Hyperliquid has struggled significantly to maintain an upward momentum. In fact, the recent attempt collapsed as the altcoin faced rejection at $57, resulting in another pullback.
As of this writing, Hyperliquid was trading at $54, down 3.3% on the daily charts. Before this slip, the altcoin had been on an upward trajectory, hiking by 4.9% on weekly charts.
HyperLabs unlocks $23 million worth of HYPE Even though Hyperliquid [HYPE] is experiencing strong downside pressure, Hyperlabs made a move that is likely to exacerbate it.
According to Lookonchain, HyperLabs unlocked another 433,025 HYPE worth $23.46 million. After the unlock, they have been gradually depositing these tokens into exchanges, including Flowdesk and OKX.
The exchange deposit points towards preparation to sell. In the past, their deposits into exchanges have preceded selling.
Therefore, the recent move is likely to cause more pressure on HYPE, as the altcoin has recently exhibited some weakness.
Sellers hold firms as whales attempt to absorb pressure Hyperliquid whales have constantly come to rescue and have attempted to slow down the downside momentum. According to Onchain lens, a newly created wallet withdrew 197.36k HYPE worth $10.69 million from Coinbase.
This whale buying is a highly needed boost, especially as sellers have remained dominant in the market.
Looking at Hyperliquid Spot Buy Sell Volume, the market delta has remained negative for three consecutive days. Over the past day, for example, the altcoin’s sell volume rose to 297k compared to 229k in buy volume.
Source: Coinalyze As a result, the market delta dropped to -68k. A negative delta is a clear sign of strong selling pressure.
Therefore, if whales can maintain the accumulation, they could help in absorbing the pressure. In doing so, Hyperliquid will have a clear path for a potential rebound.
What momentum indicators suggest Hyperliquid sat under strong downward pressure, with sellers dominating the market. With HyperLabs also joining the sell side, the altcoin is under more pressure.
In fact, the altcoin’s Relative Strength Index (RSI) has remained within the bearish zone for three weeks. At 42, the RSI indicates that sellers are enjoying significant control of the market.
Source: Hyperliquid Even more so, the altcoin sits below the 50- SMA signaling strong short-term downside pressure. Taken together, these indicators reflect bearish pressure and signal the likelihood of extended market weakness.
Therefore, if the selling pressure continues to dominate, Hyperliquid is likely to drop towards $51 despite the recent whale purchases.
Final Summary HyperLabs unlocked another 433,025 HYPE worth $23.46 million and started exchange deposits, rising sell off concerns. A newly created wallet withdrew 197.36k HYPE worth $10.69 million from Coinbase.
Hyperliquid (HYPE) has drawn heightened attention from traders as the token approaches a critical resistance level. The recent surge in momentum follows strong ecosystem growth and significant on-chain activity, including a substantial whale withdrawal from Coinbase, fueling optimism for a potential breakout.
Key technical levels and trader sentimentTraders have increasingly focused on HYPE’s price action near the $65 resistance level, viewing it as a decisive point for confirming a broader bullish trend. Crypto analyst Zoe identified the current price region as a possible accumulation zone, noting that HYPE had previously staged a rapid rally after defending a similar support area to reach its all-time high.
Investor optimism is building as buyers attempt to establish stronger momentum around these key technical levels. Many market participants are closely watching for sustained buying pressure and a confirmed breakout above $65, which would reinforce the bullish setup for HYPE.
A breakout beyond this resistance may open the path toward the much-anticipated $100 target, while a failure to do so could trigger a corrective move. In the context of previous bullish reversals, the importance of market monitoring and effective tools becomes evident. CryptoAppsy, which requires no account creation hassle, combines crypto investments with real-time prices, detailed charts, and multi-currency portfolio management on a single screen. This all-in-one assistant helps traders set up smart price alerts, filter news specific to their coins, and access newly listed altcoins alongside key data such as Fed interest rates, keeping them ahead of market shifts.
Whale activity and exchange flowsOnchain Lens reported that a newly created wallet withdrew 197,360 HYPE tokens, worth approximately $10.69 million, from Coinbase roughly an hour ago. The size and timing of this transfer have caught the eye of traders, who are assessing whether this movement signals a larger wave of accumulation or another strategic maneuver.
Large withdrawals of this kind can reduce immediately available liquidity on exchanges, often interpreted as a signal of long-term holding or “whale” accumulation. Still, as noted by market observers, a single on-chain transfer does not offer certainty about future price movements, since the tokens could be sold, moved into DeFi, or retained in cold storage.
Traders view the $65 resistance as a crucial level. A confirmed breakout above this point could trigger renewed bullish momentum and potentially propel HYPE toward the $100 mark, especially amid ongoing whale accumulation and a strengthening network.
Market outlook and fundamentalsAt last check, HYPE was trading at $54.92, with a 24-hour trading volume of $196.43 million and a market capitalization of $13.88 billion. Over the past day, the token’s price has demonstrated relative stability, with its structure and whale activity indicating potential for a bullish reversal.
Beyond technical indicators, Hyperliquid’s ecosystem fundamentals remain robust. The platform has generated strong earnings, sustained high trading volume, and continues with steady token buybacks. If these trends persist, the $100 price target appears more achievable.
Despite positive predictions and signals of whale activity, HYPE’s price movement remains largely neutral for now. Broader market conditions are gradually improving, and a clear breakout above $65 accompanied by rising volumes could strengthen bullish expectations among market participants.
If the network’s earnings, trading activity, and buybacks continue at their current pace, HYPE’s path toward $100 may be within reach, provided a decisive breakout above $65 occurs.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Perp DEX’s have delivered plenty of activity, but the tokens aren’t moving as one. In 2026, HYPE is up 113%, while ASTER is down 13% and LIT has slipped 5%. The number behind the three venues make the gap even harder to ignore.
Hyperliquid Still Owns Most Trading ActivityOver the past 30 days, Hyperliquid processed $198.4 billion in derivatives volume, compared with $40 billion for Aster and $33.8 billion for Lighter. That gives HYPE roughly 72.9% of combined flow.
The fee picture is even more striking. As Hyperliquid generated $48.3 million in fees, versus $4.4 million for Aster and $2.5 million for Lighter.
Open interest also shows the similar story, where HYPE is having $9 billion, $1.9 billion for ASTER, and $700 million for LIT.
Lighter Looks Cheap, But Revenue LagsLighter’s appeal is valuation.volume-to-market cap ratio stands at 0.017, compared with 0.040 for ASTER and 0.061 for HYPE, while retail traders pay zero fees.
But that advantage comes with a catch. Lighter generated only $24 million in holder revenue over trailing year, compared with $765 million for HYPE and $12 million for ASTER.
Meanwhile, Aster has more than 2 million wallets, but the provided data describes much of that activity as heavily farm driven. Hyperliquid has more than 300K active traders, with a smaller but reportedly more organic user base.
Token Valuations Make The Decision MessierThe problem is dilution. HYPE carries a $12.05 billion market cap against $51.76 billion FDV, while ASTER sits at $1.61 billion versus $4.69 billion versus $4.69 billion and LIT at $581 million versus $2.32 billion.
So yes, Hyperliquid dominates usage revenue. But at a $51 billion FDV, the market already knows it. While, Lighter looks cheaper on several measures but needs to convert usage into stronger holder accrual, while Aster has to prove its wallet numbers translate into durable flow.
For Perp DEX’s, the trade off is becoming clear that HYPE is the established leader, LIT is the value argument, and ASTER remains the momentum bet.
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As the crypto market continues to show mixed price actions, Hyperliquid's development team, Hyperlabs, stirred reactions across the crypto market following a recent unlocking of HYPE tokens.
According to recent data shared by crypto analytics platform Lookonchain, Hyperlabs has unlocked a total of 433,025 HYPE tokens and has been dumping them on major crypto exchanges.
Is Hyperlabs selling?Following HYPE's current trading price, the total amount of tokens unlocked by the team is worth over $23 million, drawing attention from market watchers.
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Although the massive unlocking of the tokens does not reflect a bearish signal, the move became concerning after the team began to deposit portions of the unlocked tokens to exchanges like OKX and Flowdesk.
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While deposits to exchanges potentially indicate an intention to sell, the move has sparked speculation across the crypto community, although the team has yet to give further details about the purpose of its move.
With the move perceived as being bearish for HYPE's potential price move, it appears that momentum is cooling after the rapid price surge seen earlier this week.
HYPE supply pumpsBy unlocking some of the Hyperliquid tokens into circulation, the team has added to the supply of HYPE available in the market and could create additional selling pressure amid the ongoing market volatility.
Nonetheless, there are suggestions that the team may not have sold the tokens it unlocked, as exchange deposits do not solely confirm that Hyperlabs has sold the assets.
Market analysts predict that there is a good chance the team may have deposited the tokens for liquidity management or other operational purposes.
TLDR: The HYPE token unlock returns 433,025 tokens worth more than $23 million to Hyperlabs, with tracked transfers increasing concern about market supply. Wallet monitoring links 165,000 HYPE to Flowdesk and another 90,000 tokens to OKX and Bybit, while some tokens reportedly converted into USDC. HYPE trades at $54.76 after a 3.5% daily decline, as $1.83 million in long liquidations highlights pressure on bullish derivatives positions. The daily triangle maps $67.65 and $76.88 above resistance, while a confirmed lower-boundary break places $44.52 and $35.39 in focus. Hyperlabs has redeemed 433,025 HYPE from staking, placing more than $23 million of tokens under its control. The HYPE token unlock has drawn scrutiny after tracked wallets sent portions toward Flowdesk and exchanges.
On-chain monitor Lookonchain said the transfers likely signal selling, though wallet movements cannot confirm every token reached the market. HYPE price stood near $54.76, down 3.5% over 24 hours, inside a $53.65 to $56.94 range.
The token now faces extra supply concerns while long liquidations dominate daily derivatives losses. This Hyperliquid price prediction places HYPE near a decision point inside a symmetrical triangle on the daily chart.
HYPE Token Unlock Sends Fresh Supply Toward Exchanges Lookonchain reported that Hyperlabs completed the redemption after the staking release process. The monitor initially valued the batch near $23.46 million. The on-chain update said the tokens were divided across nine wallets. Their routing drew attention from traders tracking potential exchange supply.
Monitoring then linked 165,000 HYPE, worth about $9.23 million, to Flowdesk. Market data shows 75,000 tokens converted into USDC on Hyperliquid. Another 90,000 tokens moved toward deposit addresses associated with OKX and Bybit. Flowdesk serves as a market maker, rather than a centralized exchange.
The HYPE token unlock includes confirmed transfers and inferred selling intentions. Exchange deposits make assets easier to sell but cannot establish their final use. Hyperlabs has not explained the activity’s full purpose. Operational liquidity, market making, or scheduled distribution could explain other transfers.
The release adds available supply during a weaker demand period. HYPE ETF products recorded roughly $15.16 million in July net outflows, according to SoSoValue data. Since July 15, the products logged two inflow days and about nine outflow days. That pattern reduces one channel that previously absorbed market supply.
Even so, the HYPE token unlock is small beside the token’s broader supply. There are 222.446 million HYPE circulating against a maximum of one billion. It also placed treasury holdings near 19.7 million tokens. Market trackers can differ as they classify circulating and vested holdings differently.
The market capitalization stood near $12.2 billion. Hyperliquid’s total value locked was about $6.27 billion, preserving its scale among decentralized derivatives platforms at the time.
HYPE Token Unlock Meets a Bearish Technical Outlook The Hyperliquid price prediction places HYPE inside a symmetrical triangle, where ascending support meets resistance. This structure signals compression, not a guaranteed direction. Volume must confirm a boundary break before the cited targets become active.
An upside breakout would expose $67.65, followed by $76.88. The chart’s Wolfe Wave projection then stretches toward $91 to $92. That scenario requires price to clear the upper boundary with sustained volume.
Source: TradingView Conversely, rejection at the upper trendline could return HYPE toward triangle support. A confirmed breakdown would place $44.52 in focus, followed by $35.39. HYPE price near $54 leaves both pathways unresolved. Price has not confirmed either outcome yet.
The HYPE token unlock adds fundamental pressure to this technical setup. Exchange-accessible coins can deepen supply near resistance. However, the impact depends on how quickly buyers absorb sales. Market-maker transfers may not reach public order books immediately.
CoinGlass data supports the cautious short-term tone. Twenty-four-hour liquidations totaled $2.10 million, including $1.83 million from longs. Shorts accounted for about $271,070 over the same window. The imbalance shows that falling prices punished bullish leverage more heavily.
Source: Coinglass Binance led futures volume at $406.74 million, followed by LBank at $287.71 million. Hyperliquid recorded $275.38 million, while MEXC and Bybit logged $193.48 million and $159.88 million. Concentrated activity can amplify reactions around triangle boundaries.
The HYPE token unlock coincided with a $53.65 daily low. Breaking that level would shift attention toward the triangle’s lower boundary. The boundary advances across the chart as the ascending trendline rises.
A tier-1 whale has reportedly increased their Bitcoin long exposure on the Hyperliquid exchange, according to social media reports. This move coincides with HyperLabs’ recent activity of transferring significant amounts of its HYPE token to centralized exchanges. The whale’s actions are part of a broader trend of increased long exposure on Hyperliquid, with overall whale positions reaching approximately $3.5 billion. These developments occur amid fluctuating market odds for Bitcoin reaching higher price targets in early August.
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Key Takeaways Whale activity on Hyperliquid suggests increased confidence in Bitcoin’s potential price rise, with long positions currently surpassing shorts. HyperLabs has been strategically releasing HYPE tokens to exchanges, indicating a potential shift in market liquidity dynamics. Market pricing implies a moderate increase in the likelihood of Bitcoin reaching higher price levels, though the current probability remains low. What to Watch Watch for further whale activity on decentralized exchanges like Hyperliquid, as it could indicate future price movements. Additionally, how the market absorbs the HYPE tokens being moved to exchanges by HyperLabs may influence liquidity and volatility. The actions of influential bodies, such as the Federal Reserve and major ETF issuers, could also impact Bitcoin’s price trajectory in the coming days.
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Term Structure
Contract Odds Δ since publish Volume 24h August 3-9 0.1% — — View market → August 3-9 0.1% — — View market → August 3-9 0.4% — — View market → August 3-9 0.8% — — View market → August 3-9 1.8% — — View market → August 10 2026 19.5% — — View market → August 10 2026 0.7% — — View market → August 10 2026 0.4% — — View market → August 10 2026 0.1% — — View market →
Hyperliquid (HYPE) is seeking to maintain a key support zone between $51 and $53, a level that could determine its short-term price trajectory. Despite a recent pullback, analysts are watching this area closely for signs of a bullish reversal if buying pressure intensifies.
Critical support zone in focusAt the latest available prices, HYPE is trading at $54.50 with a 24-hour volume of $312.72 million and a market capitalization of $13.76 billion. The token experienced a 3.01% decline over the last day, but market observers see continued growth in both price structure and network activity.
Crypto analyst Chiefrat identified the $53–$51 support region as essential for the next directional move, suggesting that HYPE may be forming Wave 4 in an Elliott wave sequence. This technical structure points to a potential bullish expansion if buyers maintain support at these levels.
If the support holds and positive momentum builds, HYPE could establish a higher low, setting the stage for a move toward the $90–$100 target area. However, a breakdown below $51 on a weekly basis could invalidate this scenario, potentially leading to further downside.
“Any successful defense of the range between $51 and $53 may open up the door for a Wave 5 move, with the charts suggesting that the next major target lies somewhere between $90 and $100.”
Token burn strengthens scarcity narrativeRecent data from MSB Intel revealed that Hyperliquid has burned 47.53 million HYPE tokens, valued at approximately $2.68 billion based on current prices. This reduction amounts to 4.75% of the total HYPE supply, further supporting the token’s scarcity narrative.
The aggressive burn program is designed to limit circulating supply over time, potentially creating favorable conditions for price growth if market demand continues to rise. Market observers note that long-term tokenomics are likely to benefit from sustained burns, provided investor interest and overall ecosystem expansion remain strong.
Tokens will continue to be burned, supporting supply reduction in periods of strong ecosystem activity and investor participation. However, supply cuts alone may not guarantee upward price movement, and broader market dynamics will continue to play an important role.
Market dynamics and broader opportunitiesDespite these optimism-inducing fundamentals, HYPE’s price has recently moved downward. General sentiment in the crypto market appears to be improving, and a well-defended bounce from the current support zone could confirm bullish technical patterns for HYPE.
The coming period is likely to be shaped by how effectively buyers defend the crucial $51–$53 support. A strong upward rebound may validate technical targets toward the $90–$100 region. Conversely, a weekly close below $51 would put the positive outlook at risk and potentially signal a trend reversal.
Investors and market participants are watching the technical patterns closely and monitoring HYPE’s burn mechanism as part of the broader narrative on supply reduction and price sustainability. These trends mirror wider developments within the digital assets space, where platforms are prioritizing mechanisms to manage liquidity and drive adoption.
In addition to ecosystem-driven growth, platforms such as 1stepSwap are also contributing to market innovation by allowing seamless access to real-world assets on-chain. 1stepSwap enables users to acquire shares of leading U.S. companies or commodities like gold and silver directly through their digital wallets, bypassing complex intermediaries. The platform utilizes real-time market checks to ensure users trade major assets, including stocks, at the best available price, thus offering portfolio diversification and efficient execution in seconds.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Hyperliquid’s [HYPE] deflationary model is gathering pace despite HYPE extending its two-day correction.
According to the recent reports, the protocol burned $1.28 million worth of HYPE over the past 24 hours after generating $1.65 million in fees.
Lifetime token burns have now reached 47.53 million HYPE, equivalent to $2.68 billion, highlighting stronger long-term holding and fewer tokens changing hands.
The combination points to a steadily tightening supply backdrop , which could in turn translate into bullish signals in the long run.
Has the burn rate affected the network supply? The impact on the burned tokens is already visible on the market. According to the recent data, Hyperliquid’s circulating turnover has fallen to a weekly average of 2.9%.
The latest burn is turning out to be revenue-driven, meaning higher protocol activity continues removing HYPE from circulation.
At the same time, the sharp decline in circulating turnover suggests holders are keeping their positions instead of rotating supply back into the market.
Source: Token Terminal Reduced token availability has historically supported bullish trends when demand remains stable. The same turn of events could be developing for HYPE. Moreover, given that the derivatives and supply metrics remain supportive despite the recent price weakness.
On contrary, the token trading volume have flattened at around $230 million after a week of steady gains. This could be the result of many traders playing averse as they wait for a potential rejection at around $54 before they chip in to join the trend.
Source: Santiment Can bulls reverse the correction? On the daily chart, the token’s bollinger bands have widened indicating the current increased market volatility.
However, the token is still trading below the key 20 SMA and its Stochastic RSI is currently at an overbought region at $86.21, increasing the likelihood of further short-term bearish run.
Since retesting the 20 SMA at around $56.65 yesterday, the token has recorded consecutive days of bearish run.
Source: TradingView However, with the overall long-term structure still leaning bullish and the token supply reducing, the token could be on a short correction to clear the liquidity cluster worth over $1.53 million at $54.22 before resuming its long-term bullish structure.
Notably, the price level lies within the market gap between $52 and $55 on the daily chart, a zone that the token price action is likely to retest to collect unfilled orders before resuming it long-term bullish trend.
If HYPE bulls defend the demand zone, a continuation of the bullish rally back to $60 will be more than likely to materialize.
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.
NFT project StonkBrokers' floor price rises to 9.225 ETH, surging over 20% in 24 hours.
According to OpenSea market data, the floor price of NFT project StonkBrokers has climbed to 9.225 ETH, surging more than 20% in 24 hours, with cumulative trading volume totaling 1,734 ETH. The project has a fixed supply of 4,444 pixel-style "stockbroker" PFP NFTs (ERC-721 standard). Each NFT is linked to an ERC-6551 Token-Bound Account (TBA). At minting, tokenized stocks (including TSLA, AMZN, NVDA, AAPL, etc.) are pre-deposited, and the account can continue to receive rewards. Via the Anvil NFT AMM, users can swap a random StonkBroker NFT from the protocol vault for a fixed 666,666 units of meme coin STONKBROKER plus a small ETH gas fee; they can also sell an NFT back to the vault for an equivalent amount of tokens. Holders must spend STONKBROKER to "activate" their NFTs. The higher the activation level, the larger the weight of stock token rewards they earn. Part of the activation fee is burned, while the rest goes to the protocol. Fee flywheel mechanism: Around 70% of Anvil AMM transaction fees are converted into real stock tokens and airdropped to activated NFT-bound wallets. BlockBeats reminds users that relevant projects involve high uncertainty and price volatility, so users should exercise caution when investing.
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The U.S. Senate passed a temporary measure on Saturday to fund federal agencies through December 11, an effort to avert a catastrophic federal government shutdown weeks ahead of the November midterm elections. According to Fox News, the vote was 90 in favor, 6 opposed, with Senator Lindsey Graham (R-South Carolina) abstaining. The measure does not guarantee a full shutdown is avoided, but it helps prevent a shutdown from occurring on October 1, the start of the government’s new fiscal year. The House of Representatives will still need to reconcile the bill after returning from recess.
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IMF: Domestic stablecoins may boost demand for U.S. dollar stablecoins
International Monetary Fund (IMF) First Deputy Managing Director Dan Katz said local stablecoins designed to reduce reliance on USD stablecoins may actually accelerate users’ shift toward USD stablecoins. Katz noted that when local stablecoins and USD stablecoins operate on the same blockchain infrastructure, users can swap between them via decentralized exchanges, liquidity pools, or peer-to-peer transactions, which could lower capital conversion costs and shift foreign exchange activities from traditional banks and currency dealers to on-chain platforms. “Local stablecoins could even accelerate the adoption of foreign exchange stablecoins (USD stablecoins),” he said. Citing South Africa as an example, Katz pointed out that while USD stablecoins already have some local adoption there, demand for local stablecoins pegged to the rand is lower. While no definitive conclusions can be drawn yet, users may prefer USD stablecoins due to their higher liquidity, stronger network effects, and broader acceptance across platforms and borders. Katz argued that the impact of stablecoins varies by country context: in highly dollarized economies, stablecoins may primarily replace existing USD-denominated assets; in countries with limited access to USD and weaker economic fundamentals, stablecoins could further increase demand for foreign currency. He called on global regulators to include stablecoin on-ramps, off-ramps, and on-chain trading platforms in their regulatory frameworks to mitigate potential risks.
7 August 2026 | 18:20 Hyperliquid’s policy arm is pushing regulators to consider whether perpetual futures, best known for crypto trading, could also work as hedging tools for businesses exposed to commodity prices.
Key Takeaways Its proposal centers on giving businesses additional hedging options alongside traditional futures contracts. Agricultural markets provide a demanding test because farmers and merchants use derivatives to manage real operating risks. Public blockchains could streamline collateral and settlement, but liquidity and market protections would still determine whether the products are useful. In an August 7 submission connected to the Commodity Futures Trading Commission’s July 29 Agricultural Advisory Committee meeting, the Hyperliquid Policy Center focused on product choice, the CFTC’s gradual approach to perpetual futures and the potential role of public blockchains in derivatives markets.
The committee represents agricultural producers, merchants and other businesses that use derivatives to manage costs and revenues tied to their operations. Its July meeting examined risk-management tools for agricultural users alongside 24-hour trading and newer derivatives products.
Bringing perpetual futures into that discussion puts the structure in front of businesses with very different needs from crypto traders. The question for regulators is whether it can offer a useful hedging alternative in markets where derivatives protect operating margins.
Hyperliquid Policy Center CFTC submission letter. Why Would a Farmer Need a Perpetual Future? Traditional futures contracts expire. A farmer, commodity merchant or food producer that wants to remain protected against price changes beyond the life of a contract has to close or roll the position into another maturity.
A perpetual future removes the fixed expiry date. The position can remain open while a funding mechanism helps keep its price aligned with the underlying market.
That could suit companies with continuous exposure to commodities. A business that regularly buys energy, grain or another input may want to maintain protection for an extended period without repeatedly moving into a new contract.
Traditional futures remain useful when their expiration dates align with a harvest, shipment or scheduled purchase. A December contract, for example, may suit an exposure that also ends in December.
Perpetuals would give businesses another option when the risk they are managing does not fit neatly into a fixed maturity.
24-Hour Trading Is Useful Only If Liquidity Follows The CFTC is also examining longer trading schedules. In his remarks to the Agricultural Advisory Committee, CFTC Chairman Michael Selig focused on giving farmers and producers efficient tools for managing price uncertainty.
Commodity prices can move while US exchanges are closed. Weather events, geopolitical developments, energy shocks and overseas trading can all affect markets outside normal domestic sessions.
Longer trading hours could allow companies to adjust hedges sooner when those events occur.
Liquidity remains the complication. Thin overnight trading can mean fewer counterparties, wider spreads and larger price moves from relatively small orders. Under those conditions, a 24-hour perpetual contract could offer worse execution than a traditional future during its most active trading hours.
Keeping a market open around the clock only helps if enough participants are there to trade. Commercial users, market makers and other counterparties still need to provide sufficient depth.
Public Blockchains Could Change the Market Infrastructure Derivatives markets require collateral transfers, position reconciliation and settlement of gains and losses between participants. Public blockchains could handle some of those processes on infrastructure that operates continuously and can be independently verified.
Faster collateral movement and systems that remain available outside traditional banking hours could be useful to commercial participants. This may be especially relevant for perpetual contracts, where positions stay open and collateral requirements can change as prices move.
The Hyperliquid Policy Center has also argued that regulators should distinguish public blockchain infrastructure from financial businesses that take custody of customer assets or intermediate transactions.
Agricultural derivatives offer a practical setting for that argument to be tested. Any advantage would need to appear in areas businesses already care about, including collateral efficiency, settlement speed and access during volatile market periods.
The Policy Push Also Serves Hyperliquid’s Broader Strategy Hyperliquid has its own stake in how regulators treat perpetual futures and onchain derivatives.
Hyperliquid Policy Center describes itself as an independent research and advocacy organisation focused on creating a regulated US path for onchain finance. When it launched, the Hyper Foundation committed 1 million HYPE tokens to support its work, according to the organisation’s official launch announcement.
A regulatory framework that accommodates perpetual futures and public blockchain infrastructure could give platforms built around those markets more opportunities to compete with established derivatives venues.
The campaign also comes as Hyperliquid faces growing competitive pressure. JPMorgan has recently argued that regulated US perpetual products could narrow the platform’s advantage, while HYPE ETF demand has weakened. Our earlier analysis explains why JPMorgan sees growing competition as a test for Hyperliquid and HYPE.
That gives the policy effort a broader strategic importance. Expanding the regulatory role of perpetual futures could increase the number of markets where onchain derivatives platforms are able to compete.
The Real Test Is Whether Businesses Actually Use Them Perpetual futures already have a long trading history in crypto. What remains uncertain is whether companies managing commodity and other commercial exposures would find the same structure worthwhile.
Farmers, merchants and producers will judge these products on hedging costs, liquidity, collateral requirements and their ability to respond when markets move.
If perpetual futures improve those areas, they could earn a place alongside established derivatives products.
If they do not, regulatory approval may expand where the contracts can trade without creating much demand from the businesses the CFTC’s agricultural committee represents.
Methodology: This article uses the Hyperliquid Policy Center’s August 7 submission relating to the CFTC Agricultural Advisory Committee’s July 29 meeting, official CFTC meeting materials and Hyperliquid Policy Center disclosures. The analysis focuses on the practical implications of perpetual futures, continuous markets and public blockchain infrastructure. Disclaimer: The article is provided for informational and educational purposes only and does not constitute financial, legal or investment advice. Regulatory policy and derivatives-market rules may change as the CFTC considers new products and public comments. Author
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Three weeks ago we wrote that a date was hanging over this token. August 6. Roughly 9.92 million HYPE unlocking for core contributors, something like $620 million at the time, and every nervous holder selling first and asking later. The date came. The tokens released. And then the thing nobody was pricing: the team’s committed claim came to about $22.65 million. Not $620 million. Twenty-two.
HYPE trades at $55.83 as of August 7, 2026, up 0.7% over 24 hours, per CoinGecko. Market cap sits near $12.3 billion. The token is about 27% below its June 16 all-time high of $76.67, and it is still sitting in the top handful of most-viewed coins on the board, which is what happens when a market spends a month waiting for a specific Thursday.
The shadow was bigger than the monster Here is what actually matters about yesterday, and it has almost nothing to do with the price.
An unlock releases tokens. It does not sell them. We hammered that distinction in July when Arbitrum’s release went to a DAO treasury and landed with a thud instead of a crash, and the same principle just got its second demonstration in three weeks. Per Tokenomist’s tracking, the August 6 tranche was structurally modest in practice: the committed claim represented a small fraction of a percent of unlocked supply, well under what the full whitepaper schedule would have permitted.
Translation for anyone who sold in July out of unlock fear: you sold into a shadow. The monster arrived, blinked, and went back to bed.
That is not a victory lap for HYPE holders, and it should not read as one. Two things stayed true through all of it. The token is down 27% from June. And an unlock that lands softly today does not unlock softly forever; the vesting calendar keeps running, monthly, and each release adds to a float that has to be absorbed by something. Soft landings are a pattern, not a promise.
The number nobody quotes Everyone quotes the market cap. Almost nobody divides it by anything.
Hyperliquid generated roughly $1.86 million in fees in the last 24 hours, with about $1.39 million of that landing as protocol revenue. Annualize the revenue line and you get somewhere near $500 million a year. Put the $12.3 billion market cap over it and HYPE trades at roughly 24 times annualized revenue.
Sit with that for a second, because it is the whole argument in one ratio.
If you told a traditional equity investor about a business growing fast, dominant in its category, trading at 24 times revenue, they would call it expensive but not insane. Now consider the peer group. The overwhelming majority of tokens in the top hundred have no revenue at all to divide by, and the ones that do rarely route it anywhere near holders. HYPE’s entire premium exists because the exchange makes money and the token has a mechanical claim on it. That is rare enough that it explains both the valuation and the volatility: you are holding something with an actual multiple, which means the multiple can compress.
That is the honest bear case, stated in the bulls’ own language. Twenty-four times revenue is not cheap. It is a price that assumes the volumes keep coming.
Where the levels stand We named $56 as support on July 17 and $60 as the reclaim that would end the concern. HYPE is at $55.83. The first number broke, barely, and has spent weeks being fought over rather than abandoned. Call it what it is: a floor that leaks.
Above, $60 is unchanged as the line that would put the token back in an uptrend rather than a grind. Below, the round $50 is the level nobody wants to discuss and everybody watches. In between is where this has lived since the June top, and the unlock everyone thought would break the range did not break it.
What is actually different now Two things landed in the last few weeks that were not true in July, and both cut in the same direction.
A Tokyo-listed company, Eole Inc., disclosed a HYPE position, becoming the first Japanese public company to hold the token. Corporate treasury buyers are slow money; they do not trade the unlock calendar. Against that, JPMorgan noted that inflows into HYPE-linked exchange-traded products have stalled as competition mounts, which takes some air out of the institutional-drip story we highlighted in July when the streak was running.
So the picture is not “institutions are coming” and it is not “institutions left.” It is both, at once, in different rooms of the same building. One buyer type is arriving with a multi-year horizon while another has slowed to a crawl. Anyone telling you which one wins has better information than the tape does.
Bottom Line The date that scared this market for three weeks came and went, the team claimed a small fraction of what the headline number implied, and HYPE closed the week roughly where it started. The lesson is the one this site keeps repeating and the market keeps relearning: read the label on an unlock, not the size of it. The rest of the picture is unchanged and unsentimental. A dominant exchange, real revenue, a 24 times multiple that leaves no room for a bad quarter, a leaky floor at $56, and a calendar that brings another release next month. The monster was smaller than its shadow this time. Next time is a separate question, and it deserves its own answer.
This article is for information only and is not investment advice. Crypto assets are extremely volatile and you can lose your entire stake. Always do your own research.
Frequently Asked Questions What is the Hyperliquid price today? HYPE trades at $55.83 as of August 7, 2026, up 0.7% over 24 hours, with a market cap near $12.3 billion and roughly 27% below its June all-time high of $76.67.
What happened with the August 6 HYPE unlock? Roughly 9.92 million HYPE unlocked for core contributors. Per Tokenomist tracking, the committed claim was far smaller than the full schedule allowed, around $22.65 million, so the actual supply hitting the market was a fraction of the feared headline.
Did the unlock crash the HYPE price? No. HYPE was up 0.7% the day after and roughly flat across the week. Unlocks release tokens rather than sell them, and much of this tranche was not claimed.
Is HYPE expensive at these levels? By revenue multiple, HYPE trades at roughly 24 times annualized protocol revenue based on about $1.39 million in daily revenue. That is a real multiple in a sector where most tokens have none, and it prices in continued volume growth.
What are the key HYPE levels now? $56 is the contested support, $60 the reclaim that would restore an uptrend, and the round $50 the level below. The token has traded inside this band since the June top.
When is the next Hyperliquid unlock? Hyperliquid runs monthly releases under its vesting schedule. Check the official documentation and a tracker such as Tokenomist for the next date and allocation before assuming another soft landing.
JPMorgan told clients this week that inflows into Hyperliquid's spot ETFs have largely stopped, ending a two-month run in which the funds led every non-bitcoin crypto ETF category on an inflow-to-assets basis.
The bank's analysts, led by Nikolaos Panigirtzoglou, said HYPE ETFs pulled in roughly $280 million cumulatively through June before the trend reversed: July alone brought more than $13 million in net outflows, and a separate streak of $29.8 million in outflows ran across twelve consecutive sessions through August 3. JPMorgan traces the reversal to a specific structural shift rather than a broad loss of confidence in the asset — decentralized derivatives venues like Hyperliquid are now competing directly with newly regulated, US-based perpetual futures platforms, a market that barely existed when HYPE ETFs launched in May. The bank was direct about the scale of the challenge: "We see significant challenges to the market share of decentralized platforms such as Hyperliquid."
Hyperliquid's own diversification push is running into the same problem from a different angle. The protocol expanded into prediction markets earlier this year through a product called Outcomes, intended to reduce its dependence on perpetual futures trading fees, but JPMorgan noted that market has become just as competitive as the derivatives venue Hyperliquid was trying to diversify away from. The bank's framing treats HYPE's structural buyer — the protocol's Assistance Fund, which channels roughly 99% of trading fees into open-market token buybacks — as a genuine floor under the price rather than a reason to dismiss the ETF slowdown, since that buyback mechanism runs independently of Wall Street sentiment.
Our tracking of HYPE's ETF complex through its entire arc this year began with the token's early institutional moments in May, when Bitwise CIO Matt Hougan argued the market was mispricing Hyperliquid by valuing it as a crypto derivatives venue rather than a global multi-asset trading platform with a far larger addressable market — a call that came as HYPE approached its all-time high on the back of early ETF inflows. That momentum carried into June, when Grayscale's HYPG launched on Nasdaq at the lowest fee among three competing US HYPE products, the same week HYPE hit its all-time high of $75.51. JPMorgan's note effectively marks the point where that fee war and listing momentum stopped translating into fresh capital.
JPMorgan's own framing is careful to separate two different questions: whether investors are abandoning HYPE, and whether they're becoming more cautious about its competitive position specifically. The bank's answer is the second, not the first — which means the real test isn't the ETF flow data itself but what happens once the market absorbs the current wave of US-regulated perpetual futures launches and Hyperliquid's own prediction-market expansion.
If Hyperliquid holds share through that adjustment, the July-August pause looks like a pricing correction. If it doesn't, the ETF flows will likely be the first place that shows up.
Hyperliquid (HYPE) continued to attract attention on Tuesday as quarterly metrics showed robust protocol growth, even as the token price remains under pressure. At the time of writing, HYPE trades at $55.79, reflecting a 2.12% drop over the past 24 hours. Analysts noted that despite the price decline from July’s peak above $75, both technical data and recent quarterly performance indicate investors are closely watching for signs of a recovery.
Technical momentum and key resistanceThe daily chart from TradingView shows Hyperliquid is testing the $57.5 resistance level, a key point after weeks of persistent selling. While the prevailing overall trend appears bearish, buyers are actively defending the current price area, which has reduced immediate downside risk.
The MACD histogram switched to positive territory, signaling that the selling pressure is gradually easing. However, the MACD line remains below the signal line, meaning a new bullish trend has yet to be confirmed. If buyers succeed in reclaiming the $57.5 level, short-term sentiment could improve, making a push toward the next resistance near $68 possible.
While bearish momentum is fading and buyers defend current levels, technical conditions suggest further confirmation is needed before a sustained rally develops.
Analysts are watching to see if HYPE can hold these key resistance areas to confirm a change in trend.
MetricRecent ValueTrendHYPE price$55.79Down 2.12% (24h)Short-term resistance$57.5Re-testedNext resistance$68Potential targetQuarterly growth and RWA adoptionThe protocol experienced significant quarterly growth, with a report from Wu Blockchain highlighting a surge in real-world asset (RWA) perpetual contracts. The HIP-3 RWA perps share increased dramatically, rising from 1.8% to 32.2% of Hyperliquid’s total volume within two quarters. Quarterly trading volume reached $213 billion, underscoring strong platform activity despite the decline in token price.
During Q2, three HYPE ETFs were launched, and institutional funds, along with associated treasuries, accounted for roughly 7.7% of the total HYPE supply. Hyperliquid reported $169 million in revenue for the quarter, allocating $141 million to HYPE buybacks and lifting cumulative protocol revenue above $1 billion. This signals ongoing institutional involvement and protocol development, offering optimism even as the price corrected from previous highs.
Mini dictionary: Real-world asset (RWA) perpetual contracts, or RWA perps, are derivative products that allow traders to gain synthetic exposure to traditional assets on a blockchain platform without owning the actual physical asset. This innovation enables on-chain trading of commodities, real estate, or other financial instruments on a decentralized exchange.
Institutional funds and treasuries now hold 7.7% of HYPE’s total supply, reflecting increasing long-term involvement from professional investors alongside continued protocol revenue growth.
Market activity and network fundamentalsBroader market activity indicates that traders maintain a strong presence in HYPE markets. CoinGlass reported high open interest, suggesting continued engagement by market participants regardless of recent price swings. Data from DeFiLlama further showed that network activity on Hyperliquid remains steady, even as the token’s value faces short-term volatility.
Together, these metrics point to persistent user engagement and expanding protocol use, matching the growth story depicted by the recent quarterly report.
Outlook for HYPE price recoveryTechnical and fundamental factors provide a mixed outlook for HYPE. While current price charts signal the protocol may still be establishing a bottom, quarterly results indicate underlying strength through rising platform activity, accelerated RWA adoption, and increased institutional participation.
Market observers have identified the $57.5 resistance as the next critical level to watch. A sustained reclaim of this zone may open the door for further gains, with near-term focus on resistance at $68. For now, while Hyperliquid’s ecosystem expands, price action remains closely tied to confirmation from ongoing technical developments.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Wyoming has disclosed an indirect investment in HYPE through Hyperliquid Strategies ($PURR) in its second-quarter 13F filing, adding another digital asset-linked position to the state’s crypto-related portfolio.
Summary
Wyoming disclosed indirect exposure to HYPE through Hyperliquid Strategies in its second quarter 13F filing. The filing shows the state invested in Hyperliquid Strategies rather than purchasing HYPE tokens directly. The disclosure adds to Wyoming’s growing blockchain initiatives, including its state backed FRNT stablecoin and digital asset policies. Wyoming is set to host the Wyoming Blockchain Symposium later this month with senior policymakers and crypto industry leaders expected to attend. According to Blockworks analyst Shaunda Devens, Wyoming’s second-quarter 13F filing shows the state gained indirect exposure to Hyperliquid’s HYPE token through an investment in Hyperliquid Strategies ($PURR). Devens shared the filing on X, describing it as Wyoming’s latest indirect crypto investment disclosed through its public securities holdings.
The State of Wyoming just disclosed that it made an indirect investment in HYPE through Hyperliquid Strategies ($PURR) in its Q2 13F filing. pic.twitter.com/eep8NJ7hCM
— shaunda devens (@shaundadevens) August 6, 2026 While the filing does not indicate that Wyoming purchased HYPE tokens directly, the disclosed position gives the state indirect exposure through Hyperliquid Strategies, a publicly traded vehicle linked to the Hyperliquid ecosystem. The filing also does not disclose any direct ownership of HYPE by the state itself.
Public pension funds, treasuries and other government entities routinely disclose their U.S. equity holdings through quarterly Form 13F filings. The latest disclosure places Wyoming among the public institutions with exposure to companies connected to the digital asset market rather than only traditional crypto-related stocks.
Wyoming’s HYPE exposure comes through Hyperliquid Strategies Hyperliquid Strategies is the investment vehicle identified in the filing. By holding shares in the company, Wyoming receives indirect exposure to HYPE instead of holding the token on its balance sheet.
Devens’ post did not specify the size of the investment or when the position was established during the second quarter. The filing likewise does not state whether the investment forms part of a larger digital asset allocation strategy or a standalone portfolio holding.
Indirect exposure through listed securities has become a common route for institutional investors seeking participation in digital assets while remaining within existing investment frameworks. Such investments differ from purchasing cryptocurrencies directly because the underlying exposure is obtained through corporate securities.
Wyoming has continued expanding its blockchain strategy The disclosure arrives as Wyoming continues to build one of the most active blockchain policy programs among U.S. states.
In January, Wyoming launched the Frontier Stable Token (FRNT), becoming the first U.S. state to issue a government-managed dollar-backed stablecoin. The token debuted on Solana before expanding to Ethereum, Arbitrum, Base, Optimism, Polygon and Avalanche through cross-chain infrastructure. State officials said the reserves are managed by Franklin Templeton, held in a Wyoming-chartered trust and backed by U.S. dollars together with short-term Treasury securities.
Interest generated from those reserves is directed to Wyoming public schools, while the stablecoin was designed to reduce payment costs for state services and demonstrate blockchain-based settlement under public oversight. The project followed years of legislation that included legal recognition of decentralized autonomous organizations, the creation of Special Purpose Depository Institution charters and passage of the Stable Token Act.
Wyoming selected Solana after evaluating multiple blockchain networks before launch, while Kraken became the first Wyoming-domiciled exchange to offer the token for public purchase.
State policies have extended beyond digital assets Alongside blockchain initiatives, Wyoming has also moved to attract computing infrastructure tied to artificial intelligence.
Governor Mark Gordon signed Executive Order 2026-03, titled “Data Centers the Wyoming Way,” in June. The order instructs state agencies involved in permitting and supporting large data center developments to consider electricity demand, water usage, environmental factors, workforce planning and the effect on residential power prices while reviewing projects.
The executive order followed rising investment in AI infrastructure across the United States and also intersects with Wyoming’s established Bitcoin mining industry, where companies have increasingly explored artificial intelligence and high-performance computing alongside cryptocurrency mining.
Several publicly traded miners, including IREN, MARA Holdings, Cipher Digital, Hut 8, HIVE Digital and TeraWulf, have announced or evaluated AI and high-performance computing businesses as they diversify revenue following the 2024 Bitcoin halving.
Wyoming remains active in crypto policy discussions The state’s investment disclosure also comes shortly before the Wyoming Blockchain Symposium, scheduled for Aug. 17-20 in Jackson Hole.
As previously reported by crypto.news, Ripple CEO Brad Garlinghouse will join the speaker lineup alongside policymakers including SEC Chair Paul Atkins, Sen. Cynthia Lummis, House Majority Whip Tom Emmer, Sen. Ruben Gallego and Comptroller of the Currency Jonathan Gould.
Industry participants expected at the event include Galaxy founder Michael Novogratz, Cardano founder Charles Hoskinson, Stellar Development Foundation CEO Denelle Dixon and Custodia Bank founder Caitlin Long.
Organizers have identified U.S. crypto regulation, Bitcoin, digital asset investment strategies, decentralized artificial intelligence and financial market structure among the planned discussion topics. Ripple also maintains academic ties with the University of Wyoming through the Ripple Blockchain Collaboratory and renewed funding under its University Blockchain Research Initiative.
TLDR Hyperliquid (HYPE) trades at $55.79, down 2.12% in the past 24 hours. HYPE is trying to reclaim the $57.5 resistance level after weeks of selling pressure. MACD histogram has turned positive, showing bearish momentum may be fading. Q2 report shows $213 billion in trading volume and $169 million in revenue. HIP-3 RWA perps volume share grew from 1.8% to 32.2% in two quarters. Hyperliquid (HYPE) is trading at $55.79 right now. That’s down 2.12% over the last day.
The token is still well below its July high, which was above $75. Traders are watching closely to see what happens next.
Short-term price action looks weak. But the protocol’s latest quarterly numbers tell a different story.
Technical Levels Traders Are Watching HYPE is trying to climb back above the $57.5 resistance level. This level has capped price for several weeks.
The overall trend is still bearish. But buyers seem to be stepping in to defend the current price zone.
Hyperliquid Price on CoinGecko The MACD histogram has turned positive. This suggests selling pressure could be easing.
The MACD line is still below the signal line, though. That means this isn’t confirmed as a full trend reversal yet.
If HYPE can reclaim $57.5 and hold it, the next target would be resistance near $68. That would mark a real shift in short-term sentiment.
What Hyperliquid’s Q2 Report Shows Hyperliquid’s Q2 report points to real growth on the network. HIP-3 RWA perps volume share jumped from 1.8% to 32.2% over two quarters.
Quarterly trading volume hit $213 billion. That’s a large jump in platform activity, even with the recent price drop.
Three HYPE ETFs launched during the quarter. Institutional funds and related treasuries now hold about 7.7% of HYPE’s total supply.
Hyperliquid Q2 HIP-3 RWA Contracts’ Trading Share Rises from 1.8% to 32.2%
Hyperliquid released its Q2 report, showing that HIP-3-related RWA perpetual contracts increased their share of trading volume from 1.8% two quarters ago to 32.2%, with quarterly trading volume reaching… pic.twitter.com/4lU8t9ZL16
— Wu Blockchain (@WuBlockchain) August 6, 2026
The protocol earned around $169 million in Q2 revenue. About $141 million of that went to HYPE buybacks.
Cumulative protocol revenue has now passed $1 billion. That’s a new milestone for Hyperliquid.
Open interest data from CoinGlass shows traders are still holding positions. This points to steady interest in HYPE despite the pullback.
DeFiLlama data also shows the protocol staying active. Users continue interacting with the network even as the price corrects.
Fundamentals and price action are telling two different stories right now. The chart shows a token still searching for a bottom.
The Q2 numbers show a protocol that keeps growing. Trading volume, RWA adoption, and institutional interest all moved higher during the quarter.
Traders are now watching one thing above all else. Can HYPE reclaim $57.5 and hold it there.
Jane Street plans to transfer $11 billion in public debt to external investors to gain flexibility for further AI investments.
According to a Financial Times report, Jane Street is in talks with investors including Pimco to shift roughly $11 billion in debt from public markets to private instruments via a private credit deal. Analysts note that the debt move is aimed at reducing quarterly financial disclosure requirements to numerous creditors, while giving the company greater flexibility to further invest in AI infrastructure such as data centers and related technologies.
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U.S. July New York Fed 1-year inflation expectation stands at 3.63%, below forecast.
US July New York Fed 1-year inflation expectation comes in at 3.63%, versus the forecast of 3.71% and prior reading of 3.67%.
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UBS: Gold rally has solid support, gold prices expected to approach $5,000 next year.
UBS Chief Investment Officer Ulrike Hoffmann-Burchardi and her team stated: “This round of gold rally is underpinned by fundamentals. We expect gold prices to approach $5,000 per ounce in the first half of 2027.” Since the U.S. and Israel launched strikes against Iran in late February, gold prices came under pressure and dipped temporarily. UBS strategists noted that near-term risks persist: if oil prices rise, or if the market prices in a more hawkish Federal Reserve monetary policy and higher bond attractiveness, gold prices will face headwinds. However, the bank remains optimistic about gold’s medium- to long-term outlook. Hoffmann-Burchardi added that her team anticipates inflation will gradually ease, the Fed is expected to hold interest rates steady this year, and will restart its rate-cut cycle in 2027. “Rising expectations of lower policy rates will likely push down real yields, weigh on the U.S. dollar, and in turn boost gold investment demand, creating a more favorable market environment for gold.”
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Kalshi launches AI risk control tool Blanket to help small businesses hedge operational risks through prediction markets.
Prediction market platform Kalshi has announced the launch of an AI tool called Blanket, designed to help small businesses hedge operational risks—including those related to weather, energy prices, tariffs, and elections—using event contracts. Developed by independent fintech entrepreneur Lauris Zminsky, Blanket operates on Kalshi’s CFTC-regulated prediction market but is not an in-house product of Kalshi. The tool does not directly execute trades or process funds; instead, it leverages AI to analyze the risks faced by businesses and recommend Kalshi event contracts suitable for hedging.
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Glassnode: Bitcoin options sentiment is improving, but demand for long-term downside protection remains high.
Glassnode’s market analysis notes that sentiment in the Bitcoin options market is improving, with short-term downside skew declining sharply. The 1-month 25 Delta Skew has dropped to around 7%, signaling recent panic has eased. However, longer-term skew remains at roughly 10%–12%, pointing to ongoing demand for downside protection. Currently, BTC call options hold an open interest of approximately $15 billion, exceeding put options’ roughly $10 billion. Recent capital inflows are concentrated in the $61,000–$67,000 range, with notable buying activity for $65,000 call options. Glassnode concludes the market is shifting toward more bullish positions but has not abandoned risk hedging.
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BlackRock records 4 consecutive days of $BTC inflows totaling 9,269 $BTC ($604M)
BlackRock has seen 4 consecutive trading days of $BTC net inflows, totaling 9,269 $BTC ($604M).
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.
The @HyperliquidX Policy Center has formally petitioned the U.S. Commodity Futures Trading Commission (CFTC) to establish a regulatory framework that would allow on-chain perpetual derivatives trading for U.S. citizens, marking one of the most direct regulatory pushes yet from a decentralized platform seeking access to American markets.
A First-of-Its-Kind Regulatory Push The move is notable for its directness. The Hyperliquid Policy Center is an independent research and advocacy organization dedicated to advancing a clear, regulated path for Americans to access onchain markets. Rather than sidestepping U.S. jurisdiction, as many decentralized platforms have done for years, the Center is asking regulators to build a framework that accommodates non-custodial, on-chain trading of $HYPE and other assets.
The Hyperliquid Policy Center was established in early 2026 with the explicit goal of advocating for regulatory clarity around onchain markets. Its petition to the CFTC is part of a broader effort that has also included a joint comment letter filed with Phantom Technologies. The two organizations urged the agency to update rules that currently keep American users walled off from onchain derivatives markets.
At the core of the proposal is a challenge to how legacy financial rules treat decentralized software. HPC and Phantom argue that simply building onchain trading software should not trigger registration requirements as an exchange or clearinghouse, and that non-custodial front-end providers like Phantom do not have to register as introducing brokers. The initiative also calls for decentralized clearinghouse protocols to be formally integrated into the U.S. derivatives ecosystem, enabling transparent, non-custodial trading without the intermediary structures that traditional regulations assume.
A Regulator Signaling Openness The CFTC, for its part, appears receptive to rethinking its approach. CFTC Chair Mike Selig has said the agency is crafting a tailored regulatory framework for on-chain perpetual derivatives platforms like Hyperliquid, noting that 1930s-era exchange rules are ill-suited to DeFi. Under the Trump administration, the CFTC has taken a more accommodating approach to regulating the crypto industry, most notably approving the first U.S.-regulated bitcoin perpetual futures contract in May and opening the door to bringing more perps onshore.
That regulatory opening has not been without controversy. The proposal lands while the CFTC faces legal action from CME Group, which sued the regulator in June after it approved perpetual futures products from platforms including Kalshi. CME argues that perpetual contracts should be classified as swaps rather than futures under the Dodd-Frank framework and claims the regulator bypassed the required legal process.
The Hyperliquid Policy Center's petition reflects a broader shift in how decentralized platforms are engaging with regulators. Rather than operating in legal grey areas, projects are increasingly seeking defined rules. As the regulatory conversation matures, the CFTC's response could set a precedent for how on-chain derivatives platforms gain, or are denied, access to U.S. liquidity.
Sources:
The Block: Hyperliquid Policy Center, Phantom urge CFTC to stop treating onchain protocols like traditional brokers
Crypto.news: Hyperliquid Policy Center and Phantom call for DeFi-specific CFTC regulations
CryptoRank: CFTC Chair signals regulatory path for on-chain perpetual platforms like Hyperliquid
HYPE price climbed above $56.80 as strong quarterly revenue, token buybacks, and rising RWA trading activity helped it rebound from the $51 support area.
Summary
HYPE price gained 2.5% in 24 hours and traded about 3.7% higher over the past week. Hyperliquid generated $169 million in Q2 revenue, allocating $141 million to HYPE buybacks. The daily chart shows a potential breakout from a descending channel, but momentum is nearing overbought levels. Liquidation clusters at $57.20 and $55 could determine HYPE’s next short-term move. HYPE price rebounds from $51 support According to data from crypto.news, Hyperliquid (HYPE) price traded near $56.80 on Aug. 7, gaining about 2.5% over 24 hours after recovering from an early-August low around $51.20. The token reached an intraday high near $57.04 before buyers and sellers began competing around the $57 level.
The rebound has lifted HYPE roughly 11% from its weekly low, although its net seven-day gain remained closer to 3.7%. Trading volume stood near $250 million over the previous 24 hours.
The 4-hour chart shows HYPE establishing a sequence of higher lows after defending the $51–$52 region. Price has also moved above the Supertrend indicator, which currently provides dynamic support near $54.44.
Hyperliquid price 4-hour chart — Aug. 7 | Source: crypto.news The 4-hour relative strength index stood at 60.08, slightly above its signal average of 59.49. This reading points to improving buying pressure without placing HYPE in overbought territory on the shorter timeframe.
However, the token remains about 26% below its June record near $76.70. The broader chart therefore shows a recovery within a larger correction rather than a confirmed return to its previous uptrend.
Hyperliquid buybacks support the recovery The latest move followed the release of Hyperliquid’s second-quarter performance figures. The protocol reported $169 million in quarterly revenue and said $141 million was directed toward HYPE buybacks.
Hyperliquid also passed $1 billion in cumulative protocol revenue during the quarter. HIP-3 real-world asset perpetual contracts generated $213 billion in trading volume and represented 32.2% of activity in the category covered by the report.
RWA trading contributed 6.6% of total quarterly revenue, according to the Q2 figures. The data strengthened the view that Hyperliquid is expanding beyond crypto perpetual futures into tokenized commodities, equities and other traditional-market products.
Buybacks can support HYPE by creating recurring demand using protocol revenue. Still, their effect depends on whether platform trading activity and fee generation remain high enough to offset token sales and future supply growth.
HYPE’s fully diluted valuation stood near $54 billion, compared with a circulating market capitalization of approximately $12.6 billion. That gap remains a longer-term risk because only part of the maximum token supply currently circulates.
HYPE price faces $57.30 liquidation wall The daily chart shows HYPE attempting to move above the upper boundary of a descending channel that has guided price lower since early July. A sustained daily close above $57 would strengthen the breakout case.
Hyperliquid price daily chart — Aug. 7 | Source: crypto.news The Awesome Oscillator remained negative at -5.39, showing that the broader momentum structure has not fully turned bullish. Its histogram bars have nevertheless shifted higher, indicating that bearish momentum is weakening.
The Stochastic RSI presents a more immediate warning. Its two lines stood at 95.80 and 88.35, placing the indicator deep in overbought territory. That setup does not guarantee a decline, but it raises the chance of consolidation or a short pullback before another advance.
CoinGlass’ 24-hour liquidation heatmap shows the largest nearby liquidity concentration above the market at approximately $57.20–$57.35. A move through that zone could force leveraged short positions to close and push HYPE toward $58 and $60.
Hyperliquid liquidation chart | Source: CoinGlass Below the current price, another major liquidation cluster sits around $54.90–$55. Losing that area could accelerate a decline toward the 4-hour Supertrend support at $54.44. The next lower zones are $52 and the recent low near $51.
Analysts Split Over HYPE’s Next Target Crypto trader Altcoin Sherpa said HYPE may be building a bottom near its current range, although he expected the outcome to depend on wider market conditions.
“The level to watch is still $50; lose that and I think we see low/mid $40s in a slow fashion,” he wrote in an Aug. 6 post.
The analyst added that he remained constructive on HYPE over the longer term. His chart placed a broader demand zone across the low-to-mid-$40 region if the $50 floor fails.
HypeDojo offered a more bullish scenario, comparing the latest $51.50 bottom with the token’s earlier rebound from $52.50 to its June record. The trader projected a possible move toward $80 by the end of August.
Can we expect a $HYPE ATH in August??
In early and mid-June, we saw two $HYPE ATHs, and although there was a profile of an ATH in July, it ended with a Monthly High with the BTC Market Crash.
In early August, that means we are currently in a Bottom. After the first ATH in June,… pic.twitter.com/5bnrCMiibP
— HypeDojo (@HypeDojo) August 7, 2026 That target would require HYPE to clear several resistance areas, including $60, $64, $68 and the previous record around $76.70. The overbought daily Stochastic RSI also suggests that such a move may not develop in a straight line.
US competition adds risk to HYPE outlook JPMorgan analysts have warned that momentum in HYPE-linked investment products weakened after strong inflows during May and June. A reported 12-session outflow streak reached approximately $29.8 million through Aug. 3.
The bank also pointed to competition from regulated derivatives and prediction-market platforms, according to Blockhead. That risk is particularly relevant in the United States, where regulated venues are expanding access to perpetual-style contracts.
For now, the HYPE price outlook depends on whether buyers can convert the rebound into a confirmed daily channel breakout. A close above $57.30 would open a path toward $60, while rejection and a break below $54.40 would bring $52 and $50 back into focus.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Hyperliquid (HYPE) price is up by 1.66% today, August 7, to trade at $56 at the time of writing. The gains come despite JPMorgan analysts warning that Hyperliquid’s market share in crypto trading and prediction markets could drop due to growing competition from regulated U.S.-based platforms. Despite the warning, HYPE ETFs have recorded two straight days of inflows.
HYPE ETF Inflows Rise Despite JPMorgan’s Warning Data from SoSoValue shows that HYPE ETFs recorded $2.84 million in inflows on August 6, with the rise mirroring rising demand from institutions as crypto ETFs approach $1 billion in total weekly inflows.
The ETFs have now seen two straight days of inflows despite the current demand being weaker than what was seen in June 2026.
HYPE ETF Flows (Source: SoSoValue) These rising inflows to the ETFs come despite JPMorgan warning that Hyperliquid’s share in prediction markets and crypto trading could shrink because regulated US platforms are expanding into the sectors that Hyperliquid is dominating.
“We see significant challenges to the market share of decentralized platforms such as Hyperliquid… The launch of U.S.-regulated crypto perpetual futures products could accelerate a shift in liquidity away from offshore and decentralized venues to onshore venues,” the analysts said.
They also noted that these fears create doubts whether Hyperliquid could surpass Solana and XRP in market cap. The fears come despite Hyperliquid expanding into prediction markets after rolling out HIP-4 permissionless deployments on the testnet.
HYPE Price Creates a Cup and Handle Pattern The four-hour chart shows that the price of HYPE is creating a cup and handle pattern that usually suggests that the long-term Hyperliquid price forecast is bullish.
But for this pattern to play out, HYPE needs to move above the resistance of $57. If the price closes above this resistance for three straight days, it could gain by 12% and reach $64.
The RSI reading of 57 suggests that the bullish momentum is strong, and this could push the price of HYPE to $64.
The AO bars that have turned green also suggest that the bears have lost their grip, as buying pressure replaces the selling pressure that persisted between August 5 and August 7.
HYPE Price Chart (Source: TradingView) But if sellers come back to book profits after the recent gain, the price of HYPE could drop below the psychological support of $50 and potentially reach If the drop continues, the price of HYPE could move to the psychological support of $50.
Hyperliquid Derivatives Market Analysis Data from Coinglass shows that HYPE’s open interest has increased by 1.19% to $2.3 billion suggesting that there is rising demand for futures positions on Hyperliquid.
The weighted funding rate that is green suggests that this demand is coming from long buyers who are betting that the price of HYPE will extend its gains.
HYPE Derivatives Market Data (Source: Coinglass) HYPE’s long/short positioning has a reading of 1.05, which also suggests that there are more long buyers than short sellers.
Still, long liquidations have exceeded short liquidations for the last two straight days, suggesting that fluctuations in price are wiping out long buyers who are bullish in HYPE.
This Friday, we examine Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid in greater detail.
Ethereum (ETH) This week, Ethereum continued to range without any significant volatility. This has allowed the price to consolidate under the $2,000 resistance. At the time of this post, the support at $1,800 is holding well and was recently re-confirmed.
The concern, based on this price action, is that ETH does not have the strength to break above $2,000. Any attempts in the past few weeks were rejected and sellers could speculate on an opportunity to take over.
Looking ahead, Ethereum remains in a macro downtrend, and this will only change once the price makes a higher low and high. Ideally, ETH secures $2,000 as support and aims for $2,400 next to escape the current downtrend.
Source: TradingView Ripple (XRP) As expected, XRP broke below its latest pennant (in blue on the chart) to re-test the key support at $1. It is critical for buyers to hold here, as otherwise, the price may end up in a nosedive.
Because sellers have the advantage at the moment, the price closed the week 4% lower. Hopefully, buyers return here to send XRP higher, but even if they try that, it could end up as a dead cat bounce.
Looking ahead, the price action remains bearish with a lower low more likely than a reversal. If $1 turns into a resistance, then XRP will have a difficult time stopping its downtrend in the future.
Source: TradingView Cardano (ADA) Cardano is one of the few major altcoins closing in double-digit gains this week with an impressive 18% pump. This has allowed the price to move to $0.20 and may go all the way to $0.23, where there is major resistance.
With the current support at $0.15 secured, ADA has good momentum and buyers to sustain this uptrend. The biggest question is how sellers will react at the key resistance. Best to be patient and wait for a reaction at $0.23 first.
Looking ahead, Cardano has a major opportunity to break away from its multi-year downtrend. Moreover, this is the first time in months when the price action turned positive. However, bulls will need to turn $0.23 into support if they want to sustain this uptrend.
Source: TradingView Binance Coin (BNB) Binance Coin was flat this week and mirrors ETH’s price action, but in a more toned-down way. On the positive side, the price appears to hold above the support at $580. However, buyers did not push much beyond this level, which shows a lack of conviction.
Since sellers are also absent, the price was forced to move sideways and did not give any hints at a decisive direction. Best to watch closely how the $580 level is resolved before picking a side.
Looking ahead, BNB has been moving around the $600 level since the start of the year without any major breakout. While the price remains in a downtrend, this has been less aggressive lately which may hint at a possible reversal later this year.
Source: TradingView Hype (HYPE) HYPE managed to close 3% higher this week after a successful test of the $52 support level. However, this could end up as a temporary bounce before sellers return to push against the key support again.
On higher timeframes, Hyperliquid has lost its uptrend, and the price is making lower lows. This is bearish. If buyers cannot reclaim $64 in the future, which is also a major resistance, then sellers could take this cryptocurrency much lower.
Looking ahead, the battle will be decided at the $52 support level. So far, this has held against the pressure from bears, but a renewed push later in August may see HYPE make new lows. Best to be cautious here as the price continues to show weakness.
Source: TradingView Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Key TakeawaysBitcoin: The Portfolio FoundationEthereum: The Smart Contract LeaderSolana: Speed Meets OpportunityChainlink: Bridging Blockchains and RealityHyperliquid: The Aggressive Growth OptionConstructing a Balanced Long-Term Strategy Bitcoin serves as the optimal foundation asset thanks to its limited supply and widespread institutional acceptance Ethereum dominates as the leading platform for DeFi applications and smart contract development Solana delivers exceptional transaction speed and scalability, though with elevated volatility Chainlink provides essential oracle services that bridge blockchain networks with external data sources Hyperliquid represents a high-risk opportunity centered on genuine decentralized exchange activity The cryptocurrency landscape includes thousands of digital assets, yet only a select few possess characteristics suitable for sustained investment. Financial analysts recommend concentrating on proven projects and promising newcomers that represent distinct market segments. Below, we examine five digital currencies that merit serious consideration.
Bitcoin: The Portfolio Foundation Bitcoin represents the cornerstone of any serious long-term cryptocurrency allocation.
Bitcoin (BTC) Price With its predetermined maximum supply, substantial market depth, and increasing institutional participation, Bitcoin stands among the more reliable choices in an inherently unpredictable asset category. The digital currency is progressively recognized as a modern store of value, drawing comparisons to precious metals like gold.
While Bitcoin might not produce the most explosive returns during bullish cycles, it provides superior consistency. Investment professionals typically recommend allocating approximately 40% of a cryptocurrency portfolio to Bitcoin.
Ethereum: The Smart Contract Leader Ethereum serves as the second fundamental component for long-term crypto investors.
Ethereum (ETH) Price The platform enables decentralized applications, supports major stablecoins, facilitates DeFi protocols, and hosts tokenized real-world assets. Ethereum boasts among the most robust and active developer ecosystems across all blockchain networks.
Ongoing upgrades enhance the network’s throughput and cost-efficiency. Should blockchain-based financial systems continue expanding, Ethereum appears well-positioned to maintain its central role.
Solana: Speed Meets Opportunity Solana presents itself as a high-performance competitor to Ethereum.
The network has established itself among the leading platforms for digital asset trading, payment processing, and user-facing applications. Superior transaction throughput combined with minimal fees provides significant advantages in attracting both builders and end users.
This performance comes with increased price fluctuation. Solana presents greater risk compared to Bitcoin or Ethereum, while simultaneously offering enhanced growth prospects for those investing with extended time horizons. Portfolio strategists typically recommend approximately 17.5% exposure.
Chainlink: Bridging Blockchains and Reality Chainlink offers a distinctive approach to cryptocurrency investment.
The protocol facilitates communication between blockchain networks and external information sources and systems. These oracle services form critical infrastructure enabling smart contracts to interact meaningfully with off-chain environments.
As traditional financial instruments increasingly migrate to blockchain platforms, infrastructure enabling these connections may experience heightened demand. Chainlink delivers portfolio variety beyond simply accumulating different native blockchain tokens.
Hyperliquid: The Aggressive Growth Option Hyperliquid represents the highest-risk selection among these recommendations.
The platform has established significant traction in decentralized derivatives trading, especially perpetual futures markets. Unlike numerous cryptocurrency ventures sustained primarily through marketing, Hyperliquid demonstrates substantial genuine trading volume and user engagement.
This fundamental activity distinguishes it from typical speculative altcoins. Nevertheless, it remains considerably less proven than other options discussed here, prompting experts to suggest limiting exposure to roughly 5% of total cryptocurrency holdings.
Constructing a Balanced Long-Term Strategy An effective long-term cryptocurrency portfolio need not involve excessive complexity.
One practical framework distributes capital as follows: 40% Bitcoin, 27.5% Ethereum, 17.5% Solana, 10% Chainlink, and 5% Hyperliquid. This structure provides exposure across value preservation, platform infrastructure, performance-oriented networks, and speculative growth opportunities.
Cryptocurrency markets exhibit extreme volatility. Even established projects experience severe price declines. These selections function best as long-term, risk-appropriate positions rather than assured successes.
For investors willing to maintain positions through significant market fluctuations, these five cryptocurrencies represent distinct sectors of the digital asset ecosystem while maintaining portfolio simplicity.
Hyperliquid Research Collective (HRC) reported on Thursday broad growth across Hyperliquid's key operating metrics in Q2 despite a decline in revenue, as adoption of its HIP-3 ecosystem and HYPE token continued to accelerate.
Hyperliquid revenue drops amid surge in trading activityThe firm noted that holder revenue declined 4.7% QoQ to $142.88 million, while protocol revenue fell 6.6% to $169.37 million, according to a Thursday report.
In contrast, matched trading volume rose 2.7% to $662.4 billion, average open interest climbed 25.4% to $8.68 billion, and daily active perpetual traders increased 19.8% to 54,294.
The report stated that the divergence between declining holder revenue and improving operating metrics reflected "Growth Mode" pricing.
Among the quarter's biggest developments was the rapid expansion of HIP-3 perpetual markets tied to real-world assets (RWAs). HIP-3 deployer volume jumped 59.6% QoQ to $213.3 billion, with its share of Hyperliquid's matched trading volume increasing from 1.8% a year earlier to 32.2% in Q2. End-of-quarter HIP-3 open interest also rose 47.2% to $3.09 billion.
Hyperliquid also highlighted that deployer volume reached roughly one-third of total matched volume as the market shifted beyond commodities into equity indices, pre-IPO contracts and semiconductor-related assets.
HYPE outperforms crypto market as institutional adoption growsHYPE also outperformed the broader crypto market during the quarter. The token gained 79.2% and reached an all-time high of $76.90 on June 16, while Bitcoin declined 14.1% over the same period.
“While the rest of the crypto market stagnated, HIP-3 allowed Hyperliquid and its users to participate in the volatility around key commodities such as gold, silver and oil, with access available globally 24/7,” said Hyunsu Jung, CEO of Hyperion DeFi.
The quarter also marked Hyperliquid's transition from its native USDH stablecoin to USDC under its AQAv2 framework.
The report also pointed to improving financial trends despite lower quarterly revenue. April marked the weakest month under the platform's current fee model, but revenue recovered steadily through the quarter, with June becoming Hyperliquid's strongest month since November 2025.
Native perpetual revenue reached $58.97 million in June, while new priority fees contributed $2.94 million during their first quarter after launch. Cumulative holder revenue also surpassed $1 billion by the end of June.
Beyond protocol activity, Hyperliquid strengthened its position in traditional financial markets. Three US spot HYPE ETFs launched within eight weeks, attracting $309 million in cumulative net inflows by quarter-end. The report also noted that Hyperliquid Strategies generated $152.5 million in quarterly net income while expanding its HYPE treasury.
"In our view the market has begun to underwrite Hyperliquid as a cash-generative protocol rather than as high-beta crypto exposure, and the quarter's fundamentals supported that treatment,” the report stated.
Despite the positive data, HYPE began declining from the $70 level in early July, with a 21% drop over the past 30 days.
HYPE is trading at $56, down 1.8% in the past 24 hours at the time of writing.
A sharp deceleration in Hyperliquid ETF inflows is resetting expectations for the crypto exchange-traded fund market, after the product category briefly dominated in May and June. JPMorgan analysts now report that demand for the single-protocol funds stalled out in July and August as rival offerings multiplied and investor capital rotated into broader-based crypto products.
The bank’s data, highlighted in the original report, shows that the window of hyper-concentrated ETF demand may be narrower than many issuers expected. For two months, Hyperliquid-linked ETFs commanded the lion’s share of net new money flowing into crypto funds. That streak has now broken, and the slowdown is notable not just for its speed but for what it suggests about how institutional allocators are approaching the expanding menu of crypto wrappers.
Competition eats into early advantage When the first Hyperliquid ETFs launched, they offered something rare: direct exposure to the native token of a high-growth DeFi protocol with strong fee generation and a loyal user base. Fund managers touted the narrative of a “productive asset” that captured real economic value on-chain. Retail and institutional investors alike poured money in, pushing cumulative inflows past the $500 million mark by mid-June, according to separate industry data.
By late July, however, a clutch of new ETFs had entered the market, including funds linked to competing L1 tokens, DeFi aggregators, and multi-protocol baskets. Some products undercut on fees, while others promised diversified exposure that reduced idiosyncratic risk. As JPMorgan noted, the flurry of new launches fragmented demand. The average daily inflow for Hyperliquid ETFs fell below $5 million in August, down from over $30 million in June.
That pattern is not unfamiliar to anyone who followed the first wave of Bitcoin futures ETFs, where early-mover advantage faded as more sophisticated vehicles appeared. The difference this time is the speed of the cycle. The Hyperliquid ETF boom lasted barely a quarter before competition capped the upside.
What the stall means for the Hyperliquid ecosystem For traders, the ETF stall is a sentiment signal. ETF flows tend to reflect institutional positioning, and when they dry up, it often foreshadows reduced upward pressure on the underlying asset. Hyperliquid’s token price has drifted sideways in recent weeks, underperforming the broader crypto market. While no direct causal line exists between ETF flows and spot price, the correlation is strong enough that algorithmic funds and active managers watch it closely.
The protocol itself is not directly dependent on
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Hyperliquid‘s native token, HYPE, is trading at $56.16 as the market eyes a crucial technical level, following the end of its long-term uptrend. Market observers are tracking the token’s push to reclaim its previous support, now turned resistance, with attention focused on whether HYPE can overcome this hurdle or face a deeper correction.
Technical indicators signal key test for HYPECrypto analyst Umair Orakzai stated that after breaking a persistent ascending trendline—which supported HYPE in its move from nearly $20 to $80 over six months—the token’s bullish market structure has been disrupted. According to Orakzai and other analysts, this breakdown suggests that selling pressure is beginning to outweigh recent buying momentum.
HYPE is now testing a former support level, which has emerged as resistance. The price’s latest rebound is coupled with falling volume, a sign that fresh buyers may be hesitant as sellers exert influence. Analysts suggest that if HYPE fails to exceed the $60 resistance, prices could slip further. However, a decisive move above $60 with robust trading volume could re-establish a bullish outlook.
Analysts point to the $60 resistance level as a critical point for a trend reversal or continuation, noting the relevance of trading volume in confirming any breakout.
Eole Inc. pioneers institutional HYPE investmentInstitutional interest in HYPE received a boost as Eole Inc., a company listed on the Tokyo Stock Exchange Growth Market, disclosed a significant entry into the asset. Eole acquired approximately 1,078 HYPE tokens for ¥10.1 million, or about $66,000, at the end of July. The company revealed intentions to expand its HYPE holdings to ¥100 million, equivalent to about $611,000.
InstitutionCurrent HYPE InvestmentPlanned HYPE InvestmentNative MarketEole Inc.¥10.1 million ($66,000)¥100 million ($611,000)Tokyo Stock Exchange Growth MarketEole Inc. describes itself as a Japanese technology and finance firm focused on leveraging new digital tools for long-term value. With this purchase, Eole became the first publicly listed company in Japan to acquire HYPE, highlighting growing institutional confidence in blockchain-based assets.
The company stated that its HYPE investment is part of its developing “Neo Crypto Bank” concept, an initiative aimed at applying blockchain and AI technologies to future financial services. Eole is exploring Hyperliquid’s high-speed network to facilitate automated trading, transactions, and autonomous finance, building on its existing exposure to Bitcoin.
Mini dictionary: Hyperliquid is a decentralized perpetual futures exchange with a focus on high-speed, low-latency trading infrastructure. Its native coin, HYPE, powers protocol functions including governance and transaction fees.
With a plan to raise its HYPE position to ¥100 million, Eole signals institutional commitment and broader adoption of digital assets within traditional financial markets in Japan.
Institutional momentum and HYPE’s outlookEole’s series of buy-ins is being closely watched by both traders and analysts, as consistent institutional participation can reinforce price support for HYPE and draw additional interest from other investors.
Observers note that while the current technical recovery is fragile due to thin volume, any fresh surge in institutional allocation—such as Eole’s planned purchases—could influence market confidence and direction.
HYPE’s price remains near $56, with traders awaiting a catalyst to define its next significant move.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
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Korea Exchange will launch after-hours trading service for ETFs.
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Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
JPMorgan has issued a cautious assessment of Hyperliquid (@HyperliquidX), warning that the decentralized exchange faces a more difficult road ahead as competition from regulated U.S. derivatives platforms intensifies and investor demand for its ETFs cools.
Regulated Rivals Closing In In an August 6 note to investors, analysts led by managing director Nikolaos Panigirtzoglou said Hyperliquid's market share may come under pressure as regulated cryptocurrency perpetual futures platforms emerge in the U.S., with liquidity recently shifting toward those venues. The bank pointed to structural vulnerabilities at offshore decentralized platforms, including concerns around unlicensed derivatives, limited know-your-customer and anti-money-laundering controls, and weaker consumer safeguards.
The competitive threat gained a regulatory foundation in June when the Commodity Futures Trading Commission cleared the way for Coinbase and Kalshi to offer perpetual cryptocurrency futures contracts to U.S. investors, marking a significant expansion of the domestic crypto derivatives market. Perpetual futures have become a dominant source of trading volume in global crypto markets but had largely operated outside the United States through offshore exchanges.
Hyperliquid has also been pushing into prediction markets as a way to reduce its reliance on perpetual futures fees. The platform expanded in May by rolling out Outcomes, a prediction-market product, but the move enters a field with established platforms and new competitors. JPMorgan flagged that the Hyperliquid ecosystem will depend on whether it can secure users and trading volume in new businesses such as prediction markets, with trading fees remaining a key driver of future growth.
ETF Inflows Stall After a Strong Start The ETF picture tells a similar story. Across May and June, Hyperliquid ETFs posted the strongest inflows relative to assets under management of any non-bitcoin crypto fund, with HYPE funds recording $161 million in net inflows in June alone. Three spot products from Bitwise (BHYP), 21Shares (THYP), and Grayscale (HYPG) drove that demand.
That momentum has since reversed sharply. Hyperliquid's HYPE ETFs went 12 trading sessions without a single inflow from July 17 through August 3, recording $29.8 million in net outflows. BHYP led the outflows at $22.5 million, followed by THYP at $5.3 million and HYPG at $2 million.
JPMorgan said the slowdown reflects the broader competitive squeeze. The bank pointed out that maintaining market share and ETF inflow trends are key variables for the price of $HYPE, which had already fallen more than 23% compared to a month ago. Platform activity, and the transaction fees it generates, remains the central pillar of Hyperliquid's valuation case.
Despite the near-term headwinds, Hyperliquid's position in the broader crypto landscape remains significant. The bank noted that Hyperliquid has become the fourth-largest cryptocurrency held by corporate treasury entities, ranking behind bitcoin, ether, and solana.
Sources:
CoinDesk: JPMorgan Says Hyperliquid ETF Inflows Have Stalled as Competition Mounts
PYMNTS: JPMorgan Says Regulated Exchanges Threaten Hyperliquid ETF Growth
KuCoin: HYPE ETFs Record $29.8M Outflows Over 12 Days
JPMorgan (NYSE:JPM) warned that Hyperliquid’s market share faces growing pressure from regulated U.S. platforms as ETF inflows stall.
Why HYPE ETFs Cooled After a Record Run?Analysts led by managing director Nikolaos Panigirtzoglou said in a report cited by The Block that HYPE ETF inflows stalled in July and August, after posting their largest inflows ever in May and June as a percentage of assets under management.
The broader crypto ETF market tells the opposite story.
Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) ETFs recorded heavy outflows in May and June before returning to small inflows in July and August.
Hyperliquid as measured by Hyperliquid Strategies Inc (NASDAQ:PURR) ETFs peaked exactly when the rest of the market was bleeding, making the current stall more noticeable by comparison.
JPMorgan said tracking ETF flows alongside Hyperliquid’s trading and prediction market share will be the key variables for HYPE’s outlook going forward.
The Two Threats JPMorgan FlaggedThe first is the rise of regulated US crypto perpetual futures platforms.
JPMorgan said the launch of these products could pull liquidity away from offshore and decentralized venues toward onshore platforms.
Decentralized platforms also face concerns over unlicensed derivatives activity, limited KYC and AML controls, manipulation risk, and weaker consumer protections.
The second is prediction market competition.
Hyperliquid launched Outcomes, its prediction market-style contracts, in May, entering a space where competition from existing and new platforms is already intense.
“We see significant challenges to the market share of decentralized platforms such as Hyperliquid,” the analysts wrote. “Whether Hyperliquid eventually surpasses in market cap other tokens such as Solana and XRP remains to be seen,” they added.
Where HYPE Stands in The Broader Market?HYPE is the fourth-largest asset held in corporate crypto treasuries behind Bitcoin, Ethereum, and Solana (CRYPTO: SOL), pointing to meaningful institutional conviction even as ETF flows cool.
Solana, XRP (CRYPTO: XRP), and Hyperliquid ETFs each hold between $2 billion and $3 billion in assets under management, keeping HYPE competitive in size but not in momentum.
Price Action: HYPE trades 1.5% lower Thursday at publication time.
Image: Shutterstock
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JPMorgan says Hyperliquid ETF inflows have stalled as competition mounts. (Pixabay)Summary
JPMorgan said inflows into Hyperliquid ETFs have largely stalled in July and August after a surge earlier this summer.The bank attributed the slowdown to rising competition from regulated crypto derivatives platforms and crowded prediction markets.Despite the recent pause, Hyperliquid’s HYPE remains one of the fastest-growing crypto assets, ranking fourth in corporate crypto treasury holdings.Inflows into Hyperliquid (HYPE) exchange-traded funds (ETFs) have largely ground to a halt after surging in May and June, reflecting growing concerns over the protocol's competitive outlook, according to Wall Street bank JPMorgan (JPM).
The bank said Hyperliquid ETFs led non-bitcoin crypto funds in inflows relative to assets under management in May and June, though that momentum faded in July and early August.
“We see significant challenges to the market share of decentralized platforms such as Hyperliquid,” analysts led by Nikolaos Panigirtzoglou said in a Thursday report.
Hyperliquid has been one of crypto's biggest breakout stories this year, with its HYPE token surging as traders flocked to the protocol's decentralized perpetual futures exchange.
The rapid growth has turned Hyperliquid into one of the largest crypto ecosystems outside bitcoin and ether, attracting institutional capital, corporate treasury buyers and ETF issuers.
According to JPMorgan analysts, the cooling demand comes as decentralized derivatives platforms face mounting competition from regulated centralized exchanges.
The report said the rollout of U.S.-regulated crypto perpetual futures products could shift trading activity away from offshore decentralized venues such as Hyperliquid, which remain exposed to concerns around licensing, compliance and investor protections.
The analysts also pointed to intensifying competition in prediction markets, an area Hyperliquid is expanding into as it looks to diversify beyond perpetual futures trading, where transaction fees underpin much of the token's value.
The bank cautioned that while Hyperliquid has been one of crypto's standout performers this year, becoming the fourth-largest asset held in corporate crypto treasuries behind bitcoin BTC$64,391.36, ether ETH$1,905.33 and solana (SOL), whether it can continue gaining market share against larger rivals such as Solana and XRP remains uncertain.
Bitcoin and ether continue to dominate the crypto exchange-traded fund market with roughly $77 billion and $10 billion in assets under management, respectively, while ETFs tied to other cryptocurrencies, including Solana, XRP and Hyperliquid, collectively account for just $2 billion to $3 billion, the report added.
HYPE was trading more than 3% lower over the last 24 hours, around $55.30.
Read more: JPMorgan says fading Clarity Act odds weigh on crypto outlook
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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The Evolution of the Crypto CEX Landscape: A Case Study on Binance
The Evolution of the Crypto CEX Landscape: A Case Study on Binance
Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.
Jun 29, 2026
Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.
Why it matters:
Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.
Hyperliquid’s spot ETFs went from Wall Street darling to cautionary tale in about two months. After launching in mid-May to considerable fanfare, the HYPE token’s exchange-traded products have now posted nearly $30 million in net outflows, according to JPMorgan, as investors rotate into competing altcoin wrappers and broader market sentiment cools.
The reversal is striking given how the debut went. On May 20, HYPE ETFs pulled in $25.5 million in a single day, a figure that actually outperformed Bitcoin ETFs on a market-cap-adjusted basis during multiple of their own debut sessions. By late May, cumulative net inflows had reached roughly $75 million. By June and July, that number had swelled to around $280 million.
From record inflows to red ink The party didn’t last. July marked the inflection point, with more than $13 million in net outflows reported for the month. The bleeding continued into August, with a $29.8 million net outflow streak extending across twelve consecutive sessions through August 3.
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HYPE’s price dropped approximately 13% from its June peaks during July. Two spot HYPE products, BHYP and THYP, launched between May 12 and May 15. They represent the first US-listed spot ETFs for the decentralized perpetuals exchange’s native token, a milestone that initially generated significant trading volume in the hundreds of millions of dollars. But even at their peak, these products remained dwarfed by flagship Bitcoin and Ethereum funds.
The altcoin ETF arms race JPMorgan’s analysis points to mounting competition as a key factor in the stalled flows. Products tied to Ethereum, Solana, and other tokens are competing for the same pool of investor capital.
The buyback buffer Hyperliquid’s Assistance Fund funnels approximately 99% of the platform’s trading fees into purchasing HYPE tokens on the open market. These buybacks have totaled over $1 billion in certain periods, a figure that makes the ETF’s $280 million peak inflows look like a rounding error.
This creates an unusual dynamic for HYPE relative to other altcoin ETF tokens. HYPE has a structural buyer that operates independently of Wall Street sentiment, which acts as a floor, though not an invincible one given the 13% July drawdown.
Investors watching the HYPE ETF space should track three metrics: daily net fund flows for BHYP and THYP, Hyperliquid’s platform trading volume as a proxy for buyback firepower, and the launch calendar for competing altcoin ETFs that could further fragment attention.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Tokenized real-world asset (RWA) trading now accounts for more than 33% of the trading activity on decentralized exchange Hyperliquid.
HIP-3 RWA perpetual contracts saw their share of trading volume increase to 32.2% during the second quarter of 2026, up from 20.7% in Q1 and 1.8% in Q4 of 2025. RWA trading volume reached $213 billion during Q2 on Hyperliquid, according to its quarterly report published on Wednesday.
Hyperliquid said that RWA trading generated 6.6% of the protocol’s quarterly revenue of $169 million. Of that $169 million, the platform said it returned $141 million to token holders through Hyperliquid (HYPE) token buybacks. Hyperliquid reported over $1 billion in cumulative protocol revenue.
RWAs became Hyperliquid’s largest trading category for the first time last month, when RWAs accounted for 52% of Hyperliquid’s total weekly trading volume between July 13 and July 19, reflecting growing demand for tokenized assets on the decentralized exchange.
At the end of July, RWA perpetual futures reached 99.2% of Bitcoin (BTC) perpetuals volume on Hyperliquid.
RWA holders increased 56% to 1.6 million investors over the past month, while the total value of onchain tokenized assets rose 3.3% to $37.8 billion, according to data provider RWA.xyz.
Magazine: How Hong Kong is turning tokenized bonds into real market infrastructure
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
Tokenized real-world asset (RWA) trading now accounts for more than 33% of the trading activity on decentralized exchange Hyperliquid.
HIP-3 RWA perpetual contracts saw their share of trading volume increase to 32.2% during the second quarter of 2026, up from 20.7% in Q1 and 1.8% in Q4 of 2025. RWA trading volume reached $213 billion during Q2 on Hyperliquid, according to its quarterly report published on Wednesday.
Hyperliquid said that RWA trading generated 6.6% of the protocol’s quarterly revenue of $169 million. Of that $169 million, the platform said it returned $141 million to token holders through Hyperliquid (HYPE) token buybacks. Hyperliquid reported over $1 billion in cumulative protocol revenue.
RWAs became Hyperliquid’s largest trading category for the first time last month, when RWAs accounted for 52% of Hyperliquid’s total weekly trading volume between July 13 and July 19, reflecting growing demand for tokenized assets on the decentralized exchange.
At the end of July, RWA perpetual futures reached 99.2% of Bitcoin (BTC) perpetuals volume on Hyperliquid.
RWA holders increased 56% to 1.6 million investors over the past month, while the total value of onchain tokenized assets rose 3.3% to $37.8 billion, according to data provider RWA.xyz.
Magazine: How Hong Kong is turning tokenized bonds into real market infrastructure
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
TLDR: HYPE price faces immediate downside pressure near $55, with a $14.2 million liquidation cluster creating significant risk around the $52.38 support level. Analysts identify targets ranging from $50 to the high $40s, while Ryker presents a more bearish scenario involving a possible decline toward $32. Hyperliquid generated about $169 million in quarterly protocol revenue and directed roughly $141 million toward systematic HYPE token buybacks. HIP-3 real-world asset perpetuals produced $213 billion in quarterly volume, increasing their platform share from 1.8% to 32.2% within two quarters. HYPE price faces growing short-term pressure as the token trades near $55.50 after losing about 22% over the past month. Several analysts now warn that lower support zones may come into play if sellers keep control.
Ali Martinez points to a TD Sequential sell signal and sees $50 as a possible target. Altcoin Sherpa expects the token could revisit the low $50s or high $40s before finding a durable bottom.
SELL SIGNAL AT RESISTANCE
Hyperliquid $HYPE has reached a key resistance trendline just as the TD Sequential flashes a sell signal.
If sellers step in here, $50 becomes the next downside target. pic.twitter.com/e3iHaCCE6m
— Ali Charts (@alicharts) August 4, 2026
Market analyst Ryker presents a deeper downside case near $32. Even so, oversold momentum, buybacks, token burns, and strong platform activity support the longer-term Hyperliquid outlook. Support continues during the latest session.
HYPE Price Risks Rise Near the $52 Liquidation Cluster The HYPE price currently sits close to a dense liquidation zone around $52.38. Data shows about $14.2 million in leveraged long positions could face liquidation near that level. That risk may increase defensive selling as traders reduce exposure before a possible support break.
The $55 region acts as an important short-term order block. Holding that area could allow the token to stabilize and retest $60. A stronger rebound may then target $64, according to Martinez. He also sees $75 as possible if buyers defend support and reclaim higher resistance. Its market value stood near $14.09 billion at the time of writing.
However, several traders remain cautious. BATMAN says the recent liquidity sweep may have formed a local top. Altcoin Sherpa also expects more downside before a cycle bottom develops. His near-term range includes the low $50s and high $40s.
$HYPE was that the bottom? Honestly hard to say. I still think we can get a chance in the low $50s/high $40s but maybe I'm dead wrong. Regardless, it's 1 of the few coins you can hold for months on end and sleep comfortably knowing the fundamentals are the best in crypto pic.twitter.com/GzkzgnGzzb
— Altcoin Sherpa (@AltcoinSherpa) August 5, 2026
Ryker offers the most bearish forecast. The trader expects the HYPE price could fall toward $32 if market weakness deepens. That move would require a larger breakdown across support zones and heavier capital rotation toward Bitcoin.
Momentum data also gives buyers one possible advantage. The Relative Strength Index has dropped below 30, placing HYPE in oversold territory. Oversold readings do not guarantee a rebound, but they often precede short relief rallies.
HYPE Price Weakens Despite Strong Hyperliquid Activity Hyperliquid reported strong second-quarter activity even as the HYPE price moved lower. HIP-3 real-world asset perpetuals reached 32.2% of total platform volume. That share stood at only 1.8% two quarters earlier. During that quarter, HYPE gained 79%, while Bitcoin declined 14%.
The RWA segment generated about $213 billion in quarterly trading volume. Three HYPE exchange-traded funds also began trading during the quarter. Funds and treasury vehicles held around 7.7% of the token supply.
Protocol revenue reached roughly $169 million during the quarter. Hyperliquid directed about $141 million toward token buybacks. On-chain data also showed a recent burn worth about $1.28 million.
Cumulative burns now total 47.53 million HYPE, valued near $2.68 billion. That figure equals about 4.75% of the token’s maximum one-billion supply. Continued burns reduce available supply, though price still depends on demand and leverage conditions.
Source: Coinglass Derivatives activity has slowed during the latest decline. Trading volume fell 16.5% to $1.68 billion, while open interest dropped 4.98% to $2.27 billion. Options volume also eased to $1.67 million. Lower volume may amplify sudden price moves.
Positioning still shows notable long exposure. Binance posted a long-to-short account ratio of 1.2437, while OKX recorded 1.45. The overall long-to-short ratio stood at 0.9798, indicating nearly balanced positioning across tracked exchanges.
Long liquidations reached about $793,450, compared with $374,650 in short liquidations. Total liquidations reached about $1.17 million, showing that long traders absorbed most forced closures.
Open interest has declined from more than $3.5 billion in early June. It now sits near $2.3 billion as HYPE trades below its $76.90 record. A break under $52.38 could accelerate liquidations, while a recovery above $55 may open another move toward $64.
While different trends continue to be seen in Bitcoin and altcoin ETFs, one altcoin ETF is being closely watched by investors.
While the HYPE ETF achieved great success in a very short time, its entry momentum has recently slowed.
At this point, JPMorgan noted that inflows into ETFs offering investment opportunities in Hyperliquid’s native token, HYPE, slowed in July and early August.
According to the bank, this indicates that investors have increasing questions about HYPE’s future competitiveness.
Momentum in Hype ETFs Has Slowed! According to JPMorgan analysts, HYPE ETFs showed one of the strongest performances in terms of inflow rate among cryptocurrency ETFs excluding Bitcoin in May and June.
However, this strong picture began to change in July.
In this context, JPMorgan analysts highlighted in the report not only the slowdown in ETF inflows but also Hyperliquid’s long-term competitiveness.
The bank also predicts that decentralized transaction platforms like Hyperliquid may face significant challenges in gaining market share in the future.
What Does HYPE Mean for Investors? According to JPMorgan analysts, the slowdown in inflows into HYPE ETFs doesn’t mean institutional investor demand has completely disappeared. However, the inability to sustain the strong momentum seen in May and June into July and early August could indicate that investors are becoming more cautious about Hyperliquid.
Therefore, according to the bank, whether HYPE ETF inflows accelerate again in the coming period could be an important indicator of how much concerns there are about Hyperliquid’s competitiveness.
*This is not investment advice.
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Trading in tokenized real-world assets (RWAs) has surged on the decentralized exchange Hyperliquid, now representing over 33% of the platform’s total trading volume. This sharp increase signals steady growth in demand for blockchain-based versions of traditional assets among cryptocurrency traders.
In its second quarter of 2026 report, Hyperliquid revealed that perpetual contracts for RWAs, labeled as HIP-3 RWA, accounted for 32.2% of all trading volume on the exchange. This figure represents a significant climb from the 20.7% share in the first quarter and just 1.8% in the last quarter of 2025. The RWA trading volume reached $213 billion during the second quarter alone.
Mini dictionary: Real-world asset (RWA): A real-world asset is a physical or traditional financial instrument, such as real estate, stocks, or commodities, represented in digital token form on a blockchain, which enables easier transfer and fractional ownership.
Perpetual futures contracts for RWAs approached parity with those for Bitcoin (BTC) by late July, reaching 99.2% of the BTC perpetual volume on the exchange.
QuarterRWA Trading ShareTotal RWA VolumeQ4 20251.8%Not specifiedQ1 202620.7%Not specifiedQ2 202632.2%$213 billionRevenue and Token DistributionHyperliquid reported that RWA trading generated 6.6% of its quarterly revenue, amounting to $11.2 million out of a total $169 million in the second quarter. The platform distributed $141 million to HYPE token holders through a buyback program. Hyperliquid also shared that its cumulative protocol revenue has surpassed $1 billion.
Between July 13 and July 19, tokenized RWAs became the largest trading category on Hyperliquid, accounting for 52% of the exchange’s total weekly trading volume.
Hyperliquid, a decentralized exchange specializing in perpetual futures trading, has seen this category rise to the top spot for the first time, reflecting a major shift toward onchain representations of traditional assets.
User Growth and Market TrendsThe number of RWA holders surged by 56% over the past month, reaching a total of 1.6 million investors. Data from RWA.xyz also showed that the overall value of tokenized assets on the blockchain increased by 3.3%, hitting $37.8 billion by the end of July.
Demand for tokenized RWAs continues to grow, with a significant jump in both user base and onchain asset value during the second quarter of 2026.
These trends suggest increasing adoption of blockchain-based infrastructure for trading assets that traditionally exist offchain, as institutional and retail investors seek new opportunities in decentralized finance.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
The "Big Short" Michael Burry shorted Oracle at $144.63.
Michael Burry, the real-life inspiration behind *The Big Short*, disclosed his latest holdings: he shorted Oracle at $144.63 and Nebius at $211.77.
3 hours ago
Trade.xyz has once again used its perpetual contract fee revenue to acquire HYPE, transferring $3.25 million to start purchasing around 59,000 HYPE tokens.
According to MLM monitoring, Trade.xyz’s fee-receiving wallet has transferred $3.25 million from its perpetual contract fee wallet to its spot account, and has begun purchasing approximately 59,000 HYPE tokens worth around $3 million via a TWAP strategy. Earlier, on August 5, Trade.xyz transferred 250,000 USDC from its perpetual contract fee wallet to its spot account, using roughly $110,000 of that sum to buy 2,000 HYPE tokens, which were subsequently used to acquire a HIP-3 Ticker. This marks the first time Trade.xyz has used perpetual contract fee revenue to purchase HYPE; prior to this, all HYPE used for buying new HIP-3 Tickers was funded by spot fee revenue.
3 hours ago
OpenAI: Free users will receive unlimited text chat capabilities, and the company will update its GPT-5.6 Sol model.
OpenAI announced that ChatGPT will update GPT-5.6 Sol for Plus and Pro users, making responses more focused, factually reliable, and cutting unnecessary formatting and details. The model will support both instant answers and deep reasoning, with users able to adjust the level of thinking allocated to each response via a new slider. In internal evaluations of financial, medical, and legal queries, OpenAI found that compared to GPT-5.5 Instant, GPT-5.6 Luna reduced responses with at least one factual error by roughly 62%, while GPT-5.6 Sol saw a 68% drop. GPT-5.6 Luna will become the default model for Free and Go users this week. Starting next week, free users will get unlimited text chats and can handle queries requiring deeper reasoning via a new "Think" button, though they will remain subject to anti-abuse rules; file uploads, image tools, and other features will stay restricted. This update only applies to ChatGPT’s daily conversation experience—GPT-5.6 Sol used in Work and Codex will not be adjusted in this rollout.
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Proposed Iran-Oman Strait Agreement Faces Dual Hurdles: US Sanctions and Insurance Barriers
According to a Reuters report, four industry sources stated that a proposed agreement between Iran and Oman would grant Tehran control over vessels entering the Gulf via the Strait of Hormuz, but the deal faces implementation hurdles due to U.S. sanctions and restrictive insurance provisions governing any payments. Any toll measures would trigger significant compliance risks, as the U.S. has sanctioned Iran’s Persian Gulf Strait Administration, the entity operating the waterway. The U.S. Treasury also bans U.S. individuals and entities from accepting services related to "safe passage" offered by the Iranian government. Industry sources added that any such payment could result in asset freezes. Another complicating factor is a clause introduced by the Lloyd’s Market Association at the end of July for war risk underwriters: under this clause, insurance coverage would be terminated if a vessel pays transit fees, passage charges, or other fees to traverse the Strait of Hormuz. An insurance industry source noted that shipping companies are caught in a dilemma: the Lloyd’s Market Association clause prohibits insurers from providing coverage to shipowners making such payments, while Iran seeks to collect passage fees. (Jinshi)
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Amid Shiba Inu's price rebound, high win-rate buyers have stepped in, with a whale boasting a perfect 5-0 trading record opening a long position worth $4.78 million.
According to TradingBeats (formerly Hyperinsight) monitoring, the whale address 0x9bb — which profited from all 5 prior storage trades and twice transferred approximately $7.537 million back to its spot account — deposited 2.393 million USDC into Hyperliquid last night. Less than a minute after the funds arrived, the address began going long on SNDK, purchasing a total of 3,800.84 contracts within 4 minutes for a transaction value of around $4.783 million, with an average entry price of $1,258.5. As of press time, the whale holds a $4.853 million long position in SNDK with 2x isolated margin, the only position in its account. SNDK is currently trading at $1,276.8, with the position showing an unrealized profit of roughly $69,600, a return of ~2.9%, a liquidation price of $662.1, and no open orders set. Last night, SNDK hit a low of $1,168.3 before rebounding to $1,276.8, a ~9.3% rise from the low, but still down ~10.5% from the previous day’s benchmark price. The whale did not enter at the lowest point, but re-opened its position after the rebound had already started. Since starting trading in late July, this address has only traded storage assets, with all 5 completed directional trades turning profitable: - SNDK long: ~$1.374 million profit; - SKHX long: ~$785,000 profit; - SNDK short: ~$662,000 profit; - MU short: ~$309,000 profit; - SKHY short: ~$184,000 profit. SNDK’s 24-hour trading volume is approximately $936 million, open interest stands at ~$161 million, and its hourly funding rate is about +0.000625%.
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According to a report from The Information, fintech firm Stripe is in exclusive acquisition talks with AI model aggregation platform OpenRouter, with a valuation of approximately $10 billion. Sources familiar with the matter revealed that OpenRouter had previously received acquisition interest from multiple large tech companies, but Stripe has now entered the exclusive negotiation phase. The deal has not yet been finalized, and its specific terms may still change. Founded in 2023, OpenRouter positions itself as an AI infrastructure platform connecting users with multiple large language models, allowing developers to call AI models from providers including OpenAI, Anthropic, and Google via a unified interface, and select different models based on performance, price, and availability. If completed, the transaction will become one of Stripe’s key strategic moves in the AI field in recent years. Stripe has historically focused on payment infrastructure, financial services, and enterprise software, and acquiring OpenRouter may further drive its expansion into the AI developer infrastructure sector.
6 August 2026 | 19:55 HYPE ETF demand reversed in July as JPMorgan identified two structural tests for Hyperliquid in 2026: regulated perpetual futures and an increasingly crowded prediction-market sector.
Key Takeaways HYPE ETFs attracted $293.93 million from May 15 through June 26 before demand weakened. Three consecutive weekly outflows removed $30.62 million through July 31, although the funds remained approximately $278 million net positive. JPMorgan says regulated perpetual futures could weaken Hyperliquid’s appeal among compliance-sensitive institutions. Any decline in exchange activity would also reduce the fees supporting HYPE purchases and burns. Prediction markets will add value only if they attract new users and liquidity. JPMorgan analysts led by Nikolaos Panigirtzoglou linked weaker HYPE ETF flows to growing pressure on Hyperliquid as regulated exchanges expand into perpetual futures and competition intensifies in prediction markets.
The concern follows a clear reversal in fund demand. According to the supplied SoSoValue data, HYPE ETFs attracted $293.93 million across the seven weekly periods from May 15 through June 26. The week ending June 26 alone brought in $111.36 million.
Inflows then slowed to $4.32 million and $10.36 million before turning negative:
$7.26 million left during the week ending July 17. Outflows increased to $8.61 million during the week ending July 24. Another $14.75 million was withdrawn during the week ending July 31. The three completed outflow weeks removed a combined $30.62 million, with redemptions increasing during each period.
Despite the July reversal, the funds remained approximately $278 million net positive across the completed periods shown. Investors have therefore not unwound the launch trade; ETFs have simply stopped providing the steady new demand seen during May and June.
The official prospectuses for the Bitwise Hyperliquid ETF and the 21Shares Hyperliquid ETF describe products that obtain exposure by holding HYPE. Fund creations can add demand for the token, while sustained redemptions may require holdings to be reduced.
ETF flows are not a precise short-term price signal. They show whether regulated investment products are adding or removing demand outside Hyperliquid’s existing onchain user base.
Regulated Perpetuals Could Narrow Hyperliquid’s Advantage Hyperliquid built its position by offering continuous perpetual-futures trading, self-custody and a broad selection of markets through an onchain exchange. Registered US venues are now entering the same product category.
The Commodity Futures Trading Commission approved the listing of a Bitcoin perpetual contract on a regulated US exchange in May and published a broader framework for reviewing similar products.
CFTC product records also list HYPE futures and HYPE perpetual-style futures under the COIN exchange code.
Certification does not prove that those products are already live, liquid or taking meaningful volume from Hyperliquid. It shows that regulated US venues are preparing to compete for direct crypto-derivatives activity.
Crypto-native users may continue to prefer Hyperliquid’s custody model, execution and market selection. Institutions are more exposed to the new competition because many require customer checks, compliance procedures, reporting standards and established legal protections.
Those firms may increasingly obtain perpetual exposure without using a decentralized exchange. Hyperliquid will have to compete on liquidity, pricing and execution rather than relying mainly on access to products unavailable through regulated US platforms.
Why Trading Volume Matters to HYPE Exchange activity is tied directly to the token’s economics.
According to Hyperliquid’s official fee documentation, trading fees support community mechanisms rather than being retained by a conventional exchange operator. The Assistance Fund uses part of that revenue to purchase HYPE, with the acquired tokens subsequently burned.
HYPE can therefore receive support from two different parts of the ecosystem:
Regulated funds buying and holding the underlying token. Exchange fees financing purchases through the Assistance Fund. An ETF slowdown is less damaging while trading volume and fee generation remain strong. The risk would rise if fund redemptions continued while regulated competitors also began taking activity from the platform.
Hyperliquid’s existing liquidity still gives it leverage over infrastructure partners. JPMorgan has examined the other side of that position in the stablecoin market; our previous analysis explains why Hyperliquid’s growth could pressure the economics surrounding USDC.
That bargaining power depends on preserving the users, balances and activity that made access to the platform valuable.
Prediction Markets Need New Liquidity, Not More Products Hyperliquid’s expansion into prediction markets is intended to reduce its dependence on perpetual futures, but it places the platform in another highly competitive sector.
Outcome-based contracts could let users trade elections, economic releases and other events alongside related spot or derivatives positions. That integration may be convenient, although specialist prediction platforms already have established brands and liquidity.
Hyperliquid has incorporated outcome assets into its technical architecture, while parts of the related developer interface remain marked as testnet-only.
Usage will determine whether the expansion adds economic value. Existing traders dividing the same balances across more contracts would expand the product menu without materially increasing liquidity or fees.
Outcomes become more important to HYPE only if they attract participants and capital that were not already on Hyperliquid.
What Would Show the Pressure Is Becoming Material The completed ETF result for the week ending August 7 will provide the next data point, but one positive period would not restore the May–June trend.
A clearer judgment will require evidence from several parts of the ecosystem:
ETF flows: whether redemptions stabilise and the funds begin attracting consistent new capital. Trading volume: whether Hyperliquid preserves activity as regulated perpetual products become more widely available. Fee generation: whether exchange revenue continues supporting meaningful HYPE purchases and burns. Prediction markets: whether Outcomes attract new users and liquidity rather than reallocating existing balances. July would look more like a post-launch reset if ETF flows stabilise and Hyperliquid preserves its perpetual-futures volume.
Continued redemptions alongside falling exchange activity would support JPMorgan’s concern by weakening both outside demand for HYPE and the fee mechanism tied to platform usage.
Methodology: The article uses the supplied SoSoValue weekly HYPE ETF data, The Block’s reporting on JPMorgan analysis led by Nikolaos Panigirtzoglou and official documents from the SEC, CFTC and Hyperliquid. The underlying JPMorgan client note was not publicly available, so the bank’s conclusions are attributed to The Block. Only completed weekly ETF periods through July 31 are used when calculating the reversal. Disclaimer: This article is provided for informational and educational purposes only and does not constitute financial or investment advice. ETF flows, trading activity and token burns can change rapidly and do not independently predict the future price of HYPE. Author
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
