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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.
The informal ceasefire between the US and Iran fell through, triggering a sharp surge in international oil prices. US stocks closed mixed, with the storage sector turning positive after initially trading lower.
According to BIT (bit.com) market data, the three major U.S. stock indexes closed mixed: the Dow Jones Industrial Average rose 1.03%, the S&P 500 gained 0.22%, and the Nasdaq fell 0.22%. The optical communications and storage sectors plunged, with SanDisk down over 14%, Corning dropping more than 12%, Coherent falling over 10%, and SK Hynix ADR down 9%. The Philadelphia Semiconductor Index closed 519.198 points lower, down 4.49% to 11035.68, breaking a key support level. SK Hynix’s second-quarter revenue came in at 79 trillion won, missing the market expectation of 84 trillion won. Seagate Technology reported its fourth-quarter fiscal results: revenue reached $3.63 billion, beating the market forecast of $3.49 billion; adjusted earnings per share (EPS) stood at $5.71, also exceeding the $5.08 consensus estimate. After the sharp daily close, the U.S. storage sector turned positive in after-hours trading, with SK Hynix’s U.S. shares rising 2.64% in after-hours. Meanwhile, the informal ceasefire between the U.S. and Iran collapsed, as Iran launched missiles at U.S. military bases early this morning. According to Bitget market data, WTI crude oil subsequently surged 4%.
8 minutes ago
Japanese and South Korean stock markets opened higher, with SK Hynix rising 2%.
According to Bitget market data, South Korea’s KOSPI index opened 1.2% higher. SK Hynix rose 2% after announcing its second-quarter operating profit surged to 79 trillion won, though this figure missed the market consensus of 84 trillion won. Samsung Electronics gained 3%. Japan’s Nikkei 225 index opened 0.18% higher.
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Iran Launches Strikes on U.S. Military Bases
US Central Command announced that at 5:45 PM ET today (5:45 AM Beijing time on the 29th), forces from Iran’s Islamic Revolutionary Guard Corps (IRGC) launched multiple ballistic missiles from Iran in an attempted strike on US troops stationed in the Middle East. All Iranian missiles were successfully intercepted. US forces remain vigilant and on high alert. According to Bitget market data, WTI crude oil surged 4%.
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SK Hynix Financial Report: Q2 Operating Profit Hits 60.5 Trillion Won, HBM4 Mass Production and Shipment Achieved, Capital Expenditure Expected to Peak This Year.
SK Hynix disclosed in its financial report that mass production and shipment of HBM4 were achieved in Q2, with production and supply set to expand in H2. Samples of HBM4E were delivered in H1 using optimal process technology. The company emphasized it will continue to solidify its HBM leadership by leveraging high quality, high yield, stable supply, cost competitiveness and top-tier performance. It has also signed long-term chip supply agreements with 10 clients to boost mid-to-long-term demand visibility and address price volatility, and is evaluating additional shareholder return measures to enhance the scale and sustainability of returns. Capital expenditure is projected to reach the upper end of the 40 trillion won range in 2026. DRAM shipments are expected to rise around 10% quarter-on-quarter in Q3, while NAND shipments will see low single-digit quarter-on-quarter growth. As supply tightness eases and AI applications expand, growth momentum in smartphones and PCs will gradually recover, though related sales will be temporarily adjusted due to memory supply challenges. Improvements in AI model and software efficiency will expand accessibility and drive infrastructure demand. 2026 DRAM market demand is projected to grow at the midpoint of the 20%-30% year-on-year range, while NAND growth will hit the upper end of the 10%-20% year-on-year range.
8 minutes ago
SK Hynix rose in after-hours US stock trading, and will hold an analyst call at 8 o'clock.
According to market data from BIT (bit.com), SK Hynix’s US-listed stock rallied in after-hours trading, erasing its prior roughly 9% after-hours drop, and is set to host an analyst conference call at 8:00 (UTC+8).
8 minutes ago
SK Hynix’s financial results missed expectations, closing down roughly 9% in US regular stock trading, and once fell an additional 9% in after-hours trading.
According to BIT (bit.com) market data, SK Hynix (SKHY.O) has released its financial results. Driven by tech giants’ increased investment in AI data centers, which has fueled strong demand for advanced storage chips, the company’s second-quarter operating profit surged 557% year-on-year to 60.5 trillion won (approximately $416.2 billion), hitting a new all-time high. The figure was 9.2 trillion won in the same period last year. However, the result fell short of market expectations of 64 trillion won, mainly because its high-end storage chips (HBM) account for a larger proportion than its peers, so it failed to fully capitalize on the current strong price rally for conventional storage chips, amplifying concerns that the AI boom driving the semiconductor industry may be slowing. SK Hynix’s revenue also missed forecasts: its Q2 revenue came in at 79 trillion won, versus market expectations of 84 trillion won. Following the earnings release, SK Hynix dropped 9% during regular trading on US stocks on Tuesday, and was down as much as 9% in after-hours trading; it is currently trading 2.74% lower at $126.55 in after-hours sessions.
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.
A single anomalous trade in South Korea sent Hyperliquid's SK Hynix perp down ~20%, raising concerns about effective pricing in HIP-3 markets.
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Hyperliquid's xyz:SKHYNIX perpetual briefly fell ~20% after a "black swan" pre-market trade in South Korea priced a single SK Hynix share at KRW 1.272 million, triggering a roughly 30% move and a trading halt in the underlying market.
What's the Scoop?Who Operates the Market: Trade.xyz operates the market, who are investigating the issue. In their response, Hyperliquid made clear that it was Trade's responsibility to resolve this as Hyperliquid is a permissionless chain, and under HIP-3, independent teams can deploy and run their own markets using it as infrastructure.How HIP-3 Pricing Works: Each market's price comes from three inputs, and the deployer controls two of them. Hyperliquid itself supplies only one, drawn from onchain trading activity. Because the final price is the median value of the three, whatever the deployer pushes effectively decides it. If Hyperliquid's onchain input reads 100 but the deployer submits 150 and 151, the market prices at 150.Today, a single share sale triggered millions of dollars in liquidations on Hyperliquid.
At 11:00 pm UTC on July 27, $SKHYNIX suffered a flash crash on Hyperliquid, falling roughly 20% within seconds before rapidly recovering.
The entire cascade began with a single share sold… pic.twitter.com/quFIo2o1Lc
— Markets Alpha (@MarketsAlpha) July 28, 2026
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Written by David Christopher
636 Articles • View all
David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.
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.
According to Hyperinsight’s monitoring, as of press time, Hyperliquid’s Shanghai-listed SK Hynix (SKHX) trades at $1069.5, while its U.S. ADR contract (SKHY) stands at $137.91. Converted, the ADR equivalent price is roughly $1379.1, a 28.9% premium over SKHX. This premium narrowed by about 4 percentage points from around 33.0% yesterday; over the same period, SKHX fell 13.5% and SKHY dropped 16.2%. The whale wallet starting with 0x434, which earlier executed a spread trade of "short SKHX, long SKHY" to bet on widening spreads, has closed out both positions entirely ahead of the earnings report, generating an approximate total profit of $442,700: - At 15:00 today, it sold 20,000 SKHY long positions at an average price of ~$137.6, for a total transaction value of ~$2.753 million, logging a loss of ~$133,000; - In the same window, it covered 4,500 SKHX short positions at an average price of ~$1071.1, for a total transaction value of ~$4.82 million, logging a profit of ~$576,000. Calculated from the average entry price, the implied ADR premium at its cost was around 20.4%, while the average exit price corresponds to a ~28.5% premium, meaning the spread widening trade has been realized. However, this position was not an equal hedge: the original SKHY long position only covered roughly 44.4% of the SKHX short position, with profits coming partially from the decline of the Korean stock mapping contract. SK Hynix will release its second-quarter earnings at 9:00 KST (8:00 Beijing Time). The whale completed its exit roughly 17 hours ahead of the earnings report, signaling it has stopped betting on further premium expansion, likely to prevent the spread from converging further ahead of the earnings window.
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Key Highlights HYPE currently trades near $60.40, testing the critical $64 resistance within a falling wedge formation Derivatives market shows record-breaking Open Interest of $5.7 billion, indicating increased trading activity Platform’s weekly active user count declined from 190,000 in June to approximately 149,600 Breaking above $64 resistance could trigger a rally toward the $72 level The 100-day EMA positioned around $57.5 provides crucial support for continued upward momentum The Hyperliquid native token HYPE is currently hovering around $60.40 following an extended period of price consolidation. Technical analysis reveals a falling wedge formation developing on the charts, a pattern that frequently signals bullish reversal potential when buyers establish dominance.
[[IMG_2]]Hyperliquid (HYPE) Price Following a peak near $72, HYPE experienced a retracement and has since established a series of descending highs while maintaining support within the $56–57 zone. The critical resistance level currently in focus is $64, a price point that has repeatedly rebuffed buying attempts throughout the last month.
The Relative Strength Index has climbed back to approximately 45 following a descent toward oversold conditions. Meanwhile, the MACD histogram continues to narrow, indicating diminishing bearish pressure. However, traders are still awaiting a definitive bullish crossover for trend confirmation.
Should bulls successfully drive HYPE beyond the $64 threshold with substantial volume backing, the subsequent price objective would be the $72 zone where significant selling activity previously occurred. Conversely, inability to breach $64 may result in extended sideways movement.
Derivatives Market Expansion Contrasts With Declining User Engagement Hyperliquid’s Open Interest has surged to an unprecedented $5.7 billion milestone. This metric demonstrates that market participants are allocating substantially more capital into perpetual futures contracts on the exchange.
[[IMG_3]]Source: Token Terminal Conversely, the platform’s weekly active user count has contracted from approximately 190,000 in early June to roughly 149,600. This decline indicates that retail trader participation has diminished since the platform’s initial growth phase.
The divergence between escalating derivatives exposure and declining user engagement merits close observation. Should leveraged positions continue accumulating while on-chain activity remains subdued, HYPE may experience heightened volatility near critical resistance zones.
Critical Support Zones Under Focus HYPE is presently positioned directly above the 100-day exponential moving average, located approximately at $57.5. This technical indicator has consistently provided support during the broader upward trend.
Should this support level fail, the subsequent floor would be the 200-day EMA positioned near $50. A breakdown below the 100-day EMA would also compromise the intermediate-term bullish framework established since March.
Trading volume has diminished during the correction phase, which technical analysts interpret as indicative of profit-taking behavior rather than panic selling. The RSI positioned at 43 provides additional upside runway for buyers to establish momentum before entering overbought territory.
$HYPE looks lame in the short term but I still think mid $50s all the way down to mid $40s would be an excellent buying opportunity. I still think it probably goes to $100 eventually pic.twitter.com/yDZFNstvsb
— Altcoin Sherpa (@AltcoinSherpa) July 27, 2026
Cryptocurrency analyst Altcoin Sherpa commented on X that despite HYPE appearing vulnerable short-term, a pullback to the mid-$50s or potentially mid-$40s would present an attractive accumulation zone. He maintains conviction that HYPE could ultimately achieve $100.
HYPE is currently trading at $60.40, positioned slightly beneath the 26-day EMA at $62 and the 50-day EMA at $64.3.
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.
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The joint filing backs federal oversight but asks the CFTC to clarify settlement tests and publish its reasoning after every contract review.
The Hyperliquid Policy Center and Multicoin Capital submitted a joint comment to the US Commodity Futures Trading Commission (CFTC) on July 27th.
They expressed support for the agency’s proposed prediction market framework but also pressed for two changes that could affect how on-chain event contracts are designed and approved.
The filing is a direct response to the CFTC’s “Prediction Markets; Public Interest Determinations” proposal published earlier in June. It aims to amend Regulation 40.11 and seeks to establish a 90-day process for reviewing event contracts that may involve gaming, war, terrorism, assassination, or other activities listed in the Commodity Exchange Act, among other things.
HPC and Multicoin called the plan a “clear and well-reasoned framework.” They argued that prediction markets belong under the CFTC’s exclusive federal jurisdiction.
The letter also states that regulating prediction markets on a state level, creating “fifty separate state regimes,” would fragment national derivatives markets.
Prediction markets topped $50 billion in trading volume last month, and the biggest names in traditional finance are moving in.
Today, with @multicoin, we filed a joint comment supporting the @CFTC ‘s proposed prediction markets framework.
These markets have grown up. The… https://t.co/pYG4mevmbT
— Hyperliquid Policy Center (@HyperliquidPC) July 27, 2026
Settlement: Key Regulatory Test The first concern that the group outlines is related to the use of one word in the Commodity Exchange Act: “involve.” Under the statute’s rule, the CFTC can review contracts that involve certain listed activities and prohibit them when they are contrary to the public interest.
You may also like: BlackRock Backs CLARITY Act as Tom Lee Predicts Programmable Money Revolution The Harsh Reality of New Crypto: Just 7% of Major Tokens Beat Their Launch Price Dem Senator Slams GOP’s CLARITY Ethics Proposal as ‘Not a Serious Effort’: Report The letter supports an interpretation focused on settlement. Instead of treating trading itself as gaming, regulators would have to examine the event that determines the payout. A contract would fall within the special rule when settlement directly turns on illegal activity, not merely because buying it resembles placing a wager.
In addition, the group asked for more examples. Edge cases may include certain contracts with several potential paths to settlement or products that reference a sensitive activity only indirectly. Clear illustrations would help exchanges and developers assess regulatory exposure before having to commit resources to a launch.
Transparency Could Become a Competitive Requirement The second recommendation concerns what happens after a review under Regulation 40.11. Under the current proposal, the CFTC would publish written findings when it blocks a contract and explain how that particular decision fits with earlier findings.
HPC and Multicoin argue that this could create an information gap: an approval, including by inaction, can reveal as much about the regulatory boundaries as a prohibition. Without any public reasoning, other platforms may repeat the same legal work, seek guidance, or avoid products that could have been permissible.
In any case, it’s interesting to follow developments surrounding the letter and whether the CFTC would adopt the two requested changes. This could be a signal that regulators are actively listening to industry experts and attempt to legislate in a way that’s both fair to anyone involved.
Sk Hynix perp suffered flash crash on Hyperliquid. (Hyperliquid)Summary
Perpetual futures tied to SK Hynix on the Hyperliquid exchange plunged about 20% in one minute before quickly rebounding above $1,000.The flash crash in the USDC-denominated contract preceded a sharp selloff in South Korea, where SK Hynix shares fell 14% and the Kospi index dropped 11%.The episode comes amid thin overnight crypto liquidity and broader weakness in AI-related stocks, including a 5% drop in Nvidia after a report on its potential $250 billion financial backstop for an OpenAI-linked data-center project.Perpetual futures tied to SK Hynix, a South Korean chipmaker whose American depositary receipts debuted on Nasdaq earlier this month, suffered a flash crash on Hyperliquid shortly before the underlying share price came under pressure in its home market.
Between 23:00 UTC and 23:01 UTC, the price of perpetuals tracking the Seoul-traded stock crashed 20% to $900, according to data from Hyperliquid. The price rebounded to over $1,000 the very next minute and was recently priced at $1,092. The contract is traded and denominated in dollar-pegged stablecoin USDC.
An hour later, the Korean stock market opened on a negative note, led by chipmakers. By the end of the day, SK Hynix shares had dropped by 15% to 1,550,000 won ($1,762). Other losers included Samsung Electronics and carmaker Hyundai Motor. The benchmark Kospi index fell 11%.
SK Hynix ADRs, 10 of which equal one share, fell 4.5% in pre-market trading to $136.51.
Hyperliquid, the leading perpetuals-focused decentralized exchange, has emerged as a hot favorite of traders looking to express their view on traditional assets, especially since the onset of the Iran war in late February. The exchange had not responded to a request for comment by publication time.
Flash crashes on crypto exchanges are quite common, especially between the U.S. market close and the opening of markets in China, South Korea, and elsewhere in Asia, because liquidity tends to be relatively thin compared with other market hours. Liquidity refers to an exchange’s ability to absorb large buy and sell orders at stable prices.
SK Hynix, one of the world’s largest suppliers of high-bandwidth memory (HBM) chips used in Nvidia’s AI processors, has taken a beating this month, falling by nearly 48% from the peak of 1,947 won reached on June 26.
It is not alone. Sentiment for AI stocks has also weakened on Wall Street. On Monday, Nvidia shares slid 5% after a Wall Street Journal report said the AI-chip maker could provide a financial backstop of about $250 billion for an OpenAI-backed data-center project.
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Crypto Flows, Share and the Selective Rotation
Crypto Flows, Share and the Selective Rotation
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Jul 22, 2026
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Why it matters:
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Hyperliquid’s SK Hynix perpetual contract briefly fell about 17.9% on July 28 after an unusually low pre-market trade in South Korea fed into the contract’s oracle pricing.
Summary
17.9% intraday decline followed one anomalous NXT trade involving only a single SK Hynix share. Trade.xyz operates the SKHX market and is investigating the oracle-driven move, Hyperliquid representatives said publicly. HIP-3 deployers control oracle inputs, leverage settings and settlements for markets they independently create themselves. The market, officially listed as xyz:SKHX, tracks the U.S. dollar value of one common SK Hynix share traded in South Korea. Hyperliquid’s interface displays the contract as SKHYNIX-USDC and permits leverage of up to 10 times.
A Hyperliquid representative said the market was deployed and operated by Trade.xyz under the HIP-3 framework. Trade.xyz is investigating and plans to publish an update after reaching a conclusion, according to a statement reported by ChainThink.
Hyperliquid Community Addresses SK Hynix Perp Anomaly: Deployed by XYZ and Under Investigation
Hyperliquid’s xyz:SKHYNIX perpetual contract briefly fell 17.9% after an anomalous pre-market trade in South Korea’s NXT market priced one SK Hynix share at KRW 1.272 million,… pic.twitter.com/7dpHsi5Ks0
— Wu Blockchain (@WuBlockchain) July 28, 2026 One SK Hynix share triggered the initial price anomaly
The disruption began shortly after South Korea’s alternative exchange, NextTrade, opened its pre-market session. One SK Hynix share changed hands at 1.272 million won, 29.96% below the previous close of 1.816 million won.
The trade briefly placed the stock at its daily lower price limit. Korean reports attributed the print to a possible order error combined with limited liquidity during the early session. The underlying price later moved back above that isolated trade.
On-chain tracker HyperInsight said SKHX dropped from about $1,128.20 to $927 as the external price change moved through the oracle and mark-price system. The contract later recovered above $1,100.
The event occurred during a broader decline in South Korean semiconductor shares. SK Hynix closed the regular Seoul session at 1.55 million won, down 14.65%, although that closing move was less severe than the initial one-share print.Trade.xyz documentation states that the SKHX oracle tracks one SK Hynix common share and converts its Korean won price into U.S. dollars using the prevailing exchange rate.
That design allowed the unusual NXT transaction to affect the on-chain contract even though it involved only one share. Leveraged positions linked to the mark price could then face liquidations or automatic deleveraging as the contract moved lower.
DefiLlama’s later snapshot showed SKHX at approximately $1,067, down 13.7% over 24 hours. Open interest stood near $406 million after falling about 20%, while daily volume exceeded $1 billion. These figures can continue changing as positions are opened and closed.
There is no verified evidence that Hyperliquid’s blockchain or smart contracts were compromised. The available information points to an external market print passing through Trade.xyz’s pricing methodology.
HIP-3 makes Trade.xyz responsible for market operation HIP-3 allows independent teams to launch perpetual markets on Hyperliquid while using the network’s order books, margin system and liquidation engine. The deployer defines the contract, selects its oracle and controls leverage limits and settlement.
Hyperliquid’s API documentation says deployers supply oracle prices, external perpetual prices and as many as two additional mark-price inputs. The protocol combines those values with a local price based on the best bid, best offer and latest trade. Deployers are expected to consider unusual market conditions when designing price feeds. They must stake 500,000 HYPE and can face slashing for misconduct involving their markets.
As previously reported, Hyperliquid’s HIP-3 framework places oracle selection and market controls with outside deployers. That structure expands the number of tradable assets but makes each deployer’s price methodology central to risk management.
Trade.xyz has not published its conclusion Trade.xyz had not issued a final incident report when checked. Key unanswered questions include which NXT price inputs entered the oracle, whether filters operated as designed and whether any safeguards will change.
The market remained active after the disruption. Hyperliquid’s documentation allows deployers to halt trading, adjust open-interest limits or settle a contract, but no permanent SKHX suspension had been announced.
Notably, other decentralised exchanges have also introduced perpetual contracts for Korean stocks, increasing the links between thin local trading sessions and continuously operating crypto derivatives.
The next verified update is expected from Trade.xyz. Any final assessment should clarify whether the contract behaved according to its published rules or whether its oracle methodology requires changes.
Cover image via depositphotos.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Trading activity in Hyperliquid has increased dramatically, with 24-hour volume on major exchanges rising by almost 100%. Price action is still under pressure despite the increase in participation, with HYPE falling to the $55 region and losing about 8% during that time. Instead of simple accumulation, the market appears to be engaging in aggressive two-way trading, as indicated by the disparity between volume and price.
Traders aim at repositioningAccording to exchange data, Binance leads trading activity with over $500 million in daily HYPE volume, followed by Hyperliquid, LBank, Bybit, and OKX. After several weeks of falling prices, spot and derivatives activity both increased, suggesting that traders are repositioning as volatility resumes.
HYPE/USDT Chart by TradingViewOver the course of the last 24 hours, positions worth about $15.3 million were liquidated, nearly all of which came from long positions. In contrast, short liquidations hardly registered, indicating that traders who had positioned for a rebound prior to confirmation were largely penalized by the most recent decline.
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Additionally, the technical picture is still fragile. The 200-day EMA near $50 is now the last significant dynamic support as HYPE has dropped below its 20-, 50-, and 100-day exponential moving averages. The 200-day average has historically been used to distinguish between longer-term bull and bear phases, so the current decline is especially significant. Sellers swiftly rejected the price's brief attempt to reclaim the 100-day EMA around $57.
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Since then, the token has started to drop again, indicating that the moving average has shifted from support to resistance. Bulls remain defensive until HYPE closes back above this level. Momentum indicators present a comparable picture. The RSI has declined to 35, getting close to oversold territory but not quite indicating an extreme reading.
Volumes dictate market directionThis allows for further declines before buyers are presented with a more compelling technical case to intervene. Nonetheless, the sharp rise in trading volume merits consideration. These kinds of volume spikes usually occur close to significant market turning points. They may signify the start of a longer bearish leg driven by institutional selling or capitulation, in which weaker holders sell their positions prior to a reversal.
Now, the 200-day EMA at $50 is the crucial level to watch. If that support is successfully defended, a relief rally back toward $57–61, where the 50-day and 100-day moving averages converge, may be possible. However, HYPE runs the risk of prolonging its correction and erasing a greater percentage of the gains made in the first half of 2026 if that support fails.
For the time being, the doubling of trading volume indicates that interest in Hyperliquid has resumed; however, the market is still unsure whether this activity signals capitulation or the start of another selling wave.
Spot Hyperliquid [HYPE] ETF has been making waves.
Grayscale’s recent analysis reveals that, on a market cap basis, HYPE ETF flows have been rising compared to Bitcoin [BTC], Ethereum [ETH], Solana [SOL], and XRP ETFs.
This highlights how smaller cryptocurrencies, despite attracting less capital overall, have a greater impact because those inflows account for a larger portion of their total market value.
Source: Grayscale HYPE ETF vs. other ETFs Bitcoin stands out for its consistency when compared to other cryptocurrencies, as BTC ETFs have drawn institutional demand for a long time since their launch. Even though there have been a few days or weeks of outflows, the general trend has been positive.
In contrast, Ethereum has witnessed “dramatic spikes” instead of a steady accumulation. Meanwhile, inflows into ETFs for Solana and XRP are still in the early stages of growth.
Although both assets have drawn strong initial demand, neither has been as consistent as Bitcoin or as explosive in terms of inflows as Ethereum. This indicates that investors are becoming more open to diversifying into large-cap alternative cryptocurrencies in addition to Bitcoin and Ethereum.
However, when market capitalization is considered, Hyperliquid is now showing up as the best performer. At comparable points in their ETF lifecycles, HYPE’s ETF has amassed capital more quickly than Bitcoin, Solana, and XRP in comparison to its size.
Source: SoSoValue Since HYPE’s market capitalization is substantially lower than that of Bitcoin or Ethereum, even modest dollar inflows result in a substantially higher Inflow-to-Market Cap Ratio.
HYPE price action and more Hyperliquid’s ETF growth continued even as HYPE traded at $54.74 at press time, down 9.22% over the previous day.
However, this drop may be due to short-term facts, such as Bitwise recently reducing its HYPE holdings by selling another 117,917 HYPE tokens worth approximately $7.05 million.
Source: Lookonchain/X Moreover, if looked at from a broader lens, the price of the HYPE token has risen from $38 to $54 since the launch of its Spot ETF in May 2026. Simply put, ETFs have played a major role in driving up the price of the altcoin.
Source: Trading View At the same time, AMBCrypto reported that Hyperliquid recently burned 20.64K HYPE, which was worth $1.2 million, and generated $1.4 million in fees. Yet, the amount of capital deployed has drastically decreased, falling 61% despite the buybacks and burns.
Final Summary Despite fewer inflows, HYPE ETF is attracting investors eyes against Bitcoin and other altcoin ETFs. ETFs have also been the reason behind HYPE seeing its price surge from $38 to $54.
An erroneous share trade on Korea’s Nextrade exchange fed bad price info into Hyperliquid’s third-party price oracle, liquidating 960 accounts in seconds.
The xyz.SKHYNIX perpetual on Hyperliquid crashed around 20% almost instantly late on Monday night, dropping from $1,131 to as low as $900, completely decoupling from pricing elsewhere on crypto exchanges.
On-chain data indicates that the entire cascade stems from a single share trade placed from Seoul.
How One Bad Price Caused a Liquidation Cascade It appears that during the pre-market window before trading opened on the South Korean Nextrade exchange, there was an order to sell stock for major chip manufacturer SK Hynix placed 30% below the previous closing price. This order may have been placed by accident.
With thin pre-market liquidity, there were no competing orders on Nextrade at that moment, and that single trade briefly set the price of the stock on that exchange.
The price corrected back to market value within two minutes, but by that time, the XYZ oracle responsible for setting the price for this stock on Hyperliquid had already consumed and relayed the information.
Just four seconds after Nextrade opened for trading, the SKHYNIX oracle price plummeted 15.6%, and liquidations began about 2 seconds later.
Freefall: The Final Figures On Hyperliquid, users were betting on the price of the semiconductor stock using leverage. X.com user MarketAlpha calculated that 960 accounts lost $57 million in a liquidation cascade as a result of this oracle error, with $17.3 million in realized losses.
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At 11:00 pm UTC on July 27, $SKHYNIX suffered a flash crash on Hyperliquid, falling roughly 20% within seconds before rapidly recovering.
The entire cascade began with a single share sold… pic.twitter.com/quFIo2o1Lc
— Markets Alpha (@MarketsAlpha) July 28, 2026
The backstop then triggered auto-deleveraging against profitable short positions, with $10.8 million in gains realized across 100 accounts. The largest gains and losses for individual accounts were $2.55 million and $2.05 million, respectively. Surprisingly, the flash crash mimicked a real stock price correction of around 15%, which took place hours later on the open market.
Hyperliquid staff have pointed out that the exchange is permissionless and that SKHYNIX is deployed and operated by XYZ, which is reportedly investigating the issue but has not released a statement.
@HyperliquidX's $HYPE token sits at the top of CoinGecko's trending list on July 28, but not for any reason bulls would welcome. The token is down nearly 10% over 24 hours and 13.5% over the past seven days, dragged lower by a chain of events that began with a single anomalous trade on a South Korean stock exchange.
What Triggered the Flash Crash The trouble started on NXT, South Korea's alternative stock exchange, during its pre-market session. An anomalous pre-market trade priced one SK Hynix share at KRW 1.272 million, roughly 30% below the previous close of KRW 1.816 million. Korean reports attributed the print to a possible order error combined with limited liquidity during the early session.
That erroneous price fed directly into Hyperliquid's xyz:SKHYNIX perpetual contract via its oracle. The contract dropped 17.9%, triggering $57.4 million in liquidations across 960 accounts. Between 23:00 UTC and 23:01 UTC, the price of perpetuals tracking the Seoul-traded stock crashed 20% to $900, according to data from Hyperliquid. It briefly recovered above $1,000, though the damage to leveraged positions had already been done.
Hyperliquid was quick to distance itself from the incident. The exchange said it did not operate the market, which is managed by Trade.xyz under HIP-3, Hyperliquid's permissionless market framework. The oracle used the wrong price, causing the perpetual futures drop, though Trade.xyz's price bounds limited the fall to 17.9% despite a 28.7% implied stock drop.
Broader Market Context The flash crash did not occur in isolation. It preceded a sharp selloff in South Korea, where SK Hynix shares fell 14% and the Kospi index dropped 11%. Selling followed through to Europe and the United States, with key chip companies falling in early trade. SK Hynix, one of the world's largest suppliers of high-bandwidth memory chips used in Nvidia's AI processors, had already fallen nearly 48% from its peak reached on June 26.
The episode also comes amid thin overnight crypto liquidity and broader weakness in AI-related stocks, including a 5% drop in Nvidia after a report on its potential $250 billion financial backstop for an OpenAI-linked data-center project. The broader crypto market suffered nearly $600 million in liquidations over the last 24 hours amid renewed sell-off pressure.
The incident raises fresh questions about oracle design on permissionless perpetual platforms, particularly the risk of thin pre-market venues feeding mark prices for leveraged contracts. Slashed stake under HIP-3 rules is burned rather than distributed to affected users, meaning even a full penalty would return nothing to the 960 liquidated accounts.
Sources:
CoinDesk: Perpetuals tied to SK Hynix hit by flash crash to $900 on Hyperliquid
Crypto.news: Hyperliquid probes 17.9% SK Hynix perp plunge
BeInCrypto: Hyperliquid Explains $57 Million SK Hynix Perp Liquidations After Oracle Anomaly
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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Trader Ouyang Zhuobai: The biggest trading opportunity this year may have emerged, and he has started buying storage concept stocks in batches on the dip.
Well-known trader Ouyang Zhuai Bai posted on social media that the biggest trading opportunity of the year has arrived, and he is starting to accumulate storage concept stocks via a step-by-step bottom-fishing approach without stop-loss orders. As a low-leverage trend trader, Ouyang Zhuai Bai has long adopted a core strategy of "going long on genuine breakouts, handling short-term positions during extreme market sentiment, and strict position control (total leverage capped at 2x)". He achieves compound growth through trend-aligned holdings and bottom fishing, with his trading philosophy emphasizing "always staying in the game" and opposing high leverage and full-position risks.
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Elon Musk’s net worth has nearly halved from its all-time high, though it still exceeds $700 billion.
Since SpaceX’s stock price peaked in June, Elon Musk has lost roughly $650 billion in wealth, while shares of Tesla and SpaceX continue to decline. Despite this sharp drop, Musk’s net worth remains above $700 billion. Investors are still focused on whether AI-driven growth can sustain high valuations.
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Zcash mainnet has activated the Ironwood upgrade, introducing a new privacy pool to enhance supply security.
According to official announcements, the Zcash Open Development Lab (ZODL) has activated the Ironwood (NU6.3) network upgrade at mainnet block height 3,428,143. The upgrade introduces a new privacy pool designed to enhance Zcash network security and enable independent verification of the integrity of its circulating supply. With Ironwood’s launch, the existing Orchard privacy pool will be restricted: funds transferred out of Orchard must go through a "gate mechanism" before entering Ironwood. Zcash states that Ironwood is an ecosystem-wide collaborative upgrade driven by the Orchard privacy pool security vulnerability discovered at the end of May this year. The vulnerability was patched via an emergency network upgrade; there is currently no evidence it was exploited, nor any indication that user funds or the total ZEC supply were compromised. Built on the revised Orchard protocol, Ironwood incorporates formal verification and independent security audits to further strengthen the protocol’s resilience against future supply integrity vulnerabilities. For users, existing funds in Orchard need to be migrated to the new Ironwood privacy pool. Wallets supporting Ironwood will provide migration paths, and ZODL users can complete the migration directly via the latest version of the app, with no need to create a new wallet or change addresses. Zcash notes that Ironwood’s launch will retain privacy features while delivering stronger verifiability and a long-term security foundation for the network.
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According to Yu Jing Monitoring, a crypto whale accumulated 9,891 ETH via Binance in 2024 at an average price of roughly $3,011. After holding the position for two years, the whale opted to cut half of their position at a loss, transferring 5,000 ETH (worth around $9.42 million) to Binance an hour ago, with an unrealized loss of $5.63 million.
Hyperliquid, as its name suggests, has become the decentralized exchange of choice for many traders, particularly those who want to trade perpetual futures or “perps,” blockchain-based derivatives contracts that allow users to speculate on the price of an asset with leverage and no expiration date.
Created by Harvard classmates Jeff Yan and a pseudonymous developer known as iliensinc, Hyperliquid, which went live at the start of 2023, is capitalizing on its volume and depth of order book by offering firms something akin to composibility: the concept from decentralized finance (DeFi), whereby permissionless smart contracts can slot together like money LEGOs, the building blocks of new tokenized financial products.
Hyperliquid’s Ethereum-compatible HyperEVM connects directly to its super-fast homegrown HyperCore blockchain, allowing other applications to compose atop the platform’s shared liquidity rather than fragmenting it. In other words, applications like wallets or even other exchanges can piggyback on Hyperliquid, using it as a backend to offer perps trading and other services.
As more builders deploy on and integrate Hyperliquid, liquidity deepens, the variety of assets expands, and network effects compound. There are now hundreds of developers — including big names like MetaMask, Phantom wallet and South African exchange VALR — using Hyperliquid’s system of “builder codes.” Builders have generated some $90 million in revenue so far, according to Flowscan.
A growing army of acolytes can’t praise the platform enough.
“Hyperliquid is not just a perpetuals exchange, it’s more like the AWS for finance,” said Hansu Jian, CEO of Hyperion DeFi, the first U.S.-listed treasury company focused on Hyperliquid’s native token HYPE.
“The perps part is great, but this is really a layer-one blockchain infrastructure. The service on offer is actually liquidity, and having all these markets work well, and allowing anyone to build things on top of them,” Jian said in an interview.
Similar to AWS for cloud infrastructure, builders own their users and fully control the user interface, while Hyperliquid provides the underlying liquidity and execution. Builder code integrators charge fees on the notional size of their users’ trades without developing the backend or maintaining liquidity.
“Builder codes let integrators focus on what they do best, delivering a great user experience, while Hyperliquid serves as the backend for liquidity and execution,” said Sterling Barnett, business development lead at Hyperliquid Labs, via email. “Integrators can offer their users best-in-class onchain liquidity and institutional-grade infrastructure, and earn fees on every trade.”
For an app like MetaMask, the Ethereum-based wallet that reports over 100 million users worldwide, it makes perfect sense to fuse with Hyperliquid’s EVM module. MetaMask has given its users self-custodial access to perps directly from the wallet since October of 2025.
Being a wallet has the advantage that there’s no decentralized app (dApp) to connect to, while fund transfers are streamlined to the point where users can trade directly with the tokens they already hold, said Matthieu Saint Olive, Staff Product Manager at MetaMask. It plugs into MetaMask’s money account, social login, and follow trading and leaves Hyperliquid to handle matching, the oracle, and the margin engine, he said.
“Matching orders is genuinely hard, and Hyperliquid is excellent at it, so we don’t try to rebuild it,” said Saint Olive via email. “By routing orders straight to the Hyperliquid order book, MetaMask Perps offers some of the best liquidity and execution quality available anywhere. ”
MetaMask said it’s seeing growth beyond crypto towards things like commodities and equities, according to Saint Olive. “Real-world-asset markets have gone from a small slice of perp volume at the start of 2026 to roughly a quarter of it today,” he said.
When it comes to fees, MetaMask charges a flat 0.1% builder fee, disclosed up front, with no hidden spread and nothing buried in execution, so a trader can verify exactly what they paid. “We think that transparency is the real advantage, and we’re actively exploring more innovative pricing models, because we want the economics to be a reason people choose MetaMask, not a source of friction,” Saint Olive added.
It’s more surprising to find a large centralized exchange handing over liquidity requirements to Hyperliquid’s perps order book. But taking the Hyperliquid route has proved a good option for South Africa-based exchange VALR, ranked among the largest exchanges in Africa with close to two million retail customers and about 2,000 corporate institutional customers, according to the exchange’s CEO and co-founder, Farzam Ehsani.
Having started out offering customers spot market, spot margin, and then perpetuals, the team at VALR built all the infrastructure in-house, including risk and liquidation engines, Ehsani said. Despite all the hard work that went into launching perpetual futures, Ehsani said candidly that it was difficult to get volume and liquidity.
“So perpetual futures on our own books didn't take off as we had hoped they would, predominantly because of the liquidity and volume,” Ehsani said in an interview. “Our volume is our volume; we are truthful and transparent and don’t do any wash trading or anything like that. We saw Hyperliquid bringing a huge amount of volume and market participants from all over the world together and thought, ‘Why don't we plug into that?’”
Looking ahead, when the likes of Robinhood, Coinbase, Intercontinental Exchange and others go full throttle into offering perps, there will be opportunities for cross-venue arbitrage, according to Jian of Hyperion.
“Say you are maintaining one position on Robinhood, for example, and the other side of the position on Hyperliquid,” Jian said. “Then, because you have a lot of what's called non-toxic flow, which is when more retail users are just purely entering and exiting the market, you'll be able to see more organic mechanisms for funding rates.”
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Hyperliquid is reportedly testing a KYC (Know Your Customer) feature with an allowlist, raising questions about the decentralized exchange’s (DEX) plans.
According to analyst Rajiv Patel, the platform pushed a new feature, dubbed Stars, that allows deployers to make a HIP-3 (commodity futures) allowlist for trading. The allowlist can have up to 10K addresses; those not included can only fund their accounts but not trade. Sounds like a centralized exchange (CEX), right?
Most analysts speculated that the move could be a push to activate a front-end for U.S. users, calling it a ‘Hyperliquid U.S.’ In fact, crypto investor McKenna also shared a similar stance and added,
Clearly the conversation with Hyperliquid Labs, HPC and TradeXYZ with the SEC/CFTC have been productive. Building the infrastructure to onboard into the United States.
Another analyst added that the move was likely to segment U.S. users and market makers (MMs) to separate orderbooks (liquidity pools) from Hyperliquid’s massive offshore segment.
Source: X Is Hyperliquid following Uniswap’s steps? AMBCrypto shares a similar outlook, but the trend is not unique to Hyperliquid. Last week, Uniswap unveiled its first ‘permissioned pools’ with the same allowlist feature. According to Uniswap CEO Hayden Adams, the move was aimed at ensuring trading of “regulated tokens and tokenized assets.”
Now that Hyperliquid is the second DEX exploring a similar KYC feature, the move is likely designed to ensure tokenized assets trading meets U.S. compliance checks.
Worth pointing out that Hyperliquid became the first DEX to start screening and blocking addresses linked to the sanctioned HTX exchange (formerly Huobi Global, owned by Justin Sun).
The move comes amid increased engagement with the U.S. regulators on how the U.S. markets can access Hyperliquid in a regulated way.
Currently, the U.S. does not have any clear DeFi regulatory framework. But Hyperliquid Labs, Hyperliquid Policy Center, and TradeXYZ (top issuers of pre-IPO and commodity futures on the DEX) recently met with the U.S. SEC.
Part of the agenda was to explore viable ways of accessing on-chain trading within regulatory bounds. The KYC feature may be just one of the steps towards regulated trading in DeFi.
Some viewed the move as short-term bearish for the HYPE, Hyperliquid’s native token. Separately, HIP-3 daily volume has hit about 60% of the total Hyperliquid volume and is dominated by TradeXYZ (99%).
Source: ASXN Critics view this as a dominance risk for the DEX, especially if TradeXYZ is hacked or decides to build its own platform.
However, TradeXYZ’s CEO Collins Belton downplayed the fears. He noted that ‘there is no reason to leave,’ citing Hyperliquid’s connected ecosystem, including crypto, commodities, options, and prediction markets.
Meanwhile, HYPE traded at $55, extending July losses to 25% from the monthly peak of $73.
Final Summary Like Uniswap, Hyperliquid is reportedly exploring a KYC-based front-end for regulated tokenized asset trading. TradeXYZ dismissed plans of leaving the Hyperliquid ecosystem amid rising dominance risk.
Several prominent cryptocurrencies displayed notable technical activity this week as traders focused on critical support and resistance levels. Hyperliquid, Shiba Inu, Chainlink, and Stellar each faced pivotal moments, with buyers and sellers battling for control amid mixed market sentiment.
Hyperliquid nears key support after correctionAfter entering a corrective phase that lasted almost two weeks, Hyperliquid (HYPE) approached a critical technical level. The digital asset traded near $59.5, resting just atop its 100-day exponential moving average (EMA), a price area that has historically provided reliable support during the ongoing uptrend.
Since HYPE’s rally in June, which took it close to $75, the token has recorded a series of lower highs, yet managed to stay above major long-term support levels. The latest pullback saw HYPE dip beneath the 26-day and 50-day EMAs, highlighting sustained downward momentum in the short term.
Traders observed, “Despite recent weakness, sellers have not managed a clear break below the $57.5 100-day EMA. If buyers hold this support, HYPE could mount a rebound toward the 50-day EMA at $62 and the 26-day EMA at $64.3.”
Volume has steadily declined during the correction, often viewed as a sign of profit-taking rather than panic selling. The relative strength index (RSI) fell to 43, suggesting potential for renewed buyer activity as the token avoids entry into oversold territory.
If the 100-day EMA fails, the next significant support is the 200-day EMA near $50. Such a drop would mark a break in the medium-term bullish pattern that has prevailed since March. Whether this proves to be merely a temporary pullback or a deeper retracement will depend on HYPE’s ability to maintain current support levels.
Mini dictionary: Exponential Moving Average (EMA) — A technical indicator that gives greater weight to recent price data for assessing trend direction and support/resistance levels. They are widely used by traders to evaluate short- and long-term market trends.
Shiba Inu breaks out with high volumeShiba Inu (SHIB) delivered a notable breakout, as daily trading volumes exceeded 2 trillion SHIB. This surge propelled the token past both the 26-day and 50-day EMAs before briefly testing resistance around the 100-day EMA near $0.00000504.
The rally brought an end to the sequence of lower highs that had dominated SHIB’s July trading. However, despite breaking key resistance levels, immediate selling pressure emerged above the 100-day EMA, with a sharp upper shadow on the daily candle indicating ongoing profit-taking by traders.
Technical analysts noted, “SHIB’s price strength improved after reclaiming several moving averages. If the asset stabilizes above $0.00000445 and $0.00000448 support, it could consolidate gains and set up another attempt at the declining 200-day EMA near $0.0000060.”
Momentum indicators also showed improvement, with the RSI climbing toward 65 but remaining below overbought thresholds. Confirmation of a broader recovery, however, will depend on SHIB’s ability to secure daily closes above the 100-day EMA and to transform former resistance into sustained support.
Chainlink eyes trend reversal, targets $10 zoneChainlink (LINK), an oracle network known for connecting blockchains with real-world data, regained momentum as it traded at $8.72. The token held positions above its 26-day EMA and moved through the 50-day EMA, enhancing its short-term technical outlook.
After setting a local bottom near $7.20, LINK established higher highs and lows amid rising volume, reflecting increased investor participation. The primary short-term target now sits between $8.80 and $9.00; clearing this range on a daily close would likely open the path toward the psychologically significant $10 level.
The RSI moved above 60, signaling further potential upside without immediately entering overbought territory. Nonetheless, the 200-day EMA at $9.75 remains the first major long-term resistance. A move above this point would invalidate much of the bearish pattern seen throughout the year. Conversely, supports at $8.49 (26-day EMA) and $8.00 (50-day EMA) are watched closely in case of a reversal.
Mini dictionary: Chainlink — A decentralized oracle network designed to supply blockchain smart contracts with external, real-world data in a secure and reliable manner.
TokenCurrent PriceKey SupportInitial ResistanceMain ResistanceHYPE$59.5$57.5 (100-day EMA)$62 (50-day EMA)$75 (June peak)SHIB~$0.000005$0.00000445 (26-day EMA)$0.00000504 (100-day EMA)$0.0000060 (200-day EMA)LINK$8.72$8.49 (26-day EMA)$8.80-$9.00$9.75 (200-day EMA)XLM$0.181$0.175$0.192 (50-day EMA)$0.20 (Psychological/May level)Stellar consolidates, volatility declinesStellar (XLM) entered a prolonged consolidation period after fading from its early summer rally, currently trading around $0.181. The asset’s price fluctuates near its 26-day, 50-day, and 100-day EMAs, creating a balanced market where neither buyers nor sellers hold a clear advantage.
Resistance is forming near $0.192 (50-day EMA) and $0.196 (100-day EMA), while the 26-day EMA at $0.186 often caps recovery attempts. Trading volume has declined since the June breakout, indicating a drop in speculative interest. The RSI sits near 44, consistent with subdued momentum outside traditional oversold levels.
On the downside, first support appears at $0.175; breaching this level could trigger further declines toward the previous swing low near $0.165. On the upside, a daily close above the 26-day EMA would allow a retest of key resistances and could foster renewed bullish sentiment. For now, Stellar’s outlook remains neutral as compression around major moving averages replaces the sharp volatility seen in June.
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.
Analyst: The proportion of Bitcoin long-term holders transferring their holdings to trading platforms is approaching its historical peak.
CryptoQuant analyst Darkfost noted in a recent post that the volume of Bitcoin (BTC) holdings transferred by long-term holders to trading platforms has recently hit a high. Currently, long-term holders make up 5.1% of total Bitcoin inflows to these platforms — a figure near an all-time high, with only 2020 recording a higher rate, around 5.5%. This shift came after Bitcoin’s sharp price drop. As the metric relies on 90-day moving average data, it carries a degree of lag, meaning changes won’t immediately reflect the latest market developments. While the trend is likely to gradually stabilize going forward, current data shows long-term holders have clearly stepped up their trading activity recently.
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Corning's US-listed shares plunged more than 15% in pre-market trading, as the company forecasts its core sales for the third quarter will fall short of market expectations.
According to market data from BIT (bit.com), Corning’s US-listed stock plunged more than 15% in pre-market trading. The company forecasts core sales of $4.9 billion to $5 billion for the third quarter, while market expectations had stood at $5 billion.
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Myanmar has enacted strict anti-fraud legislation, with the maximum penalty for cryptocurrency fraud being life imprisonment.
Myanmar’s parliament passed a law on Tuesday that permits the death penalty for people who coerce others into online fraud via violence or illegal detention. Per a draft bill released in May, if such abuse leads to a victim’s death, “the death penalty shall be imposed”. The new law also specifies that those operating online scam compounds or committing “digital currency (cryptocurrency) fraud” face a maximum sentence of life imprisonment; offenders who carry out acts like violent coercion and illegal detention can be sentenced to 10 years to life in prison.
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Amazon’s data center in Bahrain was damaged in an attack by Iran.
Bloomberg reported that satellite images show two Amazon Inc. data centers in Bahrain were damaged, consistent with Iran’s claim last week that it had carried out a missile attack on the facilities. Iran’s Islamic Revolutionary Guard Corps (IRGC) released high-resolution satellite imagery via Tasnim News Agency, its official media outlet, showing severe damage to the two data centers located in Zallaq and Askar, Bahrain. The IRGC stated the facilities were targeted because Amazon supports U.S. military operations. Independent low-resolution images from the European Space Agency (ESA)’s Sentinel-2 satellite constellation, reviewed by Bloomberg, also show signs of damage at both sites.
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Foreign media reports: Changxin Technology will disrupt the monopolistic landscape of the global storage industry.
Multiple South Korean media outlets have linked the recent sharp plunge in South Korea’s stock market to the listing of ChangXin Memory Technologies, China’s largest semiconductor firm. Market concerns that ChangXin will use the funds raised from its stock debut to catch up with semiconductor giants including Samsung Electronics and SK Hynix have spread, weighing on investor sentiment. Peter Alexander, an analyst at Z-Ben Advisors, noted that following the development paths of the steel and new energy vehicle industries, ChangXin will rapidly capture market share in the low-end storage chip segment and eventually challenge the monopoly of Samsung Electronics, SK Hynix, and Micron Technology in the global storage industry.
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Core Scientific and AMD Announce Infrastructure Partnership
According to Bloomberg, Core Scientific and AMD have announced an infrastructure partnership. AMD will obtain over 500 megawatts of U.S. computing power capacity, which can be expanded to 2.5 gigawatts in the future. Additionally, AMD will receive warrants to purchase Core Scientific’s stock at market price.
Hyperliquid, a decentralized perpetual futures exchange operating on its own Layer-1 blockchain, is reportedly preparing for a significant shift in its volume towards real-world assets (RWAs). According to a recent statement on social media, there is a strong possibility that by 2027, 75% of Hyperliquid’s activity could be dominated by RWAs, including commodities, indices, and single stocks. This comes as the platform has already seen RWAs account for 52% of its volume during the week of July 13-19, 2026. The transition indicates a growing focus on diversifying asset classes beyond traditional cryptocurrencies.
The current market odds for Hyperliquid’s price trajectory reflect a cautious yet optimistic outlook. For instance, the market question “Will Hyperliquid reach $100 by December 31, 2026?” shows a 20.5% probability of a YES outcome. This figure has seen a slight decline from 29% a week ago, suggesting tempered enthusiasm among market participants despite the exchange’s evolving focus. Additionally, Hyperliquid’s expansion into RWAs has been accompanied by a notable increase in open interest, hitting record highs this year and strengthening its market presence.
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Market observers appear to be weighing the potential impact of this strategic pivot on Hyperliquid’s price forecasts. The platform’s growing emphasis on RWAs could enhance its market perception and volume, possibly influencing future price movements.
Key Takeaways The shift towards RWAs on Hyperliquid appears to be gaining momentum, with projections indicating a possible 75% volume share within a year. Market pricing suggests a cautious outlook for Hyperliquid’s price reaching $100 by the end of 2026, currently at 20.5% YES probability. The expansion into RWAs is consistent with increased open interest and diversification, potentially impacting Hyperliquid’s market valuation. What to Watch Market participants will be closely monitoring Hyperliquid’s ability to sustain and grow its RWA segment, which could influence its price outlook into 2027. Key developments such as partnerships with major financial institutions or technological innovations could align with scenarios where Hyperliquid reaches higher price targets. Conversely, any setbacks like regulatory challenges or security issues could affect its competitive position. As the year progresses, the interplay between these factors will be critical in shaping market expectations.
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Term Structure
Contract Odds Δ since publish Volume 24h December 31 20.5% — — View market → January 1 2027 6.4% — — View market → January 1 2027 2.8% — — View market → January 1 2027 42.5% — — View market → January 1 2027 8.8% — — View market → January 1 2027 4% — — View market →
In a significant development for crypto markets, 151,007 market participants faced liquidation over the past 24 hours, resulting in a total of $573.05 million in liquidated positions. The largest single liquidation occurred on Hyperliquid, a decentralized perpetuals exchange, with a value of $24.61 million. This event highlights the ongoing high leverage stress within crypto futures markets, where leveraged positions are forcibly closed when margin requirements are unmet. The substantial liquidations suggest increased volatility and potential instability in the broader crypto derivatives market, impacting confidence in specific platforms like Hyperliquid.
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Key Takeaways Market data suggests increased liquidation activity, with $573.05 million liquidated in the past 24 hours, indicating heightened volatility. Hyperliquid experienced the largest single liquidation, suggesting stress on its platform, potentially influencing market sentiment about its price prospects. Pricing suggests participants may view these liquidations as evidence of instability, potentially affecting Hyperliquid’s confidence and price predictions. What to Watch Observers should monitor Hyperliquid’s response to this liquidation event and any subsequent impact on its market confidence. Further liquidations or volatility could impact Hyperliquid’s likelihood of reaching price targets, as reflected in current market pricing. Additionally, any announcements or market movements related to other key exchanges and platforms could provide insights into broader market stability and future pricing trends.
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Term Structure
Contract Odds Δ since publish Volume 24h December 31 20.5% — — View market → January 1 2027 6.4% — — View market → January 1 2027 2.8% — — View market → January 1 2027 42.5% — — View market → January 1 2027 8.8% — — View market → January 1 2027 4% — — View market →
Spot silver's intraday decline has widened to 2.41%.
According to Bitget market data, spot silver has fallen below $57 per ounce, with an intraday decline of 2.41%.
3 minutes ago
Hong Kong storage concept stocks extended their decline in the afternoon.
According to Bitget market data, Southern 2x Long SK Hynix (07709.HK) has fallen by over 28%, while Southern 2x Long Samsung Electronics (07747.HK) has dropped by more than 25%.
3 minutes ago
Singapore-based digital asset investment firm Psalion closes a new $50 million fund.
Singapore-based digital asset investment firm Psalion has announced the closing of its largest-ever venture capital fundraise, launching its third fund worth $50 million, aimed at investing in the next phase of blockchain application development. The fund adopts the Singapore Variable Capital Company (VCC) structure and is managed by Conduit Asset Management Pte. Ltd. (CAM), targeting early-stage projects that integrate blockchain technology into the real economy, with a focus on areas including infrastructure, middleware, trade finance, real-world assets (RWA), stablecoins, and decentralized finance (DeFi). Psalion stated that the fund will primarily invest in pre-seed and seed-stage startups, and focus on the integration of Web3 infrastructure into consumer-facing applications, covering changes to asset ownership, transaction methods, and user interaction patterns. Tim Enneking, managing partner at Psalion, noted that the crypto market used to represent an investment philosophy that stood in opposition to the traditional financial system, but now the team is focused on bridging the two—enabling Web2 businesses to operate on Web3 infrastructure.
3 minutes ago
Bithumb will suspend deposit and withdrawal services for NEO and GAS to support the NEO N3 network upgrade.
According to an official announcement, to support the NEO network upgrade and maintain stable deposit and withdrawal services, deposit and withdrawal functions for NEO (NEO) and GAS (GAS) assets will be temporarily suspended. The suspension covers NEO and GAS on the NEO N3 network. The relevant deposit and withdrawal services are expected to be suspended at 18:00 KST on July 31, 2026, and will resume after network stability is confirmed; the specific resumption time will be notified via subsequent announcements. The suspension is to support the NEO network upgrade and Bithumb’s node server update. The NEO network upgrade is scheduled to take place at 01:00 KST on August 1, 2026, targeting block height 12,020,000. During the upgrade, trading functions for the relevant assets remain unaffected, though users should note potential market fluctuations during network maintenance. Pending deposit and withdrawal requests submitted earlier will be processed in sequence after system confirmation.
3 minutes ago
ZuriQ completes $25.5 million seed round to advance development of its novel quantum chip architecture.
ETH Zurich spin-off startup ZuriQ has announced the completion of a $25.5 million seed round. The company is dedicated to developing a novel quantum chip architecture, which is claimed to offer stronger scalability than existing solutions, and is expected to accelerate the large-scale development of the quantum computing sector.
3 minutes ago
South Korea's sluggish stock market has driven retail investors to shift to the US stock market, with net purchases exceeding 5 trillion won this month.
According to South Korea's Seoul Economic Daily, amid the continued downturn in the South Korean stock market, domestic investors have once again shifted to US equities, with net purchases exceeding 5 trillion won this month. Data from Seibro, the securities information portal of the Korea Securities Depository & Clearing Corporation, shows that between the 1st and 27th of this month, South Korean investors' net purchases of US stocks totaled $3.58999 billion, roughly 5.5 times the net purchases for the entire month of June. As of the 23rd, net purchases stood at only $2.53026 billion, but rose by $1.05973 billion in the subsequent two trading days. Retail investor funds are mainly concentrated in semiconductor and technology stocks. The most purchased product this month is the Direxion Daily Semiconductor Bull 3X ETF, which tracks the Philadelphia Semiconductor Index, with net purchases reaching $1.75919 billion. SK Hynix ADRs have also remained highly sought-after, with net purchases climbing to $812.38 million as of the 27th.
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.
Jensen Huang posts again on X platform, says defenders need a "frontier AI ecosystem" composed of both open-source and closed-source frontier models
NVIDIA founder and CEO Jensen Huang once again posted on X platform, saying that attackers have mastered frontier AI, and defenders need a "frontier AI ecosystem" composed of both open-source and closed-source frontier models, with defense capabilities amplified by the global community. He mentioned that in a previous Hugging Face security incident, some closed-source AI hindered key forensic investigations, while open-weight frontier models played a role in containing the intrusion, which led to the decision to promote this open security AI alliance. Earlier today, it was reported that NVIDIA announced the formation of an Open Security AI Alliance with multiple founding members to advance AI safety and security.
Approximately 6.93 million HYPE to be unstaked on Hyperliquid over the next 7 days, total value around $415 million
About 6.93 million HYPE (approximately $415 million) will be unstaked on Hyperliquid over the next 7 days. Among them, on July 30, the single-day unstaking volume will be roughly 3.3 million HYPE (about $198 million), marking one of the largest single-day unstaking events in the platform's history.
Two newly created wallet addresses withdrew 6,765 BTC from Binance, worth about $440 million
About 40 minutes ago, two newly created wallet addresses together withdrew 6,765 BTC from Binance, valued at approximately $441 million at current prices.
Ministry of Commerce criticizes U.S. hyping of AI "distillation," says U.S. companies also widely use Chinese models
China's Ministry of Commerce responded to the U.S. plan to investigate and sanction Chinese AI companies on grounds of "distilling U.S. frontier models" and "stealing intellectual property," accusing the U.S. of politicizing technology and trade issues, practicing double standards, and pursuing so-called "AI hegemonism." The ministry said Chinese AI companies have long been advancing independent R&D, with some models already achieving leading performance, and that a large number of U.S. AI companies also distill Chinese models during R&D and training. Nearly 200 U.S. startups and some multinational corporations have publicly opposed restricting access to Chinese open-source models, arguing that model distillation is a common industry technique. China urges the U.S. to stop smearing and suppression, stating that if the U.S. materially harms Chinese interests, necessary measures will be taken to safeguard legitimate rights and interests.
Strategy increases cash reserves by $525 million to $3.75 billion, nearly 843,800 BTC holdings unchanged
Strategy disclosed in an 8-K filing with the SEC that it sold 5.429 million shares of MSTR under its ATM program between July 20 and 26, raising net proceeds of approximately $545 million, while no other series of preferred stock was sold this week. As of July 26, the remaining MSTR issuance capacity stood at approximately $22.98 billion. During the same period, the company repurchased 288,930 shares of STRC preferred stock for $25 million under its buyback program, and no MSTR was repurchased. In the BTC segment, no new purchases were made this week; holdings remained at 843,775 bitcoins, with cumulative investment of approximately $63.69 billion and an average purchase price of about $75,476 per coin. Dollar reserves stood at $3.75 billion.
Kraken parent acquires Magic Labs wallet business, original company pivots to focus on Newton Protocol
Kraken parent Payward has agreed to acquire Magic Labs' embedded wallet business in an asset sale transaction, with both parties maintaining separate corporate structures. Magic Labs has created over 60 million wallets since 2018, serving more than 200,000 developers. After the transaction closes, wallet customers will be migrated to Payward Services; Magic Labs will rebrand as Newton Labs, focusing on developing Newton Protocol, an on-chain financial authorization layer that pre-executes compliance, security, and risk control strategies before transactions are committed on-chain. Newton Labs' first product based on this protocol is VaultKit, targeting institutional treasury use cases.
Bitmine increased Ethereum holdings by 9,946 ETH and repurchased 6.1 million common shares over the past week
Bitmine Immersion Technologies (NYSE: BMNR) increased its Ethereum holdings by 9,946 ETH and repurchased 6.1 million common shares over the past week. As of July 27 Beijing time, its total ETH holdings rose to 5,787,414 ETH, accounting for approximately 4.8% of the total Ethereum supply. BitMine's current combined holdings of cryptocurrencies, cash, and other investment assets total approximately $11.8 billion, including about $268 million in cash and marketable securities, 208 bitcoins, approximately $180 million in Beast Industries equity, and an investment of roughly $61 million in Eightco Holdings (ORBS). Its staked ETH stands at 4,917,189 ETH (about 85% of total holdings), valued at roughly $9.6 billion at $1,948 per ETH, with current annualized staking rewards of approximately $254 million.
Circle acquires nearly 1,000 blockchain patents from IBM, becoming one of the largest U.S. patent holders
Stablecoin issuer Circle (CRCL) has acquired nearly 1,000 granted blockchain-related patents from IBM, covering areas such as blockchain technology, banking and financial services, insurance, enterprise infrastructure, supply chain traceability, and cloud security. The transaction amount was not disclosed. Circle said the patent portfolio will be used to support USDC, Circle Payments Network, its Arc blockchain, and financial tools for AI agents, and it will explore follow-up commercial collaborations with IBM. Circle previously obtained its first patent for parallel blockchain data processing and joined the LOT Network to reduce risk from patent troll litigation. CRCL shares rose about 2.5% in pre-market trading.
Nvidia invests in SSI, the AI company of former OpenAI chief scientist Ilya Sutskever
Nvidia (NVDA.O) is investing in an artificial intelligence lab founded by former OpenAI chief scientist Ilya Sutskever. This long-term partnership not only boosts the startup's ability to access computing power but also helps Nvidia fend off competitors. Nvidia made a "massive" investment; the specific investment terms of the deal remain unclear. Under the agreement, Sutskever's Safe Superintelligence company will secure extensive access to Nvidia's flagship GPU hardware — at a scale sufficient to increase the company's computational resources by "an order of magnitude." According to people familiar with the matter, the company previously relied primarily on Google's TPU chips.
SpaceX stock price hits fresh low since listing, now at $110.3
According to Bybit data, SpaceX (SPCX.O) stock price hit a record low since listing, now down about 4% at $110.3.
HashKey merges regional exchanges into a single unified platform and app
Hong Kong digital asset service provider HashKey Holdings announced that it will merge its HashKey Exchange and HashKey Global into a unified platform and app. Regardless of whether users are from Hong Kong, Global, Singapore, or the Middle East, they will all access the service through the same frontend, with the platform enforcing localized compliance based on their jurisdiction. HashKey stated that this move shifts from the earlier model of regionally segregated operations with simplified compliance to an architecture of “unified entry, local compliance.” The report noted that platforms like OKX and Kraken also adopt similar approaches, using different legal entities to serve markets such as Singapore, Dubai, and the EU while maintaining a unified frontend.
Lido Kicks Off $16.5 Billion ETH Staking Migration, Plans to Cut Validator Count by One-Third
Lido has initiated its largest upgrade since V2 in 2023, migrating over 8 million stETH (worth approximately $16.5 billion) to the new validator architecture following Ethereum’s Pectra upgrade. The total number of validators is expected to decrease by about one-third, and attestation messages per epoch on the network will drop by roughly 29%, reducing consensus layer load without directly affecting gas fees or transaction speeds. This upgrade moves the existing 34 professional node operators to Curated Module v2 and, for the first time, requires them to stake ETH as a bond, assuming financial responsibility for node performance and security with their own funds. Lido estimates this migration will slightly compress the protocol's overall annualized staking yield by around 0.28%.
Domestic Immersion DUV Lithography Machine Begins Small-Batch Production, First Batch of 5 Units This Year
A Shanghai-based state-owned company has started small-batch production of a domestically made immersion DUV lithography machine, planning to ship about 5 units this year and increasing to about 20 units by 2027. The first batch will be delivered to SMIC, Hua Hong Semiconductor, and CXMT. Fabs will need to verify precision, stability, and integration with existing production lines, a process that could last months or even longer. The report says that most components of the equipment are domestically produced, but some key parts still rely on Japan. Overall performance and manufacturing quality still lag behind ASML, which is expected to deliver around 131 immersion DUV lithography machines in 2025 alone, indicating there is still a gap before domestic equipment can achieve large-scale substitution.
US Stock Memory Sector Losses Widen, SanDisk Falls Over 11%
The US stock memory sector gave up early gains, with losses continuing to widen. SanDisk (SNDK.O) fell over 11%, SK Hynix (SKHY.O) dropped over 7%, and Micron Technology (MU.O) declined over 5%.
Amazon to Launch Over 5,000 Direct-to-Phone Satellites to Challenge Starlink
Amazon has filed a notice planning to launch 5,105 direct-to-phone satellites starting in 2028, positioning itself in satellite communication services directly to smartphones, directly challenging the leading advantage of SpaceX’s Starlink in mobile connectivity.
ASML and BE Semiconductor Halted After Falling 8% to 8.7%
Amsterdam-listed ASML and BE Semiconductor were automatically halted after falling between 8% and 8.7%. Earlier today, it was reported that a domestic immersion DUV lithography machine has started small-batch production, with the first 5 units produced this year.
Kimi Open-Sources K3 Large Model Weights and Releases Technical Report
The Moonshot AI team has released the model weights and technical report for its most advanced large model, Kimi K3. Kimi K3 is a Mixture-of-Experts (MoE) architecture model with 2.8 trillion parameters, featuring native multimodal visual understanding capabilities and supporting 1-million-token long-context windows. The new architecture claims to improve intelligence levels by approximately 2.5x under the same computing power. In addition to the model itself, Kimi simultaneously open-sourced high-performance attention operators, an MoE communication library, and infrastructure code for running agent environments at scale. These resources are now available on Hugging Face, GitHub, and the official technical blog.
$445 Million Liquidated Across the Network in 24 Hours, Long and Short Positions Both Wiped Out
According to CoinGlass data, a total of 116,561 traders were forcibly liquidated across the globe in the past 24 hours, with total liquidations reaching approximately $445 million, including about $214 million in longs and $230 million in shorts, nearly balanced. Binance accounted for around $208 million in liquidations (46.73%), Bybit about $55.1 million, OKX about $44.15 million, and Hyperliquid about $48.45 million. The single largest liquidation occurred on the Aster platform for the ETHUSDT contract, totaling approximately $8.7164 million.
Ondo Launches New Execution Network Ondo Network, Replacing the Original Ondo Chain Roadmap
Ondo Finance announced the launch of a new execution layer, Ondo Network, calling it an "evolved version" of the previous Ondo Chain, and it will no longer run in parallel with Ondo Chain. While developing its perpetual exchange Ondo Perps, Ondo discovered the bottleneck lies primarily in execution rather than settlement, so it has separated execution from settlement and verification: secure hardware enclaves handle high-speed, default-private transaction execution, a decentralized attestor network verifies the code it runs, and asset transfers currently settle on Ethereum, with plans to support more public chains and periodically submit state on-chain. Ondo Network is a general-purpose execution layer; beyond perpetuals, it can extend to spot trading, lending, structured products, and other applications requiring fast, private, and verifiable execution. The ONDO token retains its role as the core for governance and incentives.
CXMT Wealth Myth: 7 Executives Become “Billionaires,” Hefei State Capital Sees Trillions in Returns
CXMT officially listed on the STAR Market today. Its wealth creation myth has brought Hefei state-owned capital over one trillion yuan in paper gains (corresponding to equity book value exceeding 1.21 trillion yuan). Seven company executives joined the "one-billion-yuan net worth" club, with Chairman Zhu Yiming and core technical staff Cao Kanyu each seeing their shareholdings surpass 10 billion yuan. Executive Vice President Zhu Wenju (2.915 billion yuan), Co-President Zhang Yu (2.765 billion yuan), Senior Vice President and CFO Huang Danyang (1.983 billion yuan), Senior Vice President and core technical staff Li Hongwen (1.523 billion yuan), and Vice President and Board Secretary Yuan Yuan (1.107 billion yuan). At the employee stock ownership level, over 6,700 person-times benefited, and at least 237 individuals became millionaires (in yuan). However, all shareholder stock values are statically calculated based on the opening price of 49.50 yuan and the post-IPO total share capital of 66.881 billion shares, representing only paper gains. Stock prices will continue to fluctuate, and book gains do not represent what can ultimately be realized.
OpenAI, Anthropic Reportedly Lobbying to Block Chinese Open-Source Models
OpenAI and Anthropic have held closed-door discussions with US regulators in Washington, attempting to push for tighter restrictions on open-source models. What was once a technical debate has escalated into a contest over the right to set industry rules. The key background to why OpenAI and Anthropic want to restrict open-source is the rapid breakthroughs in open-source model capabilities by Chinese AI companies in recent years. Open-source models lower the barrier for enterprises and developers to use advanced AI technology, and they also help Chinese models rapidly gain global users. Overseas developers and businesses can directly download, modify, and deploy these models without paying hefty API call fees. This has also made OpenAI and Anthropic feel competitive pressure.
Analysis: Not All Bitcoin Miners Can Pivot to AI, Power Resources Become Core Competitiveness
At the inaugural Energy Investment Forum (EIF) held in Dallas, attendees noted that the AI wave is fundamentally driving large-scale energy infrastructure construction rather than just a software competition. Bitcoin miners, leveraging years of experience in finding low-cost power, building modular computing facilities, and participating in grid balancing, have certain advantages in the expansion of AI data centers. However, owning power resources does not automatically qualify them to build AI data centers. Alexander Neumüller, a researcher at the Cambridge Centre for Alternative Finance, stated that preliminary data shows global annual electricity consumption for Bitcoin mining rose from 138 terawatt-hours (TWh) to approximately 190 TWh between June 2024 and December 2025. Around 10% of miners have started dedicating some power to AI or high-performance computing (HPC), and over 40% of companies are exploring such transitions. The future combination of miners and AI infrastructure could take multiple forms, including building large-scale AI data centers, providing distributed computing power, continuing Bitcoin mining operations, or transitioning into grid service providers.
NVIDIA invests billions of dollars in AI startup Safe Superintelligence and reaches long-term cooperation
NVIDIA announced a long-term partnership with Safe Superintelligence (SSI), the AI startup founded by OpenAI co-founder Ilya Sutskever, and will invest billions of dollars to support the company’s expansion of its AI computing infrastructure. SSI stated it will adopt NVIDIA’s latest-generation Vera Rubin platform, boosting its available computing power tenfold within the next 12 months to advance its yet-to-be-public AI research breakthroughs. SSI currently has only dozens of employees, having previously completed a $2 billion funding round in 2025 at a valuation of $32 billion, with investors including Andreessen Horowitz and Lightspeed Venture Partners. This partnership further strengthens NVIDIA’s strategic cooperation layout with top AI model developers.
South Korea single-stock leveraged ETF daily trading volume plunges 27%, capital cools ahead of new 30 million won margin requirement
As South Korea’s financial regulations tighten, trading enthusiasm for single-stock leveraged ETFs is rapidly cooling. Korea Exchange data shows that on July 27, the combined trading volume of 14 leveraged ETFs and two inverse ETFs tracking Samsung Electronics and SK hynix fell to 7.46 trillion won, down 27% from the previous trading day and down more than 30% from the average daily trading volume of the prior week, with their share of total Korean ETF market trading volume dropping to 36.9%. Among them, products related to SK hynix recorded a trading volume of 5.23 trillion won, accounting for about 70% of all single-stock leveraged and inverse ETF trading volume. The market believes the cooling is mainly driven by expectations of new South Korean financial regulatory rules. Starting July 31, individual investors purchasing or increasing holdings of single-stock leveraged ETFs/ETNs must hold a base cash margin of 30 million won, and regulators also plan to increase the minimum trading unit to curb high-frequency short-term trading and reduce market speculation risks.
Trump: Interest rates should be lowered, good negotiations underway with Iran
U.S. President Trump, when speaking about Iran, said we are having good negotiations. There is a big chance something will happen, and Iran has requested a meeting through intermediaries. When talking about the Federal Reserve, Trump said Fed Chair Warsh must deal with the board’s problems. Interest rates should be lowered.
Uphold announces 17% layoffs to address slowdown in trading activity caused by market downturn
Digital asset trading platform Uphold announced layoffs of approximately 17% of its global workforce, affecting a total of 85 full-time employees and contractors. The company said the adjustment is aimed at reallocating resources to its fast-growing enterprise-grade business in response to the slowdown in retail trading activity caused by the recent crypto market downturn. Uphold stated it will not close its UK or other international offices, and all regional operations will continue to operate normally. The company is currently providing crypto trading and custody infrastructure for banks, fintech companies, and brokerages, and plans to upgrade its consumer-facing application by 2026 into a multi-asset blockchain financial platform supporting U.S. stocks, tokenized securities, asset-backed lending, credit cards, prediction markets, and DeFi yields.
Minnesota prediction market ban blocked, Kalshi and Polymarket win lawsuit
U.S. District Judge Katherine Menendez in Minnesota ruled on Monday that a law passed earlier this year by Minnesota banning prediction market operations likely violates the federal Commodity Exchange Act (CEA), granting a preliminary injunction sought by Kalshi, Polymarket, and the CFTC against the law. The court found that the plaintiffs are highly likely to succeed on the merits, because the state law attempts to regulate “swap” transactions that fall under CFTC jurisdiction — prediction market contracts are structured as such. The judge noted that some contracts may not be protected by federal law, but a targeted ban is hard to implement. The court also stated that without blocking the law, Kalshi and Polymarket would suffer irreparable harm, and the preliminary injunction will remain in place until a final judgment.
Trump backs Warsh on rate cuts, calls for U.S. to have the world’s lowest rates, blasts Fed “rate-cut blockers”
U.S. President Trump on Monday expressed support for Federal Reserve Chair Kevin Warsh, while insisting that the United States should have the world’s lowest interest rates. While endorsing his nominee to lead the Fed, Trump questioned the motives of other Fed board members who are reluctant to ease monetary policy. Speaking to reporters aboard Air Force One, Trump said Warsh is “very outstanding,” but that there are members inside the Fed board he considers politicized. He said: “Kevin is very outstanding, but he has a board, and the board members are very politicized, I have to say. He wants to do the right thing. I know what he wants to do.” In his latest remarks, Trump again criticized Fed officials and suggested some policymakers may be blocking rate cuts for improper purposes. “You need the approval of certain people who may have bad intentions. Interest rates should be lowered. This country’s annualized GDP growth rate could have reached 8%, 9%, 10%, 12%. That’s what it should be,” Trump said. He also added: “We should have the lowest interest rates in the world, just like we did thirty years ago.”
Bitwise: Ethereum, Solana, and Avalanche networks are more active and cheaper even as token prices drop
Ethereum, Solana and Avalanche have seen increased network activity and lower usage costs over the past year, yet the prices of ETH, SOL and AVAX have all fallen by about 50% or more. Bitwise head of on-chain research Kam Benbrik said there is a clear divergence between network fundamentals and market sentiment — on-chain activity is actually growing, but protocol design has made block space cheaper, causing a significant drop in revenue. Bitwise’s first quarterly staking report shows Ethereum staking reached 40.2 million ETH at the end of Q2 (one-third of total supply), with new staking mainly coming from institutions. The report also noted that most staking rewards for Ethereum and Solana come from new token issuance rather than user fees (93% for Ethereum, over 90% for Solana), putting non-staking holders at risk of dilution, with increased staking participation also diluting yields. Bitmine holds about 4.9 million of its roughly 5.8 million ETH, making it currently the largest Ethereum reserve company. Ethereum’s annualized staking yield in Q2 was 2.84%, while Solana’s was 6.25%.
Analysis: Bitcoin unaffected by AI sell-off, but key Fed meeting may decide next direction
Bitcoin held near $65,000 on Monday, gaining about 4% over the past few days, while Ethereum hit a nearly two-month high, and AI-related tech stocks fell under pressure. Analysts say this week’s Fed policy decision, inflation data, and tech giant earnings will determine whether Bitcoin can break out of its months-long trading range or fall back to June lows. An LMAX Group market strategist said the resilience of the crypto market during traditional market volatility is encouraging and supports the view that digital assets are beginning to decouple from traditional risk assets. Technically, Bitcoin needs to break above $67,300 to exit its consolidation range since June, while Ethereum faces key resistance at $2,000. Bitmine Chairman Tom Lee noted that the ETH/BTC ratio has risen to a three-month high, a bullish signal. However, a Nansen senior research analyst believes the rebound lacks strong buying support, with declining Bitcoin futures open interest and order book data pointing to net selling pressure, and still expects a possible pullback to the $52,000-$58,000 range unless market conditions improve. The Fed’s rate decision and core PCE data will be the key catalysts this week.
Microsoft AI releases self-developed new cybersecurity model MAI-Cyber-1-F
Microsoft AI has released its self-developed new cybersecurity model MAI-Cyber-1-Flash, the company’s latest research achievement in the cybersecurity technology field. It is expected to play a role in multiple cybersecurity application scenarios such as malicious code identification, cyberattack early warning, and vulnerability risk investigation, providing stronger technical support for network protection systems across various industries.
Bitmine received 7,500 ETH from BitGo 4 hours ago, worth approximately $14.61 million
Bitmine continued to accumulate ETH this week, receiving 7,500 ETH ($14.61 million) from BitGo 4 hours ago.
Apple’s Market Cap Surpasses Nvidia to Reclaim Global Top Spot
On Monday local time, Apple surpassed Nvidia to once again become the world's most valuable company, marking the first time since April 2025. Nvidia's stock fell nearly 5% on Monday, with its market cap dropping to $4.77 trillion, as investors expressed concerns over the massive costs of AI infrastructure construction, dragging the AI chip sector lower overall. Meanwhile, Apple shares rose 1%, reaching a market cap of $4.95 trillion. The company is set to release its highly anticipated earnings report after the market closes on Thursday. Nvidia has held the top spot since overtaking Microsoft in June 2025 and briefly touched a $5 trillion market cap last October. So far in 2026, Nvidia's shares have risen only 4%, while Apple has gained 24%. Apple has outperformed the broader market as it remains cautious on AI capital expenditure, preferring to lease computing power rather than build its own infrastructure — a strategy that has won investor approval.
SpaceX market cap evaporates over $1.2 trillion, already "lost" the value of a Tesla
Since its June peak of $225.64, SpaceX's market cap has evaporated over $1.2 trillion, almost equivalent to the market value of Tesla, another company owned by its founder Musk. On Monday, SpaceX fell for the 13th time in 16 consecutive trading days, closing at $113.50, down over 1%. In the options market, retail investors continued to pile into nearly impossible-to-exercise call options in a bet on a quick rebound in the stock. SpaceX's first earnings report will be released next week; starting August 6, lock-up restrictions on approximately 911.5 million insider shares, representing about 20% of total shares outstanding, will begin to expire. Traders believe the lock-up expiration may not be as severe as the market fears, but it won’t support the share price either.
Grayscale: HYPE ETF inflows accelerate, outperforming BTC, SOL and XRP in the same cycle
According to research data released by Grayscale, based on the proportion of asset market cap, HYPE ETF inflows are accelerating, with relative performance exceeding BTC, ETH, SOL, and XRP. Grayscale noted that Bitcoin inflows have been the most steady and persistent, Ethereum experienced sharp spikes, Solana and XRP showed healthy inflows early on, while HYPE's launch performance at the same lifecycle stage outperformed Bitcoin, Solana, and XRP.
U.S. Senate temporarily shelves Clarity bill, prioritizes other agenda
Senate Majority Leader John Thune has temporarily shelved the Clarity bill, prioritizing the confirmation of government officials and a Russia sanctions bill. The Senate will also lose time on Tuesday and Wednesday this week for the funeral of the late Senator Lindsey Graham. Senate rules limit the ability to handle more than one contentious bill simultaneously, so the Clarity bill may not reach a floor vote until next week at the earliest (the final days before the August 8 recess). The two parties are still seeking a compromise on an ethics provision that would restrict federal officials, including President Trump, from participating in crypto projects. The White House announced last week that Trump agreed to accept the provision, but Democrats consider it insufficient, and both sides agreed to continue negotiations. If the bill cannot pass this year, the industry will face regulatory uncertainty. Even if it passes the Senate, it would still need to be approved again by the House, where recent divisions among House Republicans have hampered other legislative efforts. After returning in September there are a few more weeks, and the lame-duck session after the November elections could produce legislation or become mired in political gridlock.
South Korea's KOSPI index extends losses to 7%, SK Hynix falls 10%
Bybit market data shows South Korea's KOSPI index has extended its decline to 7%, with SK Hynix down 10% and Samsung Electronics down over 8%.
SK Hynix follows in SpaceX's footsteps of breaking below IPO price
SK Hynix (SKHY.O) American Depositary Receipts (ADRs) hit a new low since listing on Monday. The stock debuted on U.S. exchanges earlier this month with a $26.5 billion offering, but its share price has fallen sharply as investors continue to flee the high-valuation semiconductor sector. During the session, it plummeted as much as 10% to $139.01, well below the $149 issue price, before closing at $143.02. With that, SK Hynix joins SpaceX and other stocks in becoming one of the first among this year's largest U.S. IPOs to break below their issue prices. The semiconductor sector was under broad pressure, with the widely followed semiconductor index extending its recent decline to close at its lowest level since May 19. At the same time, the cost of default protection on Nvidia (NVDA.O) corporate bonds rose, as a new round of AI infrastructure deals could exceed $750 billion.
Arthur Hayes again spends 6.32 million USDC to buy 3,298 ETH over-the-counter
Arthur Hayes has increased his trading frequency after stepping away from BitMEX, spending 6.32 million USDC to buy 3,298 ETH over-the-counter via FalconX and Galaxy Digital two hours ago. Since July 15, he has accumulated a total of 13.82 million USDC to purchase 7,212.6 ETH at an average price of $1,916.
Crypto-friendly bank Cross River to provide P2P payments and banking services for X Money
Crypto-friendly Banking-as-a-Service provider Cross River will provide banking infrastructure for X Money, supporting peer-to-peer payments, FDIC-insured interest-bearing accounts, and Visa debit card services. Cross River's banking platform and payment rails will support X's "super app" strategy and are designed to allow more financial products to be added over time. X Money entered limited testing in May 2025 and expanded to external testing in March 2026. X has obtained money transmitter licenses in over 40 U.S. states and registered with FinCEN to support peer-to-peer payments on the platform. The announcement made no mention of cryptocurrency or stablecoin support.
Franklin Templeton voices support for Clarity bill, calls for regulatory clarity for the industry
Franklin Templeton posted on X, publicly supporting the passage of the Clarity bill, stating that the bill would establish a clear regulatory framework for crypto assets, enabling investors to understand applicable protections and companies to know which regulator oversees them, and that it is time to provide the regulatory clarity the industry needs.
Anthropic configuration error makes shared Claude conversations publicly searchable, leading to user privacy leak
Anthropic's Claude chat sharing feature, due to a missing noindex tag, caused conversations generated through "share links" to be indexed by Google and become publicly searchable. A Reddit user discovered hundreds of complete Claude conversations on July 25 through a simple search, exposing sensitive information such as crypto wallet seed phrases, Social Security numbers, and legal discussions. The root cause was the missing noindex tag on share links — while robots.txt blocked crawling, links appearing on third-party platforms allowed Google to still index pages and display entries with "no information available." The flaw also affected Claude's public Artifacts, leaking employee payroll spreadsheets, internal CRM chat logs, and unreleased product roadmaps. Google began removing the relevant results on July 26, but Bing continues to index them. A GitHub repository has archived 453 Claude conversations and 519 Grok conversations, totaling 11,241 messages. Users can revoke sharing via the settings page, but already saved data cannot be deleted. OpenAI had a similar issue in September 2025 that leaked thousands of conversations to search engines.
Coinbase CEO: AI will make crypto technology even more important, agent payments could be key use case
Coinbase CEO Brian Armstrong said that AI will make crypto technology more important rather than replaced, AI agents will rely on stablecoins and blockchain networks for payments, transactions, and financial services, and in the future, the daily transaction volume completed by AI agents may exceed the sum of all humans. He pointed out that the traditional banking system is not designed for software running around the clock, and AI agents need real-time programmable money. Coinbase is positioning USDC, the Base blockchain, and the x402 payment protocol as the core infrastructure for this market, where x402 allows software to pay for online resources through machine-readable payment requests. Armstrong said these tools already support most agent-driven payments, and Coinbase calls this strategy “Agentic Finance” (AiFi). Recently, it launched AI agent payment functionality for USDC for businesses through Coinbase Business, calling it a “high-conviction bet.”
A-shares open, C Changxin opens down 7.7%
Bybit market data shows that A-shares opened with the Shanghai Composite Index down 0.91%, the Shenzhen Component Index down 2.25%, and the ChiNext Index down 3.12%; C Changxin opened down 7.7%.
Hyperliquid SKHX flash crashes 17.9% due to SK Hynix abnormal order, liquidation volume exceeds Binance
Hyperliquid SKHX flash crashed 17.9% this morning, with 4-hour liquidation volume surpassing Binance. The cause was an abnormal order for SK Hynix during NXT pre-market trading (1 share traded at 1.272 million won, about $867), which triggered a circuit breaker after a 30% drop due to poor liquidity. Hyperliquid's price plummeted as its oracle followed suit, and Binance's price also fell due to arbitrage. Prices have now returned to normal.
Analysis: Binance BTC retail inflow roughly double whale inflow, whale inflow down 44.3% from recent high
CryptoQuant analysis points out a significant divergence in Binance Bitcoin inflow data. Whale 30-day total inflow was $3.9 billion, down 44.3% from the peak of about $7 billion on June 12; retail inflow was $7.8 billion, down only 22% from about $10 billion on June 5. Retail inflow is currently about twice that of whales, a gap of $3.9 billion. The analysis notes this divergence comes ahead of the Fed FOMC meeting on July 28–29. Federal funds futures currently price a roughly 36% probability of a 25 basis point rate hike, with holding the 3.50–3.75% target range steady being the more likely scenario. From a Bitcoin perspective, a surprise hike could bolster the US dollar and Treasury yields, increasing volatility in risk assets; a pause accompanied by dovish guidance could partially ease macro pressure. Wednesday's Fed decision will serve as a key variable to test whether this divergence persists or begins to converge.
Largest SK Hynix short on Hyperliquid now sitting on $6.1 million unrealized profit
As SK Hynix plunges, the largest Hynix short on Hyperliquid is now sitting on $6.1 million in unrealized profit. The trader shorted $40.5 million worth of SKHX at $1,275.7; with the current price at $1,083, the unrealized profit is $6.1 million. The trader also shorted $19.15 million worth of BRENTOIL at $97.7, with an unrealized profit of $2.43 million.
Spot silver's intraday decline has widened to 2.41%.
According to Bitget market data, spot silver has fallen below $57 per ounce, with an intraday decline of 2.41%.
3 minutes ago
Hong Kong storage concept stocks extended their decline in the afternoon.
According to Bitget market data, Southern 2x Long SK Hynix (07709.HK) has fallen by over 28%, while Southern 2x Long Samsung Electronics (07747.HK) has dropped by more than 25%.
3 minutes ago
Singapore-based digital asset investment firm Psalion closes a new $50 million fund.
Singapore-based digital asset investment firm Psalion has announced the closing of its largest-ever venture capital fundraise, launching its third fund worth $50 million, aimed at investing in the next phase of blockchain application development. The fund adopts the Singapore Variable Capital Company (VCC) structure and is managed by Conduit Asset Management Pte. Ltd. (CAM), targeting early-stage projects that integrate blockchain technology into the real economy, with a focus on areas including infrastructure, middleware, trade finance, real-world assets (RWA), stablecoins, and decentralized finance (DeFi). Psalion stated that the fund will primarily invest in pre-seed and seed-stage startups, and focus on the integration of Web3 infrastructure into consumer-facing applications, covering changes to asset ownership, transaction methods, and user interaction patterns. Tim Enneking, managing partner at Psalion, noted that the crypto market used to represent an investment philosophy that stood in opposition to the traditional financial system, but now the team is focused on bridging the two—enabling Web2 businesses to operate on Web3 infrastructure.
3 minutes ago
Bithumb will suspend deposit and withdrawal services for NEO and GAS to support the NEO N3 network upgrade.
According to an official announcement, to support the NEO network upgrade and maintain stable deposit and withdrawal services, deposit and withdrawal functions for NEO (NEO) and GAS (GAS) assets will be temporarily suspended. The suspension covers NEO and GAS on the NEO N3 network. The relevant deposit and withdrawal services are expected to be suspended at 18:00 KST on July 31, 2026, and will resume after network stability is confirmed; the specific resumption time will be notified via subsequent announcements. The suspension is to support the NEO network upgrade and Bithumb’s node server update. The NEO network upgrade is scheduled to take place at 01:00 KST on August 1, 2026, targeting block height 12,020,000. During the upgrade, trading functions for the relevant assets remain unaffected, though users should note potential market fluctuations during network maintenance. Pending deposit and withdrawal requests submitted earlier will be processed in sequence after system confirmation.
3 minutes ago
ZuriQ completes $25.5 million seed round to advance development of its novel quantum chip architecture.
ETH Zurich spin-off startup ZuriQ has announced the completion of a $25.5 million seed round. The company is dedicated to developing a novel quantum chip architecture, which is claimed to offer stronger scalability than existing solutions, and is expected to accelerate the large-scale development of the quantum computing sector.
3 minutes ago
South Korea's sluggish stock market has driven retail investors to shift to the US stock market, with net purchases exceeding 5 trillion won this month.
According to South Korea's Seoul Economic Daily, amid the continued downturn in the South Korean stock market, domestic investors have once again shifted to US equities, with net purchases exceeding 5 trillion won this month. Data from Seibro, the securities information portal of the Korea Securities Depository & Clearing Corporation, shows that between the 1st and 27th of this month, South Korean investors' net purchases of US stocks totaled $3.58999 billion, roughly 5.5 times the net purchases for the entire month of June. As of the 23rd, net purchases stood at only $2.53026 billion, but rose by $1.05973 billion in the subsequent two trading days. Retail investor funds are mainly concentrated in semiconductor and technology stocks. The most purchased product this month is the Direxion Daily Semiconductor Bull 3X ETF, which tracks the Philadelphia Semiconductor Index, with net purchases reaching $1.75919 billion. SK Hynix ADRs have also remained highly sought-after, with net purchases climbing to $812.38 million as of the 27th.
Spot silver's intraday decline has widened to 2.41%.
According to Bitget market data, spot silver has fallen below $57 per ounce, with an intraday decline of 2.41%.
3 minutes ago
Hong Kong storage concept stocks extended their decline in the afternoon.
According to Bitget market data, Southern 2x Long SK Hynix (07709.HK) has fallen by over 28%, while Southern 2x Long Samsung Electronics (07747.HK) has dropped by more than 25%.
3 minutes ago
Singapore-based digital asset investment firm Psalion closes a new $50 million fund.
Singapore-based digital asset investment firm Psalion has announced the closing of its largest-ever venture capital fundraise, launching its third fund worth $50 million, aimed at investing in the next phase of blockchain application development. The fund adopts the Singapore Variable Capital Company (VCC) structure and is managed by Conduit Asset Management Pte. Ltd. (CAM), targeting early-stage projects that integrate blockchain technology into the real economy, with a focus on areas including infrastructure, middleware, trade finance, real-world assets (RWA), stablecoins, and decentralized finance (DeFi). Psalion stated that the fund will primarily invest in pre-seed and seed-stage startups, and focus on the integration of Web3 infrastructure into consumer-facing applications, covering changes to asset ownership, transaction methods, and user interaction patterns. Tim Enneking, managing partner at Psalion, noted that the crypto market used to represent an investment philosophy that stood in opposition to the traditional financial system, but now the team is focused on bridging the two—enabling Web2 businesses to operate on Web3 infrastructure.
3 minutes ago
Bithumb will suspend deposit and withdrawal services for NEO and GAS to support the NEO N3 network upgrade.
According to an official announcement, to support the NEO network upgrade and maintain stable deposit and withdrawal services, deposit and withdrawal functions for NEO (NEO) and GAS (GAS) assets will be temporarily suspended. The suspension covers NEO and GAS on the NEO N3 network. The relevant deposit and withdrawal services are expected to be suspended at 18:00 KST on July 31, 2026, and will resume after network stability is confirmed; the specific resumption time will be notified via subsequent announcements. The suspension is to support the NEO network upgrade and Bithumb’s node server update. The NEO network upgrade is scheduled to take place at 01:00 KST on August 1, 2026, targeting block height 12,020,000. During the upgrade, trading functions for the relevant assets remain unaffected, though users should note potential market fluctuations during network maintenance. Pending deposit and withdrawal requests submitted earlier will be processed in sequence after system confirmation.
3 minutes ago
ZuriQ completes $25.5 million seed round to advance development of its novel quantum chip architecture.
ETH Zurich spin-off startup ZuriQ has announced the completion of a $25.5 million seed round. The company is dedicated to developing a novel quantum chip architecture, which is claimed to offer stronger scalability than existing solutions, and is expected to accelerate the large-scale development of the quantum computing sector.
3 minutes ago
South Korea's sluggish stock market has driven retail investors to shift to the US stock market, with net purchases exceeding 5 trillion won this month.
According to South Korea's Seoul Economic Daily, amid the continued downturn in the South Korean stock market, domestic investors have once again shifted to US equities, with net purchases exceeding 5 trillion won this month. Data from Seibro, the securities information portal of the Korea Securities Depository & Clearing Corporation, shows that between the 1st and 27th of this month, South Korean investors' net purchases of US stocks totaled $3.58999 billion, roughly 5.5 times the net purchases for the entire month of June. As of the 23rd, net purchases stood at only $2.53026 billion, but rose by $1.05973 billion in the subsequent two trading days. Retail investor funds are mainly concentrated in semiconductor and technology stocks. The most purchased product this month is the Direxion Daily Semiconductor Bull 3X ETF, which tracks the Philadelphia Semiconductor Index, with net purchases reaching $1.75919 billion. SK Hynix ADRs have also remained highly sought-after, with net purchases climbing to $812.38 million as of the 27th.
Spot silver's intraday decline has widened to 2.41%.
According to Bitget market data, spot silver has fallen below $57 per ounce, with an intraday decline of 2.41%.
3 minutes ago
Hong Kong storage concept stocks extended their decline in the afternoon.
According to Bitget market data, Southern 2x Long SK Hynix (07709.HK) has fallen by over 28%, while Southern 2x Long Samsung Electronics (07747.HK) has dropped by more than 25%.
3 minutes ago
Singapore-based digital asset investment firm Psalion closes a new $50 million fund.
Singapore-based digital asset investment firm Psalion has announced the closing of its largest-ever venture capital fundraise, launching its third fund worth $50 million, aimed at investing in the next phase of blockchain application development. The fund adopts the Singapore Variable Capital Company (VCC) structure and is managed by Conduit Asset Management Pte. Ltd. (CAM), targeting early-stage projects that integrate blockchain technology into the real economy, with a focus on areas including infrastructure, middleware, trade finance, real-world assets (RWA), stablecoins, and decentralized finance (DeFi). Psalion stated that the fund will primarily invest in pre-seed and seed-stage startups, and focus on the integration of Web3 infrastructure into consumer-facing applications, covering changes to asset ownership, transaction methods, and user interaction patterns. Tim Enneking, managing partner at Psalion, noted that the crypto market used to represent an investment philosophy that stood in opposition to the traditional financial system, but now the team is focused on bridging the two—enabling Web2 businesses to operate on Web3 infrastructure.
3 minutes ago
Bithumb will suspend deposit and withdrawal services for NEO and GAS to support the NEO N3 network upgrade.
According to an official announcement, to support the NEO network upgrade and maintain stable deposit and withdrawal services, deposit and withdrawal functions for NEO (NEO) and GAS (GAS) assets will be temporarily suspended. The suspension covers NEO and GAS on the NEO N3 network. The relevant deposit and withdrawal services are expected to be suspended at 18:00 KST on July 31, 2026, and will resume after network stability is confirmed; the specific resumption time will be notified via subsequent announcements. The suspension is to support the NEO network upgrade and Bithumb’s node server update. The NEO network upgrade is scheduled to take place at 01:00 KST on August 1, 2026, targeting block height 12,020,000. During the upgrade, trading functions for the relevant assets remain unaffected, though users should note potential market fluctuations during network maintenance. Pending deposit and withdrawal requests submitted earlier will be processed in sequence after system confirmation.
3 minutes ago
ZuriQ completes $25.5 million seed round to advance development of its novel quantum chip architecture.
ETH Zurich spin-off startup ZuriQ has announced the completion of a $25.5 million seed round. The company is dedicated to developing a novel quantum chip architecture, which is claimed to offer stronger scalability than existing solutions, and is expected to accelerate the large-scale development of the quantum computing sector.
3 minutes ago
South Korea's sluggish stock market has driven retail investors to shift to the US stock market, with net purchases exceeding 5 trillion won this month.
According to South Korea's Seoul Economic Daily, amid the continued downturn in the South Korean stock market, domestic investors have once again shifted to US equities, with net purchases exceeding 5 trillion won this month. Data from Seibro, the securities information portal of the Korea Securities Depository & Clearing Corporation, shows that between the 1st and 27th of this month, South Korean investors' net purchases of US stocks totaled $3.58999 billion, roughly 5.5 times the net purchases for the entire month of June. As of the 23rd, net purchases stood at only $2.53026 billion, but rose by $1.05973 billion in the subsequent two trading days. Retail investor funds are mainly concentrated in semiconductor and technology stocks. The most purchased product this month is the Direxion Daily Semiconductor Bull 3X ETF, which tracks the Philadelphia Semiconductor Index, with net purchases reaching $1.75919 billion. SK Hynix ADRs have also remained highly sought-after, with net purchases climbing to $812.38 million as of the 27th.
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.
Spot silver's intraday decline has widened to 2.41%.
According to Bitget market data, spot silver has fallen below $57 per ounce, with an intraday decline of 2.41%.
3 minutes ago
Hong Kong storage concept stocks extended their decline in the afternoon.
According to Bitget market data, Southern 2x Long SK Hynix (07709.HK) has fallen by over 28%, while Southern 2x Long Samsung Electronics (07747.HK) has dropped by more than 25%.
3 minutes ago
Singapore-based digital asset investment firm Psalion closes a new $50 million fund.
Singapore-based digital asset investment firm Psalion has announced the closing of its largest-ever venture capital fundraise, launching its third fund worth $50 million, aimed at investing in the next phase of blockchain application development. The fund adopts the Singapore Variable Capital Company (VCC) structure and is managed by Conduit Asset Management Pte. Ltd. (CAM), targeting early-stage projects that integrate blockchain technology into the real economy, with a focus on areas including infrastructure, middleware, trade finance, real-world assets (RWA), stablecoins, and decentralized finance (DeFi). Psalion stated that the fund will primarily invest in pre-seed and seed-stage startups, and focus on the integration of Web3 infrastructure into consumer-facing applications, covering changes to asset ownership, transaction methods, and user interaction patterns. Tim Enneking, managing partner at Psalion, noted that the crypto market used to represent an investment philosophy that stood in opposition to the traditional financial system, but now the team is focused on bridging the two—enabling Web2 businesses to operate on Web3 infrastructure.
3 minutes ago
Bithumb will suspend deposit and withdrawal services for NEO and GAS to support the NEO N3 network upgrade.
According to an official announcement, to support the NEO network upgrade and maintain stable deposit and withdrawal services, deposit and withdrawal functions for NEO (NEO) and GAS (GAS) assets will be temporarily suspended. The suspension covers NEO and GAS on the NEO N3 network. The relevant deposit and withdrawal services are expected to be suspended at 18:00 KST on July 31, 2026, and will resume after network stability is confirmed; the specific resumption time will be notified via subsequent announcements. The suspension is to support the NEO network upgrade and Bithumb’s node server update. The NEO network upgrade is scheduled to take place at 01:00 KST on August 1, 2026, targeting block height 12,020,000. During the upgrade, trading functions for the relevant assets remain unaffected, though users should note potential market fluctuations during network maintenance. Pending deposit and withdrawal requests submitted earlier will be processed in sequence after system confirmation.
3 minutes ago
ZuriQ completes $25.5 million seed round to advance development of its novel quantum chip architecture.
ETH Zurich spin-off startup ZuriQ has announced the completion of a $25.5 million seed round. The company is dedicated to developing a novel quantum chip architecture, which is claimed to offer stronger scalability than existing solutions, and is expected to accelerate the large-scale development of the quantum computing sector.
3 minutes ago
South Korea's sluggish stock market has driven retail investors to shift to the US stock market, with net purchases exceeding 5 trillion won this month.
According to South Korea's Seoul Economic Daily, amid the continued downturn in the South Korean stock market, domestic investors have once again shifted to US equities, with net purchases exceeding 5 trillion won this month. Data from Seibro, the securities information portal of the Korea Securities Depository & Clearing Corporation, shows that between the 1st and 27th of this month, South Korean investors' net purchases of US stocks totaled $3.58999 billion, roughly 5.5 times the net purchases for the entire month of June. As of the 23rd, net purchases stood at only $2.53026 billion, but rose by $1.05973 billion in the subsequent two trading days. Retail investor funds are mainly concentrated in semiconductor and technology stocks. The most purchased product this month is the Direxion Daily Semiconductor Bull 3X ETF, which tracks the Philadelphia Semiconductor Index, with net purchases reaching $1.75919 billion. SK Hynix ADRs have also remained highly sought-after, with net purchases climbing to $812.38 million as of the 27th.
Spot silver's intraday decline has widened to 2.41%.
According to Bitget market data, spot silver has fallen below $57 per ounce, with an intraday decline of 2.41%.
2 minutes ago
Hong Kong storage concept stocks extended their decline in the afternoon.
According to Bitget market data, Southern 2x Long SK Hynix (07709.HK) has fallen by over 28%, while Southern 2x Long Samsung Electronics (07747.HK) has dropped by more than 25%.
2 minutes ago
Singapore-based digital asset investment firm Psalion closes a new $50 million fund.
Singapore-based digital asset investment firm Psalion has announced the closing of its largest-ever venture capital fundraise, launching its third fund worth $50 million, aimed at investing in the next phase of blockchain application development. The fund adopts the Singapore Variable Capital Company (VCC) structure and is managed by Conduit Asset Management Pte. Ltd. (CAM), targeting early-stage projects that integrate blockchain technology into the real economy, with a focus on areas including infrastructure, middleware, trade finance, real-world assets (RWA), stablecoins, and decentralized finance (DeFi). Psalion stated that the fund will primarily invest in pre-seed and seed-stage startups, and focus on the integration of Web3 infrastructure into consumer-facing applications, covering changes to asset ownership, transaction methods, and user interaction patterns. Tim Enneking, managing partner at Psalion, noted that the crypto market used to represent an investment philosophy that stood in opposition to the traditional financial system, but now the team is focused on bridging the two—enabling Web2 businesses to operate on Web3 infrastructure.
2 minutes ago
Bithumb will suspend deposit and withdrawal services for NEO and GAS to support the NEO N3 network upgrade.
According to an official announcement, to support the NEO network upgrade and maintain stable deposit and withdrawal services, deposit and withdrawal functions for NEO (NEO) and GAS (GAS) assets will be temporarily suspended. The suspension covers NEO and GAS on the NEO N3 network. The relevant deposit and withdrawal services are expected to be suspended at 18:00 KST on July 31, 2026, and will resume after network stability is confirmed; the specific resumption time will be notified via subsequent announcements. The suspension is to support the NEO network upgrade and Bithumb’s node server update. The NEO network upgrade is scheduled to take place at 01:00 KST on August 1, 2026, targeting block height 12,020,000. During the upgrade, trading functions for the relevant assets remain unaffected, though users should note potential market fluctuations during network maintenance. Pending deposit and withdrawal requests submitted earlier will be processed in sequence after system confirmation.
2 minutes ago
ZuriQ completes $25.5 million seed round to advance development of its novel quantum chip architecture.
ETH Zurich spin-off startup ZuriQ has announced the completion of a $25.5 million seed round. The company is dedicated to developing a novel quantum chip architecture, which is claimed to offer stronger scalability than existing solutions, and is expected to accelerate the large-scale development of the quantum computing sector.
2 minutes ago
South Korea's sluggish stock market has driven retail investors to shift to the US stock market, with net purchases exceeding 5 trillion won this month.
According to South Korea's Seoul Economic Daily, amid the continued downturn in the South Korean stock market, domestic investors have once again shifted to US equities, with net purchases exceeding 5 trillion won this month. Data from Seibro, the securities information portal of the Korea Securities Depository & Clearing Corporation, shows that between the 1st and 27th of this month, South Korean investors' net purchases of US stocks totaled $3.58999 billion, roughly 5.5 times the net purchases for the entire month of June. As of the 23rd, net purchases stood at only $2.53026 billion, but rose by $1.05973 billion in the subsequent two trading days. Retail investor funds are mainly concentrated in semiconductor and technology stocks. The most purchased product this month is the Direxion Daily Semiconductor Bull 3X ETF, which tracks the Philadelphia Semiconductor Index, with net purchases reaching $1.75919 billion. SK Hynix ADRs have also remained highly sought-after, with net purchases climbing to $812.38 million as of the 27th.
After almost two weeks in a corrective phase, Hyperliquid is getting close to one of its most significant technical levels. Right on top of the 100-day exponential moving average, which has historically served as dependable support throughout the larger uptrend, the asset is currently trading at $59.5.
HYPE has progressively formed a series of lower highs while staying above significant long-term support since its explosive rally toward the $75 region in June. The token's recent drop put it below the 26-day and 50-day EMAs, indicating that pressure is still on short-term momentum.
HYPE/USDT Chart by TradingViewNevertheless, sellers have not yet succeeded in forcing a clear breakdown below the $57.5 100-day EMA. The current price area is particularly important because of this. HYPE may attempt another comeback toward the 50-day EMA around $62 and then the 26-day EMA around $64.3 if buyers hold this level.
HOT Stories
Regaining both moving averages would boost bullish momentum and probably inspire another attempt to challenge the $68–70 resistance range. Throughout the correction, volume has steadily decreased, which is usually a positive indication. Following the significant gains made earlier this year, the market seems to be going through a phase of profit-taking rather than aggressive liquidation.
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Additionally, the RSI has dropped to about 43, which gives buyers plenty of space to pick up steam without going straight into overbought territory. The next significant technical support would probably be the 200-day EMA, which is close to $50, if the 100-day EMA were lost.
The medium-term bullish structure that has persisted since March would also be broken by such a decline. Within a broader bullish market, HYPE is currently in a corrective trend. Whether this is just another healthy pullback or the start of a deeper retracement will probably depend on how long the current support lasts.
Shiba Inu's unexpected breakoutWith one of its biggest daily volume spikes in months, Shiba Inu has finally provided the breakout that many traders had been waiting for. Before testing the 100-day EMA close to $0.00000504, the rally pushed SHIB through both the 26-day and 50-day exponential moving averages.
Following weeks of sideways consolidation, trading volume surged above 2 trillion SHIB, indicating an aggressive return by buyers. The short-term series of lower highs that had characterized SHIB's July performance was also rendered invalid by the move.
SHIB/USDT Chart by TradingViewThe most recent candle also shows significant selling pressure despite the strong breakout. Sellers swiftly intervened after a brief push above the 100-day EMA, leaving a long upper wick that implies profit-taking is still active around resistance. Nevertheless, there has been a significant improvement in the technical picture.
The 50-day EMA is positioned slightly higher near $0.00000448, while the 26-day EMA has become instant support around $0.00000445. Instead of losing the entire breakout, SHIB could consolidate recent gains if it held above those levels. The declining 200-day EMA at $0.0000060 is the next challenge. That continues to be the main long-term barrier dividing SHIB from a more general bullish reversal.
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Testing that zone in the upcoming sessions would be much more likely if the 100-day EMA were successfully broken above. Cautious optimism is also supported by momentum indicators. While staying below conventional overbought territory, the RSI has risen toward 65, indicating strong buying interest.
If demand persists, that leaves room for further upside. All things considered, SHIB has transitioned from a protracted bearish structure into an early recovery phase. Although sentiment has significantly improved since the breakout, confirmation still hinges on buyers' ability to create daily closes above the 100-day EMA and turn previous resistance into long-term support.
Chainlink's trend reversal pushAfter regaining all three of the shorter-term exponential moving averages, Chainlink (LINK) is making an effort to complete a significant trend reversal. The asset's short-term technical outlook is greatly improved by the fact that it is currently trading at about $8.72, just above the 26-day EMA and successfully breaking through the 50-day EMA.
LINK/USDT Chart by TradingViewAfter LINK set a local bottom close to the $7.20 region earlier this month, the recovery got underway. Since then, buyers have created a series of higher highs and lows, suggesting that momentum has gradually returned to favoring bulls. In contrast to earlier attempts at recovery, this rally has also been accompanied by increased trading volume, indicating real participation as opposed to a brief short squeeze.
Right now, the resistance range between $8.80 and $9.00 is the main focus. Earlier in the session, LINK briefly rose above that level before declining, indicating that sellers are still active. Another move toward the psychological $10 level, which also represents an area of prior congestion from May, would probably be triggered by a convincing daily close above this range.
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Without going into overbought territory, the RSI has risen above 60, providing more space for buyers if momentum keeps growing. However, the long-term trend is still not entirely bullish.
The first significant barrier between LINK and a full trend reversal is the 200-day EMA, which is still well above $9.75. A large portion of the bearish structure that has dominated price action throughout the year would be invalidated if it were cleared.
The 26-day EMA is around $8.49 and the 50-day EMA around $8.00 becomes the first support if buyers are unable to maintain control. The existing recovery structure is maintained as long as LINK stays above those levels.
Reclaiming the 200-day moving average is still necessary to confirm a wider bullish reversal, even though the technical picture has significantly improved over the last few weeks.
Stellar's consolidationBulls and bears are unable to maintain control over Stellar, which is stuck in a protracted consolidation phase. Following yet another rejection from the cluster of short-term moving averages, the asset is currently trading at about $0.181. XLM has gradually lost steam as volatility has decreased since the spectacular surge toward $0.30 earlier this summer.
The price currently fluctuates nearly exactly between the 26-day, 50-day, and 100-day exponential moving averages, indicating an exceptionally balanced market with low buyer and seller conviction.
XLM/USDT Chart by TradingViewTechnically, the structure is neutral but brittle. While the 50-day EMA near $0.192 and the 100-day EMA around $0.196 form an increasingly strong resistance zone overhead, the 26-day EMA around $0.186 has frequently capped recovery attempts. Upside potential is still restricted until XLM regains those levels.
Additionally, volume has significantly decreased since the June breakout, indicating a cooling of speculative interest. In the meantime, the RSI is at about 44, which indicates weak momentum without going into oversold territory. As a result, the market is left waiting for a catalyst that could upset the existing equilibrium.
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Support at $0.175 is still the first level to watch on the decline. Losing that region could prolong the corrective phase and reveal the prior swing low around $0.165. On the other hand, XLM would be able to challenge the 50-day EMA before aiming for the psychologically significant $0.20 level if a daily close above the 26-day EMA improved short-term sentiment.
In general, Stellar is still in a state of uncertainty. Compression around important moving averages has taken the place of the aggressive volatility that typified June. The direction of XLM's next significant trend will probably depend on the next significant breakout, whether it is above $0.19 or below $0.175.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
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Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Hyperliquid, a decentralized perpetual futures exchange, has reached a new milestone with its open interest hitting $11.5 billion, marking the highest level of 2026. This surge is primarily attributed to increased activity in equities and AI-related sectors, along with significant contributions from RWA and HIP-3 builder markets. The platform’s share of centralized-exchange perpetual open interest also attained a record at 9.5%. This development indicates growing engagement and interest in Hyperliquid, potentially impacting its future price predictions.
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Key Takeaways The $11.5 billion open interest appears to reflect heightened activity and interest in Hyperliquid’s platform. Market pricing suggests that Hyperliquid’s growth is largely driven by non-crypto assets, particularly in RWA markets. The increase in Hyperliquid’s market share of perpetual open interest is consistent with scenarios where its valuation could rise. What to Watch Watch for any further announcements or partnerships that could influence Hyperliquid’s valuation. Key indicators include media coverage and institutional interest, which may indicate future performance. Conversely, any setbacks, such as security breaches or regulatory challenges, could alter the current trajectory. The ongoing dynamics in equities and AI-related activities will also be critical in shaping Hyperliquid’s competitive position.
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Term Structure
Contract Odds Δ since publish Volume 24h December 31 21% — — View market → January 1 2027 6.5% — — View market → January 1 2027 2.9% — — View market → January 1 2027 45.5% — — View market → January 1 2027 8.8% — — View market → January 1 2027 3.5% — — View market →
Hyperliquid Policy Center (HPC) disclosed that it has jointly submitted a comment letter to the U.S. Commodity Futures Trading Commission (CFTC) with Multicoin Capital, supporting the agency’s proposed regulatory framework for prediction markets. The two parties emphasized that prediction markets should be uniformly regulated by the CFTC as the sole federal regulator, rather than overseen separately by individual states under their respective gambling rules, to prevent market fragmentation. HPC and Multicoin hold that event contracts matched on trading platforms are fundamentally distinct from traditional gambling, so the former should be incorporated into the financial market regulatory system. The comment letter recommends the CFTC further clarify review standards for event contracts, including adopting a judgment approach based on contract settlement outcomes, and publicly disclose the specific rationale behind each review decision—measures aimed at boosting regulatory transparency and providing stable expectations for market participants. Hyperliquid added that its platform already supports trading of result-based on-chain contracts; since related markets launched in May, they have grown rapidly, with open interest recently hitting an all-time high, and all positions are settled via on-chain collateral. The two sides argue that a clear, technologically neutral federal regulatory framework will advance the compliant development of on-chain prediction markets and derivative markets.
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The Hyperliquid Policy Center and Multicoin Capital have filed a joint comment supporting the Commodity Futures Trading Commission’s proposed prediction-market framework.
Summary
Hyperliquid Policy Center and Multicoin support clear federal standards for regulated prediction market contract reviews. They want settlement terms to determine whether contracts involve gaming, war, assassination, or restricted activities. The groups seek published reasoning whenever the CFTC approves or rejects reviewed event contracts publicly. The groups said written federal standards would help operators design event contracts and reduce policy swings between administrations.
The filing arrived on July 27, the proposal’s comment deadline. The rule would explain how the CFTC reviews contracts tied to gaming, war, terrorism, assassination and conduct that violates federal or state law.
Joint filing supports the CFTC proposal The CFTC proposed amendments to Regulation 40.11 in June after an earlier consultation. Its three-step test would ask whether a product is an event contract, whether it involves a listed activity and whether trading would conflict with the public interest.
The plan does not ban every contract connected to those subjects. The CFTC would review products case by case during a process lasting up to 90 days. Chairman Michael Selig called it a “durable, transparent framework,” although the Commission may change the text before adopting a final rule.
Prediction markets topped $50 billion in trading volume last month, and the biggest names in traditional finance are moving in.
Today, with @multicoin, we filed a joint comment supporting the @CFTC 's proposed prediction markets framework.
These markets have grown up. The… https://t.co/pYG4mevmbT
— Hyperliquid Policy Center (@HyperliquidPC) July 27, 2026 Hyperliquid Policy Center and Multicoin said “clear rules beat guesswork.” They argued that standards written into regulations would offer more certainty than policies based mainly on staff interpretation. Their filing presents an industry position and does not resolve current legal disputes.
Groups seek one federal regulator The joint comment argues that the CFTC should remain the single federal regulator for exchange-traded prediction contracts. It distinguished those products from bookmaker wagers. Exchange participants trade with one another at market prices, while the venue matches orders and charges fees.
Several states have challenged prediction-market operators under gambling laws. Platforms and the CFTC argue that the Commodity Exchange Act gives federal authorities exclusive control over contracts listed on registered derivatives exchanges. Courts have not produced one final nationwide answer.
As crypto.news previously reported, North Carolina approved access for CFTC-regulated prediction markets in July, while disputes continued elsewhere. Separate coverage described lawsuits involving Kentucky, Kalshi and Polymarket. Those cases test whether federal derivatives rules override state gaming requirements.
Filing seeks settlement-based tests and public reasons The comment recommends that the CFTC decide whether a contract “involves” a restricted activity by examining the event that controls settlement. A passing link to war or gaming would not automatically trigger review. The payout condition would determine whether the contract enters a listed category.
The CFTC proposal follows a similar reading. It focuses on the underlying settlement event rather than treating trading itself as gaming. The agency also gives examples separating a contract on an unlawful act from one that settles on a lawful court decision.
The groups asked the Commission to publish more examples for difficult cases. They also want it to explain every completed review, including approvals. The proposal requires reasoning when the CFTC blocks a product, but approval decisions could guide later filings.
That request comes as the regulator demands more product-specific detail. On July 24, the CFTC issued its second 2026 warning against broad, template-style self-certifications. It said venues must provide contract terms, settlement methods, data sources and compliance analysis for each proposed variation.
Hyperliquid’s markets shape its policy interest Hyperliquid introduced HIP-4 outcome contracts on mainnet in May. The fully collateralised products settle at zero or one and do not use leverage or liquidations. Validators approve and settle canonical markets using defined information sources within Hyperliquid’s network.
As crypto.news reported, Hyperliquid’s first offchain market covered the U.S. consumer price index. The platform later expanded its outcome-market system as part of a move beyond perpetual futures. The Policy Center has also asked regulators to account for non-custodial blockchain markets.
The group said Hyperliquid’s products support its case for technology-neutral rules. However, the onchain venue does not currently operate as a CFTC-registered U.S. exchange. A final event-contract rule would not alone create a legal route for decentralized platforms or U.S. users.
The filing also cited fast market growth. Hyperliquid Policy Center said major venues passed $50 billion in June volume. A crypto.news analysis placed combined June volume for Polymarket and Kalshi at $44.8 billion, showing that totals vary by platform and product coverage.
The CFTC will review the comments before deciding whether to revise or adopt the proposal. The process may clarify how registered venues list event contracts, while questions about decentralized access, state authority and registration remain open. National regulators, courts and lawmakers may still shape which firms can serve U.S. customers and which contracts may legally reach them in practice.
A venue clearing more than $200 billion a month, holding roughly 70% of on-chain perpetuals volume, is secured by 27 validators. Its foundation ran every one of them at launch. Both the critics and the defenders are working from stale numbers, so here is the audit: what the set looks like now, which powers actually exist, and where the honest gap remains.
Summary
Hyperliquid’s validator set has grown from 4 at launch to 16, then 21, 24, and 27 as of June, with registration permissionless and the largest stakes forming the active set. The decisive number moved this year: foundation-run validators now hold about 49.3% of staked HYPE, with the remaining 50.7% spread across 22 other operators, down from a reported 81% concentration in early 2025. The loudest criticism, that the foundation can jail validators at will, does not match the documentation, which describes jailing as peer-triggered for latency and reliability failures, with no automatic slashing anywhere in the system. The genuine gap is scale, not malice: 27 validators against roughly 1,800 on Solana and hundreds of thousands on Ethereum, securing a venue whose monthly volume exceeds $200 billion, with node software still closed and a delegation program that applies identity checks to participants. Singapore’s regulator added Hyperliquid to its Investor Alert List in June, which converts the decentralization argument from a philosophical debate into a question with legal consequences. The most valuable thing about a decentralization argument is usually the data it forces into the open, and the Hyperliquid version has been running on stale data for eighteen months. In January 2025 a node operator published a letter noting that five foundation validators controlled more than 81% of staked HYPE across a set of sixteen, and that number entered the discourse and never left it. In June 2026, a prominent investor declared the network not permissionless at all, citing validators concentrated in a single building, node software that remains closed, and a foundation that can jail operators and force upgrades on them. Both interventions were treated as verdicts. Neither reflected the current state of the network, which had by then expanded to 27 validators with foundation-run nodes holding slightly less than half the stake, and neither engaged with what the protocol’s own documentation says about the powers in dispute. Meanwhile the thing being argued over kept growing: a venue processing more than $200 billion a month, holding roughly 70% of decentralized perpetuals volume, generating on the order of a billion dollars a year in fees, with an order book, a matching engine, and a liquidation system all running on those 27 machines. This piece is the audit both sides have been arguing without: the set as it stands, the powers as documented, the precedent where those powers actually fired, and the gap that survives every correction.
The set, counted Start with the trajectory, because the direction is the part the standing critique omits.
Hyperliquid launched with a handful of validators, all run by the foundation, in what amounted to a permissioned network wearing a public ticker. The set expanded to 16 in January 2025, the moment that produced the original decentralization letter and the 81% concentration figure. In April 2025 the foundation restructured registration itself: the set moved to 21 nodes, with registration open to anyone and the 21 largest by stake forming the active set, which converted validator status from an appointment into an auction. Growth continued through 24 to 27 as of June 2026, with a stake threshold to enter that has run above a million HYPE, a number that itself functions as the network’s real admission price.
The concentration figure moved with it. Following a round of redelegations from foundation validators in June, foundation-run nodes hold approximately 49.3% of staked HYPE, with about 50.7% distributed across 22 independent operators. The foundation runs five validators of the 27. That is a materially different network from the one described by the 81% figure still circulating in criticism, and any honest audit has to lead with the improvement before cataloguing what remains.
The mechanics underneath are worth stating precisely, because they define who can participate. Consensus is delegated proof of stake: validators require a minimum self-delegation of 10,000 HYPE locked for a year, delegators face a one-day lock and a seven-day unstaking queue, and rewards accrue continuously with automatic recompounding. There is no automatic slashing anywhere in the system, which is unusual and cuts both ways: no operator loses stake for a mistake, and no operator loses stake for misbehavior either, leaving the unstaking queue and social consequences as the enforcement layer. Governance runs on delegated stake weight, with validators declaring positions and outcomes determined by the tokens behind them, not by validator headcount, which means the concentration number is the governance number, not a trivium.
The three powers, examined Now the specific allegations, taken one at a time against the documentation, because two of the three survive and one does not.
Jailing. The claim that has traveled furthest is that the foundation can jail a validator for any reason and remove it from the active set. The protocol documentation describes something different: validators can be jailed through peer voting for latency and reliability failures, and a jailed validator stops producing rewards for its delegators until unjailed, with no slashing attached. Peer-triggered removal for performance is standard practice across proof-of-stake networks and is not foundation discretion. The residual concern is real but narrower than the accusation: when foundation-affiliated nodes hold close to half the stake, peer voting weighted by that stake is not fully independent of the foundation, so the mechanism is only as neutral as the distribution underneath it. That is an argument about concentration, which is the argument this piece keeps returning to, and not an argument about arbitrary power.
Forced upgrades. The claim that validators must adopt protocol upgrades is essentially accurate and largely unremarkable. Every chain running a single client implementation faces the same reality: nodes that decline an upgrade fall out of consensus, which is a coordination fact, not a governance power. What makes it sharper here is the single-binary architecture. Hyperliquid runs one implementation, which the foundation has defended by pointing out that Solana operated the same way for years. The defense is honest and incomplete: single-client networks concentrate the risk that a bug or a decision in one codebase becomes the whole network’s bug or decision, which is precisely why Ethereum’s client diversity is treated as a security property instead of an inefficiency.
Closed source. This one stands, and it is the most consequential of the three. The node software has remained closed, with the foundation’s position since early 2025 being that the code will open when it is stable, citing development speed and security. Eighteen months and considerable growth later, the promise is still outstanding, and it is the crux of the June criticism: a validator running a binary it cannot read is trusting the author in a way that no amount of stake distribution fixes. Users can verify state on-chain, but nobody outside the team can independently verify what the software does before it produces that state. For a venue clearing $200 billion a month, that is the single widest gap between what the network claims and what an outsider can check.
The precedent: when the powers fired Governance arguments stay abstract until an incident makes them concrete, and Hyperliquid’s arrived in March 2025 with a memecoin called JELLY.
A trader opened a large position and manipulated the thin spot market underneath it, engineering losses that landed on the protocol’s liquidity vault, the pool that absorbs liquidated positions on behalf of depositors. With the vault facing an eight-figure hit, validators voted to delist the market and settle it at a price favorable to the protocol, and the loss was contained. The intervention worked, users were protected, and the affair was over within hours.
JUST IN: CZ calls Hyperliquid’s invention awesome for filling a Binance gap. He highlights their no-KYC model while questioning decentralization claims pic.twitter.com/WYQdYOM2H7
— crypto.news (@cryptodotnews) June 18, 2026 It also answered the governance question empirically. A market that traded on a network can be closed by a stake-weighted vote when the network’s own capital is at risk, and the vote at that time ran through a validator set in which the foundation held a decisive share, which is why the episode was described in the trade press as a validator put: an implicit guarantee that the house will intervene when the house is losing. Two readings follow, and both are defensible. The generous one is that any exchange, decentralized or otherwise, must be able to halt manipulation, and a venue that let a vault be drained by an obvious attack would deserve the criticism it received instead. The unforgiving one is that decentralization is only tested at the moment intervention becomes attractive, and Hyperliquid intervened. What the incident settles is not whether the network is good or bad but what it is: a venue with a functioning emergency brake and a small number of hands on it. Traders should price that accordingly, in both directions, since the same brake that protected vault depositors in March 2025 is the brake that could close a market a trader is winning in.
The comparison that survives every correction Strip out the stale numbers and the overstated claims, and one gap remains that no redelegation fixes: the set is very small relative to what it secures.
Twenty-seven validators sits against roughly 1,800 on Solana, several hundred on Cosmos Hub, and hundreds of thousands on Ethereum. The technical counterargument is legitimate and worth stating properly: Byzantine fault tolerant consensus does not require thousands of participants for safety, it requires an honest supermajority within whatever set exists, and a small high-performance set is exactly how the network achieves the sub-second finality that makes an on-chain order book viable at all. Hyperliquid’s entire product advantage, matching and finality fast enough to compete with centralized venues, is purchased with validator-set size. That is a deliberate trade, not an oversight.
The question is whether the price is right at this scale, and the arithmetic is uncomfortable. A set of 27 secures a venue processing over $200 billion monthly, with open interest, vault deposits, and now equity-linked and other builder-deployed markets on top. The attack surface that matters is not cryptographic but social and regulatory: 27 operators are 27 phone calls, 27 jurisdictions to subpoena, 27 relationships to pressure, and the foundation’s near-half stake means a much smaller number of conversations would decide most outcomes. The delegation program that expands the set applies identity checks to participants, which improves accountability and simultaneously means the expansion is curated, not open, in practice. Each of those facts is defensible on its own terms. Together they describe a network whose decentralization is best characterized as a managed trajectory: real, measurable, improving, and still a long way from the property its marketing language implies.
The regulator arrives Which is where the argument stopped being philosophical. On June 26, Singapore’s Monetary Authority added Hyperliquid to its Investor Alert List, the register of entities that consumers might wrongly believe are licensed. The listing is not a ban, not an enforcement action, and not a finding of wrongdoing, and Hyperliquid’s response was accurate on every point: it has never claimed authorization from the regulator, nothing about the network changed, users retain self-custody, and settlement remains on-chain. Bybit had joined the same list nine days earlier, KuCoin in February, Binance since 2021, which places Hyperliquid in familiar company and suggests a regulator working through a list instead of singling out a protocol.
The significance is what the listing does to the vocabulary. Permissionless has been a technical description inside crypto and is becoming a legal position outside it, because a protocol claiming to be infrastructure rather than an operator is making an argument about who, if anyone, is responsible for the venue. The critique that landed the same day, that a network with closed-source software, a curated validator set, and foundation-weighted governance does not meet the description, is therefore not merely a purity argument. It is a claim that the legal position rests on facts the network has not fully proven, and regulators reading the same debate will reach their own conclusions about which entity, if any, is running the exchange. That is the real stake of the governance question in 2026, and it is why the numbers in this piece matter beyond ideology: the distance between 49.3% and something much smaller, and between closed source and open, is also the distance between a plausible infrastructure claim and a contestable one.
The listing power, and the money behind it One dimension of the governance question sits outside the validator debate entirely, and for traders it may be the more consequential one: who decides what trades here.
The network’s newer listing machinery, the builder-deployed markets that opened perpetuals creation beyond the core team and produced the equity-linked contracts this publication audited separately, is gated by stake rather than by approval. Deploying a perpetual market requires staking a large HYPE position for a minimum period, and builder deployments on the EVM side run through a periodic auction for slots. Read one way, that is the most genuinely permissionless part of the system: no committee decides which markets exist, only capital does, which is why the venue could list synthetic equity exposure faster than any regulated exchange could convene a meeting about it. Read another way, it replaces gatekeeping with a wealth qualification, and it means the venue’s expanding product surface, including markets that touch regulated asset classes, is determined by whoever can post the stake.
The economics tie the two halves of the governance question together. Trading fees flow into the token’s buyback machinery, which this publication has covered as crypto’s clearest example of a network routing real revenue to its asset, and staked HYPE is simultaneously the security bond, the governance weight, and the listing key. That triple duty is elegant design and a concentration mechanism at once: the same token that secures the chain decides its rules and controls what it lists, so any accumulation of HYPE is an accumulation of all three powers together. On a chain where roughly half the stake already sits with one affiliated group, and where an entry ticket to the validator set runs above a million tokens, the practical question is not whether the system is permissionless in principle but how much capital it takes to matter, and the answer has been rising with the token.
That is the frame worth carrying out of this audit. Hyperliquid’s governance is not a story about a foundation refusing to let go; the trajectory shows the opposite, steadily and measurably. It is a story about a design in which influence tracks capital with unusual directness, on a venue whose scale now exceeds most regulated exchanges, with the software still unreadable from outside. Whether that is acceptable is a judgment each user makes. What it is, precisely, is now on the record.
What to watch The stake distribution, not the validator count. Headcount is the easy number to grow and the least informative. Whether foundation-run stake continues falling below 49.3%, and whether any single independent operator accumulates a blocking position, is the measure that determines who actually decides outcomes.
The open-source commitment. The promise to publish node software has been outstanding since early 2025 and is the single change that would most alter the audit. Its continued absence is itself information, and the longer it runs, the weaker the stability rationale becomes.
The next intervention. JELLY showed that the network will act to protect its vault. The next comparable event, and whether the decision runs through a stake distribution that no longer has a foundation majority behind it, is the test of whether governance changed or only its arithmetic did.
Regulatory follow-through. The Singapore listing has no operational effect today. Whether other jurisdictions follow, and whether any of them treats the foundation as the operator of an unlicensed exchange, is the scenario in which every fact in this audit stops being a debating point and becomes evidence.
Disclaimer: This article is for information and educational purposes only and does not constitute financial or investment advice. Validator counts, stake distributions, and protocol parameters change continuously, and figures reflect data reported at the time of writing. Nothing here is a recommendation to buy, sell, hold, or trade any asset or on any venue. Always do your own research. Information is accurate as of July 26, 2026.
Frequently Asked Questions How many validators does Hyperliquid have? Twenty-seven as of June 2026, up from four or five at launch, then 16 at the start of 2025, 21 in April 2025, and 24 later that year. Registration is open to anyone, with the largest stakes forming the active set, and entry has required a stake above roughly one million HYPE. Validators must self-delegate a minimum of 10,000 HYPE locked for one year.
Who controls the stake? Foundation-run validators hold approximately 49.3% of staked HYPE following redelegations in June, with about 50.7% spread across 22 independent operators. The foundation operates five of the 27 validators. This is a substantial change from early 2025, when a widely cited analysis put foundation-controlled stake above 81% across a set of 16.
Can the foundation remove validators at will? Not according to the documentation. Jailing is described as peer-triggered for latency and reliability failures, with a jailed validator ceasing to earn rewards until unjailed, and there is no automatic slashing in the system. The legitimate concern is indirect: because peer voting is weighted by stake and foundation-affiliated nodes hold close to half of it, the mechanism’s independence is limited by the same concentration issue that affects governance generally.
Is Hyperliquid’s code open source? The node software has remained closed, with the foundation stating since early 2025 that it will open the code once development is stable, citing security and shipping speed. That commitment is still outstanding, and it is the most substantive of the standing criticisms: validators run a binary they cannot audit, and no distribution of stake compensates for that.
What was the JELLY incident? In March 2025 a trader manipulated a thinly traded memecoin market to push losses onto the protocol’s liquidity vault. Validators voted to delist the market and settle it at a price that protected the vault, containing an eight-figure loss. The intervention worked and was also read as evidence of a validator put, meaning the network will act when its own capital is at risk, through a stake distribution the foundation then dominated.
How does the validator count compare to other chains? It is far smaller: roughly 1,800 validators on Solana, several hundred on Cosmos Hub, and hundreds of thousands on Ethereum, against 27 on Hyperliquid. Byzantine fault tolerant consensus does not require large sets for safety, and the small set is what delivers the sub-second finality an on-chain order book needs, but it concentrates social, regulatory, and coordination risk for a venue processing over $200 billion a month.
What did the Singapore listing mean? The Monetary Authority of Singapore added Hyperliquid to its Investor Alert List on June 26, a register of entities consumers may wrongly believe are licensed. It is not a ban or an enforcement action, and Bybit, KuCoin, and Binance appear on the same list. Its importance is that it moves the permissionless question from a technical debate into a legal one, since the claim to be infrastructure rather than an operator depends on the governance facts being what the protocol says they are.
What should traders take from this? That the network has a functioning emergency brake with a small number of hands on it, and that this is a property to price, not a scandal to condemn. Decentralization here is a managed trajectory: measurably improving on stake distribution, unresolved on source code, and small relative to the value at risk. Position sizing on any venue should reflect the governance reality, not the marketing vocabulary. This is educational analysis, not investment advice.
Multicoin Capital and the Hyperliquid Policy Center just filed a joint comment letter to the CFTC, backing the agency’s proposed framework for regulating prediction markets. The filing, submitted on July 27, advocates for the CFTC to be the sole federal cop on the beat for these contracts, using the Commodity Exchange Act as its badge.
Kyle Samani, who co-founded Multicoin Capital and departed the firm in early February 2026, has publicly criticized Hyperliquid. Meanwhile, the firm he built reportedly holds over $40 million in HYPE tokens. The strategic arm is zigging while the departed founder zags.
What the letter actually says The joint comment targets the CFTC’s proposed Regulation 40.11, a framework designed to bring some order to the prediction market Wild West. The letter makes three core arguments.
First, prediction markets should fall under exclusive federal oversight through the Commodity Exchange Act. No patchwork of state regulations, no jurisdictional turf wars. One regulator, one rulebook.
Second, the CFTC should use a “settlement-based assessment” to figure out what activities these contracts actually involve. In English: regulators should judge these products by how they resolve and pay out, not by the underlying topic they reference. A contract on an election outcome settles in dollars, not in votes.
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Third, the CFTC should publicly disclose its decision-making processes when evaluating these markets.
The letter lands at a moment when prediction markets are no longer a niche curiosity. Monthly combined volumes recently exceeded $50 billion, with approximately $44.8 billion recorded in June 2026 across major venues.
Hyperliquid’s prediction market play Hyperliquid launched its outcome contracts through a protocol upgrade called HIP-4 back in May 2026. These contracts are fully collateralized in USDC and non-leveraged. Settlement happens based on objective sources vetted by the platform’s validators, distributing that responsibility across a validator set rather than housing it in a single company’s server room.
The Hyperliquid Policy Center, the entity that co-signed this letter, appears to function as the protocol’s regulatory engagement arm.
The Samani paradox Kyle Samani built Multicoin Capital into one of crypto’s most influential venture firms, with a particularly deep relationship with Solana, having participated in major funding rounds for the Layer 1 blockchain.
Samani left the firm in early February 2026. Since his departure, he has been critical of Hyperliquid, creating an awkward dynamic where the firm he founded is now actively partnering with a protocol he has publicly questioned.
Multicoin holds over $40 million in HYPE tokens according to available information. The message is clear: Multicoin’s institutional direction has diverged from its co-founder’s personal views.
What this means for investors The HPC-Multicoin letter is essentially lobbying for a single federal regulator with clear, technology-neutral rules. The alternative, a state-by-state patchwork where New York says one thing and Texas says another, would be a compliance nightmare.
For platforms like Hyperliquid that have already designed their products around full collateralization and decentralized settlement, a federal framework based on settlement mechanics could be a significant tailwind. The risk is that registration requirements for prediction market exchanges could force protocols to either centralize key functions or exit the US market entirely.
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