Hyperliquid generuje anualizované tržby kolem 700 milionů USD z 3 miliard USD kolaterálu a už překročil 1 miliardu USD kumulativních příjmů. Platforma od spuštění zpracovala přes 4,7 bilionu USD v objemu perpetual futures.
Think of Hyperliquid as a casino that built itself without taking a dime from investors, and now generates roughly 23 cents in annual revenue for every dollar deposited on its platform. That’s the math when you divide $700 million in annualized revenue by $3 billion in collateral.
The numbers behind the machine Hyperliquid’s annualized revenue figures range between $700 million and $1.2 billion, depending on the measurement window. Cumulative revenue has already crossed the $1 billion mark, with 30-day revenue running at approximately $60 million.
The engine powering those figures is trading volume. The platform has processed over $4.7 trillion in cumulative perpetual futures volume since launch. Recent 30-day perp volume exceeds $250 billion, and open interest sits at roughly $9 billion.
The platform’s activity has drawn comparisons to Nasdaq.
Advertisement
The fee structure is lean. Maker fees sit at 0.015%, taker fees at 0.045%, and gas fees are zero. Hyperliquid directs 99% of certain fee revenues toward purchasing its native token, HYPE, on the open market.
How Hyperliquid got here without VC money The platform launched around 2023 and bootstrapped its way to relevance without venture capital funding. It runs on a custom Layer-1 blockchain using HyperBFT consensus, which enables a fully on-chain order book.
The native token, HYPE, currently trades around $64 to $65 with a market capitalization of approximately $14 billion. It has touched an all-time high of $77. Staking rewards and fee discounts give holders practical reasons to stay engaged beyond simple price speculation.
Recently, Hyperliquid has expanded beyond crypto perpetuals into new territory. The platform introduced off-chain event contracts and S&P 500 perps, positioning itself to compete not just with other DEXs, but with centralized exchanges and prediction markets like Polymarket.
What this means for investors The absence of venture capital in Hyperliquid’s cap table means there are no early investors sitting on heavily discounted tokens waiting to dump at the first opportunity and no unlock schedule hanging over the market. The token’s price dynamics are driven primarily by buybacks, staking demand, and organic trading activity.
Hyperliquid’s revenue is overwhelmingly dependent on perpetual futures trading volume. The expansion into event contracts and traditional equity perps looks like a hedge against concentration in that single revenue source.
For anyone evaluating HYPE as an investment, the 99% fee-to-buyback ratio creates a direct link between platform usage and token demand. With a $14 billion market cap already baked in, the question is whether the current valuation already prices in continued dominance, or whether $250 billion in monthly volume is just the beginning of something much larger.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
MAS zařadila Hyperliquid na seznam Investor Alert List a uvedla, že platforma není v Singapuru licencovaná ani autorizovaná. Hyperliquid tvrdí, že nikdy netvrdila opak.
Singapore’s top financial watchdog just put Hyperliquid on notice. The Monetary Authority of Singapore (MAS) added the high-speed trading platform to its Investor Alert List on June 26, flagging it as neither licensed nor authorized to operate in the city-state.
The move doesn’t ban Hyperliquid outright. But it does tell Singaporean users something important: if things go sideways on the platform, MAS protections won’t be there to catch you.
What the Investor Alert List actually means MAS launched the list back in 2004 as a public warning tool. Its purpose is straightforward: inform residents when a financial service provider hasn’t obtained the proper licenses to operate within Singapore’s jurisdiction.
Advertisement
Being on the list doesn’t mean Hyperliquid is fraudulent. It means the platform hasn’t gone through Singapore’s regulatory gatekeeping process, which covers things like capital requirements, anti-money laundering compliance, and consumer safeguards.
Singapore’s MAS has also placed Bybit Fintech Ltd. on its Investor Alert List as part of its efforts to strengthen oversight of crypto platforms operating without local authorization.
In response, Bybit said it is seeking clarification from MAS and noted that it has long implemented measures, including contractual restrictions and IP blocking, to prevent Singapore users from accessing its platform.
Hyperliquid says it never claimed to be licensed by MAS In a statement, Hyperliquid said that as permissionless infrastructure, it is not, and has never claimed to be, licensed or authorized by MAS.
Hyperliquid has been added to the MAS's Investor Alert List (IAL). IAL listing does not constitute a ban, an enforcement action, or a finding of wrongdoing. The IAL provides a list of entities that, based on information available to MAS, may be wrongly perceived as being licensed…
— Hyperliquid (@HyperliquidX) June 26, 2026
The team added that nothing about the network or its operation has changed. Users always maintain self-custody, and all transactions are settled transparently and fully onchain.
Hyperliquid said the ecosystem will continue to engage constructively with regulators and institutions around the world in support of clear, effective frameworks that enable the continued development of onchain finance.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Multicoin Capital vidí HYPE na 319 USD do roku 2028, protože Hyperliquid rychle získává podíl na CEX a rozšiřuje se mimo krypto. Zhruba 99 % příjmů protokolu jde na zpětné odkupy HYPE.
Multicoin Capital has set a $319 price target for Hyperliquid’s HYPE token by 2028, arguing that the decentralized exchange is evolving into a unified platform for trading crypto and traditional assets.
The target represents roughly five times HYPE’s current price near $63. Multicoin’s base case assumes Hyperliquid will generate about $8 billion in annual earnings by 2028 and trade at a 20 times earnings multiple.
The investment firm said it began accumulating HYPE in February and has made the token one of the largest positions in its liquid fund. Multicoin also adopted a three day no trade policy following publication of the report.
Hyperliquid gains ground on centralized exchanges Multicoin pointed to Hyperliquid’s rapid growth in 2025 as the foundation for its valuation.
The platform generated approximately $873 million in revenue from $2.9 trillion in trading volume. Its user base grew from about 301,000 to 923,000, while open interest increased from $2 billion to $6 billion.
Advertisement
Hyperliquid now controls more than 59% of open interest across decentralized perpetual futures markets. Its current open interest of approximately $9.6 billion exceeds that of its major onchain competitors combined.
The exchange is also taking share from centralized platforms. Hyperliquid’s monthly perpetual futures volume has reached approximately 17% of Binance’s, while its open interest is equivalent to about 21% of Binance’s.
Multicoin compared Hyperliquid’s growth with Binance’s early trajectory, arguing that the market may be underestimating how quickly liquidity and trading activity can compound around a dominant exchange.
Expansion beyond crypto supports the target HIP-3 is central to Multicoin’s growth thesis. The upgrade allows outside teams to launch perpetual markets for assets including stocks, commodities and equity indexes.
Open interest linked to real world assets has already exceeded $2.9 billion. An officially licensed S&P 500 perpetual contract also generated more than $100 million in daily volume during its first week.
Multicoin expects options, prediction markets, portfolio margining and further integration with HyperEVM applications to expand the platform’s addressable market.
The firm believes these products could turn Hyperliquid into what it calls the “everything exchange,” offering continuous markets across several asset classes.
HYPE buybacks strengthen value capture Approximately 99% of Hyperliquid’s protocol revenue is used to repurchase HYPE, with the acquired tokens effectively removed from circulation.
Hyperliquid also has no separate equity layer and has never raised outside capital. Multicoin argues that this allows the protocol’s economic success to accrue directly to HYPE holders.
The report estimates that Hyperliquid generated approximately $869 million in trailing earnings for token holders. At around $63, HYPE trades at roughly 36 times trailing earnings, or about 30 times after including revenue from its Coinbase and USDC agreement.
Multicoin identified decentralization, regulation, governance, competition and bad debt as key risks. Despite those concerns, the firm expects Hyperliquid’s market share gains, product expansion and token buybacks to support a HYPE price of $319 by 2028.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
Hyperliquid rozšířil HIP-4 o outcome trhy na offchain události, jako jsou údaje o inflaci v USA a rozhodnutí Fedu. Vypořádání zajišťuje vlastní sada validátorů, bez externího oraclu jako u Polymarketu.
Hyperliquid has expanded its HIP-4 outcome market to let users trade prediction-style contracts on offchain events like U.S. inflation data and Federal Reserve decisions alongside crypto derivatives.Unlike rival Polymarket, which relies on UMA’s external oracle, Hyperliquid resolves these markets through its own validator set, which ingests news, decides which markets to list and votes on settlement outcomes.The fully collateralized Yes/No contracts, which settle at either 1 USDC or zero, position Hyperliquid as a potential multi-asset venue where traders can combine crypto perps with macro and event-driven bets without shifting collateral across platforms.Decentralized platform Hyperliquid is now competing with established betting platforms such as Polymarket, but with a differentiated mechanism for resolving bets.
The leading decentralized exchange has expanded its HIP-4 outcome contracts beyond crypto price milestones into real-world events. This native prediction-market infrastructure allows users to trade macro contracts, such as inflation data and interest-rate decisions, directly alongside their standard crypto perpetuals out of a single account.
Outcome markets mark a notable expansion for the decentralized derivatives venue, which built its business around crypto perpetual futures and initially tested the product using price‑outcome contracts settled against its own market data.
Hyperliquid first tested the product on exchange‑native outcomes, such as whether bitcoin would trade above a specific level by a fixed time using Hyperliquid’s own reference prices. The latest rollout expands that model into real‑world macro events, or offchain outcomes, like U.S. inflation and Federal Reserve decisions, directly competing with prediction market platforms like Polymarket.
Native resolutionWhat sets it apart is that HIP‑4 brings dispute resolution and settlement in‑house, rather than depending on an external oracle network like Polymarket.
Here’s why it matters. Offchain events introduce a new problem: determining truth.
Polymarket handles this through UMA, an external oracle protocol that uses an optimistic dispute system. A proposed settlement stands unless challenged, at which point UMA tokenholders vote on the final result. That model has faced criticism following controversial resolutions, prompting accusations that large tokenholders could influence outcomes.
Hyperliquid uses a more vertically integrated model. Validators themselves ingest external information through automated newsfeed software, determine whether markets should launch, and vote on settlement outcomes.
Multi-purpose platformThe launch also fits into Hyperliquid’s broader effort to evolve into a multi‑asset trading venue. FalconX said in a recent report that the exchange’s expanding product stack could position it as a challenger not just to crypto‑native rivals but also to traditional exchanges.
“For example, you could pair a HIP‑3 perps position on NVDA with outcome markets that NVDA will miss or beat earnings,” CoinDesk previously reported.
Hyperliquid’s outcome markets are structured as fully collateralized contracts rather than leveraged bets, thereby limiting losses to the amount paid upfront. Traders buy “Yes” or “No” positions tied to a defined event, with contracts settling at either 1 USDC or zero USDC depending on the result. If a trader buys a “Yes” contract at 0.65 USDC, their maximum loss is limited to that upfront amount, unlike perpetual futures, where leverage can trigger liquidations.
That makes the product sit somewhere between a prediction market and a simplified binary options contract.
If Hyperliquid’s outcome markets gain traction, traders could eventually use the same venue to express directional crypto views, hedge macro risks, and speculate on event outcomes without moving collateral between platforms.
Hyperliquid Strategies plánuje získat až 1 miliardu USD na rozšíření držby HYPE, hlavně nákupem dalších tokenů. Po oznámení HYPE vzrostl o více než 10 % na 39,73 USD.
Hyperliquid Strategies is taking a major step to strengthen its presence in the decentralized finance (DeFi) ecosystem. The firm plans to raise up to $1 billion to expand its holdings of the Hyperliquid (HYPE) token, which powers the world’s largest decentralized derivatives platform.
In brief Hyperliquid Strategies to raise $1B via 160M share offering advised by Chardan Capital Markets. Funds will expand HYPE token holdings and support general corporate initiatives post-merger. HYPE token surged 10% to $39.73, outperforming a declining crypto market amid mixed technicals. Hyperliquid leads DeFi perps with $317.6B in October volume, capturing a 70% market share. According to Wednesday’s S-1 registration filing, Hyperliquid Strategies intends to issue up to 160 million shares of common stock. The proceeds will be used primarily to purchase additional HYPE tokens and for general corporate purposes. Chardan Capital Markets will serve as the financial advisor for the offering.
The company is emerging from a merger between Nasdaq-listed biotech firm Sonnet BioTherapeutics and Rorschach I LLC, a special purpose acquisition company (SPAC). Once the merger is finalized, David Schamis will serve as CEO, while Bob Diamond, former CEO of Barclays, will take on the role of chairman.
Treasury Play Pushes HYPE Higher Amid Mixed Technicals Unsurprisingly, news of the filing triggered a surge of more than 10% in the HYPE token, which climbed to $39.73. Interestingly, this rally came even as the broader crypto market slipped 0.6% during the same period.
Despite the sharp uptick, underlying market data paint a more cautious picture:
Market Sentiment: Hyperliquid’s price outlook remains bearish, reflecting investor caution. Investor Mood: The Fear & Greed Index stands at 27 (“Fear”), signaling weak market confidence. Performance Metrics: The token recorded 13 green days out of 30 (43%), suggesting limited short-term strength. Token Supply: Only 34% of the total HYPE supply is in circulation, pointing to limited liquidity. Technical Indicator: Despite subdued sentiment, HYPE continues to trade above its 200-day simple moving average, indicating that long-term support remains intact. Once the merger is complete, Hyperliquid Strategies is expected to hold 12.6 million HYPE tokens valued at roughly $470 million, along with $305 million in cash earmarked for additional token purchases.
This position would make Hyperliquid Strategies the largest corporate holder of HYPE, underscoring its alignment with the Hyperliquid network—a platform anchoring one of the most active decentralized derivatives exchanges globally.
Hyperliquid Outpaces Competitors as October Perpetual Volumes Hit $1 Trillion While such treasury-driven strategies can boost share prices in the short term, analysts have questioned their resilience during altcoin market downturns. Even so, Hyperliquid’s core fundamentals remain strong, supported by high trading activity and growing user engagement.
The platform leads the market in perpetual futures (“perps”), derivatives that enable 24/7 trading and leveraged exposure to digital assets.
Here are some key market data to note:
Decentralized perpetual trading volumes surpassed $1 trillion in the first 23 days of October, breaking September’s $772 billion record, according to DeFiLlama. Hyperliquid maintained its lead with $317.6 billion in trading volume during the same period. Competitors: Lighter recorded $255.4 billion, Aster $177.6 billion, and edgeX $60.6 billion. Market Share: Hyperliquid now commands an estimated 70% share of the decentralized perpetuals market, reinforcing its dominance in the sector. Hyperliquid continues to set new benchmarks in DeFi, reporting $248 billion in 24-hour trading volume in May 2025 and a record $106 million in revenue in August—further solidifying its leadership in decentralized derivatives.
Maximize your Cointribune experience with our "Read to Earn" program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
Join the program
A
A
Lien copié
James G.
James Godstime is a crypto journalist and market analyst with over three years of experience in crypto, Web3, and finance. He simplifies complex and technical ideas to engage readers. Outside of work, he enjoys football and tennis, which he follows passionately.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
Peněženka spojená s Arthurem Hayesem podle Lookonchain vybrala z Gate $2,93 milionu v HYPE. Za dvě poslední obchody údajně vydělala dohromady $508 000.
Wallet Pulls $2.93M in HYPE from GateA wallet linked to BitMEX co-founder Arthur Hayes (@CryptoHayes) withdrew $2.93 million worth of $HYPE from Gate exchange on June 23, according to on-chain analytics platform Lookonchain. The move marks the second time in two weeks the address has accumulated Hyperliquid's native token, with the two trades together generating a combined $508,000 in profit.
The wallet, identified by the address prefix 0xf7A4, has drawn consistent attention from on-chain analysts throughout 2026. As with all on-chain wallet attributions, the link to Hayes is based on analyst clustering methodology and has not been independently confirmed by Hayes himself.
A Pattern of HYPE Swing TradesThe latest buy is the most recent chapter in a busy stretch of activity tied to this address. Earlier reporting from Bitcoin.com News documented that the same wallet had deposited 115,453 HYPE worth $6.33 million into Bybit, a move later confirmed as a sale at an average of $54.81 per token. The wallet then withdrew 85,714 HYPE from Bybit at $62.69 per token, roughly three hours before that analysis was published, locking in a gain on the round trip.
Separately, in early June, Lookonchain flagged a $2.09 million HYPE withdrawal from Bybit tied to the same address. Hayes publicly denied that transaction, writing on X that he had not made the purchase. The denial came days after he disclosed exiting his entire HYPE position at prices above $72, citing macro concerns including rising energy costs and expected pressure from large AI IPOs.
Hyperliquid itself remains one of the stronger-performing assets in crypto this year. The platform operates a fully on-chain perpetual futures exchange and has cleared around $40 billion in weekly perp volume, according to CoinDesk. $HYPE hit an all-time high of $76.85 on June 16, 2026, per CoinMarketCap data, before pulling back toward current levels.
Whether the 0xf7A4 wallet represents Hayes personally or another party operating within the same cluster remains unverified. Traders will likely keep watching the address closely given its track record of well-timed entries and exits in HYPE.
Sources:
CoinDesk: Hyperliquid pulls back as Arthur Hayes exits position
Bitcoin.com News: Arthur Hayes HYPE wallet activity breakdown
CoinMarketCap: Hyperliquid (HYPE) price and market data
Hyperliquid v roce 2024 zvýšil celkovou uzamčenou hodnotu na 2,1 miliardy USD a denní objem obchodů na 15 miliard USD. Uživatelská základna vzrostla z 31 000 na 300 000.
Hongji is a reporter who covers crypto, finance, and tech. He graduated from Northwestern University's Medill School of Journalism with a Bachelor's and a Master's. He has previously interned at HTX,...
Has Also Written
Last updated:
January 7, 2025
Hyperliquid highlighted key milestones in 2024, including reaching $15 billion in daily trading volume and expanding its user base ninefold to 300,000 users.
According to a post by Hyper Foundation, the decentralized exchange attributed its rapid growth and ecosystem expansion to updates such as the HyperBFT consensus, HIP token standards, and staking features.
Hyperliquid’s Exponential Growth in 2024Hyperliquid experienced growth in 2024, with its 24-hour all-time high (ATH) trading volume climbing from $1 billion to $15 billion.
This major increase in trading activity was accompanied by growth in other metrics, highlighting Hyperliquid’s expanding market presence.
Hyperliquid started 2024 as a barely-known perp dex and ended the year as one of the largest decentralized financial hubs, processing billions in volume per day with a thriving ecosystem of builders, traders, and community members.
Thank you to everyone who came together for a… pic.twitter.com/GgmlsiW4mg
— Hyperliquid (@HyperliquidX) January 7, 2025 Open interest rose from $178 million to $4.3 billion, while total value locked (TVL) climbed from $56 million to $2.1 billion.
Additionally, the exchange’s user base expanded from 31,000 to 300,000, marking a ninefold rise.
Hyperliquid also supported 158 perpetual trading pairs and 128 native spot assets, generating over $3.5 million in daily revenue from trading fees and spot auctions.
These achievements were underpinned by the introduction of staking mechanisms and native token standards, including HIP-1 and HIP-2, which streamlined token usage across its platform.
Ecosystem Expansion Through New Features in 2024Throughout 2024, Hyperliquid launched new features and integrations that strengthened its ecosystem.
Third-party platforms, including Synapse, deBridge, and DEX Screener, bolstered interoperability and trading tools within Hyperliquid’s ecosystem.
Projects launched on Hyperliquid during the year included applications like HypurrScan, which allows users to analyze blockchain data, and HypurrFun, a platform for trading and creating meme coins.
Community-driven initiatives, such as Hyperliquid KR and HyperActive, further contributed to regional expansion and outreach efforts.
“All of this was achieved without taking any external funding and giving all trading fees to the community,” Hyper Foundation stated in its post. “Thank you to everyone who came together for a record-breaking 2024.”
Hyperliquid ETF zaznamenal rekordní denní čistý příliv 25,5 milionu USD a za prvních sedm obchodních dnů přilákal celkem 54 milionů USD. Institucionální toky do HYPE ETF podle Presto Research zatím v poměru k tržní kapitalizaci překonávají tempo Bitcoin ETF.
May 21. On May 20, the U.S. Spot Hyperliquid ETF notched $25.5 million in net inflows—its largest single-day haul since launch. In the days leading up to that date, the ETF had posted net inflows of $4.4 million on Monday and $11 million on Tuesday. Data shows the 21Shares Hyperliquid ETF (THYP), which launched on May 12, brought in $16.7 million in net inflows that same day—up from the $5.3 million it saw the prior day. The Bitwise Hyperliquid ETF (BHYP), launched on May 14, took in $8.8 million, a jump from the $5.7 million it recorded the day before. Over its first seven trading days, the entire category has pulled in a total net inflow of $54 million. Peter Chung, research director at Presto Research, noted that when adjusted for market capitalization, institutional flows into the HYPE ETF have outpaced the speed of inflows into Bitcoin ETFs so far this year. Dominick John, an analyst at Zeus Research, added that these inflows signal investors are capitalizing on entry points tied to the infrastructure narrative, while recognizing the asset’s transparent, usage-driven revenue model. Fueling this momentum, HYPE’s token price surged 17.3% in the past 24 hours to $55.91, with a current market cap of roughly $13.4 billion. The token previously hit an all-time high of around $59.3 in September 2025. Per CoinGecko data, HYPE’s fully diluted valuation briefly reached about $54.7 billion, momentarily surpassing Solana’s $54.2 billion valuation at the time. Tim Sun, a senior researcher at HashKey Group, believes the sustained inflows into the HYPE ETF show the market is forming a new consensus: decentralized trading platforms are starting to be integrated into broader overhauls of financial infrastructure. Jeff Ko, chief analyst at CoinEx, pointed out that HYPE and its related ETFs have structural investment logic distinct from Bitcoin and Ethereum. He explained: Bitcoin acts as a non-yielding store of value; Ethereum centers on staking rewards; HYPE, meanwhile, operates more like equity in a cash-flow-generating trading platform—since the protocol uses most of its fees for open-market token buybacks, giving investors a more familiar valuation framework to work with. On-chain metrics confirm Hyperliquid has become a dominant player in on-chain perpetual contract and derivative trading. So far this week, the network has captured approximately 42% of total blockchain fees, outperforming Tron (22.6%), Solana (10.6%), and Ethereum (8%) in that key metric.
Relevant content
Japanese storage firm Kioxia plans to list American Depositary Receipts (ADRs) in the U.S. in April or May next year.
Market news: Japanese storage chip maker Kioxia plans to list its American Depositary Receipts (ADRs) in the U.S. in April or May next year. (Jinshi)
3 minutes ago
Micron's earnings report lifts SK Hynix's stock price 11%, trader 'yixie' expands their unrealized profit to $1.3 million.
According to Hyperinsight monitoring, Micron’s Q3 financial results exceeded all expectations, driving peer SK Hynix’s stock to rally nearly 11% from its recent low. On the Hyperliquid platform, SKHYNIX is currently trading at $1,821, up 6.2% in the past 24 hours. Prominent trader yixie (X: @yixie10) nearly doubled his principal during this rally; he is now holding a 2x long position of 2,289 SKHYNIX contracts at an average entry price of ~$1,239.9. Fueled by the rally, the position’s unrealized profit has expanded to $1.37 million, a 96% gain. As of press time, the trader boasts an 85% win rate in semiconductor storage stock trades since opening positions this year, with total historical profits of $6.68 million, including $4.25 million from Micron Technology trades. Address: 0xa65ce1d604fa901c13aa29f2126a57d9032e412b – 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.
3 minutes ago
STRC drops to near $80, marking another new all-time low.
According to Bitget market data, Strategy’s preferred stock STRC has dropped to a low of $80.26, hitting a new all-time low since its listing. Calculated based on a $100 par value, the current discount has reached 20%.
3 minutes ago
OKX will launch CARDS spot trading today.
According to an official announcement, OKX will launch spot trading for CARDS (Collector Crypt) today. CARDS deposits will open at 18:00 UTC+8 on June 25, pre-ordering for the CARDS/USDT trading pair will run from 19:00 to 20:00 UTC+8, spot trading will officially commence at 20:00 UTC+8, and withdrawal functions will be available at 22:00 UTC+8.
3 minutes ago
Iran's Revolutionary Guards Corps warned that any vessels using the Strait of Hormuz route without Tehran's approval will be targeted.
Iran's Islamic Revolutionary Guard Corps (IRGC) issued a stern warning to international shipping on Wednesday, stating that any new shipping route through the Strait of Hormuz established without coordination with Tehran is unacceptable and dangerous, and threatening to take direct action against vessels that ignore its orders. The IRGC declared that vessels can only safely transit the Strait of Hormuz via routes designated by Iran. The IRGC Navy added that all vessels seeking to transit the strait must coordinate with the Iranian military via International Maritime Distress and Safety Frequency Channel 16, a requirement that effectively places Iranian military approval at the core of all commercial shipping transiting this key chokepoint. (Jinshi)
3 minutes ago
A crypto whale holding 120,000 ETH long positions has an unrealized loss of over $77 million, and added $8 million in margin in the early hours.
According to on-chain analyst ai_9684xtpa’s monitoring, a whale holding 120,000 ETH in long positions added $8 million in margin in the early hours. Currently, the total unrealized loss on its ETH long positions across four linked addresses stands at approximately $77.047 million, with an average entry price of around $2,265. Data shows the liquidation prices for the four addresses are $1,174.6, $1,059.1, $1,064.7, and $1,143.6 respectively. Despite the significant paper losses, there remains a large buffer before liquidation, and over 6 million USDC is still held on-chain to replenish margin, resulting in low short-term liquidation risk.
LayerZero bridge pro rsETH byl napaden a rsETH na Ethereum mainnetu je plně kolateralizované; na Aave V3 i V4 zůstává zmrazené a rezervy WETH jsou zablokované v několika trzích včetně Ethereum, Arbitrum, Base, Mantle a Linea. Několik DeFi protokolů kvůli incidentu dočasně pozastavilo bridge nebo minting.
Saturday, April 20 — The LayerZero cross-chain bridge for rsETH (a liquidity re-staking token from Kelp DAO) was hacked, marking the largest DeFi hack of 2026 to date. The attacker forged LayerZero cross-chain messages to withdraw 116,500 rsETH directly from the bridge contract, then deposited the tokens into Aave and other lending platforms to borrow WETH—creating significant uncollateralized bad debt risk. Below is a roundup of responses from major DeFi protocols to the rsETH hack: Aave has shared an update on the rsETH incident: rsETH on the Ethereum mainnet is fully collateralized. The token remains frozen on Aave V3 and V4, while WETH reserves are frozen in affected markets including Ethereum, Arbitrum, Base, Mantle, and Linea. Aave is actively verifying details and evaluating potential resolutions. Ethena has officially extended the suspension period for its LayerZero OFT cross-chain bridge. Additionally, the protocol released updated reserve proofs confirming its USDe stablecoin maintains a collateralization ratio above 100%. LayerZero stated it has fully grasped the rsETH vulnerability and has been collaborating with the Kelp DAO team on fixes since the hack occurred, while continuously monitoring the situation. All other applications remain secure, and the protocol will publish a comprehensive post-incident analysis report alongside Kelp DAO once all relevant information is compiled. Fluid announced the launch of its aWETH redemption protocol, which enables ETH borrowers to: redeem for wstETH or weETH (restoring liquidity immediately and reducing liquidation risk); redeem in full if they only borrowed ETH; or seamlessly convert ETH collateral to wstETH/weETH while keeping other debts intact. The protocol’s initial capacity is capped at $1 billion worth of ETH. Morpho has temporarily suspended its MORPHO LayerZero OFT cross-chain bridge on Arbitrum until the root cause of the rsETH incident is identified. The protocol noted its smart contracts are secure and operating normally; risk exposure is limited (only ~$1 million worth of ETH was borrowed using rsETH as collateral, spread across two isolated markets out of thousands total). Thanks to Morpho’s fully isolated market design, all other vaults remain unaffected. Curve Finance announced it has suspended its LayerZero infrastructure, impacting: CRV bridging from BNB, Sonic, Avalanche, Fantom, Etherlink, and Kava (bridging from other chains still uses native bridges); and crvUSD quick bridging (L2 slow bridging remains operational). Reserve issued an official update: Its DTF holders are unlikely to be affected. RSR stakers in the Reserve Protocol’s USD3 and eUSD may qualify for "first-loss capital" protection, though the impact is minimal and RSR’s overcollateralization is sufficient to cover any potential losses. ETH+ and bsdETH contain no rsETH collateral, making them zero-risk. As a precaution, Reserve has temporarily paused minting, rebalancing, and RSR unstaking for eUSD and USD3—redemption functionality remains operational. Maple Finance stated all USDT provided on Aave Mantle using syrupUSDT has been withdrawn. Its syrupUSDC and syrupUSDT products are not impacted by the rsETH exploit. Polygon has been actively monitoring the rsETH exploit. The Polygon chain, Agglayer, and entire ecosystem (including Katana and Vaultbridge) have not been impacted by the incident. EtherFi announced its protocol’s liquidity pool remains unaffected by the Kelp rsETH exploit, and pool users will not suffer any fund losses. Hyperliquid’s DeFi project Hyperwave announced it has temporarily suspended all LayerZero bridging of Hyperwave assets as a precautionary measure.
Relevant content
Analysis: Bitcoin miners face profit pressure, with around 20% of mining firms now operating below the break-even point.
Bitcoin miners' revenue continues to decline, with the current 7-day average daily income dropping to around $30 million, a notable pullback from the over $50 million level seen last summer. Meanwhile, on-chain transaction fee revenue has fallen to less than $250,000, accounting for an extremely small share of miners' total income. Data from JPMorgan Chase shows the average production cost is approximately $78,000, and Bitcoin’s price has remained below this level for five consecutive months — the longest such stretch in the current cycle. An estimated 20% of miners are already operating at a loss; some high-cost miners have begun frequently powering their mining rigs on and off in response to price fluctuations, leading to a stronger correlation between network hash rate difficulty and Bitcoin’s price. Additionally, Bitcoin’s mining difficulty was adjusted down by roughly 10% in the second week of June, marking the second pullback of the same magnitude this year. Publicly listed mining companies, meanwhile, are relying more on their balance sheets to sustain operations, selling over 32,000 BTC in the first quarter alone to cover operating costs. Analysts note that against the backdrop of continuously shrinking block subsidies and stagnant fee revenue, a recovery in miners’ profits will primarily depend on a rise in Bitcoin’s price.
1 seconds ago
Japan and South Korea's stock markets opened higher, with South Korea's KOSPI index rising 2.9% and SK Hynix surging 11%.
According to Bitget market data, the Nikkei 225 index opened 1.4% higher at 70114.09. South Korea’s KOSPI index rose 2.9%. South Korean stocks SK Hynix gained 11%, while Samsung Electronics rose 5%.
1 seconds ago
Trader Maji was liquidated on his 25x leveraged long Ethereum position, incurring $1.9 million in losses, and subsequently opened a new position.
According to monitoring by OnchainLens, Stanley Huang, known as "Machi Big Brother" (@machibigbrother), has had his 25x leveraged long Ethereum (ETH) position fully liquidated, incurring a loss of approximately $1.9 million. Notably, he opened a new 25x leveraged long ETH position immediately after the liquidation. Machi Big Brother’s cumulative historical losses exceed $35.4 million.
1 seconds ago
Micron posted strong quarterly results, with its quarterly revenue and next-quarter outlook significantly exceeding market expectations. Its stock surged nearly 16% in after-hours trading, driving a broad rally across the storage sector.
According to its official financial report, Micron Technology (MU.O) reported Q3 fiscal 2026 revenue of $41.456 billion, beating market expectations of $35.423 billion and surging from $9.301 billion in the year-ago period. The company issued Q4 fiscal revenue guidance of $50 billion, against market expectations of $42.915 billion. Micron CEO Sanjay Mehrotra stated: "Micron’s record-breaking Q3 fiscal financial results and stronger Q4 outlook reflect the strategic value of memory chips in the AI era. We believe our multi-year strategic customer agreements will significantly enhance the durability and predictability of Micron’s strong financial performance." Micron’s Q3 report showed net profit of $28.24 billion, or $24.67 per share, up from $1.89 billion, or $1.68 per share, in the same period last year. Excluding certain one-time items, Micron reported adjusted earnings per share (EPS) of $25.11, exceeding analysts’ consensus estimate of $20.86. Driven by the quarterly revenue and outlook that topped expectations, as of press time, Micron jumped 15.95% in post-market trading on the U.S. stock market, also lifting other memory stocks sharply: Seagate (STX) rose 10.21%, Western Digital (WDC) gained 12.31%, and SanDisk (SNDK) surged 15.77%.
1 seconds ago
Kalshi is reportedly seeking a new round of financing, with its valuation potentially rising to $40 billion.
According to a report from the U.K.’s Financial Times, prediction market platform Kalshi is in discussions with investors for a new funding round targeting a roughly $40 billion valuation, with a potential close as early as the third quarter of this year. The development follows Kalshi’s $1 billion financing round completed last month, which valued the firm at $22 billion, with backers including leading institutions such as Coatue, Sequoia Capital, Andreessen Horowitz, and Morgan Stanley. Data shows Kalshi’s trading volume last month surpassed $17 billion, a sharp jump from less than $5 billion a year prior, with approximately 65% of that volume stemming from sports-related prediction contracts.
1 seconds ago
Polymarket integrates with Telegram via TON, enabling users to participate in prediction markets directly within the messaging app.
Polymarket has been integrated into Telegram via Predict, a native decentralized application (dApp) of the TON ecosystem. Developed by the Getgems team, the app allows users to directly participate in prediction markets covering sports, politics, cryptocurrency, culture and other sectors within Telegram. Transaction results are settled on-chain, and users retain full control over their assets. Users can participate in trades using USDT on the TON network, and pay a small amount of GRAM for gas fees. The cross-chain infrastructure is powered by STON.fi’s Omniston protocol, enabling the prediction market service to seamlessly integrate into the Telegram ecosystem.
Americké spotové Bitcoin ETF zakončily den v minusu 68,18 milionu USD, protože odlivy z IBIT a GBTC převážily silné nákupy ARKB a FBTC. ARK a Fidelity přesto dohromady přilákaly 121,38 milionu USD.
On June 22, 2026, the US spot Bitcoin ETF market recorded net outflows of $68.18 million. This decline is explained by massive redemptions on BlackRock’s IBIT and Grayscale’s GBTC. These outflows completely overshadowed the positive performance of Ark Invest (+$64 million) and Fidelity (+$57.38 million). Above all, it reflects a strong polarization among institutional investors.
In Brief Bitcoin ETFs show a net loss of $68.18 million during the June 22, 2026 session. Ark Invest (ARKB) and Fidelity (FBTC) nonetheless attracted a combined inflow of $121.38 million, proving continued buying demand. Ethereum funds also recorded a decline of $66.38 million, while Bitwise’s XRP gained $5.31 million. The total net assets under management of Bitcoin ETFs reach $80.22 billion, confirming the structural anchoring of these products in institutional portfolios. Bitcoin ETFs Remain Under Pressure Despite Some Positive Signs At first glance, the session on June 22, 2026, in the US spot Bitcoin ETF market looks like an ordinarily bearish day. Analysts also reveal a record withdrawal of $6.35 billion over 30 days. However, SoSoValue’s data highlights a more complex reality: never before has a day in negative territory hidden so many active institutional purchases.
ARK & 21Shares lead the charge with $64 million in net inflows into their ARKB fund, closely followed by Fidelity’s Bitcoin ETF, which captured $57.38 million. Together, these two issuers have absorbed over $121 million in spot bitcoin.
Chart showing the evolution of Bitcoin ETF flows (Source: SoSoValue) Additional inflows include:
Grayscale Bitcoin Mini Trust: +$48.14 million Morgan Stanley’s MSBT: +$8.11 million Franklin Templeton’s EZBC: +$3.72 million WisdomTree’s BTCW: +$3.40 million In total, the aggregated demand from six ETF issuers exceeded $228 million. This represents one of the largest coordinated buying days in several weeks.
The Weight of BlackRock and Grayscale Tips the Bitcoin ETF Market Certainly, the buyer base remains solid. However, the Bitcoin ETF market was overwhelmed by extreme concentration of outflows on two specific investment vehicles.
The main culprit of this institutional Black Monday is BlackRock’s IBIT (iShares Bitcoin Trust). The asset management giant suffered massive outflows of $171.96 million in a single session. It had just launched the first-ever yield-bearing Bitcoin ETF.
Meanwhile, the GBTC (Grayscale Bitcoin Trust) records a disinvestment of $80.96 million. The manager tries to offset these losses through its Mini Trust. However, the historically high management fees of GBTC structurally encourage early investors to migrate to more competitive structures or take profits.
Beyond Bitcoin: Ethereum Stumbles, While XRP Surprises The spot Ethereum ETFs had an even tougher day. The data reveal a net loss of $66.38 million, almost entirely attributable to BlackRock’s ETHA fund. The only positive inflow on Ethereum that day came from 21Shares’ TETH, with $346,070 of inflows. The total net assets of Ethereum ETFs stand at $9.44 billion, with a daily volume of $433.10 million.
For crypto assets alternative to bitcoin, the XRP ETFs are the only source of color in an overall red picture. Bitwise captured $5.31 million, bringing the total net assets of the XRP category to $993.29 million. This represents a symbolic drop of $7 million from the billion-dollar mark. A threshold to watch in the coming sessions!
The Solana and HYPE ETFs remained completely inactive on this day. Solana’s assets stand at $836.09 million, and HYPE’s at $219.58 million.
In any case, this trading session highlights the end of the homogeneity of institutional flows on cryptocurrencies. Upcoming flow reports and US monetary policy decisions will be crucial to determine whether this phase of weakness marks a simple pause or the beginning of a new cycle for Bitcoin ETFs. Stay tuned…
Maximize your Cointribune experience with our "Read to Earn" program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
Join the program
A
A
Lien copié
Ariela R.
My name is Ariela, and I am 31 years old. I have been working in the field of web writing for 7 years now. I only discovered trading and cryptocurrency a few years ago, but it is a universe that greatly interests me. The topics covered on the platform allow me to learn more. A singer in my spare time, I also cultivate a great passion for music and reading (and animals!)
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
Velcí držitelé Hyperliquid dál stahují $HYPE z Coinbase Prime a BitGo, což naznačuje novou vlnu akumulace. Jeden nový wallet vybral 278 827 $HYPE za zhruba 17,45 milionu $. Druhý wallet po měsíci nečinnosti vybral z BitGo 96 930 $HYPE za zhruba 6,01 milionu $.
Large holders of Hyperliquid's native token $HYPE are pulling significant sums off major custodians, with on-chain data pointing to a fresh wave of accumulation as the asset hovers near its all-time high.
Two Major Withdrawals Flagged by LookonchainAccording to on-chain analytics platform Lookonchain, a newly created wallet withdrew 278,827 $HYPE, worth approximately $17.45 million, from Coinbase Prime. The move is consistent with a broader pattern of large holders moving tokens out of institutional custody. Coinbase Prime is used almost exclusively by institutional buyers such as hedge funds, asset managers, and corporate treasuries who are moving assets off-exchange for long-term holding.
A second wallet also came back to life after a month of dormancy, pulling 96,930 $HYPE worth around $6.01 million from BitGo, a regulated digital asset custodian. Moving assets from an exchange to a custody solution is a classic behavioral indicator in crypto markets, with analysts generally interpreting such moves as a shift from active trading to secure, long-term storage.
Part of a Broader Accumulation TrendThese are not isolated events. Following a massive 96% rally in May, $HYPE's price consolidated while attracting aggressive whale accumulation, with data showing whale wallets withdrawing millions of HYPE tokens as the price remained stable above $70, signalling strong conviction among large investors.
Over one week, a single wallet moved a total of 1.14 million $HYPE, valued at roughly $79.22 million, off exchanges and deposited the tokens into Hyperliquid for staking. Additionally, Hyperliquid broke into the top 10 crypto assets by market capitalisation, becoming the first DeFi protocol since Uniswap in 2021 to achieve the milestone.
Hyperliquid has emerged as the leading venue for perpetuals trading in decentralised finance, with its native $HYPE token carrying a market capitalisation above $15 billion, making it the tenth-largest crypto asset globally.
The accumulation activity comes as spot $HYPE exchange-traded funds gain traction in the United States. Spot Hyperliquid ETFs have gathered $221 million in net assets since their May 2026 launch, with the products pulling in roughly $50 million so far in June, outpacing XRP ETFs' $24 million over the same period.
Movement off an exchange or custodian usually reduces immediate sell pressure, a dynamic that market participants are watching closely as $HYPE trades below its all-time high of $76.67, reached on 16 June 2026.
This article is for informational purposes only and does not constitute investment advice.
Sources:
Bitcoin.com News: Spot HYPE ETFs Log Strongest Crypto Debut on Record
CoinPedia: Whales Accumulate Millions in HYPE as Hyperliquid Defies Market Volatility
CryptoPotato: Lookonchain Flags $2M HYPE Buy Linked to Arthur Hayes
