Track market-moving stories before they get noisy

Circle surges more than 6%, now trading at $92.67

According to market data from BIT (bit.com), Circle’s shares rose more than 6% intraday, currently trading at $92.67. Earlier reports noted that Hyperliquid is in discussions with Kraken’s parent company to enter the U.S. market.

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ByteDance's New Stock Guru Takes Over: US Stock Assets Surge 23-Fold in 7 Years, Core Strategy "Buy Early and Hold Steadfast"

The central figure behind the viral story "ByteDance Employee Makes 23x Gains Trading US Stocks", Dexter Yang, posted that over the more than 7 years since he joined ByteDance on January 14, 2019, ByteDance options have appreciated 4.5 to 5 times at the repurchase price, yielding an annualized return of 22% to 24%; based on the company's market valuation (USD 600 billion to USD 1 trillion), they have risen 8 to 13 times, with an annualized return of 31% to 40%. His personal US stock assets have surged 23 times over the same period, delivering an annualized return of 51%. If such returns are not attainable, excelling at work at ByteDance and earning more options is the optimal investment. Career development mirrors investing: it requires taking risks, entering early, staying committed, and achieving exponential growth through compound interest from personal growth and sector accumulation—essentially, it's about "buy and hold". Earlier, Leto Bao, a former ByteDance employee nicknamed "ByteDance Stock Trading Guy", reaped massive profits by capitalizing on the AI storage sector via US stock investments. Online reports claim he earned approximately RMB 30 million and subsequently resigned.

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Viewpoint: Bitcoin’s rebound momentum remains strong, with institutional allocations and speculative leverage rising in tandem.

Glassnode noted in a report that Bitcoin is currently trading around $78,600, having largely held onto the strong rally it launched from the $64,000 zone at the end of August after earlier breaking above $80,000. The broader digital asset market still shows strong institutional demand, though activity in spot and derivatives trading has cooled in some segments. Meanwhile, price momentum has clearly exceeded the upper bound of its statistical range. The secondary market’s trading volume and spot Cumulative Volume Delta (CVD) indicate that the balance of buying power in the market may be shifting, while retail participation has also weakened. Traditional finance capital continues to flow into regulated crypto investment products. U.S. spot Bitcoin ETF holdings remain profitable and have maintained weekly net inflows. At the same time, short-term, price-sensitive capital is entering the market, coinciding with high options open interest and a rapid narrowing of volatility spreads—signaling that market participants may be underestimating short-term volatility risks. On-chain data also reflects a pattern of "active settlement but weakening user participation": entity-adjusted transaction volumes are significantly above normal levels, while daily active addresses and total fee revenue have declined slightly. Overall, the Bitcoin market is in a transition phase from a strong rally to structural divergence. Sustained institutional capital allocation and a rebound in on-chain valuations are providing market support, though speculative leverage is rising and signs of short-term capital selling have begun to emerge. The market’s fundamentals remain solid, but short-term volatility and correction risks are on the rise.

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Iran's Revolutionary Guards: An MQ-9 drone was shot down east of the Strait of Hormuz.

The Iranian Revolutionary Guard Corps stated that an MQ-9 drone was shot down east of the Strait of Hormuz.

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Telegram Founder: Gram Wallet Is Ready, Now Open to Select Users

Telegram founder Pavel Durov announced in a post on his personal channel that Telegram’s Gram wallet is now ready for use and currently available to a select group of users. It will be gradually rolled out to over 1 billion users in the coming weeks. Durov thanked the validators who approved the core smart contract, noting this means future wallet upgrades will not require cumbersome wallet migrations. This is just one of many innovations Telegram has developed to enhance the usability of non-custodial wallets.

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PayBox integrates with Grok, enabling users to complete payments and on-chain transactions via AI agents through conversation.

According to official announcements, PayBox has rolled out payment and wallet features tailored for Grok users, enabling them to leverage natural language conversations to have AI agents handle transactions, shopping, and payments. PayBox is a payment vault and non-custodial wallet that supports AI agents in securely executing transactions on the Solana blockchain, its ecosystem, and the open internet. To use the service, users can connect PayBox to Grok: after completing authorization, they can call relevant payment functions through conversation. The connection process involves navigating to Grok’s Connectors page, selecting "New Connector" and "Custom", naming the connector PayBox, filling in PayBox’s MCP server address to finalize the addition, then logging in and authorizing to start transacting.

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Hyperliquid Labs is in advanced talks with Kraken parent Payward to bring some of its perpetual futures to US traders through regulated digital asset exchange Bitnomial.

The proposed arrangement would allow registered Bitnomial users to trade a subset of futures linked to crypto tokens built on Hyperliquid technology, according to a Bloomberg report.

Any agreement would still require regulatory approval. Payward has presented the Commodity Futures Trading Commission with a proposal outlining the basic structure of the arrangement, according to the report.

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The talks come just weeks after President Donald Trump said his administration was working to bring Hyperliquid into the US market.

Hyperliquid is currently unavailable to US customers despite becoming one of the largest venues for perpetual futures trading. The platform handles more than $4 billion in daily volume, according to the report.

Under the proposed structure, Payward subsidiary Bitnomial would provide the regulated venue through which eligible US traders could access selected Hyperliquid-linked futures.

That could offer Hyperliquid a path into the US without requiring its decentralized platform itself to operate as a registered US exchange.

Regulators have historically raised concerns around permissionless trading platforms because their structure can complicate oversight related to market manipulation, money laundering, and sanctions compliance.

The CFTC did not comment specifically on the discussions but said the US must keep pace with advances in trading and financial markets to remain a global center for financial innovation.

HYPE rose more than 5% over the past 24 hours, with most of the move coming after news of the talks emerged. The token is now up roughly 230% since the start of the year.

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

@HyperliquidX Labs is in advanced discussions with @Payward, the parent company of crypto exchange Kraken, about opening access to its perpetual futures market for US traders, according to a Bloomberg report citing people familiar with the matter.

The Bitnomial Bridge The proposed arrangement would allow US users to trade select crypto-token perpetual futures built on Hyperliquid's technology through Bitnomial, the CFTC-licensed exchange that Payward acquired this year.

Political Backdrop and Market Reaction The talks follow remarks made by President Trump on August 19 that CFTC Chair Michael Selig was working to bring Hyperliquid into the US on a compliant basis.

Any arrangement between Hyperliquid and Payward would still require regulatory sign-off. Representatives of both companies declined to comment on the Bloomberg report. on the news, reflecting market concern about potential competition from a regulated Hyperliquid presence in the US.

Sources:
Payward Completes Acquisition of Bitnomial (BusinessWire)
Hyperliquid Eyes US Perps After CFTC's May 29 Opening (FinanceFeeds)
ICE and Nasdaq Shares Fall on Hyperliquid US Entry Reports (Investing.com)

In brief Hyperliquid is in advanced talks to bring its perpetual futures to US traders through Kraken parent Payward's regulated Bitnomial exchange and clearinghouse, according to Bloomberg The arrangement would solve the core issue keeping the Singapore-based, decentralized platform—which handles over $4 billion in daily volume with no central operator—out of the US. The talks follow Trump's remarks that his administration was working to bring Hyperliquid onshore, and come as the SEC and CFTC push to pull offshore perps trading back onto U.S. platforms. Hyperliquid is in advanced discussions to bring its perpetual futures to American traders through Kraken's parent company, Payward, according to a report from Bloomberg.

The talks, reported Monday and attributed to people familiar with the matter, would let U.S.-based traders access a subset of Hyperliquid's crypto-linked perpetual futures through Payward's Bitnomial, a U.S.-regulated digital asset exchange and clearinghouse, Bloomberg reported. Representatives for Payward and Hyperliquid Labs declined to comment to the outlet.

Myriad: Will Hyperliquid flip Solana? Click to make your prediction.A deal would mark the first push into the U.S. market by Singapore-based Hyperliquid Labs, whose fast-growing platform has been off-limits to American customers. It could also offer a template for how other offshore, unregistered venues might enter the country.

Any agreement would still require regulatory sign-off, and Bloomberg reported that Payward has already presented the Commodity Futures Trading Commission with a proposal outlining the basic structure. Monetary terms weren't known.

The arrangement would address the core obstacle that has kept Hyperliquid out of the U.S. As a decentralized platform handling more than $4 billion in daily volume, Hyperliquid has no central operator, and its permissionless design lets anyone with access trade, Bloomberg noted, a setup regulators worry exposes such venues to manipulation or other criminal activity.

Routing access through Bitnomial's regulated infrastructure would provide the operator and oversight that framework requires.

The report follows President Donald Trump's remarks earlier this month, when he said his administration was working to bring the platform onshore. Trump used a White House gathering to signal that CFTC Chairman Michael Selig was seeking a path for Hyperliquid, comments that sent its HYPE token sharply higher.

The talks also land as the SEC and CFTC press ahead on rules that could pull offshore perpetual futures trading, a market that dwarfs its U.S. counterpart, back onto domestic platforms.

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Singapore-based Hyperliquid Labs is conducting advanced negotiations to make its crypto-linked perpetual futures available to US traders in partnership with Payward, the parent company of Kraken, according to people familiar with the matter cited by Bloomberg.

Path to the US marketThe proposed arrangement would enable American customers to access a select range of Hyperliquid’s perpetual futures products through Bitnomial, a digital asset exchange and clearinghouse operated by Payward and regulated in the United States.

If approved, the deal would open the US market for Hyperliquid, a decentralized trading platform with over $4 billion in daily trading volumes but which is currently inaccessible to American users. Hyperliquid has attracted attention for its permissionless model, allowing users to trade without a central operator—a setup that has raised regulatory concerns.

Payward has already submitted a proposal on the intended structure to the Commodity Futures Trading Commission (CFTC), but financial terms were not disclosed. Any final agreement would still require regulatory approval.

By routing Hyperliquid’s offerings through Bitnomial’s established, regulated infrastructure, the deal aims to provide the centralized oversight US law requires. Such a move could become a blueprint for other offshore platforms that want to enter the US market while adapting to compliance standards.

Mini dictionary: Bitnomial, based in Chicago, is a US-regulated exchange and clearinghouse authorized to offer futures and options on digital assets. Its regulatory status means it must comply with CFTC requirements for trading, risk management, and market surveillance.

Regulatory scrutiny and potential impactRegulators have expressed concern that fully decentralized and permissionless platforms like Hyperliquid could facilitate market manipulation, money laundering, or sanctions evasion. The absence of a central operator has so far prevented these platforms from offering services in the United States’ tightly regulated market.

A collaboration with Bitnomial would allow Hyperliquid’s products to fall under US regulatory oversight, potentially addressing these issues.

PlatformTypeUS Market AccessDaily VolumeHyperliquidDecentralized (Perpetual Futures)No (currently)$4 billion+BitnomialCentralized, RegulatedYesData not specifiedThe discussions also come as the Securities and Exchange Commission (SEC) and the CFTC continue their push to bring offshore crypto derivatives trading, particularly in perpetual futures, within US jurisdiction.

Political attention and market responseEarlier in the month, President Donald Trump stated at a White House event that his administration was seeking to bring Hyperliquid’s operations onshore. He said that CFTC Chairman Michael Selig was working to find a regulatory pathway for the platform. These comments triggered a surge in the value of Hyperliquid’s HYPE token.

President Trump highlighted that CFTC Chairman Michael Selig was actively searching for a way to facilitate Hyperliquid’s entry into the US market, propelling the platform’s HYPE token to rapid gains.

Representatives for both Hyperliquid Labs and Payward declined to comment on the ongoing negotiations.

Hyperliquid has faced a potential 10-to-12-month regulatory process to enter the U.S. market even if federal agencies move quickly, according to former SEC senior counsel Ashley Ebersole, after President Donald Trump said regulators were working on a compliant route for the perpetual futures platform.

Summary

Ebersole told crypto.news that bringing Hyperliquid to the U.S. would require more than a single CFTC registration or approval. The CFTC would likely oversee most crypto perpetuals, while securities-linked contracts could fall under SEC jurisdiction. Ebersole estimates that building a regulatory pathway could take 10 to 12 months even if both agencies actively pursue it. Existing law could offer a faster route, but Ebersole said congressional legislation would provide more legal certainty. Any U.S. framework created for Hyperliquid could also give Coinbase, Kraken, and other registered platforms a route to offer similar products. Ashley Ebersole, co-founder and chief legal officer at tx and a former senior counsel at the U.S. Securities and Exchange Commission, told crypto.news that the main obstacle is not simply securing permission for Hyperliquid to operate in the country. U.S. regulators would first have to establish how offshore-style crypto perpetual futures fit within existing securities and derivatives laws.

President Donald Trump brought the issue into focus on Aug. 19 during a White House meeting with crypto and financial industry executives. Trump said Commodity Futures Trading Commission Chair Michael Selig was working to bring Hyperliquid into the United States in a “fully compliant and legal fashion.” Contemporary reports did not identify an approval, regulatory structure, or timetable for such a move.

The comments came as the administration pressed Congress to advance the Digital Asset Market Clarity Act. As previously covered by crypto.news, Trump used the same Aug. 19 meeting to urge lawmakers to pass the legislation, which would establish clearer boundaries between SEC and CFTC oversight of digital assets.

Hyperliquid would need more than CFTC approval Ebersole said U.S. law does not currently provide a straightforward route for offering crypto perpetual futures to American retail customers in the same form commonly available on offshore platforms.

The CFTC would probably have primary jurisdiction over perpetual contracts tied to commodities, including crypto assets that are not securities, according to Ebersole. Contracts based on securities, however, could fall under the SEC’s authority as security-based swaps or other securities-linked products.

“The threshold issue is that U.S. law does not currently provide a straightforward regulatory pathway for offering crypto perpetual futures to U.S. retail customers in the form in which they trade offshore,” Ebersole said.

For Hyperliquid, a compliant structure could involve registration requirements covering the trading venue, clearing, and intermediaries. Ebersole said designated contract market, or DCM, and derivatives clearing organization, or DCO, infrastructure could form part of the process, with separate SEC requirements applying where securities are involved.

Registration would address only part of the problem. According to Ebersole, federal agencies would first need to determine whether Congress has already given them sufficient authority over the products and then establish rules under which perpetuals could legally be offered.

“The harder problem is not simply obtaining a registration; it is that the existing U.S. regulatory architecture was not designed around offshore-style perpetuals, so a lot of regulatory ‘building’ would be needed.”

Regulators could use formal rulemaking, exemptive relief, or a combination of both to create such a pathway, Ebersole added.

Some of that regulatory debate is already underway. In July, the Hyperliquid Policy Center and Phantom asked the CFTC to develop rules tailored to onchain markets instead of applying requirements designed for traditional intermediaries. The groups argued that decentralized software developers and non-custodial wallet providers should not automatically face the same registration obligations as conventional financial firms.

SEC and CFTC jurisdiction would follow the underlying asset Dividing responsibility between the two federal agencies would create another layer of work.

Ebersole compared the issue with the framework established after the Dodd-Frank Act, which divided federal oversight between swaps regulated by the CFTC and security-based swaps overseen by the SEC. In his view, crypto perpetuals could follow a similar principle, with jurisdiction determined by the economic exposure of each contract.

A perpetual based on a security or group of securities would generally involve the SEC, while one tied to a commodity would normally fall under the CFTC’s derivatives authority, he said.

More complicated questions could arise when spot assets and derivatives interact inside the same trading ecosystem. According to Ebersole, such arrangements could create edge cases requiring coordination between both regulators, much as the agencies had to develop detailed jurisdictional boundaries following Dodd-Frank.

The issue has become particularly relevant for equity-linked perpetuals. On Aug. 24, the Hyperliquid Policy Center proposed treating qualifying equity perpetuals as security futures under an existing structure jointly overseen by the SEC and CFTC. The organization said HIP-3 markets had processed more than $480 billion in cumulative notional volume during their first 10 months.

Several days earlier, the Policy Center and trade[XYZ] had also submitted five proposed pillars to the SEC for regulating pre-IPO perpetual contracts. The SEC had published the submission but had not endorsed or approved the proposed products.

A Hyperliquid US pathway could take 10 to 12 months Even with political support, Ebersole expects the administrative process to take considerably longer than the technical work needed to offer the products.

His 10-to-12-month estimate assumes the SEC and CFTC actively decide to establish a route for perpetuals. Regulators would first have to identify their statutory authority, develop a framework, and prepare any required rules or exemptions.

A formal rulemaking process could then require agencies to publish proposals, collect public comments, review those submissions, adopt final measures, and implement the resulting framework.

“The 10-to-12-month estimate assumes a lengthy procedure phase that’s principally about administrative process rather than technological implementation,” Ebersole said.

A faster process is possible if regulators rely substantially on powers and exemptions already available to them.

“Could that happen in six months? Potentially, particularly if the agencies rely heavily on existing authorities or exemptive mechanisms.”

Ebersole cautioned that the longer estimate already assumes regulators want the process to succeed. Litigation, disagreements between the SEC and CFTC, changing political priorities, or a conclusion that Congress must first pass legislation could push any U.S. launch further out.

U.S. traders already have limited exposure to perpetual products under regulated structures. In June, Kalshi filed with the CFTC to list perpetual futures linked to HYPE after rolling out Bitcoin and Ethereum perpetual contracts for U.S. customers.

Access to Hyperliquid itself remains more restricted. Coinbase added more than 290 Hyperliquid-powered perpetual markets to its Base App on Aug. 19, with leverage reaching as high as 50x on supported contracts, but U.S. users were excluded along with users in the United Kingdom and Canada.

Existing law could provide a faster but less certain route Rather than waiting for Congress, the SEC and CFTC could conclude that their existing statutory powers are sufficient to establish a regulated framework, according to Ebersole. Such an approach could shorten the process, particularly if agencies use exemptions alongside existing derivatives and securities rules.

A legal constraint remains after the U.S. Supreme Court’s 2024 decision in Loper Bright Enterprises v. Raimondo, which ended the Chevron doctrine that had directed courts to defer to reasonable agency interpretations of ambiguous federal statutes.

“An agency cannot create statutory jurisdiction simply by interpreting an ambiguity in its favor,” Ebersole said.

If an SEC or CFTC interpretation were challenged, he said, a court would independently determine whether Congress had actually granted the agency authority over the product. Agency reasoning could still carry persuasive weight, but it would not receive Chevron-style deference simply because the underlying statute was ambiguous.

Congressional action would therefore provide a cleaner legal route, according to Ebersole, because lawmakers could expressly authorize perpetual products, divide responsibility between the SEC and CFTC, and establish the limits of each regulator’s authority.

Legislation carries its own timing problem. Ebersole said the congressional route could take considerably longer and may not result in a law at all.

The question is particularly relevant while the CLARITY Act remains unresolved in Washington. The legislation seeks to establish federal boundaries between digital commodities and securities, with the CFTC receiving additional authority over qualifying digital commodity markets while the SEC retains jurisdiction over securities.

A US perpetuals framework would not be limited to Hyperliquid Any regulatory route created for Hyperliquid would also have consequences for competing U.S. trading platforms, Ebersole said.

Federal regulators could not realistically establish a lawful framework that applied only to one company. Once the SEC and CFTC set requirements for offering crypto perpetuals, other firms meeting the same regulatory standards would have grounds to seek permission to offer comparable products.

“Whatever pathway regulators create for Hyperliquid cannot realistically be Hyperliquid-specific,” Ebersole said.

Coinbase, Kraken, and other appropriately registered platforms would therefore have a strong basis to pursue similar products if regulators establish a workable U.S. framework, according to Ebersole.

“The larger significance of onshoring Hyperliquid is not simply whether one offshore platform can enter the United States. It is whether regulators are prepared to welcome a major product category that has largely developed outside the U.S. to regulated domestic competition.”

Photo: Pixabay / Pexels

North Korean hackers have reportedly moved over $30 million in bitcoin through the decentralized derivatives platform Hyperliquid over the past three weeks. This information, sourced from blockchain analytics firm Arkham and reviewed by CoinDesk, suggests that the hackers have been active on the platform, moving significant amounts of bitcoin. Although Hyperliquid faced scrutiny in December 2024 for its association with North Korean-linked wallets, the company maintained that no breaches or loss of user funds occurred at that time. The ongoing transactions highlight continued vigilance around potentially illicit activities on the platform.

Key Takeaways Recent data suggests that North Korean hackers have been using Hyperliquid to move over $30 million in bitcoin. The platform’s previous scrutiny in 2024 involved similar activities, but no security breaches were reported then. Market activity appears to reflect concerns about Hyperliquid’s security and regulatory standing following the report. What to Watch The reported activities may influence Hyperliquid’s market performance, with market participants likely monitoring for any regulatory actions or platform responses. Observers will be attentive to any official statements from Hyperliquid regarding the security of its platform and potential measures to prevent illicit activity. Further market reactions could be contingent on additional details emerging about the scope and impact of the transactions.

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Term Structure

Contract Odds Δ since publish Volume 24h December 31 62.5% — — View market → January 1 2027 4.2% — — View market → January 1 2027 2.8% — — View market → January 1 2027 5.6% — — View market → January 1 2027 2.8% — — View market → January 1 2027 78.5% — — View market → January 1 2027 14% — — View market → January 1 2027 6.5% — — View market →

Crypto projects have spent a record $638 million buying back their own tokens this year, and nearly 90% of it came from just two of them.

Hyperliquid (HYPE) and Pump.fun (PUMP) have both more than doubled since January. The four other projects running repurchase programs range from a 20% gain to a 39% loss.

Crypto Projects Spend $638 Million on Token Buybacks: Did It Work? Allium Labs data puts this year’s repurchases at $638 million. That compares with $545 million during the same period last year and just $366,000 across all of 2024.

Hyperliquid, a decentralized exchange for perpetual futures, leads in buybacks. It routes 99% of of its protocol and trading fees into repurchasing HYPE. 

It has retired $1.3 billion of the token since December 2024. The token set another all-time high last week as a fresh buyback engine went live.

Pump.fun uses half of every dollar it earns to buy back PUMP on the open market and permanently burn the tokens. The project has deployed $442.94 million that way, burning 163.03 billion tokens. That equals 16.3% of the total supply.

Sky Protocol (SKY) has bought about $26 million worth of its SKY tokens, according to Allium. Lido (LDO) also has a program called NEST, which uses a portion of protocol revenue to buy LDO when certain thresholds are met.

Chainlink (LINK) has also conducted token buybacks. Finally, Jupiter (JUP) has spent nearly $14 million on token buybacks so far this year.

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Token Prices Show Mixed Results Despite BuybacksNotably, when it comes to the price, the results diverge. HYPE has gained 217.9% since January 1 and set a record of $86.71 on August 27. PUMP rose 124.5% over the same stretch.

The other tokens delivered far weaker returns. SKY added 20.1%, and JUP gained 9.3%, while LINK fell 7.6% and LDO dropped 39%.

Timing complicates that reading, however. August brought a broader crypto market rally that lifted many tokens, making it harder to isolate the impact of buybacks.

Through July 31, HYPE was the only token showing a major gain, up 106.3% since the start of the year.

Year-To-Date Price Change for HYPE, PUMP, SKY, JUP, LINK, and LDO. Source: BeInCryptoPUMP had risen just 8.2% by then, and LINK was down 33%. August alone added 107.5% to PUMP and 37.9% to LINK.

Thus, the data shows that aggressive buybacks can coincide with strong token performance, but they do not guarantee it. HYPE and PUMP delivered outsized gains alongside substantial repurchases, while LDO and LINK still struggled despite buyback activity.

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Top 3 Undervalued Altcoins to Watch in September 2026

Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.

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Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.

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The crypto market will welcome tokens worth around $1.5 billion in the first week of September 2026. Major projects, including Hyperliquid (HYPE), Ethena (ENA), and Sui (SUI), will release significant new token supplies. 

These unlocks could introduce market volatility and influence short-term price movements. So, here’s a breakdown of what to watch.

1. Hyperliquid (HYPE)
Unlock Date: September 6
Number of Tokens to be Unlocked: 9.92 million HYPE
Released Supply: 464.91 million HYPE
Total Supply: 1 billion HYPE
Hyperliquid is a leading decentralized perpetual futures exchange built on its own Layer-1 blockchain. It offers high-performance trading with low latency, on-chain order books, and sub-second transaction finality.

On September 6, the team could unlock 9.92 million tokens worth $797 million. Tokenomist noted that this is a long-range estimate. The tokens account for 2.37% of the released supply.

HYPE Crypto Token Unlock in September. Source: TokenomistThe team has allocated the unlocked supply to core contributors. Tokenomist pointed out that HYPE has historically claimed far fewer tokens than its projected unlock amounts.

2. Sui (SUI)
Unlock Date: September 1
Number of Tokens to be Unlocked: 13.53 million SUI
Released Supply: 4.08 billion SUI
Total supply: 10 billion SUI
Sui is a high-performance blockchain designed to provide scalability, low latency, and an architecture for decentralized applications (dApps). It also distinguishes itself with an object-centric data model and the Move programming language, which seeks to address inefficiencies in existing blockchain architectures.

On September 1, the network will release 13.53 million SUI into the market, continuing its trend of cliff unlocks at the beginning of the month. The tokens are worth $9.73 million. Moreover, they represent 0.33% of the current released supply.

SUI Crypto Token Unlock in September. Source: TokenomistThe network will split the unlocked altcoins 3 ways. Early Contributors will gain 7.47 million tokens. In addition, Community Reserve will receive 4 million tokens. Lastly, Mysten Labs Treasury will get 2.07 million SUI.

3. Ethena (ENA)
Unlock Date: September 2
Number of Tokens to be Unlocked: 40.63 million ENA 
Released Supply: 8.9 billion ENA
Total Supply: 15 billion ENA
Ethena is a synthetic-dollar protocol built on Ethereum (ETH). Its flagship product is USDe, a synthetic-dollar stablecoin. Furthermore, ENA is the protocol’s governance token.

The team will release 40.63 million ENA tokens on September 2. The tokens, worth $6.05 million, account for 0.46% of the released supply.

ENA Crypto Token Unlock in September. Source: TokenomistEthena will award the entire supply to the Foundation.

In addition to these three, EigenCloud (EIGEN), Gunz (GUN), and GoPlus Security (GPS) will also experience new supply entering the market in the first week of September.

The Trump administration has frequently intervened in financial markets, and the European Central Bank (ECB) fears this "claw" could extend to the Federal Reserve.

ECB officials have recently grown increasingly concerned over the US government’s frequent interventions in foreign exchange and Treasury markets. Sources familiar with the matter said that during last week’s Jackson Hole Symposium, Federal Reserve officials proactively reached out to reassure their European counterparts, committing to upholding existing international cooperation arrangements. However, given the Fed’s institutional independence from the US administration, Fed officials cannot guarantee that the Trump administration will not abruptly reverse course. European officials are particularly focused on recent financial market operations by the US Treasury. On August 1, the US Treasury intervened in FX markets by selling euros and buying yen, and European sides expressed dissatisfaction over the US failure to provide advance notice of such operations as is customary. Additionally, US Treasury Secretary Bessent’s recent expansion of long-term Treasury repurchase operations has also sparked European officials’ concerns over the growing blurring of lines between fiscal, exchange rate and monetary policies. European officials further warned that if the US administration continues to deploy financial tools for economic and trade goals, markets could start questioning the Fed’s policy independence and the stability of the US dollar swap lines. There are also worries that the US government may further pressure the Fed to directly intervene in Treasury markets in the future. No signs have emerged that the dollar swap arrangements will change. New Fed Chair Kevin Warsh has recently stepped up communication with European policymakers, and his performance in international financial cooperation has drawn relatively positive feedback from European officials.

4 minutes ago

China’s Ministry of Industry and Information Technology (MIIT) supports the rollout of AI applications: FDE on-site presence, token purchases, and computing power voucher issuances.

Beating AI Express (Insight): China’s Ministry of Industry and Information Technology (MIIT) has launched a special initiative to cultivate AI application service providers. Local governments are encouraged to leverage measures such as first-purchase and first-use policies, and risk compensation to boost procurement of large models, intelligent agents, and Token services, while using tools like "computing power vouchers" to cut computing costs. The MIIT will also build a national resource pool for AI application service providers, targeting over 2,000 such providers by the end of 2026 and no fewer than 3,000 by the end of 2027. These providers mainly assist enterprises in rolling out AI projects, with services covering pre-consultation, solution design, system development, integration and delivery, as well as post-launch operation and maintenance and security governance. The policy also specifically highlights FDE (Field Deployment Engineers), encouraging service providers to form FDE teams to work directly at user sites to resolve project implementation challenges. Local authorities will also open real business scenarios, organize supply-demand matching, and convert high-frequency, essential business needs into standardized AI products that can be delivered repeatedly.

4 minutes ago

Bybit launches PONS perpetual contracts today.

Bybit today adds the new Pons (PONSUSDT) perpetual contract, supporting up to 20x leverage.

4 minutes ago

OpenAI rolls out results-based pricing: Some major clients only pay when the AI delivers actual results.

Beating AI News reports that OpenAI has in recent months introduced a new payment model to some of its large enterprise clients: customers only pay once AI has fully completed their tasks. The Information notes that use cases already implemented include customer service. Businesses can pay based on the actual customer service tasks AI completes, rather than being billed solely by tokens, API calls, or seat counts. OpenAI has not disclosed specific client names, pricing details, or the criteria for defining "task completion," and declined to comment on the matter. This is not a new package OpenAI is rolling out for all enterprises; the official public pricing for its Enterprise plan remains primarily based on usage quotas and tokens, so this "pay-per-result" model appears to be custom contracts negotiated exclusively with select large clients. OpenAI has long signaled this direction: in January this year, CFO Sarah Friar stated that AI business models would shift toward pay-per-result in the future, and in July, OpenAI further noted that rather than focusing on token unit prices, the industry should prioritize the total cost for AI to complete a task. This approach has now been incorporated into actual contracts.

4 minutes ago

Nearly $80 million in Bitcoin buy orders were front-run, while a new address plans to go long near $75,000.

According to monitoring by TradingBeats (formerly Hyperinsight), a recently created address placed 30 non-position-reducing limit buy orders for BTC at 14:22 today, with prices ranging from $75,000 to $76,000. The total planned purchase volume is 1,046.7831 BTC, translating to a nominal value of approximately $79.032 million based on the order prices. The address currently holds no open positions; all 30 orders are identical in size at 34.892 BTC each, with each order valued between roughly $2.62 million and $2.65 million. BTC is currently trading at $78,689.4, meaning these buy orders are priced 3.42% to 4.69% below the current market rate. It is learned that this address was activated four days ago, receiving around $5.1 million in funds, after which it executed four short positions that yielded a profit of $330,000. If the orders are filled, this will mark the address’s first long position. On-chain perpetual and address analysis tool TradingBeats is now live, supporting real-time viewing of Hyperliquid data, enabling in-depth analysis from address tracing to whale operations, with comprehensive insights available at a glance.

4 minutes ago

Polymarket experiences outage, trading functions temporarily suspended.

Prediction market platform Polymarket suffered a major outage on August 31. Its official status page shows that the Trading API (CLOB) encountered "open order read response delays" starting around 6:30 UTC, resulting in a full suspension of trading. The platform’s website remains accessible and market data can be viewed, but users cannot place orders. The team is working on repairs, with a target to restore trading by 10:00 UTC at the latest. Ahead of the recovery, Polymarket will enter a 15-minute mode allowing only order cancellations. All other systems—including the website, data, and authentication services—are operating normally.

4 minutes ago

The Trump administration has frequently intervened in financial markets, and the European Central Bank (ECB) fears this "claw" could extend to the Federal Reserve.

ECB officials have recently grown increasingly concerned over the US government’s frequent interventions in foreign exchange and Treasury markets. Sources familiar with the matter said that during last week’s Jackson Hole Symposium, Federal Reserve officials proactively reached out to reassure their European counterparts, committing to upholding existing international cooperation arrangements. However, given the Fed’s institutional independence from the US administration, Fed officials cannot guarantee that the Trump administration will not abruptly reverse course. European officials are particularly focused on recent financial market operations by the US Treasury. On August 1, the US Treasury intervened in FX markets by selling euros and buying yen, and European sides expressed dissatisfaction over the US failure to provide advance notice of such operations as is customary. Additionally, US Treasury Secretary Bessent’s recent expansion of long-term Treasury repurchase operations has also sparked European officials’ concerns over the growing blurring of lines between fiscal, exchange rate and monetary policies. European officials further warned that if the US administration continues to deploy financial tools for economic and trade goals, markets could start questioning the Fed’s policy independence and the stability of the US dollar swap lines. There are also worries that the US government may further pressure the Fed to directly intervene in Treasury markets in the future. No signs have emerged that the dollar swap arrangements will change. New Fed Chair Kevin Warsh has recently stepped up communication with European policymakers, and his performance in international financial cooperation has drawn relatively positive feedback from European officials.

4 minutes ago

China’s Ministry of Industry and Information Technology (MIIT) supports the rollout of AI applications: FDE on-site presence, token purchases, and computing power voucher issuances.

Beating AI Express (Insight): China’s Ministry of Industry and Information Technology (MIIT) has launched a special initiative to cultivate AI application service providers. Local governments are encouraged to leverage measures such as first-purchase and first-use policies, and risk compensation to boost procurement of large models, intelligent agents, and Token services, while using tools like "computing power vouchers" to cut computing costs. The MIIT will also build a national resource pool for AI application service providers, targeting over 2,000 such providers by the end of 2026 and no fewer than 3,000 by the end of 2027. These providers mainly assist enterprises in rolling out AI projects, with services covering pre-consultation, solution design, system development, integration and delivery, as well as post-launch operation and maintenance and security governance. The policy also specifically highlights FDE (Field Deployment Engineers), encouraging service providers to form FDE teams to work directly at user sites to resolve project implementation challenges. Local authorities will also open real business scenarios, organize supply-demand matching, and convert high-frequency, essential business needs into standardized AI products that can be delivered repeatedly.

4 minutes ago

Bybit launches PONS perpetual contracts today.

Bybit today adds the new Pons (PONSUSDT) perpetual contract, supporting up to 20x leverage.

4 minutes ago

OpenAI rolls out results-based pricing: Some major clients only pay when the AI delivers actual results.

Beating AI News reports that OpenAI has in recent months introduced a new payment model to some of its large enterprise clients: customers only pay once AI has fully completed their tasks. The Information notes that use cases already implemented include customer service. Businesses can pay based on the actual customer service tasks AI completes, rather than being billed solely by tokens, API calls, or seat counts. OpenAI has not disclosed specific client names, pricing details, or the criteria for defining "task completion," and declined to comment on the matter. This is not a new package OpenAI is rolling out for all enterprises; the official public pricing for its Enterprise plan remains primarily based on usage quotas and tokens, so this "pay-per-result" model appears to be custom contracts negotiated exclusively with select large clients. OpenAI has long signaled this direction: in January this year, CFO Sarah Friar stated that AI business models would shift toward pay-per-result in the future, and in July, OpenAI further noted that rather than focusing on token unit prices, the industry should prioritize the total cost for AI to complete a task. This approach has now been incorporated into actual contracts.

4 minutes ago

Nearly $80 million in Bitcoin buy orders were front-run, while a new address plans to go long near $75,000.

According to monitoring by TradingBeats (formerly Hyperinsight), a recently created address placed 30 non-position-reducing limit buy orders for BTC at 14:22 today, with prices ranging from $75,000 to $76,000. The total planned purchase volume is 1,046.7831 BTC, translating to a nominal value of approximately $79.032 million based on the order prices. The address currently holds no open positions; all 30 orders are identical in size at 34.892 BTC each, with each order valued between roughly $2.62 million and $2.65 million. BTC is currently trading at $78,689.4, meaning these buy orders are priced 3.42% to 4.69% below the current market rate. It is learned that this address was activated four days ago, receiving around $5.1 million in funds, after which it executed four short positions that yielded a profit of $330,000. If the orders are filled, this will mark the address’s first long position. On-chain perpetual and address analysis tool TradingBeats is now live, supporting real-time viewing of Hyperliquid data, enabling in-depth analysis from address tracing to whale operations, with comprehensive insights available at a glance.

4 minutes ago

Polymarket experiences outage, trading functions temporarily suspended.

Prediction market platform Polymarket suffered a major outage on August 31. Its official status page shows that the Trading API (CLOB) encountered "open order read response delays" starting around 6:30 UTC, resulting in a full suspension of trading. The platform’s website remains accessible and market data can be viewed, but users cannot place orders. The team is working on repairs, with a target to restore trading by 10:00 UTC at the latest. Ahead of the recovery, Polymarket will enter a 15-minute mode allowing only order cancellations. All other systems—including the website, data, and authentication services—are operating normally.

4 minutes ago

The Trump administration has frequently intervened in financial markets, and the European Central Bank (ECB) fears this "claw" could extend to the Federal Reserve.

ECB officials have recently grown increasingly concerned over the US government’s frequent interventions in foreign exchange and Treasury markets. Sources familiar with the matter said that during last week’s Jackson Hole Symposium, Federal Reserve officials proactively reached out to reassure their European counterparts, committing to upholding existing international cooperation arrangements. However, given the Fed’s institutional independence from the US administration, Fed officials cannot guarantee that the Trump administration will not abruptly reverse course. European officials are particularly focused on recent financial market operations by the US Treasury. On August 1, the US Treasury intervened in FX markets by selling euros and buying yen, and European sides expressed dissatisfaction over the US failure to provide advance notice of such operations as is customary. Additionally, US Treasury Secretary Bessent’s recent expansion of long-term Treasury repurchase operations has also sparked European officials’ concerns over the growing blurring of lines between fiscal, exchange rate and monetary policies. European officials further warned that if the US administration continues to deploy financial tools for economic and trade goals, markets could start questioning the Fed’s policy independence and the stability of the US dollar swap lines. There are also worries that the US government may further pressure the Fed to directly intervene in Treasury markets in the future. No signs have emerged that the dollar swap arrangements will change. New Fed Chair Kevin Warsh has recently stepped up communication with European policymakers, and his performance in international financial cooperation has drawn relatively positive feedback from European officials.

4 minutes ago

China’s Ministry of Industry and Information Technology (MIIT) supports the rollout of AI applications: FDE on-site presence, token purchases, and computing power voucher issuances.

Beating AI Express (Insight): China’s Ministry of Industry and Information Technology (MIIT) has launched a special initiative to cultivate AI application service providers. Local governments are encouraged to leverage measures such as first-purchase and first-use policies, and risk compensation to boost procurement of large models, intelligent agents, and Token services, while using tools like "computing power vouchers" to cut computing costs. The MIIT will also build a national resource pool for AI application service providers, targeting over 2,000 such providers by the end of 2026 and no fewer than 3,000 by the end of 2027. These providers mainly assist enterprises in rolling out AI projects, with services covering pre-consultation, solution design, system development, integration and delivery, as well as post-launch operation and maintenance and security governance. The policy also specifically highlights FDE (Field Deployment Engineers), encouraging service providers to form FDE teams to work directly at user sites to resolve project implementation challenges. Local authorities will also open real business scenarios, organize supply-demand matching, and convert high-frequency, essential business needs into standardized AI products that can be delivered repeatedly.

4 minutes ago

Bybit launches PONS perpetual contracts today.

Bybit today adds the new Pons (PONSUSDT) perpetual contract, supporting up to 20x leverage.

4 minutes ago

OpenAI rolls out results-based pricing: Some major clients only pay when the AI delivers actual results.

Beating AI News reports that OpenAI has in recent months introduced a new payment model to some of its large enterprise clients: customers only pay once AI has fully completed their tasks. The Information notes that use cases already implemented include customer service. Businesses can pay based on the actual customer service tasks AI completes, rather than being billed solely by tokens, API calls, or seat counts. OpenAI has not disclosed specific client names, pricing details, or the criteria for defining "task completion," and declined to comment on the matter. This is not a new package OpenAI is rolling out for all enterprises; the official public pricing for its Enterprise plan remains primarily based on usage quotas and tokens, so this "pay-per-result" model appears to be custom contracts negotiated exclusively with select large clients. OpenAI has long signaled this direction: in January this year, CFO Sarah Friar stated that AI business models would shift toward pay-per-result in the future, and in July, OpenAI further noted that rather than focusing on token unit prices, the industry should prioritize the total cost for AI to complete a task. This approach has now been incorporated into actual contracts.

4 minutes ago

Nearly $80 million in Bitcoin buy orders were front-run, while a new address plans to go long near $75,000.

According to monitoring by TradingBeats (formerly Hyperinsight), a recently created address placed 30 non-position-reducing limit buy orders for BTC at 14:22 today, with prices ranging from $75,000 to $76,000. The total planned purchase volume is 1,046.7831 BTC, translating to a nominal value of approximately $79.032 million based on the order prices. The address currently holds no open positions; all 30 orders are identical in size at 34.892 BTC each, with each order valued between roughly $2.62 million and $2.65 million. BTC is currently trading at $78,689.4, meaning these buy orders are priced 3.42% to 4.69% below the current market rate. It is learned that this address was activated four days ago, receiving around $5.1 million in funds, after which it executed four short positions that yielded a profit of $330,000. If the orders are filled, this will mark the address’s first long position. On-chain perpetual and address analysis tool TradingBeats is now live, supporting real-time viewing of Hyperliquid data, enabling in-depth analysis from address tracing to whale operations, with comprehensive insights available at a glance.

4 minutes ago

Polymarket experiences outage, trading functions temporarily suspended.

Prediction market platform Polymarket suffered a major outage on August 31. Its official status page shows that the Trading API (CLOB) encountered "open order read response delays" starting around 6:30 UTC, resulting in a full suspension of trading. The platform’s website remains accessible and market data can be viewed, but users cannot place orders. The team is working on repairs, with a target to restore trading by 10:00 UTC at the latest. Ahead of the recovery, Polymarket will enter a 15-minute mode allowing only order cancellations. All other systems—including the website, data, and authentication services—are operating normally.

4 minutes ago

Hyperliquid (HYPE) price is trading around $80.00 on Monday, maintaining a constructive bias with steady institutional inflows of over $50 million last week. On-chain data show elevated trading volume and revenue over the last two weeks, while retail speculation eases as HYPE futures Open Interest declines. The technical outlook is mixed as bullish momentum wanes. 

Retail sentiment shifts as institutional, network demand holds steadyHyperliquid is gaining institutional interest amid elevated network demand. SoSoValue data shows that the HYPE Exchange Traded Funds (ETFs) recorded five consecutive days of inflows, totaling $56.86 million last week and $66.33 million so far this month. 

HYPE ETFs data. Source: SosovalueOn the platform side, Hyperliquid Analytics recorded $61.93 billion in total volume last week, with $16.45 million in revenue, down from the previous week’s $88.68 billion in volume and $21.27 million in revenue. Though the data shows an easing in Hyperliquid metrics, the long-term trend reflects elevated network activity. 

Hyperliquid total revenue data. Source: Hyperscreener.On the retail side, HYPE futures Open Interest (OI) is down 5% over the last 24 hours to $3.27 billion, indicating reduced notional value of active contracts or positional wipeout. Total liquidation of $3.98 million in the same period, led by long liquidation of $3.43 million, reaffirms the contraction in active long positions. The OI-weighted funding rate of 0.0085% indicates a persistent bullish bias among traders, willing to buy high-risk long positions at a premium. 

HYPE derivatives data. Source: CoinGlassTechnical outlook: Will HYPE price extend gains above $80?Hyperliquid trades at $80.14 at press time on Monday, holding steady after a 4% drop the previous day. HYPE sustains a bullish near-term bias as price holds well above the major Exponential Moving Averages (EMAs). The 50-day EMA at $66.94, the 100-day EMA at $61.93, and the 200-day EMA at $54.61 all trail the advance, hinting at a firmly supported uptrend.

From a technical perspective, HYPE remains capped below the 127.2% Fibonacci extension level of the downswing from $76.93 to $51.20 at $83.93. A confirmed breakout above this level could extend the rally toward the 161.8% Fibonacci extension at $92.83.

Momentum eases but remains constructive on the daily chart, with the Relative Strength Index (RSI) easing from the overbought zone to 64, while the Moving Average Convergence Divergence (MACD) is sloping toward the signal line as the bullish histogram profile wanes, suggesting reduced upside pressure.

HYPE/USD daily price chart.On the downside, initial support emerges around the prior Fibonacci cycle high at $76.93, ahead of a dense retracement cluster between the 78.60% level at $71.42 and the 50-day EMA at $66.94.

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

Crypto projects spent approximately $638 million repurchasing their native tokens between January and Aug. 31, according to Allium Labs figures cited by the Financial Times.

Summary

Crypto projects spent $638 million on token buybacks this year, exceeding last year’s comparable total. Hyperliquid and Pump.fun represented nearly 90% of tracked repurchases, according to Allium Labs data overall. Hyperliquid directs 99% of eligible trading fees toward automated HYPE purchases and permanent token burns. Sky spent $26 million on 2026 repurchases, while its cumulative program remains considerably larger overall. Lido’s proposed framework activates buybacks only above revenue thresholds and limits annual purchases to $10 million. The total increased 17% from the $545 million recorded during the corresponding period in 2025. Projects spent only $366,000 across all of 2024, showing how quickly revenue-funded token repurchases have become part of decentralized finance.

Hyperliquid and Pump.fun accounted for nearly 90% of the 2026 total. Their dominance means the broader increase does not represent uniform adoption across the crypto market.

The annual figure also differs from cumulative buyback totals. Hyperliquid’s reported $1.3 billion covers purchases since its late-2024 launch, while the $638 million figure counts buybacks completed during 2026 by multiple projects.

Hyperliquid dominates crypto token buybacks Hyperliquid operates the largest revenue-funded repurchase program included in the dataset. The derivatives platform routes 99% of eligible trading fees to its Assistance Fund, according to its protocol documentation.

Crypto Projects Buy Back $638 Million in Native Tokens This Year; Hyperliquid and Pumpfun Account for Nearly 90%

According to the Financial Times, digital asset projects have bought back approximately $638 million worth of their own tokens so far this year, up from $545 million… pic.twitter.com/jTWVduwheh

— Wu Blockchain (@WuBlockchain) August 31, 2026 The system converts trading fees into HYPE through automated purchases executed as part of Hyperliquid’s layer-1 operations. Purchased tokens are then burned, permanently removing them from supply.

Hyperliquid has reportedly bought and cancelled about $1.3 billion in HYPE since launching in December 2024. That cumulative number should not be added to the $638 million annual total because the two figures cover different measurement periods.

HYPE traded near $63.35 on Aug. 31. The token had gained approximately 70% over the previous year, according to the Financial Times. Buybacks may have supported demand, but they cannot be isolated from trading growth, user activity and broader market sentiment.

An earlier examination of Hyperliquid’s automated fee-funded repurchase system found that the Assistance Fund had accumulated roughly 28.5 million HYPE by May. The analysis placed its annualized buyback rate near 7% of market capitalization at the prevailing revenue level.

Pump.fun supplies the second major buyback engine Pump.fun uses revenue from its token launchpad, PumpSwap exchange and trading products to purchase PUMP. Its current mechanism commits 50% of designated revenue to token buybacks and burns through a locked smart contract.

During the week ending Aug. 9, the platform spent approximately $5.02 million buying and burning 2.15 billion PUMP. Its cumulative program had offset an estimated 15.7% of the token’s original supply by that point.

The purchases have continued alongside scheduled token releases. In July, Pump.fun distributed $86.49 million in vested PUMP to 121 team and investor wallets. Buybacks reduce supply, while unlocks make previously restricted tokens transferable. The two forces therefore work in opposite directions.

PUMP traded near $0.0015 on Aug. 31. Its performance shows why repurchases should not be treated as guaranteed price support. Platform revenue, token unlocks, investor confidence and demand can outweigh the buying program.

Sky and Lido follow different models Sky Protocol bought approximately $26 million of SKY during 2026, according to Allium’s annual dataset. Its cumulative buyback spending is considerably higher because the Smart Burn Engine began operating before this year.

Sky’s official dashboard describes the mechanism as an onchain system that uses protocol surplus to purchase SKY from the open market. Governance reduced the buyback rate in March by lowering individual purchase sizes and lengthening the interval between transactions.

Sky also says staking rewards are financed through open-market purchases rather than new token issuance. That structure connects protocol surplus with token demand without increasing SKY’s maximum supply.

Lido’s proposed NEST framework is more conditional. Buybacks would activate when annualized revenue exceeds $40 million. The original proposal also required ETH to trade above $3,000, although later discussions considered disabling that separate price floor.

The framework would allocate 50% of staking revenue above the $40 million baseline to LDO purchases. It includes a $50,000 daily limit and a $10 million rolling 12-month cap. These are governance parameters rather than guaranteed spending commitments.

Buybacks cannot guarantee higher token prices Token buybacks create a recurring buyer and can reduce circulating supply when purchased assets are burned. Unlike corporate shares, however, governance tokens do not necessarily provide ownership, dividends or legal claims over protocol assets.

The effects also depend on execution. Tokens held in a treasury may eventually return to circulation, while permanently burned tokens cannot. Projects may change or discontinue discretionary programs through governance decisions.

Recent results have been mixed. Hyperliquid has combined strong revenue with positive HYPE performance, while several other tokens remained under pressure despite recurring purchases. Crypto analyst Ansem previously argued that buybacks cannot overcome weak community alignment or declining demand.

The next test is whether fee revenue remains strong enough to fund purchases during weaker trading periods. Investors should also track whether repurchased tokens are burned, held or redistributed and compare annual purchases with new emissions and insider unlocks.

Crypto protocols have spent roughly $638 million buying back their own tokens so far in 2026, according to blockchain analytics firm Allium Labs. That figure already exceeds the $545 million recorded during the same period last year, and it dwarfs the $366,000 spent across all of 2024.

Two platforms are responsible for the vast majority of that spending: Hyperliquid and pump.fun, which together account for nearly 90% of total buyback volume.

How a perpetuals exchange became the poster child for buybacks Hyperliquid launched in late 2024 as a decentralized perpetuals exchange, and it wired buybacks directly into its revenue model from day one. The protocol routes approximately 99% of its trading fees into what it calls an Assistance Fund, which continuously buys and burns its native HYPE token on the open market.

Hyperliquid’s total buybacks have exceeded $1.1 billion since launch, with some estimates putting the figure closer to $1.3 billion. For context, the entire crypto industry spent less than $400,000 on buybacks in 2024.

HYPE has reportedly surged around 70% over the relevant period, with analysts pointing to the buyback model’s consistency as a key driver of sustained demand.

Pump.fun’s slower, messier conversion Pump.fun, the Solana-based memecoin launchpad, arrived at buybacks through a different path. The platform had already conducted a significant token burn before pivoting in April 2026 to allocate 50% of its net revenue toward ongoing open-market repurchases of its PUMP token.

The cumulative buyback figures for pump.fun range from approximately $138 million recorded in 2025 to over $400 million by mid-2026. Recent introductions, including a feature called BOOST mode, have stabilized revenue to some degree.

A Wall Street strategy finding its crypto footing Token buybacks follow the same supply-compression logic as corporate share buybacks. Protocols earn revenue, use it to buy tokens from the open market, and either hold or burn those tokens to permanently reduce circulating supply. The difference from equity markets is that crypto protocols can hardcode this behavior into smart contracts, making it automatic rather than discretionary.

Sky Protocol, the DeFi lending platform formerly known as MakerDAO, has also participated in the trend, executing $26 million in SKY buybacks as part of the broader industry wave Allium Labs has tracked.

Allium Labs’ data points to a regulatory tailwind as well. As the US regulatory environment has grown more accommodating of crypto products and structures in 2025 and 2026, protocols have more confidence deploying treasury resources in ways that might have drawn scrutiny under prior enforcement frameworks.

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

HYPE, the native token of the decentralized perpetuals exchange Hyperliquid, is trading at $82.92 following a major $1.2 billion token unlock that temporarily pushed its price to a high of $86.71 on August 27, 2026. This event marked the largest token release since the protocol’s inception and has drawn renewed attention from investors and market analysts.

Token unlock triggers increased volatilityIn the past 24 hours, HYPE’s trading volume reached $863.67 million with a total market capitalization of $20.87 billion. The token remains inside the top 10 cryptocurrencies by market cap. Hyperliquid released 14.18 million new HYPE tokens, equivalent to approximately 1.4% of its fixed maximum supply of 1 billion and worth around $1.2 billion based on current prices.

About half of the newly issued tokens were allocated to early backers and insiders, while the other half was split between community distribution and the Hyper Foundation. This unlock has put noticeable pressure on the token’s market, although some institutional players have continued to accumulate.

MetricValueCurrent Price$82.9224h Trading Volume$863.67 millionMarket Capitalization$20.87 billionTokens Unlocked14.18 millionValue of Token Unlock$1.2 billionMaximum Token Supply1 billionResistance at $87, downside risk highlightedCrypto market analyst Crypto Patel has emphasized the importance of the $87 resistance zone, describing it as a key level that HYPE failed to reclaim recently. The token reversed sharply from the $86.71 high down to $78.50 and has since struggled to move above the $82 area, which may now act as resistance following the breach.

Crypto Patel pointed out that as long as HYPE remains below $87, there is a risk of the token dropping toward $60 or potentially even $50 if further selling pressure emerges.

Patel indicated that a retest of the $84 to $85 range could provide another opportunity for investors to exit if the price faces renewed resistance.

Ted Pillows, another analyst posting on X, reported a significant purchase of $20.5 million worth of HYPE by a single holder, describing it as “smart money accumulating quality alts,” which suggests ongoing institutional interest despite price headwinds.

Institutional activity and protocol initiativesHyperliquid Strategies, a Nasdaq-listed fund manager specializing in digital assets, increased its HYPE treasury holdings to 29.3 million tokens after raising $647 million in new equity financing. Meanwhile, Bitwise announced that its spot Hyperliquid ETF is actively staking large amounts of HYPE, according to recent filings.

The Hyperliquid protocol has rolled out its AQAv2 mechanism, which automatically uses returns from its extensive USDC reserves to buy back and permanently remove HYPE tokens from circulation. The first round of buybacks and burns is expected to begin in early October. In addition, platform fees are being allocated to a dedicated assistance fund to facilitate further token burns.

Mini dictionary: AQAv2, an automated buyback and burn mechanism used by Hyperliquid, reinvests protocol-generated revenues—often denominated in stablecoins such as USDC—into purchasing and permanently destroying HYPE tokens, aiming to support token value and reduce circulating supply over time.

Hyperliquid dominance in decentralized perpetualsHyperliquid has taken the lead in the rapidly expanding decentralized perpetuals sector, processing $249.2 billion in notional trading activity. This figure far surpasses its closest rival’s $106 billion total, underlining Hyperliquid’s dominant position in the market.

PlatformNotional Trading VolumeHyperliquid$249.2 billionSecond-ranked competitor$106 billionGrowing attention from regulators accompanies Hyperliquid’s market share. US President Donald Trump cited ongoing efforts by CFTC Chair Michael Selig to craft a regulatory framework that could one day allow Hyperliquid’s retail market entry in the United States. However, as of now, Hyperliquid is still not licensed for US retail users.

Short-term HYPE price trends are expected to depend heavily on how newly unlocked tokens are absorbed—whether through staking mechanisms, ETF inflows, or continued activity by corporate treasuries and institutional funds.

Some analysts contend that if institutional demand remains robust and newly unlocked tokens are staked or removed via buybacks, HYPE could stabilize despite current volatility.

Pump.fun has fully integrated HyperEVM into its mobile application, making it the first app to offer complete support for Hyperliquid’s EVM-compatible execution layer. The move lets users trade HyperEVM tokens against USDC with near-zero fees, a capability that was only partially available in preceding weeks.

What HyperEVM actually is and why it matters HyperEVM is the smart contract layer of the Hyperliquid L1 blockchain, operating under chain ID 999. It runs alongside HyperCore, Hyperliquid’s native trading infrastructure, with both sharing the same HyperBFT consensus mechanism. HyperCore handles the exchange’s core order book operations, while HyperEVM opens the door to general-purpose smart contracts and ERC-20 tokens.

HyperEVM launched in early 2025, and the HYPE token, which serves as the native gas token for all transactions on HyperEVM, has shown notable price strength in recent weeks. Meme trading activity on the network has also surged. Gas fees on HyperEVM have occasionally exceeded those on Ethereum mainnet.

Pump.fun’s multi-chain evolution Pump.fun’s origin story is straightforward. It burst onto the scene as a Solana-based platform where anyone could launch a meme token with minimal friction. The HyperEVM integration represents the latest chapter in Pump.fun’s strategic expansion beyond Solana, bringing full trading support for HyperEVM tokens into its mobile app.

The rollout followed a phased approach. Partial HyperEVM support was introduced weeks before the full integration, giving the team time to stress-test the infrastructure and iron out edge cases.

What this means for traders and the Hyperliquid ecosystem For active traders, the integration removes a layer of friction that previously existed when accessing HyperEVM tokens. Trading against USDC with near-zero fees on a mobile app is a compelling value proposition, particularly for the high-frequency, small-size trades that characterize meme token markets.

There are risks worth noting. The gas fee spikes that have already surfaced on HyperEVM could worsen as adoption grows, potentially undermining one of the network’s core selling points. And Pump.fun’s expansion into multiple chains means it needs to maintain security and reliability across a broader attack surface.

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

This Friday, we examine Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid in greater detail.

Ethereum (ETH) Ethereum closed another week in the green after pushing above $2,400, ending 6% higher. If buyers manage to hold this key support level, higher highs may continue.

Bulls should do their best to consolidate their recent gains after the massive rally from the $1,500 level. To achieve this, defending $2,400 as support is key. The current resistance is at $2,800.

Looking ahead, this is the first time since 2025 that ETH has made a higher high. This halts the downtrend and positions this cryptocurrency for a sustained rally. The question is how far bulls can take it before they show signs of weakness.

Source: TradingView Ripple (XRP) After XRP pumped to $1.6, the price entered a pullback, which is still ongoing at the time of this post. Nevertheless, this cryptocurrency closed the week 9% higher. This recent performance is impressive and a significant change in the market structure.

With a higher high secured, XRP could be consolidating between the key support at $1.3 and the resistance at $1.6. Once the price settles, a renewed push higher could follow, sending XRP back into a rally.

Looking ahead, the most significant target, at this time, is $2. For that to happen, XRP will need to turn $1.6 into a support first. The odds favor this outcome considering that buyers have the advantage right now.

Source: TradingView Cardano (ADA) Cardano ended this week flat after the price failed to break the resistance at $0.23. Buyers tried to push ADA higher, but sellers would not budge. For this reason, the price is in a pullback at the time of this post.

While a consolidation period under the key resistance is normal, this cryptocurrency needs to avoid a long delay in breaking $0.23, as that may encourage sellers to step up their presence on the order book.

Looking ahead, Cardano needs to make a higher high to confirm the bottom under $0.15. So far, this has not happened, which may give bears a chance to retest the previous lows in the future.

Source: TradingView Binance Coin (BNB) Binance Coin had a good week, closing 7% higher. The price also broke the $690 resistance and appears close to forming a higher high. If confirmed next week, BNB may be well on its way to visit $900 next.

It is critical for the price to continue its rally, as any price below $740 would paint a lower high on the chart, which would be a bearish signal. Nevertheless, as long as the $690 level holds as support, buyers have control over the price.

Looking ahead, the recent drop under $580 could be the bottom. To confirm it, BNB needs to rally and sustain its recent gains. If so, the $900 and $1,000 targets will act as magnets for the price in the near future.

Source: TradingView Hype (HYPE) Hyperliquid had another fantastic week, closing 14% higher after setting a new record price of almost $87. Right now, HYPE is trading in a key range between $ 76 and $ 85 as it plans its next move.

To continue the rally, the price has to clear $85 as support and aim for $90 next. However, considering the strength of the recent move, a consolidation period would be welcomed to avoid a sharper correction later.

Looking ahead, HYPE has a real chance to hit a three-digit price in the near future if this bullish momentum is sustained. A price of $100 or higher is only a 20% rally from current levels.

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TLDR: Zcash price trades near $790 after a rally toward $880. Support sits around $755 to $770, with resistance at $815 to $825. Santiment reports average ZEC social dominance 183% above its earlier baseline. That exceeds gains for Bitcoin, Ethereum and Hyperliquid. ZEC futures open interest totals roughly $1.57 billion. Daily derivatives turnover exceeds reported spot activity by over ten times. ZCSH expands brokerage access through NYSE Arca. The Zcash Foundation schedules its NU7 advisory poll to close on September 14. Zcash price holds near $790 as Santiment reports a 183% increase in average social dominance during the August rally. The privacy coin retreated after gaining almost 80% from roughly $490 to $880 earlier this month. Its share of online discussion expanded much faster than those of Bitcoin and Ethereum.

The Zcash price rally now faces technical resistance near $825, following several lower highs. ZEC futures open interest totals roughly $1.57 billion, adding substantial derivatives exposure around the current trading range. Meanwhile, a new exchange listing expands brokerage access, and an advisory vote addresses unresolved questions about the next network upgrade.

Zcash Price Rally Draws Attention Beyond Bitcoin and Ethereum According to Santiment, Hyperliquid averaged 44% above its earlier social dominance baseline during the same comparison period. Bitcoin recorded about 12% growth, while Ethereum posted approximately 8%. These percentages describe changes in discussion share, not token returns or market capitalization.

Source: Santiment The metric compares coin mentions with discussion of the 100 largest crypto assets. A 183% increase represents 2.83 times the baseline, rather than a 183% share of discussion.

Attention also peaked on different dates. Ethereum reached its social dominance high on August 11, followed by Zcash on August 22. Bitcoin and Hyperliquid peaked on August 26, pointing to successive waves of attention across the four assets.

Bitcoin social volume grew about 9% in the August comparison with July. Its price gained roughly 26%. Santiment interprets that gap as evidence that broad rallies can outpace growth in overall discussion. For Zcash price analysis, greater social dominance does not establish fresh buying or identify bullish sentiment.

Investment access has also changed during the Zcash price advance. Grayscale launched ZCSH on NYSE Arca on August 25, converting its existing trust into an exchange traded product. Assets of roughly $316 million include inherited holdings and should not be confused with fresh inflows.

Separately, the Zcash Foundation opened its Community Advisory Panel poll on unresolved NU7 proposals. Questions cover issuance policy and shorter block times, with voting closing September 14 at 19:00 UTC. The advisory process does not itself activate network changes.

The faster block proposal would shorten target intervals from 75 seconds to 25 seconds. Issuance options address future mining rewards without changing the total supply cap, the Foundation says.

ZEC Futures Exposure and Chart Levels Shape the Next Test CoinGlass figures shows ZEC futures open interest near $1.57 billion at 06:10 UTC on August 28. Futures turnover totaled approximately $3.54 billion over 24 hours, compared with reported spot volume of $345 million. That puts derivatives turnover at about 10.3 times the reported spot total.

Source: Coinglass Liquidations reached roughly $5.4 million, equivalent to about 0.34% of outstanding open interest. Open interest measures unsettled contracts and includes both long and short exposure. It cannot establish whether traders favor a higher Zcash price.

Nor does ZEC futures turnover measure new money entering the market. Repeated trading can increase volume without creating an equivalent increase in outstanding positions. Funding rates, collateral, and spot demand provide additional context that these totals alone cannot supply.

On the chart, buyers previously cleared $512 and $550 before the move accelerated. Sellers then established lower highs, leaving descending resistance around $815 to $825. A sustained Zcash price break above that band would put $840 to $850 in focus before the $880 peak.

Support lies around $765, with recent intraday lows widening the relevant area to $755 through $770. A loss of that zone would bring the next support area around $720 to $740 into view. Meanwhile, the daily Relative Strength Index has eased from above 80 to about 69.7.

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30 August 2026 | 18:11 Solana is again approaching $110, but Hyperliquid open interest has risen far faster than price, leaving the recovery increasingly sensitive to forced liquidations on either side.

Key Takeaways SOL is approaching resistance near $110. Hyperliquid open interest gained 14.41% in 24h. Derivatives volume remains nearly ten times spot. A $98.82 loss would weaken recovery. Derivatives exposure is outpacing SOL’s recovery At 14:34 UTC on August 30, CoinGlass showed SOL trading at $106.94, up 2.47% over 24 hours. Open interest in Hyperliquid’s SOL market stood at $688.89 million following a 14.41% increase, while rolling volume reached $210.30 million.

Based on that percentage change, the notional value of open contracts had risen from approximately $602.12 million, a difference of about $86.77 million.

That difference does not represent $86.77 million in fresh deposits. SOL’s price increase contributed to the higher dollar value, while open interest counts the contracts that remained unsettled.

HypeBasis, which reads Hyperliquid’s public market data, showed a nearly identical open-interest reading at around the same time.

The $689 million reading does not reveal direction Open interest measures outstanding participation, not whether traders collectively expect SOL to rise or fall. Every futures contract connects a long with a short, leaving the notional value on both sides matched by construction.

CoinGlass displayed a long/short ratio of 1.1925, pointing to a modest long tilt within that particular measure. It should not be interpreted as a 19.25% imbalance in invested capital because such ratios may count accounts or categories of positions rather than compare their dollar value.

The more relevant risk is how much exposure may be forced out during a sudden price move. Hyperliquid allows up to 20x leverage on its SOL perpetual market, although the available data does not show the average leverage traders are using.

Higher leverage moves a position’s liquidation price closer to its entry. Once liquidations begin, forced market orders can push price into the next cluster of vulnerable positions, accelerating either a decline or a short squeeze.

The wider SOL market is dominated by futures CoinGlass reported $7.14 billion in aggregate SOL futures open interest, approximately 23% above the $5.81 billion recorded when we examined Solana’s earlier recovery above $94 on August 22.

Hyperliquid accounted for approximately 9.65% of the latest total, making it a significant venue without representing the entire SOL derivatives market.

Aggregate futures volume reached $6.13 billion, compared with $630.02 million in spot turnover. For every dollar of reported spot volume, the derivatives market processed approximately $9.73.

Contracts can change hands repeatedly, while futures are also used for hedging and arbitrage, so the ratio is not a measure of new money. It shows that derivatives are playing a much larger role than spot exchanges in SOL’s short-term price discovery.

Three supports sit below the recent high The Coinbase daily chart placed SOL near $107, leaving the price just below the recent high and resistance band between $109 and $110. Buyers need a daily close above that area to move the recovery beyond another test of the same ceiling.

Solana (SOL/USD) daily price chart with Fibonacci levels and RSI indicator. The latest daily low near $104 provides the first indication of whether buyers are defending the move. Below it, the rising trendline around $101-$102 offers a second short-term reference.

The more important support sits near $99. This 0.236 Fibonacci retracement acted as resistance before SOL broke higher, making it the first structural test during a deeper pullback. A daily close beneath it would weaken the breakout and expose the next retracement near $91.42.

Daily RSI stood near 76.5, showing how quickly Solana has travelled through the upper part of the range. That reading is a warning about the rally’s pace, not a sell signal. Price must lose support before the stretched momentum becomes a confirmed breakdown.

Price and open interest must be read together If buyers clear resistance A daily close above the recent high would extend the recovery and could force traders positioned for another rejection to cover their shorts.

Rising price and rising open interest would show traders adding exposure during the breakout. Participation would be increasing, but so would the amount of positioning vulnerable to a reversal. Rising price and falling open interest would point toward short covering or broader deleveraging rather than a wave of new contracts. If structural support fails A daily close beneath the former breakout level would return SOL to its previous range and shift attention toward the lower retracement.

Falling price and falling open interest would fit a market in which traders are closing positions or leveraged longs are being liquidated. Falling price and rising open interest would show traders adding exposure during the decline, potentially through new shorts, hedges or longs attempting to buy the pullback. The derivatives build-up does not invalidate SOL’s rebound, but it makes the move less forgiving. Buyers now need price to keep pace with the exposure behind it. A prolonged stall beneath overhead resistance would leave more positions crowded into a narrow area, with the former breakout level separating an ordinary pullback from a broader failure.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency and leveraged derivatives trading involve substantial risk.

Author

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

4 days ago

Per HyperTracker data, in Hyperliquid Builder’s 30-day revenue ranking, MetaMask leads with ~$1.3248 million, followed by Phantom at ~$1.2568 million, and Trust Wallet third with ~$900,200. The full breakdown: MetaMask: $1.3248M, 30-day trading volume $1.43B; Phantom: $1.2568M, $2.29B; Trust Wallet: $900.2k, $1.5B; Invo: $658.4k, $1.87B; fomo: $430.1k, $971M; 0xc7...b71a: $291.6k, $294M; 0x7c...e781: $242.3k, $636M; Trasia: $229k, $457M; Rabby: $227.7k, $1.13B; Blockchain: $181.2k, $160M. The Hyperliquid Builder Code mechanism allows wallets, trading frontends, tools, or bots to add origin tags to transaction orders via the on-chain Builder field, earning a share of fees from the transaction flows they route. Data shows top wallets and frontends are emerging as key revenue capture entry points for the Hyperliquid ecosystem, with MetaMask and Phantom both generating over $1.2 million in Builder revenue over the past 30 days.

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