while $0.00000492 stands as a stronger resistance level that twice rejected price advances following late-July volatility.

A daily close above $0.00000492 may allow for further upside toward $0.00000520–$0.00000550. However, SHIB’s long-term outlook remains weak, as it continues to trade beneath the 200-day moving average at $0.00000581, which is still trending downward. Until SHIB closes above these longer-term trendlines, any rallies should be seen as possible recovery bounces within a larger bearish context.

Immediate support resides between $0.00000440 and $0.00000445. A breakdown below this range could bring the July consolidation zone around $0.00000420 back into focus and open up a test of local lows. On a positive note, the Relative Strength Index (RSI) is at 47.5, suggesting momentum has room to improve and buyers could regain control if demand rises.

Although SHIB rebounded 1.6% daily, breaking through $0.00000492 could unlock a higher price range while a loss of $0.00000440 would risk retesting recent lows.

Bitcoin remains in tight range near $62,600Bitcoin continues to consolidate within a narrow range, following a 1.2% daily decline that saw the price slide below short-term moving averages to around $62,587. Over recent weeks, Bitcoin has repeatedly tested support between $63,400 and $63,900 without a sustained breakout above this region.

The downward move reinforces short-term seller dominance, backed by momentum indicators: the RSI fell to 40.65, with the signal line at 48.8, showing Bitcoin is not yet oversold. The next key support zone stands between $61,500 and $62,000, an area that has absorbed selling pressure several times since July.

A decisive daily close below this support would weaken the current structure and shift attention to the psychological $60,000 mark. Below that, the late-June lows between $58,000 and $59,000 become the next reference.

LevelTypeCurrent Price/Range$66,500Key resistanceIntermediate moving average$63,400–$63,900Short-term resistanceCurrent trading range$61,500–$62,000Key supportImmediate downside$60,000Psychological levelNext support$58,000–$59,000Major supportJune lowsTo approach more meaningful resistance around $66,500, Bitcoin must recover $63,900–$64,000. Sustained trading above this falling trendline would signal a more substantial bullish shift, although longer-term resistance remains much higher at $71,800.

Buyers need to push Bitcoin above $66,500 to reverse the broader downtrend, while a break below $61,500 could open the way to $58,000.

Near Protocol and Hyperliquid diverge in technical outlooksNear Protocol, a layer-1 blockchain offering fast, scalable smart contracts, continues to face persistent technical headwinds. Despite periods of stabilization near recent lows, NEAR remains under its major moving averages, reinforcing a bearish bias. Reclaiming the short-term moving average cluster is essential for a shift in sentiment.

Sellers still have the upper hand as attempted rebounds fail to convert resistance into meaningful support. The RSI is recovering from previous lows but remains below the neutral 50 level, suggesting potential stabilization but no convincing reversal. NEAR would need to record higher daily lows and break above near-term resistance to confirm a genuine recovery. Further downside could confirm the prevailing pattern of lower highs and lows.

Hyperliquid, a decentralized perpetuals exchange and its governance token HYPE, is in a stronger technical position after holding support near $51–$52 and rebounding to the $56–$57 area. The intermediate moving average at around $57 is the focus, as a daily close above this level could improve momentum and open the door to $60–$61. The long-term moving average, now at $50.90, successfully halted the previous decline. Sustaining this defense is crucial for a larger bullish recovery.

Momentum in HYPE has also picked up, with its RSI recovering toward neutral levels and indicating reduced selling pressure. However, unless buyers push the price above $56–$57, another retest of $53–$54 remains possible. A decisive break below $50.90 could mark a much deeper slide.

As HYPE defends key technical levels, the coming sessions will determine if a true upward breakout materializes or if the consolidation phase continues.

Mini dictionary: Hyperliquid, a decentralized trading platform, specializes in perpetual contracts and leverages non-custodial on-chain settlement mechanisms, aiming to provide users with fast and permissionless derivatives trading without intermediaries.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

https://crypto.news/what-is-hyperliquid-how-does-it-work/

Hyperliquid, a decentralized exchange specializing in perpetual futures, is actively lobbying to enable U.S.-regulated firms to offer its no-expiry derivatives products on their blockchain. This move follows recent regulatory changes by the Commodity Futures Trading Commission (CFTC), which opened a path for certain crypto perpetuals on U.S.-registered venues. The CFTC’s approval of the first listed bitcoin perpetual contract has set a precedent, indicating a possible regulatory acceptance of such products. Hyperliquid’s efforts appear aimed at allowing U.S. firms to leverage its blockchain infrastructure, rather than bringing its existing offshore platform directly into the U.S. market.

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Key Takeaways Hyperliquid’s lobbying efforts suggest a strategic move to expand into the U.S. market by aligning with the recent CFTC regulatory framework. Market pricing suggests participants view this development as potentially supportive of an increase in Hyperliquid’s market value. The lobbying activity appears consistent with broader plans to integrate Hyperliquid’s blockchain capabilities within U.S.-regulated environments. What to Watch Watch for any official announcements from the CFTC regarding further regulatory approvals or guidelines that could impact Hyperliquid’s expansion efforts. Additionally, observe any shifts in market sentiment or pricing related to Hyperliquid as more details about their lobbying efforts and potential U.S. partnerships emerge. Developments in these areas could provide further indications of Hyperliquid’s ability to successfully enter the U.S. market and influence market outcomes.

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Term Structure

Contract Odds Δ since publish Volume 24h December 31 15.5% — — View market → January 1 2027 4.1% — — View market → January 1 2027 3% — — View market → January 1 2027 30% — — View market → January 1 2027 8.5% — — View market → January 1 2027 3.2% — — View market →

In another episode of scams that made headlines in 2026, a recent phishing attack specifically targeted Hyperliquid users rather than a direct breach of Hyperliquid’s protocol. 

According to Darcy Ari, co-founder of FlashRescue, on the 13th of August, the attackers used Hyperliquid-related keywords to buy Google Search advertisements.

In the background, the malicious advertisement may have shown up among the top results when users searched for the platform, possibly passing for an official Hyperliquid link.

Following which, at least one user was sent to a phony website that mimicked the genuine platform after clicking on the advertisement.

Funds drained
That said, the user seemed to have lost 550,019 USDC, or about $550,000. After that, the money was moved to three blockchain addresses that were purportedly connected to the attackers.

In this transfer, around 440,015 USDC, 82,503 USDC, and 27,501 USDC were moved, respectively. 

Source: Arkham
For context, instead of relying on a technological breach at Hyperliquid, the alleged attack used social engineering.

In order to trick users into connecting wallets, authorizing malicious transactions, or disclosing private information, attackers allegedly made a phony Hyperliquid website and advertised it using Google Search ads.

After being provided access, the attackers were able to transfer money without jeopardizing the trustworthy platform.

Steps taken
It has been reported that Google suspended the campaign’s associated advertiser.  Well, this isn’t the first time a search ad-based crypto phishing attack has happened. 

Given the rise in such scams, the Security Alliance (SEAL) has previously discovered over 356 malicious advertising URLs that target cryptocurrency wallets and platforms.

Attackers are stepping up their game
This comes as South Korean cybersecurity company Genians has reported that Kimsuky, a hacker collective with ties to North Korea, is allegedly incorporating AI tools straight into its cyberattack infrastructure.

The action may enable Kimsuky to automate and scale certain aspects of its attacks, including target research, phishing content creation, information analysis, and support for other phases of cyber operations.

Final Summary

The attackers used Hyperliquid-related keywords to buy Google Search advertisements, which forced one user into a phony website.
SEAL has previously discovered over 356 malicious advertising URLs that target crypto wallets and platforms.

Hyperliquid [HYPE] recently showed strong upside momentum after establishing $53 as support.

The altcoin then climbed to a local high of $57. At press time, HYPE traded near $56.89, down 0.32% daily. However, heavy whale selling threatened the emerging recovery.

How much HYPE did the whale sell?
Although HYPE showed relative strength, some high-net-worth holders continued reducing their positions.

According to Lookonchain, one whale initially held 2.93 million HYPE worth $163.37 million. After two weeks of inactivity, the address sold another 923,743 HYPE worth $53.02 million.

Source: Arkham
Two weeks earlier, the whale sold 1.03 million HYPE worth $57.44 million.

Across both transactions, the whale sold 1.95 million HYPE worth approximately $110.46 million. Even after those sales, the address held 969,595 HYPE worth $55.5 million.

These transfers may reflect profit-taking as Hyperliquid [HYPE] recovered from its recent decline. However, the wallet’s future intentions remained unknown.

On top of that, exchange activity showed broader selling pressure.

CoinGlass data showed that Spot Netflow remained positive throughout the past week. It stood near $7.19 million at press time.

Source: CoinGlass
Positive Spot Netflow suggested that more HYPE entered exchanges than left them. That exchange supply could intensify selling pressure if holders moved tokens there to sell.

Therefore, active sellers may limit HYPE’s recovery despite its improving price structure.

Can HYPE reclaim $60?
Even so, HYPE’s bullish structure appeared to strengthen.

The Positive Directional Indicator [+DI] stood near 21, while the Negative Directional Indicator [-DI] held around 15. The +DI also remained above the Average Directional Index [ADX]. This setup suggested that buyers held the directional advantage.

Source: TradingView
Additionally, the MACD remained negative but moved upward. This indicated that bearish momentum had weakened. Together, the indicators supported the possibility of further upside. A sustained recovery could help HYPE reclaim $60.

However, continued whale selling could disrupt the rebound. Renewed pressure may instead push HYPE toward its $53 support.

Final Summary

A Hyperliquid whale sold another 923,743 HYPE worth $53.02 million. The whale’s combined sales reached 1.95 million HYPE worth approximately $110.46 million.
A sustained recovery could lift HYPE toward $60, while renewed selling may trigger a $53 retest.

Cover image via depositphotos.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Hyperliquid is showing an unusual combination of improving spot flows and strengthening price action, with 12-hour spot net flows surging more than 350% while HYPE attempts to establish itself above a critical technical area. The move suggests that the latest recovery has more behind it than derivatives speculation alone.

Spot flows surgeOver the 12-hour window, HYPE recorded approximately $8.84 million in spot inflows against $7.31 million in outflows. That produced positive net inflows of roughly $1.53 million, with the net change metric jumping 353.49%.

HYPE/USDT Chart by TradingViewThis is particularly notable because shorter windows remain negative. The four-hour spot net flow stands at approximately -$381,000, while the eight-hour figure is around -$287,000. The 12-hour reading therefore captures an earlier period of substantially stronger accumulation that still outweighs more recent selling.

HOT Stories

Futures flows tell a different story. HYPE recorded approximately $102.25 million in 12-hour futures outflows against $92.66 million in inflows, producing a $9.59 million negative balance. Eight- and four-hour futures flows are also negative.

That divergence can actually strengthen the quality of the current setup. Spot demand represents direct acquisition of HYPE, whereas futures activity can create leveraged exposure without equivalent underlying buying. Positive spot flows combined with derivatives outflows suggest some leverage is leaving while underlying spot demand remains comparatively stronger.

HYPE's price reflects the surgeHYPE trades around $56.58 after recovering from the $52 region. Price is now battling the 100-day moving average around $56.65 and the short-term average near $56.87. Establishing support above approximately $57 would represent a meaningful breakout from the recent consolidation.

The next major obstacle sits at the 50-day moving average near $60.69. A successful move through $60–$61 could expose the $64–$66 region and substantially improve the recovery structure.

Meanwhile, the 200-day moving average continues rising near $50.94, providing a significant long-term support level underneath the market.

The 350% spot-flow increase does not guarantee continuation, particularly because shorter-term flows have already turned negative. But HYPE currently has something more constructive than a leverage-driven bounce: positive 12-hour spot accumulation, reduced futures exposure, and a price attempting to break through resistance at the same time.

A user of the Hyperliquid trading platform lost approximately $550,000 in USDC after inadvertently clicking on a malicious advertisement displayed via Google search. The ad redirected the user to a fraudulent website designed to mimic the official Hyperliquid site, leading to the theft of their funds.

Funds traced to attacker-controlled addressesDarcy, co-founder of FlashRescue, detailed the incident on August 13, highlighting three blockchain addresses suspected to belong to the perpetrator. Blockchain records revealed separate transfers totaling about 550,019 USDC being sent to these addresses. Notable movements included transactions of 440,015 USDC, 82,503 USDC, and 27,501 USDC.

These transfers clearly confirm that the lost USDC ended up in the identified wallets. However, only Darcy’s findings and evidence provided by the victim established the specific route by which the attacker exploited the individual, namely through a deceptive Google advertisement.

Google responded aggressively by suspending the advertiser responsible for the scam, emphasizing its “zero tolerance for scams” and revealing that its systems blocked or removed more than 8.3 billion ads last year. This figure included 602 million advertisements directly tied to fraudulent activities.

For 2025, Google stated its automated controls prevented over 99% of policy-violating ads from going live. The search giant reiterated its commitment to safeguarding users against phishing and fraud schemes, but acknowledged that sophisticated scams still emerge despite ongoing efforts.

Persistent phishing using Google AdsSecurity organizations have observed that malicious Google Ads targeting DeFi users like those of Hyperliquid have been circulating consistently for more than a year. Attackers frequently rotate through major decentralized finance brands, making it difficult to shut down these campaigns entirely.

According to SEAL, some of these operations employ compromised or illicitly acquired verified Google advertiser accounts. They often pair these accounts with cloaking techniques where initial landing pages—sometimes even hosted by Google—appear legitimate to automated review systems. Once a human user accesses the site, deceptive content is loaded through additional frames.

Investigators also noted the growing use of crypto drainers that rely on JavaScript embedded in browsers, tricking victims into approving malicious transactions. However, current evidence does not link a particular drainer tool to the latest Hyperliquid case.

There is no indication that the Hyperliquid protocol suffered any breach; the user was deceived before ever interacting with the legitimate trading platform, according to initial analyses.

Given the rapid pace of such attacks, market participants increasingly recognize the risk of fragmented tools and information sources. In a market where a single Fed decision or a sudden altcoin listing can change everything in seconds, jumping between different apps for charts, news, and portfolio tracking is costing investors money. Smart traders are now utilizing privacy-first tools like CryptoAppsy to consolidate everything. Without even the hassle of creating an account, you get real-time charts, smart price alerts, coin-specific news, and critical macro data all on one screen.

As of now, Hyperliquid users are urged to remain cautious and to only access the platform directly through trusted links, avoiding all third-party advertisements.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Tokenized US Stocks Go Live on HyperliquidChainlink has confirmed that tokenized exposure to US stocks and ETFs is now available on Hyperliquid, marking a notable step in the push to bring traditional equity markets onchain. The integration is powered by xStocks and Chainlink's Cross-Chain Interoperability Protocol (CCIP), which handles the movement of supported assets across chains and into Hyperliquid's trading environment.

that now sit on Hyperliquid's spot trading infrastructure.

How the Integration Works

The setup means spot holders and perpetual traders can operate within the same ecosystem, rather than across separate platforms.

Chainlink frames the opportunity in broad terms. The $150+ trillion global equity market is moving onchain, the protocol said, pointing to growing institutional and retail demand for always-on access to equity exposure. Chainlink's infrastructure plays a critical role, providing price feeds to track the asset, Proof of Reserve to confirm backing, and CCIP to enable secure cross-chain transfers.

Sources
Crypto Briefing: Hyperliquid integrates xStocks tokens via Chainlink CCIP
Crypto Adventure: Hyperliquid Adds xStocks Spot Markets
xStocks: Introducing the xBridge

A Hyperliquid user appears to have lost about $550,000 in USDC on Aug. 13 after interacting with a phishing website promoted through a Google search advertisement, according to FlashRescue co-founder Darcy.

Summary

Hyperliquid user reportedly lost 550,019 USDC after transfers reached three addresses reportedly linked to attackers.
Google suspended the advertiser after paid search result allegedly directed users toward a phishing site.
SEAL blocked over 356 malicious advertising URLs during recent campaigns targeting cryptocurrency applications and wallets.
Hyperliquid documentation warns users to verify full URLs and treat unknown wallet activity as compromise.
On-chain transfers verify the fund movements, but cannot independently establish that Google advertising caused them.

His post identified three addresses allegedly controlled by the attacker.

On-chain data associated with the reported transaction shows roughly 550,019 USDC was split among the three addresses. The transfers provide evidence that the funds moved, but blockchain records alone cannot establish how the victim was deceived. Darcy attributed the theft to a paid Google advertisement impersonating Hyperliquid. GoPlus Security subsequently identified two of the same addresses in its own warning.

Hyperliquid phishing transfers totaled about 550,019 USDC
The reported transaction split the funds into about 440,015 USDC, 82,503 USDC and 27,501 USDC. The three recipient addresses were 0x98b276…13C55, 0x93b6B2…d6D1 and 0x6fE314…B566.

🚨 Hyperliquid Google 付费广告钓鱼事件，造成资金损失 约550k

攻击者地址：
0x98b2761559A348968C994D9856dCfc96B6f13C55

0x93b6B24DC6E6a1D5d72399e3A35498c4DbA1d6D1

0x6fE314fD4CF845f35fc461eD98e2FB8d9356B566

Google付费广告钓鱼事件频发，请注意保护资产安全 pic.twitter.com/9dVGLUNVJJ

— Darcy 资产救援⛑️ (@DarcyAri) August 13, 2026

Those movements are consistent with Darcy’s approximately $550,000 estimate. However, the causal link to the Google advertisement currently rests on the researcher’s attribution and reported victim evidence rather than the blockchain itself. Security Alliance, or SEAL, similarly warns that reliable attribution of losses to individual advertisements requires direct victim evidence and additional indicators of compromise.

Google told The Block that it suspended the advertiser connected to the reported campaign. A spokesperson said the company has “zero tolerance for scams” and said its systems stopped more than 99% of policy violating ads before they ran during 2025. Hyperliquid did not immediately respond to the publication’s request for comment.

Google’s own 2025 Ads Safety report says it blocked or removed more than 8.3 billion ads and suspended 24.9 million advertiser accounts last year. That included 602 million advertisements and four million accounts associated with scams. Those figures cover Google’s global enforcement rather than this Hyperliquid case specifically.

SEAL tracked Hyperliquid impersonations months earlier
SEAL documented the wider campaign in April and said it had blocked more than 356 malicious advertising URLs within several weeks. Its dataset contained 17 Hyperliquid impersonation sites, accounting for about 5% of the 352 entries included in its brand breakdown.

The security group said attackers use hacked or illicitly purchased verified advertiser accounts alongside cloaking and fingerprinting to evade automated checks. Some campaigns place benign looking Google hosted pages in front of malicious content delivered through secondary frames. SEAL advised crypto users to avoid accessing cryptocurrency applications through Google Search and instead use verified bookmarks.

The pattern has already produced other reported losses. As crypto.news previously reported, fake Uniswap advertisements were linked to at least $400,000 in thefts in May. SEAL separately calculated $1.27 million in confirmed and unattributed losses tied to suspected malicious Google advertisements between March 13 and March 30.

In related coverage, a Trezor user reported losing funds after clicking a sponsored phishing result earlier this month. Trezor later warned customers that sponsored search results can imitate its official website and should not automatically be trusted.

No Hyperliquid protocol breach has been identified
Nothing in the available evidence indicates that Hyperliquid’s blockchain or trading protocol itself was breached. The reported attack instead appears to have targeted the user before interaction with the legitimate platform by directing the victim to an impersonating website. This is an inference from the available security reports rather than a Hyperliquid finding.

Hyperliquid’s official support documentation already warns users to check complete website URLs because scammers use similar looking domains. Its support guidance also says unauthorized transactions, missing funds or unknown multisig changes can indicate that a wallet has been compromised.

What happens next
Google has suspended the advertiser identified in the report, while the three recipient addresses remain publicly traceable on-chain. No law enforcement investigation or asset recovery connected to this specific loss had been publicly announced in the sources reviewed as of Aug. 14.

The next verifiable development would be movement from the recipient wallets or identification of an exchange, bridge or other service through which investigators could seek additional information. For now, the approximately $550,000 loss is supported by the reported on-chain transfers, while the claim that a Google advertisement caused the theft remains attributed to FlashRescue’s Darcy.

THE BLOCK: Google ad phishing scam drains $550,000 from Hyperliquid user, security specialist says

According to monitoring by Mlm Onchain, a certain whale has placed a short order for 1.42 million SPCX tokens on Hyperliquid, with a notional value of approximately $202 million, at a price range of $142.43 to $142.90.

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Hyperliquid [HYPE] is increasingly gaining momentum, thanks to robust Q2 financials supporting the current bullish trend.

The protocol’s latest financial reports show a sharp improvement in profitability, with net income and adjusted EBITDA recording triple-digit quarterly growth. On top of that, Hyperliquid’s total HYPE holdings have also soared alongside increasing whale activity and trading volumes.

Interestingly, the release comes at a crucial moment, and network growth development comes as Hyperliquid rolls out the HIP-1 scaleWei Function, which is aimed at supporting corporate actions for tokenized stocks.

Hyperliquid founder Jeff said HIP-1 will add a deployer-controlled scaleWei function that can atomically distribute tokens in proportion to users’ holdings of a reference token and support token redenominations.

With HYPE also holding above its 20-day EMA and defending a key $50-$55 imbalance zone, could its buyers challenge the psychological $60 level in the near future?

Hyperliquid’s Q2 profitability surges
Hyperliquid’s Q2 financial performance creates an ideal fundamental base for the token’s recent recovery. The protocol’s net income grew by 250% quarter-over-quarter to reach $30.95 million, compared to $8.84 million registered during the previous quarter.

Similarly, the adjusted EBITDA witnessed a remarkable increase to register at $53.65 million compared to $19.51 million reported during the previous quarter.

The figures indicate that the underlying profitability of Hyperliquid is growing, providing yet another fundamental boost to the HYPE token investors other than market momentum.

The gross HYPE holdings have been rising significantly as well. The protocol’s gross HYPE holdings jumped by 87% to reach $132.64 million, highlighting the growing value of its token-related holdings and strengthening the balance sheet.

Source: Hyperion Defi
What are the token’s on-chain metrics saying? 
Bullish fundamental factors are also manifesting themselves through on-chain activity. At the moment, whales own about 56% of the HYPE token’s total circulation, indicating that large holders maintain significant exposure to the token.

High whale concentration could amplify the token’s price movements, especially when large holders increase their positions. Most holders and traders are long, adding more weight to the bullish bias. About 75% of the total market exposure is in long positions.

Source: CoinGlass
At the same time, the market activity has also improved along with the price action.

HYPE’s trading volume is up 37% to around $264 million, showing that more capital is flowing through the token’s markets. 

Source: Santiment

Final Summary

Hyperliquid’s Q2 net income surged 250% to $30.95 million, while adjusted EBITDA jumped 175% to $53.65 million.
HYPE long positions account for 75% of market exposure as trading volume rises 37% to $264 million.

PANews reported on August 14 that according to SoSoValue data, crypto market sectors were mixed, with the DeFi sector standing out, rising 1.04%. Among them, Hyperliquid (HYPE) rose 1.74%, and Chainlink (LINK) rose 2.42%; the Meme sector rose 0.70% over 24 hours, with Fartcoin (FARTCOIN) up 9.04% and Pump.fun (PUMP) up 8.76%.

In other sectors, the PayFi sector rose 0.40%, with eCash (XEC) up 1.56%; the Layer1 sector rose 0.20%, with Cosmos Hub (ATOM) up 8.71%.

In addition, the CeFi sector fell 0.07%, but Cronos (CRO) was relatively resilient, rising 1.07%; the Layer2 sector fell 0.97%, while Optimism (OP) rose 4.11%.

Crypto sector indices reflecting historical sector performance showed that the ssiAI, ssiDeFi, and ssiMeme indices rose 1.93%, 1.29%, and 1.28%, respectively.

Bitwise Chief Investment Officer @Matt_Hougan has published a memo arguing that protocol revenue is becoming the primary driver of token value across crypto, and that markets have not yet priced in the shift.

How Protocols Are Returning Revenue to Tokens

Hyperliquid is the headline example.

Uniswap followed a different path.

Pump.fun has also made significant progress on supply reduction.

A Structural Shift, With Caveats

The argument is not without its limits, however. Buyback and burn programs are not legally binding distributions, and burn rates remain closely tied to trading volumes that can move sharply with broader market sentiment.

Still, the direction of travel is becoming clearer.

Sources:
Crypto.news: Bitwise CIO sees crypto valuations doubling on token revenue
The Crypto Times: Why Bitwise CIO Thinks Crypto Prices Are Too Low as Buybacks Expand
CoinDesk: Uniswap UNIfication Proposal Backed Overwhelmingly by Voters

Hyperliquid Foundation Cuts the Cost of Data Node AccessHyperliquid Foundation has opened its low-latency on-chain data nodes to qualified infrastructure providers, marking a significant shift in how the network distributes data access. The service is now available at standardized pricing of under $1,000 per month, covering computing resources and outbound network traffic.

Previously, direct access required users to stake 10,000 $HYPE and qualify for Tier 1 maker rebates, a threshold that demanded more than 0.5% of the 14-day weighted maker volume. That combination of capital commitment and trading volume requirements placed direct data access out of reach for most smaller or emerging infrastructure operators.

To qualify under the new model, providers must have operated for at least one year, serve at least 100 customers, and support five or more networks or protocols. They are also required to maintain 99.9% node availability and must not have been terminated by another network or foundation for a breach in the previous three months. Commercial rules are designed to limit information advantages between customers, with providers required to offer open access, non-discriminatory pricing, and automatic scaling as access nodes increase.

A More Open Data EcosystemThe new setup allows infrastructure providers to offer access without requiring users to meet the previous staking and volume thresholds, potentially drawing a broader range of teams into Hyperliquid's data ecosystem.

Hyperliquid is designed specifically for high-performance trading, with built-in order books and perpetual contracts. Its public RPC endpoint has been capped at approximately 100 requests per minute since August 2025, making dedicated infrastructure essential for trading bots, analytics platforms, and other production applications. By lowering the financial barrier to data node access, the Foundation appears to be prioritizing ecosystem growth over the more restrictive gatekeeping of earlier access tiers.

Sources
Crypto.news: Hyperliquid Opens Low-Latency Data Access Under $1K
Coinpedia: Hyperliquid Opens Low-Latency Data Nodes for Infrastructure Providers

Wintermute CEO Evgeny Gaevoy has raised two concerns about Hyperliquid’s future: regulation and throughput. His comments come as Hyperliquid (HYPE) seeks a regulated route to bring its perpetual futures to U.S. users.

Regulation Could Change HyperliquidGaevoy’s first concern is what happens if U.S. regulations become stricter under a future administration. He questioned whether Hyperliquid could eventually be forced to introduce KYC requirements or restrict users from sanctioned jurisdictions.

“If Hyperliquid becomes like KYC-able, like, okay, then it’s just another exchange.”He said. 

The concern is that heavier compliance could change what makes Hyperliquid different from traditional centralized exchanges.

At the same time, Hyperliquid is already working toward U.S. access. According to reports, the platform is seeking a regulatory pathway that could allow U.S.-regulated firms to offer its perpetual futures to American users while trades remain executed and settled on Hyperliquid’s blockchain.

The Hyper Foundation-backed Policy Center has been engaging with policymakers in Washington, while CEO Jake Chervinsky is pushing for a favorable interpretation of existing rules rather than waiting for the delayed CLARITY Act.

Can Hyperliquid Handle Traditional Market Volumes?Gaevoy’s second concern is throughput. He questioned whether blockchains can eventually process the enormous volumes handled by traditional exchanges such as CME and Nasdaq.

“I generally don’t believe blockchains are the best tool when it comes to throughput.” He said.

He argued that competing directly with major financial exchanges could eventually require Hyperliquid to become more centralized.

“The only way for them to do it is to become more and more centralized.” He said. 

Gaevoy stressed that this could still work as a product, but users and investors need to understand what that shift could mean for Hyperliquid’s original onchain model.

U.S. Access Could Change the GameHyperliquid already has substantial trading activity without serving U.S. users. Around 32% of its second-quarter volume was tied to stocks and other real-world assets, showing that its market is expanding beyond crypto.

The platform’s core perps remain unavailable to Americans, but a regulated U.S. pathway could bring new capital and liquidity into the ecosystem.

HYPE is currently around $57.46, roughly 25% below its June all-time high. For Hyperliquid, the bigger question now is whether it can expand into the U.S. while preserving its onchain structure and scaling enough to compete with traditional financial markets.

Story Ends Here

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Read the Next News

Bitcoin is doing its best impression of a parked car. The world’s largest cryptocurrency has been sitting near $64,000 for weeks, offering neither the thrills nor the spills that traders crave. Meanwhile, the real action has migrated to Hyperliquid’s HYPE token and Monero, both of which have been quietly putting up numbers that make Bitcoin’s sideways shuffle look like a nap.

HYPE has been trading in the $55 to $57 range, comfortably above its earlier levels even after pulling back from an all-time high near $76 to $77 hit in June. Its market capitalization sits between $12B and $14B, with daily trading volumes regularly clearing $200M. For a token tied to a decentralized perpetual futures exchange, those are not small numbers.

The Monero whale that moved markets The more dramatic story involves Monero, the privacy-focused cryptocurrency that most centralized exchanges have delisted over regulatory concerns. XMR recently surged to prices near $400, a move fueled in part by a single whale who deposited $3.56M in USDC onto Hyperliquid to open a 4x leveraged long position on 36,000 XMR.

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That works out to a notional value of roughly $14M, the kind of bet that tends to get noticed.

What makes this particularly interesting is that Hyperliquid doesn’t even offer spot trading for XMR. The platform supports XMR-USDC perpetual futures with leverage up to 5x, meaning traders can speculate on Monero’s price without ever touching the underlying token.

Why Hyperliquid keeps gaining ground Hyperliquid is not your typical DeFi protocol bolted onto Ethereum. It operates as a purpose-built Layer-1 blockchain designed specifically for decentralized perpetual futures trading, complete with a fully on-chain order book. The recent addition of HyperEVM capabilities has expanded what the chain can do, allowing developers to build more complex applications on top of the trading infrastructure.

HYPE’s pullback from its June highs near $77 to the current $55 to $57 range represents roughly a 26% decline from peak levels.

Bitcoin’s quiet consolidation and what it signals Bitcoin’s stability near $64,000 is the backdrop against which these altcoin moves are happening. The low-to-mid $64K range has become a kind of base camp, with neither buyers nor sellers showing enough conviction to force a decisive break in either direction.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

https://crypto.news/what-is-hyperliquid-how-does-it-work/

Hyperliquid, a decentralized exchange for perpetual futures, is actively lobbying for U.S. regulatory approval to allow firms to offer perpetual futures on its blockchain. This move, reported by @theinformation, seeks to establish a regulated pathway for U.S.-based firms to engage with one of crypto’s fastest-growing derivatives markets. The Commodity Futures Trading Commission (CFTC) has recently started to permit certain crypto perpetual products on regulated venues, and Hyperliquid’s initiative aligns with this regulatory shift. The exchange is attempting to transition from its current offshore status to a more regulated U.S. market structure, reflecting its strategic push towards mainstream adoption.

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Key Takeaways

Hyperliquid’s lobbying efforts suggest a strategic move towards compliance with U.S. regulatory standards for perpetual futures.
Market pricing appears consistent with increased optimism for Hyperliquid’s growth potential following this regulatory push.
Current market odds show a modest increase in confidence regarding Hyperliquid reaching significant price milestones by the end of 2026.

What to Watch
Hyperliquid’s progress in securing U.S. regulatory approval will be a key indicator of its potential market impact. The CFTC’s stance on crypto derivatives and any subsequent approvals will play a critical role. Market participants will be observing potential announcements of partnerships or regulatory milestones that could influence Hyperliquid’s competitive position. Market reactions to these developments will provide further insights into the perceived likelihood of Hyperliquid achieving its price targets by the end of 2026.

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Term Structure

Contract
Odds
Δ since publish
Volume 24h

December 31
15.5%
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January 1 2027
4.2%
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January 1 2027
3%
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January 1 2027
29%
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January 1 2027
8.7%
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January 1 2027
3.4%
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