Track market-moving stories before they get noisy

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.

Uniswap plans to implement protocol fees for select v4 pools for the first time, with an on-chain vote scheduled for this Sunday.

Uniswap is set to roll out protocol fees on select v4 liquidity pools for the first time, as two proposals move to a final on-chain vote this Sunday. The proposals include activating protocol fees for Uniswap v4 liquidity pools across seven blockchains, and simultaneously enabling protocol fees for Uniswap v2 and v3 liquidity pools on Robinhood Chain. Since July 1, Uniswap’s cumulative swap volume on Robinhood Chain has surpassed $6 billion.

7 hours ago

Iran's Ministry of Foreign Affairs: The Memorandum of Understanding does not allow the US to open an independent parallel shipping lane in the Strait of Hormuz.

According to CCTV News, Iran’s Ministry of Foreign Affairs stated on the 18th local time that Article 5 of the Iran-US Memorandum of Understanding (MoU) prohibits the US from establishing an independent parallel shipping lane in the Strait of Hormuz. The Iran-US MoU is based on mutual commitments between the two countries, and as long as the US fulfills its pledges, Iran will abide by its own commitments.

7 hours ago

Binance Wallet now supports multiple Launchpad filtering features on the Robinhood Chain.

According to official announcements, Binance Wallet’s Meme Rush now supports filtering for multiple Launchpad projects on Robinhood Chain, including Virtuals Protocol, Flap, and Bankr. Additionally, users can now track tokens across BSC, Solana, Ethereum (ETH), Base, and Robinhood Chain simultaneously via Meme Rush, allowing them to grasp multi-chain market dynamics and popular trends in a unified feed.

7 hours ago

Next Week's Macro Outlook: Federal Reserve Blackout Period Coincides With Earnings Season, ECB Decisions Take Center Stage

As US-Iran tensions continue to evolve, the Federal Reserve will enter its pre-meeting blackout period next week, with no major US data releases that could influence its rate-setting meeting. Traders will turn their focus to Europe. Below are the key market focus points for the coming week (all times Beijing): - Tuesday 20:15: US ADP employment change for the week ended July 4 - Thursday 20:15: European Central Bank (ECB) interest rate decision - Thursday 20:45: ECB President Lagarde holds a monetary policy press conference - Friday 07:30: Japan’s June core CPI year-on-year rate Dozens of companies will release their Q2 earnings next week. Tesla will announce its earnings in the early hours of Thursday, July 23 (Beijing time); BlackRock will release its results ahead of US stock market opening on July 23 (Beijing time); Intel will report earnings in the early hours of Friday, July 24 (Beijing time).

7 hours ago

A whale transferred 19,235 ETH to Binance, worth approximately $35.34 million.

According to YuEmber monitoring, geministar.eth transferred 19,235 ETH (worth approximately $35.34 million) to Binance 15 minutes ago.

7 hours ago

Robinhood addresses controversy: Its support for Trump’s account is aimed at inclusive finance, not to encourage gambling-style trading.

According to The New York Times, as Robinhood integrates prediction markets into its app, external concerns have grown over the platform’s potential to exploit young, inexperienced investors. Additionally, many still associate Robinhood with the meme stock craze that swept markets years ago, and the firm was a key driver of that phenomenon. Today, Robinhood aims to be seen as more than those labels. The company has become one of the entities operating the Trump Accounts program, which gives Robinhood the chance to build closer ties with the next generation of investors while further strengthening its relationship with Washington’s political establishment. Robinhood CEO Vlad Tenev responded that the move is not to encourage speculation, but to expand financial inclusion and help more U.S. households participate in long-term investing. Currently, Robinhood has adjusted some product designs and is working to transition from a “speculative trading platform” to a broader financial services firm.

7 hours ago

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.

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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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.

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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.

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

A sharp slump in crypto-related semiconductors has forced long-position holders to exit en masse; six major whales stopped out of their long positions today, incurring a total loss of $16.8 million.

According to Hyperinsight’s monitoring, semiconductor-related contracts on Hyperliquid have fallen collectively today: Since 00:00 UTC today, SKHY is down 8.1%, SNDK down 7.1%, SKHX down 6.4%, and MU down 3.8%. The sell-off is forcing long positions entered at previous highs to be liquidated one by one. Among previously tracked addresses, six whales today placed stop-loss orders exceeding $1 million each on the four main assets, closing out a total of $16.852 million in long positions, with realized losses totaling $1.072 million. Stop-losses are highly concentrated in SKHY: five of the six whales’ million-dollar stop-losses are all on this asset; the remaining whale spread their exit across three assets, with stop-losses of roughly $386,000 on SKHY, $332,000 on SNDK, and $304,000 on MU, totaling around $1.022 million. SK Hynix’s ADR is the asset with the steepest decline in this round and also the most crowded exit for leveraged long positions. - 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 updates.

2 minutes ago

In U.S. pre-market trading, declines in semiconductor, optical communication and storage stocks narrowed, with SK Hynix ADR rising over 3% and Micron and SanDisk turning positive.

According to BIT (bit.com) market data, during U.S. pre-market trading, semiconductor, optical communication and storage stocks have rebounded from their lows, with declines narrowing significantly for multiple assets. SK Hynix (SKHY) rose 3.61%, SanDisk (SNDK) turned from a decline to a gain of 0.70%, and Micron Technology (MU) turned from red to up 0.07%. For semiconductor stocks: ASML’s decline narrowed to 0.98%, Broadcom (AVGO) fell 1.85%, Marvell Technology (MRVL) fell 1.96%, NVIDIA (NVDA) fell 2.49%, and KLA (KLAC) fell 2.94%. The storage sector was the first to turn positive: SK Hynix ADR (SKHY) gained 3.61%, SanDisk (SNDK) rose 0.70%, Micron Technology (MU) rose 0.07%; Seagate Technology (STX) saw its decline narrow to 1.69%, while Western Digital (WDC) fell 1.84%. Optical communication concept stocks generally posted narrowed declines: Lumentum (LITE) down 1.61%, Nokia (NOK) down 1.73%, Corning (GLW) down 2.18%, Applied Optoelectronics (AAOI) down 2.63%, and Astera Labs (ALAB) down 3.01%.

2 minutes ago

Goldman Sachs raised Robinhood's price target to $137 and maintained its "Buy" rating.

Goldman Sachs raised Robinhood's target price from $121 to $137 and maintained its "Buy" rating.

2 minutes ago

PC brands are scrambling to secure memory supplies from Changxin Storage, with orders reportedly booked through the end of 2027.

Changxin Memory’s IPO has entered its final stage. PC supply chain sources said that with the easing of tensions between China and the U.S., and Apple reportedly having tested Changxin Memory’s memory chips and lobbied the U.S. government to allow their use, PC brands have accelerated orders, with related orders reportedly booked through the end of 2027. Sources noted that while memory price growth may narrow in the second half of 2026, prices will still continue to rise. Brands are passing part of the costs to consumers; rising end prices have started to weigh on sales, but have not yet reached a tipping point. Currently, all manufacturers are actively competing for memory supplies, with Changxin Memory being one key source. All major PC manufacturers have completed testing of Changxin Memory’s products, but securing supply still depends on quotas. Large clients including Dell, HP, Lenovo, and Apple are expected to get priority in supply, while smaller manufacturers may not make the supply list. Supply chain sources also said that the U.S. previously considered adding Changxin Memory to its Entity List, but no such action has been announced. Apple is reportedly planning to use products with Chinese memory chips exclusively for the Chinese market, which some PC brands view as a signal that restrictions may ease, prompting them to increase orders for Changxin Memory and Yangtze Memory.

2 minutes ago

The semiconductor sector has been hit by sell-offs, with Kimi K3 sparking concerns over AI valuations and chip spending.

The semiconductor sector is under pressure, and investors are reassessing AI-related trades. Moonshot AI claims its Kimi K3 model can compete with models from OpenAI and Anthropic, sparking renewed market concerns over AI firms' valuations and the outlook for chip spending. Despite the sell-off in chip stocks, the overall market breadth remains healthy; the recent moves are more likely a reflection of capital rotating out of the semiconductor sector rather than a broad market pullback.

2 minutes ago

Amid the closure of South Korean stock markets, SK Hynix’s ADR premium narrowed by 4 percentage points, and a crypto whale’s convergence portfolio swung to a profit of $340,000.

According to Hyperinsight monitoring, after the South Korean stock market closed, SK Hynix (SKHY) ADR (US-listed) on Hyperliquid continued to decline, currently trading at $148.5, with a 24-hour drop of around 10.5%; during the same period, South Korean-listed SK Hynix (SKHX) traded at 1,134 won, down about 8.9%. Calculated based on the ratio of 0.1 underlying Korean shares per SKHY ADS, the current ADR premium is around 30.8%, narrowing by roughly 4 percentage points from yesterday. The steeper decline of SKHY compared to SKHX has further narrowed the spread between the two. The previously tracked whale wallet 0x257 still maintains a convergence trade of "long SKHX, short SKHY", with total bilateral positions of around $7.893 million and a net floating profit of approximately $343,000: SKHX: 2,903 long positions with 10x isolated leverage, position value of about $3.288 million, average entry price of $1,196, floating loss of around $186,000, return rate of roughly -53.4%; SKHY: 31,014 short positions with 10x isolated leverage, position value of about $4.605 million, average entry price of $165.5, floating profit of around $529,000, return rate of approximately 103.0%. The funding fee structure remains bilateral. The hourly funding rate for SKHX is around -0.00303%, while for SKHY it is approximately 0.00185%; under the current portfolio, both the SKHX long position and SKHY short position are funding fee recipients, meaning the whale is expected to collect a total net of around $185 per hour.

2 minutes ago

A sharp slump in crypto-related semiconductors has forced long-position holders to exit en masse; six major whales stopped out of their long positions today, incurring a total loss of $16.8 million.

According to Hyperinsight’s monitoring, semiconductor-related contracts on Hyperliquid have fallen collectively today: Since 00:00 UTC today, SKHY is down 8.1%, SNDK down 7.1%, SKHX down 6.4%, and MU down 3.8%. The sell-off is forcing long positions entered at previous highs to be liquidated one by one. Among previously tracked addresses, six whales today placed stop-loss orders exceeding $1 million each on the four main assets, closing out a total of $16.852 million in long positions, with realized losses totaling $1.072 million. Stop-losses are highly concentrated in SKHY: five of the six whales’ million-dollar stop-losses are all on this asset; the remaining whale spread their exit across three assets, with stop-losses of roughly $386,000 on SKHY, $332,000 on SNDK, and $304,000 on MU, totaling around $1.022 million. SK Hynix’s ADR is the asset with the steepest decline in this round and also the most crowded exit for leveraged long positions. - 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 updates.

2 minutes ago

In U.S. pre-market trading, declines in semiconductor, optical communication and storage stocks narrowed, with SK Hynix ADR rising over 3% and Micron and SanDisk turning positive.

According to BIT (bit.com) market data, during U.S. pre-market trading, semiconductor, optical communication and storage stocks have rebounded from their lows, with declines narrowing significantly for multiple assets. SK Hynix (SKHY) rose 3.61%, SanDisk (SNDK) turned from a decline to a gain of 0.70%, and Micron Technology (MU) turned from red to up 0.07%. For semiconductor stocks: ASML’s decline narrowed to 0.98%, Broadcom (AVGO) fell 1.85%, Marvell Technology (MRVL) fell 1.96%, NVIDIA (NVDA) fell 2.49%, and KLA (KLAC) fell 2.94%. The storage sector was the first to turn positive: SK Hynix ADR (SKHY) gained 3.61%, SanDisk (SNDK) rose 0.70%, Micron Technology (MU) rose 0.07%; Seagate Technology (STX) saw its decline narrow to 1.69%, while Western Digital (WDC) fell 1.84%. Optical communication concept stocks generally posted narrowed declines: Lumentum (LITE) down 1.61%, Nokia (NOK) down 1.73%, Corning (GLW) down 2.18%, Applied Optoelectronics (AAOI) down 2.63%, and Astera Labs (ALAB) down 3.01%.

2 minutes ago

Goldman Sachs raised Robinhood's price target to $137 and maintained its "Buy" rating.

Goldman Sachs raised Robinhood's target price from $121 to $137 and maintained its "Buy" rating.

2 minutes ago

PC brands are scrambling to secure memory supplies from Changxin Storage, with orders reportedly booked through the end of 2027.

Changxin Memory’s IPO has entered its final stage. PC supply chain sources said that with the easing of tensions between China and the U.S., and Apple reportedly having tested Changxin Memory’s memory chips and lobbied the U.S. government to allow their use, PC brands have accelerated orders, with related orders reportedly booked through the end of 2027. Sources noted that while memory price growth may narrow in the second half of 2026, prices will still continue to rise. Brands are passing part of the costs to consumers; rising end prices have started to weigh on sales, but have not yet reached a tipping point. Currently, all manufacturers are actively competing for memory supplies, with Changxin Memory being one key source. All major PC manufacturers have completed testing of Changxin Memory’s products, but securing supply still depends on quotas. Large clients including Dell, HP, Lenovo, and Apple are expected to get priority in supply, while smaller manufacturers may not make the supply list. Supply chain sources also said that the U.S. previously considered adding Changxin Memory to its Entity List, but no such action has been announced. Apple is reportedly planning to use products with Chinese memory chips exclusively for the Chinese market, which some PC brands view as a signal that restrictions may ease, prompting them to increase orders for Changxin Memory and Yangtze Memory.

2 minutes ago

The semiconductor sector has been hit by sell-offs, with Kimi K3 sparking concerns over AI valuations and chip spending.

The semiconductor sector is under pressure, and investors are reassessing AI-related trades. Moonshot AI claims its Kimi K3 model can compete with models from OpenAI and Anthropic, sparking renewed market concerns over AI firms' valuations and the outlook for chip spending. Despite the sell-off in chip stocks, the overall market breadth remains healthy; the recent moves are more likely a reflection of capital rotating out of the semiconductor sector rather than a broad market pullback.

2 minutes ago

Amid the closure of South Korean stock markets, SK Hynix’s ADR premium narrowed by 4 percentage points, and a crypto whale’s convergence portfolio swung to a profit of $340,000.

According to Hyperinsight monitoring, after the South Korean stock market closed, SK Hynix (SKHY) ADR (US-listed) on Hyperliquid continued to decline, currently trading at $148.5, with a 24-hour drop of around 10.5%; during the same period, South Korean-listed SK Hynix (SKHX) traded at 1,134 won, down about 8.9%. Calculated based on the ratio of 0.1 underlying Korean shares per SKHY ADS, the current ADR premium is around 30.8%, narrowing by roughly 4 percentage points from yesterday. The steeper decline of SKHY compared to SKHX has further narrowed the spread between the two. The previously tracked whale wallet 0x257 still maintains a convergence trade of "long SKHX, short SKHY", with total bilateral positions of around $7.893 million and a net floating profit of approximately $343,000: SKHX: 2,903 long positions with 10x isolated leverage, position value of about $3.288 million, average entry price of $1,196, floating loss of around $186,000, return rate of roughly -53.4%; SKHY: 31,014 short positions with 10x isolated leverage, position value of about $4.605 million, average entry price of $165.5, floating profit of around $529,000, return rate of approximately 103.0%. The funding fee structure remains bilateral. The hourly funding rate for SKHX is around -0.00303%, while for SKHY it is approximately 0.00185%; under the current portfolio, both the SKHX long position and SKHY short position are funding fee recipients, meaning the whale is expected to collect a total net of around $185 per hour.

2 minutes ago

Bitcoin (BTC) edges below $64,000 on Friday, extending losses for the third consecutive day after the 50-day Exponential Moving Average (EMA) capped recovery around $65,000. Hyperliquid (HYPE) and Celestia (TIA) stand out as the worst performers over the last 24 hours, with nearly 10% losses.

Bitcoin extends decline below its 50-day EMABitcoin edges below $64,000 on Friday, maintaining a bearish near-term tone as it remains below the 50-day EMA at $65,041 and the 200-day EMA at $75,025. Momentum is mixed, with the Moving Average Convergence Divergence (MACD) indicator still in positive territory and the Relative Strength Index (RSI) dipping to the neutral 50 level, suggesting consolidation rather than a decisive recovery.

Bitcoin must clear the 50-day EMA at $65,041 for a steady recovery, which could target the $70,000 psychological threshold.

BTC/USDT daily price chart.On the downside, the key structural floor is the horizontal support at $60,000, where a sustained break would likely reopen a broader corrective phase in the daily picture.

Hyperliquid and Celestia take a bearish reversalHyperliquid hovers around $60 at press time on Friday, maintaining a bearish near-term bias after breaking below its 50-day EMA at $63.09, with a 9% drop the previous day. Still, the longer-term 200-day EMA at $49.85 underpins the broader structure.

The MACD descends into negative territory with a bearish profile, and the RSI near 41 suggests subdued momentum, reinforcing the downside pressure.

The path of least resistance for HYPE targets the previous swing low from June 10 at $52.67, followed by the 200-day EMA at $49.85.

HYPE/USD daily price chart.On the topside, initial resistance is at the 50-day EMA at $63.09, with a stronger barrier at the former upward-sloping trendline break near $70.29.

Celestia maintains a bearish near-term bias, testing its 50-day EMA at $0.3838 on Friday, which is well below the 200-day EMA at $0.5053. This positioning suggests the broader trend remains pressured, after price failed to surpass the 50% retracement level at $0.4104, measured over the downswing from $0.6257 to $0.2693.

The RSI around 47 hints at neutral-to-slightly soft momentum, while the MACD has slipped marginally below zero, reinforcing a loss of upside conviction following recent rebounds.

Looking down, the 23.6% retracement at $0.3285 is the first notable support, ahead of the structural cycle low at $0.2693, where buyers are expected to defend the broader range.

TIA/USDT daily price chart.On the topside, initial resistance is seen at the 50% retracement at $0.4104, before the 200-day EMA at $0.5053, which caps the long-term recovery potential.

(The technical analysis of this story was written with the help of an AI tool. Know more.)

Hyperliquid’s native token HYPE is consolidating within a tight trading range, with investors closely monitoring for signals that could indicate a shift toward renewed bullish momentum. The network’s recent strategic developments, including a collaboration with sector participants such as Hyperion and Skew Technologies, aim to bolster institutional adoption and improve decentralized trading infrastructure.

Current market performance and technical outlookAt press time, HYPE trades at $62.31, reflecting a daily volume of $436.3 million and a market capitalization of $15.76 billion. In the last 24 hours, HYPE lost 7.16% in value, yet the token’s broader technical structure and network activity continue to draw interest from traders anticipating a reversal.

Data from MCO Global suggests that HYPE remains locked in a sideways pattern, as market participants await a decisive breakout. According to recent analysis, wave 4 of the current technical cycle is still ongoing, with HYPE’s price trending below its recent swing highs.

Potential for additional short-term weakness remains, as analysts expect the possibility of one or two further local lows before a correction phase concludes. The $73 price mark is viewed as an initial resistance level; a confirmed breakout above this threshold would be interpreted as an early sign of renewed bullish activity. Confidence in the trend reversal would increase should HYPE surpass $76, signaling the likely start of wave 5.

Resistance LevelImplication$73Initial breakout signal for bullish momentum$76Key confirmation of wave 5 and trend reversal Current technical analysis indicates that HYPE’s breakout above $73 could mark the onset of renewed bullish strength, while a sustained move above $76 may confirm a longer-term trend reversal.

Strategic ecosystem developmentsHyperion, a key ecosystem stakeholder, announced a significant partnership with Skew Technologies. Under this collaboration, Hyperion will allocate 500,000 HYPE tokens to support the implementation of HIP-3 perpetual futures products and to strengthen the Hyperliquid institutional listing platform.

The objective is to build out on-chain trading infrastructure, facilitating broader market access for both institutions and Hyperion ecosystem members.

Mini dictionary: Hyperion is a blockchain infrastructure company supporting DeFi protocols, while Skew Technologies specializes in analytics and derivatives platforms for digital assets.

As part of the agreement, Hyperion also secures an ownership stake in Skew Technologies and a share of revenue from their listing services, further aligning interests between the two firms.

Market sentiment and next stepsHYPE’s ecosystem activity reflects its growing utility, as more services and markets become available. Nevertheless, the token’s price continues to trend downward, impacted by dampened market sentiment amid relatively stagnant movement in leading cryptocurrencies like Bitcoin.

The outlook for HYPE’s next move hinges on whether it can break through established resistance levels. If HYPE remains below $76, the current period of consolidation is expected to persist. Hyperion’s ecosystem initiatives, however, could provide support and lay the groundwork for greater institutional involvement.

Investors are watching HYPE’s price action closely, with resistance at $76 seen as the pivotal level that could signal a transition from consolidation to a new bullish phase.

For now, analysts are balancing cautious optimism with the realities of ongoing market uncertainty. Any sustained move above key resistance could mark a turning point for HYPE, but traders continue to approach the token with prudent risk management.

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

https://bookmap.com/blog/liquidation-in-crypto-a-survival-guide-for-volatile-markets

Whale Insider reported that 102,332 crypto market participants were liquidated over the past 24 hours. This massive liquidation aligns with recent market volatility, where the total value of liquidated positions has ranged from $942 million to over $1 billion. The majority of these liquidations have been long positions, indicating sharp declines in key cryptocurrencies such as Bitcoin and Ethereum. The event suggests a major leverage reset within the crypto derivatives market, reflecting fragile risk sentiment and unwinding of crowded long positions.

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Key Takeaways The liquidation event appears to highlight significant volatility in the crypto market, with a large number of participants affected. Market behavior suggests potential negative sentiment towards reaching price targets for assets like Hyperliquid. Current market pricing implies a decreased likelihood of Hyperliquid reaching $100 by year-end, consistent with recent developments supportive of NO outcomes. What to Watch Markets will be closely observed for whether this wave of liquidations leads to further downward pressure on crypto prices. The reaction in the Hyperliquid market, where pricing currently shows a 30% probability of reaching $100 by the end of 2026, could see further shifts based on ongoing volatility. Key indicators such as Bitcoin and Ethereum price movements, as well as any major announcements or regulatory changes impacting the crypto landscape, will be crucial in assessing future market direction.

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Term Structure

Contract Odds Δ since publish Volume 24h December 31 30% — — View market → January 1 2027 6.2% — — View market → January 1 2027 4% — — View market → January 1 2027 66% — — View market → January 1 2027 9.2% — — View market → January 1 2027 4.5% — — View market →

According to Hyperinsight monitoring, after the South Korean stock market closed, SK Hynix (SKHY) ADR (US-listed) on Hyperliquid continued to decline, currently trading at $148.5, with a 24-hour drop of around 10.5%; during the same period, South Korean-listed SK Hynix (SKHX) traded at 1,134 won, down about 8.9%. Calculated based on the ratio of 0.1 underlying Korean shares per SKHY ADS, the current ADR premium is around 30.8%, narrowing by roughly 4 percentage points from yesterday. The steeper decline of SKHY compared to SKHX has further narrowed the spread between the two. The previously tracked whale wallet 0x257 still maintains a convergence trade of "long SKHX, short SKHY", with total bilateral positions of around $7.893 million and a net floating profit of approximately $343,000: SKHX: 2,903 long positions with 10x isolated leverage, position value of about $3.288 million, average entry price of $1,196, floating loss of around $186,000, return rate of roughly -53.4%; SKHY: 31,014 short positions with 10x isolated leverage, position value of about $4.605 million, average entry price of $165.5, floating profit of around $529,000, return rate of approximately 103.0%. The funding fee structure remains bilateral. The hourly funding rate for SKHX is around -0.00303%, while for SKHY it is approximately 0.00185%; under the current portfolio, both the SKHX long position and SKHY short position are funding fee recipients, meaning the whale is expected to collect a total net of around $185 per hour.

Relevant content

A sharp slump in crypto-related semiconductors has forced long-position holders to exit en masse; six major whales stopped out of their long positions today, incurring a total loss of $16.8 million.

According to Hyperinsight’s monitoring, semiconductor-related contracts on Hyperliquid have fallen collectively today: Since 00:00 UTC today, SKHY is down 8.1%, SNDK down 7.1%, SKHX down 6.4%, and MU down 3.8%. The sell-off is forcing long positions entered at previous highs to be liquidated one by one. Among previously tracked addresses, six whales today placed stop-loss orders exceeding $1 million each on the four main assets, closing out a total of $16.852 million in long positions, with realized losses totaling $1.072 million. Stop-losses are highly concentrated in SKHY: five of the six whales’ million-dollar stop-losses are all on this asset; the remaining whale spread their exit across three assets, with stop-losses of roughly $386,000 on SKHY, $332,000 on SNDK, and $304,000 on MU, totaling around $1.022 million. SK Hynix’s ADR is the asset with the steepest decline in this round and also the most crowded exit for leveraged long positions. - 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 updates.

2 minutes ago

In U.S. pre-market trading, declines in semiconductor, optical communication and storage stocks narrowed, with SK Hynix ADR rising over 3% and Micron and SanDisk turning positive.

According to BIT (bit.com) market data, during U.S. pre-market trading, semiconductor, optical communication and storage stocks have rebounded from their lows, with declines narrowing significantly for multiple assets. SK Hynix (SKHY) rose 3.61%, SanDisk (SNDK) turned from a decline to a gain of 0.70%, and Micron Technology (MU) turned from red to up 0.07%. For semiconductor stocks: ASML’s decline narrowed to 0.98%, Broadcom (AVGO) fell 1.85%, Marvell Technology (MRVL) fell 1.96%, NVIDIA (NVDA) fell 2.49%, and KLA (KLAC) fell 2.94%. The storage sector was the first to turn positive: SK Hynix ADR (SKHY) gained 3.61%, SanDisk (SNDK) rose 0.70%, Micron Technology (MU) rose 0.07%; Seagate Technology (STX) saw its decline narrow to 1.69%, while Western Digital (WDC) fell 1.84%. Optical communication concept stocks generally posted narrowed declines: Lumentum (LITE) down 1.61%, Nokia (NOK) down 1.73%, Corning (GLW) down 2.18%, Applied Optoelectronics (AAOI) down 2.63%, and Astera Labs (ALAB) down 3.01%.

2 minutes ago

Goldman Sachs raised Robinhood's price target to $137 and maintained its "Buy" rating.

Goldman Sachs raised Robinhood's target price from $121 to $137 and maintained its "Buy" rating.

2 minutes ago

PC brands are scrambling to secure memory supplies from Changxin Storage, with orders reportedly booked through the end of 2027.

Changxin Memory’s IPO has entered its final stage. PC supply chain sources said that with the easing of tensions between China and the U.S., and Apple reportedly having tested Changxin Memory’s memory chips and lobbied the U.S. government to allow their use, PC brands have accelerated orders, with related orders reportedly booked through the end of 2027. Sources noted that while memory price growth may narrow in the second half of 2026, prices will still continue to rise. Brands are passing part of the costs to consumers; rising end prices have started to weigh on sales, but have not yet reached a tipping point. Currently, all manufacturers are actively competing for memory supplies, with Changxin Memory being one key source. All major PC manufacturers have completed testing of Changxin Memory’s products, but securing supply still depends on quotas. Large clients including Dell, HP, Lenovo, and Apple are expected to get priority in supply, while smaller manufacturers may not make the supply list. Supply chain sources also said that the U.S. previously considered adding Changxin Memory to its Entity List, but no such action has been announced. Apple is reportedly planning to use products with Chinese memory chips exclusively for the Chinese market, which some PC brands view as a signal that restrictions may ease, prompting them to increase orders for Changxin Memory and Yangtze Memory.

2 minutes ago

The semiconductor sector has been hit by sell-offs, with Kimi K3 sparking concerns over AI valuations and chip spending.

The semiconductor sector is under pressure, and investors are reassessing AI-related trades. Moonshot AI claims its Kimi K3 model can compete with models from OpenAI and Anthropic, sparking renewed market concerns over AI firms' valuations and the outlook for chip spending. Despite the sell-off in chip stocks, the overall market breadth remains healthy; the recent moves are more likely a reflection of capital rotating out of the semiconductor sector rather than a broad market pullback.

2 minutes ago

SK Group Chairman responds to SK Hynix's stock price plunge: Avoid frequent trading and hold for the long term.

SK Group Chairman and Korea Chamber of Commerce and Industry Chairman Choi Tae-won responded to the sharp plunge in SK Hynix’s stock price, saying that while he cannot predict SK Hynix’s share price movement next month, investors should avoid frequent trading, as long-term holding may be more conducive to preserving assets. Choi believes that as the AI industry develops, demand for memory will continue to expand. He noted that AI is currently like a "4-year-old child," and as it matures into a full-fledged industry, it will inevitably require more memory, with related demand potentially growing exponentially. He also pointed out that SK Hynix’s stock had risen rapidly earlier, leading to a sharp pullback when market expectations shifted, adding that prices that surge too quickly sometimes need adjustments to align with reality. When discussing South Korea’s AI industry strategy, Choi stated that South Korea cannot compete with China on cost nor surpass the U.S. in model quality, so it should build infrastructure, develop applications suited to domestic needs, and explore niche markets, with a long-term shift from exporting memory chips to exporting computing power and "intelligence."

2 minutes ago

Table of contents

Two days ago this site retired its concern about HYPE when the token bounced over $67. The market took one look at that and reopened the case. HYPE trades at $59.93 now, down 9% in a day, below the round number, 22% off the all-time high it set just a month ago. So: why is Hyperliquid falling? The data gives three answers, and one of them is a date.

HYPE trades at $59.93 as of July 17, 2026, down 9.0% over 24 hours, per CoinGecko. It sits in both the trending and most-viewed lists, which is what happens when a top-10 token breaks a round number. The all-time high: $76.67, set June 16, 2026. One month later the token has surrendered 22% of that.

Answer one: the leverage is leaving HYPE is the token of a derivatives exchange, and its own derivatives tell the story. Futures open interest in HYPE has contracted toward $2.7 billion, long positions have been liquidated in waves through the week, and funding rates collapsed as traders flipped to paying premiums for shorts. That is a positioning cleanout in plain sight: leveraged bulls who bought the June high are being carried out, and each liquidation is forced selling that begets the next. Nothing about that process requires bad news. It only requires a crowded trade, and a token that rallied to an all-time high in mid-June was exactly that.

Answer two: high beta cuts both ways The macro tape has been a blender: a war scare, an inflation surprise, a relief rally, and oil creeping back up on ceasefire doubts. Through all of it, HYPE has moved like what it is, one of the highest-beta large caps on the board. When the market fell last week, HYPE fell hardest in the top 10. When the market bounced on the cool CPI, HYPE bounced hardest. Now the bounce is fading and HYPE is, again, leading the way down. Traders reducing risk sell their most volatile holdings first. HYPE is on top of that list by construction.

Answer three: August 6 Here is the date. On August 6, roughly 9.92 million HYPE unlock for core contributors, about 1% of total supply, worth around $618 million at current prices per CoinGecko unlock data. Unlike this week’s Arbitrum unlock, which went to a DAO vault, this one goes to insiders, the category of unlock with sellers historically attached. Our token unlock guide explains the difference in full. Three weeks out, that number is already doing what big unlocks do before they arrive: giving every nervous holder a reason to sell first and ask questions later.

The One Number That Matters Nine. That is how many consecutive weeks HYPE-focused ETFs have recorded inflows, including roughly $10 million last week, with the token also appearing in a T. Rowe Price crypto ETF’s holdings.

Sit with the contradiction, because it is the entire HYPE story right now. The platform just posted record open interest above $11 billion. Institutions are buying the token through ETFs every single week. And the price is down 22% in a month anyway, because retail leverage leaving is a bigger flow than institutional drip arriving. Both facts are true. The question that decides the next month is simply which flow exhausts first: the sellers being liquidated, or the buyers on autopilot.

Key Levels The broken round number, $60, is now the immediate test from below; reclaiming it quickly would mark today as a flush, not a trend. Below, the next area the market has flagged sits near $56, and beneath that the round $50 enters the conversation nobody wants. This week’s low printed at $59.79; watch whether it holds on a closing basis.

Bottom Line Why is Hyperliquid falling? Because leverage is unwinding on a token that rallied too fast, because high-beta assets lead every selloff by design, and because a $618 million insider unlock is 20 days away and casting a shadow. Against all that stands a business at record volume and nine straight weeks of institutional buying. The honest read: this is a fight between fast money leaving and slow money arriving, at exactly the round number where such fights get settled. $60 reclaimed, the bulls keep the story. $56 lost, the unlock shadow wins early.time high? $76.67, set on June 16, 2026. At $59.93 the token trades about 22% below that peak, one month later.

This article is for information only and is not investment advice. Crypto assets are extremely volatile and you can lose your entire stake. Always do your own research.

Frequently Asked Questions Why is HYPE going down today? HYPE fell 9% to $59.93 on July 17, 2026, driven by unwinding leverage: futures open interest contracted toward $2.7 billion with heavy long liquidations, while broad risk reduction hit high-beta tokens hardest.

What is the HYPE unlock in August? About 9.92 million HYPE, roughly 1% of supply worth around $618 million, unlocks on August 6 for core contributors, per CoinGecko unlock data. Insider-bound unlocks historically carry more sell pressure than treasury unlocks.

Is Hyperliquid the platform doing badly? No. The exchange recently posted record open interest above $11 billion. The token's decline reflects trader positioning and upcoming supply, not visible platform weakness.

Are institutions buying HYPE? HYPE-focused ETFs have logged nine consecutive weeks of inflows, including about $10 million last week, and the token appears in a T. Rowe Price crypto ETF's holdings.

What are the key HYPE price levels? $60 is the broken round number to reclaim. Support sits near $56, then the round $50. This week's low at $59.79 is the immediate line on a closing basis.

What is HYPE's all-time high? $76.67, set on June 16, 2026. At $59.93 the token trades about 22% below that peak, one month later.

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Key Highlights TKNZ represents T. Rowe Price’s inaugural actively managed spot cryptocurrency ETF, now trading on NYSE Arca Initial assets total approximately $15 million, distributed across Bitcoin, Ethereum, BNB, Solana, XRP, and Hyperliquid Portfolio composition features Bitcoin as the largest holding at 40.75%, while Hyperliquid comprises 6.45% Expense ratio stands at 0.75% until May 2027, subsequently increasing to 0.90% Active management strategy allows portfolio adjustments based on ongoing market analysis and research insights Baltimore-headquartered investment powerhouse T. Rowe Price, which manages $1.9 trillion in client portfolios, made its official debut in the cryptocurrency exchange-traded fund space Thursday by introducing TKNZ — positioned as the market’s inaugural actively managed multi-asset digital currency ETF.

🚨JUST IN: T. Rowe Price’s TKNZ Active Crypto ETF began trading TODAY with about $15 million in assets.

The fund debuted with about 41% allocated to BTC, 18.4% to ETH, and sizeable positions in BNB, SOL, and XRP.

Hyperliquid’s HYPE accounted for nearly 6.5% of the portfolio. https://t.co/zTh1kq8ATD pic.twitter.com/YNcMtRQbD1

— Coin Bureau (@coinbureau) July 16, 2026

Trading commenced on NYSE Arca following a nearly nine-month approval process after the company submitted its initial application in October 2025. The fund opened with roughly $15 million in starting capital.

Distinct from single-asset offerings such as standalone Bitcoin or Ethereum ETFs, TKNZ provides exposure through a diversified cryptocurrency portfolio. The initial allocation breakdown showed Bitcoin commanding 40.75%, Ethereum at 18.42%, BNB representing 11.01%, Solana accounting for 9.44%, XRP at 9.37%, and Hyperliquid comprising 6.45%.

Additional holdings feature Stellar Lumen at 3%, Dogecoin at 1.28%, along with a modest cash reserve.

Dynamic Portfolio Management Defines Strategy TKNZ’s distinguishing characteristic lies in its active management framework. Fund managers possess the flexibility to rebalance holdings according to evolving market dynamics, proprietary analysis, and risk evaluation rather than adhering to a predetermined index structure.

According to T. Rowe Price, this methodology aims to capitalize on shifting momentum patterns as capital flows between various digital assets throughout market cycles.

Blue Macellari, who has directed T. Rowe Price’s digital asset division since 2022, manages the fund with support from four additional co-portfolio managers. The organization developed proprietary digital asset trading systems and established partnerships with institutional service providers ahead of the product launch.

Bloomberg Intelligence Senior ETF analyst Eric Balchunas observed that the opening portfolio composition appeared to underweight Bitcoin while maintaining heavier positions in alternative assets, especially Hyperliquid.

Hyperliquid Allocation Generates Market Interest The 6.45% allocation to Hyperliquid has captured attention considering the token’s recent market trajectory. Hyperliquid reached a peak price around $74.50 in the previous month and presently trades near $65.60, representing approximately 38% appreciation over the trailing twelve months. Bitcoin, conversely, has declined roughly 45% during the identical timeframe.

According to fund documentation, the ETF will not implement staking for any proof-of-stake assets initially, though staking participation may be incorporated down the line.

The expense structure is set at 0.75% through May 2027 via a provisional fee waiver, before escalating to 0.90%. Detractors of actively managed investment vehicles typically cite elevated fees as a disadvantage relative to passive index alternatives.

T. Rowe Price’s entrance follows BlackRock’s recent introduction of a Bitcoin income ETF earlier this month, demonstrating that major asset management firms continue diversifying and refining their cryptocurrency product portfolios.

With nearly 90 years of asset management history, TKNZ represents T. Rowe Price’s maiden direct exposure vehicle in the digital currency sector.

A programmer has only two remaining password attempts, meaning 7,002 BTC worth nearly $8 billion could be permanently locked.

Programmer Stefan Thomas currently has only two remaining password attempts left to unlock an IronKey encrypted USB drive holding the private keys to 7,002 Bitcoin. The device will permanently lock and erase its data after 10 consecutive incorrect password entries, and Thomas has already used up 8 of his allotted attempts. The Bitcoin dates back to 2011, when Thomas created an educational video titled "What is Bitcoin?" and was compensated with 7,002 BTC. At the current Bitcoin price of roughly $111,000, the asset is valued at approximately $777 million. Thomas previously stored his wallet’s private keys on the encrypted USB drive and wrote down the password on paper, but later lost the password. While the Bitcoin remains in its on-chain address, the funds are currently inaccessible and cannot be transferred due to the inability to access the private key. The IronKey USB drive is built with high-strength encryption, triggering a permanent lock after 10 consecutive wrong password entries. Its manufacturer, Kingston, confirms there are no backup passwords or alternative recovery methods beyond the original password set by the user. As Bitcoin’s price has surged, the value of this locked asset has continued to rise. Thomas has sought assistance from multiple parties, including digital forensics firm Naxo and security researcher Chris Tarnovsky, but no successful recovery has been announced to date.

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Asia-first trading platform Trasia has launched alongside a $1.75 million seed investment led by Multicoin, according to a Thursday statement.

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The non-custodial platform is designed to offer a mobile-first experience similar to major centralized exchanges while targeting traders across Asian markets.

Trasia said its upcoming HIP-3 protocol will expand access to Asian assets on-chain, with a focus on emerging sectors such as AI and robotics.

The company aims to combine localized markets with a familiar trading interface to encourage greater adoption of decentralized trading. Its web platform is live, and a mobile app is expected to launch later this summer.

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

Hyperliquid traders are pricing CXMT shares as much as 575% above their official IPO level ahead of the Chinese memory chipmaker’s Shanghai market debut.

A perpetual futures contract launched by Trade.xyz climbed as high as $8.64 on Wednesday, compared with CXMT’s offer price of 8.66 yuan, or about $1.28 per share. The contract implied a valuation of roughly $500 billion for the company.

The premarket surge reflects expectations that CXMT could record a major gain when its shares begin trading in Shanghai.

A rise of around 330% from the offer price would make CXMT the largest publicly traded company in mainland China, surpassing Industrial and Commercial Bank of China’s market value of about 2.5 trillion yuan.

The Hyperliquid contract allows traders to take positions on CXMT’s expected share price before the company completes its public debut, creating a global market for speculation around one of China’s most anticipated technology listings.

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CXMT opened books for an IPO that could raise as much as $9.8 billion, making it the second largest offering in mainland Chinese history.

The Hefei based company sold 7.69 billion shares, including 1 billion shares issued through an over allotment option, at 8.66 yuan each. The deal gives CXMT an initial market value of approximately 580 billion yuan.

Retail demand for the offering was intense. The retail portion was 212 times oversubscribed after a clawback mechanism, with individual investors submitting 9.4 million orders, according to a Thursday filing.

CXMT is expected to generate net income of around 100 billion yuan this year. At its IPO valuation, the company is priced at about 5.9 times projected 2026 earnings, compared with a consensus multiple of roughly 20 times.

The relatively low offering multiple has fueled expectations of a sharp first day rally.

Mainland Chinese IPOs have delivered strong early returns in recent years. Offerings that raised at least $100 million over the past two years gained an average of 248% during their first trading session.

CXMT is the world’s fourth largest producer of dynamic random access memory chips, which are used in smartphones, computers, artificial intelligence servers and data centers.

The company has become central to Beijing’s effort to reduce its reliance on foreign semiconductor suppliers, particularly in high bandwidth memory, a key component for artificial intelligence infrastructure.

A successful listing could strengthen momentum for other major Chinese technology companies considering public offerings, including rival memory chipmaker Yangtze Memory Technologies, Baidu’s chip unit Kunlunxin and artificial intelligence developer DeepSeek.

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

HYPE, one of the highest valued decentralized finance (DeFi) tokens, slipped below a key resistance on July 16 as selling pressure increased and buyers struggled to defend crucial technical levels. The current price action has raised concerns about the asset’s short-term outlook.

Price Action and Market MetricsHYPE is currently changing hands at $62.26, marking a decline of 7.93% over the past 24 hours. Its daily trading volume reached $887.20 million, while its market capitalization stands at $15.80 billion, placing HYPE among the leading assets in the DeFi sector by market cap.

Semifury.eth, a crypto analyst, commented on the situation with a technical analysis, highlighting that the token now trades just below an important resistance at $65.784. According to the analyst, holding below this level on daily closing terms could expose HYPE to further losses, with $57.22 identified as the next key support.

Semifury.eth stated that if HYPE price closes below $65.784, the chance of a move down toward $57.22 increases, while a return above $65 could help buyers regain momentum and potentially drive the price towards recent highs.

He considers the $65 area a decisive zone for the token’s next direction. A sustained bounce above this mark would signal renewed buying strength, while continued weakness could reinforce the downtrend.

Technical Analysis: Signs of WeaknessAccording to chart indicators, HYPE faces challenges from weak buying momentum. The price currently sits beneath the mid Bollinger Band at $66.47, while the upper and lower bands are at $72.43 and $60.52, respectively. With the token trading closer to the lower band, short-term selling pressure remains evident.

The Relative Strength Index (RSI) for HYPE stands at 43.48, below both the neutral 50 mark and the 52.75 signal line. This positioning suggests ongoing bearish momentum, but the RSI has not yet entered oversold territory, leaving room for further declines without signaling a reversal.

The coming days could prove pivotal for the token. A move back above the $65–$66 resistance might revive bullish sentiment, prompting technical indicators to recover. If selling persists, however, attention will likely shift to lower support levels at $60 and, as highlighted by semicfury.eth, $57.22.

LevelValueCurrent price$62.26Resistance$65.784Support$60 (initial), $57.22 (analyst target)Market cap$15.80 billionDaily volume$887.20 million14-day RSI43.48Mid Bollinger Band$66.47Top/Bottom Bollinger Bands$72.43 / $60.52Investors remain watchful as HYPE navigates this critical technical region, with the potential for further volatility if either buyers or sellers gain the upper hand.

Mini dictionary: Bollinger Bands, a volatility indicator developed by John Bollinger, consist of a middle moving average line and two bands above and below it, reflecting price fluctuations around the average and helping traders spot overbought or oversold market conditions.

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.