Track market-moving stories before they get noisy

According to the analyst, waiting for universal confirmation of a market bottom could mean missing the strongest early opportunities.

Crypto trader Axel Bitblaze has laid out a fresh market thesis built on a video from analyst Taiki Maeda, arguing that assets like Hyperliquid (HYPE), Lighter (LIT), and Zcash (ZEC) are already trading like winners of the next cycle while most investors are waiting for a fourth-quarter bottom.

He says that markets tend to move before the crowd agrees a bottom has formed, so the better window to position could be mid-to-late Q3 and not whenever things look safe.

The Case for HYPE, LIT, and ZEC On July 15, Maeda shared a video on his X account in which he said that crypto was bottoming and that he would be longing HYPE, LIT, and ZEC.

His take was expanded on by Bitblaze in a July 16 post, who noted that Hyperliquid has bought back about 3.4% of the circulating HYPE supply this year, allowing the token to perform well even as sector mainstays such as Bitcoin (BTC) struggled.

“If BTC volatility causes another $HYPE dip without changing its fundamentals… that could be an accumulation opportunity,” wrote the analyst.

Lighter’s LIT token was presented as a higher-risk alternative, with Bitblaze crediting its reported partnership with Robinhood for giving the decentralized perpetual exchange access to a much wider audience. He also noted that buybacks have removed more than 6% of LIT’s circulating supply, helping to push it to an all-time high on the second-to-last day of 2025, when many altcoins were losing ground.

Meanwhile, ZEC carries the most caution. In his market update video, Maeda said he sold the privacy coin after the discovery of a vulnerability in its Orchard shielded pool that could have allowed bad actors to create unlimited amounts of fake ZEC, triggering a 60% collapse. He did, however, buy most of the ZEC back after reassessing the project’s outlook, with the Ironwood upgrade set for July 28 expected to introduce stronger quantum resistance and use formal verification to reduce the risk of hidden bugs.

That update, according to Bitblaze, could help push up the asset’s price. Recall that last week, Zcash founder Zooko Wilcox said that they were close to producing a mathematical proof that Ironwood’s new shielded pools have no undetectable counterfeiting bugs, taking ZEC’s price past $500.

You may also like: Bitwise Report: Crypto Fundamentals Are Getting Stronger Despite Third Straight Negative Quarter ZEC Briefly Tops $500 After Founder Says Formal Proof Is Nearly Ready Analyst Predicts 2-3 Years of Crypto Gains as Risk-On Environment Emerges The token is trading at about 0.8% of Bitcoin’s market cap, and per Maeda’s model, it could go anywhere between $650 and $700 if that ratio climbs back to 1%.

Traders Urged Not to Wait for Bitcoin Bitblaze said that crypto has been in a bear market since the euphoria experienced in mid-2025 when ETH was closing in on $5,000. Now, people are waiting for the bottom, which, according to him, has been penciled in for Q4 2026.

But he believes the market has a tendency to “front-run what everyone expects,” meaning it is better for traders to start positioning themselves between August and September “before the recovery becomes obvious.”

“Don’t wait for Bitcoin and the entire market to look perfect,” the analyst advised. “The next winner usually starts separating from the market before everyone accepts that the bottom is forming.”

Tags:

Nasdaq-listed Hyperion DeFi said it entered an agreement with Skew Technologies to deploy 500,000 Hyperliquid (HYPE) tokens to support institutional perpetual futures markets on Hyperliquid’s HIP-3 permissionless listings.

Under the agreement, Hyperion will receive an equity stake in Skew and a share of listing-service revenue generated from the platform, according to a Wednesday press release.

The companies said the service is designed to help institutional clients launch custom perpetual futures markets on Hyperliquid.

“As we assessed opportunities in HIP-3, we continued to receive demand from various teams globally seeking to launch and distribute new markets using Hyperliquid’s infrastructure,” said Hyunsu Jung, chief executive officer of Hyperion DeFi.

Hyperliquid is a layer-1 blockchain focused on perpetual futures trading. Its HIP-3 framework lets developers launch custom perpetual markets by posting HYPE as bonded capital, creating new utility for the token beyond staking.

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

X updates its creator revenue sharing program; inducement of interactive behaviors such as "replying to follow each other" may result in account suspension.

X Product Lead Nikita Bier announced that the platform has updated its creator revenue sharing program. Accounts that induce engagement three or more times via tactics such as "reply to follow back" will be removed from the program and referred to the policy team for evaluation on whether to suspend the account. Grok is now capable of identifying such behavior; nearly 4,000 accounts were removed from the program on the same day. The new model launched by X detects duplicate content three times more efficiently than its predecessor. Even if reposters add watermarks, intros, or other modifications, monetization exposure for such content will belong to the original uploader—a rule that also applies to copied popular text posts. Bier added that the platform detected 1.5 million stolen posts during this cycle. Accounts engaging in repeated infringement or intentionally evading detection will be removed from the creator revenue sharing program. These adjustments will result in over $1 million in revenue being redistributed to original content creators.

8 minutes ago

Bankless Co-founder: Bitcoin may have entered a sideways consolidation phase, with the bottom largely in place.

Bankless co-founder David Hoffman published an article stating that Bitcoin’s current trend faces two possible paths: sideways consolidation to bottom out, or one final round of panic selling. He opines that Bitcoin is more likely to enter a sideways grinding phase, with its bottom already largely formed.

8 minutes ago

SpaceX’s short interest ratio rose to 29% of its outstanding shares, with short positions totaling $25 billion.

As SpaceX’s share price has fallen back to near its IPO price, short sellers are rapidly increasing their bearish positions on the company. Data from S3 Partners shows that roughly 185 million SpaceX shares are currently sold short, accounting for about 29% of its publicly traded float, equivalent to around $25 billion in short positions. Three weeks ago, the estimated number of SpaceX shares sold short was just 40 million, making up 5% to 7% of its float. The stock has dropped roughly 20% cumulatively since July, and on Wednesday it briefly fell below its $135 IPO price for the first time. KeyBanc Capital Markets noted that when SpaceX went public, its publicly traded shares made up only 5% of its total share count of around 13 billion. The first batch of large-scale restricted shares is expected to unlock around the release of its second-quarter financial results, at which point roughly 11% of the total share base will become eligible for sale; multiple subsequent batches of restricted shares, each accounting for about 4% of total shares, will also be unlocked starting about 70 days after the IPO. Elon Musk’s roughly 42% stake in SpaceX remains locked until June 2027. The company’s 13th Starship test flight is scheduled for Thursday, which could impact market sentiment toward the stock.

8 minutes ago

Ansem: If PUMP delivers on its airdrop promises and improves community relations, the token could surge 10 to 15 times.

Renowned crypto KOL Ansem has published an article arguing that token buybacks alone do not effectively support valuation. Hyperliquid generates ~$800 million in annualized revenue, while Pump.fun brings in around $440 million annually. Both platforms regularly use a portion of profits to repurchase tokens, yet Hyperliquid’s fully diluted valuation (FDV) stands at roughly $65 billion, compared to Pump.fun’s mere $1.4 billion. He notes that the valuation gap between the two is not primarily driven by revenue, but by the "trust premium" shaped by team conduct and market decisions. Hyperliquid rarely overpromises, consistently rolls out products, and rewards core users per preset metrics, fostering strong trust between its team and community. By contrast, Pump.fun has generated $1 billion in cumulative revenue and raised $1 billion via ICO, but has yet to deliver on its previously promised user airdrop. Ansem believes that if Pump.fun fulfills the airdrop and addresses core users’ concerns, PUMP’s price could surge 10 to 15 times, while boosting the platform’s trading volume, visibility, and revenue growth. He also cited Bitcoin as an example: the cryptocurrency has no revenue, yet boasts a $1.3 trillion market cap, with its value rooted in its fixed 21 million coin supply and the trust built from the network’s ongoing operation. Beyond tangible metrics like revenue, trust, meme effects, and attention are also key factors influencing asset valuation.

8 minutes ago

Keyrock acquires BlockFills' institutional trading and brokerage business for $3.25 million

Keyrock has completed the acquisition of BlockFills' institutional trading and brokerage business, with the deal covering its trading technology, institutional client relationships, and derivatives trading team. The acquisition will also expand Keyrock's regulatory scope, including an entity registered with the Cayman Islands Monetary Authority and another UK entity seeking authorization from the Financial Conduct Authority (FCA). Keyrock did not disclose the transaction price in its announcement. Per prior court documents and disclosures from company representatives, the total acquisition value is $3.25 million, payable in two installments, with certain arrangements subject to regulatory approval. BlockFills suffered major losses during the February 2026 crypto market crash, after which it filed for Chapter 11 bankruptcy protection in the U.S. Keyrock was ultimately selected as the buyer in the firm's bankruptcy proceedings.

8 minutes ago

Serenity: Declines in storage and AI-related crypto assets likely stem from deleveraging and cascading margin liquidations.

Serenity noted that Micron Technology announced today it has signed a long-term memory agreement with Qualcomm, but Micron’s stock price still fell by 5.37% following the announcement. He believes that, with multiple structural agreements continuing to take effect, the current decline does not appear to stem from issues with storage or AI stocks themselves. The related drop is more likely due to the winding down of deleveraging and margin call liquidation chains.

8 minutes ago

X updates its creator revenue sharing program; inducement of interactive behaviors such as "replying to follow each other" may result in account suspension.

X Product Lead Nikita Bier announced that the platform has updated its creator revenue sharing program. Accounts that induce engagement three or more times via tactics such as "reply to follow back" will be removed from the program and referred to the policy team for evaluation on whether to suspend the account. Grok is now capable of identifying such behavior; nearly 4,000 accounts were removed from the program on the same day. The new model launched by X detects duplicate content three times more efficiently than its predecessor. Even if reposters add watermarks, intros, or other modifications, monetization exposure for such content will belong to the original uploader—a rule that also applies to copied popular text posts. Bier added that the platform detected 1.5 million stolen posts during this cycle. Accounts engaging in repeated infringement or intentionally evading detection will be removed from the creator revenue sharing program. These adjustments will result in over $1 million in revenue being redistributed to original content creators.

8 minutes ago

Bankless Co-founder: Bitcoin may have entered a sideways consolidation phase, with the bottom largely in place.

Bankless co-founder David Hoffman published an article stating that Bitcoin’s current trend faces two possible paths: sideways consolidation to bottom out, or one final round of panic selling. He opines that Bitcoin is more likely to enter a sideways grinding phase, with its bottom already largely formed.

8 minutes ago

SpaceX’s short interest ratio rose to 29% of its outstanding shares, with short positions totaling $25 billion.

As SpaceX’s share price has fallen back to near its IPO price, short sellers are rapidly increasing their bearish positions on the company. Data from S3 Partners shows that roughly 185 million SpaceX shares are currently sold short, accounting for about 29% of its publicly traded float, equivalent to around $25 billion in short positions. Three weeks ago, the estimated number of SpaceX shares sold short was just 40 million, making up 5% to 7% of its float. The stock has dropped roughly 20% cumulatively since July, and on Wednesday it briefly fell below its $135 IPO price for the first time. KeyBanc Capital Markets noted that when SpaceX went public, its publicly traded shares made up only 5% of its total share count of around 13 billion. The first batch of large-scale restricted shares is expected to unlock around the release of its second-quarter financial results, at which point roughly 11% of the total share base will become eligible for sale; multiple subsequent batches of restricted shares, each accounting for about 4% of total shares, will also be unlocked starting about 70 days after the IPO. Elon Musk’s roughly 42% stake in SpaceX remains locked until June 2027. The company’s 13th Starship test flight is scheduled for Thursday, which could impact market sentiment toward the stock.

8 minutes ago

Ansem: If PUMP delivers on its airdrop promises and improves community relations, the token could surge 10 to 15 times.

Renowned crypto KOL Ansem has published an article arguing that token buybacks alone do not effectively support valuation. Hyperliquid generates ~$800 million in annualized revenue, while Pump.fun brings in around $440 million annually. Both platforms regularly use a portion of profits to repurchase tokens, yet Hyperliquid’s fully diluted valuation (FDV) stands at roughly $65 billion, compared to Pump.fun’s mere $1.4 billion. He notes that the valuation gap between the two is not primarily driven by revenue, but by the "trust premium" shaped by team conduct and market decisions. Hyperliquid rarely overpromises, consistently rolls out products, and rewards core users per preset metrics, fostering strong trust between its team and community. By contrast, Pump.fun has generated $1 billion in cumulative revenue and raised $1 billion via ICO, but has yet to deliver on its previously promised user airdrop. Ansem believes that if Pump.fun fulfills the airdrop and addresses core users’ concerns, PUMP’s price could surge 10 to 15 times, while boosting the platform’s trading volume, visibility, and revenue growth. He also cited Bitcoin as an example: the cryptocurrency has no revenue, yet boasts a $1.3 trillion market cap, with its value rooted in its fixed 21 million coin supply and the trust built from the network’s ongoing operation. Beyond tangible metrics like revenue, trust, meme effects, and attention are also key factors influencing asset valuation.

8 minutes ago

Keyrock acquires BlockFills' institutional trading and brokerage business for $3.25 million

Keyrock has completed the acquisition of BlockFills' institutional trading and brokerage business, with the deal covering its trading technology, institutional client relationships, and derivatives trading team. The acquisition will also expand Keyrock's regulatory scope, including an entity registered with the Cayman Islands Monetary Authority and another UK entity seeking authorization from the Financial Conduct Authority (FCA). Keyrock did not disclose the transaction price in its announcement. Per prior court documents and disclosures from company representatives, the total acquisition value is $3.25 million, payable in two installments, with certain arrangements subject to regulatory approval. BlockFills suffered major losses during the February 2026 crypto market crash, after which it filed for Chapter 11 bankruptcy protection in the U.S. Keyrock was ultimately selected as the buyer in the firm's bankruptcy proceedings.

8 minutes ago

Serenity: Declines in storage and AI-related crypto assets likely stem from deleveraging and cascading margin liquidations.

Serenity noted that Micron Technology announced today it has signed a long-term memory agreement with Qualcomm, but Micron’s stock price still fell by 5.37% following the announcement. He believes that, with multiple structural agreements continuing to take effect, the current decline does not appear to stem from issues with storage or AI stocks themselves. The related drop is more likely due to the winding down of deleveraging and margin call liquidation chains.

8 minutes ago

Hyperion DeFi has committed 500,000 HYPE tokens to support institutional perpetual futures listings on Hyperliquid through a new agreement with Skew Technologies.

Summary

Hyperion DeFi will deploy 500,000 HYPE tokens to support institutional perpetual futures markets on Hyperliquid. The agreement gives Hyperion an equity stake in Skew Technologies and a share of revenue from listing services. The partnership expands institutional use of Hyperliquid’s HIP 3 framework for launching custom perpetual markets. According to a Wednesday press release, the Nasdaq-listed company will deploy the tokens under Hyperliquid’s HIP-3 permissionless listings framework while receiving an equity stake in Skew Technologies and a share of the listing-service revenue generated through the platform.

The companies said the partnership is intended to help institutional clients launch custom perpetual futures markets on Hyperliquid, a layer-1 blockchain focused on perpetual futures trading.

Hyperion expands role in Hyperliquid ecosystem Under Hyperliquid’s HIP-3 framework, developers can create custom perpetual markets by posting HYPE as bonded capital, giving the token a use case beyond staking. The same infrastructure has recently been used to launch synthetic markets linked to assets outside crypto, including pre-IPO companies such as Chinese memory chipmaker ChangXin Memory Technologies.

Commenting on the agreement, Hyperion DeFi chief executive officer Hyunsu Jung said the company continued to receive requests from teams worldwide looking to launch and distribute new markets using Hyperliquid’s infrastructure while evaluating opportunities within HIP-3.

Rather than operating the markets directly, Skew Technologies will provide the listing service, while Hyperion contributes HYPE tokens required to support the permissionless listings under the agreement.

The arrangement also deepens Hyperion’s exposure to the Hyperliquid ecosystem beyond holding the token, with the company set to receive both an ownership interest in Skew and a portion of the revenue generated by the listing business.

Institutional activity around Hyperliquid continues to grow The latest announcement comes as institutional interest in Hyperliquid has continued to expand across several areas of the ecosystem.

Earlier this month, Bitwise added HYPE to its Bitwise 10 Crypto Index ETF (BITW), placing the token inside one of the industry’s largest diversified crypto index products after its latest index rebalancing.

At the same time, Hyperliquid has been attracting new infrastructure partnerships. Circle and Coinbase recently deepened USDC integration on the network, making USDC the platform’s preferred stablecoin, although JPMorgan said this week that the revised revenue-sharing structure could reduce long-term reserve income retained by Circle and Coinbase even as USDC adoption grows.

Recent HIP-3 deployments have also extended beyond crypto-native assets. Last week, Hyperliquid introduced a synthetic perpetual market tied to ChangXin Memory Technologies ahead of its Shanghai listing, showing how the framework can support custom derivatives linked to real-world and pre-IPO assets without giving traders ownership of the underlying securities.

On Wednesday, Hyperion DeFi, a publicly traded digital asset firm on NASDAQ, announced that it will lend 500,000 staked HYPE tokens—valued at approximately $33.6 million—to Skew Technologies. The purpose of this arrangement is to provide the necessary collateral for the development of new institutional perpetual futures markets on the Hyperliquid platform. This partnership highlights a growing approach among public crypto treasury companies to generate revenue from renting out token assets rather than letting them remain unused.

Details of the Hyperion-Skew agreementHyperliquid, a decentralized perpetual futures trading platform, introduced its HIP-3 market framework in October 2025. This structure enables external teams to establish custom perpetual futures markets by supplying a bond of 500,000 HYPE tokens. Hyperion, which controls a treasury of roughly 2 million HYPE tokens, has opted to lend the required collateral to Skew instead of creating a market itself. In this arrangement, Skew will manage the new market listings, while Hyperion serves as a “bonded-capital layer” for HIP-3 markets.

The lending structure utilizes Hyperion’s HYPE Asset Use Service (HAUS), a platform designed for monetizing idle token holdings. In exchange for providing the HYPE tokens as collateral, Hyperion receives both an equity stake in Skew and a share in listing service revenues. According to the firm, the revenue-sharing agreement includes fixed and scaling components that are not directly linked to trading volume, offering Hyperion a stable income stream regardless of market activity.

Skew, a company led by professionals with extensive institutional trading experience, will first focus on launching perpetual futures for its institutional clients before expanding into HIP-4 outcome-based markets. Founder David Gil noted that Hyperion’s involvement provides Skew with the necessary infrastructure and alignment to drive innovation and introduce a new breed of markets to Hyperliquid. However, the firms have not yet disclosed which products Skew will debut.

Mini dictionary: Hyperliquid is a decentralized crypto trading platform that allows users to trade perpetual futures using custom market structures such as HIP-3, which rely on teams providing token collateral as bond deposits to launch new markets.

Dave Knox, finance chief at Hyperion, explained via X that this collaboration underscores the firm’s Triple-Dip strategy and demonstrates Hyperion’s evolution beyond a digital-asset treasury model.

Hyperion CEO Hyunsu Jung also stated that the partnership reflects rising interest among project teams looking to launch markets within the Hyperliquid ecosystem, as more organizations explore leveraging token reserves for income-generating activities.

Traditional finance model on-chainThe new structure closely mirrors capital and collateral arrangements in traditional finance, where liquidity providers comply with bond or collateral requirements and delegate trading operations. By implementing this approach on-chain, Hyperion differentiates funding from market services and participates in profit sharing.

Hyperion recently shifted strategy, ending HAUS agreements with Felix and Native Markets in June 2026 following the retirement of their HIP-3 offerings, which were connected to Hyperliquid’s discontinued stablecoin, USDH. Hyperliquid has since switched to USDC by Circle for trade settlement, aiming to increase its broad appeal. The company maintains new HAUS contracts with other partners, including Silhouette, which is backed by investment firm RockawayX.

CompanyProduct/ServiceStatusFelixHIP-3 / USDHEnded (June 2026)Native MarketsHIP-3 / USDHEnded (June 2026)SilhouetteHAUS / USDCActiveFinancial performance and outlookHyperion reported that HIP-3 markets represented almost half of Hyperliquid’s daily trading volume in the first quarter of 2026. The company stated it has repurchased and sequestered over 45 million HYPE tokens using network trading fee proceeds. Hyperion posted record net income of $8.8 million for Q1 and increased its full-year adjusted gross profit target to between $5 million and $7 million.

While Hyperion’s earnings and business outlook remain positive, there are still unknowns. Skew has not revealed which specific markets it will introduce, and Hyperliquid remains inaccessible in the United States, where major exchanges like CME Group and Intercontinental Exchange are urging the Commodity Futures Trading Commission to enhance regulatory oversight. The sector is now watching to see whether Skew’s futures markets will gain significant traction, and if other crypto treasury firms will pursue similar token-lending models to monetize their reserves.

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.

T. Rowe Price, which manages nearly $2 trillion in assets, has launched the first active crypto ETF, which provides exposure to crypto assets such as Bitcoin, Ethereum, XRP, and Hyperliquid. Bloomberg analyst Eric Balchunas had previously said that this launch was notable because the asset manager was the largest active manager to enter the crypto space.

T. Rowe Price Unveils First Active Crypto ETF In a press release, the asset manager announced the launch of the first active crypto ETF, which began trading on the NYSE Arca today under the ticker TKNZ. “The fund is the first actively managed multi-token spot exchange-traded product* offered in the marketplace,” the firm noted.

The T. Rowe Price Active Crypto ETF notably offers exposure to Bitcoin, Ethereum, BNB, XRP, Solana, and Hyperliquid. The Fund will also hold top meme coins Dogecoin and Shiba Inu, making it the first U.S. Fund to offer spot exposure to SHIB.

The asset manager also noted that the crypto ETF is designed to capitalize on emerging trends, momentum-driven rallies, and market rotations among crypto assets. Meanwhile, the Fund will offer a net fee waiver, which will be effective until May 31, 2027. The management fee during this period will be 0.75%.

The T. Rowe Price Active Crypto ETF joins a host of other crypto ETFs that have launched this year, including the Hyperliquid ETFs. As CoinGape reported, Morgan Stanley’s Ethereum and Solana ETFs are about to launch, with the Wall Street giant filing amendments to its S-1.

‘Smart Timing’ For The ETF Launch Bloomberg analyst Eric Balchunas commended T. Rowe Price for the timing of the launch of its active crypto ETF. “I think they were smart with the timing- waiting till the Oct selloff dust settled a bit,” he said in an X post.

T Rowe Price’s Active Crypto ETF $TKNZ is ready for launch. Any day now, I’d guess Thursday. I think they were smart with the timing- waiting till the Oct selloff dust settled a bit. pic.twitter.com/5LZO5WHrqn

— Eric Balchunas (@EricBalchunas) July 14, 2026

It is worth noting that the SEC had approved the crypto ETF last month but waited until now to launch the Fund. The asset manager had first filed for the month in October last year, around the time of the infamous crypto crash.

Meanwhile, Balchunas had previously said that the T. Rowe Price Active Crypto ETF was notable because the asset manager was “by far the biggest active manager to apply their active prowess to this space.”

Keyrock acquires BlockFills' institutional trading and brokerage business for $3.25 million

Keyrock has completed the acquisition of BlockFills' institutional trading and brokerage business, with the deal covering its trading technology, institutional client relationships, and derivatives trading team. The acquisition will also expand Keyrock's regulatory scope, including an entity registered with the Cayman Islands Monetary Authority and another UK entity seeking authorization from the Financial Conduct Authority (FCA). Keyrock did not disclose the transaction price in its announcement. Per prior court documents and disclosures from company representatives, the total acquisition value is $3.25 million, payable in two installments, with certain arrangements subject to regulatory approval. BlockFills suffered major losses during the February 2026 crypto market crash, after which it filed for Chapter 11 bankruptcy protection in the U.S. Keyrock was ultimately selected as the buyer in the firm's bankruptcy proceedings.

5 minutes ago

Serenity: Declines in storage and AI-related crypto assets likely stem from deleveraging and cascading margin liquidations.

Serenity noted that Micron Technology announced today it has signed a long-term memory agreement with Qualcomm, but Micron’s stock price still fell by 5.37% following the announcement. He believes that, with multiple structural agreements continuing to take effect, the current decline does not appear to stem from issues with storage or AI stocks themselves. The related drop is more likely due to the winding down of deleveraging and margin call liquidation chains.

5 minutes ago

1inch co-founder Anton Bukov stated he was fired at the end of November 2025 and announced the launch of a new project, Second Tier.

1inch co-founder Anton Bukov published a statement saying he was fired at the end of November 2025. While he remains a co-founder of the decentralized exchange aggregator and holds a 50% stake, he is no longer involved in the company’s operations, product architecture, security design, or related oversight duties. Since co-founding 1inch in May 2019, Bukov led work on protocol architecture, security, and economic model design, and contributed to launching key products including the 1inch Router, 1inch Fusion, cross-chain atomic swaps, and shared liquidity automated market makers (AMMs). Bukov noted that feedback from users and team members over the past year led him to realize he could not stay on the sidelines of the company’s management and operations. He subsequently spent months learning leadership and communication skills and driving internal changes, before being dismissed in late November 2025. He also announced the launch of a new project called Second Tier, with plans to collaborate with like-minded teams to build secure, efficient systems that bridge the gap between economic intent and real-world execution.

5 minutes ago

Loss-making small-cap stocks in the Russell 2000 Index have risen 154% since mid-2025, while profitable companies have gained only 34%.

The Kobeissi Letter stated that companies in the Russell 2000 index with negative earnings per share (EPS) have risen a cumulative 154% since mid-2025, while those with positive EPS have only gained 34% over the same period. So far this year, unprofitable companies in the Russell 2000 have climbed 45%, outperforming profitable firms' 18% rise. Driven by this trend, the Russell 2000 has rallied 20% year-to-date, on track to post its best annual performance since 2003. In comparison, the S&P 500 has gained 11% over the same period, while the US tech "Magnificent Seven" has risen just 4%. The top-performing small-cap stocks are mainly tech and infrastructure firms poised to benefit from AI spending. The market is rewarding AI-related exposure, regardless of whether the companies are profitable or not.

5 minutes ago

Injective has submitted a transfer agent registration application to the U.S. SEC.

Injective has submitted a transfer agent registration application to the U.S. Securities and Exchange Commission (SEC), a move to bring core traditional financial market functions onto the blockchain. If the application is approved, the Injective network plans to maintain official ownership records for tokenized securities and real-world assets (RWA) directly on-chain.

5 minutes ago

Bank of America CEO joins ranks of banking executives warning about risks of Mythos AI

Bank of America CEO Brian Moynihan has joined a host of Wall Street leaders in voicing serious concerns over AI models such as Mythos developed by Anthropic. “This marks a huge shift in workload, and also relates to how quickly these tools can impact system vulnerabilities, as well as how fast we need to respond,” Moynihan said. In recent months, the rapid evolution of AI models has prompted the financial industry and the U.S. government to begin assessing potential threats. Anthropic claims that Mythos, which launched earlier this year, excels at identifying system vulnerabilities. Bank of America is among the Wall Street institutions granted access to Mythos; the bank has used the model to test its own systems and share information with peers. The model is not yet open to the public. Earlier this week, JPMorgan Chase CEO Jamie Dimon warned that widespread public access to the system would be “as dangerous as handing a ballistic missile to an individual.” (Jinshi)

5 minutes ago

Bitcoin traded flat near the $64,600 mark on Thursday as easing inflation and rising geopolitical tensions kept investors cautious. The world's largest cryptocurrency was last trading at $64,560.

Over the past 24 hours, Bitcoin slipped 0.42%, while Ethereum gained 2.24% to trade at $1,917. Among major altcoins, BNB and XRP rose 0.45% and 0.51%, respectively, while Solana, Tron, Hyperliquid, Dogecoin and Cardano fell by up to 0.95%.

Also Read | NFO Insight: Can Abakkus Large & Mid Cap Fund help investors navigate volatile markets?

Crypto Tracker

TOP COINS (₹)

181,286 (0.56%)

96 (0.13%)

96 (0.12%)

55,462 (0.08%)

6,167,085 (-0.77%)

Vikram Subburaj, CEO of Giottus, said softer-than-expected U.S. consumer and producer inflation data eased concerns over an immediate Federal Reserve rate hike. However, renewed geopolitical tensions and higher crude oil prices prevented a stronger risk-on rally.

He advised investors to avoid chasing short-term breakouts, adding that staggered accumulation, limited leverage and disciplined position sizing remain preferable until Bitcoin sustains above $65,500 and ETF inflows become more consistent.

According to CoinMarketCap, the global cryptocurrency market capitalisation edged up 0.1% to $2.22 trillion. The CoinDCX Research Team said Bitcoin touched a local high above $65,600, driven by nearly $209 million in short liquidations. It also noted that crypto ETFs other than Bitcoin and Ethereum saw virtually no activity.

Over the past week, Bitcoin and Ethereum gained 2.41% and 9.25%, respectively. Among major altcoins, BNB, XRP and Dogecoin rose by up to 1.61%, while Solana, Tron and Hyperliquid declined by up to 2.03%.

The CoinSwitch Markets Desk said Bitcoin climbed to a three-week high of $65,500 after U.S. producer inflation fell 0.3% month-on-month, reinforcing the softer CPI print released a day earlier, before easing below $65,000.

It added that Bitcoin now faces resistance around $67,200. A sustained breakout above this level could pave the way toward $70,000. However, traders remain cautious as the cryptocurrency approaches its 50-month exponential moving average (EMA), which has historically acted as a key resistance level during bearish phases.

Here’s what another analyst said:

Avinash Shekhar, Co-founder and CEO of Pi42, said the crypto market is showing encouraging signs of renewed institutional confidence, with Bitcoin supported by fresh ETF inflows while Ethereum continues to attract attention ahead of potential catalysts in the second half of the year.

He advised investors to build positions gradually with a disciplined approach rather than react to daily price swings or speculative narratives.

Also Read | ICICI Lombard General Insurance shares tumble 15% after Q1 profit takes a hit

Riya Sehgal, Research Analyst, Delta Exchange, said: “Bitcoin is still struggling to establish acceptance above the $65,000-$66,000 resistance zone. The first key support lies near $64,200. Ethereum continues to display stronger relative momentum, although its Relative Strength Index (RSI), at around 71, indicates overextended conditions.”

Nischal Shetty, Founder, WazirX, said: “The crypto market is witnessing renewed optimism as softer inflation data has eased concerns over further interest rate hikes. Lower rate expectations typically improve liquidity for risk assets, and signs of institutional confidence are already emerging, with both Bitcoin and Ethereum spot ETFs recording fresh inflows last week.”

(Disclaimer: Recommendations, suggestions, views and opinions expressed by the experts are their own and do not represent the views of The Economic Times)

Hyperion DeFi, the NASDAQ-listed company trading under HYPD, is putting 500,000 staked HYPE tokens to work. The tokens are being deployed to Skew Technologies through a HYPE Asset Use Service (HAUS) agreement, giving Skew the economic backing it needs to launch perpetual futures markets on Hyperliquid’s HIP-3 permissionless infrastructure.

In return, Hyperion gets equity ownership in Skew plus a cut of the revenues generated from listing services. The revenue share has both fixed and scaling components, meaning Hyperion earns a baseline regardless of how much volume Skew’s new markets attract, while also participating in the upside if trading activity takes off.

How the deal actually works HIP-3, which went live on October 13, 2025, requires anyone deploying a new market to maintain 500,000 staked HYPE as what’s called “alignment capital.” That’s a meaningful barrier to entry, designed to ensure deployers have real skin in the game and face slashing risks if they misbehave.

Advertisement

Through the HAUS agreement, effective July 15, 2026, Hyperion essentially lends its staked position to Skew, which can then spin up new HIP-3 perpetual futures markets without needing to source and lock up half a million HYPE tokens on its own.

Skew’s initial focus will be on perpetual futures through HIP-3, with plans to eventually expand into outcome-based markets under HIP-4 once the core perps business reaches operational stability.

Why Hyperion is betting big on infrastructure Hyperion DeFi holds the distinction of being the first US publicly listed company built around the Hyperliquid ecosystem. Hyperion CEO Hyunsu Jung has pointed to growing global demand for HIP-3 launches as a key driver behind the company’s HAUS strategy.

This isn’t Hyperion’s first HAUS agreement. The company previously partnered with Felix Foundation in late 2025 under a similar arrangement. Recent reports also indicate Hyperion has been unwinding some of its other HYPE deployment deals.

What Skew brings to the table Skew Technologies is founded by a team with experience in financial markets and institutional trading. David Gil, Skew’s founder, has framed this partnership as a foundation for innovative institutional trading products, suggesting the company sees HIP-3 as a launchpad rather than an endpoint.

What this means for investors For Hyperion shareholders, each HAUS agreement transforms staked tokens into equity positions and revenue streams. The fixed component of the revenue share provides downside protection, while the scaling component offers leverage to trading volume growth.

The risk side of the equation centers on slashing. HIP-3’s alignment capital is actively at risk. If a market operator behaves badly or a technical failure triggers slashing conditions, Hyperion could lose a substantial portion of its deployed capital.

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

Binance launches three U.S. ETF perpetual contracts, offering up to 25x leverage.

According to official announcements, Binance has launched multiple USDT-margined TradFi perpetual contracts, including MUUUSDT, SOXSUSDT, and TZAUSDT perpetual contracts. MUUUSDT corresponds to Direxion Daily MU Bull 2X ETF (MUU), which tracks the daily 2x return performance of Micron Technology. SOXSUSDT corresponds to Direxion Daily Semiconductor Bear 3X Shares (SOXS), tracking the daily 3x inverse performance of the NYSE Semiconductor Index. TZAUSDT corresponds to Direxion Daily Small Cap Bear 3X Shares (TZA), tracking the daily 3x inverse performance of the Russell 2000 Index.

11 minutes ago

Ostium trading remains suspended, with user margin still frozen.

Perpetual decentralized exchange (Perp DEX) Ostium stated in a post that platform trading remains suspended following the security incident. User positions are still open but cannot be modified temporarily; trading margin remains in the frozen smart contract and has not been moved. Ostium added that its team is continuing to coordinate with relevant authorities, SEAL 911, and multiple security researchers, and will release updates on the timeline for smart contract activity resumption and fund recovery. According to PeckShield’s monitoring, Ostium’s public OLP vault was hacked for approximately 24 million USDC, with the attacker subsequently converting the funds to around 12,100 ETH, of which about 10,500 ETH has been transferred to Tornado Cash.

11 minutes ago

The China-South Korea Semiconductor ETF on the A-share market saw its afternoon decline widen to 5%.

According to market data, the semiconductor sector in China's A-share market continued to weaken in the afternoon, with the decline of China-South Korea semiconductor-related ETFs expanding to 5%.

11 minutes ago

TSMC expects demand to remain strong in Q3, with its full-year revenue coming in higher than earlier forecasts.

TSMC (TSM.N) announced that it expects its third-quarter revenue this year to range between $44.6 billion and $45.8 billion, compared to its Q3 2025 revenue of $33.1 billion. The chipmaker projects demand will remain strong in the third quarter, and forecasts its U.S. dollar-denominated revenue growth for 2026 will be slightly above 40%, an upward revision from its earlier forecast of over 30%.

11 minutes ago

HTX DAO completes Q2 token burn, with HTX’s cumulative burn exceeding 100 trillion tokens.

According to an official announcement from HTX DAO, the second-quarter 2026 HTX token burn was completed on July 15. On-chain data shows that a total of 7,474,935,439,560 HTX tokens were burned in this round, worth over $13.6 million. To date, the cumulative amount of HTX burned and donated has reached 117.79 trillion tokens. Burn details: https://tronscan.org/transaction/06b58562732cbff13ce6a3b2a0556f6ffefd158b4cc4313968750923c779810d/overview. In the first half of this year, HTX DAO’s two-quarter combined burn exceeded $32.82 million. Against the backdrop of intensified market liquidity competition this year, HTX has still been able to consistently execute quarterly burns worth tens of millions of dollars, showcasing strong operational resilience and anti-cyclical capabilities.

11 minutes ago

Bitget has added 16 US stock tokens (rTokens), including Kroger, Jabil, and other companies.

Bitget has launched 16 US stock tokens, including rXBI (S&P Biotech ETF-SPDR), rDIA (SPDR Dow Jones Industrial Average ETF Trust), rKSTR (SSE STAR 50 Index ETF), rJBL (Jabil), rKR (Kroger), covering sectors such as finance, healthcare, information technology and industrials. The rTokens, marked with the prefix "r" plus stock tickers (e.g., NVIDIA is rNVDA), are issued by Reality, a licensed RWA protocol under Bitget, which connects directly to global liquidity pools like NASDAQ and NYSE via cooperation with regulated broker Alpaca. Its key features include: 1:1 reserve of underlying assets held by licensed custodians; stock dividends distributed 1:1 in token form; support for synchronous mapping of corporate actions (such as stock splits and consolidations); and positions can be used as combined margin for unified accounts and USDT-denominated contracts, allowing users to flexibly manage funds while holding global stock assets.

11 minutes ago

Hyperliquid (HYPE) strengthened its position among decentralized trading platforms this week, as the token maintained a bullish outlook amid recent market consolidation. Analysts observed a consistent uptrend in HYPE, noting that its growing trading activity and strong fee generation signal increasing adoption and long-term growth potential.

HYPE price trends and resistance levelsHYPE traded at $68.37 with a 24-hour trading volume of $431.18 million and a market capitalization of $17.3 billion. The token recorded a 5.27% gain in the past day, reflecting investor optimism and renewed buying activity.

Renowned crypto analyst Michael van de Poppe commented that HYPE has maintained a bullish technical structure despite a temporary dip below its 21-day and 50-day moving averages. He noted that the recent retracement appears to be short-term consolidation, as buyers continue to protect essential support levels, indicating the market remains favorable for further upside movement.

Market analysts emphasized that if HYPE convincingly breaks above the $68.88 resistance level, the token could initiate another bullish move, potentially testing previous highs.

Technical indicators suggest that, should the breakout hold, HYPE may advance toward the $100 price mark. However, the outcome will depend on the prevailing market sentiment and the token’s ability to maintain upward momentum.

Hyperliquid’s fee revenue surpasses major blockchainsBeyond price action, Hyperliquid’s rising protocol fees demonstrate its expanding influence among decentralized exchanges. Data from Hyperliquid Daily reported that the platform collected $2.4 million in protocol fees within the past 24 hours, outpacing established blockchains such as Solana, Ethereum, BNB Chain, Robinhood, and Lighter.

This substantial fee revenue highlights Hyperliquid’s ability to attract high trading volumes and participant activity, reinforcing its market leadership in decentralized perpetual trading.

Analysts attribute this growth to increased demand for Hyperliquid’s products and traders’ preference for its platform. The platform’s decentralized architecture and competitive features have drawn a growing user base, leading to consistent fee growth.

Mini dictionary: Hyperliquid is a decentralized trading platform focused on perpetual contracts, enabling traders to engage in leveraged trading with a transparent, non-custodial system. Protocol fees are service charges collected from transaction execution on the network, which contribute to the platform’s revenue.

PlatformDaily Fee RevenueHyperliquid$2.4 millionSolanaBelow $2.4 millionEthereumBelow $2.4 millionBNB ChainBelow $2.4 millionRobinhoodBelow $2.4 millionLighterBelow $2.4 millionMarket outlook: Next targets for HYPEWith positive market momentum and strong fee revenues, analysts project an upward trajectory for HYPE if the bullish breakout is confirmed. Current resistance may create temporary consolidation, but a move above this barrier could extend the recent rally, drawing further attention to the token.

Should HYPE surpass the crucial resistance, technical forecasts anticipate a potential climb towards the $100 level, provided investor sentiment remains supportive.

The broader crypto market has also shown positive signals, as BTC’s price recovery supports increased interest in alternative tokens like HYPE. Market participants are looking to see if HYPE can sustain its lead in daily revenue and continue its rise.

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.

Multicoin Capital managing partner Tushar Jain detailed his valuation logic and investment framework for HYPE during an appearance on the "When Shift Happens" podcast. He noted that HYPE is currently severely undervalued, with a baseline valuation of $319, and recommended a pragmatic position-building strategy to navigate volatility. For bottom-fishing, Jain advised abandoning "perfect timing" in favor of the "one-third split entry method": the first third of the position is bought immediately; the second third is accumulated via dollar-cost averaging over a fixed schedule (e.g., in batches over 1-2 months); the final third is added opportunistically during dips. This approach significantly reduces psychological burden while locking in a favorable average cost for long-term bullish positions. Jain’s $319 baseline valuation is built on four conservative assumptions: 1) Crypto derivatives trading volume maintains a 35% compound annual growth rate over the next two years; 2) DeFi derivatives’ market share rises to 32%; 3) USDC collateral balances grow in line with trading volume; 4) The "fake boom" driven by subsidies from some project teams will vanish as subsidies are phased out, allowing Hyperliquid’s actual market share to rise further. Even under these conservative scenarios, HYPE’s current price has substantial upside, with some optimistic projections putting it above $600. On Hyperliquid’s broader outlook, Jain argued that the protocol is far more than a fast-growing perpetual contract platform, and has the potential to become a core pillar of crypto financial infrastructure.

Relevant content

Crypto liquidation startup Glacis Labs completes $6.8 million seed round financing.

Crypto clearing startup Glacis Labs has closed a $6.8 million seed round. The round was led by Lightspeed Faction, with participation from Franklin Templeton, Coinbase Ventures, A.GAIN (formerly IDC Ventures), Protein Capital, and Techni Ventures, structured as an equity-plus-token warrant deal. The funding will primarily be used to expand its core product, the ZeroDelta platform, and support the growth of its engineering, compliance, and marketing teams. ZeroDelta is a multi-chain clearing platform that facilitates matching, netting, and final settlement of cross-chain digital assets. It currently focuses on serving stablecoins and has processed over $1 billion in cumulative trading volume to date.

4 hours ago

The United States will issue a $1 Trump gold coin to commemorate the 250th anniversary of its founding.

US Treasury Secretary Scott Bessent announced today that the U.S. Mint will produce a $1 commemorative "gold coin" — gold in appearance but containing no actual gold or precious metals — to mark the 250th anniversary of the founding of the United States. The obverse features a portrait of President Trump in a suit and tie, paired with the inscriptions "LIBERTY," "IN GOD WE TRUST," and the dates 1776-2026; the reverse displays the U.S. Great Seal eagle, marked with "$1" and "250." The coin is expected to be released this fall. The move breaks the longstanding tradition that living presidents typically do not appear on U.S. currency, with Bessent describing it as a "lasting symbol of patriotism" and "a commemoration of the legacy of freedom."

4 hours ago

Trump: Data centers are a cash cow and one of the largest drivers of future job growth.

Trump posted that data centers are one of the biggest drivers of future job growth. They are large-scale, powerful, and have broad prospects, serving as cash cows for their respective states. However, for political reasons, the Governor of New York State terminated all data center projects under construction or planned in New York. These companies are now flocking to Alabama, Florida, Texas, Arizona, and many other states. The tax revenues and jobs brought by data centers are truly a huge source of wealth! New York State has made a bad decision. All this revenue and other benefits will flow to so-called "red states" (states dominated by the Republican Party) and some "blue states" (states dominated by the Democratic Party). These states not only have lower taxes but also can create record job opportunities. They will bear their own water and electricity costs, and the remaining funds will be returned to state governments and local communities. For the states and communities fortunate enough to secure data centers, these facilities are undoubtedly huge assets. New York State should immediately reverse its policy. We must never allow radical left-wing Democrats to make us lose data centers, artificial intelligence, and all these amazing new technologies, letting them fall into the hands of other countries!

4 hours ago

Goldman Sachs' View: Storage Market Shows Structural Shifts, Partial Replacement of DRAM by NAND for Cost Reduction Becomes a Practical Trend

Citirni analyst Jukan referenced Goldman Sachs’ monthly conference call remarks on the memory sector, noting clients’ strong resistance to DRAM price hikes approaching 30%, leading to a modest downward revision of third-quarter DRAM price growth expectations. Meanwhile, the outlook for NAND has grown more optimistic: AI-related KV cache offloading demand continues to exceed expectations, paired with an emerging trend of using NAND to replace expensive DRAM, further supporting NAND demand. The analyst holds a positive view on SK Hynix’s second-quarter performance, projecting revenue of approximately 85 trillion won and a gross margin of 63%. Relevant stocks include SK Hynix, Micron, and SanDisk. The commentary also reveals structural shifts in the memory market. Previously, explosive HBM demand from AI servers drove DRAM prices soaring, but once price increases hit the 30% threshold, clients began resisting further hikes, leading to a temporary slowdown in the pace of DRAM price growth. NAND is taking on a new role in AI infrastructure: KV cache is critical in inference scenarios, and using cheaper NAND to partially replace expensive DRAM to reduce costs is becoming a practical trend. This divergence also implies that internal capital rotation within the storage industry chain may continue; investors should exercise greater caution regarding short-term earnings expectations for DRAM-related stocks, while the fundamental improvement in the NAND segment may not yet be fully priced in.

4 hours ago

Kraken Launches Customized Crypto Vaults, Allowing Users to Earn Yields on Idle Bitcoin, Ethereum (ETH) and Stablecoins

Kraken Institutional has announced a partnership with on-chain yield platform Upshift, allowing qualified institutional clients to earn returns on idle Bitcoin, Ethereum, stablecoins and other crypto assets directly within Kraken’s compliant custody framework. Unlike traditional pooled vaults, Upshift will build dedicated, customized vaults for each client, fully tailored to their investment strategies, risk parameters, liquidity needs and asset portfolios. Assets will be allocated to these non-custodial vaults, then deployed to selected on-chain contracts, with clients’ segregated Kraken custody accounts receiving a receipt token.

4 hours ago

SpaceX falls below its $135 IPO price for the first time; US-listed space-related stocks decline across the board.

According to market data from BIT (bit.com), during U.S. stock intraday trading, SpaceX (SPCX) fell below its IPO price of $135 for the first time, currently trading at $133.6. U.S. space-related stocks declined across the board: AST SpaceMobile (ASTS) dropped 5.26%, Rocket Lab (RKLB) fell 3.4%, and Redwire (RDW) declined 3.4%.

4 hours ago

Celestia Labs announced it has acquired Sovereign Labs, a developer of high-performance blockchain frameworks. Sovereign has been deeply embedded in the Celestia ecosystem since 2021, with its framework powering projects including cross-chain bridge Relay Protocol and high-performance perpetual contract trading platform Bullet. The acquisition will extend Celestia Labs’ technical capabilities from Layer 1 to the execution and application layers, positioning the firm as a full-stack custom blockchain development partner for enterprises. As projects such as Hyperliquid, Polymarket, and Robinhood have opted to build their own blockchains, enterprise demand for full-stack blockchain infrastructure is accelerating.

Relevant content

Crypto liquidation startup Glacis Labs completes $6.8 million seed round financing.

Crypto clearing startup Glacis Labs has closed a $6.8 million seed round. The round was led by Lightspeed Faction, with participation from Franklin Templeton, Coinbase Ventures, A.GAIN (formerly IDC Ventures), Protein Capital, and Techni Ventures, structured as an equity-plus-token warrant deal. The funding will primarily be used to expand its core product, the ZeroDelta platform, and support the growth of its engineering, compliance, and marketing teams. ZeroDelta is a multi-chain clearing platform that facilitates matching, netting, and final settlement of cross-chain digital assets. It currently focuses on serving stablecoins and has processed over $1 billion in cumulative trading volume to date.

4 hours ago

The United States will issue a $1 Trump gold coin to commemorate the 250th anniversary of its founding.

US Treasury Secretary Scott Bessent announced today that the U.S. Mint will produce a $1 commemorative "gold coin" — gold in appearance but containing no actual gold or precious metals — to mark the 250th anniversary of the founding of the United States. The obverse features a portrait of President Trump in a suit and tie, paired with the inscriptions "LIBERTY," "IN GOD WE TRUST," and the dates 1776-2026; the reverse displays the U.S. Great Seal eagle, marked with "$1" and "250." The coin is expected to be released this fall. The move breaks the longstanding tradition that living presidents typically do not appear on U.S. currency, with Bessent describing it as a "lasting symbol of patriotism" and "a commemoration of the legacy of freedom."

4 hours ago

Trump: Data centers are a cash cow and one of the largest drivers of future job growth.

Trump posted that data centers are one of the biggest drivers of future job growth. They are large-scale, powerful, and have broad prospects, serving as cash cows for their respective states. However, for political reasons, the Governor of New York State terminated all data center projects under construction or planned in New York. These companies are now flocking to Alabama, Florida, Texas, Arizona, and many other states. The tax revenues and jobs brought by data centers are truly a huge source of wealth! New York State has made a bad decision. All this revenue and other benefits will flow to so-called "red states" (states dominated by the Republican Party) and some "blue states" (states dominated by the Democratic Party). These states not only have lower taxes but also can create record job opportunities. They will bear their own water and electricity costs, and the remaining funds will be returned to state governments and local communities. For the states and communities fortunate enough to secure data centers, these facilities are undoubtedly huge assets. New York State should immediately reverse its policy. We must never allow radical left-wing Democrats to make us lose data centers, artificial intelligence, and all these amazing new technologies, letting them fall into the hands of other countries!

4 hours ago

Goldman Sachs' View: Storage Market Shows Structural Shifts, Partial Replacement of DRAM by NAND for Cost Reduction Becomes a Practical Trend

Citirni analyst Jukan referenced Goldman Sachs’ monthly conference call remarks on the memory sector, noting clients’ strong resistance to DRAM price hikes approaching 30%, leading to a modest downward revision of third-quarter DRAM price growth expectations. Meanwhile, the outlook for NAND has grown more optimistic: AI-related KV cache offloading demand continues to exceed expectations, paired with an emerging trend of using NAND to replace expensive DRAM, further supporting NAND demand. The analyst holds a positive view on SK Hynix’s second-quarter performance, projecting revenue of approximately 85 trillion won and a gross margin of 63%. Relevant stocks include SK Hynix, Micron, and SanDisk. The commentary also reveals structural shifts in the memory market. Previously, explosive HBM demand from AI servers drove DRAM prices soaring, but once price increases hit the 30% threshold, clients began resisting further hikes, leading to a temporary slowdown in the pace of DRAM price growth. NAND is taking on a new role in AI infrastructure: KV cache is critical in inference scenarios, and using cheaper NAND to partially replace expensive DRAM to reduce costs is becoming a practical trend. This divergence also implies that internal capital rotation within the storage industry chain may continue; investors should exercise greater caution regarding short-term earnings expectations for DRAM-related stocks, while the fundamental improvement in the NAND segment may not yet be fully priced in.

4 hours ago

Kraken Launches Customized Crypto Vaults, Allowing Users to Earn Yields on Idle Bitcoin, Ethereum (ETH) and Stablecoins

Kraken Institutional has announced a partnership with on-chain yield platform Upshift, allowing qualified institutional clients to earn returns on idle Bitcoin, Ethereum, stablecoins and other crypto assets directly within Kraken’s compliant custody framework. Unlike traditional pooled vaults, Upshift will build dedicated, customized vaults for each client, fully tailored to their investment strategies, risk parameters, liquidity needs and asset portfolios. Assets will be allocated to these non-custodial vaults, then deployed to selected on-chain contracts, with clients’ segregated Kraken custody accounts receiving a receipt token.

4 hours ago

SpaceX falls below its $135 IPO price for the first time; US-listed space-related stocks decline across the board.

According to market data from BIT (bit.com), during U.S. stock intraday trading, SpaceX (SPCX) fell below its IPO price of $135 for the first time, currently trading at $133.6. U.S. space-related stocks declined across the board: AST SpaceMobile (ASTS) dropped 5.26%, Rocket Lab (RKLB) fell 3.4%, and Redwire (RDW) declined 3.4%.

4 hours ago

Hyperliquid, a decentralized crypto derivatives exchange, has added ChangXin Memory Technologies (CXMT), China’s leading DRAM manufacturer, to its platform. This move comes shortly after the platform introduced the CSI STAR Market 50 ETF, offering overseas investors broader exposure to China-linked equities.

With the inclusion of CXMT, Hyperliquid now provides users access to a prominent player in China’s semiconductor industry. CXMT is widely recognized as the largest DRAM producer in China by production capacity and ranks fourth globally in the same category.

The introduction of CXMT gives Hyperliquid users a pathway to engage with A-share assets that are traditionally accessible only through mainland Chinese exchanges. Investors outside China often face significant entry barriers for such assets, notably a minimum account requirement of RMB 500,000 for STAR Market participation. Hyperliquid’s listing may ease this restriction for global market participants.

A-share assets refer to equity shares listed on China’s Shanghai and Shenzhen stock exchanges, quoted in Chinese yuan and generally restricted to domestic investors. The STAR Market, a technology-focused board, is known for listing innovative growth companies within China’s rapidly expanding tech landscape.

Mini dictionary: Hyperliquid is a decentralized exchange specializing in perpetual futures, known for providing synthetic access to both crypto assets and tokenized versions of traditional equities for global users.

In recent updates, Hyperliquid listed ChangXin Memory Technologies following its CSI STAR Market 50 ETF listing, allowing overseas investors new avenues to access China’s equity markets that typically require a minimum account threshold of RMB 500,000 on domestic exchanges.

AssetMarketAccess Requirement (Traditional)Access via HyperliquidCXMTSTAR Market (A-share)RMB 500,000 min. accountNo minimum, available to global usersCSI STAR Market 50 ETFSTAR Market (A-share)RMB 500,000 min. accountNo minimum, available to global usersCXMT’s rise ahead of a possible record IPOWu Blockchain, a prominent crypto and blockchain news source, reported that CXMT leads China’s DRAM manufacturing sector. DRAM, or dynamic random-access memory, is an essential component for smartphones, computers, servers, and AI hardware.

CXMT is reportedly preparing for a significant public offering. Industry sources noted that it has secured the second-largest funding round in the history of the STAR Market, trailing only Semiconductor Manufacturing International Corporation (SMIC). Several Chinese financial media outlets suggest that CXMT could achieve the largest initial public offering in the history of China’s A-share market.

Industry observers point out that CXMT, as China’s dominant DRAM producer, is positioned to attract substantial global attention due to both its market leadership and its plans for a high-profile IPO.

The growing profile of CXMT signals increased international interest in China’s technology sector, particularly for investors seeking exposure to the country’s booming semiconductor industry.

HYPE token price outlook remains bullishAs Hyperliquid’s platform activity intensifies, traders continue to monitor the HYPE token, the platform’s native asset. Crypto analyst Michaël van de Poppe commented that HYPE’s technical chart remains bullish, even after the token fell below its 21-day and 50-day moving averages.

Moving averages are widely used by traders to identify trends and resistance levels over set periods. Despite the current dip, van de Poppe maintains that sentiment remains positive as long as HYPE can surpass key resistance points.

Van de Poppe identified €60 as the crucial resistance level that, if broken, could trigger a strong rally. He projected that sustained momentum above this threshold could potentially drive the HYPE token towards the $100 mark, attracting renewed trading interest.

TokenCurrent key levelProjected target (if breakout)HYPE€60$100Market participants will be closely watching further developments in Hyperliquid’s asset listings, along with price action in both the HYPE token and new listings such as CXMT.

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.

English한국어日本語繁體中文ไทยPortuguêsItalianoDeutschFrançaisEspañol 分散型取引所Hyperliquidは、 ChangXin Memory Technologiesに連動したプレIPOパーペチュアル先物契約を上場した。中国最大のDRAMメーカーである同社の上海STARマーケットへの上場（7月27日）を前にした動きだ。

この契約は7月15日時点で8ドル近辺で取引され、約5350億ドルの評価額を示唆している。これはCXMTの公式IPO価格である1株あたり人民元8.66元に対して約526%のプレミアムに相当する。

合成レール上に示された5350億ドルの想定評価額 CXMTは新規株式公開（IPO）の価格を1株あたり人民元8.66元に設定し、オーバーアロットメント・オプションを含まない段階で約人民元579億元（85.5億ドル）の資金調達を見込んでいる。 ロイターの報道によれば、この取引は2026年のアジア最大のIPOとなり、SMICの2020年の株式売却を上回る中国A株半導体関連としては最大規模の公開となる見通しだ。

CXMTの上場後の想定株式総数668億8100万株を基準にすると、Hyperliquidの契約価格8ドルは公式IPO評価額の約6.3倍に相当する市場価値を示している。STARマーケットでの公開に対する投資家の申込みは7月16日に開始される。

この契約はHyperliquidの HIP-3フレームワークを通じて上場したもので、これは第三者のデプロイヤーが暗号資産以外の資産に連動したパーペチュアル市場を作成できる仕組みだ。CXMTの上場に先立ち、HyperliquidはCSI STARマーケット50 ETF契約を追加しており、中国テック株への意図的な事業拡大を示していた。

プレミアムが公正価値を示さない可能性 Injective LabsのCEO兼共同創業者であるEric Chen氏は、プレIPOパーペチュアルについて6月にCNBCの取材で「こうした市場は非常にアクティブでリスク許容度の高いトレーダーが支配しており、他のプレIPO銘柄と比べて巨大なプレミアムを織り込んでいるわけではない」と語っている。

この指摘はCXMTの契約にも当てはまる。526%という価格差は、限られたトレーダー層の間での合成デリバティブの価格形成を反映したものであり、株式評価としての市場全体の合意を示すものではない。

中国のSTARマーケットでは、個人投資家は人民元50万元の資産要件と2年間の取引経験要件を満たす必要がある。つまりHyperliquidの契約は、このIPOに対する海外個人投資家のエクスポージャーを可能にする数少ない手段のひとつとなっている。

Hyperliquid、株式デリバティブ層の構築を進める CXMTの上場は、これまでの流れに沿った動きだ。Hyperliquidは6月のNasdaq上場の数か月前からSpaceXのプレIPOパーペチュアルを提供しており、 Coin Metricsの報告によれば、以前上場していたCerebrasのプレIPO契約は、実際の初値取引価格からわずか1.3%以内という精度で価格を示していた。同プラットフォーム上のプレIPO市場全体の累積取引高は14.6億ドルを超えている。

こうした実績は、Hyperliquidを単なる投機的な場としてではなく、企業が従来型の取引所に到達する前の新興の価格発見レイヤーとして位置づけている。より広い文脈もこの動きに重みを与える。CXMTはSamsung Electronics、SK Hynix、Micronに次ぐ世界第4位のDRAMメーカーであり、直近の市場推定では世界DRAM市場におけるシェアは約8%とされている。

同社は、中国が海外のチップ供給への依存を減らすために国内半導体生産に投資する中で急速に事業を拡大してきた。この戦略は、先進メモリ技術に対する米国の輸出規制によってさらに加速している。今後注目されるのは、CXMTの申込みが7月16日に開始され、株式が7月27日に取引を開始した後、526%のプレミアムが縮小するかどうかだ。

CXMTはまた、Tencentとの間で人民元200億元（2.94億ドル）を超える長期メモリ供給契約を開示しており、株式取引が開始された後は機関投資家の関心を支える契約となる可能性がある。この上場は、オンチェーンデリバティブが、世界市場への十分なアクセスを持たない企業にとって信頼できるプレIPO価格発見の手段となり得るかどうかを試す試金石となる。

About the Author: Damilola Esebame

Damilola Esebame is a finance journalist and content strategist specializing in DeFi, crypto, macroeconomics, and FX. With eight years of editorial experience, he delivers data-backed explainers, interviews, and market updates that turn complex on-chain themes into practical insights. At FinanceFeeds he maps the DeFi landscape—stablecoins, tokenization, liquidity, and policy—linking digital-asset developments to macro drivers and market structure for brokers and platforms.

According to monitoring by OnchainLens, a trader has taken large long positions on Hyperliquid, with a total position value of $13.31 million. Current holdings: Bitcoin worth $5.87 million, 40x leverage, average entry price of $65,473; Solana (SOL) worth $5.5 million, 20x leverage, average entry price of $78.8; Ethereum worth $1.93 million, 25x leverage, average entry price of $1,939.

Relevant content

Crypto liquidation startup Glacis Labs completes $6.8 million seed round financing.

Crypto clearing startup Glacis Labs has closed a $6.8 million seed round. The round was led by Lightspeed Faction, with participation from Franklin Templeton, Coinbase Ventures, A.GAIN (formerly IDC Ventures), Protein Capital, and Techni Ventures, structured as an equity-plus-token warrant deal. The funding will primarily be used to expand its core product, the ZeroDelta platform, and support the growth of its engineering, compliance, and marketing teams. ZeroDelta is a multi-chain clearing platform that facilitates matching, netting, and final settlement of cross-chain digital assets. It currently focuses on serving stablecoins and has processed over $1 billion in cumulative trading volume to date.

3 hours ago

The United States will issue a $1 Trump gold coin to commemorate the 250th anniversary of its founding.

US Treasury Secretary Scott Bessent announced today that the U.S. Mint will produce a $1 commemorative "gold coin" — gold in appearance but containing no actual gold or precious metals — to mark the 250th anniversary of the founding of the United States. The obverse features a portrait of President Trump in a suit and tie, paired with the inscriptions "LIBERTY," "IN GOD WE TRUST," and the dates 1776-2026; the reverse displays the U.S. Great Seal eagle, marked with "$1" and "250." The coin is expected to be released this fall. The move breaks the longstanding tradition that living presidents typically do not appear on U.S. currency, with Bessent describing it as a "lasting symbol of patriotism" and "a commemoration of the legacy of freedom."

3 hours ago

Trump: Data centers are a cash cow and one of the largest drivers of future job growth.

Trump posted that data centers are one of the biggest drivers of future job growth. They are large-scale, powerful, and have broad prospects, serving as cash cows for their respective states. However, for political reasons, the Governor of New York State terminated all data center projects under construction or planned in New York. These companies are now flocking to Alabama, Florida, Texas, Arizona, and many other states. The tax revenues and jobs brought by data centers are truly a huge source of wealth! New York State has made a bad decision. All this revenue and other benefits will flow to so-called "red states" (states dominated by the Republican Party) and some "blue states" (states dominated by the Democratic Party). These states not only have lower taxes but also can create record job opportunities. They will bear their own water and electricity costs, and the remaining funds will be returned to state governments and local communities. For the states and communities fortunate enough to secure data centers, these facilities are undoubtedly huge assets. New York State should immediately reverse its policy. We must never allow radical left-wing Democrats to make us lose data centers, artificial intelligence, and all these amazing new technologies, letting them fall into the hands of other countries!

3 hours ago

Goldman Sachs' View: Storage Market Shows Structural Shifts, Partial Replacement of DRAM by NAND for Cost Reduction Becomes a Practical Trend

Citirni analyst Jukan referenced Goldman Sachs’ monthly conference call remarks on the memory sector, noting clients’ strong resistance to DRAM price hikes approaching 30%, leading to a modest downward revision of third-quarter DRAM price growth expectations. Meanwhile, the outlook for NAND has grown more optimistic: AI-related KV cache offloading demand continues to exceed expectations, paired with an emerging trend of using NAND to replace expensive DRAM, further supporting NAND demand. The analyst holds a positive view on SK Hynix’s second-quarter performance, projecting revenue of approximately 85 trillion won and a gross margin of 63%. Relevant stocks include SK Hynix, Micron, and SanDisk. The commentary also reveals structural shifts in the memory market. Previously, explosive HBM demand from AI servers drove DRAM prices soaring, but once price increases hit the 30% threshold, clients began resisting further hikes, leading to a temporary slowdown in the pace of DRAM price growth. NAND is taking on a new role in AI infrastructure: KV cache is critical in inference scenarios, and using cheaper NAND to partially replace expensive DRAM to reduce costs is becoming a practical trend. This divergence also implies that internal capital rotation within the storage industry chain may continue; investors should exercise greater caution regarding short-term earnings expectations for DRAM-related stocks, while the fundamental improvement in the NAND segment may not yet be fully priced in.

3 hours ago

Kraken Launches Customized Crypto Vaults, Allowing Users to Earn Yields on Idle Bitcoin, Ethereum (ETH) and Stablecoins

Kraken Institutional has announced a partnership with on-chain yield platform Upshift, allowing qualified institutional clients to earn returns on idle Bitcoin, Ethereum, stablecoins and other crypto assets directly within Kraken’s compliant custody framework. Unlike traditional pooled vaults, Upshift will build dedicated, customized vaults for each client, fully tailored to their investment strategies, risk parameters, liquidity needs and asset portfolios. Assets will be allocated to these non-custodial vaults, then deployed to selected on-chain contracts, with clients’ segregated Kraken custody accounts receiving a receipt token.

3 hours ago

SpaceX falls below its $135 IPO price for the first time; US-listed space-related stocks decline across the board.

According to market data from BIT (bit.com), during U.S. stock intraday trading, SpaceX (SPCX) fell below its IPO price of $135 for the first time, currently trading at $133.6. U.S. space-related stocks declined across the board: AST SpaceMobile (ASTS) dropped 5.26%, Rocket Lab (RKLB) fell 3.4%, and Redwire (RDW) declined 3.4%.

3 hours ago

According to Hyperinsight monitoring, ZEC has been strengthening, rising around 11.1% in 24 hours on Hyperliquid, with a trading volume of approximately $169 million. Since its opening price of $401.42 at the start of the month, ZEC has gained about 37.8% so far this month, currently trading at $553.10. This rally has once again made trader Loracle (0x8de) the on-chain top winner. He currently holds a 10x full-position long on ZEC, totaling 49,563.75 coins, with a notional value of around $27.414 million, an average entry price of $362.28, unrealized profit of about $9.458 million, and a return of roughly 526.7%. His account balance has surged by $6.836 million just today. It is reported that this position was built gradually over more than a month and a half. Loracle re-established his ZEC long base position on May 30; during ZEC's sharp decline due to negative catalysts from June 5 to 6, he bought the dip against the trend, expanding his position to 37,661.1 coins. By June 26, his holdings had increased to 49,564 coins, forming the main position. Since then, this address has fully captured all the upward momentum since July. -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 news.

Relevant content

Hassett: The Federal Reserve has no reason to raise interest rates, and he believes Walsh will guide the Fed to reach the correct outcome on interest rate issues.

White House National Economic Council Director Hassett: Data shows the Federal Reserve has no reason to raise interest rates. He believes Walsh will guide the Federal Reserve to reach the right conclusion on interest rate issues, and Iran’s ability to threaten the global economy has declined.

1 seconds ago

MetaMask has integrated Robinhood Chain.

MetaMask’s official announcement: Robinhood Chain is now live on its platform, enabling users to directly perform token swaps, cross-chain operations, and asset management for Robinhood Chain within MetaMask.

1 seconds ago

Bank of America: Fund managers’ bullishness on US stocks hits highest level since December 2024.

Bank of America’s Global Fund Manager Survey shows that fund managers’ bullishness toward U.S. stocks has reached its highest level since December 2024. A net 24% of respondents expect U.S. equities to outperform other regions, marking the third-highest allocation weight to U.S. stocks over the past five years. In contrast, investors have cut their allocations to British stocks, with fund managers’ confidence in London-listed shares falling to its lowest point since August 2020. Compared to other regions, the UK stock market has underperformed so far this year: London’s FTSE 100 has risen 5.7% year-to-date, while the S&P 500 has gained more than 10%.

1 seconds ago

SK Hynix's US-listed ADR premium over its Korean shares narrowed to 30.7%.

According to market data from BIT (bit.com), SK Hynix (SKHY) is down 5.8% in U.S. pre-market trading, with its current share price at $182.6. Bitget market data shows that SK Hynix’s closing price on the South Korean stock market today is 2,082,000 won, equivalent to roughly $1,397. Given each SK Hynix ADR represents one-tenth of an ordinary share, the $182.6 price is 30.7% higher than $139.7 (one-tenth of $1,397), a sharp narrowing of the premium from the 51.5% recorded at this morning’s U.S. stock close.

1 seconds ago

Warren Buffett: Not investing in Google back then was a mistake, and it is "more likely to be a winner" now.

Warren Buffett just stated that failing to invest in Google back then was a mistake, noting that based on its current performance, the company is now "more likely to be a winner". He also reaffirmed his optimism about Berkshire Hathaway's investment in Apple. Greg Abel is the current "decision-maker", but neither side will take any action that the other does not endorse. According to market data from BIT (bit.com), Google's US-listed stock is down 0.5% in pre-market trading, while Berkshire Hathaway currently holds approximately $310 billion worth of shares in Alphabet, Google's parent company.

1 seconds ago

Trump’s permanent daylight saving time bill passes the US House of Representatives review.

The U.S. House of Representatives passed the Sunshine Protection Act in a bipartisan vote of 308 in favor and 117 against. The bill aims to make daylight saving time permanent, adopting the current March-to-November schedule year-round. This would permanently set the U.S. stock market opening time to 9:30 PM (UTC+8), instead of switching to 10:30 PM (UTC+8) during standard time periods. States may opt out before the bill takes effect. The legislation has now been sent to the Senate for consideration and has not yet passed the upper chamber. Donald Trump publicly supports the bill, noting that the biannual clock adjustments impose huge economic costs, and he will work to push it into law. Some Republicans oppose the measure, arguing that later winter sunrises will harm student safety on their way to school, possibly leading to students commuting in darkness or delayed class start times. Supporters contend that eliminating clock changes can improve sleep, reduce accidents, and boost economic activity.

1 seconds ago

Crypto Briefing approved image library

In a significant development on the Hyperliquid decentralized exchange, four large investors, commonly referred to as “whales,” have initiated long positions on the platform’s native token, $HYPE, within the past six hours. These transactions collectively total $89,500. Notably, three of these investors appeared to act in coordination, while one whale’s activity was linked to a previously tracked wallet. This synchronized movement suggests a potential coordinated strategy or a shared optimistic outlook on $HYPE’s future performance.

The activity coincides with $HYPE in the range of $63 to $68, supported by a 24-hour volume exceeding $360 million. The observed whale activity is consistent with a broader 2026 trend where large holders on Hyperliquid have been increasing their long positions, with the platform reporting record net-long positioning. Such movements highlight $HYPE’s evolving role as an integral governance and incentive token within the rapidly expanding Hyperliquid ecosystem.

Advertisement

This latest round of whale activity may indicate increased confidence in $HYPE’s value trajectory. However, market participants appear to have a mixed outlook on whether Hyperliquid will reach the $100 mark by the end of 2026, as reflected in current market pricing.

Key Takeaways Recent whale activity on Hyperliquid suggests heightened interest in $HYPE, consistent with a potentially positive market outlook. The coordinated actions of three whales and the involvement of a tracked wallet indicate a possible shared market view. Despite this activity, current market pricing implies uncertainty about $HYPE reaching $100 by December 31, 2026. What to Watch Observers should monitor further whale activity and whether additional large investors follow suit, which could influence broader market sentiment toward $HYPE. Key events such as announcements of new partnerships, changes in volume, or regulatory developments could also impact the market’s view on whether Hyperliquid will achieve the $100 price target. Continued analysis of on-chain patterns will be crucial in assessing future price movements.

Get live prediction-market analysis, powered by Vera. Sign up for Vera.

Term Structure

Contract Odds Δ since publish Volume 24h December 31 30.5% — — View market → January 1 2027 5.7% — — View market → January 1 2027 4% — — View market → January 1 2027 69.5% — — View market → January 1 2027 9.1% — — View market → January 1 2027 4.5% — — View market →

English繁體中文한국어日本語ไทยPortuguêsItalianoDeutschFrançaisEspañol Hyperliquid founder Jeff Yan has positioned the decentralized exchange as a potential “AWS of finance,” arguing that the protocol can become a foundational infrastructure layer for trading, liquidity and financial applications in the same way Amazon Web Services became core infrastructure for internet startups.

The comparison reflects Yan’s broader ambition for Hyperliquid: to move beyond a single perpetual futures exchange and become a high-performance financial backend where developers can build markets, applications and trading products. According to Fortune and other market reports, Yan views Hyperliquid as financial infrastructure that can support not only crypto assets, but also tokenized versions of stocks, commodities, prediction markets and other instruments.

Hyperliquid has become one of the most closely watched projects in decentralized finance because it combines an onchain order book, perpetual futures, spot trading, the HYPE token and its own Layer 1 blockchain. Unlike many DeFi protocols that rely on automated market makers, Hyperliquid was designed to look and feel more like a centralized exchange while preserving onchain settlement and self-custody.

The platform’s rise has been unusually rapid. Reports have described Hyperliquid as a lean operation built by a team of roughly a dozen people, with no traditional venture-capital backing and a large user-focused HYPE airdrop. Its growth has pushed it into direct comparison with centralized derivatives venues and helped make decentralized perpetuals one of crypto’s most competitive sectors.

From Exchange to Infrastructure The AWS analogy matters because it changes how investors and developers evaluate Hyperliquid. If the project is only a crypto exchange, its value depends mainly on trading volume, fees and market share. If it becomes infrastructure, the opportunity expands to third-party applications, custom markets, liquidity services and settlement rails.

That shift is already visible in Hyperliquid’s product roadmap. HIP-3, the protocol’s builder-deployed perpetuals framework, allows developers to launch their own perpetual markets by defining market parameters, oracle rules, leverage limits and settlement processes. Hyperliquid’s documentation describes HIP-3 as a key step toward decentralizing the listing process for perpetual markets.

This is where the AWS comparison becomes more practical. AWS gave startups access to computing, storage and networking without building data centers. Hyperliquid’s equivalent pitch is that builders should not need to create matching engines, liquidity systems, risk engines and settlement infrastructure from scratch. They can deploy financial markets on top of a shared base layer.

That model could support markets tied to crypto tokens, equities, commodities, pre-IPO companies, prediction events or synthetic assets. Recent reports have already highlighted trading activity around non-crypto products, including oil-linked and private-company-related contracts built around Hyperliquid’s infrastructure.

Regulatory and Execution Risks Remain The vision is ambitious, but it carries significant risks. Hyperliquid operates in a regulatory grey zone compared with licensed U.S. venues. Perpetual futures remain tightly controlled in many jurisdictions, and U.S. users are not supposed to access offshore platforms that do not meet domestic regulatory requirements. Reports have noted that some users may attempt to bypass geofencing through VPNs, which could increase scrutiny.

There are also market-structure questions. High-leverage perpetuals can amplify volatility, liquidations and retail losses. If Hyperliquid expands into tokenized stocks, commodities or prediction markets, it may attract attention from securities, commodities and gambling regulators. The more Hyperliquid resembles a universal financial exchange, the more likely it is to face institutional regulatory pressure.

Execution risk is another factor. AWS became dominant by offering reliability, scale, developer tooling and enterprise trust. Hyperliquid must prove similar qualities in a much harder environment: real-time trading, liquidations, oracle integrity, validator security and market-maker participation. Any outage, manipulation event or governance controversy could weaken the infrastructure thesis.

Still, Yan’s framing captures why Hyperliquid has become central to the DeFi debate. The project is not merely trying to improve decentralized trading. It is trying to turn financial markets into programmable, permissionless infrastructure.

If Hyperliquid can sustain liquidity, expand developer adoption and navigate regulatory pressure, the AWS comparison may become more than a slogan. It could define the next phase of onchain finance.

English繁體中文한국어日本語ไทยPortuguêsItalianoDeutschFrançaisEspañol Il fondatore di Hyperliquid, Jeff Yan, ha posizionato l’exchange decentralizzato come un potenziale “AWS della finanza”, sostenendo che il protocollo possa diventare uno strato infrastrutturale fondamentale per il trading, la liquidità e le applicazioni finanziarie, così come Amazon Web Services è diventata infrastruttura centrale per le startup di internet.

Il paragone riflette l’ambizione più ampia di Yan per Hyperliquid: andare oltre un semplice exchange di future perpetui e diventare un backend finanziario ad alte prestazioni dove gli sviluppatori possano costruire mercati, applicazioni e prodotti di trading. Secondo Fortune e altri report di mercato, Yan considera Hyperliquid un’infrastruttura finanziaria capace di supportare non solo asset cripto, ma anche versioni tokenizzate di azioni, materie prime, prediction market e altri strumenti.

Hyperliquid è diventato uno dei progetti più seguiti nella finanza decentralizzata perché combina un order book onchain, future perpetui, trading spot, il token HYPE e una propria blockchain Layer 1. A differenza di molti protocolli DeFi che si basano su market maker automatizzati, Hyperliquid è stato progettato per assomigliare a un exchange centralizzato, pur mantenendo il regolamento onchain e l’autocustodia.

L’ascesa della piattaforma è stata insolitamente rapida. Alcuni report hanno descritto Hyperliquid come un’operazione snella costruita da un team di circa una dozzina di persone, senza il sostegno tradizionale di venture capital e con un ampio airdrop di HYPE orientato agli utenti. La sua crescita l’ha portato a confrontarsi direttamente con le piattaforme derivate centralizzate, contribuendo a rendere i perpetui decentralizzati uno dei settori più competitivi del mondo cripto.

Da exchange a infrastruttura L’analogia con AWS è rilevante perché cambia il modo in cui investitori e sviluppatori valutano Hyperliquid. Se il progetto fosse solo un exchange cripto, il suo valore dipenderebbe principalmente dal volume di trading, dalle commissioni e dalla quota di mercato. Se invece diventasse infrastruttura, l’opportunità si estenderebbe ad applicazioni di terze parti, mercati personalizzati, servizi di liquidità e sistemi di regolamento.

Questo cambiamento è già visibile nella roadmap dei prodotti di Hyperliquid. HIP-3, il framework del protocollo per i perpetui distribuiti dagli sviluppatori (builder-deployed), consente ai developer di lanciare i propri mercati perpetui definendo parametri di mercato, regole degli oracoli, limiti di leva finanziaria e processi di regolamento. La documentazione di Hyperliquid descrive HIP-3 come un passo fondamentale verso la decentralizzazione del processo di quotazione dei mercati perpetui.

È qui che il confronto con AWS diventa più concreto. AWS ha dato alle startup accesso a capacità di calcolo, storage e networking senza dover costruire data center. La proposta equivalente di Hyperliquid è che gli sviluppatori non debbano creare da zero motori di matching, sistemi di liquidità, motori di rischio e infrastrutture di regolamento. Possono invece implementare mercati finanziari sopra uno strato di base condiviso.

Questo modello potrebbe supportare mercati legati a token cripto, azioni, materie prime, società pre-IPO, eventi di prediction market o asset sintetici. Report recenti hanno già evidenziato attività di trading su prodotti non cripto, inclusi contratti legati al petrolio e a società private costruiti sull’infrastruttura di Hyperliquid.

Restano i rischi regolatori ed esecutivi La visione è ambiziosa, ma comporta rischi significativi. Hyperliquid opera in una zona grigia dal punto di vista normativo rispetto alle piattaforme statunitensi autorizzate. I future perpetui restano strettamente regolamentati in molte giurisdizioni, e gli utenti statunitensi non dovrebbero accedere a piattaforme offshore che non soddisfano i requisiti normativi nazionali. Alcuni report hanno segnalato che alcuni utenti potrebbero tentare di eludere il geofencing tramite VPN, il che potrebbe aumentare il livello di controllo da parte delle autorità.

Ci sono anche interrogativi sulla struttura di mercato. I perpetui ad alta leva finanziaria possono amplificare la volatilità, le liquidazioni e le perdite dei trader retail. Se Hyperliquid si espandesse verso azioni tokenizzate, materie prime o prediction market, potrebbe attirare l’attenzione delle autorità di vigilanza su titoli, materie prime e gioco d’azzardo. Quanto più Hyperliquid assomiglierà a un exchange finanziario universale, tanto maggiore sarà la probabilità di dover affrontare pressioni regolatorie istituzionali.

Anche il rischio esecutivo è un fattore da considerare. AWS è diventata dominante offrendo affidabilità, scalabilità, strumenti per gli sviluppatori e fiducia a livello enterprise. Hyperliquid deve dimostrare qualità simili in un contesto molto più complesso: trading in tempo reale, liquidazioni, integrità degli oracoli, sicurezza dei validatori e partecipazione dei market maker. Qualsiasi interruzione, episodio di manipolazione o controversia di governance potrebbe indebolire la tesi infrastrutturale.

Ciò nonostante, l’impostazione di Yan spiega perché Hyperliquid sia diventato centrale nel dibattito sulla DeFi. Il progetto non si limita a voler migliorare il trading decentralizzato: sta cercando di trasformare i mercati finanziari in un’infrastruttura programmabile e senza permessi (permissionless).

Se Hyperliquid riuscirà a mantenere la liquidità, ad ampliare l’adozione da parte degli sviluppatori e a gestire le pressioni normative, il paragone con AWS potrebbe rivelarsi più che uno slogan: potrebbe definire la prossima fase della finanza onchain.

Hyperliquid has added a pre-IPO perpetual market linked to ChangXin Memory Technologies, or CXMT, giving traders synthetic exposure to the Chinese chipmaker before its Shanghai debut.

Summary

Hyperliquid listed a CXMT pre-IPO perpetual as the chipmaker prepares its July 27 Shanghai debut. CXMT’s contract price near $8 implied a $535 billion valuation, 526% above its IPO price. The market offers synthetic exposure, not ownership of CXMT shares listed on Shanghai’s STAR Market. The contract, listed as xyz, traded near $8 on July 15, according to on-chain market data cited by Hyperinsight. Applied to CXMT’s expected post-IPO share count of 66.881 billion shares, that price implies a valuation near $535 billion, about 6.3 times its official IPO valuation.

Hyperliquid Lists CXMT, Potentially A-Share’s Largest IPO and 4th-Largest DRAM Maker

Following the listing of the “CSI STAR Market 50 ETF”, Hyperliquid has officially added ChangXin Memory Technologies (CXMT). As A-share listings such as CXMT on the STAR Market require a RMB… pic.twitter.com/eGSQvziPpZ

— Wu Blockchain (@WuBlockchain) July 15, 2026 Hyperliquid opens a synthetic route to CXMT The CXMT contract operates through Hyperliquid’s HIP-3 framework, which allows outside deployers to create perpetual markets linked to assets beyond cryptocurrencies. These markets trade as derivatives rather than spot securities, so the CXMT contract does not provide ownership, dividends or voting rights in the Shanghai-listed company.

Individual investors on China’s STAR Market generally face a RMB 500,000 asset threshold and a two-year trading-experience requirement. Hyperliquid offers a separate synthetic market that can give eligible users price exposure without access to the underlying A-share. The distinction also means the contract price can differ sharply from CXMT’s official share price.

CXMT contract trades far above IPO valuation CXMT priced its IPO at RMB 8.66 per share and expects to raise about RMB 57.9 billion, or $8.55 billion, before any over-allotment option. Reuters reported that the deal will be Asia’s largest IPO of 2026 so far and China’s biggest A-share semiconductor offering, surpassing SMIC’s 2020 share sale.

At the offer price, CXMT’s expected post-listing value is about RMB 579.2 billion, or roughly $85.5 billion. A synthetic price near $8 implies about $535 billion, placing the Hyperliquid contract around 526% above the dollar equivalent of the IPO price. The gap reflects pricing in a separate derivatives market and does not set CXMT’s official equity valuation.

China’s largest DRAM maker prepares for listing CXMT is China’s largest DRAM producer and ranks fourth globally, behind Samsung Electronics, SK Hynix and Micron. Recent market estimates place its global DRAM share near 8%. The company has expanded as China invests heavily in domestic semiconductor production and demand for memory chips grows alongside artificial intelligence infrastructure.

Reuters also reported that CXMT secured a long-term memory supply agreement with Tencent worth more than RMB 20 billion, or about $2.94 billion. Investor subscriptions for the STAR Market offering begin on July 16, while the shares are scheduled to start trading in Shanghai on July 27. CXMT plans to use the IPO proceeds for production and technology investment.

Hyperliquid widens its real-world asset markets Hyperliquid’s HIP-3 framework allows builders to launch perpetual markets linked to stocks, commodities and other real-world assets. A pre-IPO SpaceX contract also traded through the framework, showing how on-chain derivatives can create markets around companies before their public shares become available.

Hyperliquid has also expanded its connection to tokenized securities. As reported by crypto.news, Ondo Finance brought 35 tokenized U.S. stocks and ETFs to HyperEVM in June. Those products differ from the CXMT perpetual because tokenized securities can use structures backed by assets held through custodians, while perpetuals provide synthetic price exposure.

The CXMT market gives traders another route to speculate on a major public offering before its debut. Attention will now turn to whether the 526% premium narrows before subscriptions start and after the underlying shares begin trading on the STAR Market.

Crypto Briefing approved image library

Bitcoin exchange-traded funds (ETFs) have seen massive outflows, with net losses reaching over $8.2 billion. Despite this trend, enthusiasm for the decentralized derivatives exchange Hyperliquid, established in 2024, is on the rise. Hyperliquid’s native token, HYPE, has maintained its value near $67–$68, reflecting market participants’ interest. Observers suggest this dynamic could indicate a capital shift from traditional Bitcoin exposure to newer options such as HYPE spot ETFs, which have attracted around $172 million in net inflows since mid-May 2026.

Advertisement

Institutional interest in Hyperliquid is further supported by its protocol tokenomics, which allocate nearly all revenue towards token buybacks and burns. The inclusion of HYPE in the Bitwise 10 Crypto Index ETF has also contributed to its appeal. This escalating interest in Hyperliquid appears to align with market participants’ expectations for its future performance, as evidenced by the pricing in prediction markets.

Key Takeaways Markets suggest a capital rotation from Bitcoin ETFs to Hyperliquid, evidenced by significant inflows into HYPE spot ETFs. Hyperliquid’s tokenomics and inclusion in the Bitwise 10 Crypto Index ETF appear to enhance its attractiveness to institutional investors. The prediction market for Hyperliquid reaching $100 by the end of 2026 has seen adjustments, with the current probability at 30.5% YES. What to Watch Market participants will be monitoring whether the trend of inflows into Hyperliquid continues, especially as Bitcoin ETFs face ongoing outflows. Key developments such as the announcement of partnerships or technological innovations by Hyperliquid could influence market sentiment and pricing. Additionally, any regulatory changes or security issues impacting Hyperliquid might shift market dynamics, potentially affecting its probability of reaching the $100 price target by December 31, 2026.

Get live prediction-market analysis, powered by Vera. Sign up for Vera.

Term Structure

Contract Odds Δ since publish Volume 24h December 31 30.5% — — View market → January 1 2027 5.7% — — View market → January 1 2027 4% — — View market → January 1 2027 69.5% — — View market → January 1 2027 9.1% — — View market → January 1 2027 4.5% — — View market →

Table of contents

The SEC’s crypto task force has taken a meeting that didn’t start with a subpoena. On July 14, staff from the task force sat down with representatives of the Hyperliquid Policy Center, XYZ Ltd., and law firm Sullivan & Cromwell to go over a document detailing the Hyperliquid protocol’s technology, its markets, and the participants building on it. The meeting was requested by the crypto side—a proactive move that signals some DeFi teams are trying to get ahead of enforcement rather than wait for it, according to a report from WuBlockchain.

Hyperliquid Labs, the development contributor to the protocol, participated alongside XYZ, a research and product lab that also operates as a HIP-3 deployer for traditional-asset perpetual markets. That last role—building perpetuals that track things like stocks or commodities—puts the conversation directly in the crosshairs of current regulatory debates. Sullivan & Cromwell’s presence adds legal weight, suggesting this was not a casual introductory call but a deliberate attempt to shape the SEC’s thinking before the agency makes up its mind about how to classify these products.

Perpetual Swaps Meet Real-World Assets Hyperliquid has carved out a niche as a high-speed DeFi layer that hosts perpetual futures with institutional-grade throughput. The platform’s HIP-3 deployer function allows teams to list markets referencing traditional assets, not just crypto pairs. That blurs the line between a decentralized exchange and a securities venue. For the SEC, the question is whether fully on-chain perpetuals that track stocks or ETFs fall under swap regulation, securities law, or something else entirely. The document discussed at the meeting—covering technology, market structure, and ecosystem participants—reads like the kind of filing a project might submit if it were seeking a no-action letter or laying groundwork for a registration path.

Regulators have been increasingly focused on decentralized derivatives, especially as volumes on platforms like Hyperliquid rival those of mid-tier centralized exchanges. A meeting of this nature suggests the task force is at least willing to examine how the code works rather than issuing blanket statements. That doesn’t guarantee a friendly outcome, but it’s a departure from the enforcement-first rhythm that defined earlier crypto-related interactions.

A Collaborative Approach or Just Fact-Finding? Several current threads make the timing notable. A landmark crypto bill is facing last-minute banking opposition in the Senate, threatening to stall comprehensive market structure rules. At the same time, tokenized real-world assets crossed $20 billion on-chain last quarter, pushing the conversation about regulated DeFi access to traditional instruments into a more urgent phase. Against that backdrop, Hyperliquid’s move to brief the SEC on its own architecture before any enforcement action lands is a calculated bet on transparency over legal brinkmanship.

The uncertainty is real. Nothing in the meeting record indicates the SEC has changed its view on what constitutes a security or an unregistered exchange. The task force may simply be collecting information to refine future charges, not to grant safe passage. Still, the fact that the discussion covered the protocol’s ecosystem—not just a narrow legal theory—hints that the SEC is digging into how markets actually function on these rails. That kind of granular review can delay aggressive action, especially when the technology doesn’t fit neatly into legacy boxes.

What Builders and Traders Should Watch For the broader crypto market, the meeting adds a data point to the slow-moving push for regulatory clarity on decentralized derivatives. Hyperliquid’s developer activity has climbed in recent weeks, placing it among the top blockchains by developer engagement. If the protocol can demonstrate that its perpetual markets are operationally distinct from centralized order-book venues and that its traditional-asset markets have built-in controls, it could set a template other DeFi teams might follow when approaching the SEC. The involvement of Sullivan & Cromwell also suggests that well-resourced legal counsel is now dedicating serious hours to finding a workable path through US regulation, rather than simply advising clients to shift operations offshore.

No conclusions are on the table yet. The meeting could lead to further technical walkthroughs, a formal request for comments, or nothing at all. But for an industry accustomed to waking up to Wells notices, a scheduled meeting with the SEC’s crypto task force—requested by the project itself—is a signal worth noting.

AUTHOR

Mysterious crypto writer with expertise in blockchain, offering deep insights that captivate and intrigue readers. With a unique ability to uncover hidden insights and trends, Samuel delivers in-depth analysis and thought-provoking content that keeps readers on the edge of their seats. His writing style is engaging and informative, blending technical knowledge with a sense of intrigue, making complex crypto topics accessible to both newcomers and seasoned industry professionals. Samuel’s work continues to capture the attention of the crypto community, solidifying his reputation as a trusted voice in the space.

Hyperliquid, a decentralized perpetuals protocol operating on its own Layer 1 blockchain, is preparing to update its market structure in 2026 as trading activity shifts rapidly toward its open market system. Recent data shows that HIP-3, the network’s permissionless perpetuals market, has surged to account for nearly 50% of Hyperliquid’s daily trading volume, marking a significant increase from about 2% at the start of the year.

With the introduction of HIP-3, Hyperliquid enabled any developer or community to launch perpetuals markets on its platform without the need for central approval. This marks a departure from the traditional exchange-led listing process and reflects a broader trend in decentralized finance favoring open market creation and greater accessibility.

The HIP-3 system relies on an order book structure, using USDC as collateral and managing risk through shared liquidity pools and vaults. This framework has facilitated the rapid proliferation of niche derivatives products and allowed for increased user participation in assets that might not be listed on conventional exchanges.

Mini dictionary: Hyperliquid is a decentralized perpetuals trading platform that allows users to trade crypto derivatives without relying on a centralized operator. It offers both traditional and permissionless markets and operates its own Layer 1 blockchain.

Interest in long-tail and small-cap derivatives has increased as users are able to trade these assets without passing through typical listing hurdles. Permissionless perpetuals lower entry barriers for early-stage crypto projects and investors seeking new market opportunities.

HIP-3 permissionless perp markets have grown to nearly half of Hyperliquid’s daily volume, a substantial rise from just 2% at the beginning of the year.

Strategic growth and competitionThe shift toward open derivatives markets has not only expanded Hyperliquid’s product suite but also helped the platform tap into new revenue streams. By catering to niche asset classes, Hyperliquid is positioning itself to withstand competition from both centralized exchanges such as Binance and decentralized rivals including dYdX and GMX.

Recent surges in trading volume on alternative chains like Solana have underscored the intensity of competition in the decentralized derivatives sector, pushing platforms to continuously innovate in order to retain user interest.

PlatformCore MechanismMain CompetitorsHyperliquid (HIP-3)Order book, permissionless perpsdYdX, GMXBinanceCentralized exchange, vetted listingsOKX, BybitSolanaLayer 1, high trading volume, ecosystem perpsEthereum, Arbitrum protocolsChallenges and regulatory landscapeIndustry experts see the evolving landscape as part of a larger shift toward on-chain derivatives and alternatives to major centralized exchanges. However, in regions like the US and EU, the regulatory environment for decentralized perpetuals remains uncertain, leaving questions about long-term compliance and growth.

Going forward, Hyperliquid is focused on closely monitoring the performance of its vaults and evaluating cross-margin risk management. Another area under review is whether the liquidity provided by HIP-3 can remain resilient in volatile market conditions.

The platform’s long-term acceptance may depend on the appeal of market-making incentives, the availability of advanced tools, and the stance that regulators ultimately take regarding the legal status of permissionless derivatives.

The degree of market participation and regulatory clarity will play a pivotal role in shaping the future of permissionless derivatives on Hyperliquid and similar platforms.

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.