TOKEN2049 returns to Marina Bay Sands in Singapore on Oct. 7-8, bringing together 25,000 attendees from over 7,000 companies across 160 countries.
The first 100 speakers have been announced, including Shayne Coplan, Founder and CEO of Polymarket; Jeff Yan, CEO of Hyperliquid Labs; Adena Friedman, Chair and CEO of Nasdaq; Jenny Johnson, CEO of Franklin Templeton; Eric Trump, Executive Vice President of The Trump Organization; Raoul Pal, Co-Founder and CEO of Real Vision; and Tom Lee, Managing Partner and Head of Research at Fundstrat.
Institutional participation will be a major focus of this year’s edition, with senior leaders from BlackRock, J.P. Morgan, Morgan Stanley, Nasdaq, NYSE, CME and Franklin Templeton expected across the event.
Taking over all five floors of Marina Bay Sands, TOKEN2049 will create a large-scale environment spanning content, networking, wellness, live experiences and its hospitality.
Across TOKEN2049 Week, more than 1,000 events, from conferences and hackathons to investor gatherings, meetups and networking receptions, will fill venues throughout the city. Other major gatherings taking place in Singapore that week include Digital Asset Summit Asia, Sui Basecamp, the Network State Conference, the Milken Institute Asia Summit, and the Forbes Global CEO Conference, all against the backdrop of the Formula 1 Singapore Grand Prix.
Alex Fiskum, Co-Founder of TOKEN2049, said: “With our Dubai edition moving to 2027, our full focus this year is on Singapore. We’re seeing strong interest, with more than 70% of the exhibition floor already secured. We’ll also unveil new tracks and formats in the coming weeks as we expand the institutional side of the programme. We can’t wait to welcome everyone back to TOKEN2049 this October for another edition in Singapore.”
The 2026 programme will also feature the second edition of TOKEN2049 Origins, a 36-hour hackathon, and the return of the NEXUS Startup Competition, with registrations and applications across both programmes. This year’s finalists are set to be judged by leading venture capital firms Dragonfly, Multicoin, and Maelstrom.
Happy Bird tickets are currently available. For tickets and further information, visit TOKEN2049 Singapore.
ABOUT TOKEN2049
TOKEN2049 is the world’s leading crypto event series, bringing together decision-makers from across the global digital asset ecosystem to connect, exchange ideas and shape the industry. TOKEN2049 is the meeting place for founders, executives, institutions, investors, builders and policymakers from around the world.
In brief A scheduled unlock will release 14,175,778 Hyperliquid tokens on August 29, worth about $1.2 billion at current prices. The release equals 1.4% of total supply and 2.7% of HYPE's market capitalization. Nearly 47% of the unlocked tokens go to insiders — the largest single share of this release. Hyperliquid, the layer-1 blockchain and perpetual futures exchange, is on a tear—and investors in the project’s native token HYPE are reaping the benefits.
Hyperliquid, which trades as HYPE, touched an all-time high of $83.27 on Sunday before slipping to around $77.50, data from CoinGecko shows. The token's market cap sits near $19.5 billion. That run-up, though, is about to collide with a supply release the tracking site Tokenomics.com lists as the largest of Hyperliquid's monthly unlocks.
Myriad: Ethereum next price move? Click to make your prediction.Every month since the November 2024 launch, Hyperliquid has freed a slice of its 1 billion-token supply on a fixed calendar. The August 29 event is the fourth in a row to send tokens to three recipient groups: community, foundation, and insiders. Insiders (the early investors) take the largest single share of this release—46.6%, against 46.3% for the community (grants, rewards, airdrops, etc.) and 7% for the Hyper Foundation.
Token unlocks don't automatically tank a price. They raise the number of tokens that can be sold, and the new supply can pressure the market if recipients cash out. The site's own price-impact history is mixed: After the three prior monthly unlocks, HYPE fell 7% (July), rose 1% (June), and dropped 14.1% (May) in the days that followed.
But unlocks routed to investors and early contributors are the ones traders watch—those holders paid little and have more reason to take profits than a community pool does.
Hyperliquid has been in the news for more than its token chart. Coinbase added 50x perpetual futures to its Base app through Hyperliquid's infrastructure this month, an integration that pushes the protocol deeper into mainstream trading rails.
Perhaps the most bullish news for HYPE investors came mid-last week, when President Donald Trump directly referenced Hyperliquid during a media appearance ahead of a closed-door meeting with cryptocurrency executives. The decentralized exchange for perpetual futures is currently geofenced and unavailable to Americans, but Trump told media the CFTC is “working to bring Hyperliquid into the United States in a fully compliant and legal fashion.”
The push lands as Washington signals a friendlier stance to crypto as a whole. Trump also called on Congress to pass a "fair version" of the Clarity Act at a White House crypto meeting.
With HYPE near record levels, the August 29 release drops about $560 million of insider-facing supply onto a market that's already off its peak. The next unlock, of the same size, arrives September 29.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
In brief A scheduled unlock will release 14,175,778 Hyperliquid tokens on August 29, worth about $1.2 billion at current prices. The release equals 1.4% of total supply and 2.7% of HYPE's market capitalization. Nearly 47% of the unlocked tokens go to insiders — the largest single share of this release. Hyperliquid, the layer-1 blockchain and perpetual futures exchange, is on a tear—and investors in the project’s native token HYPE are reaping the benefits.
Hyperliquid, which trades as HYPE, touched an all-time high of $83.27 on Sunday before slipping to around $77.50, data from CoinGecko shows. The token's market cap sits near $19.5 billion. That run-up, though, is about to collide with a supply release the tracking site Tokenomics.com lists as the largest of Hyperliquid's monthly unlocks.
Myriad: Ethereum next price move? Click to make your prediction.Every month since the November 2024 launch, Hyperliquid has freed a slice of its 1 billion-token supply on a fixed calendar. The August 29 event is the fourth in a row to send tokens to three recipient groups: community, foundation, and insiders. Insiders (the early investors) take the largest single share of this release—46.6%, against 46.3% for the community (grants, rewards, airdrops, etc.) and 7% for the Hyper Foundation.
Token unlocks don't automatically tank a price. They raise the number of tokens that can be sold, and the new supply can pressure the market if recipients cash out. The site's own price-impact history is mixed: After the three prior monthly unlocks, HYPE fell 7% (July), rose 1% (June), and dropped 14.1% (May) in the days that followed.
But unlocks routed to investors and early contributors are the ones traders watch—those holders paid little and have more reason to take profits than a community pool does.
Hyperliquid has been in the news for more than its token chart. Coinbase added 50x perpetual futures to its Base app through Hyperliquid's infrastructure this month, an integration that pushes the protocol deeper into mainstream trading rails.
Perhaps the most bullish news for HYPE investors came mid-last week, when President Donald Trump directly referenced Hyperliquid during a media appearance ahead of a closed-door meeting with cryptocurrency executives. The decentralized exchange for perpetual futures is currently geofenced and unavailable to Americans, but Trump told media the CFTC is “working to bring Hyperliquid into the United States in a fully compliant and legal fashion.”
The push lands as Washington signals a friendlier stance to crypto as a whole. Trump also called on Congress to pass a "fair version" of the Clarity Act at a White House crypto meeting.
With HYPE near record levels, the August 29 release drops about $560 million of insider-facing supply onto a market that's already off its peak. The next unlock, of the same size, arrives September 29.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
Hyperliquid, a layer-1 blockchain platform and decentralized perpetual futures exchange, is set for a major token unlock that will release 14,175,778 HYPE tokens on August 29. The release, valued at approximately $1.2 billion based on current prices, marks the largest scheduled monthly unlock for the project since its November 2024 launch.
Token unlock details and market impactThe upcoming token distribution will increase Hyperliquid’s circulating supply by 1.4%, representing 2.7% of the current HYPE market capitalization, which is estimated at around $19.5 billion. Just days before the announcement, HYPE reached an all-time high of $83.27 before retracing to $77.50, according to data tracked by CoinGecko.
Since its debut, Hyperliquid has followed a fixed monthly release schedule, gradually introducing segments of its 1 billion HYPE token supply to the market. The August 29 event will be the fourth consecutive month in which tokens are allocated to three key groups: community, foundation, and insiders.
Nearly 47% of this unlock, about $560 million, is designated for insiders, who consist primarily of early investors. The community will receive 46.3% (mainly grants, rewards, and airdrops), and the Hyper Foundation will be allocated the remaining 7%.
RecipientShare (%)Estimated Value ($ million)Insiders46.6%~$560Community46.3%~$555Hyper Foundation7%~$84Historically, token unlocks have shown mixed price effects in recent months. Following prior monthly unlocks, HYPE dropped 14.1% in May, increased 1% in June, and declined 7% in July.
Recent unlocks allocated to insiders and early contributors typically attract heightened trader attention, as these holders have substantial unrealized gains and often choose to take profits after distribution, introducing potential selling pressure with each release.
Hyperliquid has gained prominence not only for the performance of its native token but also through growing integrations with major platforms. Earlier this month, Coinbase, a leading US-based cryptocurrency exchange, integrated 50x perpetual futures on its Base app via Hyperliquid’s infrastructure, expanding mainstream access to advanced derivatives trading.
Perpetual futures are derivative contracts without an expiry date, allowing traders to speculate on asset prices with high leverage. Hyperliquid specializes in providing decentralized, non-custodial perpetual trading, distinguishing itself as a key player in on-chain futures markets.
Mini dictionary: Perpetual futures, a staple of crypto derivatives, are contracts that enable investors to bet on the future price of assets without a set expiration, often featuring high leverage and funding rate mechanisms to encourage price convergence with spot markets.
Regulatory signals and political exposurePolitical developments have further boosted Hyperliquid’s public profile. In a media appearance last week, US President Donald Trump named Hyperliquid during remarks ahead of a closed-door meeting with cryptocurrency industry leaders. Trump stated that the Commodity Futures Trading Commission (CFTC) is aiming to bring Hyperliquid’s exchange operations to the US in a compliant and legal manner. Currently, the platform geofences American users and restricts their access.
At the event, Trump also urged Congress to pass what he termed a “fair version” of the Clarity Act, highlighting his administration’s more favorable approach toward the digital asset industry.
The next scheduled unlock of similar size is set for September 29, maintaining the project’s monthly release rhythm as investors monitor potential price fluctuations in HYPE following each event.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Kinetiq unveiled Elysium, a Hyperliquid L2 built to improve HyperEVM performance, revive spot trading, and create a new KNTQ buyback engine.
Kinetiq, Hyperliquid’s largest liquid staking protocol, unveiled Elysium, an upcoming L2 designed to tackle HyperEVM’s performance limitations while also trying to jumpstart Hyperliquid’s stagnant spot and DeFi ecosystem.
What’s the Scoop?Introducing Elysium: Elysium will be a faster EVM environment built specifically for Hyperliquid, using HYPE as gas and connecting directly with HyperCore. It looks to address some of HyperEVM’s biggest limitations: low throughput, expensive transactions when activity spikes, and a dual-block design that splits transactions between fast, smaller blocks and slower, larger ones. Technical specs and launch partners are still to come, with Kinetiq saying launch is imminent.Reviving Hyperliquid Spot: Hyperliquid’s spot markets have failed to match its dominance in perps, with Kinetiq pointing to spot volumes and HIP-2 liquidity sitting near multi-month lows. Elysium aims to change that by giving PropAMMs a faster execution environment and direct access to HyperCore orderbook data, while creating a full token lifecycle where assets can launch through an AMM, graduate into deeper liquidity, bootstrap a HyperCore spot market, and eventually secure a HIP-3 perp listing.Kinetiq Needs It Too: Kinetiq still controls the overwhelming majority of HYPE liquid staking, but its core market has shrunk considerably. As we previously covered, kHYPE supply fell 62% from its August 2025 peak through May, while liquid-staked HYPE dropped from 10.42% to 4.42% of total staked HYPE. That weakness has persisted, with Kinetiq’s core kHYPE TVL down nearly 18% over the past month.Another KNTQ Engine: Elysium also adds a direct new source of value for KNTQ. Of sequencer fees, 25% will go to builders, 25% to Kinetiq’s treasury, and 50% toward open-market KNTQ purchases, with all purchased tokens burned. If Elysium succeeds in drawing meaningful activity, Kinetiq would no longer have to rely primarily on staking and its existing products to generate buybacks.
David Christopher
684 posts
David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.
Hyperliquid has become one of the standout winners of the latest crypto rebound. HYPE surged from around $58 to above $80 in less than a week, delivering roughly 37% gains as capital rushed back into high-beta altcoins. The move has put $100 firmly into the Hyperliquid price prediction conversation, but it is also pushing retail toward projects sitting much earlier in their own growth cycle.
ChainSpin is one of them. The new crypto has passed $120,000 raised, with its live presale showing roughly $126,000 collected and more than 10 million $SPIN sold. Buyers are still entering Stage 1 at $0.0125, while ChainSpin already has its casino live with thousands of games alongside an operational sportsbook.
HYPE’s 37% run puts $100 back on retail screens Table of Contents
HYPE’s breakout accelerated dramatically on August 19, when the token gained almost 19% in a single session before continuing higher through the weekend. It reached above $83 on August 23, extending a rally that has taken the token from the high-50s into the $80 region within days.
The rally is not happening without catalysts. Hyperliquid continues to attract attention for its revenue and token-buyback model, with Q2 revenue reported around $169 million and approximately $141 million allocated toward HYPE buybacks. Institutional interest has also strengthened, with recent reporting highlighting Multicoin Capital building a position worth more than $100 million.
From around $80, $100 would add another 25%. A move to $150 would represent another 87.5% and take HYPE significantly deeper into large-cap territory.
The early HYPE trade, however, has already delivered extraordinary gains. Retail buyers searching for the next asymmetric setup are increasingly looking for tokens that have not yet entered public-market price discovery.
ChainSpin is still at the stage HYPE buyers wish they caught earlier This is where ChainSpin offers a completely different entry point.
$SPIN remains in Stage 1 of a 12-stage presale at $0.0125. More than 10 million tokens have already been sold, Stage 1 is over 25% complete and the price is scheduled to increase as the presale moves forward.
ChainSpin also publishes a planned listing price of $0.12, putting that level 9.6 times above the current opening-stage price.
The bigger retail hook is that ChainSpin is unusually early from a token perspective while already advanced from a product perspective. Its core platform is operating before $SPIN has reached its first exchange, allowing the project to build users while Stage 1 buyers are still securing the earliest presale allocation.
Hyperliquid proved how powerful buybacks can become There is another reason the HYPE comparison is particularly interesting.
Hyperliquid has turned platform revenue into one of the central narratives supporting HYPE. Strong activity generates fees, and substantial amounts have been directed toward token buybacks. That mechanism has become a major part of the bullish HYPE thesis.
ChainSpin is building around a similar retail concept from a much earlier stage.
Its published SPIN Cycle is designed to direct portions of future platform revenue toward open-market $SPIN purchases. Tokens acquired through the model are intended to be divided between 60% permanent burns and 40% holder and staker rewards.
That means growing the platform can potentially create another source of $SPIN demand beyond investors simply buying the token.
Could $SPIN become the earlier asymmetric trade? HYPE’s latest 37% run shows exactly why retail chases tokens with strong products, growing activity and buyback narratives. The difference is that Hyperliquid has already reached public markets and HYPE now trades around the $80 level.
ChainSpin remains before that stage entirely.
$SPIN is still $0.0125, the project has passed $120K raised, more than 10 million tokens have been sold and the main platform is already operating. Maximum supply is fixed at 1 billion $SPIN, while the published token model combines buybacks, permanent burns and holder rewards.
For traders looking beyond the next Hyperliquid price prediction, ChainSpin offers the earlier part of the same type of hunt: finding a working ecosystem before its token has experienced its first open-market valuation.
VISIT CHAINSPIN OFFICIAL WEBSITE
FAQs What is the latest Hyperliquid price prediction? HYPE has surged roughly 37% from the high-$50s into the $80 region, putting $100 back into focus after its powerful August breakout.
What is the current ChainSpin presale price? $SPIN remains priced at $0.0125 in Stage 1, with ChainSpin showing more than $126,000 raised and over 10 million tokens sold.
Why are buyers watching ChainSpin? ChainSpin combines an opening-stage token price with an already-live core platform and a published model designed to connect future platform revenue with $SPIN buybacks, burns and holder rewards.
Disclaimer: This is a Press Release provided by a third party who is responsible for the content. Please conduct your own research before taking any action based on the content.
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.
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.
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.
India plans to issue its first tokenized bond in September, with a value potentially exceeding $57 million.
According to Reuters, India plans to issue its first tokenized bond in September, offered by state-owned power finance firm REC, with an expected size of less than 5 billion rupees (around $57 million). India’s market regulator and central bank are jointly advancing the related pilot, with blockchain technology to be used for the bond’s issuance and settlement. Sources said the product is set to launch during Mumbai’s annual fintech conference in September, initially open only to a small group of investors. Investors will participate via wholesale central bank digital currency (CBDC) wallets and electronic securities wallets. India’s depository institutions are developing an e-wallet named DEMT 2.0, which will use distributed ledgers to track bond holdings. The bond has an initial three-month term; subsequent trading will be restricted to participants holding both CBDC-compatible and securities wallets. A secondary market for the tokenized bond is projected to form by December, and it will not be traded on traditional electronic trading platforms.
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India plans to issue its first tokenized bond in September, with a value potentially exceeding $57 million.
According to Reuters, India plans to issue its first tokenized bond in September, offered by state-owned power finance firm REC, with an expected size of less than 5 billion rupees (around $57 million). India’s market regulator and central bank are jointly advancing the related pilot, with blockchain technology to be used for the bond’s issuance and settlement. Sources said the product is set to launch during Mumbai’s annual fintech conference in September, initially open only to a small group of investors. Investors will participate via wholesale central bank digital currency (CBDC) wallets and electronic securities wallets. India’s depository institutions are developing an e-wallet named DEMT 2.0, which will use distributed ledgers to track bond holdings. The bond has an initial three-month term; subsequent trading will be restricted to participants holding both CBDC-compatible and securities wallets. A secondary market for the tokenized bond is projected to form by December, and it will not be traded on traditional electronic trading platforms.
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According to market data, FOLD is currently trading at approximately $0.0811, with a market capitalization of around $97.34 million, down 26.21% over the past 24 hours.
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Aster Trader Turns $90K Into $966K With 50x $BTC Long, Sitting on $810K Unrealized Profit
This trader turned $90K into $966K on @Aster_DEX — over a 10x return! He deposited $90K into Aster and opened a 50x long on 49 $BTC ($3.95M), now sitting on an unrealized profit of $810K(+1,025%).
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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.
India plans to issue its first tokenized bond in September, with a value potentially exceeding $57 million.
According to Reuters, India plans to issue its first tokenized bond in September, offered by state-owned power finance firm REC, with an expected size of less than 5 billion rupees (around $57 million). India’s market regulator and central bank are jointly advancing the related pilot, with blockchain technology to be used for the bond’s issuance and settlement. Sources said the product is set to launch during Mumbai’s annual fintech conference in September, initially open only to a small group of investors. Investors will participate via wholesale central bank digital currency (CBDC) wallets and electronic securities wallets. India’s depository institutions are developing an e-wallet named DEMT 2.0, which will use distributed ledgers to track bond holdings. The bond has an initial three-month term; subsequent trading will be restricted to participants holding both CBDC-compatible and securities wallets. A secondary market for the tokenized bond is projected to form by December, and it will not be traded on traditional electronic trading platforms.
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According to market data, FOLD is currently trading at approximately $0.0811, with a market capitalization of around $97.34 million, down 26.21% over the past 24 hours.
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Aster Trader Turns $90K Into $966K With 50x $BTC Long, Sitting on $810K Unrealized Profit
This trader turned $90K into $966K on @Aster_DEX — over a 10x return! He deposited $90K into Aster and opened a 50x long on 49 $BTC ($3.95M), now sitting on an unrealized profit of $810K(+1,025%).
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Binance Alpha will roll out Teller first on August 26, with eligible users able to claim the airdrop.
According to official announcements, Binance Alpha will be the first to list Teller (TELLER) on August 26. Eligible users can visit the Binance Alpha event page to claim the airdrop using Binance Alpha points once trading opens, with specific airdrop details to be announced later.
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Bitcoin mining company Metaplanet deposited 1,000 Bitcoin into Coinbase Prime one hour ago.
According to Lookonchain’s monitoring, Bitcoin mining firm Metaplanet deposited 1,000 BTC into Coinbase Prime an hour ago, valued at roughly $79.77 million. Earlier, the company purchased 43,000 BTC at an average price of $96,191, totaling approximately $3.48 billion.
India plans to issue its first tokenized bond in September, with a value potentially exceeding $57 million.
According to Reuters, India plans to issue its first tokenized bond in September, offered by state-owned power finance firm REC, with an expected size of less than 5 billion rupees (around $57 million). India’s market regulator and central bank are jointly advancing the related pilot, with blockchain technology to be used for the bond’s issuance and settlement. Sources said the product is set to launch during Mumbai’s annual fintech conference in September, initially open only to a small group of investors. Investors will participate via wholesale central bank digital currency (CBDC) wallets and electronic securities wallets. India’s depository institutions are developing an e-wallet named DEMT 2.0, which will use distributed ledgers to track bond holdings. The bond has an initial three-month term; subsequent trading will be restricted to participants holding both CBDC-compatible and securities wallets. A secondary market for the tokenized bond is projected to form by December, and it will not be traded on traditional electronic trading platforms.
8 minutes ago
FOLD drops over 26% in 24 hours, with its market cap standing at $97.34 million as of press time.
According to market data, FOLD is currently trading at approximately $0.0811, with a market capitalization of around $97.34 million, down 26.21% over the past 24 hours.
8 minutes ago
Aster Trader Turns $90K Into $966K With 50x $BTC Long, Sitting on $810K Unrealized Profit
This trader turned $90K into $966K on @Aster_DEX — over a 10x return! He deposited $90K into Aster and opened a 50x long on 49 $BTC ($3.95M), now sitting on an unrealized profit of $810K(+1,025%).
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Arthur Hayes: Maelstrom is fully invested in risk assets, with Bitcoin, Ethereum, and others as core bets.
Arthur Hayes published a post noting that his Maelstrom Fund is currently at "maximum risk exposure", with core bets on Bitcoin, Ether, Ethena, and Ether.fi. Hayes argues that whether U.S. Treasury Secretary Bessent increases U.S. dollar liquidity rapidly or gradually, Bitcoin will keep rising, though market volatility will also spike. As such, he advises against using leverage unless one is a full-time trader. Hayes also pointed out that Bessent’s recent move to expand long-term U.S. Treasury repurchase operations could further boost U.S. dollar liquidity, lifting Bitcoin and other risk assets. He projects that if U.S. Treasury yields approach 5% again, the U.S. Treasury may further expand repurchase volumes or take other steps to increase U.S. dollar liquidity.
8 minutes ago
Binance Alpha will roll out Teller first on August 26, with eligible users able to claim the airdrop.
According to official announcements, Binance Alpha will be the first to list Teller (TELLER) on August 26. Eligible users can visit the Binance Alpha event page to claim the airdrop using Binance Alpha points once trading opens, with specific airdrop details to be announced later.
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Bitcoin mining company Metaplanet deposited 1,000 Bitcoin into Coinbase Prime one hour ago.
According to Lookonchain’s monitoring, Bitcoin mining firm Metaplanet deposited 1,000 BTC into Coinbase Prime an hour ago, valued at roughly $79.77 million. Earlier, the company purchased 43,000 BTC at an average price of $96,191, totaling approximately $3.48 billion.
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Two whales plan to short $42.2 million worth of HYPE.
According to monitoring by TradingBeats (formerly Hyperinsight), two HYPE whales placed 509 non-"position-reduction-only" sell orders earlier today at higher price levels. They still plan to sell roughly 449,500 HYPE tokens, with a nominal value of around $42.226 million, at a weighted average order price of $93.94. The two sets of orders were created less than two minutes apart, but no data yet links the two addresses. The "US stock market winner" whale tracked yesterday (starting with 0x4e23) held 152,800 HYPE long positions as of yesterday and has now fully closed them for profit. Earlier today, it re-placed 24 sell orders within one minute, planning to short 327,300 HYPE tokens in the $90.385–$104.68 range, with a nominal value of about $31.5 million and a weighted average price of $96.25. Another whale starting with 0xf02d has already shorted 391,100 HYPE tokens, with a position value of ~$31.29 million, an average entry price of $75.92, and an unrealized loss of around $1.598 million. This address also placed 485 additional short orders in the $80.409–$99 range today, with a remaining planned short of 122,200 HYPE tokens (nominal value ~$10.726 million). The lowest tier of these orders is only ~0.5% away from the current price, and some have already started executing.
11 minutes ago
Maji opens $113 million worth of BTC and ETH long positions, account balance surges nearly 200 times.
According to Lookonchain’s monitoring, "Maji" (@machibigbrother) was once liquidated to the point where his account held less than $60,000. His account balance has since surged nearly 200 times, and he has opened long positions worth $113 million in Bitcoin (BTC) and Ethereum (ETH), including 23,350 ETH valued at $59 million and 668 BTC worth $54 million.
11 minutes ago
Whale Tracking: The whale that had planned to short nearly $100 million worth of BTC has placed an additional buy order worth over $84 million.
According to monitoring by TradingBeats (formerly Hyperinsight), the whale with the address starting with 0xf517 — which placed nearly $100 million in BTC sell orders yesterday — added three new non-"only position reduction" buy orders in roughly 11 seconds early this morning: $75,888 for 329.4 BTC (~$25 million), $73,555 for 339.9 BTC (~$25 million), and $72,222 for 346.2 BTC (~$25 million). Combined, the three orders plan to buy 1,015.5 BTC for ~$75 million, with a weighted average order price of ~$73,857.5. At BTC’s current price of $80,674, the three buy orders are waiting for pullbacks of approximately 5.9%, 8.8%, and 10.5% respectively. Adding the prior $9.908 million buy order placed at $74,088, the whale now has four total buy orders, targeting 1,149.2 BTC for a nominal ~$84.908 million. The whale currently holds a 42.1 BTC long position with 40x full leverage, valued at ~$3.394 million, an average entry price of $77,330.3, and ~$141,000 in unrealized profit. Its long position has dropped ~55.3% since yesterday, but its preset buy orders below have expanded by over $75 million. The sell wall above remains unwithdrawn. As of press time, the whale has 183 non-"only position reduction" sell orders in the $81,272–$108,888 range, planning to sell 945.2 BTC for a nominal ~$91.296 million, with a weighted average price of ~$96,592.8; it also has an "only position reduction" sell order at $88,888 covering its current long position.
11 minutes ago
Binance's SAFU Fund has posted an unrealized profit of $221 million, with a return rate of 21.5%.
According to monitoring by ai_9684xtpa, Binance’s SAFU fund has an unrealized profit of $221 million. Between February 2 and 12, Binance accumulated 15,000 BTC, with an average cost of approximately $66,666.66 based on a total investment of $1 billion. At the current BTC price of $81,000, the fund’s estimated return rate stands at 21.5%.
11 minutes ago
Bitget Launches Stock Contracts for Deere (DE) and Nikkei 225 Index (JP225)
According to an official announcement, Bitget has launched two stock perpetual contracts—DE (Deere & Company) and JP225 (Nikkei 225 Index)—to meet users’ diverse investment needs. Both contracts are settled in USDT, offer up to 20x leverage, and support 24/7 trading. As of now, Bitget supports a total of 282 stock contract underlyings.
11 minutes ago
Whale "Set 10 Big Goals First" Likely Stopped Out of BTC Short Position, Incurring $9.86 Million in Unrealized Loss
On-chain analyst Ai Yi (@ai_9684xtpa) has monitored that BTC has broken through the stop-loss price of $80,500 from her "10 Major Targets" strategy. If her positions remain unchanged, she is now facing an unrealized loss of $9.86 million. Earlier, she disclosed holding short positions of 1,830.724 BTC (worth approximately $148 million) with an average entry price of $76,397.56, and short positions of 12,756.739 ETH (worth approximately $32.05 million) with an average entry price of $2,371.57.
Abraxas Capital, Fasanara Capital, and Wintermute still hold over $600 million in short positions in Bitcoin (BTC) and Ethereum (ETH).
Blockchain tracker Lookonchain identified the positions as market maker hedging accounts. Their liquidation prices sit far above current market levels.
Liquidation Prices Sit Far Above SpotThe crypto market rally, fueled by policy moves, triggered a wave of short liquidations. BeInCrypto reported that on August 19, short sellers lost $1.3 billion within 60 minutes as Bitcoin climbed 2.5%.
The broader sell-off in bearish positions intensified, with short liquidations reaching $2.74 billion as 172,202 traders were liquidated. Short sellers then lost another $1.06 billion over the following 24 hours.
Lookonchain said the largest remaining on-chain short positions now appear to belong to market makers’ hedging accounts.
“It seems that all the big whales have been liquidated in this price surge! Currently, the largest short positions on the blockchain are held by market makers’ hedging accounts,” Lookonchain posted.
The three firms hold short positions of 138,569 Ethereum (ETH) worth $338 million and 3,425 Bitcoin (BTC) worth $265 million.
Abraxas Capital runs the largest book. Its two ETH shorts liquidate at $4,008 and $3,958, while spot trades near $2,440.
Its BTC shorts liquidate at $128,521 and $140,437 against a $77,381 spot price. Wintermute’s Bitcoin position survives until $251,307.
No position faces liquidation unless Bitcoin climbs 66% or Ethereum climbs 62%. That distance explains why the squeeze passed them by.
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Wintermute Added Shorts as Losses MountedAbraxas Capital carries roughly $58 million in unrealized losses across its four positions. The firm has not closed any of them.
Fasanara Capital sits 18.87% underwater on a $74.81 million ETH short at 15X leverage. Wintermute remains marginally profitable on both assets, according to Lookonchain data.
Separately, Onchain Lens tracked Wintermute raising short exposure on Hyperliquid. That book shows $5.85 million in unrealized losses across various assets.
WINTERMUTE IS DOUBLING DOWN ON SHORTS WHILE MOVING HUGE FUNDS TO BINANCE 🐻
They have deposited millions more into Hyperliquid and increased their short exposure from $146.19M to $190.77M, adding ~$44.58M in shorts since our last update.
— Onchain Lens (@OnchainLens) August 23, 2026 The latest data suggests the remaining short exposure is less a broad bearish bet and more a reflection of market-making and hedging activity.
With liquidation levels still far above current prices, the positions are unlikely to face immediate pressure unless Bitcoin and Ethereum extend their rally significantly.
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The native token of the so-called decentralized trading platform Hyperliquid, known as HYPE, has reached a fresh all-time high, surpassing $77 in recent sessions. This milestone caps a strong year in which the asset has advanced almost 200% from the start of 2026.
The gains stand out against a mixed backdrop for major cryptocurrencies, with Bitcoin down roughly 12% and Ethereum lower by about 20% over the same period.
The latest upward move gained momentum after remarks by President Donald Trump during a White House meeting with crypto and finance leaders.
Trump indicated that Commodity Futures Trading Commission Chairman (CFTC) Michael Selig is working to enable Hyperliquid’s presence in the United States under a fully compliant and legal framework.
The platform, which specializes in perpetual futures contracts, currently restricts access for US users and operates largely offshore.
Hyperliquid’s core product allows traders to open leveraged positions on cryptocurrencies as well as certain traditional assets such as stocks and commodities, without the fixed expiration dates typical of conventional futures.
Its on-chain infrastructure has supported significant trading volumes and fee generation, helping establish it as a prominent venue in the decentralized derivatives space.
Market reaction to the presidential comments was swift.
HYPE advanced several percentage points to set the new record, while related vehicles—including a publicly traded company focused on holding the token—saw sharp gains of up to 31%.
The news coincided with a broader recovery in digital asset prices, adding further support.
No formal regulatory approval or specific timeline has been disclosed, and Hyperliquid’s terms still limit US participation.
Nevertheless, the explicit reference by the administration has been viewed by many participants as an encouraging signal of potential pathways for regulated onshore operations of advanced decentralized trading systems.
The development fits into wider discussions around digital asset policy, including calls for clearer legislative frameworks.
For a platform already handling substantial perpetual futures activity, access to the US market could meaningfully expand its user base and liquidity.
HYPE’s outperformance this year reflects both the platform’s operational traction and investor sensitivity to regulatory developments.
As policy conversations continue, tokens tied to infrastructure that demonstrates both technical strength and engagement with U.S. authorities may remain in focus.
While prices can shift quickly with headlines and overall market conditions, the combination of Hyperliquid’s existing metrics and the recent political attention has contributed to its position among the stronger performers in the current crypto landscape.
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TL;DR:
Bitcoin, Ethereum and XRP whale short positions reach $1.38 billion as Abraxas Capital, Wintermute and Fasanara Capital hedge gains on Hyperliquid rather than bet on a downturn.Gold hit a fresh August high of $4,659.85, driven by Treasury Secretary Scott Bessent's plan to move $950 billion from the TGA into long-term bonds.Ray Dalio urges investors to cut Treasury exposure for gold and Bitcoin, citing a looming US debt crisis.On Monday morning, Aug. 24, the cryptocurrency market is holding onto the momentum of its best weekly rally in three years, showing stable consolidation at elevated levels. Following the historic $4 billion short squeeze at the end of last week, trading platforms have entered a localized battle for liquidity.
According to CoinGlass, positions held by 78,395 futures traders worth $339.53 million were forcibly closed over the past 24 hours, with sellers accounting for a slight majority at $181.36 million. Against this backdrop, institutional capital continues its aggressive accumulation: weekly inflows into U.S. spot Bitcoin ETFs reached a 10-month high of $1.5 billion, according to SoSoValue estimates.
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At the same time, major issuers are making large balance-sheet moves. While Strategy has accumulated $1.59 billion in USD cash for future BTC purchases, BitMine has increased its stake to 4.8% of Ethereum's market supply, indefinitely removing liquidity from circulation by staking 87% of its ETH.
While retail optimism pushes spot prices higher, the market's underlying microstructure points to a significant divide between individual speculation and institutional strategies.
Real-time price charts for BTC/USD, ETH/USD, XRP/USD, and Gold on August 24, 2026. Source: TradingViewThe largest market makers are calmly maintaining short positions worth more than $1.3 billion across key digital assets, including Bitcoin, Ethereum and XRP. This aggressive short exposure is not a bet on a crash but part of a sophisticated multibillion-dollar risk-hedging strategy unfolding alongside a global flight of capital into hard assets.
Gold is posting a powerful V-shaped daily recovery of 1.24%, moving toward $4,660. The current morning calm merely conceals a fierce battle for liquidity, fueled by U.S. Treasury interventions and regulatory uncertainty in Washington.
Crypto market news: Behind the $1.38 billion BTC, ETH and XRP shortsThe explosive rise in prices has triggered a surge in institutional hedging, with the largest liquidity providers building heavy short positions on decentralized derivatives platform Hyperliquid. The current balance of power in the institutional sector looks as follows:
Abraxas Capital Management: Maintains the lead with a massive $783 million short portfolio across BTC, ETH and other assets, while simultaneously withdrawing 73,000 ETH, worth approximately $173 million, from Binance to build a spot-long cushion.Wintermute: Controls a $190.8 million short position, including $53 million in ETH, $30.7 million in BTC and $22.6 million in SOL. Despite a local unrealized loss of $5.85 million caused by the current rally, the firm's historical net PnL exceeds $203.6 million.Fasanara Capital: Together with Wintermute, forms an additional pool of short positions, bringing the total institutional short block to $1.38 billion.Wintermute founder and CEO Evgeny Gaevoy has sharply criticized superficial media interpretations of these metrics, emphasizing that large market-maker shorts represent neutral inventory management and premium collection rather than bearish sentiment.
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As retail euphoria sends funding rates through the roof, funds execute a classic cash-and-carry basis trade: they short perpetual futures while simultaneously buying the underlying asset on the spot market to earn a risk-free, double-digit annualized return.
Institutional discipline stands in stark contrast to the behavior of retail futures traders. The latest CoinGlass heatmap shows that Ethereum took the biggest hit over the past 24 hours, with $117.09 million in liquidations, including a $6.86 million ETH/USDT order on Binance. Bitcoin followed with $72.59 million.
Crypto derivatives market liquidation heatmap showcasing total liquidated positions across major assets within the last 24 hours. Source: CoinGlassTraders continue aggressively attempting to catch local price movements, as reflected in retail activity around XRP, with $20.90 million in liquidations, Zcash with $12.13 million and other altcoins.
While individual retail traders make repeated mistakes by attempting to short this powerful trend with extremely high leverage, such as 40x, major players are pricing in the risks of systemic fiat debasement and seeking a fundamental hedge in global markets, where gold traditionally serves as the main ally of digital assets.
Ray Dalio chooses gold and Bitcoin as protection against a U.S. debt crisisThe rapid rise of gold and silver reflects the same processes now unfolding in the cryptocurrency market: investors are fleeing the traditional U.S. financial system amid concerns about its hidden vulnerabilities. Gold has gained approximately 15% over the past month, while silver has posted an even more aggressive 19% increase.
This synchronized advance is being driven by a massive maneuver from Treasury Secretary Scott Bessent, who plans to deploy nearly $950 billion from the Treasury General Account, or TGA, to purchase long-term government bonds from the market. This liquidity injection has already pushed gold to a new August high of $4,659.85, breaking through key technical resistance at $4,400 on TradingView's daily chart.
Weakening demand for U.S. government bonds and aggressive financial engineering by the Treasury have prompted Wall Street heavyweights to speak out. At the end of last week, legendary investor and Bridgewater founder Ray Dalio directly urged investors to reduce their Treasury positions and shift capital into gold, predicting a full-scale U.S. debt crisis within the next three years — "plus or minus two years if the current policy direction does not change."
Bitcoin to Gold performance ratio chart. Source: TradingViewDalio emphasized that if demand for government bonds declines, authorities will resort to uncontrolled dollar issuance, triggering another wave of severe inflation. Notably, alongside gold, Dalio separately identified Bitcoin as one of the most effective alternative instruments for protection against these sovereign risks.
Major institutional funds are already acting within this paradigm. Fidelity International has doubled its gold longs over the past three weeks, hedging against the regulatory uncertainty left in the wake of new Federal Reserve Chair Kevin Warsh.
Nevertheless, macro analysts note that as the V-shaped recovery in precious metals approaches a local ceiling near the spring highs of $5,400, excess capital is beginning to seek higher beta in digital infrastructure, which is posting record figures:
Solana ecosystem: Set an unprecedented record by processing 1.318 billion transactions in a single week.Stablecoin market: Daily usage in the real economy reached $1 billion via debit cards.Zcash (ZEC): Surged 22% toward its 2018 price highs at $855 following Grayscale's updated application to launch the first U.S. spot ETF for a privacy-focused cryptocurrency.Bitcoin is directly absorbing this overflow from fiat, holding firmly at $78,143 and easily digesting local selling by whales. As Dalio predicted, capital is flowing into hard digital alternatives amid the deterioration of the debt market.
This is laying the foundation for Bitcoin to challenge the $100,000 level by the end of 2026. According to Standard Chartered analysts, even that target may prove overly conservative as daily ETF inflows return to levels above $1 billion.
Hyperliquid price traded near $80 on Aug. 24 after reaching a record $83.27, as rising platform fees and a 32% weekly gain kept HYPE in price discovery.
Summary
HYPE reached an all-time high of $83.27 before retreating toward $80. Hyperliquid generated $6.5 million in fees during a recent 24-hour period. Daily RSI reached 75.91, leaving the token overbought after its rapid advance. Liquidation data places the largest nearby liquidity cluster around $84. Hyperliquid price consolidates below its record high Hyperliquid (HYPE) price was trading at approximately $79.83 at the time of writing, down 1.15% over the previous 24 hours but up 32.3% over seven days. The token has also gained 35.8% over the past month.
HYPE reached an all-time high of $83.27 on Aug. 23, according to CoinGecko, before buyers encountered resistance between $82 and $84. Its market capitalization stood near $17.8 billion, placing it among the ten largest cryptocurrencies.
The 4-hour chart shows that the rally accelerated on Aug. 19, when HYPE climbed from below $60 to nearly $70 in a single session. Buyers then pushed the token through $75 and above $80 over the following four days.
Price remained close to $80 on Aug. 24 despite several attempts to take profits. The tight consolidation below the record high suggests buyers have not yet surrendered control, although the slowing momentum increases the risk of a short-term pullback.
HYPE also remained above the 4-hour Supertrend level at $72.67. A decisive fall below that line would weaken the current bullish structure and place the previous breakout area around $68 to $70 back in focus.
Hyperliquid price 4-hour chart — Aug. 24 | Source: crypto.news The Awesome Oscillator remained positive at 6.08, but its histogram declined after reaching a local peak. The change shows that bullish momentum is still present but no longer accelerating at the rate seen during the initial breakout.
Hyperliquid fees add support to HYPE demand The price advance coincided with a surge in activity on Hyperliquid’s derivatives platform. Data cited by Token Terminal showed the protocol generated $6.5 million in fees over a recent 24-hour period, compared with $1.5 million for Pump.fun.
Hyperliquid also recorded about $5.6 million in revenue and 102,800 daily active users during the period. Increased leveraged trading during the broader crypto market rally contributed to the rise in fees.
The revenue matters for HYPE because the protocol directs most trading fees to its Assistance Fund. DefiLlama states that 99% of perpetual and spot trading fees, excluding certain builder fees, go to the fund for open-market HYPE purchases.
Hyperliquid generated $55.64 million in fees over the past 30 days, including $40.94 million in protocol revenue, according to DefiLlama. Sustained trading activity can therefore create recurring demand for HYPE, although lower volume would reduce the size of future purchases.
HIP-3 provides another source of demand by allowing builders to deploy their own perpetual futures markets. Under the official Hyperliquid documentation, a deployer must stake 500,000 HYPE and operate markets with independent order books, margin rules, and settings.
The framework has expanded the platform beyond crypto markets by supporting derivatives linked to commodities, equities, and foreign exchange. However, activity remains concentrated among a limited number of major deployers, making continued growth an important condition for the bullish fundamental case.
HYPE faces resistance at the $84 liquidity cluster The daily chart shows HYPE trading above the upper Bollinger Band at $81.91 before pulling back. The middle band, represented by the 20-day simple moving average, stood at $62.43, showing how far price has moved above its short-term mean.
Hyperliquid price daily chart — Aug. 24 | Source: crypto.news Daily RSI reached 75.91, well above the usual overbought threshold of 70. Its moving average was lower at 61.80. An overbought reading does not guarantee an immediate reversal, but it shows that the rally has become stretched and vulnerable to profit-taking.
The three-day CoinGlass liquidation heatmap identifies $84 as the strongest nearby concentration of leveraged positions. A clean break above that level could force additional short liquidations and reopen price discovery, with $86.30 forming the next visible upper boundary.
Hyperliquid liquidation heatmap | Source: CoinGlass If HYPE fails to clear $84, the first support area sits between $78 and $79. The heatmap shows another concentration of positions near $77, while the broader chart places stronger support between $75 and $77.
A deeper correction could extend toward the 4-hour Supertrend at $72.67. Losing that level would raise the risk of a return to $68–$70, where the Aug. 19 breakout began.
Analysts watch for another expansion in volume Pseudonymous trader Altcoin Sherpa said HYPE appeared to be approaching another breakout candle and suggested that a move toward $100 million in trading volume was becoming increasingly likely. The accompanying chart showed price holding near its highs while volume eased after the initial surge.
The bullish scenario requires HYPE to close above $84 with rising spot volume. Such a move would invalidate the immediate rejection and place $86.30, followed by the psychological $90 level, in focus.
The bearish scenario begins with a loss of $77. Falling below that level could trigger long liquidations and expose $75, followed by the Supertrend support near $72.67.
For U.S. investors, regulatory access remains an unresolved part of the outlook. Hyperliquid’s Policy Center says it is advocating for a legal route that would allow Americans to access decentralized markets, but no official White House or CFTC announcement was found confirming that the platform is being integrated into the U.S. market.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
US equity markets are making their biggest schedule change in a generation, moving toward 23 hours a day, five days a week. Onchain venues already run seven. More than $540 billion has traded on the real-world asset markets Hyperliquid hosts and Pyth prices, much of it in hours when no exchange was open.
Markets should not close. The price of everything should be published continuously, by the firms that actually set it.
Hyperliquid was built on the first conviction. Pyth was built on the second. Over the past year they have turned into one working system.
A problem the whole industry is now trying to solveApple does not trade on a Saturday. Neither does Nvidia, or Tesla, or the S&P 500. Their exchanges keep hours set decades ago, and outside those hours the asset has no price, no matter what is happening in the world.
The industry has decided this is worth fixing. The SEC approved Nasdaq's move to 23 hours a day, five days a week, in April, following comparable approvals for 24X and NYSE Arca (see here). NYSE Arca is cleared for 22 hours a day Monday through Thursday, and Cboe is working toward the same on EDGX (see here). The plumbing has moved with it. NSCC extended clearing to support those sessions in mid-2026, and the consolidated quotation system is expected to extend in December, running from Sunday evening through Friday evening with a short pause each night (see here).
This is the largest change to US equity market hours in a generation, yet falls short of 24/7 trading. Nasdaq's week begins with a Sunday night session and ends at the Friday close (see here). The consolidated quote will still be off on weekends and holidays. Roughly 53 hours out of every 168 remain without a national quotation.
Which is a reasonable place for the traditional system to stop. Weekend clearing, weekend corporate actions, and weekend staffing are hard problems that a five-day extension does not require anyone to solve. But an asset does not stop having a value at 8pm on Friday, and the people who want to act on that value have to go somewhere.
HIP-3 changed who was allowed to tryHIP-3 is Hyperliquid's mechanism for letting an independent team deploy its own perpetual futures market on the exchange. The team defines the market, sets the risk parameters, and chooses the price source. Hyperliquid supplies the exchange infrastructure, the order book, and the liquidity engine underneath.
That is a meaningful shift in who gets to build a market. Listing decisions that would ordinarily require an exchange's approval, a licensing negotiation, and a multi-year integration became something a competent team could ship.
Which is how Hyperliquid became the venue where real-world assets trade around the clock.
Covering the 53 hoursThree mechanisms, operating in different places, none of which existed in usable form three years ago.
Extend external pricing as far as it goes. Pyth publishes over 220 US equities on a 24/5 basis, sourced from firms directly involved in price formation. Overnight coverage comes through an exclusive collaboration with Blue Ocean, along with other ATSs where US equity trading continues after the primary exchanges close. That covers pre-market, regular hours, post-market, and overnight. Past the Friday close there is no underlying market left to read.
Constrain discovery where no external price exists. On weekends, price discovery happens on Hyperliquid's own order book, bounded by a mechanism called discovery bounds (designed by Trade[XYZ], whose markets account for 99% of current HIP-3 volume). The last external price sets the anchor, and price can only travel so far from it before the anchor re-sets and a new range forms. The market can move a long way over a weekend, but it moves in steps from a known starting point. Bounding the downside is what makes traders willing to take the other side at all.
Construct what cannot be observed. Pyth Indices are 24/7 products, co-developed with a regulated index administrator, including single-name US equity indices. They are constructed rather than observed, which is what allows them to run on a Sunday when no exchange is publishing anything.
Extend the real price as far as the market allows. Bound discovery where it does not. Construct a reference where nothing can be observed. Between them, an equity market on Hyperliquid has a defensible price at every hour of the week.
Weekend gap risk was never inevitableWeekend gap risk is a longstanding cost of equity-market structure. It comes from the trading calendar: exchanges close, while information keeps arriving.
A regulatory decision, geopolitical event, or company announcement can change the value of an equity-linked position on a Saturday morning. The holder can understand what has changed, yet has no market in which to respond until trading resumes.
Always-on onchain venues change that constraint. Participants with equity-linked exposure can act when information arrives, including while the underlying exchange is closed. The risk remains, but the period in which it must be passively absorbed becomes a market in which exposure can be managed. The cost is real even when it never appears as a line item.
This is already operating at meaningful scale. HIP-3 markets have recorded more than $540 billion in cumulative volume, with 407,000 traders and more than $4 billion in open interest. Pyth feeds provide pricing across virtually all of that activity. Those are exchange-scale figures for a market category that barely existed two years ago.
Which raises a question for everyone elseA venue took real-world assets to 24/7 trading and made it work. The pricing infrastructure underneath it held. Billions in open interest and hundreds of billions in volume have moved through markets that, by the standards of traditional market structure, should not have been priceable at all outside exchange hours.
This arrives at the same moment the traditional exchanges are extending into the night. The two developments point the same way. Nasdaq, NYSE Arca, and 24X have all concluded that a sixteen-hour trading day no longer matches demand, and each has committed capital and years of infrastructure work to changing it (see here). The frameworks governing how firms participate have not moved at the same speed, and they still assume a consolidated quotation that will be unavailable for a third of every week even after December.
On August 17, Douro Labs and Hyperliquid Policy Center filed a joint comment letter with the U.S. Securities and Exchange Commission on its proposal to rescind Rule 611 of Regulation NMS.
The letter makes that case in regulatory language. Onchain venues operate continuously while the consolidated quotation system does not, and for large stretches of every week there is no national quotation against which a trade in a security can be evaluated at all. It asks that independent price sources meeting a defined standard be recognized where the traditional quotation cannot serve, and specifies what that standard should require. First-party contributions from participants involved in price formation. Published methodology. Public publisher identities, open to audit.
Six days earlier, Douro Labs filed a separate letter with the Financial Industry Regulatory Authority, jointly with Securitize Markets, in response to FINRA's request for comment on modernizing its best execution guidance. The two are coordinated. The SEC letter asks the Commission to set expectations and direct FINRA to act. The FINRA letter proposes what that guidance should contain, element by element, for the firms that will have to comply with it. That comment period runs to September 25.
Neither filing argues from a hypothetical. The gap they describe is the one Hyperliquid's markets engineered around, and the mechanism they propose is the one already carrying volume today. The market structure question is not whether continuous trading in real-world assets can work. It is how long the institutional framework takes to catch up with the fact that it already does.
What comes nextMore asset classes, more teams building on HIP-3, and more of the global macro surface that has historically only been reachable during a narrow window each day.
Every one of those markets needs the same thing first, which is a price that lasts longer than the exchange behind it.
Hyperliquid Policy Center has asked the SEC and CFTC to let qualifying equity perpetual contracts enter the U.S. as security futures after HIP-3 markets processed more than $480 billion in notional trading volume over their first 10 months.
Summary
Hyperliquid Policy Center has asked the SEC and CFTC to recognize qualifying equity perpetual contracts as security futures. The proposal would place eligible equity perpetuals under an existing framework jointly overseen by the SEC and CFTC. HIP 3 markets have processed more than $480 billion in cumulative notional volume during their first 10 months. HPC wants regulators to keep perpetual contract classification consistent across asset types while preserving exchange listing flexibility. Hyperliquid Policy Center said in an Aug. 24 comment letter that cash-settled equity perpetuals carrying the established characteristics of futures contracts should be eligible for classification as security futures, a category jointly overseen by the two U.S. regulators.
For a product trading hundreds of billions in volume, perpetual contracts still don't have a settled answer to the most basic question under U.S. law: are they futures, or are they swaps?
One federal judge described the exercise as deciding "whether tetrahedrons belong in… https://t.co/YjpwaV4fwh pic.twitter.com/dOcZtu1Ujq
— Hyperliquid Research Collective (HRC) (@HyperliquidR) August 24, 2026 The filing responds to a joint request for comment from the Securities and Exchange Commission and Commodity Futures Trading Commission on how U.S. law should define swaps, security-based swaps and products that may fall outside those categories. HPC described the issue as a basic classification question that has remained unsettled even as perpetual contracts have expanded outside the United States.
Under HPC’s proposal, regulators would first look at the structure of a derivative and how it trades to decide whether it is a future or a swap. The asset referenced by the contract would then determine how regulatory authority is divided between the SEC and CFTC.
A perpetual contract on Bitcoin, crude oil or an individual stock should therefore receive the same initial product classification when each instrument has the same futures-like characteristics, the group argued. A contract tied to a single stock that qualifies as a future would fall into the security futures category and come under both agencies.
Hyperliquid group says equity perpetuals can qualify as security futures At the center of HPC’s position is the structure of a perpetual contract, which has no predetermined expiration date but uses recurring funding payments to keep its price close to the asset it tracks.
When a contract trades above its reference price, long-position holders pay shorts. If the contract falls below the reference price, shorts pay longs. HPC said the mechanism creates a continuous incentive for the perpetual price to converge toward the underlying market, performing a function that expiration and final settlement serve in traditional dated futures.
HPC also cited features that courts and regulators have historically used when examining futures contracts, including standardized terms, fungibility, fixed unit quantities and the ability to close a position through an offsetting trade.
On Hyperliquid’s HIP-3 markets, positions open and close through a central limit order book, margin is maintained continuously, and contract prices are publicly available. Equity perpetual holders receive price exposure but do not obtain ownership, voting rights, or other claims attached to the referenced shares.
The lack of an expiry date does not automatically prevent futures classification, according to the filing. HPC cited federal court decisions finding that a specified future delivery or settlement date is not always required and that contracts of indefinite duration can still carry the futurity associated with a futures contract.
U.S. regulators have already applied that reasoning to crypto perpetuals. In May, crypto.news previously reported that the CFTC approved Kalshi’s Bitcoin perp as the first federally regulated Bitcoin perpetual futures contract in the United States. The May 29 approval classified BTCPERP as a futures contract even though it has no fixed expiration date.
Kalshi began offering the contract in June and subsequently expanded its regulated perpetual lineup to other cryptocurrencies. The CFTC said additional products would remain subject to review, leaving the treatment of contracts referencing other asset classes open to further regulatory analysis.
SEC and CFTC have yet to settle the classification question Past enforcement cases have not produced a uniform answer for perpetual contracts.
HPC said earlier CFTC actions treated some perpetual products as swaps after examining parts of the Commodity Exchange Act’s swap definition without determining whether the instruments qualified for the statutory exclusion covering futures contracts. Other cases treated perpetual-style products as leveraged or margined retail commodity transactions subject to trading requirements similar to those applied to futures.
The SEC also used the term “perpetual futures” in its case related to the Mango Markets exploit while disputing that the products were futures contracts offered under regulated futures rules. According to HPC, neither an enforcement action nor a court had resolved the threshold question of whether the instruments themselves qualify as futures or security futures excluded from the swap definition.
The CFTC took a different approach with Kalshi in May, approving BTCPERP as a “contract for sale of a commodity for future delivery.” Its accompanying policy statement said perpetual contracts on other asset classes should undergo review and specifically identified equity-based products as an area where the CFTC and SEC should both be involved.
Disagreement over that interpretation has already reached federal court. CME Group later filed a legal challenge over perps, arguing that products such as Kalshi’s contract should fall under the swaps framework instead of being treated as ordinary futures. CME’s position contests the legal basis the CFTC used when approving the contracts.
Around the same period, the SEC and CFTC opened the definitions review that prompted HPC’s latest submission. The agencies sought public input on swaps, security-based swaps, exclusions from those definitions and emerging derivatives, including products that raise questions about the boundary between their jurisdictions.
HIP-3 volume puts $480 billion behind the regulatory debate HPC tied its request to trading activity already taking place through Hyperliquid’s HIP-3 framework, where independent market operators known as deployers can create their own perpetual markets.
The protocol handles execution, price-time order matching, enforcement of margin requirements, funding transfers, clearing and settlement. Deployers control elements including the assets listed, contract specifications, oracle sources, leverage limits and open-interest caps.
HIP-3 markets now cover several traditional asset classes for users outside the United States, including crude oil, gold and other precious metals, foreign exchange, equity indexes, individual equities and exchange-traded funds.
Over the 10 months following HIP-3’s launch, those markets accumulated more than $480 billion in notional trading volume and maintained roughly $4 billion in open interest, according to the filing. Across Hyperliquid as a whole, markets processed nearly $3 trillion in notional volume during 2025 and more than $1.5 trillion during 2026 through Aug. 23.
Stock-linked products have become part of that expansion. A July examination of Hyperliquid equity perps detailed how the platform has hosted perpetual contracts tracking equities while giving traders synthetic price exposure without ownership of the underlying shares.
HPC said U.S. users currently cannot access Hyperliquid, meaning the liquidity and infrastructure described in its filing developed outside the country while regulated domestic access to perpetual contracts remained limited.
Security futures would put equity perps under both regulators HPC proposed using the existing security futures framework for equity perpetuals that meet futures characteristics because the category already assigns oversight to both agencies.
Under the framework, a designated contract market regulated by the CFTC can list security futures after notice-registering with the SEC. A national securities exchange can cross in the other direction by notice-registering with the CFTC, while intermediaries have parallel registration routes.
Security futures have seen limited commercial activity since OneChicago closed in 2020, but the filing noted renewed interest this year. CME Group announced in June that it would launch single-stock futures beginning July 27, returning U.S. exchange activity to a product category that had been largely dormant.
HPC asked the agencies to confirm that cash-settled equity perpetuals carrying established futures characteristics may be listed as security futures, while allowing exchanges to retain flexibility when deciding how individual products should be classified.
The group also requested a consistent taxonomy between the two regulators and asked them to update the security futures framework so existing listing standards can accommodate new contract structures. HPC said classification should remain flexible enough for a bilateral, individually negotiated perpetual-style product to be treated as a swap or security-based swap when it lacks the fungibility, offset rights and multilateral execution associated with futures.
According to the filing, the SEC and CFTC could issue interpretive guidance, policy statements or staff-level guidance without waiting for a formal rulemaking. The agencies also have joint authority to modify security futures listing standards, which they previously used for American Depositary Receipts, ETFs, closed-end fund shares and debt securities.
Hyperliquid ecosystem project Kinetiq has announced the launch of Elysium, a new Hyperliquid L2 network designed to address key pain points including HyperEVM’s performance bottlenecks and the complexity of its dual-block architecture. Elysium will use HYPE as its native gas token, enabling seamless integration with HyperCore and HyperEVM. Deployed in close synergy with the Hyperliquid mainnet, Elysium’s initial block production performance is projected to far outpace HyperEVM levels. The network will support token issuance: projects can launch starting with a long-tail asset AMM, then gradually integrate Elysium’s PropAMM, HyperCore spot order book, and qualify for perpetual contract listings via HIP-3. For its economic model, 25% of Elysium sequencer fees will be allocated to application builders that consume block space, 25% will go to the Kinetiq treasury, and 50% will be used for programmatic purchases of KNTQ tokens on the open market. All purchased KNTQ tokens will be burned and transferred to the Hyperliquid Aid Fund.
According to GMGN data, following liquid staking protocol Kinetiq’s announcement of the launch of the new Hyperliquid L2 network Elysium, its governance token KNTQ rallied over 25% in a short period, with market capitalization surpassing $260 million and a 24-hour gain of 45.8%. BlockBeats reminds users that token prices are highly volatile, so caution is advised when investing.
Hyperliquid Policy Center has urged U.S. regulators to create consistent rules for perpetual contracts. Clearer classification could provide a path for more perpetual markets to operate under U.S. regulatory oversight.
Hyperliquid Policy Center Seeks Common Perpetuals Classification Hyperliquid Policy Center filed a comment asking the SEC and CFTC to coordinate their treatment of perpetual contracts. The group wants classification to depend on each contract’s structure and how the product trades.
Federal law generally divides derivatives into futures and swaps. However, perpetual contracts share features with both categories, which has created uncertainty over their treatment under U.S. law. Unlike conventional futures, perpetuals have no fixed expiration date. Funding payments instead help keep their prices aligned with the referenced assets.
The group said the underlying asset should determine which regulator oversees a contract. However, the reference asset should not change whether the product qualifies as a future or swap. Under this approach, similar perpetual contracts would receive the same classification across different markets.
For equity perpetuals, cash settled contracts with traditional futures characteristics could qualify as security futures. Both the SEC and CFTC oversee this product category. Registered securities and futures exchanges can also list security futures under the existing framework.
SEC and CFTC Review Treatment of Perpetual Contracts The regulatory debate follows recent steps by both agencies to address the growing perpetuals market. In May, the CFTC approved the first U.S.-listed perpetual contracts and permitted them to trade as futures.
Meanwhile, the SEC and CFTC have sought feedback on how existing derivatives rules apply to newer products. Regulators are considering definitions covering swaps, security based swaps, futures and security futures. One question is whether cash-settled equity perpetuals can qualify as security futures.
Hyperliquid Policy Center also asked regulators to preserve flexibility for exchanges when making product listing decisions. In addition, the group called for updates to the security futures framework to accommodate newer contract structures.
Regulators could provide initial clarity through interpretive guidance, policy statements or staff action. Formal rulemaking could follow as the agencies gain more experience with perpetual markets.
Hyperliquid U.S. Expansion Remains in Focus The proposal comes as U.S. officials consider bringing more perpetual trading under domestic oversight. President Donald Trump recently said CFTC Chairman Michael Selig is working on a compliant path for Hyperliquid to enter the United States.
“I understand Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion,” Trump said.
More than $480 billion in perpetual contract volume has traded through Hyperliquid markets over the past ten months, the policy group said. Trading has covered commodities, currencies, equity indices and individual stocks.
Selig has framed the issue around where perpetual markets operate rather than whether they will exist. The CFTC is now considering how its existing authority can accommodate these products within U.S. markets.
For more insight into retail focused derivatives, traders can compare features and markets on a dedicated perpetual futures trading platform before committing capital.
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.
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.
According to monitoring by TradingBeats (formerly Hyperinsight), Loracle sub-address 0xefe4...194b currently ranks first on the Hyperliquid xyz:GOLD position leaderboard, holding approximately 12,801.96 long GOLD positions with a position value of around $59.8953 million and an unrealized profit of roughly $6.3510 million. Additionally, the address also holds about 15,567.34 short xyz:SNDK positions, with a position value of approximately $22.5929 million and an unrealized profit of around $0.3703 million. The combined value of the two positions is roughly $82.4881 million, with a total unrealized profit of approximately $6.7213 million.
Stanley Druckenmiller’s Duquesne Family Office picked up roughly 2.94 million shares of Hyperliquid Strategies Inc. (NASDAQ: PURR), a position worth $23.15 million as of June 30, 2026, according to the firm’s Q2 2026 13F filing.
The full crypto allocation The PURR stake wasn’t a one-off curiosity. Duquesne’s filing revealed a total crypto-related equity allocation of approximately $87.8 million across two positions. The larger of the two is a $64.7 million stake in Bitdeer Technologies (NASDAQ: BTDR), a Bitcoin mining firm. The PURR position accounts for roughly 0.44% of Duquesne’s overall portfolio.
What Hyperliquid Strategies actually does Hyperliquid Strategies operates as a digital asset treasury vehicle designed to accumulate and stake HYPE tokens, the native asset of the Hyperliquid protocol. As of late April 2026, the company reported holding 20 million HYPE tokens alongside $103 million in cash reserves.
The underlying protocol runs an on-chain perpetual futures exchange that has been generating north of $900 million in annual protocol fees. Daily trading volume routinely crosses into the billions. HYPE’s market capitalization currently sits in the $18 billion to $20 billion range, with daily token trading volumes exceeding $800 million.
Why this matters beyond Druckenmiller By investing through PURR rather than buying HYPE tokens directly, Duquesne’s office gets exposure to the Hyperliquid ecosystem while staying within the familiar guardrails of public equity markets: SEC reporting, custodial simplicity, and portfolio-level compliance. The Bitdeer stake adds another dimension: where PURR provides DeFi exposure, Bitdeer is a pure-play Bitcoin mining operation, suggesting Duquesne is building a diversified crypto equity book rather than making a single directional bet on one token or protocol.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
TL;DR Entropy is live on Hyperliquid via HIP-3, with the first liquid market for Anthropic’s pre-IPO alongside equity perpetuals. RedStone is the data layer these markets run on: integrating custom sources, pushing the data onchain through a 4-of-6 multisig config, and delivering the reference prices they price against. RWA and Pre-IPO perps trade 24/7 while their home markets keep hours, so RedStone Live continues to price them through the close, sourcing live venues with low latency. Entropy liquidity-weighted methodology blends the order book with RedStone’s external reference, weighting each by executable depth so the mark rests on the sounder source. RedStone secures the large majority of oracle-protected value on HyperEVM and built HyperStone, the first oracle dedicated to HIP-3. Entropy Launches HIP-3 Equity Perps Market Entropy, a perpetuals exchange offering 24/7 trading for real-world assets and pre-IPO equity, is now live on Hyperliquid. Built via the HIP-3 standard, Entropy’s opening markets feature Anthropic’s pre-IPO stock, the first way to trade the stock at scale on Hyperliquid, along with SNDK.
RedStone is the official data layer powering Entropy’s markets, integrating custom sources for assets that have no clean feed of their own and implementing the liquidity-weighted methodology behind their pricing. The data reaches the exchange through RedStone Live, a low-latency service built for RWAs trading onchain.
A weak key setup is a direct attack surface, the kind that cost DeFi over $600M in 2026. RedStone pushes prices to Entropy’s markets through a 4-of-6 multisig, meaning four of six independent signers have to agree before any update goes onchain. No single compromised key can move the price, making any oracle-related attack vector highly unlikely.
RedStone Live: 24/7 Pricing Data For RWAs Entropy’s perps are live 24/7. The market where its underlying asset trades is not. SanDisk trades on Nasdaq during US hours, and goes quiet overnight and over the weekend.
RedStone Live closes the gap between traditional markets and onchain venues. During market hours it sources pricing from licensed institutional providers. When those markets close, it switches to the CEX derivatives and other venues where the asset keeps trading on its own order flow. This method ensures that feeds keep tracking live prices through the night instead of freezing on the last print.
Price feeds are built per asset and aggregated from multiple sources rather than a single venue, which keeps the price stable when any one source thins out or drops. RedStone Live delivers data at low latency, and every input is cryptographically signed at each step.
Liquidity-weighted Methodology Standard perp markets can usually lean on an external price since the asset trades openly. Entropy’s markets are different. Stocks have strict trading hours and a pre-IPO stock like Anthropic has no public price at all. That means that a lot of time, pricing is pulled from Entropy’s own order book. Oftentimes, the mark that drives funding and liquidations has to be built from an order book whose liquidity shifts from one moment to the next.
RedStone implements a liquidity-weighted methodology, designed by Entropy, that reads the executable depth behind a price. The book and RedStone’s external reference for the same asset are blended into one mark, and the depth decides the mix. When there is real, fillable size resting in the book, the mark leans on the book. As that depth thins, it shifts weight onto RedStone’s reference, so the price always rests on whichever source is sounder at that moment.
The two launch markets show it working at both extremes. Anthropic has no official market price, only informal reference points, so its mark leans hardest on the book itself. The equity perps carry uneven depth through the day, and the methodology prices them on what is fillable at each point.
RedStone on HyperLiquid HIP-3 has democratized perp markets, lowering the entry barrier for teams building onchain trading venues. But once a market is launched, choosing a reliable data provider becomes one of the decisions the whole market rests on.
RedStone is the oldest oracle on HyperEVM, securing the large majority of oracle-protected value on the network. We have also built the first oracle dedicated to HIP-3, which has powered more than $3.4B in volume across 15 HIP-3 markets since going live with Felix.
About RedStone RedStone is the data layer for institutional DeFi, delivering secure, low-latency price feeds for digital assets, RWAs, stablecoins, LSTs, LRTs, and Bitcoin LSTs across 110+ chains. Trusted by 200+ clients, including Securitize, Morpho, Pendle, Spark, Ether.fi, Ethena, Lombard, Venus, and Compound, RedStone powers lending, stablecoins, perpetuals, and tokenized asset markets with custom pricing infrastructure built for complex onchain systems. RedStone provides data for tokenized products including BlackRock’s BUIDL, Apollo ACRED, and Hamilton Lane SCOPE. Zero mispricing events. 100% uptime. Learn more at redstone.finance.
About Entropy Entropy is a new perpetuals DEX on Hyperliquid via HIP-3, backed by a $14M seed round and a $40M HYPE stake required for deployment.
The goal of Entropy is to have the highest quality perps on real-world assets and indices, and Entropy achieves that by treating market design as a research problem. Their team brings deep market microstructure expertise, with backgrounds spanning Citadel Securities and Polymarket. This experience is focused on rigorous oracle design and robust mark price construction, which will allow us to list novel pre-IPO equity perps, rates, and index products, along with more liquid and efficient global equity perps.
The Hyperliquid Policy Center is urging the SEC and CFTC to adopt a harmonized framework for perpetual contracts as regulators consider how the products should be classified under US derivatives law.
In a comment filed with the agencies, HPC argued that equity perpetual contracts with the traditional characteristics of futures should be eligible to trade as security futures.
Under US law, derivatives are generally divided between futures and swaps, with different rules governing how they reach the market, who can trade them, and which venues can list them.
Perpetual contracts complicate that distinction because they share several characteristics associated with futures, including standardized terms, fungibility, futurity, and the ability to exit by taking the opposite position.
Unlike traditional futures, perpetuals do not have a fixed expiry date. HPC argued that this should not determine their classification because funding payments serve a similar function by keeping contract prices aligned with the underlying market.
The CFTC approved the first US listed perpetual contracts in May, allowing them to trade as futures. The agency later said equity perpetuals could warrant review by both the CFTC and SEC.
The regulators subsequently sought feedback on how existing definitions of swaps, security based swaps, futures, and security futures should apply to newer products, including cash settled equity perpetuals.
HPC said classification should depend on a contract’s structure and trading characteristics rather than the asset it references.
Under that approach, contracts with similar characteristics would receive the same initial classification whether they reference Bitcoin, crude oil, an equity index, or an individual stock. The underlying asset would instead determine regulatory jurisdiction and additional safeguards.
HPC argued that qualifying equity perpetuals can fit within the existing security futures framework, which is jointly overseen by the SEC and CFTC.
The group said this could allow securities and futures exchanges to compete for perpetual products while reducing jurisdictional disputes that have historically delayed new derivatives.
HPC asked regulators to confirm that qualifying equity perpetuals can be listed as security futures, preserve exchanges’ flexibility in listing decisions, apply consistent classification standards, and modernize the security futures framework.
The group said regulators could provide clarity through interpretive guidance, policy statements, and staff action without waiting for formal rulemaking.
HPC also argued that clearer rules could help bring more perpetual trading into regulated US markets.
It cited more than $480 billion in volume across Hyperliquid perpetual markets over the past ten months, including contracts tied to oil, metals, currencies, equity indices, and individual stocks.
CFTC Chairman Michael Selig has previously said the central question is not whether perpetual markets will exist, but whether they will operate under American oversight and standards.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
EntropyIO has launched new perpetual markets for Anthropic’s pre-IPO equity and SNDK on Hyperliquid, utilizing real-time data from RedStone. This development reinvigorates activity around Anthropic’s valuation after a previous market closure earlier this year. The move marks a significant step for EntropyIO as it aims to capture interest in the burgeoning AI sector, with Anthropic being a notable entity in the field. The relisting on Hyperliquid’s HIP-3 framework allows participants to engage with synthetic derivatives of Anthropic’s pre-IPO equity, maintaining a focus on valuation rather than direct equity ownership.
Key Takeaways EntropyIO’s launch of new perpetual markets appears to enhance interest in Anthropic’s pre-IPO valuations. Market pricing suggests potential increased exchange activity, reflecting interest in Anthropic’s significant AI endeavors. The relisting on Hyperliquid could indicate a renewed focus on Anthropic’s growth potential leading up to its anticipated IPO. What to Watch Observers should monitor Anthropic’s upcoming financial disclosures and any IPO-related announcements, as these could significantly impact market sentiment. Developments in the AI sector and broader tech market conditions may also influence participant behavior. Key indicators to watch include any updates from Anthropic’s leadership or changes in secondary market valuations that could affect the perceived attractiveness of the pre-IPO equity.
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Term Structure
Contract Odds Δ since publish Volume 24h December 31 2026 3.4% — — View market → December 31 2026 6.5% — — View market → December 31 2026 12% — — View market → December 31 2026 18% — — View market → December 31 2026 17% — — View market → December 31 2026 16.5% — — View market → December 31 2026 13.1% — — View market → December 31 2026 8.5% — — View market → December 31 2026 1.7% — — View market → December 31 2026 5.3% — — View market →
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.
Coinbase announced it has launched tokenized stocks natively on Base, allowing users to hold US equity positions and participate in DeFi.
Coinbase announced that its issued tokenized stocks have launched natively on the Base blockchain, built on the B20 standard. The underlying stocks are held 1:1 by regulated custodian Alpaca in a bankruptcy-remote structure, with token holders holding direct ownership of the reference assets. Non-US users in compliant global jurisdictions only need a wallet and internet access to gain exposure to US stocks without a brokerage account or settlement delays, and can trade at any time on 24/7 AMM pools. The first supported assets include companies like Apple and NVIDIA. As standard B20 tokens, the tokenized stocks can be freely held, transferred, and traded, with no whitelisted wallet or platform lockups. Their key significance lies in DeFi integration: users can use tokenized NVIDIA stocks as collateral to borrow on Aave, or deposit Apple stocks in decentralized exchanges to earn yields, marking the first time stocks have shifted from static assets in traditional accounts to programmable liquidity building blocks on-chain. Dividends and stock splits are handled via on-chain multiplier mechanisms to ensure DeFi positions remain uninterrupted. Ecosystem projects including Aerodrome and Aave have publicly backed the B20 standard. Coinbase said it will launch more tokenized stocks in the coming weeks and continue advancing the on-chainization of other real-world assets, opening up new opportunities for developers to integrate traditional financial assets with the crypto-native ecosystem.
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16 minutes ago
Whale’s short positions, which first set 10 major price targets, may see their unrealized losses expand to $6.88 million.
As Bitcoin rebounds to hit the $80,000 mark, the massive short positions in Bitcoin and Ethereum held by the whale codenamed "Set 10 Big Goals First" may return to loss if they retain their original positions. The open positions are as follows: - BTC short positions: 1,830.724 BTC, worth approximately $139 million, average entry price $76,397.56 - ETH short positions: 12,756.739 ETH, worth approximately $30.25 million, average entry price $2,371.57 Based on current BTC price of $79,300 and ETH price of $2,499, the total unrealized loss on the whale's address could reach $6.88 million. The whale has previously resumed live trading on Binance but is currently in an invisible status, making it impossible to confirm whether the trader has closed positions to stop loss.
16 minutes ago
Scott Bessent plans to take aggressive measures to push the 10-year U.S. Treasury yield to 5%.
According to Fox Business News, Wall Street executives stated that U.S. Treasury Secretary Scott Bessent is preparing to take aggressive measures to push the 10-year U.S. Treasury yield to around 5%. The Trump administration is not expected to pursue fiscal austerity policies, but instead aims to reduce debt via tax increases. Earlier reports noted that Bessent is eyeing the trillion-dollar "emergency fund pool" to cover U.S. Treasury obligations, leveraging the powerful tool of the Treasury General Account (TGA) to influence long-term bond yields.
16 minutes ago
Coinbase will list spot trading for BASECAT and DRB.
Coinbase to Launch Spot Trading for Basecat (BASECAT) and DebtReliefBot (DRB). If liquidity conditions are met and trading is supported in relevant regions, the BASECAT-USD and DRB-USD trading pairs will open today.
Blockchain security company Salus stated that the theft of approximately $550,000 in USDC from a Hyperliquid user on August 13 was connected to a professional phishing operation using the Inferno Drainer ecosystem.
Fake website targeted victim fundsAccording to Salus, the attacker set up a counterfeit Hyperliquid site to trick the victim into authorizing a harmful transaction. Following the attack, the stolen assets were distributed to several addresses. Salus mapped the movement of funds, noting that 80% of the stolen amount was sent to one address, 15% to a second, and 5% to a third, while another address was used to complete the initial draining process.
The security team also traced the malicious service to a Telegram account named @AngelFernoOwner, which appeared to promote automated, revenue-sharing features for affiliates. Salus reported that this infrastructure has been linked to an estimated $52.74 million in losses affiliated with multiple high-profile phishing attacks.
Mini dictionary: Inferno Drainer, a phishing-as-a-service network, provides ready-made tools that facilitate automated wallet drains, enabling attackers to siphon cryptocurrencies from victims efficiently using impersonation tactics.
Google has suspended the account responsible for advertising the counterfeit Hyperliquid website. Despite this action, concerns remain regarding the speed at which such malicious advertisements can be detected and removed before affecting users.
Growing risk and operational sophisticationThe report highlighted that phishing operations using prebuilt draining services have made it easier for malicious actors to attack victims. Attackers are now able to focus primarily on luring victims, as the technical aspects of asset movement are managed by third-party tools.
For individuals, a legitimate website appearance in major search results no longer ensures safety, as sophisticated phishing can now bypass simple checks and deceive even cautious users.
Salus submitted evidence, wallet addresses considered high risk, and other intelligence to multiple organizations for risk labelling and potential coordinated responses.
Beyond the single Hyperliquid case, Salus has also linked the same phishing infrastructure to incidents involving UXLINK and CoW.fi. The company stated that targeting these broader service networks could disrupt a wider range of phishing operations, rather than simply removing individual fake sites.
IncidentLinked ServiceEstimated LossHyperliquid user attackInferno Drainer$550,000UXLINK phishing caseInferno DrainerNot specifiedCoW.fi phishing caseInferno DrainerNot specifiedTotal associated attacksInferno Drainer$52.74 millionCalls for increased vigilance and coordinated actionThe incident has prompted cybersecurity experts to call for greater vigilance from both platforms and individual users. Reviewing site authenticity or relying exclusively on outwardly legitimate search results may not be adequate in safeguarding against such targeted operations.
Salus emphasized that disabling the underlying infrastructure behind recurring phishing schemes could provide more effective protection than simply blocking individual sites as they appear.
Looking ahead, the case illustrates the shifting landscape of crypto security, where the emergence of phishing-as-a-service models makes proactive, industry-wide coordination even more critical.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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.
On-chain analyst Ai Yi (@ai_9684xtpa) monitored that Hyperliquid’s largest LIT short seller today urgently added $2.5 million in margin, posting an unrealized loss of $5.605 million. The trader holds 2.528 million LIT short positions (valued at approximately $8.9 million) with an average entry price of $1.3. Following LIT’s listing on Upbit today, the token saw a brief rally; to mitigate liquidation risk, the short seller added margin. Currently, the single-coin margin stands at a high of $7.16 million, with a liquidation price of $5.78.
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Bessent targets the trillion-dollar "emergency fund pool" to buy US Treasuries, giving the short-term market a boost; Bitcoin, Ethereum, gold and US Treasuries all rally across the board.
After news broke that the U.S. Treasury may draw nearly $1 trillion in Treasury General Account (TGA) funds to support its recently announced expanded U.S. Treasury bond repurchase program, the market received a short-term boost. U.S. Treasury Secretary Scott Bessent said such operations could even exceed this new minimum level. However, the Treasury did not specify at the time how it would fund these purchases. Per HTX market data, Ethereum rose above $2,500, while Bitcoin broke through $78,000. Per BIT (bit.com) market data, U.S. stock index futures pared some losses: S&P 500 and Dow Jones futures are currently down around 0.1%, and Nasdaq futures are down roughly 0.4%. U.S. Treasuries extended their rally, with the 10-year Treasury yield falling 4 basis points to 4.70%. Per Bitget market data, spot gold climbed above $4,670 per ounce, up 1.47% on the day.
7 minutes ago
Jiang Zhuoer recapped his recent trading operations: He incurred millions of dollars in losses from shorting ETH recently, but also successfully shorted ETH at its peak when the price reached $2,525.
Jiang Zhuoer, founder of BTC.TOP (LeiBit Mining Pool), said in a recent post that two trades he made are worth summarizing. One was a short position on Ethereum (ETH): he entered at $1,834 and stopped out at $2,100, losing millions of dollars. This is his single largest loss since he began trading swing positions, with multiple mistakes made during the process. The other was a short position opened at $2,525 that took profit at $2,450, successfully catching the market top within less than 1% of the peak — a rare stroke of luck. He will conduct a detailed review of his prior trades later.
7 minutes ago
Ethereum surpasses $2,500, with a 1.6% gain in the last 24 hours.
According to HTX market data, Ethereum has surged past $2,500, posting a 1.6% gain over the past 24 hours.
7 minutes ago
US Treasury may deploy nearly $1 trillion to fund the expansion of its US Treasury bond repurchase program.
A senior U.S. Treasury official said the U.S. Treasury may draw funds from its General Account (TGA) — nearly $1 trillion — to fund the recently announced expansion of its U.S. Treasury bond repurchase program. Using the TGA would give the Treasury a powerful tool to influence long-term bond yields. Last week, the U.S. Treasury announced it would double the repurchase size of long-term non-newly issued bonds, raising it from $2 billion to at least $4 billion, a move that surprised markets. Treasury Secretary Scott Bessent said the actual operational size could even exceed this new minimum threshold. However, the Treasury did not disclose the source of the repurchase funds. Most market participants had previously expected the Treasury to raise funds by issuing short-term Treasury bills, though the senior official did not rule out this option. According to market data from BIT (bit.com), U.S. Treasuries extended their rally, with the 10-year Treasury yield falling 4 basis points to 4.70%.
7 minutes ago
Serenity remains heavily invested in AAOI, but the timing of its $600 million at-the-market offering is unfavorable. Production constraints and demand visibility underpin its holding stance.
Serenity remains bullish on optical communications stock Applied Optoelectronics (AAOI) but criticized the company’s at-the-market (ATM) equity financing. “We dislike AAOI’s over-reliance on ATM offerings, a principle that applied equally to IREN and POET before, and we will not treat AAOI differently,” the firm stated. Its sharpest criticism centers on timing: the roughly $600 million ATM should have been launched after the completion of 1.6T optical module qualification, a milestone expected in the coming weeks, or structured as convertible bonds priced above market value. Instead, the company rolled out the offering after its share price dropped from $220 to $130, and every subsequent use of the ATM will trigger short-term structural selling pressure and sustained stock price suppression. Serenity explained its core rationale for maintaining a heavy position in AAOI: the firm faces capacity constraints while demand visibility is very high, making AAOI more attractive than POET. “Investors can hold AAOI’s stock long-term without supporting every business decision of its management,” it said. “You can absolutely criticize the management’s financing pace while still holding its stock based on the supply-demand structure.” AAOI reported 86% year-on-year revenue growth in the second quarter, beating expectations, but its third-quarter guidance was weak. The latest ATM offering has further amplified market concerns over short-term valuation and liquidity.
7 minutes ago
Pakistan has rolled out its cryptocurrency regulatory framework, mandating digital asset firms to complete registration by September 5.
Pakistan’s Virtual Assets Regulatory Authority (PVARA) has announced the official launch of the country’s cryptocurrency regulatory regime. Digital asset companies must submit applications for No Objection Certificates (NOCs) by the September 5 deadline, or cease operations. PVARA noted that licensed entities must comply with strict operational and security standards, including safeguarding client funds, maintaining robust cybersecurity, providing clear disclosures, and upholding transparent business practices. The licensing rules under Pakistan’s Virtual Assets Act 2026 cover 11 crypto-related activities, including custody, trading platforms, brokerage dealers, and derivatives. Earlier, Pakistan’s State Bank lifted the ban on financial institutions providing banking services to crypto firms in April, though banks themselves remain prohibited from investing in, trading, or holding crypto assets. Pakistan had long adopted a restrictive stance on cryptocurrencies; the establishment of this regulatory framework signals a policy shift from restriction to regulation, aiming to integrate the crypto industry into the formal financial system within anti-money laundering (AML) and consumer protection frameworks.
President Trump announced that the Commodity Futures Trading Commission (CFTC) is exploring a legal pathway to allow Hyperliquid, a blockchain-based perpetuals exchange, to operate in the U.S. The CFTC has reportedly directed staff to consider rules for non-registered crypto exchanges. Trump’s comments come as Hyperliquid’s native token, HYPE, has seen a 40.8% increase over the past week. The move has outperformed both Bitcoin (BTC) and Ethereum (ETH), which rose 22.5% and 30.0%, respectively, during the same period. Market participants appear to view this regulatory development as potentially supportive of further increases in HYPE’s value.
Key Takeaways Trump’s statement suggests potential U.S. regulatory accommodation for Hyperliquid, which may support increased volume and interest in HYPE. Hyperliquid’s recent performance shows a significant rise in HYPE, outpacing major cryptocurrencies like BTC and ETH. The market pricing for Hyperliquid reaching $100 by the end of 2026 has risen to 67% YES, indicating growing optimism among market participants. What to Watch Observers will be keenly focused on developments from the CFTC regarding possible regulatory frameworks for non-registered crypto exchanges. Any official announcements or changes in the regulatory landscape could influence market sentiment and pricing for HYPE. Additionally, Hyperliquid’s performance relative to major cryptocurrencies and its ability to maintain its recent momentum will be crucial indicators to watch. The market’s response to these developments will likely shape the outlook for HYPE’s price trajectory into 2026.
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Term Structure
Contract Odds Δ since publish Volume 24h December 31 66.5% — — View market → January 1 2027 4% — — View market → January 1 2027 2.9% — — View market → January 1 2027 5% — — View market → January 1 2027 3.1% — — View market → January 1 2027 82.5% — — View market →
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.
Hyperliquid, a notable player in the blockchain sector, has reported generating $6.2 million in fees within a single day, surpassing the combined fees of the top five blockchain networks. This performance highlights exceptional on-chain activity, driven by high demand and user engagement. The surge in fees and activity has led to increased attention in prediction markets surrounding Hyperliquid’s future price trajectory. The token, HYPE, was between $79 and $81 and boasts a market cap ranging from $18 to $20 billion.
Key Takeaways Market pricing suggests increased confidence in Hyperliquid reaching $100 by the end of 2026, with YES pricing rising from 49% to 66.5% in just 24 hours. The significant fee generation indicates strong user activity and market interest, consistent with scenarios where Hyperliquid maintains or increases its current momentum. Comparisons with the top five chains suggest Hyperliquid’s current operational scale and user engagement are exceptional, reinforcing market support for higher valuations. What to Watch Observers should monitor upcoming developments that could influence Hyperliquid’s market position, including potential partnerships, regulatory announcements, or technological advancements. Any major news related to Hyperliquid’s security, user base, or institutional investment could sway market sentiment. Additionally, reports from influential media outlets or commentary from key industry figures like Changpeng Zhao or Brian Armstrong could further impact market perceptions and pricing scenarios.
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Term Structure
Contract Odds Δ since publish Volume 24h December 31 66.5% — — View market → January 1 2027 4% — — View market → January 1 2027 2.9% — — View market → January 1 2027 5% — — View market → January 1 2027 3.1% — — View market → January 1 2027 83.5% — — View market →
Abraxas Capital, a London-based digital assets firm managing over $4 billion, has assembled a staggering short position portfolio on Hyperliquid while simultaneously withdrawing $173.17 million in Ethereum from Binance over four days. The dual-pronged strategy paints a picture of a firm betting aggressively on price declines across major tokens while keeping a hefty spot cushion to manage risk.
The numbers are eye-catching. Across two wallets on Hyperliquid’s decentralized perpetual futures platform, Abraxas holds roughly $598 million in predominantly short positions. That includes $193.9 million short on ETH, $175.4 million short on Bitcoin, $141.6 million short on Hyperliquid’s native HYPE token, and $65.8 million short on Solana.
A whale that keeps adding weight Abraxas isn’t just sitting on these positions. The firm has been actively increasing exposure, adding approximately $19.5 million in gross shorts within a two-hour window recently.
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Since mid-2025, the firm has consistently maintained short exposure ranging from $500 million to over $900 million on Hyperliquid, frequently ranking as the platform’s largest single whale. At its peak, the short book reportedly exceeded $900 million.
Right now, the trade isn’t exactly printing money. Abraxas is carrying an unrealized loss of $80.8 million across its positions.
The $173 million in ETH withdrawals from Binance supports that read, as the spot purchases serve as a natural hedge against the short perpetual exposure.
Funding rate arbitrage, not a doomsday bet The firm has realized profits exceeding $300 million, primarily through funding-rate arbitrage rather than pure directional trading. The strategy works like this: when perpetual futures trade at a premium to spot prices, shorts collect periodic funding payments from longs. By pairing short perp positions with nearly equal spot purchases of the underlying asset, Abraxas can harvest those funding payments while staying roughly market-neutral.
This approach has been particularly visible in how Abraxas handles its HYPE exposure. The firm has paired its $141.6 million HYPE short with spot purchases of the token, creating a hedged position that profits from the funding rate differential rather than from HYPE’s price falling.
The ETH withdrawals from Binance fit the same pattern. Pulling $173.17 million in ETH to cold storage or self-custody wallets while holding $193.9 million in ETH shorts creates a nearly balanced book.
What this signals for the broader market Abraxas has demonstrated flexibility before. The firm reduced its short exposure from $760 million in November 2025 down to approximately $270 million, showing it’s willing to cut and re-enter rather than ride positions into oblivion. The current buildup back toward $600 million suggests the firm sees favorable funding-rate conditions worth capturing at scale.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
US crypto-related stocks show mixed performance in pre-market trading, with PURR rising over 3%.
According to market data from BIT (bit.com), U.S. pre-market crypto-related stocks were mixed, with: CRCL down 1.59%, MSTR down 0.36%, MARA down 1.15%, COIN down 1.37%, RIOT down 0.66%, BMNR up 0.51%, and PURR up 3.12%.
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He Yi Reminds: CZ Does Not Use WeChat, Beware of Scams
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Analysis: Bull-Bear Indicator Reaches Bullish Inflection Point, Signals of Market Recovery Strengthen
CryptoQuant analyst Darkfost has published a post noting that the bull-bear market indicator has just shifted into the early phase of a bull market. Though the indicator is not a flawless market signal, this shift confirms that market conditions have improved notably. This trend warrants close monitoring in the weeks ahead.
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Hong Kong-listed large language model concept stocks continue to decline, with Zhipu AI falling more than 11%.
According to Bitget market data, Hong Kong-listed large language model concept stocks have continued to slump. Zhipu fell over 11% intraday, while MINIMAX dropped more than 10%.
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C Yushu-W opened lower and trended downward today. By the close of trading, it was priced at 603.08 yuan, down over 10%, with a total market capitalization of 243.9 billion yuan. Calculated based on the previous trading day's closing price, Yushu Technology's market cap evaporated by more than 20 billion yuan intraday, and by over 200 billion yuan compared to its opening on the first day of listing.
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.
US crypto-related stocks show mixed performance in pre-market trading, with PURR rising over 3%.
According to market data from BIT (bit.com), U.S. pre-market crypto-related stocks were mixed, with: CRCL down 1.59%, MSTR down 0.36%, MARA down 1.15%, COIN down 1.37%, RIOT down 0.66%, BMNR up 0.51%, and PURR up 3.12%.
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CryptoQuant analyst Darkfost has published a post noting that the bull-bear market indicator has just shifted into the early phase of a bull market. Though the indicator is not a flawless market signal, this shift confirms that market conditions have improved notably. This trend warrants close monitoring in the weeks ahead.
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Against the backdrop of Trump's mentions and favorable crypto policies, HYPE has hit successive new highs, while tokens in the Hyperliquid ecosystem have also seen a broad rally. According to GMGN market data, Hyperliquid ecosystem meme coin PURR currently has a market cap of $87.93 million, up over 57% in 24 hours; KNTQ, the token of Hyperliquid ecosystem restaking protocol Kinetiq, carries a market cap of $55.05 million, up 19% in 24 hours. Additionally, meme coin speculation on Hyper EVM is gaining momentum: EGG surged to a $9 million market cap yesterday before pulling back, now standing at $4.93 million with a 24-hour gain of 187%; Chomolon Joff (JOFF) has a market cap of $11.41 million, up 233.4% in 24 hours. BlockBeats reminds users that prices of related tokens are highly volatile, so investors should exercise caution.
Crypto market maker Wintermute has ramped up its short exposure on the Hyperliquid derivatives platform to around $190.8 million, according to on-chain data from Onchain Lens. The move marks a notable increase from a prior position of $146.19 million and spans five of the largest tokens in the market.
A Broad Bet Across Major Tokens
The $XRP short stands out given the token's recent price strength. XRP has gained nearly 47% over the past seven days, meaning Wintermute's bearish position is swimming against a strong tide. The firm's overall book currently carries around $5.85 million in unrealized losses as a result.
Hedging or a Directional Call? Wintermute has previously described its approach as rules-based and
Sources:
CryptoRank: Wintermute Raises Short Positions to $190M on Hyperliquid
Yahoo Finance: Why Wintermute and Other Market Makers Stopped Trading During Bitcoin Crash
CryptoPotato: BTC, ETH, XRP Tumble as Wintermute Builds Heavy Short Positions
