Track market-moving stories before they get noisy

Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt.

GM!

Today’s top news:

Crypto majors slightly green as oil falls; BTC at $64.6k PUMP leads alt movers on the week, up 26% as its wave of unlocks begins Hyperliquid to roll out permissionless prediction markets requiring 500k staked HYPE Michael Saylor calls BIP-110 a “bad idea” Pudgy Penguins launch Plushie toys at Target stores across the US 🎲 Hyperliquid Opens Prediction Markets to Anyone in HIP-4 Upgrade

Hyperliquid is taking prediction markets permissionless.

The exchange said an upcoming enhancement to its recent HIP-4 upgrade, which introduced “outcome trading” in May, will let anyone deploy a prediction market on the platform. Right now those markets are controlled entirely by validators, and Hyperliquid says that going forward there will “ideally” be fewer than 10 validator-run markets a year, with the rest opened up to the crowd. It rolls out on testnet first, then mainnet.

Anyone who wants to launch a market has to stake 500,000 HYPE (~$30M), a serious deposit that can be slashed if validators rule the market was poorly defined or settled incorrectly. In exchange, the deployer earns up to 50% of that market’s trading fees. It’s the same economic design behind its permissionless perps: put real skin in the game, get paid for good markets, lose your stake for bad ones. That’s a very different model from Polymarket and Kalshi, where the platform defines every market from the top down.

It’s a timely move, as prediction markets just had their biggest summer yet. The World Cup helped the sector reach $50B in wagers for the month of June, and July is on pace to go even higher ($37B so far). Of that $50B, Kalshi is the clear market leader with $33B (66% market share). Hyperliquid did just $176M—so they’ve got their work cut out for them to make a meaningful dent in the sector.

The Hyperliquid answer is to make the category open-source, turning prediction markets into another permissionless primitive rather than a curated product. But they are not a platform to be doubted, with Hyperliquid already flipping DEX-volume records, drawing JPMorgan warnings about its threat to Circle, and lobbying both the SEC and CFTC. If the permissionless model works, it could help them make a real splash. We will find out soon enough.

🌎 Macro Crypto and Markets Crypto majors closed the week green up 2-5%; BTC +3% at $64.6k; ETH +6% at $1,885; SOL +1% at $76.60; HYPE -7% at $60.80 PUMP (+28%), PI (+22%) and INJ (+10%) led top movers on the week Oil -4% at $80 after progress on Iran talks; Gold +1% at $4,024 Stock futures are green as oil sells off; DOW +0.2%, Nasdaq +0.7% Michael Saylor called Bitcoin's BIP-110 proposal "a bad idea," arguing the anti-spam plan would set a censorship precedent and that "the proposed cure is more dangerous than the condition” Galaxy Digital signed a 15-year naming-rights deal to rename Texas Tech’s football stadium “Galaxy Stadium,” extending crypto’s march into college sports Project Eleven unveiled a technique to let users prove wallet ownership even after quantum computers can derive private keys The GENIUS Act hit its one-year anniversary with regulators having missed their rule-writing deadlines, though the framework takes full effect by July 2028 Corporate Treasuries & ETFs

The Bitcoin ETFs saw $132M in net inflows on Friday and ended with $75M in net inflows for the week; the ETH ETFs saw $37M in inflows on Friday and ended with $105M Meme Coin Tracker

Meme leaders were mostly flat or green over the past week; DOGE even, SHIB -1%, PEPE +5%, PENGU +4%, TRUMP +1%, BONK -23% Robinhood chain was led by Stonkbroker (+180%), REAL (+200x) and FOX (+70%); Cashcat +22% to $72M Solana leaders included AVA (+30%) and Cubeman (+85%); ANSEM +5% to $198M 💰 Token, Airdrop & Protocol Tracker Pump.fun’s PUMP token is leading alt movers, up 26% on the week as its wave of unlocks begins Cross-chain protocol Allbridge halted after a $1.65 million flash-loan exploit that manipulated its Solana pool ratios, the latest in a wave of DeFi attacks 🚚 What is happening in NFTs? NFT leaders were slightly red; Punks even at 32 ETH, BAYC -2% at 8.65 ETH, Pudgy -5% at 4.06 ETH; Hypurr’s even at 188 HYPE Stonkbrokers (+125%) and Funkari (+30%) led top movers Pudgy Penguins officially launched their plushie toys in Target stores across the US Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

Pump.fun’s rally gathered pace after the protocol overtook Hyperliquid and Tron in 24-hour revenue, strengthening confidence in its expanding ecosystem. 

The platform generated $893,255 in daily revenue, compared with $652,163 for Tron and $542,197 for Hyperliquid, highlighting stronger network activity and user engagement. 

Price followed that improving narrative as PUMP climbed 21.16% over the past 24 hours to trade near $0.001993, while trading volume jumped 403.69% to roughly $140 million. 

Investor sentiment also improved after Ansem disclosed a fresh $100,000 PUMP purchase, adding another layer of bullish conviction. 

Those developments reinforced the view that demand had expanded beyond short-term speculation and reflected growing confidence in Pump.fun’s broader ecosystem.

Why are top traders still leaning long? Derivatives traders maintained a constructive outlook despite PUMP’s sharp rally. Binance’s Top Trader Long/Short Ratio climbed to 1.60, showing that bullish positions continued to outweigh bearish bets. 

Long accounts represented 61.49% of tracked traders, while only 38.51% remained short during the latest reading. 

The positioning suggested experienced participants still expected higher prices instead of preparing for a broad reversal. Although aggressive long exposure often increased liquidation risk, traders had not reduced their bullish bias after the recent gains. 

Instead, positioning indicated that confidence remained intact as participants continued backing the ongoing recovery. 

Even so, sustained buying interest would likely remain necessary to validate those expectations over the coming sessions.

Source: CoinGlass PUMP cleared resistance as RSI neared extremes PUMP broke above the former $0.001637 resistance and pushed toward $0.0020, shifting that area into an important support zone after the breakout. 

Buyers also moved the price closer to the next resistance at $0.002314, while the broader upside target remained around $0.003000 if demand strengthened further. 

Meanwhile, the Relative Strength Index (RSI) climbed to 69.57, approaching overbought territory after rising well above its 54.58 signal line. 

The reading reflected strengthening buying pressure throughout the rally. However, the indicator also suggested the advance had started reaching stretched conditions. 

If buyers defend the newly reclaimed support, PUMP could attempt another move toward $0.002314. Otherwise, rejection near current levels could encourage a short-term pullback before another breakout attempt emerges.

Source: TradingView Final Summary Pump’s ecosystem expansion and whale buying continued supporting the recent price recovery. Bullish positioning and technical strength placed $0.002314 as the next important resistance level.

XRP recorded a sharp surge in open interest in the last few days, surpassing Hyperliquid’s HYPE token. The recent capital inflow into XRP from whales, spot ETFs, and derivatives traders has also kept prices stable. This indicates growing signs of institutional engagement in the XRP ecosystem.

XRP Futures Open Interest Surpasses HYPE According to CoinGlass data, XRP perpetual and futures open interest climbed significantly, reaching $2.60 billion as of July 20. A rise in open interest signals derivatives traders’ growing conviction and capital flow in XRP.

Derivatives market data showed massive buying in past 24 hours. The total XRP futures open interest jumped more than 10% to $2.60 billion. Futures OI across crypto exchanges climbed in the past 4 hours.

The crypto asset has surpassed HYPE to become the fourth largest in terms of total open interest. HYPE futures open interest dropped more than 2.50% to $2.57 billion in past 24 hours.

Total XRP Futures Open Interest. Source: Coinglass HYPE, the native token of the Hyperliquid, previously overtaken XRP in futures open interest earlier. HYPE open interest skyrocketed above $3 billion after Kalshi launched CFTC-regulated HYPE perpetuals.

Traders looking to take advantage of these volatile open interest swings can compare the best crypto futures trading platforms to evaluate margin rules, funding rates, and available leverage.

Rising Demand Among Institutions Fuels Momentum The major catalysts behind the recent growing institutional appetite for XRP include Ripple’s partnerships with many tradfi and crypto native firms, inflows into spot ETFs, and demand from derivatives amid low funding rates.

Jack McDonald, SVP Stablecoins at Ripple, told Grayscale about the company Ripple’s institutional strategy, and RWA adoption of RLUSD and XRP. Ripple has partnered with Ondo Finance, Mastercard, JPMorgan, and OKX to build the future of finance.

Ripple is partnering with @Mastercard, @jpmorgan, @okx, and @OndoFinance to build the future of finance for both traditional and digital assets.@_JackMcDonald_ joins Grayscale to discuss @Ripple's institutional strategy, real-world adoption of $RLUSD and $XRP, and what's next. pic.twitter.com/e98EgpiiJk

— Grayscale (@Grayscale) July 19, 2026

Moreover, spot ETFs recorded renewed inflows amid capital inflows into the crypto market. Cumulative net inflows and AUM have reached $1.49 billion and nearly $1 billion. Whereas HYPE ETF total assets under management reached $301.34 million, with significant outflows last week.

As CoinGape reported earlier, whales accumulated 70 million XRP in a week as US inflation cooled. The massive whale accumulation sent XRP price higher, alongside a notable surge in futures open interest.

Hyperliquid’s native token HYPE is trading near critical support, as technical signals and rising derivatives volumes focus investor attention on key price levels. Market participants are watching the $58–$59 range as a potential buy zone, with resistance clustered at the $64–$68 area. The next directional move for HYPE may hinge on whether these support and resistance areas hold or break in the days ahead.

Technical setup: Key support and resistance levelsCrypto analyst CryptoPatel has identified the $59 mark on the HYPE three-day chart as a crucial technical region. This area brings together a bullish order block, a fair value gap, and the 0.382 Fibonacci retracement, highlighting it as a potential foundation for a price turnaround if maintained.

Order blocks are zones where previous large-scale buying or selling took place, while a fair value gap refers to a period where price action moved so rapidly that little trading occurred, often providing a magnet for future price fills. The 0.382 Fibonacci retracement is commonly used to assess the depth of pullbacks within an existing trend.

If HYPE maintains this support cluster, it could establish the groundwork for a recovery attempt. However, a break below $58 may expose the token to further downside toward $53–$50.

On the upside, resistance at $64–$68 has emerged as a crucial breakout zone following HYPE’s retracement from its June high. A push above $68 could pave the way toward the $72–$76 range, bringing the previous all-time high near $77 back into view.

LevelRole$58–$59Support, technical buy zone$64–$68Resistance, potential breakout area$72–$76Resistance linked to previous price action$76–$77Major resistance near all-time high$53–$50Deeper support if correction extendsAmid ongoing technical developments, Hyperliquid has seen a significant increase in perpetual futures activity. Trading data shows the protocol handled approximately $266 billion in monthly perpetual futures volume last month. Hyperliquid’s volume reached 16.52% of Binance’s, up from nearly zero in 2023 and demonstrating notable growth since 2025.

This expansion has elevated Hyperliquid’s profile among decentralized crypto derivatives platforms. Built around its own Layer-1 blockchain, Hyperliquid enables non-custodial perpetual futures trading, offering an alternative to centralized exchanges like Binance.

While higher volumes can help boost platform revenue and increase token utility, strong trading activity does not guarantee immediate price appreciation for HYPE. Market structure and technical signals continue to remain central to the token’s short-term outlook.

Mini dictionary: Hyperliquid is a decentralized crypto derivatives exchange operating on its own custom Layer-1 blockchain, focused on providing non-custodial perpetual futures trading with high throughput and direct competition with leading centralized platforms.

Technical indicators: Mixed momentum and signalsRecent data from TradingView points to a neutral technical summary for HYPEUSDT across major timeframes. Moving averages send mixed signals, with shorter-term averages sometimes forming resistance and longer-term ones offering support based on recent multi-month gains.

Analysts are monitoring the 100-day exponential moving average as an additional support layer. Holding above this average could help sustain the bullish structure, while a failure could raise the risk of a drop to lower support zones.

Some trading pairs, especially on KuCoin, show limited or unavailable live technical readings such as RSI and MACD, likely due to liquidity constraints. Traders are advised to assess a range of spot and perpetual futures markets before leaning on any single indicator.

Momentum and next signalsFollowing its correction from the June high, HYPE now trades away from the heavily overbought conditions seen during its rally. Oscillators such as RSI, Stochastic, and Williams %R are likely closer to neutral or oversold territory, but confirmed indicator readings are not universally available.

Traders are watching for signs such as an RSI recovery above 50, a positive MACD histogram, and rising volume as confirmation of returning buying pressure. If these materialize, a stronger case could be made for a new bullish trend. A divergence between price and momentum indicators near $58–$59 support could also be significant.

Outlook: Price at a decision pointThe $58–$59 range remains a pivotal support for HYPE, overlapping with recent price lows and several technical indicators. Successfully holding this zone could set up a challenge of $64–$68 resistance. A confirmed breakout above $68 might open the way toward $72–$76 and ultimately the $77 record high.

Traders continue to watch volume and multi-timeframe momentum around these levels, as the next trend direction for HYPE is likely to hinge on confirmed support or a breakout above resistance.

On the other hand, a drop below $58 would shift the short-term outlook negatively, bringing $53–$50 into focus as potential next support.

While Hyperliquid’s fundamentals appear solid, with fast-growing derivatives market share and a token model tied to protocol revenue, near-term price movement for HYPE remains dependent on confirmation from both price and market participation.

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.

ZHIPU posts a short-term plunge of over 17%; major long investors, who are nearly 300% underwater on their principal, continue adding positions to average down.

According to Hyperinsight monitoring, ZHIPU on Hyperliquid plummeted before Hong Kong stock market opening. Within about an hour, it hit a low of $120.7, down roughly 17%; the decline continued during Hong Kong trading hours. On the news front, ZHIPU completed the placement of 19.78 million new H shares on July 13. On July 17, Moonshot AI released the 2.8-trillion-parameter open-source model Kimi K3, intensifying market concerns over China’s large language model competitive landscape, leading ZHIPU’s Hong Kong-listed shares to drop 28.49% that day. No new company-specific negative news has been identified as of press time. The sharp price drop has further hit ZHIPU’s largest long position holder: a whale wallet starting with 0xddb. The whale currently holds 7,300 contracts with 10x isolated long leverage, with a position value of approximately $905,000, average entry price of $174.2, and liquidation price of around $78.3. It has an unrealized loss of about $367,000, a return rate of -288.2%, equivalent to 2.88 times its initial position cost of $127,000. The whale first opened a long position near $198.45 on the evening of July 6 and has not sold since; at 10:12 today, it added 409.1 contracts against the trend at $129.6. - HyperInsight Bot is now live. Add @HyperInsightBot to your Telegram group and set it as an admin (enable message sending permission) to automatically sync on-chain information.

10 minutes ago

China's Ministry of Industry and Information Technology (MIIT) will issue the Guidelines for the Construction of Computing Power Standard System, and promote the establishment of standards including market-based pricing for computing power.

The State Council Information Office held a press conference to brief on the development of industry and information technology in the first half of 2026. Xie Cun, spokesperson of the Ministry of Industry and Information Technology (MIIT) and Director-General of the Department of Information and Communication Development, stated that over the past two years, more than 70 major computing power corridors have been built around national computing power hub nodes, with network performance between these hub nodes improved by 10%. The current explosive growth of large AI models and agent applications has driven a continuous rise in demand for intelligent computing power. Going forward, the MIIT will continue to follow the systematic work approach of "point, chain, network, dimension, and system" to optimize the deployment of computing infrastructure resources, build interconnected computing power nodes, and enhance the utilization efficiency of computing power resources. In terms of focusing on key points, the MIIT will optimize the deployment of computing power resource supply, coordinate factors such as industrial development and energy supply, promote the construction of intelligent computing clusters and the coordinated development of computing power and electricity, build a tiered computing power layout, and strengthen overall monitoring of computing power. Additionally, it will issue guidelines for the construction of a computing power standard system, and promote the establishment of standards including computing power service capability evaluation and market-based pricing for computing power.

10 minutes ago

Moody's: South Korea's economic growth may slow in the second quarter.

Moody's Analytics noted in a report that South Korea's second-quarter economic growth is likely to slow to 0.9% from 1.8% in the first quarter. Driven by an AI-fueled semiconductor boom, exports—especially semiconductor shipments—will again act as the key growth driver. South Korea's domestic demand is projected to stay weak, with consumption seeing only a marginal improvement. High energy costs have amplified inflationary pressures, while government measures can only partially ease the strain. South Korea's preliminary second-quarter GDP figure will be released on Thursday.

10 minutes ago

A South Korean trading platform triggered the KOSPI index circuit breaker, halting program trading for 5 minutes.

South Korean exchange KRX triggered the sidecar mechanism due to KOSPI index volatility, suspending program trading for approximately five minutes. The sidecar mechanism is designed to address sharp short-term fluctuations, restricting only program trading while manual trading remains normal. Unlike the circuit breaker mechanism, the sidecar does not halt entire market operations, functioning more like a "speed bump" during periods of market volatility. By contrast, circuit breakers are typically used in extreme market scenarios, suspending all trading across the market when triggered to prevent panic-driven volatility from escalating further.

10 minutes ago

Citigroup downgraded its rating for the South Korean stock market to "Neutral".

Citigroup has adjusted its rating on South Korean stocks from "overweight" to "neutral" amid sharp volatility in chip stocks over recent weeks, as the bank seeks to reduce its exposure to artificial intelligence (AI) themed investments. A poster child for the global AI trading frenzy, South Korea’s KOSPI index has become the world’s best-performing stock market this year. However, in recent weeks, the market has faced sharp swings due to retail investors’ enthusiasm for single-stock leveraged ETFs and valuation concerns. Citigroup remains structurally bullish on the AI sector’s outlook, but has shifted its stance on the South Korean market to neutral.

10 minutes ago

SK Hynix experienced sharp price swings that trapped three newly entered whales, with the latest buyer chasing the rally only $60 away from liquidation.

According to Hyperinsight monitoring, SK Hynix (SKHX) on Hyperliquid saw sharp volatility after opening this morning. The token opened at $1168.1, surged to a high of $1270.1 within half an hour, marking an ~8.7% gain, before quickly pulling back. At 9:55 a.m., it hit a low of $1185.3, down ~6.7% from its peak. During this swing, three whales sequentially opened long positions on SKHX, holding a total of 11,620.674 contracts worth roughly $14.036 million. Based on SK Hynix’s current quoted price of $1198, all three long positions are now underwater: - Whale starting with 0xf4b: New long position with 10x leverage, holding ~$2.715 million, average entry price of $1210.6, unrealized loss of ~$9,000, liquidation price of $1130.4. - Whale starting with 0x564: New long position with 10x leverage, holding ~$4.918 million, average entry price of $1238.9, unrealized loss of ~$125,000, liquidation price of $851.5. - Whale starting with 0x2ab: Converted from a short position to long and continued adding to longs, with 10x leverage, holding ~$6.403 million, average entry price of $1212.8, unrealized loss of ~$25,000, liquidation price of $650.3. Notably, the 0xf4b whale is closest to liquidation. When SKHX dipped to $1185.3 intraday, the gap between its entry price and liquidation price narrowed to just ~$54.9; as the price rebounded to $1298, the gap has since widened to ~$68.

10 minutes ago

ZHIPU posts a short-term plunge of over 17%; major long investors, who are nearly 300% underwater on their principal, continue adding positions to average down.

According to Hyperinsight monitoring, ZHIPU on Hyperliquid plummeted before Hong Kong stock market opening. Within about an hour, it hit a low of $120.7, down roughly 17%; the decline continued during Hong Kong trading hours. On the news front, ZHIPU completed the placement of 19.78 million new H shares on July 13. On July 17, Moonshot AI released the 2.8-trillion-parameter open-source model Kimi K3, intensifying market concerns over China’s large language model competitive landscape, leading ZHIPU’s Hong Kong-listed shares to drop 28.49% that day. No new company-specific negative news has been identified as of press time. The sharp price drop has further hit ZHIPU’s largest long position holder: a whale wallet starting with 0xddb. The whale currently holds 7,300 contracts with 10x isolated long leverage, with a position value of approximately $905,000, average entry price of $174.2, and liquidation price of around $78.3. It has an unrealized loss of about $367,000, a return rate of -288.2%, equivalent to 2.88 times its initial position cost of $127,000. The whale first opened a long position near $198.45 on the evening of July 6 and has not sold since; at 10:12 today, it added 409.1 contracts against the trend at $129.6. - HyperInsight Bot is now live. Add @HyperInsightBot to your Telegram group and set it as an admin (enable message sending permission) to automatically sync on-chain information.

10 minutes ago

China's Ministry of Industry and Information Technology (MIIT) will issue the Guidelines for the Construction of Computing Power Standard System, and promote the establishment of standards including market-based pricing for computing power.

The State Council Information Office held a press conference to brief on the development of industry and information technology in the first half of 2026. Xie Cun, spokesperson of the Ministry of Industry and Information Technology (MIIT) and Director-General of the Department of Information and Communication Development, stated that over the past two years, more than 70 major computing power corridors have been built around national computing power hub nodes, with network performance between these hub nodes improved by 10%. The current explosive growth of large AI models and agent applications has driven a continuous rise in demand for intelligent computing power. Going forward, the MIIT will continue to follow the systematic work approach of "point, chain, network, dimension, and system" to optimize the deployment of computing infrastructure resources, build interconnected computing power nodes, and enhance the utilization efficiency of computing power resources. In terms of focusing on key points, the MIIT will optimize the deployment of computing power resource supply, coordinate factors such as industrial development and energy supply, promote the construction of intelligent computing clusters and the coordinated development of computing power and electricity, build a tiered computing power layout, and strengthen overall monitoring of computing power. Additionally, it will issue guidelines for the construction of a computing power standard system, and promote the establishment of standards including computing power service capability evaluation and market-based pricing for computing power.

10 minutes ago

Moody's: South Korea's economic growth may slow in the second quarter.

Moody's Analytics noted in a report that South Korea's second-quarter economic growth is likely to slow to 0.9% from 1.8% in the first quarter. Driven by an AI-fueled semiconductor boom, exports—especially semiconductor shipments—will again act as the key growth driver. South Korea's domestic demand is projected to stay weak, with consumption seeing only a marginal improvement. High energy costs have amplified inflationary pressures, while government measures can only partially ease the strain. South Korea's preliminary second-quarter GDP figure will be released on Thursday.

10 minutes ago

A South Korean trading platform triggered the KOSPI index circuit breaker, halting program trading for 5 minutes.

South Korean exchange KRX triggered the sidecar mechanism due to KOSPI index volatility, suspending program trading for approximately five minutes. The sidecar mechanism is designed to address sharp short-term fluctuations, restricting only program trading while manual trading remains normal. Unlike the circuit breaker mechanism, the sidecar does not halt entire market operations, functioning more like a "speed bump" during periods of market volatility. By contrast, circuit breakers are typically used in extreme market scenarios, suspending all trading across the market when triggered to prevent panic-driven volatility from escalating further.

10 minutes ago

Citigroup downgraded its rating for the South Korean stock market to "Neutral".

Citigroup has adjusted its rating on South Korean stocks from "overweight" to "neutral" amid sharp volatility in chip stocks over recent weeks, as the bank seeks to reduce its exposure to artificial intelligence (AI) themed investments. A poster child for the global AI trading frenzy, South Korea’s KOSPI index has become the world’s best-performing stock market this year. However, in recent weeks, the market has faced sharp swings due to retail investors’ enthusiasm for single-stock leveraged ETFs and valuation concerns. Citigroup remains structurally bullish on the AI sector’s outlook, but has shifted its stance on the South Korean market to neutral.

10 minutes ago

Whale Alert: A single whale holds a long BTC position worth $107 million, now the largest BTC bull.

According to Hyperinsight monitoring, a 40x-leveraged whale (0x66f) accumulated a long position of 1,662.50 BTC between last night and early this morning, with the position valued at approximately $107 million, marking the address’s only current holding. Its average entry price is $63,958.4, generating an unrealized profit of $926,900 and a return of around 34.87%, while its liquidation price stands at $63,143.1. Over the past seven days, this whale has opened a total of 1,882.87 BTC in long positions, with a trading volume of roughly $121 million for these longs; at 7:12 AM today, it added 2.04 BTC to its long position at $64,700, making it the largest BTC long holder on Hyperliquid.

10 minutes ago

Whale Alert: A single whale holds a long BTC position worth $107 million, now the largest BTC bull.

According to Hyperinsight monitoring, a 40x-leveraged whale (0x66f) accumulated a long position of 1,662.50 BTC between last night and early this morning, with the position valued at approximately $107 million, marking the address’s only current holding. Its average entry price is $63,958.4, generating an unrealized profit of $926,900 and a return of around 34.87%, while its liquidation price stands at $63,143.1. Over the past seven days, this whale has opened a total of 1,882.87 BTC in long positions, with a trading volume of roughly $121 million for these longs; at 7:12 AM today, it added 2.04 BTC to its long position at $64,700, making it the largest BTC long holder on Hyperliquid.

6 minutes ago

South Korea's KOSPI index dropped over 4% once again, with SK Hynix and Samsung Electronics both down 4.4%.

According to Bitget market data, South Korea’s KOSPI index has fallen by over 4% again. Both SK Hynix and Samsung Electronics dropped 4.4%.

6 minutes ago

Analysis: Binance and Bybit recorded over $2.3 billion in stablecoin outflows over the past 30 days, while Bitcoin (BTC) liquidity continues to contract.

CryptoQuant analyst Darkfost stated in a recent post that stablecoin reserves on Binance and Bybit have been steadily declining, with a combined outflow of more than $2.3 billion over the past 30 days, a trend reflecting insufficient new liquidity in the crypto market. Binance’s stablecoin reserves decreased by roughly $1.55 billion in that period, while Bybit’s fell by approximately $786 million, bringing the total outflow from the two major exchanges to nearly $2.3 billion. Bitcoin has been fluctuating around the key $60,000 level for about 165 consecutive days; although it briefly surged past $80,000 in May, the upward momentum could not hold. The current market lacks new capital inflows, with weak new demand for both BTC and the overall crypto sector. Exchange stablecoin reserves have been on the decline since the start of the year, with outflows dominating, signaling that investors are reducing their fund allocations to exchanges, and some capital may even be exiting the market. Liquidity contraction and cautious market sentiment have become major obstacles for BTC to break out of its current trading range.

6 minutes ago

Hong Kong-listed Zhipu fell more than 13%

According to Bitget market data, Zhipu (02513.HK) fell more than 13% and MINIMAX-W (00100.HK) dropped over 4%.

6 minutes ago

Southern Fund’s double-leveraged long ETFs tracking SK Hynix and Samsung Electronics both rose 15% at opening.

Southern’s 2x Long SK Hynix (07709.HK) and Southern’s 2x Long Samsung Electronics (07747.HK) both opened 15% higher.

6 minutes ago

The South Korean government plans to establish a legal framework for the issuance of Korean won stablecoins, and promote the internationalization of the Korean won.

According to South Korean media reports, the Financial Services Commission, Bank of Korea, Financial Supervisory Service, and Korea Securities Depository have jointly announced relevant plans, aiming to transform the South Korean won from a restricted-convertible currency to a freely convertible one and improve the cross-border capital flow system. Under the framework of the Digital Asset Basic Act, the South Korean government intends to clarify the issuance and circulation rules for KRW-denominated stablecoins, providing an institutional basis for the entry of KRW-pegged stablecoins into the market. Furthermore, the Bank of Korea will advance a pilot project combining institutional central bank digital currencies (CBDCs) with tokenized government bonds, and participate in the Bank for International Settlements (BIS)-led Project Agora to explore a digital cross-border payment system.

6 minutes ago

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Shiba Inu remains under heavy selling pressure as the coin trades near $0.0000041, failing to stage a sustainable rebound through July. Since the start of 2026, SHIB has consistently posted lower highs and lower lows, signifying a prolonged downtrend for the popular meme coin.

SHIB struggles to regain momentumThe loss of a rising channel that had previously supported price action between March and May triggered a sharp decline for SHIB. After breaching the channel’s lower edge, the token has yet to reclaim major moving averages. The 50-day exponential moving average (EMA) stands above $0.0000045, while the 100-day and 200-day averages are positioned even higher, highlighting the persistent bearish structure.

Trading activity has contracted to its narrowest range in nearly a year. Despite the low volatility potentially suggesting market stabilization, the reduced trading volume indicates ongoing reluctance from buyers. The coin’s relative strength index (RSI) is currently around 35, signaling proximity to oversold conditions, yet a clear reversal remains absent.

Analysts note that the first step for bulls is to move SHIB above the 50-day EMA and establish support above $0.0000045. Without this development, any rebound is likely to be short-lived. If selling persists, SHIB may approach the $0.000004 mark or even test support levels established earlier this year.

Solana charts steady mid-term outlookSolana maintains a notably stronger technical structure than many of its large-cap peers, despite its recent correction. After rebounding from June lows around $60, SOL climbed above $80 before entering a new consolidation phase. The token is currently priced near $76, holding above its 50-day and 100-day moving averages.

Recent declines have produced a small descending wedge pattern, a technical shape that often precedes continued recovery in bullish environments. Sellers have not managed to breach critical support near the $73–$74 zone, and the RSI sits near 50, reflecting neutral market dynamics. Should sentiment improve across the broader market, this neutral momentum provides potential for another upward move.

The 200-day moving average at $80–$81 presents the next major resistance. A breakout above this area could create a path to the $90–$95 range. However, a loss of support around $73 would weaken Solana’s recovery and could trigger a move back toward the lower $70s.

CoinCurrent PriceMajor SupportMajor ResistanceKey Technical IndicatorSHIB$0.0000041$0.000004$0.0000045 (50-day EMA)RSI ~35SOL$76$73–$74$80–$81 (200-day MA)RSI ~50HYPE$61$57–$58$64–$65 (50/100-day MA)RSI ~42XRP$1.09$1.00$1.12–$1.24RSI ~46Hyperliquid holds firm amid consolidationHyperliquid remains one of the most resilient large-cap digital assets despite a recent drop from local highs close to $75. The project, known for its decentralized perpetuals exchange, soared from below $30 to over $75 earlier in the year before pausing in a consolidation pattern rather than initiating a major reversal.

After declining through the $64–$65 support, where both the 50-day and 100-day moving averages converge, HYPE now trades around $61. Bulls need to move the price back above this region to accelerate the recovery. The larger trend retains a positive bias, as HYPE remains well above the 200-day EMA at $57 and its 200-day moving average at $49.

A notable rebound occurred as the price neared the $58 area, signaling that buyers view dips as opportunities to accumulate rather than as triggers to exit. Trading volumes during the pullback have also eased, and the RSI has cooled to about 42, erasing much of the excess from the previous rally.

If momentum returns, a move above $65 could test $70 and challenge the yearly high. However, renewed selling that breaches the $57–$58 support area may cause a faster drop toward the key 200-day trend line.

Mini dictionary: Hyperliquid, a decentralized derivatives protocol, specializes in providing permissionless trading of perpetual contracts for cryptocurrencies while operating without order books on the Ethereum network.

XRP remains at a critical junctureXRP is trading near $1.09 and faces a tightening technical structure. A descending resistance line and rising support have formed a contracting triangle, bringing the asset ever closer to a decisive move. The dominant trend continues to favor the bears, with all major moving averages from the 50-day to the 200-day positioned above the current price between $1.10 and $1.24.

XRP’s $1.00 support has endured several tests throughout July, preventing a deeper decline even as sellers kept up the pressure. A breakout above $1.12 could target resistance toward $1.24, while a breakdown below the rising support line would re-expose $1.00 and deal a significant blow to recovery prospects.

The RSI sits close to 46, mirroring market indecision. With the triangle pattern narrowing, an imminent resolution seems likely; however, there is currently no clear dominance from bulls or bears.

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.

Southern Fund’s double-leveraged long ETFs tracking SK Hynix and Samsung Electronics both rose 15% at opening.

Southern’s 2x Long SK Hynix (07709.HK) and Southern’s 2x Long Samsung Electronics (07747.HK) both opened 15% higher.

3 minutes ago

The South Korean government plans to establish a legal framework for the issuance of Korean won stablecoins, and promote the internationalization of the Korean won.

According to South Korean media reports, the Financial Services Commission, Bank of Korea, Financial Supervisory Service, and Korea Securities Depository have jointly announced relevant plans, aiming to transform the South Korean won from a restricted-convertible currency to a freely convertible one and improve the cross-border capital flow system. Under the framework of the Digital Asset Basic Act, the South Korean government intends to clarify the issuance and circulation rules for KRW-denominated stablecoins, providing an institutional basis for the entry of KRW-pegged stablecoins into the market. Furthermore, the Bank of Korea will advance a pilot project combining institutional central bank digital currencies (CBDCs) with tokenized government bonds, and participate in the Bank for International Settlements (BIS)-led Project Agora to explore a digital cross-border payment system.

3 minutes ago

A user spent $1.23 million betting on Argentina to win the 2026 World Cup, ultimately suffering a loss of more than $1.22 million.

According to Lookonchain’s monitoring, Polymarket user gud.hl bought 12.354 million "Argentina to win the 2026 FIFA World Cup" prediction shares at an average cost of roughly $0.10, investing approximately $1.23 million. Should Argentina lift the 2026 World Cup trophy, this position would generate a maximum profit of around $12.35 million. However, amid shifting market expectations, the current price of these shares has fallen to about $0.001 apiece, leaving the position worth only approximately $6,177, a cumulative loss of roughly $1.223 million, or a 99.5% drop.

3 minutes ago

Analysis: South Korean chip stocks have fallen beyond their fundamentals; US tech giants' earnings reports may serve as a catalyst for a rebound.

Global semiconductor stocks have plunged sharply recently, with securities analysts noting that the price declines have far exceeded levels reflected by fundamentals. Lee Jaeman, a researcher at Hana Securities, stated: "Even when factoring in market concerns about the cyclical volatility of semiconductors, the recent sharp plunge in stock prices appears excessive." The researcher pointed out: "We believe the catalyst for a rebound in semiconductor companies' stock prices will be the financial results to be released successively by U.S. hyperscale cloud service providers starting from late July." He added: "The combined capital expenditure growth rate of Alphabet, Microsoft, Meta, and Amazon is projected to rise from 80% in Q1 2026 to 83% in Q2 and 92% in Q3." He also said: "Given the growth in investment demand, semiconductor companies can sustain high operating profit margins." (Jinshi)

3 minutes ago

Institutions: AI industry revenue has reached a critical tipping point, with hundreds of billions of dollars in AI investment starting to generate commercial returns.

According to a report from research firm Exponential View, the artificial intelligence (AI) industry has reached a critical revenue inflection point, marking initial validation of the business model where tech companies have poured hundreds of billions of dollars into building AI infrastructure in recent years. The report shows that AI-related revenue from global hyperscale and emerging cloud service providers has hit roughly $25 billion, marking the second consecutive quarter that this figure has exceeded the estimated depreciation costs of AI data centers and chips, which stand at around $21 billion. This milestone means revenue generated by the AI industry has started to offset cost pressures from infrastructure capital investment, as the AI economy transitions from an expansion phase relying solely on capital expenditure to a revenue validation stage. Exponential View notes that current AI revenue primarily stems from AI cloud services, GPU computing power rentals, large language model APIs, enterprise AI software, and generative AI applications. As corporate clients continue to increase their AI spending, AI commercialization is accelerating. However, the report also points out that the AI industry is still far from achieving high profitability. Due to high costs for GPUs, data centers, electricity, and model development, industry profit margins remain limited; current revenue is more about validating the sustainability of infrastructure investment rather than generating large-scale profits. The core competition in the AI industry will shift from "whether real demand exists" to "which companies can achieve large-scale profitability amid fierce competition". As model capabilities improve and costs decline, AI service prices may fall further, so enterprises need to boost profit margins through more efficient application scenarios and business models.

3 minutes ago

Allbridge Core was hacked, leading to the theft of over $1.1 million worth of USDC on the Solana blockchain.

According to monitoring by OnchainLens, cross-chain protocol Allbridge Core was attacked on the Solana blockchain. The attacker stole over $1.1 million by manipulating the exchange rate of its stablecoin pool. The attacker first took out a $1.12 million USDC flash loan from Kamino, then altered the liquidity ratio of Allbridge’s stablecoin pool via rapid USDC/USDT swaps, exploited the manipulated exchange rate to withdraw liquidity, and repaid the flash loan in the same transaction. Currently, the attacker has transferred approximately $1.1 million and mixed the funds using a privacy protocol. The maximum single withdrawal limit for Allbridge Core is around $2.24 million USDC, and analysis of the vulnerability is still ongoing.

3 minutes ago

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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Table of contents

Market capitalizations have climbed back. ETFs are running. New L1s and L2s launch every month. Yet the conversation at the highest levels of the industry is circling a quieter, more uncomfortable problem: the talent pool isn’t deep enough to match what crypto is trying to build. In a July 9 interview on the VALR podcast, Hyperliquid co-founder Jeff Yan framed it directly. The biggest challenge facing the sector today, he argued, is not regulation, not scalability, not user experience—it’s the failure to attract the highest quality entrepreneurial talent.

Yan’s remarks land at a moment when crypto infrastructure has never been more capable, but the pipeline of builders willing to reimagine financial rails from scratch looks dangerously thin. The observation is not about coding talent in the aggregate. It is about the specific kind of founder who can take academic concepts in market design, risk, and engineering and translate them into systems that operate at scale across fragmented global liquidity pools.

The Prestige Problem Part of the drain is cultural. Yan pointed to the AI boom and the gravitational pull of prestige careers. The smartest young graduates, he said, often do not have a clear picture of where their skills could create the most impact. The result is a narrow funnel into big tech, quant funds, and now AI labs, while on-chain finance struggles to compete for the same minds. This is not a new dynamic, but it has intensified as AI has captured the attention of both venture capital and the broader public imagination.

The shift creates a structural problem for crypto. Unlike the last cycle, where ICOs and NFT mania lured generalist entrepreneurs, today’s environment demands something harder to find: people who understand both traditional finance’s plumbing and the design constraints of decentralized networks. Without them, the gap between what blockchains can theoretically do and what actually gets shipped widens.

Rebuilding Finance From First Principles Yan described the work ahead as an “incredible undertaking”—rebuilding financial engineering from first principles and making academic concepts usable at scale. That is a different proposition from launching a token or a copycat protocol. It involves deep work on clearing mechanisms, cross-margining, liquidity models, and settlement guarantees that most crypto projects never touch. Institutional moves like Bullish buying Equiniti for $4.2 billion or Ondo settling directly with JPMorgan make it clear that the financial industry’s on-chain migration is no longer theoretical. It is happening, and it requires exactly the kind of talent Yan is trying to summon.

He urged the younger generation not to take things at surface value. Instead of chasing the obvious, he said, they should identify the real problems the world faces and recognize the scale of the renaissance happening in on-chain finance right now. That framing stands in contrast to the narrative that crypto has run out of big ideas.

Where the Developers Are Data on developer activity offers a mixed picture. Ethereum, BNB Chain, and Polygon still dominate weekly active developers, with Solana and Cosmos close behind. That activity is healthy, but much of it focuses on incrementally improving existing infrastructure rather than the kind of ground-up financial redesign Yan describes. The difference between maintaining a codebase and inventing a new market structure is the difference between a contributor and the entrepreneurial talent crypto is missing.

The industry’s oldest ecosystems have large developer bases, but the distribution is uneven. Newer chains often struggle to attract builders beyond airdrop farmers and short-term incentive programs. That environment does not naturally produce the deep, patient work of building clearinghouses, order matching engines, or risk management systems that can handle billions in notional value.

Regulatory Noise as a Talent Deterrent Regulatory uncertainty plays its own role in the talent equation. When the most visible policy battles involve things like banks attempting to kill landmark crypto legislation days before a Senate vote, the signal to technically gifted founders who have career options is not encouraging. The US market, in particular, sends conflicting messages: huge capital flows into ETFs, but an operating environment that can feel hostile to anyone building core financial infrastructure on-chain. For the kind of talent Yan wants to attract, risk-adjusted career calculus matters. If regulators treat decentralized clearing as an existential threat to legacy banking, the brightest minds will simply build elsewhere.

What remains uncertain is whether the industry can reverse the talent drain before the window of opportunity narrows. The AI sector is not slowing down, and traditional finance firms are paying top dollar for quant and engineering talent. Crypto’s pitch—that it offers a once-in-a-generation chance to rebuild the entire financial stack—will need to be made more clearly and to a wider audience if it is to compete. Yan’s comments are a reminder that the most expensive resource in crypto today is not capital, but capable founders who can think from first principles.

AUTHOR

Kester is an experienced freelance content writer. His focus is primarily on blockchain technology and cryptocurrency. One might even refer to him as a "blockchain enthusiast." He has been following advancements in the crypto and blockchain area for several years, researching and writing his insights in the media. In addition to being a skilled content writer, Mushumir is also knowledgeable in SEO and digital marketing. He aspires to succeed as a content creator in the digital realm, dealing with customers in the finance and tech industries to generate traffic through engaging taglines and content. Mushumir enjoys traveling, reading, and playing cricket when he is not writing. He now works as a news and article writer for BlockchainReporter.

84 million BANK tokens have been transferred from the foundation to the Aster deposit address, valued at approximately $13.7 million.

Arkham data shows that 84 million BANK tokens (of Lorenzo Protocol) were transferred from the BANK Foundation address to a newly created wallet, then moved to an Aster deposit address, valued at approximately $13.7 million. Market data indicates BANK has rallied more than 3 times over the past three days, briefly topping $0.21, and is now trading at $0.163 with a 24-hour gain of 53.7%.

49 minutes ago

World Cup Predict.fun Final Launches 30-Point Market, 260,000 USDT Prize Pool Up for Grabs

Predict.fun’s World Cup Finals have officially kicked off. Centered on the Argentina vs. Spain match, 30 fan token markets are now live, covering multiple dimensions including match outcome, score, goals, corner kicks, and player performance, with nearly 200,000 fan tokens released in total. Supporters of the eventual winning team will split the 260,000 USDT final prize pool based on their points rankings.

49 minutes ago

Analysis: Bitcoin will not bottom out this quarter; the current sideways consolidation is a false stability, with the real bottom and accumulation window arriving in October.

Market analyst Noname has published a post refuting the current "bottom is already here" narrative, arguing that calling a bottom is premature. The current sideways consolidation essentially reflects indecision, with "hesitation at this level usually preceding a downward breakout before an upward move." The analyst outlined a clear path forecast for the second half of 2026: July will see "false stability" and a bear trap rally, with volatility to flush out weak positions; August will mark the start of the real decline, testing the $50,000 level for the first time; September will extend downward pressure, with a W-bottom structure beginning to form; October will be the actual bottom and accumulation zone, at which point participation strategies will turn aggressive; November will show initial signs of recovery, with prices starting to rebound from the bottom; December will bring the possibility of returning to $100,000 for the first time since the bear market began. The analyst emphasized that the final sell-off is still imminent, though most refuse to believe it. "Don’t let the sideways movement fool you." In terms of rhythm, the decline since the June high is a full liquidation of the three-year rally. Previous bear cycles all ended with corrections of over 80%; the current price is roughly 50% down from its all-time high, so if history repeats, lower targets should still be within expectations. The analyst predicts the final bottom will not drag into the fourth quarter—this cycle will complete in the third quarter. An oversold zone with expanding volume may be observed between August and September, followed by a breakout in the fourth quarter, and returning to $100,000 by year-end will be the minimum rebound target needed for bulls to repair structural damage.

49 minutes ago

Smart money address 'gritsa.eth' has opened a long position of 50 BTC, valued at approximately $3.22 million.

According to OnchainLens monitoring, the smart money address "gritsa.eth" has just opened a long position on Hyperliquid for 50 BTC, worth approximately $3.22 million. The trader’s cumulative profit exceeds $2.83 million.

49 minutes ago

CZ teases in a post: Even being inactive doesn’t hurt gaining followers – could the bear market be nearing its end?

Binance founder CZ posted, "Inactivity doesn’t seem to affect follower growth at all. Is the bear market almost over?" According to the tweet CZ cited, his current follower count on X stands at 11.98 million, soon to cross the 12 million threshold.

49 minutes ago

US Secretary of Energy states that military operations against Iran will continue.

U.S. Energy Secretary Wright has stated that U.S. military operations against Iran will continue until President Trump achieves his military objectives. In an interview, Wright said the Trump administration’s goal is to prevent Iran from acquiring nuclear weapons and weaken its ability to threaten neighboring countries and global commercial activities. "Therefore, this mission will continue until its task is completed," (CCTV)

49 minutes ago

84 million BANK tokens have been transferred from the foundation to the Aster deposit address, valued at approximately $13.7 million.

Arkham data shows that 84 million BANK tokens (of Lorenzo Protocol) were transferred from the BANK Foundation address to a newly created wallet, then moved to an Aster deposit address, valued at approximately $13.7 million. Market data indicates BANK has rallied more than 3 times over the past three days, briefly topping $0.21, and is now trading at $0.163 with a 24-hour gain of 53.7%.

49 minutes ago

World Cup Predict.fun Final Launches 30-Point Market, 260,000 USDT Prize Pool Up for Grabs

Predict.fun’s World Cup Finals have officially kicked off. Centered on the Argentina vs. Spain match, 30 fan token markets are now live, covering multiple dimensions including match outcome, score, goals, corner kicks, and player performance, with nearly 200,000 fan tokens released in total. Supporters of the eventual winning team will split the 260,000 USDT final prize pool based on their points rankings.

49 minutes ago

Analysis: Bitcoin will not bottom out this quarter; the current sideways consolidation is a false stability, with the real bottom and accumulation window arriving in October.

Market analyst Noname has published a post refuting the current "bottom is already here" narrative, arguing that calling a bottom is premature. The current sideways consolidation essentially reflects indecision, with "hesitation at this level usually preceding a downward breakout before an upward move." The analyst outlined a clear path forecast for the second half of 2026: July will see "false stability" and a bear trap rally, with volatility to flush out weak positions; August will mark the start of the real decline, testing the $50,000 level for the first time; September will extend downward pressure, with a W-bottom structure beginning to form; October will be the actual bottom and accumulation zone, at which point participation strategies will turn aggressive; November will show initial signs of recovery, with prices starting to rebound from the bottom; December will bring the possibility of returning to $100,000 for the first time since the bear market began. The analyst emphasized that the final sell-off is still imminent, though most refuse to believe it. "Don’t let the sideways movement fool you." In terms of rhythm, the decline since the June high is a full liquidation of the three-year rally. Previous bear cycles all ended with corrections of over 80%; the current price is roughly 50% down from its all-time high, so if history repeats, lower targets should still be within expectations. The analyst predicts the final bottom will not drag into the fourth quarter—this cycle will complete in the third quarter. An oversold zone with expanding volume may be observed between August and September, followed by a breakout in the fourth quarter, and returning to $100,000 by year-end will be the minimum rebound target needed for bulls to repair structural damage.

49 minutes ago

CZ teases in a post: Even being inactive doesn’t hurt gaining followers – could the bear market be nearing its end?

Binance founder CZ posted, "Inactivity doesn’t seem to affect follower growth at all. Is the bear market almost over?" According to the tweet CZ cited, his current follower count on X stands at 11.98 million, soon to cross the 12 million threshold.

49 minutes ago

US Secretary of Energy states that military operations against Iran will continue.

U.S. Energy Secretary Wright has stated that U.S. military operations against Iran will continue until President Trump achieves his military objectives. In an interview, Wright said the Trump administration’s goal is to prevent Iran from acquiring nuclear weapons and weaken its ability to threaten neighboring countries and global commercial activities. "Therefore, this mission will continue until its task is completed," (CCTV)

49 minutes ago

US semiconductor ETFs are poised to post their highest annual capital inflow ever, with over $46 billion already added this year.

As of now, U.S. semiconductor ETFs have attracted over $460 billion in inflows in 2026, on track to set a new record for the largest annual inflow ever, equal to 31% of the ETF’s total assets under management (AUM). Year-to-date total inflows are more than double the sum recorded from January 2017 to December 2025. As a result, cumulative inflows since 2017 have climbed to a record $680 billion. Last week alone, semiconductor ETFs drew in over $2.3 billion in inflows—investors have never allocated such massive sums to these ETFs before.

49 minutes ago

Hyperliquid is having a rough start to Q3, with fundamentals dropping to levels last seen in April. After a strong jump in perpetual volume in early July to $84B, the decentralized exchange’s activity has now dropped to $43B. That’s a 2x decline in traction in less than three weeks. 

Similarly, the overall total Open Interest (OI), measuring the capital inflows of open contracts, slipped from $75B to $65B. That’s a $10B drop in OI in July, further underscoring the slowing traction. 

Amid the cool-off, revenue has decreased by 3x from a weekly average of $23M to $7.5M this week. 

Source: DeFiLlama As illustrated on the chart, the declining revenue (red) and perp volume (purple) have dragged HYPE token’s price (green) lower. This may be connected to the pace of buybacks amid dropping revenue. 

HYPE buyback drops by half In June, HYPE buybacks rose by 4x from a daily average of 14K tokens to over 44K. The strong buyback and positive ecosystem catalysts and ETF flows boosted the token to a new record high of $76.9 on the Binance platform. 

However, the pace of buybacks has since dropped to around 22K HYPE, marking a sharp decline by half from its mid-June levels. 

Source: Coinglass  And the U.S Spot HYPE ETF demand has not made the situation any better over the last few days. Since 9th July, the products have seen zero demand or outflows, with 15th July being the exception.

Source: SoSo Value  With declining fundamentals, easing buybacks, a16z’s $30M sell-off, and lack of interest from institutional investors, HYPE’s price pullback did not come as a surprise. 

HYPE’s price drops 19% as traction slows down At the time of writing, HYPE was valued at $58, down 19% from a high of $73 in July. Still, the price action was around $60, which acted as a previous price peak last year and a key support in 2026. 

It is still unclear if the $60-support would hold after being tested three times since May. 

A decisive weekly candlestick close below the crucial support would reinforce Hyperliquid [HYPE]’s weakening momentum. 

Source: HYPE/USDT, TradingView  In case of an extended decline, $48-$54 could be the next key support zone. Even so, Hyperliquid became an outlier in 2026 and outperformed several tokens in investor returns. Whether it will bounce back strongly if risk appetite improves remains to be seen. 

Final Summary Hyperliquid’s perpetual volume and revenue have dropped by 2x and 3x, respectively.  The slowing fundamentals have weighed on HYPE’s price, triggering nearly 20% in losses

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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Altcoins

18 July 2026 | 17:51 Hyperliquid has generated more than $1.2 billion in fees, while Grayscale’s HYPG ETF expands institutional exposure. Yet token burns, decentralization concerns and regulatory competition still shape HYPE’s long-term outlook ahead.

Key Takeaways Hyperliquid surpassed $1.2 billion in cumulative trading fees by July 10, 2026, according to Grayscale data sourced from Allium. A portion of protocol fees is automatically converted into HYPE, and the acquired tokens are burned, linking trading activity to token demand and supply reduction. HIP-3 and builder codes allow outside teams to launch markets and earn revenue without creating a separate trading stack. Grayscale already offers direct HYPE exposure through its Nasdaq-listed Hyperliquid Staking ETF, HYPG. Regulatory progress supports perpetual futures as a product category, but it does not remove Hyperliquid’s U.S. restrictions or operational risks. Grayscale’s Head of Research, Zach Pandl, framed the investment firm’s case for Hyperliquid around five qualities: product-market fit, open architecture, revenue-linked token value, regulatory tailwinds and grassroots adoption.

That analysis comes from a company with a direct commercial position in the market. On June 3, 2026, Grayscale launched the Grayscale Hyperliquid Staking ETF on Nasdaq under the ticker HYPG. The product provides investors with exposure to HYPE while seeking to capture rewards through participation in the network’s staking process.

HYPG launched with an annual sponsor fee of 0.29%, which Grayscale described as the lowest gross fee among U.S.-listed Hyperliquid exchange-traded products at the time. The fund’s SEC registration documents confirm the 0.29% fee and its objective of reflecting the value of the HYPE held by the trust, including eligible staking rewards, after expenses and liabilities.

Grayscale’s five-point thesis should therefore be read in the context of an active product issuer evaluating the asset underlying one of its own exchange-traded funds. That does not invalidate the data or Pandl’s analysis, but it makes the firm’s financial interest relevant when assessing its conclusions.

The five points are connected. Hyperliquid first built a trading product that people were willing to pay to use. It then opened parts of that infrastructure to outside developers, while directing part of protocol activity into a mechanism that buys and burns HYPE.

That combination is more informative than the fee number alone. It suggests Hyperliquid is attempting to become an underlying financial platform rather than remaining a single decentralized exchange for crypto perpetual futures.

Today at the @HLglobal_ event I presented the 5 things the Grayscale Research team loves about Hyperliquid and $HYPE:

#1 Hyperliquid has product/market fit

#2 Hyperliquid is open architecture

#3 Hyperliquid has revenue and token value accrual

#4 Hyperliquid has regulatory… https://t.co/iNc6IuvI9j

— Zach Pandl (@LowBeta) July 17, 2026

The Fee Curve Is Hyperliquid’s Product-Market-Fit Evidence Grayscale’s chart shows cumulative trading fees rising steadily from early 2025 through July 2026 rather than depending on one isolated burst of activity. Growth accelerated during the second half of 2025 and continued throughout the first half of 2026, eventually moving beyond $1.2 billion.

Fees provide a stronger test of demand than headline trading volume alone. Volume can be inflated by temporary incentives, automated strategies or unusually volatile markets. Fees show that traders were repeatedly willing to pay for execution.

Hyperliquid’s product combines a fully onchain order book with perpetual and spot trading. According to the official documentation, orders, cancellations, trades, funding calculations and liquidations are processed transparently through HyperCore, the network’s native trading layer.

The performance of that system allowed Hyperliquid to compete in a market historically controlled by centralized exchanges. Grayscale previously estimated that the platform processed approximately $2.9 trillion in perpetual futures volume and generated around $800 million in revenue during 2025.

The cumulative fee total should still be interpreted carefully. It represents gross fees paid through the platform, not corporate profit or money belonging directly to HYPE holders. Rebates, referral rewards, liquidity mechanisms and payments to outside market deployers affect how those fees are distributed.

The curve nevertheless indicates substantial recurring paid activity and provides clear evidence that Hyperliquid has found demand for its core trading product.

How Trading Activity Reaches the HYPE Token Grayscale summarized the mechanism as a “buy-back-and-burn model where revenue loops straight back into token value accrual.”

Hyperliquid has surpassed $1.2B in cumulative trading fees since its 2024 inception.

At @HLglobal_, @LowBeta, Head of Research at Grayscale, broke down one reason it caught Grayscale’s eye: a buy-back-and-burn model where revenue loops straight back into token value accrual. https://t.co/csOnvB4KPL pic.twitter.com/lUO2bIMjup

— Grayscale (@Grayscale) July 17, 2026

The underlying mechanism is the Hyperliquid Assistance Fund. Under the protocol’s official fee rules, the fund automatically converts the fees allocated to it into HYPE as part of the network’s execution process. The acquired tokens are then burned, permanently removing them from circulating and total supply.

That creates a measurable connection between platform usage and HYPE:

1

Trading activity generates fees

2

Fees directed to Assistance Fund

3

Automatic HYPE token purchase

4

Tokens removed from supply (Burn)

The mechanism differs from a conventional dividend. HYPE holders do not receive cash distributions or acquire a legal claim on Hyperliquid’s revenue. Instead, trading activity creates recurring market demand for HYPE and reduces the number of tokens available.

The distinction prevents the $1.2 billion figure from being misread. It does not mean $1.2 billion has been returned directly to token holders or used entirely for burns. Hyperliquid’s fees are divided among community-controlled components, including the Assistance Fund, the Hyperliquid Liquidity Provider vault and third-party market deployers.

Spot and HIP-3 deployers may retain up to 50% of the fees generated by their markets. Maker rebates and other incentives also affect the final distribution.

HYPE’s value-accrual model therefore depends on more than cumulative historical fees. It requires trading activity to remain strong enough for future purchases and burns to continue. Falling volume, lower fee rates or a larger share of revenue going to outside builders would weaken the amount flowing through the Assistance Fund.

Open Architecture Expands the Fee Engine Hyperliquid’s larger opportunity comes from allowing other teams to build on top of its trading and liquidity infrastructure.

Through HIP-3, qualifying developers can deploy their own perpetual futures markets while inheriting HyperCore’s order books, margin system and execution infrastructure.

A mainnet deployer must stake 500,000 HYPE and is responsible for defining and operating the market. That includes selecting the underlying price feed, setting leverage limits, maintaining oracle updates and settling the contract when necessary.

The stake is not merely an access fee. Deployers can be penalized for inputs that damage network performance or for operating markets with unreliable pricing. This allows listings to become more open without removing accountability from the teams creating them.

HIP-3 also changes Hyperliquid’s growth model. The core team no longer has to identify and operate every new market itself. Independent developers can introduce perpetual contracts tied to crypto assets, equities, commodities, indices and other instruments with suitable price feeds.

Hyperliquid benefits even when users access those markets through third-party applications. Its builder-code system lets trading terminals, wallets and mobile applications attach an approved fee to orders routed on behalf of their users.

That system allows independent teams to generate revenue from Hyperliquid’s liquidity without having to build a blockchain, matching engine and margin system from the ground up. It also gives the network a way to distribute its trading infrastructure through multiple interfaces rather than depending entirely on one application.

The HyperEVM extends the same strategy to smart-contract applications. Developers can deploy EVM-compatible protocols while connecting them to assets and liquidity available through the broader Hyperliquid network.

This produces the flywheel behind Grayscale’s open-architecture thesis:

More builders introduce additional markets and applications

Additional products bring new users and trading activity

Trading generates fees for builders and the protocol

Part of the protocol allocation purchases and burns HYPE

HYPE is also required for staking, market deployment and network activity

The architecture gives Hyperliquid room to grow beyond its original crypto perpetuals business. Whether the flywheel becomes durable will depend on the quality and sustained usage of the markets being launched, not simply their number.

Grassroots Growth Is Not the Same as Full Decentralization Pandl’s fifth point concerns how Hyperliquid reached its current position.

Unlike many large crypto projects, Hyperliquid did not begin with a conventional venture-capital round. The Hyper Foundation describes the network as having no outside investors, no paid market makers and no fees directed to a company.

Grayscale also highlighted the distribution of roughly 30% of the HYPE supply to users at launch. That approach placed a substantial part of the network in the hands of people who had previously traded on the platform rather than selling it privately to early financial backers.

The lack of venture funding reduced Hyperliquid’s exposure to one common token-market risk: large early investor allocations becoming available for sale after lock-up periods expire. It also aligned the initial distribution more closely with actual platform usage.

“Grassroots” should not, however, be treated as a synonym for completely decentralized.

The SEC filings for Grayscale’s now-trading Hyperliquid Staking ETF identified approximately 24 validators as of April 30, 2026. The filings warned that the limited validator set could allow coordinated action over market parameters, bridges, withdrawals and incident responses.

They also noted that Hyperliquid Labs continued to exercise substantial influence over network development and that the network’s core protocol was not fully open source at the time of the filing.

Those factors do not erase the community-led launch, but they qualify the decentralization narrative. Hyperliquid combines broad token distribution and permissionless development with a comparatively concentrated validation and governance structure.

Regulation Is Both a Tailwind and a Competitive Threat Grayscale’s regulatory argument became more concrete in May 2026, when the Commodity Futures Trading Commission approved a Bitcoin perpetual contract for listing by a registered U.S. derivatives exchange.

The agency also issued a policy statement establishing a case-by-case route for other perpetual contracts. In June, it sought public input on continuous trading and perpetual contracts tied to energy commodities.

These steps validate parts of the market structure Hyperliquid has been building: derivatives without fixed expiration dates, continuous trading and markets that remain available outside traditional exchange hours.

They do not constitute regulatory approval of Hyperliquid itself. The platform continues to restrict U.S. users, and registered American venues must comply with customer-protection, surveillance, reporting and risk-management requirements that do not apply in the same way to a protocol that is not registered as a U.S. derivatives venue.

Regulatory progress could also create stronger competitors. If established U.S. exchanges can list perpetual contracts and operate continuously, part of Hyperliquid’s product advantage may become available through regulated platforms with existing institutional relationships.

Hyperliquid’s regulatory engagement became more direct on July 14, 2026, when representatives connected to its ecosystem met with the SEC’s Crypto Task Force to discuss decentralized perpetual markets and the HIP-3 architecture. The meeting showed that the protocol’s market structure is now part of the regulatory conversation, but it did not constitute approval of Hyperliquid or create a lawful path for U.S. access.

The tailwind therefore supports the instrument more clearly than it supports one venue. Hyperliquid would benefit if regulators normalize perpetual futures and around-the-clock markets, but it would also face exchanges capable of offering similar products to institutions that require regulated access.

What Could Confirm Grayscale’s Hyperliquid Thesis The next stage is proving that Hyperliquid’s architecture can generate durable activity beyond its core exchange.

Several developments would strengthen that case:

Fees continuing to rise without depending on one period of unusually high crypto volatility;

More trading activity coming from independently deployed HIP-3 markets;

Builder-code revenue expanding across multiple applications rather than remaining concentrated in a few interfaces;

Real-world asset and outcome markets retaining users after their initial launch periods;

A broader validator set and reduced dependence on coordinated intervention;

Regulatory progress that expands lawful access without forcing the network to abandon its onchain structure.

The weakest version of the thesis is that high trading fees automatically make HYPE more valuable. Fee generation alone cannot guarantee token performance, particularly if activity declines or the share reaching the burn mechanism falls.

The stronger version is that Hyperliquid has built a functioning exchange, a distribution system for independent applications and a token model that connects network usage with recurring purchases and supply reduction.

Grayscale’s five-point case ultimately depends on those elements continuing to develop together. The fee curve shows that the original trading product found demand. Open architecture must now demonstrate that Hyperliquid can support a durable ecosystem rather than a single successful venue.

Methodology: This analysis is based on Hyperliquid’s official protocol documentation, Grayscale Research, data attributed to Allium, and public filings and announcements from the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission. Figures and source documents were reviewed on July 18, 2026.

This article is provided for informational purposes only and does not constitute investment advice. Any financial interests or commercial relationships involving the publication or author should be disclosed separately where applicable.

Author

Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.

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Hyperliquid co-founder Jeff Yan has warned that crypto’s failure to attract enough top entrepreneurs has become one of the industry’s biggest obstacles as young talent moves toward artificial intelligence.

Summary

Jeff Yan says crypto is struggling to attract top young entrepreneurs. AI’s prestige and rapid growth are pulling talented founders away from on-chain finance. George Noble warns heavy AI spending could create serious financial risks. The VALR podcast featured Yan’s comments on how the AI boom and the social status attached to the technology have influenced career choices among young founders. According to Yan, many talented people remain unsure which field would allow them to create the most value, leaving relatively few to pursue work in cryptocurrency and fintech.

Yan argued that rebuilding the financial system from first principles offers young entrepreneurs a chance to solve difficult real-world problems. In his view, the work involves turning academic ideas into market designs that can operate reliably at scale.

Rather than judging industries by their surface appeal, Yan urged prospective founders to study the problems each sector is trying to solve. He identified on-chain finance as an area where entrepreneurs can help develop new financial systems and market structures.

AI is drawing young founders away from crypto Yan’s concern comes as Chinese AI developers gain attention for their progress in global model rankings. China’s Kimi K3 recently reached first place on the Frontend Code Arena, a result that prompted former White House crypto czar David Sacks to raise concerns about America’s position in the AI race.

Sacks described Kimi K3’s performance as troubling because the model also ranked close to leading systems across several other evaluations. He argued that rules covering data centers, state-level requirements and proposed federal reviews could slow US developers while Chinese companies continue improving their models.

“This is how you lose the AI race,” Sacks wrote.

Drawing a comparison with the early internet, Sacks argued that the United States became a technology leader by allowing companies to build products without first seeking government permission. He called for Washington to take a similar approach to AI while using focused regulations to address specific safety concerns.

The competition described by Sacks helps explain why AI has become attractive to ambitious young developers and founders. Yan, however, believes crypto still offers meaningful technical work because building on-chain financial markets requires both entrepreneurial judgment and knowledge of economic design.

Heavy AI spending carries a separate market risk While AI companies compete for talent and capital, former Fidelity fund manager George Noble has warned that the investment boom could create severe financial risks. Noble estimated that an AI bubble collapse could cause 17 times more damage than the dot-com crash, which erased about $5 trillion from the Nasdaq.

Noble linked that forecast to the large amount of money being directed toward AI infrastructure. If those investments fail to produce the returns expected by investors, he argued, the losses could spread beyond technology companies and affect other parts of the financial system.

“The fallout from this could really be much more significant,” Noble said while discussing the rise in AI capital spending.

Yan did not frame AI’s expansion only as a financial threat to crypto. His warning focused on the people entering the sector, with the Hyperliquid co-founder arguing that on-chain finance will need more capable entrepreneurs if it is to turn complex theories into financial markets that can serve users at scale.

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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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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TLDR: Hyperliquid price falls about 12% toward $59 as suspected a16z-linked wallets move nearly $59 million in HYPE across several exchanges. Long liquidations reach roughly $14.61 million, while open interest drops on Binance and Bybit as leveraged traders reduce exposure. HYPE breaks below a symmetrical triangle and its major four-hour moving averages, placing the $57 to $59 demand zone under pressure. A loss of $57 could expose $55.55, $52.65, and the deeper $42.74 to $43.30 zone, while any rebound first faces resistance near $63. Hyperliquid price prediction signals turn cautious after HYPE drops about 12% within 24 hours. The token trades near $59 after falling from a daily high above $66. Trading volume also rises as sellers move large positions across several exchanges.

The decline follows major transfers from wallets reportedly linked to venture capital firm a16z. One address deposits about 437,000 HYPE, worth approximately $28.38 million, across Hyperliquid, OKX, Bybit, and Gate. A second suspected wallet adds further pressure, taking the combined transfers close to $59 million.

Hyperliquid Price Prediction Weakens After Whale Sales On-chain trackers identify the first wallet as an address that previously accumulated a large HYPE position. The wallet reportedly withdraws 471,500 tokens before routing most of them toward exchange deposit addresses.

The second wallet receives HYPE from several connected addresses and sends portions to OKX and Bybit. It also transfers stablecoins to Kraken. Distributing funds across several venues may reduce the effect on one order book, although exchange deposits do not confirm that every token has sold.

🚨 An a16z-linked whale has deposited 𝟰𝟯𝟳𝗞 𝗛𝗬𝗣𝗘 ($𝟮𝟴.𝟯𝟴𝗠) across Hyperliquid, OKX, Bybit, and Gate over 2 days — a second suspected a16z wallet moved another $𝟯𝟬.𝟱𝟳𝗠 to exchanges. HYPE has fallen 𝟭𝟮% over the same window.

𝗛𝘂𝗽𝘇𝘆 𝘁𝗮𝗸𝗲: Two a16z-linked… pic.twitter.com/2vTiBiGSZY

— Hupzy (Spot On Chain) (@hupzy_agent) July 17, 2026

The timing places the transfers at the centre of the latest Hyperliquid price prediction. HYPE falls as the deposits reach exchanges, while higher spot volume reflects heavier market participation. CoinGecko data also shows a sharp weekly decline during the broader market pullback.

Derivative activity adds pressure. Most reported HYPE liquidations come from long positions, showing that leveraged buyers carry the largest losses. Open interest also falls as traders close positions and reduce exposure.

That combination often creates unstable conditions. Forced liquidations can accelerate a decline, while lower leverage may later reduce additional selling. The current data does not confirm that the liquidation cycle has ended.

Hyperliquid also recently joined discussions with the SEC Crypto Task Force. The July 14 meeting covers the protocol, its markets, and possible routes for compliant access to on-chain trading. 

HYPE Tests Demand as Bearish Chart Pressure Builds The four-hour chart places HYPE near a demand area between $57 and $59. This zone supported the early July rally and now acts as the main level within the Hyperliquid price prediction.

Price trades below the 20, 50, 100, and 200-period exponential moving averages. Those averages are turning lower, while the latest rebound forms a lower high near $68.93. The structure shows sellers gaining control after the earlier rejection around $72.

Meanwhile, the Relative Strength Index drops near 27, placing HYPE in oversold territory. That reading may support a relief rebound, but it does not confirm a lasting reversal.

Source: TradingView Holding the demand zone could allow price to retest the moving-average cluster between $63 and $66. A stronger recovery would then place $68.93 and the $71.85 to $72.93 supply area in focus.

A confirmed break below $57 would weaken the Hyperliquid price prediction further. The next support levels sit near $55.55 and $52.65. A deeper decline could expose the wider $42.74 to $43.30 area if exchange inflows and derivatives selling persist.

Competition for decentralized trading volume also draws attention. Robinhood Chain recently surpassed Hyperliquid during individual 24-hour periods, helped by heavy memecoin trading and new network activity. 

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.

This site is protected by reCAPTCHA.

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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Grayscale brings Hyperliquid staking ETF to Nasdaq with the lowest fees in its class