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With the new year just one day away, crypto analyst Alex Wacy (@wacy_time1) shared an overview of what he calls the best altcoins heading into 2025. The analyst, who has amassed an audience of over 190,000 followers on X, highlighted several projects that he believes have the potential to dominate in the potential coming altseason.
Best Altcoins In 2025 He begins with Render (RNDR), describing it as a decentralized GPU rendering platform for AI, metaverse, and creative content. He maintained that “Render is poised to become a key player in the virtual future,” pointing to its $3.66 billion market capitalization as evidence of investor confidence.
Following closely is Virtual, an AI-driven avatar initiative that is pegged at $3.41 billion in market cap, with Wacy touting Virtual as “the growth leader in 2024 in the virtual avatar sector” and predicting increasing adoption for metaverse, gaming, and social media applications.
Wacy also turns his attention to SEKOIA, mentioning its focus on identifying and mentoring emerging AI talent. Although smaller in scale at a $94 million market cap, this autonomous AI investment agent uses advanced pattern recognition and quantifiable predictions to gain a foothold in a competitive space.
Next in line for the best altcoins in 2025 is Pengu, which he calls “the official coin of Paddy Penguin, a major force in crypto.” Its substantial community and cultural traction reflect a hefty $2.28 billion market valuation, and its omnipresence in ETF ads combined with over 90 billion visits appear to confirm its cult-like following.
The list of best altcoins continues with Clearpool (CPOOL), a Decentralized Capital Markets Ecosystem valued at $341 million that provides insured loans to institutional borrowers in the DeFi arena through a dynamic interest model. The analyst noted that Clearpool’s approach to decentralized lending could offer a unique avenue for strategic investors.
He also spotlights Bittensor (Tao), a project intent on decentralizing AI solutions through an open ecosystem, weighed at $3.48 billion, and Hyperliquid (HYPE), a decentralized perpetuals exchange living on its own L1 with a $9.23 market cap. He describes Hype’s vision as “a high-speed, low-cost, transparent solution for perpetual futures,” though he advises caution, remarking that prospective investors should “research to understand its risks and potential.”
Io.net, which sits at $397 million, is categorized as a decentralized GPU network that reduces costs for AI developers, while CFG (Centric) aims to bridge DeFi with real-world assets. This $162 million project focuses on stable returns generated from real fiat value rather than solely leveraging volatile crypto.
Akash Network (AKT), valued at $746 million, is labeled by Wacy a “supercloud” that transforms cloud computing through a decentralized marketplace, and Ethena (ENA), at $2.69 billion, provides a synthetic dollar protocol on Ethereum, touted as “a crypto-native, bank-free solution for money.”
Wacy’s list also featured Helium (HNT) with a $1.13 billion market cap, identified for its decentralized IoT network, and Griffain in the Solana ecosystem, with a $211 million market cap, delivering scalable DeFi solutions for token swaps while upholding transparency.
The analyst also highlights Grasso (GRASS) in his list of the best altcoins for 2025 and its $683 million market cap, describing its decentralized data collection network for AI training as both functional and user-friendly. VitaDAO (VITA) is in Wacy’s focus because of its community-governed DAO funding longevity research. Its compact $54 million market cap appears poised for growth as members actively engage in decision-making and ownership, signifying a communal approach to biotech research in crypto.
Spectral, carrying a $194 million market cap, offers on-chain agents for easier application creation and includes a syntax tool that transforms natural language into Solidity. ETIGEN, or Energy Layer, at $170 million, extends novel concepts of restorative energy on Ethereum, and ONDO, with an impressive $2.83 billion market cap, aims to open up institutional-grade DeFi services and real-world asset (RWA) tokenization.
Wacy further singles out AIXTB, at $377M, which monitors crypto-related discussions via a proprietary engine to uncover high-sentiment opportunities, and Ether.fi (ETHFI), priced at $446M, which supports non-custodial ETH staking and DeFi integration. Throughout his breakdown, he underscored the cyclical nature of the crypto market, stating that these best altcoins “could see significant growth in 2025” once capital flow rotates away from Bitcoin and into high-potential altcoin narratives.
His overall thesis hinges on what he perceives as a predictable pattern in every major market cycle. “Altcoins typically pumping when BTC Dominance starts a strong downtrend,” the analyst wrote. He cited the example from 2021, when Bitcoin’s dominance fell from around 73% to 40%, triggering a monumental rally for altcoins like SOL, ADA, and DOGE.
Pointing out that current BTC dominance is about 55%, which he calls a “significant resistance zone,” he predicts a swift drop to 40% if a breakdown occurs. “As I mentioned before, my bet for the altseason is in the spring of 2025,” he said, while admitting that he also shares the common sentiment of disbelief that surrounds every cycle. “That’s okay, it means the market is doing a good job of ‘smoking people out.’ Patience friends, patience always pays off,” he concluded.
At press time, the Bitcoin dominance (BTC.D) stood at 58.02%.
Bitcoin dominance, 1-week chart | Source: BTC.D on TradingView.com Featured image created with DALL.E, chart from TradingView.com
Polygon‑incubated Katana has acquired veteran DEX IDEX to launch Katana Perps, folding a decade of exchange tech into its DeFi stack as it races Hyperliquid and dYdX for onchain derivatives volume.
Summary
Polygon‑incubated DeFi chain Katana has acquired veteran DEX IDEX to power Katana Perps, a new perpetual futures platform that natively integrates spot and derivatives trading. CEO Matthew Fisher says the goal is to “own more of the trading stack and the revenue that comes with it” as onchain derivatives volumes and always‑on markets surge. Market makers including GSR, Selini Capital, and Auros are seeding liquidity, positioning Katana as a full‑stack DeFi chain spanning spot, lending, launches, and perps. Katana, a DeFi‑focused Ethereum scaling chain incubated by Polygon Labs and trading firm GSR, has acquired decentralized exchange IDEX, using its infrastructure to launch Katana Perps, a perpetual futures venue built directly into the Katana app. The deal, announced on March 23, 2026, brings nearly a decade of exchange technology from the 2017‑founded DEX into Katana’s stack, with IDEX now “relaunching as Katana Perps” and serving as the native derivatives engine for the chain. “The goal is to own more of the trading stack and the revenue that comes with it,” Katana CEO Matthew Fisher said, calling the acquisition the “first major step” of his tenure as he formalizes the strategy he has led since joining the project.
Fisher argued that as crypto trading migrates to always‑on venues, infrastructure that blends CEX‑like performance with onchain settlement will define winners. “We’re building for 24/7 markets where price discovery happens onchain, not during bank hours,” he said, pointing to U.S. regulators’ recent signals about a path for crypto perpetual futures as an inflection point for the sector. Under the new setup, IDEX’s order book and AMM architecture becomes the backbone for Katana Perps, which routes spot liquidity, perps, and order flow through a single interface rather than siloing derivatives as a separate product.
A full DeFi stack with native perps Katana’s broader DeFi stack now spans four pillars: Sushi for spot trading, Morpho for lending, Kensei for token launches, and Katana Perps for leveraged derivatives, all coordinated by the KAT and vKAT token model. Over time, vKAT holders will be able to direct incentives toward perps markets and earn a share of fees, folding derivatives revenue into the same flywheel that powers spot and lending on the chain. At launch, Katana Perps is supported by major market makers GSR, Selini Capital, and Auros, which Fisher said were drawn by IDEX’s “nearly a decade” of live infrastructure and the chain’s performance‑oriented design.
Founded in 2017, IDEX was “the first decentralized exchange to combine a high‑performance matching engine with onchain settlement” and, through 2019, “consistently ranked first by trading volume and transaction count among all DEX protocols,” Katana noted. Bringing that stack in‑house lets Katana offer a more CEX‑like experience — deep API support, higher throughput, and tighter spreads — while keeping custody and settlement onchain.
Onchain derivatives arms race The acquisition lands as perpetuals DEXes are seeing rising volumes and attracting more professional flow, with venues like Hyperliquid, dYdX, and GMX competing to lock in whales and market makers. Recent crypto.news coverage has highlighted how new onchain products — from Hyperliquid’s HIP‑4 proposal for outcome markets to high‑stakes perps traders posting multi‑million‑dollar PnL — are pulling structurally sticky liquidity into derivatives rails. In that context, Katana’s decision to acquire rather than simply integrate a third‑party DEX is a clear statement: the chain wants to control its own economic engines instead of renting them.
As Fisher put it, “Owning perps is not just owning a product, it’s owning the heartbeat of your chain,” a line that neatly captures where the DeFi race is headed.
Katana, a DeFi blockchain backed by Polygon Labs and GSR, has acquired IDEX and launched a perpetual futures trading platform, entering one of crypto's most competitive markets just as regulatory signals in the US suggest onchain derivatives may be moving closer to legitimacy.
The IDEX acquisition, announced Monday, gives Katana a matching engine and settlement infrastructure with nearly a decade of operating history. IDEX was founded in 2017 by brothers Alex and Philip Wearn and was, at its peak in 2019, the most actively traded decentralized exchange on Ethereum. The exchange raised $2.5 million in seed funding in 2020 to develop its second-generation platform, but has since faded from relevance as Uniswap and newer AMM-based competitors captured the DEX market. Financial terms of the acquisition were not disclosed.
The newly launched Katana Perps platform, seeded with liquidity from GSR, Selini Capital, and Auros, integrates spot trading and leveraged derivatives within a single onchain environment. Katana has also formally appointed Matthew Fisher, who has been running strategy for the project, as CEO.
Onchain perpetuals volume hit $739 billion in January 2026, with decentralized venues now accounting for 10.2% of total crypto perpetuals trading, up from just 2% two years ago, Katana said, citing a Coingecko report. Decentralized perpetual exchanges now process over $1.2 trillion in monthly trading volume, according to Coinbase Institutional's 2026 market outlook. US regulators are also signaling a potential path to permitting crypto perpetual futures domestically, which could substantially expand the addressable market.
The competitive challenge is formidable, however. Hyperliquid commands over 70% of open interest in decentralized perpetuals as of March 2026, operating on a custom Layer 1 blockchain purpose-built for high-speed, gas-free trading. Challengers including Aster and Lighter have collectively eroded Hyperliquid's volume share, but open interest, which is the more meaningful indicator of genuine capital deployment, remains heavily concentrated at the top. Katana enters a market where the infrastructure bar has been set by a platform processing hundreds of billions in monthly volume.
Katana's bet is that integration — combining spot liquidity, routing, and perpetuals in one place — gives it a structural advantage over platforms that handle derivatives in isolation. Whether that proves sufficient differentiation in a market already crowded with well-capitalized competitors remains the central question for the project.
Maelstrom CIO and BitMEX co-founder Arthur Hayes has rejected accusations that he is using his X influence to create exit liquidity for his own trades.
The allegations came from on-chain investigator ZachXBT, who accused Hayes of promoting cryptocurrencies such as Zcash, NEAR Protocol, and Hyperliquid before selling his holdings and leaving followers with losses.
How much exit liquidity was created from your followers over the past couple days?
First NEAR HYPE ZEC
Now WLD pic.twitter.com/vyDXwCHRwO
— ZachXBT (@zachxbt) June 6, 2026
Hayes Denies Claims In response, Hayes argued that he neither manages money for others nor provides financial advice. He stressed that he never instructs people to buy, sell, or hold any asset.
According to Hayes, his posts simply disclose his personal investment decisions. He emphasized that readers are free to agree or disagree with his views, conduct their own research, and make independent investment choices.
Furthermore, Hayes challenged critics to find any instance where he explicitly told followers what they should do with their money. Instead, he maintained that he merely shares what he is doing and leaves investment decisions entirely up to his audience.
Hayes also acknowledged that a large percentage of his market predictions—roughly 70% to 90%—turn out to be wrong. However, he argued that successful investing does not require a high win rate.
Instead, Hayes explained that he generates profits by allocating larger amounts of capital to ideas in which he has the highest conviction while limiting exposure to lower-confidence trades. As a result, his winning positions can outweigh losses from incorrect calls.
Crypto Enthusiasts React Meanwhile, Hayes is known for publicly disclosing his trades on X, where he has amassed more than 802,000 followers. He has frequently shared his positions in tokens such as ZEC, HYPE, NEAR, and WLD.
Notably, Hayes often updates followers when he exits positions after losing confidence in a project. Critics, including ZachXBT, argue that this pattern of publicly promoting tokens and later selling them effectively turns followers into exit liquidity. Hayes, however, maintains that he is simply documenting his investment activity rather than encouraging others to copy his trades.
Given his influence in the crypto market, some interpret his remarks as indirect signals that may guide investor behavior.
Hayes Returns to Ethereum Meanwhile, Hayes appears to be rebuilding his exposure to Ethereum after previously dumping his entire holdings. Last year, he sold nearly 1,900 ETH to rotate capital into decentralized finance (DeFi) tokens.
However, recent on-chain data shows that Hayes has resumed accumulating Ethereum. He purchased 1,400 ETH yesterday, bringing the wallet’s holdings to 4,400 ETH, valued at about $7.78 million. This move suggests renewed confidence in Ethereum despite his earlier shift toward alternative crypto investments.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Bankless co-founder David Hoffman has disclosed how he redeployed capital after selling ETH, revealing a new portfolio tilted toward VVV, NEAR, ZEC, HYPE and LIT. The move marks a notable shift for one of Ethereum’s most recognizable public advocates and has triggered debate over whether Hoffman is rotating into a new long-term thesis or chasing a different segment of the market.
In a post on X, Hoffman said he “immediately took ~50% of the capital to VVV, NEAR, ZEC, HYPE” after selling ETH. The other half, he said, was held back for dollar-cost averaging into an asset that had not already moved sharply higher.
“I left the rest as capital to DCA into something not already up multiples,” Hoffman wrote, adding that NEAR was an exception because it was “~1.40 at the time.” He then said he had completed that second leg of the rotation: “I’ve finished buying LIT with that remaining 50%.”
Why Hoffman Chose LIT As Next Major Crypto Bet The disclosure quickly shifted into a broader discussion about Hoffman’s investment thesis around LIT and Lighter, particularly after Multicoin Capital’s Kyle Samani asked why a user would choose Lighter over Robinhood. Hoffman framed the answer around product specialization, market structure and auditability rather than simply token speculation.
“The easy answer is that Robinhood is an everything platform, and Lighter is highly optimized for perps specifically,” Hoffman wrote. “Lighter has more assets, including more pre-IPO markets. Lighter doesn’t require KYC sign up, and Robinhood Perps are for only a closed group of users in the EU.”
He acknowledged one important constraint: “By contrast, Lighter is VPN blocked in the US.” But Hoffman argued that the deeper distinction is transparency. He pointed to zkLighter, Lighter’s zero-knowledge system, which he said allows end users to verify the exchange’s rule enforcement without permission.
“zkLighter is fully auditable by end users, so anyone can permissionlessly verify the exchange is following its own rules,” he wrote. “Order matching, funding, risk checks, liquidations etc are defined in zk circuits, so Ethereum verifies that they followed Lighter’s rules before accepting state updates. Bullish crypto ethos!”
For Hoffman, the auditability claim is not merely technical branding. He argued that it goes directly to trader and market-maker trust, because participants can verify that “there is no privileged party trading against users,” invoking the FTX and Alameda collapse as the relevant failure mode.
Hoffman also emphasized latency and execution cost. He claimed Lighter has “the best latency of any perp exchange” and “the best fee structure,” while pointing to third-party comparisons against Hyperliquid. On Robinhood, however, he was more cautious, saying he could not judge Robinhood perps directly because he cannot access them and would not be able to audit them in the same way.
“Maybe Robinhood, when it eventually rolls out perps, also has a 0-fee structure too,” he wrote. “But that means a tie between RH and Lighter, not a RH win.”
The debate also exposed pushback from parts of the Ethereum community. One user accused Hoffman of going “from eth maxi to the other extreme,” while another suggested he had become more of a short-term trader. Hoffman rejected both characterizations.
“The technology under all of these assets is pretty interesting too,” he replied to one critic. To another who joked about him having an investment thesis and sticking to it, Hoffman responded: “My last investment thesis I had for eight years. God forbid I get a new one!”
Asked directly about LIT versus HYPE, Hoffman said he views the position as both “beta and alpha” to HYPE. His reasoning centered on relative buybacks, product quality and regulatory positioning, citing “LIT buybacks” as moving at “2x the relative speed of HYPE Buybacks,” alongside what he described as a technically superior product, better fees, stronger latency and US domicile.
At press time LIT traded at $1.50.
LIT bulls must break the 0.786 Fib, 1-week chart | Source: LITUSDT on TradingView.com Featured image created with DALL.E, chart from TradingView.com
Cover image via depositphotos.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
A major trader on Hyperliquid risks losing a giant XRP position worth more than $30 million in one fell swoop. According to data from the analytics platform Onchain Lens, the address "0xf79C...9BbD" opened a long position of 27.9 million XRP using 20x leverage, while the total value of the open notional position is estimated at $30.9 million.
However, because of the high leverage, the liquidation price is set at $0.92.
At the moment, the trade is already bringing the investor major losses. The current price of the asset has dropped to around $1.10, causing the floating unrealized loss on XRP to exceed -$672,000.
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Account "0xf79C...9BbD" overview on Hyperliquid, Source: HyperbotThe situation is worsened by the fact that the trader is also holding another large position — a long Bitcoin position of 809.9 BTC, worth $50.6 million, also with 20x leverage. At the moment, the total weekly loss across the entire portfolio stands at -$3,400,520, while the available free margin on the account has been completely depleted.
This leaves the trader without the ability to defend the positions unless new funds are deposited.
Calculation for a July reversalDespite the critical situation, the investor's actions may have a clear statistical basis. According to historical price data from CryptoRank, XRP is currently showing a decline of -17.3%, making this June one of the worst in the coin's history.
However, historical statistics show that July has almost always sided with buyers. Over the past 13 years, XRP's average July return has stood at a steady +10.2%, while the median return is +10.8%.
Moreover, exactly one year ago, in July 2025, the asset posted a powerful gain of +35%.
XRP price action over the year since July 2025, Source: TradingViewApparently, the whale consciously took an extreme risk at the end of June, betting on surviving the local storm and catching the traditional July market reversal. If this plan works and the market recovers by at least the standard historical July median, the current million-dollar losses could turn into a colossal profit.
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If the median growth of +10.8% materializes, the XRP price would rise from the current $1.10 to around $1.22, potentially bringing the whale a net profit of around $3.32 million.
This amount would not only fully cover the current paper loss of -$672,000, but also more than double the trader's initial collateral, or margin, adding about $2.65 million in net profit on top.
However, the trader has critically little time left for this triumphant plan to play out. Should the market decline continue in the coming days and XRP reach the $0.92 mark before the start of the next month, the paper position worth more than $30 million will be fully liquidated by the platform, wiping out all deposited margin before the position ever gets the chance to benefit from the historically favorable period.
Hyperliquid has overtaken Solana on a fully diluted valuation basis, according to Arkham, adding a new market marker to one of crypto’s most closely watched comparisons: the rise of application-heavy, revenue-generating chains.
Arkham summarized the move directly on X, writing: “Hyperliquid has flipped Solana by FDV.” The accompanying Solana market page shows SOL trading around $86.51, with a fully diluted valuation of roughly $54.22 billion, a circulating market capitalization near $49.99 billion and 24-hour volume of about $2.74 billion. The same screen listed Solana’s current supply at 577.86 million SOL and max supply at 626.75 million SOL.
On Arkham’s Hyperliquid page, HYPE was shown trading at $56.71, giving the network a fully diluted valuation of about $54.57 billion. That puts it slightly above the Solana FDV shown in Arkham’s Solana screenshot, at roughly $54.22 billion. The comparison is notable because Hyperliquid’s circulating market capitalization was much smaller, at about $13.28 billion, reflecting a current supply of 238.39 million HYPE against a max supply of 962.27 million. Arkham also showed 24-hour HYPE volume of roughly $1.20 billion, with the token trading near its listed all-time high of $59.30.
Hyperliquid has flipped Solana by FDV. pic.twitter.com/rDF5FRg4TK
— Arkham (@arkham) May 21, 2026
Hyperliquid And Solana Lead All ‘Revenue Chains’ The FDV flip comes as Hyperliquid has also been showing up at the top of crypto revenue rankings. In post on X, Bitwise CEO Hunter Horsley lists Hyperliquid with $790.55 million in total revenue, ahead of Solana at $532.34 million. TRON followed at $471.20 million, while Ethereum was shown at $425.56 million.
Horsley framed the comparison less as a zero-sum fight between HYPE and SOL and more as evidence of a broader category emerging inside crypto.
“There’s a new class in crypto: the revenue chains,” Horsley wrote. “The leaders are Hyperliquid & Solana. Both do some overlapping things, and some different things. Both have exceptional communities, usage, use cases, etc.”
That framing matters because the Hyperliquid-Solana comparison is not purely about market capitalization. It is also about where users, liquidity and trading activity are concentrating. Hyperliquid’s revenue profile has become central to the HYPE thesis, while Solana remains one of the largest high-throughput ecosystems in crypto, with broad activity across trading, DeFi, consumer applications and token issuance.
Horsley argued that both networks are positioned around the same structural tailwind: capital markets moving onchain. “I think that both will rise together, just as iOS and Android both rode the structural adoption of mobile,” he wrote. “In the case of the revenue chains, they are riding the wave of capital markets coming onchain.”
Solana Camp Downplays Rivalry Solana co-founder Anatoly Yakovenko also pushed back against the idea that Hyperliquid’s rise should be treated as a threat to Solana’s roadmap. Responding to a post about Hyperliquid, Yakovenko wrote: “I am not worried about someone else succeeding. Whether hype succeeds or not isn’t going to change what I or the rest of the Solana ecosystem will be working on.”
Yakovenko once again presented Solana-based Phoenix Trade as a better version of Hyperliquid: “Try Phoenix Trade my HL brother.”
Meanwhile, Horsley highlighted the success of both. “If you are rooting for HYPE or SOL or both, success will be less about the competition between the two — healthy ofc — but rather the rise of onchain capital markets,” he wrote. “Root for capital markets coming onchain.”
At press time, HYPE traded at $58.354.
HYPE approaches it September 2025-high, 1-week chart | Source: HYPEUSDT on TradingView.com Featured image created with DALL.E, chart from TradingView.com
Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Shiba Inu has experienced yet another notable sell-off, pushing toward new local lows and breaking below a multi-month ascending channel. The meme coin finally gave up after weeks of steady decline, prompting many investors to wonder if SHIB has finally reached its lowest point.
Technically speaking, there are indications that the market might be getting close to an exhaustion point. The Relative Strength Index (RSI), which has dropped below the crucial 30 threshold and is presently in oversold territory, is the most prominent indicator. These readings have historically suggested that bearish sentiment may be waning and that selling pressure has grown excessive. Though not always complete trend reversals, relief rallies have frequently preceded previous oversold conditions on SHIB.
SHIB/USDT Chart by TradingViewA significant percentage of weak hands may have already left the market, according to price action. A wave of liquidation-driven selling was sparked by SHIB's recent break beneath the lower boundary of its ascending channel, which accelerated losses. Instead of signaling the start of a decline, such breakdowns often indicate its end.
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However, oversold conditions should not be interpreted by investors as proof that a bottom has already been reached. Volume is a major concern. Although there was a spike in activity due to the breakdown itself, the first attempt at recovery was made with comparatively low participation.
Strong buying volume is usually necessary for sustainable recoveries in order to verify that fresh demand is entering the market. Any recovery without that confirmation runs the risk of turning into a short-term relief rally rather than the beginning of a long-term uptrend.
Also, the general trend is still negative. The 50-day, 100-day, and 200-day moving averages are all sloping downward, and SHIB is still trading below them. Bulls are still at a disadvantage until the asset regains at least the 50-day moving average in the vicinity of $0.0000054-$0.0000055.
Hyperliquid isn't done yetAfter a significant decline from its recent all-time high area around $76, Hyperliquid's native token HYPE is exhibiting signs of renewed strength. Buyers have returned to the market after an aggressive sell-off that momentarily drove the asset below $60. This has led to a significant recovery. As of this writing, HYPE has shown one of the best daily performances among the major cryptocurrency assets, recovering toward the $65 range.
After an incredible rally that saw HYPE rise from below $30 in February to more than $75 in early June, there was a recent correction. The most recent decline seems to be the first significant test of bullish conviction since the trend accelerated, and such swift advances seldom happen without periods of profit-taking.
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Technically speaking, the rebound is taking place in a key area. Buyers are still active on weakness, as evidenced by the asset's quick recovery from a brief dip below its 21-day moving average. More significantly, HYPE keeps trading well above its 50-, 100-, and 200-day moving averages. Shorter-term averages are positioned above longer-term ones, and their alignment is still very bullish.
Additionally, the overall uptrend is still in place. HYPE has adhered to an upward trendline since late February, which keeps pushing the market higher. Although that structure was briefly threatened by the recent correction, buyers were able to protect the trend before a more serious breakdown could occur.
Additionally, momentum indicators lend credence to the recovery story. The Relative Strength Index is currently in the mid-50s after cooling from earlier overheated levels. Compared to the overbought readings observed during the run toward all-time highs, this position is better for the market because it leaves room for another leg higher without experiencing momentum exhaustion right away.
Right now, the $65-$66 range is the crucial level that traders should keep an eye on. A clear breakout above this area might pave the way for a retest of $70 and, ultimately, the most recent peak, which was close to $76.
Bitcoin finds a foundationAfter one of the biggest drops of the current market cycle, Bitcoin seems to be regaining its footing. The biggest cryptocurrency is currently trying to stabilize around the psychologically significant $60,000 level after a sharp decline that sent Bitcoin from above $80,000 to almost $60,000 in a matter of days.
It appears that sellers may finally be losing momentum based on the recent price action. Bitcoin has started to establish a base around $60,000-$63,000 after a series of liquidations and panic-driven sales. The market has at least been able to stop the freefall that dominated trading during the previous week, even though it is too early to declare a clear bottom.
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Momentum indicators provide one of the most compelling arguments for stabilization. The Relative Strength Index (RSI) has reached levels not seen in months, plunging far into oversold territory. In the past, readings below 30 have frequently shown that the market is open to a relief rally and that selling pressure has run out.
The stabilization thesis is further supported by volume behavior. A significant increase in trading volume coincided with the breakdown toward $60,000, indicating widespread market participant capitulation. Near local bottoms, these volume explosions often happen as weaker holders scramble to get out of positions. Before choosing their next major course, markets frequently go through a consolidation phase after this supply is absorbed.
Bitcoin is still in a technically precarious situation despite the new indications of stability. The asset is trading below its 50-, 100-, and 200-day moving averages, all of which are still pointing downward. Furthermore, BTC recently broke below an upward trendline that had sustained price movement since March, indicating a decline in market structure. Any attempt at recovery will therefore encounter significant overhead resistance.
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.
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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%.
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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.
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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%.
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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.
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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.
AAVE fell 10% during the early hours of the Asian session on Monday, following a $50 million sell-off triggered by growing governance tensions.
The plunge comes amid allegations that Aave Labs, the company led by founder Stani Kulechov, redirected millions in swap fees from the DAO treasury without the approval of token holders, igniting debate over decentralized governance and founder control.
Amidst DAO governance drama and revenue controversy, the AAVE price has dropped by over 10% in the last 24 hours, trading at $159.86 as of this writing.
AAVE Price Performance. Source: BeInCryptoThe controversy centers on Aave’s integration of CowSwap into its frontend, replacing ParaSwap. Critics claim that this shift, completed after Aave Labs received a grant from CowSwap, diverted up to $10 million in potential annual revenue away from the DAO.
An open letter from an Orbit delegate stated that the ParaSwap integration generated approximately $200,000 per week for the DAO.
DeFi community members argue that redirecting these fees undermines the DAO’s decentralized governance model.
Stani Kulechov and Aave Labs maintain that revenue from frontend operations is separate from core protocol revenue and has always been voluntary.
Nonetheless, questions remain over the CEO’s dual role and control of protocol assets, raising concerns about potential conflicts of interest.
DAO Alignment Proposal Moves to SnapshotTo address the crisis, Kulechov moved a controversial DAO alignment proposal to Snapshot for a formal vote.
The recent DAO alignment proposal has been moved to Snapshot after extensive discussion. We realize the community is very interested in a path forward and is ready to make a decision.
Time for tokenholders to weigh in and vote.https://t.co/QwoPeglhmU
— Stani.eth (@StaniKulechov) December 22, 2025 The plan aims to transfer key brand assets, including domains and social media handles, from Aave Labs to the DAO.
“People are tired of this discussion, and getting into a vote is the best way to resolve. This is governance, end of the day,” Kulechov said, urging token holders to weigh in.
However, market confidence appears low. Polymarket odds indicate only a 25% chance of the proposal passing, a 26-point drop from earlier in the week.
Odds of Aave token alignment proposal passing. Source: PolymarketCommunity members, such as Tulip King, have suggested that failing to pass the vote could push AAVE prices further down.
Market and Governance ImplicationsThe episode highlights the broader challenges facing DAOs: aligning incentives among developers, service providers, and token holders while maintaining true decentralization.
Critics point to alternative models, such as Hyperliquid, where nearly all revenue is allocated toward token buybacks, and team compensation is paid in native tokens, as potential examples for Aave to follow.
“Maybe they need to look at Hyperliquid, where 99% of revenue goes to HYPE buy-backs. The team holds and is paid in HYPE. Everyone wins. Why can’t Aave Labs do the same? The pie is big enough already, or are DAOs inherently flawed?” posed analyst Duo Nine.
The Snapshot vote requires a quorum of 320,000 YAE votes and a margin of at least 80,000 votes over rival options to pass. Voting will remain open for three days, giving token holders time to consider the protocol’s next steps.
In the meantime, the AAVE sell-off highlights the market’s concerns about governance transparency and whether token holders can trust that protocol revenues serve the DAO rather than private interests.
As the community heads to the polls, the outcome could set a significant precedent for Aave and the broader DeFi ecosystem.
Rubio: US and Iran to continue technical consultations at the end of this month
Multiple foreign media outlets reported on the 24th that US Secretary of State Rubio said technical teams from the United States and Iran will hold further talks in Switzerland by the end of June. (Xinhua News Agency)
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Over the past 24 hours, total crypto market liquidations hit $606 million, with more than 130,000 traders liquidated.
According to Coinglass data, the global cryptocurrency market recorded $606 million in liquidations over the past 24 hours, including $542 million in long-position liquidations and $68.22 million in short-position liquidations. A total of 135,785 traders worldwide were liquidated in the same period, with the largest single liquidation order occurring on Binance’s BTCUSDT trading pair, valued at $12.0111 million.
7 hours ago
Bitcoin falls below $60,000
According to HTX market data, Bitcoin has fallen below $60,000, with a 4.3% drop in the past 24 hours.
7 hours ago
US Treasury Secretary: AI boom may boost productivity and help curb inflation.
US Treasury Secretary Bessent told CNBC in an interview that he hopes the Federal Reserve will remain "open-minded" about the inflation pattern after the reversal of Iran-related energy price hikes. Bessent noted that the U.S. could enter an economic environment marked by high GDP growth without a corresponding rise in traditional inflation. He cited that in the 1990s, Alan Greenspan foresaw that office modernization and the internet could drive non-inflationary growth, and allowed the economy to keep expanding. Bessent believes the U.S. has a strong chance of seeing a similar scenario again. When asked whether the Fed still needs to worry about potential inflation and whether interest rate cuts are possible this year or next, Bessent declined to comment. However, he argued that it is necessary to stay open-minded about the price or inflation impacts from the Iran conflict, and monitor inflation performance after those effects subside. Bessent also said an open mind is needed, as the AI boom could boost productivity and deliver disinflationary effects, helping inflation return to the Fed’s target level. He added that he believes Kevin Warsh will choose the optimal path that meets both the Fed’s inflation and growth mandates. Bessent also noted that Warsh previously took a hawkish stance on inflation.
7 hours ago
US stocks' intraday storage sector sees broad declines, with Western Digital and Seagate Technology both falling over 4%.
According to Bitget data, during U.S. stock trading hours, the storage sector saw broad declines: Western Digital (WDC) fell 4.47%, Seagate Technology (STX) dropped 4.17%, SanDisk (SNDK) declined 2.31%, and Micron Technology (MU) edged down 0.96%. Most optical communication concept stocks rose, with Corning (GLW) leading the gains at 9.75%, followed by Ciena (CIEN) up 3.24%, Coherent (COHR) rising 2.93%, Lumentum (LITE) gaining 2.61%, and Nokia (NOK) advancing 1.82%. Additionally, Marvell Technology (MRVL) fell 2.59% and Applied Optoelectronics (AAOI) declined 1.90%.
7 hours ago
During intraday trading in U.S. stocks, crypto-related concept stocks fell broadly, with MSTR dropping more than 7%.
According to Bitget market data, the three major U.S. stock indexes rose broadly: the Dow Jones Industrial Average gained 0.94%, the S&P 500 increased 0.60%, and the Nasdaq rose 0.63%. Crypto-related stocks fell across the board, with declines as follows: Strategy (MSTR) down 7.33%; Circle (CRCL) down 4.35%; Bitmine (BMNR) down 3.97%; Coinbase (COIN) down 3.73%; Robinhood (HOOD) down 3.70%; Gemini (GEMI) down 3.27%; Bullish (BLSH) down 3.25%; Sharplink (SBET) down 3.19%.
Market maker giant Jane Street is again drawing intense attention in crypto markets, with experts claiming the firm’s “next target” may now be Ethereum (ETH).
The speculation comes after reports that Jane Street made several major adjustments to its positions during the week, following months of scrutiny tied to alleged trading manipulation connected to Bitcoin (BTC).
From Bitcoin Retreat To Ethereum Expansion Jane Street, one of Wall Street’s most active proprietary trading firms, reportedly reduced multiple Bitcoin-linked holdings in the first quarter (Q1) of the year, while meaningfully increasing its exposure to assets tied to Ethereum.
Jane Street’s position in BlackRock’s iShares Bitcoin Trust (IBIT) fell by 71% quarter-over-quarter to about 5.9 million shares, with a reported value near $225 million.
The firm also cut its stake in Fidelity’s Wise Origin Bitcoin Fund (FBTC), where holdings fell approximately 60% to around 2 million shares, valued at nearly $115 million at quarter-end.
The reduction also extended to Strategy (previously MicroStrategy). Jane Street’s Strategy holdings fell from about 968,000 shares in Q4 2025 to roughly 210,000 shares by the end of Q1. The reported value declined from close to $146 million to around $27 million.
But while the firm was dialing back Bitcoin exposure, it was simultaneously building its Ethereum footprint. Jane Street expanded its holdings in Ethereum ETFs, with positions in BlackRock’s iShares Ethereum Trust nearly doubling during the quarter.
The firm also added substantially to Fidelity’s Ethereum fund. Combined additions across the two ETH products were estimated at approximately $82 million.
Smaller Derivatives, Bigger Impact? The move is now being framed by analysts as a potential continuation of the same pattern some observers associate with Jane Street’s earlier Bitcoin-linked controversies.
Analysts at Bull Theory suggested that the firm behind a “daily 10 AM Bitcoin dump,” the same firm that was reportedly sued for insider trading in the $40 billion LUNA collapse, and the same firm with $567 million frozen by Indian regulators could now be targeting Ethereum.
Their central argument is that ETH may be easier to move than BTC, primarily because of market structure and scale. Bull Theory pointed out that Bitcoin futures open interest stands at roughly $60 billion, while Ethereum’s is slightly more than half at about $34 billion.
The thesis is that a smaller derivatives market can make it possible to influence price with a smaller amount of capital. They also emphasized relative market size, noting that ETH’s market cap is $273 billion compared to BTC’s $1.6 trillion. Under their logic, the same amount of capital would create 6 times greater price impact in ETH.
The analysts also argued that the Ethereum ETF market is still relatively early. They claimed that Bitcoin ETFs hold roughly 6.67% of all circulating BTC supply, while Ethereum ETF penetration is lower, meaning there may not yet be the same institutional “demand floor” to absorb coordinated selling.
Their conclusion was pointed: they believe the rotation into Ethereum is not happening primarily because Jane Street is forecasting bullish fundamentals for ETH, but because Ethereum is “easier to move.”
The daily chart shows ETH’s attempt to reclaim the key $2,300 level as support. Source: ETHUSDT on TradingView.com At the time of writing, ETH was trading at around $2,292, with almost no change from Wednesday’s price. Meanwhile, other assets such as Bitcoin and XRP saw gains of around 2% and 4% respectively during the same period.
Featured image created with OpenArt, chart from TradingView.com
LunarCrush, a platform that uses artificial intelligence (AI) to analyze digital assets like cryptocurrencies, has revealed the list of the Top 15 blockchains that generated revenue in the year 2025. In the given list, Solana blockchain is leading all the blockchains with 39.8M active addresses, along with total value locked (TVL) $17.3B and has successfully able to generated a revenue of $1.4B.
Hyperliquid is the runner-up in this race with a TVL of $2.0B and also shows considerable growth in revenue, which is about $814M, and has 292.7K active addresses during the year 2025. The next one is Tron, which shows very good growth in TVL in comparison to the Hyperliquid, about $4.4B, and has 16.8M active addresses with $607M revenue generation. Phoenix Group has revealed this news through its official X account.
BNB Chain’s 60M Active Addresses, Scale Without Massive TVL Ethereum stands at the fourth position with 9.3M active addresses, along with the $524M revenue generated and TVL of $109.6B in 2025. Then comes the BNB Chain with $256M in revenue generation and TVL of $7.9B. BNB Chain is the only blockchain from the given list that has a recorded value of 60.0M active addresses. In addition, Base blockchain comes with 8.7M active addresses, $76.3M in revenue generation, and a TVL of $4.3B.
Axelar blockchain appeared with the smallest value of 5.6K in active addresses perspective and holding a TVL of $213.8M with $56.8M in revenue generated. Bittensor has a central position in the given blockchains, having successfully generated revenue of $33.4M. Moreover, OP Mainnet has active addresses of 501.9K along $288.2M TVL and gives a very small revenue growth, which is $21.6M.
Arbitrum’s 4M Active Addresses vs Its Revenue Reality Sui blockchain can earn the 10th position in the given list of blockchains that performed well in the year 2025 in three aspects, which are active addresses, TVL, and revenue. Sui blockchain appears on the list with a TVL of $1.1B and is successfully able to generate $18.8M revenue. Furthermore, the Arbitrum blockchain can earn revenue of $16.3M with a TVL of $2.8B and has a crowd of 4.0M active addresses during the year 2025.
ICP blockchain has a TVL of $20.1M and is hardly able to generate revenue of $10.5M, which is the low as compared to the previously discussed blockchains. Avalanche blockchain comes in the last third position in the blockchains given list with active addresses of 432.6K and holding a TCL of $1.5B, along with $8.3M revenue.
Injective blockchain is hardly able to make its position in the list, although it stands at the second last position with TVL of $30.6M and 138.7K active addresses with $6.0M revenue. Last but not least, Polygon blockchain got the last position in the race of blockchains in 2025. Polygon has the least figure of $5.5M in revenue generation and has a TVL of $1.1B with 14.2M active addresses.
AUTHOR
Crypto journalist with years of experience providing in-depth analysis and news on blockchain and decentralized finance. With a keen eye for detail, Shahzaib delivers insightful articles that explore the latest trends, market movements, and innovations within the crypto and blockchain ecosystem. His work focuses on educating readers while offering expert commentary on the evolving landscape of digital assets, DeFi protocols, and the broader impact of blockchain technology.
LunarCrush, a platform that uses artificial intelligence (AI) to analyze digital assets like cryptocurrencies, has revealed the list of the Top 15 projects that generated revenue in the year 2025. In the given list, the Tether project is leading all the projects with 16.9M active addresses over the past 30 days and has successfully able to generated revenue of $5.2B.
Circle is the runner-up in this race with 7.5M active addresses and also shows considerable growth in revenue, which is about $2.4B, during the year 2025. The next one is Hyperliquid, which shows very good growth in TVL about $4.1B, and has 292.7K active addresses with $630M revenue generation. Phoenix Group has revealed this news through its official X account.
Pump Fun, Ethena, and PancakeSwap Lead the Crypto Revenue Race in 2025 Pump Fun stands at the fourth position with 864.9K active addresses, along with the $549M revenue generated and TVL of $199.3M in 2025. Then comes Ethena with $389M in revenue generation and TVL of $6.5B. Ethena also has 38.7K active addresses. In addition, the Axiom project comes with $357M in revenue generation.
Sky project appeared with the value of 699.1K in active addresses perspective and holding a TVL of $6.1B with $355M in revenue generated. PencakeSwap has a central position in the given top projects, having successfully generated revenue of $317M and TVL of $2.4B, along with $2.0M active addresses. Moreover, Phantom has earned revenue of $293M in the year 2025.
Aerodrome Secures 10th Spot as Revenue and Usage Define Crypto 2025 The Aerodrome project could earn the 10th position in the given list of the top projects that performed well in the year 2025 in three aspects, which are active addresses, TVL, and revenue. Aerodrome appears on the list with a TVL of $445.9M and is successfully able to generate $207M revenue with 65.2K active addresses. Furthermore, the Photon project could be able to earned revenue of $188M with 56.0K active addresses during the year 2025.
The Aave project has a TVL of $33.3B and is hardly able to generate revenue of $130M, which is the low as compared to the previously discussed projects, and has 147.9K active addresses. Aethir comes in the last third position in the projects given list with active addresses of 19.0K and having $120M revenue in the year 2025.
The Raydium project is hardly able to make its position in the list, although it stands at the second last position with a TVL of $1.3B and 4.2M active addresses with $91.6M revenue. Last but not least, Lido got the last position in the race of top projects in 2025. Lido has the lowest figure of $83.3M in revenue generation and has a TVL of $25.8B with 24.6K active addresses.
AUTHOR
Crypto journalist with years of experience providing in-depth analysis and news on blockchain and decentralized finance. With a keen eye for detail, Shahzaib delivers insightful articles that explore the latest trends, market movements, and innovations within the crypto and blockchain ecosystem. His work focuses on educating readers while offering expert commentary on the evolving landscape of digital assets, DeFi protocols, and the broader impact of blockchain technology.
LunarCrush, a platform that utilizes artificial intelligence (AI) to analyze digital assets such as cryptocurrencies, has officially announced the top derivatives projects by social activity of day 30 Jan, 2026. These derivatives are the future trading platforms. Social activity encompasses Engaged Posts and Interactions. Derivatives are perpetual trading platforms and this article cover their native tokens based in their social media activity. This list of top derivative projects discusses the performance of $HYPE, $ASTER, $JUP, $MYX, $AVNT, and a few others.
Hyperliquid ($HYPE) dominates over the entire derivatives projects list of 30 Jan, 2026, with clear distinctions. $HYPE got 8.9K Engaged Posts along with the Interactions value of 1.7M. Next one is Aster ($ASTER), in the second position with 4.0K in Engaged Posts and 577.7K in Interactions. Phoenix has released this news through its official social media X account.
$JUP and $MYX Shine While Avantis and Gains Struggle in Engagement Rankings Jupiter ($JUP) and MYX Finance ($MYX) have successfully got 3rd and 4th positions in the given list of top derivatives projects by social activity. Jupiter ($JUP) has a distinct figure of Interactions about 241.6K, along with 1.7K in Engaged Posts. Furthermore, the next one, MYX Finance ($MYX), is hardly able to maintain its position with 1.3K Engaged Posts and 45.1K Interactions. Both projects have a negligible difference of 0.4K in Engaged Posts.
In addition, Avantis ($AVNT) and Gains Network ($GNS) are two among the derivatives projects having 784 and 625 Engaged Posts and 34.5K and 27.5K Interactions, respectively. These two projects have a difference of 7.0K in Interactions. They are struggling at 5th and 6th positions respectively.
Global Markets Exchange ($GMX) is making an effort with 488 Engaged Posts and 48.0K Interactions. Global Markets Exchange ($GMX) is the derivative project that has a difference of 119 in Engaged Posts and 37.9K in Interactions with its nearest derivative project, Perpetual Protocol ($PERP). So, Perpetual Protocol ($PERP) has 369 Engaged Posts and 10.1K in Interactions and has positioned itself at the 8th position.
Simultaneously, Synthetix ($SNX) is also among the top 10 derivatives projects by social activity and has successfully got the 2nd last position in the given list. Synthetix ($SNX) attained 301 Engaged Posts and 7.6K in Interactions. Last but not least, Drift Protocol ($DRIFT) got the last position in the list with 274 Engaged Posts and has 4.7K Interactions.
AUTHOR
Crypto journalist with years of experience providing in-depth analysis and news on blockchain and decentralized finance. With a keen eye for detail, Shahzaib delivers insightful articles that explore the latest trends, market movements, and innovations within the crypto and blockchain ecosystem. His work focuses on educating readers while offering expert commentary on the evolving landscape of digital assets, DeFi protocols, and the broader impact of blockchain technology.
TL;DRYou can now bridge up to $10 million USDC directly to Hyperliquid in seconds with Across Protocol. Across is the first bridge that sends USDC straight into Hyperliquid. No Arbitrum detours, no manual deposit steps, and near-zero fees. Your USDC arrives ready to trade instantly on Hyperliquid. Currently, this route supports USDC-SPOT, with USDC-PERP coming soon.
IntroductionWe’ve raised the bar for Hyperliquid traders yet again.
You can now bridge up to $10M USDC straight into Hyperliquid with a single click from major chains. No more Arbitrum detours. Just a fast, clean, and direct flow. And today, Across is the only bridge where this is possible.
Whether you’re a whale or a casual trader on Hyperliquid, this post is for you.
The Problem: No Direct Path to HyperliquidBefore today, moving USDC into Hyperliquid was… complicated.
What should’ve been simple involved a bunch of steps. You had to route through Arbitrum first. Some bridges needed multiple signatures, and large transfers often slowed down or capped out well below what serious traders wanted to move.
The result? You ended up wasting time and money.
This changes now.
Across Protocol: Bridge USDC Directly to HyperliquidEnjoy the most direct path to your favorite trading platform. You can now bridge up to $10M USDC directly to Hyperliquid from any CCTP-enabled chain, including Ethereum, Arbitrum, and Base. And you can do it in seconds with near-zero fees.
Here’s the best part: when your USDC lands in Hyperliquid, you can start trading instantly. No extra deposit steps, no jumping between chains. Currently, this route supports USDC-SPOT, with USDC-PERP coming soon.
If you are a market maker, high-frequency trader, or someone moving large sizes of funds, you finally have a reliable and scalable bridge that matches the speed of Hyperliquid itself.
This is a fundamentally faster, cleaner, more scalable path for moving liquidity into Hyperliquid.
What’s New Under the HoodAcross now routes USDC into HyperCore using a streamlined path powered by the Across Swap API embedded with CCTPv2. Behind the scenes, your transfer is filled on HyperEVM, then passed directly into HyperCore, where your USDC becomes instantly usable on Hyperliquid.
All of this is wrapped behind a single bridging action.
Here’s what that means for you:
One-click bridging: bridge into HyperCore without touching Arbitrum.
Fast settlement: typically 8–20 seconds.
Low, predictable fees: 1bp from Arbitrum, and low-range bps from other chains.
Institutional-Grade Transfer Capacity: supports transfers up to $10 million, a threshold competing bridges can’t handle today.
You just send USDC in, get USDC on Hyperliquid, and start trading immediately.
Across routes USDC into HyperCore using a streamlined path powered by the Across Swap API embedded with Circle’s CCTPv2.How to Bridge USDC to HyperliquidHead to app.across.to.
Select your origin chain (Solana, Base, Ethereum, etc.) and USDC as your origin token.
Choose HyperCore as the destination and USDC as your destination token.
Enter the amount of USDC you want to bridge.
Bridge and confirm in your wallet.
Receive USDC on Hyperliquid in seconds!
There’s nothing new to learn. Just a dramatically better experience and path behind the scenes.
Start BridgingThe direct USDC to Hyperliquid bridge is live. Why take extra steps? Just use Across.
PANews reported on September 18th that, according to its official Medium post , AltLayer released Rumour.app , the first platform to transform market rumors into tradable signals. The platform allows users to verify, share, and directly execute trades within a single interface, improving trading efficiency. Rumour will launch during Korea Blockchain Week ( KBW ) and Singapore's Token2049 , with a pre-launch event offering a total prize pool of $ 40,000 USD, including trading rewards and a rumor submission contest. The platform, powered by Hyperliquid , focuses on mobile and real-time signal sharing.
Delphi Digital says the airdrops are over, after finding that 78% to 94% of recipient wallets across six major tokens sold most of their allocation within 90 days.
The research firm tracked 3.7 million wallets over five years, arguing that free token giveaways now produce sellers rather than committed holders.
Are Airdrops Dead? Delphi Says Up to 94% of Wallets Dump Within 90 DaysAirdrops became a standard way for projects to seed communities and reward early users. However, the model has faced scrutiny lately.
Delphi studied Uniswap (UNI), Arbitrum (ARB), Jupiter (JUP), and Pudgy Penguins (PENGU), among other tokens spread across four chains. Exit rates rose over time rather than settling down.
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Holders Selling Tokens After an Airdrop. Source: X/Delphi DigitalDelphi found real dump rates ran 4 to 11 percentage points higher at day 90 than at day 30. The widely cited 30-day figure, therefore, understates the number of recipients who leave.
The firm made four core arguments for why it could get worse for airdrops. First, the cost of running fake “sybil” wallets is collapsing toward zero as automated tools make farming cheap and detection unreliable.
Second, the next wave of issuers, including tokenized treasuries and regulated DeFi, won’t send tokens to anonymous wallets. Third, the acquisition math fails, with Arbitrum paying an estimated $1.16 billion to users who left within a month.
Finally, the firm also said that outlier wins prove little. Hyperliquid (HYPE) absorbed sales through buybacks, funded by more than $1 billion in revenue. Jito (JTO) avoided farming because its eligible group stayed small.
“Token economics are starting to require real protocol performance. MegaETH locked 53% of its supply behind performance targets. Pendle routes roughly 80% of revenue into buybacks for stakers. Token distribution is moving from handouts to performance,” Delphi added.
Independent tracking had already pointed the same way. A trader previously logged 30 airdrops received since December 2024, finding only one still trading above its launch price at the time. Several had collapsed almost entirely, reinforcing the pattern.
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ETH leads crypto majors higher, BTC dominance falls. US House taking steps for US to be crypto capital. Sharplink to buy $20m ETH, stock pops 12%. GameSquare raises $8m to buy ETH, stock +60%. Bit Digital stock keeps pumping on ETH pivot. BioSig, StreamEx to tokenise commodities on SOL. Phantom intros perps powered by Hyperliquid. GMX faces $40m exploit. Tether reveals $8b gold stock pile in Swiss vault. Expect us to be largest BTC miner this year: Tether. OpenAI stock tokens backed by SPV: Robinhood. Aevo offers 1000x lev on tokenised stocks. DoJ charges OmegaPro founders with $650m fraud. Tether is a money launderer’s dream: The Economist. EIGEN announces 25% reduction in staff
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Coin PricesPUMP.FUN TOKENOMICS, $HYPE, BONKGUY META
ETH leads crypto majors higher, BTC dominance falls. US House taking steps for US to be crypto capital. Sharplink to buy $20m ETH, stock pops 12%. GameSquare raises $8m to buy ETH, stock +60%. Bit Digital stock keeps pumping on ETH pivot. BioSig, StreamEx to tokenise commodities on SOL. Phantom intros perps powered by Hyperliquid. GMX faces $40m exploit. Tether reveals $8b gold stock pile in Swiss vault. Expect us to be largest BTC miner this year: Tether. OpenAI stock tokens backed by SPV: Robinhood. Aevo offers 1000x lev on tokenised stocks. DoJ charges OmegaPro founders with $650m fraud. Tether is a money launderer’s dream: The Economist. EIGEN announces 25% reduction in staff
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Jul 9, 2025
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A recent report highlighted three major reasons Solana (SOL) has struggled to keep pace with Ethereum (ETH), at least from a market performance perspective that goes beyond day-to-day price movements.
Market expert Dominic Basulto from The Motley Fool pointed to factors that, in his view, have shaped investor sentiment and affected Solana’s momentum in key areas.
The Meme Coin Hangover One of the most important drivers, Basulto said, is how many investors still associate Solana with the meme coin craze of 2024. During that period, Solana became the preferred destination for people minting and trading meme coins, and the conversation frequently included the idea of a “meme coin supercycle.”
At its high point, the meme coin market was valued at around $150 billion. Today, Basulto said the segment is worth less than $40 billion, and many individual meme coins are still far below their 2024 highs.
For some investors, according to the expert, the connection between Solana and that hype cycle never fully faded, which may have contributed to lingering hesitation toward the network.
A second explanation involves Solana’s attempt to build a mobile-first crypto ecosystem—and the belief that it never took off as its early ambitions suggested.
Back in June 2022, Solana announced the launch of a mobile device called Saga, along with a broader mobile strategy. Basulto noted that the Saga was positioned as a breakthrough, but at a price of $999, it struggled to compete with mainstream smartphones.
While Solana later introduced a cheaper alternative, the bigger idea of creating a mobile crypto environment did not seem to catch on with investors or consumers at the scale required to create a sustained advantage.
Solana ETF Momentum Falls Short The third reason Basulto raised centers on Solana exchange-traded funds (ETFs) and the expectation that they would draw in a meaningful wave of institutional interest.
He noted that eight spot Solana ETFs are now trading in the US, but they have not achieved the momentum seen with spot Bitcoin (BTC) ETFs, which launched in January 2024.
The rollout of spot Solana ETFs was widely viewed as a potential catalyst—something that could bring more institutional capital into the space.
Instead, Basulto said Solana ETF momentum has remained limited. He estimated that total assets under management (AUM) for spot Solana ETFs are currently about $1.1 billion, which contrasts sharply with spot Bitcoin ETFs that reportedly pulled in $100 billion in less than 12 months.
Even so, Basulto’s overall conclusion was not pessimistic. He argued that Solana may still represent a stronger long-term investment compared with Ethereum, based on what he described as a visible shift in Solana’s direction.
In his view, Solana is pivoting away from meme coins and moving toward stablecoins, while also strengthening its presence in decentralized finance (DeFi).
Basulto added that Solana remains faster and cheaper than Ethereum, and that these advantages could keep drawing developers and users toward Solana over time.
The 1D chart shows SOL’s consolidation below $90. Source: SOLUSDT on TradingView.com At the time of writing, SOL was trading at around $86, with losses recorded across all time frames, amounting to a 51% drop year-to-date (YTD). Meanwhile, ETH was trading just above $2,100, also recording losses across all time frames and a YTD drawdown of 20%.
Featured image created with OpenArt, chart from TradingView.com
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Miles Deutscher, a prominent crypto analyst with over 575,000 followers on X (formerly Twitter), has unveiled his top ten artificial intelligence (AI) altcoins poised for significant growth by 2025. Emphasizing the burgeoning potential of the AI sector within the cryptocurrency landscape, Deutscher suggests that this could be “the biggest opportunity of the bull run.”
Why AI Offers A Lot Of Potential Deutscher highlights the rapid expansion of the global AI market, noting that it grew by approximately $50 billion between 2023 and 2024. Projections estimate a compound annual growth rate (CAGR) of 28.46%, potentially surpassing $826 billion by 2030. Despite AI’s significant presence in public discourse—accounting for nearly one-third of attention in the crypto space—it currently ranks as the 34th largest crypto sector by market capitalization, trailing behind sectors like liquid staking, memecoins, and decentralized finance (DeFi). “Yet, AI is still only the 34th ranked crypto sector by market cap, behind liquid staking, dog memes, DeFi, and more. I could easily see AI as a top 5-10 sector in a year’s time,” Deutscher stated.
He argues that this disparity presents a massive opportunity for investors. “Many mid-low cap AI tokens are still sitting at ridiculously low valuations. All it takes is a strong rotation into AI for many of these to quickly reprice 5-10x higher,” he explained. Deutscher outlines his fundamental thesis for why AI crypto is set for substantial growth. Firstly, he notes that everyone is becoming aware of how impactful AI will be on society. “Either people are scared, excited, or intrigued by the latest developments. This already cements AI in general in the minds of the masses,” he said.
Secondly, he points out that AI is constantly innovating, with new products regularly entering the market. “Every time a new AI product is released, this puts even more focus on the sector. And crypto is an attention economy. More eyeballs equals more speculation,” Deutscher observed. Thirdly, he believes that crypto offers a lower barrier to gain exposure to the growth of AI. “Crypto is easier to access, able to be fractionalized, and generally ‘cheaper’ than investing in, let’s say, AI equities. For retail, this is a massive benefit,” he asserted.
Finally, he highlights the recent rise of AI agents, which has made people aware of the power of AI integrated with crypto. “We’re moving into a future where AI agents will trade autonomously on-chain for you, manage your portfolio and risk, DeFi, and more. It’s going to completely change the landscape of crypto,” Deutscher predicted. He also notes that this trend is occurring in traditional tech sectors, with corporations like Adobe and Expedia integrating AI agents into their operations.
Focusing on the AI and crypto landscape, Deutscher mentions that he is investing across various verticals, with a particular emphasis on AI agents and AI infrastructure. He is concentrating on “pick-and-shovel infrastructure protocols” rather than individual AI agents or broader DePIN plays. He discloses that he holds positions in all the projects he mentions, some as a strategic advisor and investor.
Top 10 AI Altcoins Deutscher’s top ten AI altcoins, ordered from the largest to the smallest market capitalization, are as follows.
First on the list is Bittensor (TAO), which he describes as the AI market leader. Bittensor focuses on decentralizing AI research and has already seen significant adoption in scientific communities. “With the recent rollout of EVM compatibility, the network has taken a huge step forward, opening the door for developers to build DeFi ecosystems and unlock new use cases,” Deutscher noted.
Second is NEAR Protocol (NEAR), which he identifies as the leading Layer 1 (L1) blockchain intersecting with AI. “For those bullish on both verticals, NEAR serves as a solid proxy. Fun fact: Since its mainnet launch in October 2020, it has maintained 100% uptime,” he remarked.
Third is Grass (GRASS), a standout launch this cycle due to its data pipeline that seamlessly connects the real world with AI and crypto. “Recent developments in AI make data one of the most valuable commodities in the world. Grass uses crypto incentives to create a data pipeline that most AI companies otherwise cannot tap into,” he explained. He added that the demand for the Grass network is undeniable and that the protocol’s future looks incredibly promising.
Fourth is Spectral (SPEC), one of the leading AI agent infrastructure plays, allowing anyone to deploy and engage with AI agents. “With Syntax V2, you’ll be able to interact with sentient agents with personalities, which trade on Hyperliquid in accordance with the community’s input. It’s an interesting mix of fun, collaboration, and speculation,” Deutscher commented.
Fifth is Mode Network (MODE), which, although known as a Layer 2 (L2) solution, has been building AI technology for over a year. “They are leading the future of DeFi by facilitating the deployment of AI-driven agents, which will autonomously farm yield and optimize your portfolio on your behalf,” he said.
Sixth on the list is NeuralAI (NEURAL), connecting AI and gaming—two of crypto’s biggest adoption drivers. “They just announced SentiOS, which supplies autonomous AI to create, populate, and bring virtual worlds and economies to life,” Deutscher mentioned.
Seventh is PinLinkAi, where Deutscher is a strategic advisor and investor. PinLink is the first real-world asset-tokenized DePIN platform, empowering the fractional ownership of yield-bearing assets, physical or digital. “They have also recently partnered with Akash, Pendle, FetchAI, OpenSea, Alephium, ParallelAI, and more. Their business development is on another level,” he praised.
Eighth is Zero1 Labs (DEAI), another project where he serves as a strategic advisor and investor. Zero1 Labs enables innovators to build decentralized AI applications with fully homomorphic encryption, ensuring secure data governance and complete privacy. “Think of it as a pick-and-shovel AI infrastructure play. With a market cap of around $76 million, this is one of my ‘higher upside’ AI bets,” Deutscher revealed. He noted the debut of Seraphnet, the first of many projects planned through their incubator.
Ninth is Empyreal, also a project where he is an advisor and investor. As a believer in AI agents, Deutscher highlights that Empyreal provides AI infrastructure to turn social media messages into on-chain actions like trades and swaps through their Simulacrum platform. “It’s super cool,” he added.
Tenth is enqAI (ENQAI), another project where Deutscher is involved as an advisor and investor. EnqAI is a decentralized large language model network solving the bias and censorship issues common to centralized AI. “Despite its $20 million market cap, enqAI already has 20,000 monthly active users across 50-plus countries and has already handled over one million API requests with minimal downtime or lags,” he highlighted.
As a bonus, Deutscher mentions Guru Network (GURU), where he is also an advisor and investor. With its Layer 3 mainnet now live, Guru powers AI processors and chatbots with a decentralized exchange, stablecoin support, bridges, and base chain integration. “I’ve been working with Guru to launch a Telegram and Discord mini-app, delivering a full turnkey solution for DeFi on Telegram. It’s going to be very cool!” he exclaimed.
Deutscher emphasizes the importance of risk management. He reveals that his personal portfolio balance is approximately 70% large caps and 30% small to mid caps. “I recommend that you do your own research, and if you do decide to take a position in any of these protocols, make sure to manage position sizing and risk in line with your goals and overall strategy,” he advised.
At press time, TAO traded at $630.80.
TAO price, 1-day chart | Source: TAOUSDT on TradingView.com Featured image created with DALL.E, chart from TradingView.com
PANews reported on June 17th that, according to SoSoValue data, the crypto market saw mixed performance across sectors, with the DeFi sector performing exceptionally well, rising 7.29% in the last 24 hours. Among them, LAB (LAB) rose 37.97%, Block Street (BSB) and Uniswap (UNI) rose 31.18% and 10.72% respectively, and Hyperliquid (HYPE) rose 10.38%, briefly breaking through $76 during the session, setting a new all-time high.
Other sectors that performed well include: AI (up 4.42% in 24 hours, Worldcoin (WLD) up 19.58%); RWA (up 2.16%, Centrifuge (CFG) up 11.21%); and Meme (up 1.26%, SPX6900 (SPX) up 16.72%).
In other sectors, the Layer 2 sector fell 0.13%, but Celestia (TIA) rose 9.74%; the Layer 1 sector fell 0.18%, while Cosmos Hub (ATOM) remained relatively strong, rising 3.43%; the PayFi sector fell 0.64%, while Stellar (XLM) bucked the trend, rising 4.88%; the CeFi sector fell 1.43%, while Aster (ASTER) surged 2.80% intraday; the NFT sector fell for the third consecutive day, with a 24-hour drop of 20.83%, and within the sector, Audiera (BEAT) fell 44.03%.
Rubio: US and Iran to continue technical consultations at the end of this month
Multiple foreign media outlets reported on the 24th that US Secretary of State Rubio said technical teams from the United States and Iran will hold further talks in Switzerland by the end of June. (Xinhua News Agency)
4 hours ago
Over the past 24 hours, total crypto market liquidations hit $606 million, with more than 130,000 traders liquidated.
According to Coinglass data, the global cryptocurrency market recorded $606 million in liquidations over the past 24 hours, including $542 million in long-position liquidations and $68.22 million in short-position liquidations. A total of 135,785 traders worldwide were liquidated in the same period, with the largest single liquidation order occurring on Binance’s BTCUSDT trading pair, valued at $12.0111 million.
4 hours ago
Bitcoin falls below $60,000
According to HTX market data, Bitcoin has fallen below $60,000, with a 4.3% drop in the past 24 hours.
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US Treasury Secretary: AI boom may boost productivity and help curb inflation.
US Treasury Secretary Bessent told CNBC in an interview that he hopes the Federal Reserve will remain "open-minded" about the inflation pattern after the reversal of Iran-related energy price hikes. Bessent noted that the U.S. could enter an economic environment marked by high GDP growth without a corresponding rise in traditional inflation. He cited that in the 1990s, Alan Greenspan foresaw that office modernization and the internet could drive non-inflationary growth, and allowed the economy to keep expanding. Bessent believes the U.S. has a strong chance of seeing a similar scenario again. When asked whether the Fed still needs to worry about potential inflation and whether interest rate cuts are possible this year or next, Bessent declined to comment. However, he argued that it is necessary to stay open-minded about the price or inflation impacts from the Iran conflict, and monitor inflation performance after those effects subside. Bessent also said an open mind is needed, as the AI boom could boost productivity and deliver disinflationary effects, helping inflation return to the Fed’s target level. He added that he believes Kevin Warsh will choose the optimal path that meets both the Fed’s inflation and growth mandates. Bessent also noted that Warsh previously took a hawkish stance on inflation.
4 hours ago
US stocks' intraday storage sector sees broad declines, with Western Digital and Seagate Technology both falling over 4%.
According to Bitget data, during U.S. stock trading hours, the storage sector saw broad declines: Western Digital (WDC) fell 4.47%, Seagate Technology (STX) dropped 4.17%, SanDisk (SNDK) declined 2.31%, and Micron Technology (MU) edged down 0.96%. Most optical communication concept stocks rose, with Corning (GLW) leading the gains at 9.75%, followed by Ciena (CIEN) up 3.24%, Coherent (COHR) rising 2.93%, Lumentum (LITE) gaining 2.61%, and Nokia (NOK) advancing 1.82%. Additionally, Marvell Technology (MRVL) fell 2.59% and Applied Optoelectronics (AAOI) declined 1.90%.
4 hours ago
During intraday trading in U.S. stocks, crypto-related concept stocks fell broadly, with MSTR dropping more than 7%.
According to Bitget market data, the three major U.S. stock indexes rose broadly: the Dow Jones Industrial Average gained 0.94%, the S&P 500 increased 0.60%, and the Nasdaq rose 0.63%. Crypto-related stocks fell across the board, with declines as follows: Strategy (MSTR) down 7.33%; Circle (CRCL) down 4.35%; Bitmine (BMNR) down 3.97%; Coinbase (COIN) down 3.73%; Robinhood (HOOD) down 3.70%; Gemini (GEMI) down 3.27%; Bullish (BLSH) down 3.25%; Sharplink (SBET) down 3.19%.
In brief Hyperliquid temporarily paused Arbitrum-based deposits and withdrawals. A community-owned vault suffered nearly $5 million in losses. Onlookers attributed the loss to a potentially malicious Popcat trader. Hyperliquid traders using Arbitrum-based infrastructure were temporarily unable to make deposits or withdrawals on Wednesday, as the decentralized exchange for perpetual futures appeared to respond to a series of potentially malicious Popcat trades.
Blockchain researcher Conor Grogan was among onlookers on X who said withdrawals were “processing normally” again, less than a couple of hours after Hyperliquid’s users began peppering the project’s Discord server with questions about a potential attack.
“The blockchain is not under maintenance,” an admin for Hyperliquid’s discord server who goes by iliensinc said. “The Arbitrum bridge is temporarily paused. Other deposits and withdrawals should be unaffected.”
Previously, members of Hyperliquid’s Discord server had shared screengrabs of a notice from Hyperliquid’s website, saying “USDC deposits and withdrawals from the Arbitrum bridge are paused for maintenance.”
A community-owned “vault” on Hyperliquid, where users can deposit funds, lost $4.9 million on Wednesday, according to the exchange’s website. The loss was linked to positions being liquidated on the exchange by an individual who goes by MLM on X.
Someone just passed $5M of bad debt on POPCAT to Hyperliquid’s Hyperliquidity Provider (HLP).
The individual affected had withdrawn $3M this morning from OKX, and split it across 19 different accounts, all used to long POPCAT with ~5x leverage.
These 19 accounts were liquidated… pic.twitter.com/esqeKudqlf
— Arkham (@arkham) November 12, 2025
Using $3 million in stablecoins, an individual entered into $20 million worth of long positions across 19 wallets, MLM said. The individual, who was betting on the price of meme coin Popcat to increase, was later liquidated, forcing the community-owned vault to step in, MLM said.
MLM said that Hyperliquid “manually closed the position,” but not before the meme coin’s falling price caused notable losses for the community-owned vault. In recent months, users’ liquidations have caused temporary setbacks for the vault.
The dynamic also led Hyperliquid to delist Solana-based meme coin JELLYJELLY, provoking criticism that the exchange is not as decentralized as people may think.
MLM claimed that the Popcat-linked activity was “clearly a deliberate attempt to mess” with Hyperliquid and the community-owned vault, but the situation hadn’t been acknowledged by the decentralized exchange yet, as of this writing.
Hyperliquid’s status page details no recent incidents, but a transaction on Ethereum layer-2 scaling solution Arbitrum shows an “EmergencyLock” function was triggered.
Decrypt has reached out to Hyperliquid.
Popcat has a market capitalization of $136 million, according to crypto data provider CoinGecko. Although the meme coin’s price had risen 5.6% to $0.13 over the past day, the Solana-based token’s price was still down 91% over the past year.
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In brief Hyperliquid temporarily paused Arbitrum-based deposits and withdrawals. A community-owned vault suffered nearly $5 million in losses. Onlookers attributed the loss to a potentially malicious Popcat trader. Hyperliquid traders using Arbitrum-based infrastructure were temporarily unable to make deposits or withdrawals on Wednesday, as the decentralized exchange for perpetual futures appeared to respond to a series of potentially malicious Popcat trades.
Blockchain researcher Conor Grogan was among onlookers on X who said withdrawals were “processing normally” again, less than a couple of hours after Hyperliquid’s users began peppering the project’s Discord server with questions about a potential attack.
“The blockchain is not under maintenance,” an admin for Hyperliquid’s discord server who goes by iliensinc said. “The Arbitrum bridge is temporarily paused. Other deposits and withdrawals should be unaffected.”
Previously, members of Hyperliquid’s Discord server had shared screengrabs of a notice from Hyperliquid’s website, saying “USDC deposits and withdrawals from the Arbitrum bridge are paused for maintenance.”
A community-owned “vault” on Hyperliquid, where users can deposit funds, lost $4.9 million on Wednesday, according to the exchange’s website. The loss was linked to positions being liquidated on the exchange by an individual who goes by MLM on X.
Someone just passed $5M of bad debt on POPCAT to Hyperliquid’s Hyperliquidity Provider (HLP).
The individual affected had withdrawn $3M this morning from OKX, and split it across 19 different accounts, all used to long POPCAT with ~5x leverage.
These 19 accounts were liquidated… pic.twitter.com/esqeKudqlf
— Arkham (@arkham) November 12, 2025
Using $3 million in stablecoins, an individual entered into $20 million worth of long positions across 19 wallets, MLM said. The individual, who was betting on the price of meme coin Popcat to increase, was later liquidated, forcing the community-owned vault to step in, MLM said.
MLM said that Hyperliquid “manually closed the position,” but not before the meme coin’s falling price caused notable losses for the community-owned vault. In recent months, users’ liquidations have caused temporary setbacks for the vault.
The dynamic also led Hyperliquid to delist Solana-based meme coin JELLYJELLY, provoking criticism that the exchange is not as decentralized as people may think.
MLM claimed that the Popcat-linked activity was “clearly a deliberate attempt to mess” with Hyperliquid and the community-owned vault, but the situation hadn’t been acknowledged by the decentralized exchange yet, as of this writing.
Hyperliquid’s status page details no recent incidents, but a transaction on Ethereum layer-2 scaling solution Arbitrum shows an “EmergencyLock” function was triggered.
Decrypt has reached out to Hyperliquid.
Popcat has a market capitalization of $136 million, according to crypto data provider CoinGecko. Although the meme coin’s price had risen 5.6% to $0.13 over the past day, the Solana-based token’s price was still down 91% over the past year.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
