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Synthetic perpetual protocol Papertrade, built on HyperEVM, officially announced its pre-deposit feature is now live. Users can complete deposits and account creation within the next two days. The official noted that account creation and deposits will be significantly restricted once trading launches; depositing early helps avoid opening congestion, though there are no additional benefits for depositing during the pre-deposit period. Papertrade is a fully on-chain synthetic perpetual trading platform deployed on HyperEVM. It fetches prices from the Best Bid/Offer (BBO) mid-price of Hyperliquid’s order book, allowing users to trade directly against the protocol’s liquidity providers (LPs) instead of relying on traditional order book matching. The protocol’s key features include high leverage, zero slippage, and no funding fees. Its native token PAPER has an initial supply of zero, with no pre-mining, team, or venture capital (VC) allocations. The only source of token minting is user losses or liquidations. During the initial launch phase, the token cannot be freely transferred and is primarily used for staking. Per the official timeline, full trading will begin approximately one hour after the expected HyperEVM network upgrade on October 10. The exact time will be announced via Hyperliquid’s Discord. During the opening phase, trading must be conducted through the official website frontend and whitelist relays; direct contract interactions will be opened once congestion eases. For more related reading, see: "Hyperliquid Is Getting Its Own Layer 2: Key Details You Need to Know".

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The US stock storage sector’s decline has widened further, with Sandisk and SK Hynix ADRs falling more than 5%.

According to market data from BIT (bit.com), losses in the U.S. stock market storage sector have widened further, with individual stocks recording the following declines: Seagate Technology (STX) fell 3.94%; Western Digital (WDC) dropped 3.05%; SanDisk (SNDK) declined 5.4%; Micron Technology (MU) fell 4.21%; and SK Hynix ADR (SKHY) decreased 5.45%.

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The Nasdaq's decline widened to 1%, while the Philadelphia Semiconductor Index fell more than 2%.

According to BIT (bit.com) market data, the Nasdaq’s decline widened to 1%, while the Philadelphia Semiconductor Index fell more than 2%. Intel and Marvell dropped over 4%, AMD and Micron declined more than 3%, and Nvidia fell nearly 2%. Earlier news: OpenAI’s annual revenue is $20 billion lower than previously reported, reaching $50 billion as of the end of September, compared to the widely cited $70 billion figure.

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OpenAI’s annual revenue is $20 billion lower than previously reported, with the latest figure standing at $50 billion.

Beating AI Express, according to the Financial Times, OpenAI recently disclosed to investors that its annualized revenue stood at nearly $50 billion as of the end of September, significantly lower than the $70 billion reported at the end of last month. Insiders said the discrepancy arises because investors tried to directly compare OpenAI’s annualized revenue with that of its rival Anthropic, as the two companies use different accounting standards: Anthropic includes sales revenue generated via cloud partners such as AWS and Google Cloud in its revenue, while OpenAI does not. Earlier, investors adjusted OpenAI’s revenue standard to arrive at a $40 billion figure for its August annualized revenue, then combined this with the company’s disclosed revenue growth of over 70% to investors to calculate the $70 billion number. OpenAI declined to comment.

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Federal Reserve Chair Walsh is scheduled to deliver a speech at the IMF Annual Meeting in Bangkok on October 16.

According to the official agenda for the International Monetary Fund (IMF) Annual Meeting in Bangkok, Federal Reserve Chair Walsh has confirmed his attendance at the event and is scheduled to deliver a public speech on October 16 local time. His trip has been formally included in the meeting’s agenda by the IMF Bangkok Annual Meeting Organizing Committee. As the head of a leading global monetary policy-making institution, Walsh’s appearance has drawn significant attention. During the conference, his speech will focus on elaborating on the current macroeconomic situation and monetary policy framework. The IMF has now released the relevant schedule in accordance with established procedures. All speaking arrangements for participating guests have been posted on the official platform, and specific details of the speeches will be subject to on-site disclosures.

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Trump: Will not attack Iran ahead of midterm elections, US and Iran are holding productive discussions.

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Trump: SI Should Replace AI, Anyone Continuing to Use the Term "AI" Will Be Deemed an "Enemy"

Trump has stated that "Superintelligence (SI)" should replace the concept of "Artificial Intelligence (AI)". The White House believes the term "Superintelligence" is more accurate and widely accepted, and anyone who continues to use "Artificial Intelligence" will be regarded as an "enemy".

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According to Yu Jing Monitoring, HyperLabs, the development team of Hyperliquid, successfully redeemed 3.75 million HYPE tokens (valued at $332 million) 8 hours ago. Four hours later, after being distributed across five wallets, these funds were finally aggregated to address 0x875...1d1, which is believed to be an institutional entity that purchased the tokens via over-the-counter (OTC) from the team. Of the total, 1.25 million HYPE tokens (worth $110 million) were redeposited into staking, while the remaining 2.5 million HYPE tokens (valued at $220 million) are held in wallets.

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Whale Sells 257,928 $HYPE for $23M Profit After 26x Return in 2 Years

A whale who bought 257,928 $HYPE($902K at the time) at only $3.5 ~2 years ago is selling $HYPE for profit. Over the past week, he deposited 131,421 $HYPE ($11.77M) into #Kraken at $89.56 and still holds 140,506 $HYPE ($12.2M). Total profit: over $23M, with a 26x return.

22 minutes ago

Ghostty's developer's new terminal Rex runs 10,000 sessions simultaneously, using only 3.8GB of memory.

Beating AI Express News: Ghostty creator Mitchell Hashimoto has announced scalability tests for his new terminal, Rex. Designed for long-lived sessions and remote connections, Rex allows terminal tasks to run continuously in the background. During the test, Rex maintained 10,000 active terminal sessions simultaneously, consuming approximately 3.8GB of memory while remaining responsive. The team has paused further scaling for now, with the next target being 100,000 sessions. At the 10,000-session mark, much of the overhead no longer stemmed from the terminal itself. The first bottleneck came from Linux’s file descriptor table, the system’s record of files and connections opened by processes. After terminal sessions exceeded around 5,000, each new process added roughly 512KB of overhead for this table alone, even though only about 4 file descriptors were actually used. Rex has since added a segment of C code to shrink this allocated space to the actual required size. Another issue was threads: Previously, Rex assigned one thread per active terminal session to wait for data, leading to excessive memory overhead at scale. Now, if a terminal has no read activity for 2 consecutive seconds, it is handed over to a shared thread for unified monitoring.

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Xie Jiayin: Peer Program Plans to Cumulatively Cover Over 2.2 Million People, Distribute $3.49 Million in Rewards

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SemiAnalysis: ByteDance accounts for nearly one-fifth of China's data center capacity, almost entirely relying on leasing.

Dongcha Beating AI News Flash: Semiconductor research firm SemiAnalysis has released a survey on China’s data centers, tracking over 1,000 facilities from more than 60 operators. The report estimates that by the end of 2026, China’s data center capacity will exceed 24GW, ranking second globally behind the U.S.’s 56GW. ByteDance alone accounts for roughly one-fifth, making it China’s largest data center tenant. ByteDance has leased over 4GW of data center capacity, with suppliers including ChinaNetCenter, China United Network Data, and 21Vianet. The report notes that as of early 2026, ByteDance still contributes around 90% of ChinaNetCenter’s revenue. ByteDance has also accelerated self-built data center projects, constructing large facilities in Shanxi, Anhui, and Inner Mongolia to reduce reliance on external suppliers. While China’s data centers have long been viewed as having high vacancy rates, AI server rooms remain in tight supply. This is because many old data centers lack sufficient power and cooling capacity, making it difficult to directly deploy high-power AI servers. Newly built large AI data centers are being leased up rapidly. Taking a 100MW data center as an example, excluding IT equipment such as servers, China’s construction cost is approximately $300 million, compared to $1.5 billion in the U.S. Facilities of the same scale in China are typically delivered in around 12 months. Compared to the U.S., which faces power supply and approval hurdles, the more prominent bottleneck for expanding AI data centers in China is the supply of advanced chips.

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Mike Colyer, founder and CEO of Bitcoin mining pool operator Foundry, has stepped down after seven years in the role.

Bitcoin mining pool operator Foundry announced that its founder and CEO Mike Colyer is set to step down after seven years in the role. He will remain at Foundry as a strategic advisor for the next six months, assisting the company with its transition and CEO selection process.

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Circle partners with SAP-backed Tereina to integrate USDC and EURC into SAP’s enterprise payment software.

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Jake Chervinsky wants to clear something up: Hyperliquid does not run an exchange. Speaking around TOKEN2049 in Singapore, the CEO of the Hyperliquid Policy Center described the protocol as neutral public infrastructure that anyone can build trading products on top of.

That distinction sounds like semantics. In crypto regulation, semantics often decide who needs a license and who doesn’t.

One level below the storefront In an interview on October 7, Chervinsky said Hyperliquid’s protocol operates beneath the customer-facing platforms that traders actually use. He placed it “one level below” exchanges like Coinbase and Kraken.

He also said the network is “not meant to compete” with those businesses.

Under that framing, regulated entities, including traditional exchanges, can build their own products on Hyperliquid’s technology. The exchange handles customers, onboarding and compliance. The protocol handles the plumbing.

Chervinsky reached for familiar comparisons to make the point. He likened Hyperliquid’s infrastructure to Bitcoin and Ethereum, arguing that, like those networks, it does not need to register as an exchange.

A ten-year deadline for the old guard Chervinsky did not stop at definitions. He offered a forecast with a clear condition attached.

If the model succeeds, he predicted, every significant exchange, crypto-native or traditional, would need to adopt public blockchain infrastructure within a decade to stay competitive. His case rests on three advantages: transparency, resilience and cost-effectiveness.

He also indicated that onchain markets are expected to operate under US regulatory frameworks soon.

On October 8, Chervinsky spoke at TOKEN2049 about Hyperliquid’s role as infrastructure for all of finance. He shared the conversation with figures from HyperliquidX and ICE, the Intercontinental Exchange.

Who is the Hyperliquid Policy Center The Hyperliquid Policy Center launched in February 2026 as a nonprofit. Its focus is advocacy and research on onchain markets and perpetual derivatives.

Perpetual derivatives, or perps, are futures contracts with no expiry date. Traders can hold a leveraged position on an asset’s price for as long as they keep funding it, which has made perps one of the most heavily traded products in crypto.

The center was funded with a donation of 1 million HYPE tokens from the Hyperliquid Foundation. That donation was valued at approximately $28-29 million.

Kraken’s parent is already testing the thesis In September 2026, Payward, the parent company of Kraken, announced plans to offer permissioned perpetual futures on Hyperliquid to eligible US customers.

The setup pairs public blockchain technology with compliance layers on top. Kraken’s side handles who gets access and how the rules are applied. Hyperliquid’s side handles the market itself.

What this means For Hyperliquid, the infrastructure framing is a regulatory strategy as much as a technical description. If the protocol is treated like Bitcoin or Ethereum rather than like an exchange, it avoids exchange registration requirements, while the businesses building on it shoulder the compliance burden.

That division of labor is what makes the Payward plan possible. Regulated firms get access to an onchain order book without the protocol itself having to become a regulated firm.

What to watch next is whether more exchanges follow Payward’s lead, and how US regulators respond when they do.

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

Hyperliquid Labs has finished unstaking 3.75 million HYPE tokens, valued at approximately $330 million. Half of that pile has already landed in the wallets of five over-the-counter buyers.

The unstaking wrapped up on October 7, 2026. It is the largest token distribution the team has made in HYPE’s history, and it is not particularly close.

The details: one big release, split five ways The process began on September 30, when the team kicked off a seven-day unbonding period. Think of unbonding as a cooling-off window. Staked tokens cannot move instantly, so holders wait out a set period before the coins become transferable.

Once that week passed, 1.875 million HYPE went to five OTC buyer wallets. The split was perfectly even, with each wallet receiving 375,000 tokens.

The other half of the 3.75 million tokens has not yet followed. That leaves the distribution partly complete, with the remaining tokens still waiting for a next move.

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Co-founder iliensinc confirmed that the transaction is tied to an OTC agreement with an undisclosed institutional counterparty. According to the team, the tokens are part of a firm deal and will not enter public markets.

The full 3.75 million HYPE forms part of the October distribution for team allocations. Prior vesting schedules had listed a nominal figure of 9.9 million HYPE for that month. The amount actually unstaked came in well below that headline number.

How this compares to past releases For context, the team’s previous monthly distributions typically ranged between 140,000 and 534,000 HYPE. This one is approximately 8.65 times larger than those earlier releases.

Measured against the broader market, the unstaked amount equals roughly 1.5% of HYPE’s circulating supply.

What happened on-chain afterward On-chain activity following the distribution showed some of the tokens being restaked or aggregated.

The initial market response was positive, and HYPE’s price rose on the news.

What this means for HYPE holders The OTC structure solves one problem neatly. Large team unlocks often spook markets because holders fear a wave of selling. Routing the tokens to institutional buyers under a firm agreement removes that immediate pressure from exchange order books.

The identities of the buyers have not been disclosed, and neither have the terms of the deal. Investors cannot see lockup conditions, pricing, or any restrictions on resale.

The gap between the nominal 9.9 million HYPE listed for October in prior vesting schedules and the 3.75 million actually unstaked is worth tracking. Holders who budgeted for the larger figure may see this as a lighter month than expected.

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

Hyperliquid Labs has completed the seven-day unstaking of 3.75 million HYPE worth roughly $330 million, allowing tokens tied to a private institutional deal to begin moving across wallets.

Summary

Hyperliquid Labs completed unstaking 3.75 million HYPE earmarked for an institutional over-the-counter transaction this week. Onchain Lens tracked 1.875 million HYPE moving through five wallets, each receiving 375,000 tokens initially. Newer on-chain tracking shows 1.25 million HYPE was restaked after the distribution began on Wednesday. HYPE trades at $87.07, down 4.32% daily and 2.10% over seven days, CoinGecko data shows. Hyperliquid Strategies CEO David Schamis denied his company bought the 3.75-million-HYPE OTC allocation on Thursday. Onchain Lens reported on Oct. 7 that the tokens had reached Hyperliquid Labs’ spot balance, with 1.875 million HYPE subsequently sent across five addresses. Each wallet initially received 375,000 tokens, representing half of the 3.75 million-HYPE allocation.

The tracker said the tokens were linked to an over-the-counter, or OTC, agreement with an undisclosed institution and would not be sold directly through the open market. An OTC transaction allows two parties to arrange a transfer privately without placing the entire order onto a public exchange order book.

HYPERLIQUID LABS STARTS $330M HYPE OTC DISTRIBUTION

Unstaking of 3.75M $HYPE ($330M) has finished after 7 days, with the tokens now credited to Hyperliquid Labs’ spot balance.

These tokens will not be sold on the open market. Instead, the Hyperliquid Labs team has arranged an… pic.twitter.com/70MG4Qg898

— Onchain Lens (@OnchainLens) October 7, 2026 Earlier reporting linked the deal to Hyperliquid’s October team distribution. FinanceFeeds reported that Hyperliquid co-founder iliensinc said in the project’s Discord that the entire 3.75 million-token block was covered by an institutional OTC arrangement. The buyer, negotiated price and any restrictions on reselling the tokens were not disclosed.

HYPE tokens moved again after reaching five wallets The first five transfers did not represent the final location of the entire allocation. Lookonchain later reported that 1.25 million HYPE, worth roughly $110.57 million at the tracker’s quoted price, had returned to staking after the initial distribution.

Another 1.875 million HYPE remained in wallet 0x8757, while 625,000 HYPE worth roughly $55 million was held in another address, according to the tracker. Combined with the 1.25 million tokens placed back into staking, the holdings account for the original 3.75 million-HYPE block.

A separate Lookonchain update said the tokens sent through the five wallets were later aggregated and linked the main receiving address to a possible institutional buyer. The tracker described the connection as a belief based on the transaction trail, not a confirmed identification of the institution.

The newer wallet activity means the five original addresses should not automatically be described as five separate final buyers. On-chain records show where tokens moved, but they do not by themselves reveal the beneficial owner or commercial agreement behind an address.

Hyperliquid’s seven-day unstaking period has ended The timing of the transfer matches Hyperliquid’s staking rules. Official Hyperliquid documentation states that moving HYPE from a staking balance into a spot balance takes seven days after a user starts the transfer.

Hyperliquid’s support documentation says the queue lasts exactly seven days and cannot be accelerated. Unstaking from a validator and transferring the tokens from the staking balance into spot are separate steps, with the seven-day countdown beginning when the staking-to-spot transfer starts.

The 3.75 million-HYPE process began around Sept. 30, placing completion around Oct. 7. The allocation was valued near $329 million when reports of the arrangement first emerged, based on a HYPE price near $87.70. The headline dollar value represented the market value of the tokens at the time, not a disclosed OTC purchase price.

No public information has established whether the institutional counterparty paid a discount or premium. Hyperliquid Labs has not publicly disclosed a lockup period or other conditions that could restrict the buyer from moving the tokens later.

HYPE’s supply structure gives additional context to the transaction. An SEC filing for a HYPE investment product states that 23.8% of the original one billion-token supply was allocated to core contributors, with vesting continuing after an initial lockup. Another 31% went to users through the genesis distribution, while 38.89% was reserved for future emissions and rewards.

HYPE price falls 4.32% as the tokens move At the time of writing, HYPE traded at $87.07, down 4.32% over the previous 24 hours and 2.10% over seven days.

CoinGecko shows HYPE trading near the same level on Oct. 8, with the token moving between roughly $86.67 and $91.29 during the previous 24 hours.

Trading volume stood at approximately $772.88 million over 24 hours. With roughly 220 million HYPE in circulating supply, the token carried a market capitalization of approximately $19.37 billion at the recorded price.

CoinGecko’s historical data shows HYPE closed at $88.47 on Oct. 7 after finishing Oct. 6 at $91.91 and Oct. 5 at $94.15. The decline therefore began before all of the latest wallet movements had been completed.

Available price and blockchain data do not establish that the OTC transaction caused HYPE’s decline. The reported deal took place outside public exchange order books, while 1.25 million of the 3.75 million tokens were subsequently placed back into staking.

Previous team distributions have produced different transaction patterns. As crypto.news reported in its coverage of a 433,025-HYPE team unlock, HyperLabs moved tokens through Flowdesk, OKX and Bybit-linked addresses in August. On-chain monitoring later showed that 75,000 HYPE from that batch was exchanged for USDC, providing evidence of a sale for part of the allocation.

The distinction between an unlock and a sale has surfaced during larger HYPE releases as well. In related coverage, crypto.news examined the $820 million September HYPE unlock and noted that making tokens claimable does not mean the full headline amount immediately reaches exchanges.

The buyer behind the HYPE deal remains unknown One possible buyer has now publicly ruled itself out. Hyperliquid Strategies CEO David Schamis said that his company was not the buyer of the 3.75 million-HYPE OTC transaction.

Lookonchain separately reported Schamis’ denial on Oct. 8, referring to the transaction at a market value of roughly $320 million. Hyperliquid Strategies operates as a HYPE-focused treasury company, which had led to speculation that the firm could be connected to the block.

The institution receiving the OTC allocation therefore remains unidentified publicly. Later movements from the addresses holding the remaining HYPE may show whether more tokens return to staking, stay in wallets or move toward exchanges, but wallet activity alone cannot establish the identity of the buyer.

For the 1.25 million HYPE already returned to staking, another move back into the spot balance would trigger Hyperliquid’s seven-day staking-to-spot waiting period. The protocol’s documentation says the queue begins only once the holder initiates that transfer and cannot be shortened.

Whale Sells 257,928 $HYPE for $23M Profit After 26x Return in 2 Years

A whale who bought 257,928 $HYPE($902K at the time) at only $3.5 ~2 years ago is selling $HYPE for profit. Over the past week, he deposited 131,421 $HYPE ($11.77M) into #Kraken at $89.56 and still holds 140,506 $HYPE ($12.2M). Total profit: over $23M, with a 26x return.

22 minutes ago

Ghostty's developer's new terminal Rex runs 10,000 sessions simultaneously, using only 3.8GB of memory.

Beating AI Express News: Ghostty creator Mitchell Hashimoto has announced scalability tests for his new terminal, Rex. Designed for long-lived sessions and remote connections, Rex allows terminal tasks to run continuously in the background. During the test, Rex maintained 10,000 active terminal sessions simultaneously, consuming approximately 3.8GB of memory while remaining responsive. The team has paused further scaling for now, with the next target being 100,000 sessions. At the 10,000-session mark, much of the overhead no longer stemmed from the terminal itself. The first bottleneck came from Linux’s file descriptor table, the system’s record of files and connections opened by processes. After terminal sessions exceeded around 5,000, each new process added roughly 512KB of overhead for this table alone, even though only about 4 file descriptors were actually used. Rex has since added a segment of C code to shrink this allocated space to the actual required size. Another issue was threads: Previously, Rex assigned one thread per active terminal session to wait for data, leading to excessive memory overhead at scale. Now, if a terminal has no read activity for 2 consecutive seconds, it is handed over to a shared thread for unified monitoring.

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Xie Jiayin: Peer Program Plans to Cumulatively Cover Over 2.2 Million People, Distribute $3.49 Million in Rewards

Crypto exchange Bitget held an offline event today to mark its 8th anniversary. Xie Jiayin, head of Bitget’s Greater China region, while reviewing the platform’s eight-year development journey, stated that Bitget has evolved from a single cryptocurrency trading platform into a panoramic exchange (UEX) covering diverse scenarios including stocks, commodities, and AI trading. As of the second quarter, non-crypto asset trading volume accounts for 40% of the platform’s total, with roughly one in four new users starting their Bitget journey via rToken. Looking ahead, Xie noted that Bitget will continue advancing its UEX strategy, expanding into more diverse assets and trading scenarios, and enhancing institutional-grade custody and over-the-counter (OTC) settlement infrastructure. The platform will leverage varied custody and settlement models to meet the distinct needs of different types of institutions, with institutional services remaining a key strategic focus for Bitget in the next phase. During the event, Bitget also disclosed progress on the third batch of rewards under its "Peer Program": total distributed rewards have reached $3,495,658, benefiting 2,277,318 users. Xie added that the platform aims to put "user first" into practice through product development, service upgrades, and user-centric initiatives.

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SemiAnalysis: ByteDance accounts for nearly one-fifth of China's data center capacity, almost entirely relying on leasing.

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Mike Colyer, founder and CEO of Bitcoin mining pool operator Foundry, has stepped down after seven years in the role.

Bitcoin mining pool operator Foundry announced that its founder and CEO Mike Colyer is set to step down after seven years in the role. He will remain at Foundry as a strategic advisor for the next six months, assisting the company with its transition and CEO selection process.

22 minutes ago

Circle partners with SAP-backed Tereina to integrate USDC and EURC into SAP’s enterprise payment software.

Circle has partnered with Tereina, a financial services firm backed by SAP, to integrate USDC and EURC stablecoins into SAP’s enterprise payment software ecosystem. The integration will kick off with SAP Cloud ERP and be made available to eligible enterprise customers via SAP Pay. The collaboration aims to enable businesses to send and receive stablecoins within their existing SAP business applications and payment workflows without switching to a separate crypto asset system. USDC will be primarily used for USD-denominated payment scenarios, while EURC is intended for euro-denominated operations. Circle and Tereina plan to launch a customer validation project in the coming months, testing stablecoin payment functions for use cases including global payments and corporate treasury management.

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Hyperliquid (HYPE): HYPE remains broadly bullish but faces rising short-term downside risk after failing near $95, with $84-$85 serving as key support.XRP (XRP): XRP's short-term structure has turned bearish after breaking below $1.45, making the $1.37-$1.40 support zone critical to preserving its broader recovery.Zcash (ZEC): ZEC remains in a broader uptrend but is undergoing a significant correction, with $1,280-$1,300 as the key support area needed to prevent deeper losses.Ethereum (ETH): ETH's sharp decline has weakened short-term momentum, with the crucial $2,500 support likely to determine whether the move stays corrective or develops into a broader reversal.Pressure on Hyperliquid risesHyperliquid is undergoing another sharp correction after failing to sustain its recovery toward the September highs. HYPE currently trades around $88.60, falling from an intraday high above $92 and putting the short-term bullish structure under renewed pressure.

HYPE/USDT Chart by TradingViewThe broader trend remains positive. HYPE rallied from approximately $57 in mid-August to a September peak near $97.50, with price continuing to trade comfortably above its medium- and long-term moving averages. However, the latest structure shows that momentum is weakening.

After reaching $97.50, HYPE initially corrected toward $85 before recovering to approximately $95. The failure to establish a new high, followed by another strong red daily candle, creates a potential lower-high structure. RSI has simultaneously slipped toward the neutral area, showing that buyers have lost some momentum.

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The immediate support sits around $87-$88, close to the rising short-term moving average. More important support exists at $84-$85, where HYPE previously attracted significant buying pressure.

A breakdown below $84 could trigger a deeper correction toward $80-$82. Below that, approximately $75 becomes the next major technical level.

For bulls, reclaiming $92.50 would improve the setup, while a breakout above $95-$97.50 is necessary to restart the broader rally and potentially open the way toward the psychological $100 level.

For now, HYPE remains structurally bullish on the broader timeframe, but another failure around $95 has increased short-term downside risk.

XRP comes back unexpectedlyXRP has suffered a significant technical setback, falling toward $1.43 after spending several weeks consolidating around $1.50. The latest daily candle has pushed the asset below its rising short-term moving average, making the next support zone increasingly important.

XRP/USDT Chart by TradingViewXRP's September rally peaked around $1.65 before buyers repeatedly failed to produce another breakout. Price subsequently formed several lower highs around $1.55, $1.53, and $1.52, indicating gradually weakening demand.

The latest decline confirms that deterioration. XRP has broken below approximately $1.45, which previously served as both short-term support and the location of its fastest rising moving average.

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Attention now shifts toward $1.40. A medium-term moving average sits around this level, while additional long-term support is concentrated near $1.37-$1.38. This makes the $1.37-$1.40 region particularly important for the broader trend.

A decisive breakdown below $1.37 could expose $1.30-$1.33 and erase a substantial portion of XRP's September recovery. Momentum is also weakening, with RSI dropping toward 50 after remaining predominantly bullish during the previous advance.

The bullish scenario now requires XRP to reclaim $1.45 first. A return above $1.50 would provide stronger evidence that the breakdown was temporary, while $1.55-$1.60 remains the larger resistance zone.

Until then, XRP's short-term structure favors sellers, with the $1.37-$1.40 support cluster likely to determine whether the broader recovery remains intact.

Will Zcash stabilize?Zcash is attempting to stabilize after one of the strongest rallies among major cryptocurrencies turned into a substantial correction. ZEC currently trades near $1,325, down roughly 22% from its recent peak around $1,700.

ZCASH/USDT Chart by TradingViewThe correction itself is significant, but the broader technical structure has not collapsed. ZEC remains well above its medium- and long-term moving averages after rising from roughly $500 in August. The problem is that short-term momentum has changed dramatically.

After reaching the $1,650-$1,700 region, ZEC produced a sequence of lower highs and lower lows, eventually falling toward $1,300. The short-term moving average around $1,320-$1,330 has now become the immediate battleground. RSI has also fallen below the neutral 50 area, confirming that bullish momentum has largely disappeared.

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The $1,280-$1,300 region is therefore critical. A decisive daily close below it could extend the correction toward $1,200-$1,170, where the next rising moving averages provide considerably stronger structural support. Losing that area would make a move toward $1,000 increasingly realistic.

For a recovery, ZEC first needs to reclaim $1,400. Above it, $1,450-$1,500 represents the next major resistance cluster. Only a sustained return above $1,550 would put the recent highs back into play.

ZEC remains in a broader uptrend, but the market has clearly entered a corrective phase. Holding $1,300 could produce another rebound; losing it would materially deepen the correction.

Ethereum's unexpected downfallEthereum has recorded a sharp daily decline, falling from an intraday high near $2,700 to approximately $2,560. The move breaks the relatively tight consolidation that had kept ETH between roughly $2,650 and $2,750 since late September.

ETH/USDT Chart by TradingViewThe immediate technical damage is visible. ETH has fallen below its rising short-term moving average near $2,630, while RSI has dropped rapidly toward the lower half of its neutral range. The large red candle also comes with elevated volume compared with several preceding sessions, strengthening the bearish short-term signal.

However, Ethereum is approaching a much more important support cluster. The $2,500-$2,520 region coincides with rising medium-term moving averages and previously acted as resistance during September. That makes it the first major level capable of stopping the decline.

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If $2,500 holds, ETH could attempt to reclaim $2,600 before challenging $2,680-$2,700 again. A recovery above $2,700 would largely neutralize the current bearish move, while $2,780-$2,800 remains the major upside barrier.

A daily breakdown below $2,500 would create a considerably weaker setup. The next meaningful support appears around $2,400-$2,450, followed by the $2,300-$2,350 region containing the slower long-term moving averages.

Ethereum's broader recovery therefore remains intact for now, but buyers have little room left. The reaction around $2,500 should determine whether the current move remains a normal correction or develops into a larger bearish reversal.

The US government has been continuously transferring large volumes of crypto assets in the early hours, with a total of $670 million worth of tokens moved out over the past nearly 32 hours.

According to Yuqing Monitoring, the US government address continued to transfer out 5,382.1 BTC (worth $448 million) to Coinbase Prime between last night and early this morning. Over the 32-hour period from yesterday early morning to the present, the address has transferred out a total of tokens worth $670 million, including: 6,215.7 BTC (worth $520 million), 119 million USDT, and 40,285 BNB (worth $31.63 million). All of the BTC and USDT were deposited into Coinbase Prime.

7 minutes ago

Rising interest rates rekindle inflation concerns, US stocks pull back, Bitcoin continues to decline while seeking support.

Overnight to this morning, U.S. consumers’ one-year inflation expectations rose to 3.9%, hitting a more than three-year high, signaling improved labor market confidence. Separately, the minutes of the U.S. Federal Reserve’s September meeting were released, showing all 19 policymakers backed a September rate hike but cited varying rationales; most participants judged another rate increase before the end of the year could be appropriate. In related news, Axios reported that the U.S. Pentagon has ordered U.S. Central Command (CENTCOM) to complete preparations for resuming major military operations against Iran, though Trump has not made a final decision nor set a specific strike date. U.S. and Israeli officials said if the operation is relaunched, it could occur before the U.S. midterm elections on November 3, and even earlier than Israel’s general election on October 27. As a result, the three major U.S. stock indexes pulled back: the Nasdaq ended its five-session winning streak, the S&P 500 fell from record highs, and the Dow Jones Industrial Average dropped more than 1% at one point during trading. For individual stocks, data from BIT (bit.com) shows the semiconductor index and banking index both closed down more than 1%, while Micron rose 4.06% against the trend; Meta fell over 2%, and cybersecurity firm CrowdStrike dropped nearly 5%. Additionally, markets are monitoring the coordinated oil reserve release by multiple countries. Data from Bitget shows crude oil turned negative during trading: Brent crude, after rising 2% intraday, swung to a nearly 1% loss, while U.S. WTI crude settled at a new low in over a month. Gold retreated to a two-month low, dropping more than 2% intraday. In the crypto market, data from HTX shows Bitcoin fell below $83,000 overnight, then found brief support, and is currently trading at $83,234.80.

7 minutes ago

Vitalik: AI could impact post-quantum cryptography security in the next two years, but users are advised not to hastily transfer their assets.

Vitalik Buterin has issued a warning that AI-driven advances in mathematical research could significantly erode the practical security of lattice-based cryptography systems—including ML-DSA and fully homomorphic encryption (FHE)—over the next two years, and may even bring forward the risk of ECDSA being cracked. He noted that AI could deliver mathematical research progress equivalent to the past 50 years within two years, prompting Ethereum’s Lean roadmap to gradually shift toward pure hash signature schemes over the past year to reduce reliance on lattice cryptography. On asset security, Buterin advised users to prioritize storing funds in addresses that have never initiated transactions when operationally convenient, but cautioned against rushing to migrate assets immediately as the migration process itself carries a risk of fund loss. He also recommended that multi-signature wallets adopt off-chain signature confirmation to avoid public exposure of signature information.

7 minutes ago

Broadcom is seeking to secure more than $50 billion in financing for the chips required by OpenAI.

Oracle, Broadcom, and SpaceX are seeking debt agreements for AI chips. Broadcom is working to arrange over $50 billion in funding for chips required by OpenAI. Oracle is in discussions with Apollo and Goldman Sachs over chip financing, aiming to finalize a chip deal by 2026. Recently, the Financial Times reported that SpaceX is seeking $40 billion in financing to purchase Nvidia chips. SpaceX plans to raise around $10 billion in bank loans, plus $30 billion in investment-grade bonds.

7 minutes ago

US media: The US military has been ordered to prepare for resuming strikes against Iran.

U.S. officials said the Pentagon directed U.S. Central Command (CENTCOM) several days ago to prepare for the resumption of large-scale military operations against Iran. The order did not specify an exact strike timeline, and Trump has not made a final decision. However, U.S. and Israeli sources said the strike could occur before the U.S. midterm elections on November 3, or even ahead of Israel’s general election, which is scheduled a week earlier than the U.S. vote. Sources noted that if large-scale operations resume, massive strikes targeting Iran’s energy sector, infrastructure, and nuclear facilities are expected. A Pentagon official revealed that the Defense Department’s role is to develop and submit military plans to the president. A White House official said Trump could take any action at any time. Reports added that if large-scale military operations restart, they would likely be conducted in coordination between the U.S. and Israel, with Israeli forces involved. Two Israeli officials stated that Iran is in a state of desperation and paranoia, which could prompt it to launch a preemptive strike.

7 minutes ago

Samsung Electronics releases preliminary Q3 results: operating profit slightly exceeds expectations.

Samsung Electronics released its preliminary third-quarter results, reporting an operating profit of 107.4 trillion won, beating the market expectation of 106.1 trillion won. Its third-quarter revenue came in at 195 trillion won, falling short of the market forecast of 199 trillion won.

7 minutes ago

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

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

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The FT reports that people familiar with MAS's thinking consider the decentralized venue outside its jurisdiction. Singapore's rules distinguish crypto derivatives on approved exchanges from those offered elsewhere.

The FT reports that people familiar with MAS's thinking consider the decentralized venue outside its jurisdiction. Singapore's rules distinguish crypto derivatives on approved exchanges from those offered elsewhere.

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7 hours ago

Per monitoring by Onchain Lens, HyperLabs—the development team behind Hyperliquid—has completed the 7-day unbonding process for 3.75 million HYPE tokens. The tokens are now reflected in its spot balance, valued at approximately $330 million. Notably, these tokens will not be sold on the public market; instead, they are earmarked for an over-the-counter (OTC) transaction the team struck with an undisclosed entity. To date, 1.875 million HYPE has been allocated to five OTC buyer wallets, with each receiving 375,000 tokens—accounting for 50% of the total 3.75 million HYPE allocated in this OTC deal.

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Hyperliquid Faces Singapore Regulatory Questions Despite Local HQ: Report

Photo: Rostislav Uzunov / Pexels

Hyperliquid is moving to expand its offerings by adding options to its decentralized exchange platform. According to Hyperliquid founder Jeff, speaking at the Blockworks Digital Asset Summit, the integration of options will enable users to hedge against spot and perpetual futures on the same order books. This development is seen as a natural progression for Hyperliquid’s on-chain infrastructure, which already supports spot and perpetual futures on its Layer-1 blockchain, HyperCore.

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The announcement follows a robust year for Hyperliquid, which processed approximately $2.9 trillion in volume in 2025 and commands around 59-60% of the on-chain derivatives open interest. The addition of options is expected to bolster the platform’s derivatives stack, offering participants a more comprehensive suite of tools for risk management and strategy execution.

Market participants appear to view this development as potentially increasing the attractiveness of Hyperliquid, with the current market pricing suggesting a 76% chance of Hyperliquid reaching $100 by the end of 2026. This sentiment aligns with recent positive coverage and institutional interest in the platform.

Key Takeaways Market pricing suggests that the introduction of options is seen as supportive of increased user engagement on Hyperliquid. Hyperliquid’s existing infrastructure and recent performance metrics are consistent with a favorable outlook for its price trajectory. The market’s current pricing implies a notable chance of Hyperliquid reaching $100 by December 31, 2026, at 76% YES. What to Watch Observers should monitor further announcements from Hyperliquid regarding the timeline for the options rollout. Any updates on partnerships or collaborations that may arise from this development could provide additional momentum. Additionally, institutional interest and market response to Hyperliquid’s expanding offerings will be key indicators of potential price movement as the year-end approaches.

Term Structure

Contract Odds Δ since publish Volume 24h December 31 77% — — View market → January 1 2027 2.4% — — View market → January 1 2027 1.4% — — View market → January 1 2027 2.9% — — View market → January 1 2027 1.3% — — View market → January 1 2027 5.5% — — View market → January 1 2027 3.7% — — View market → January 1 2027 5% — — View market → January 1 2027 11.5% — — View market → January 1 2027 12.5% — — 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.

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Chervinsky says beyond regulated perps, onchain markets need to enter the US regulatory perimeter, a step he expects will happen 'at some point soon.'

Hyperliquid Policy Center CEO Jake Chervinsky said Tuesday that "every single exchange," including CME Group and Intercontinental Exchange (ICE), will have to adopt public blockchain infrastructure within a decade if exchanges want to compete.

Speaking with The Block at the Digital Asset Summit 2026 Asia in Singapore, the crypto policy expert said that Hyperliquid (HYPE) is not an exchange but infrastructure that can be utilized by different players, including those in the U.S.

Chervinsky compared the Hyperliquid protocol to Bitcoin, Ethereum, and Solana, and said a public blockchain has no reason to register as an exchange.

"Hyperliquid is not meant to compete with Kalshi, Coinbase, Robinhood, and CME. Hyperliquid sits one level below them in the technology stack. It's technology that they can use to improve their product," said Chervinsky, adding that the vision for Hyperliquid is that the financial system as a whole will upgrade its technology to have public blockchains as its underlying infrastructure.

"I would imagine that if we are successful, 10 years from now, every single exchange that you can think of, whether that's a crypto-native exchange like Kraken or Coinbase, or one of the traditional exchanges like the Intercontinental Exchange or the Chicago Mercantile Exchange, all of them will have to integrate this technology if they want to compete," Chervinsky said.

Hyperliquid Open Interest | The Block Next steps Chervinsky's comments follow Payward's September announcement that it intends to deploy permissioned perpetual markets on Hyperliquid for U.S. clients. Bitnomial, the CFTC-regulated exchange and clearinghouse Payward acquired, would create and clear the contracts. NinjaTrader Clearing would carry the accounts.

This came after U.S. President Donald Trump announced that the Commodity Futures Trading Commission would bring Hyperliquid onshore in a compliant manner. Before that, the CFTC opened the way for Kalshi to offer regulated perpetual futures to U.S. customers.

U.S. regulators have already allowed registered exchanges to offer crypto perpetuals to domestic customers. What they have not done is approve the underlying onchain infrastructure. The Hyperliquid advocate said he expects onchain markets to come into the U.S. at "some point soon."

"I think that there is no doubt that the regulators are working really hard to bring onchain markets into the United States," Chervinsky said. "I respect that they are doing this in a methodical and thoughtful and careful way; it's not simple to do."

Chervinsky said the benefits of bringing onchain markets inside the regulatory perimeter are obvious: a shared public ledger and decentralization bring resilience, security and transparency, while lower costs and higher speed improve existing market systems.

He said the next regulatory step, after onchain markets, is perpetuals on other underlying assets, such as oil and metals, which are already among the more active markets on Hyperliquid, as well as agricultural contracts.

CME's 'delay tactics' Meanwhile, Chervinsky also commented on CME Group's lawsuit against the CFTC in June, which seeks to overturn its earlier approval of perpetual futures as futures contracts. CME has argued that those contracts should be classified as swaps.

Chervinsky said the exchange is highly unlikely to win the case, which is pending on a motion to dismiss. The CFTC previously argued that CME lacks standing because the rule it is challenging allows CME to list the same product.

"If you choose not to compete, you can't complain about the competition that you are deciding to stay out," Chervinsky said. Perpetuals do not take volume from the dated futures CME already offers, he said. They are a brand-new, separate market the exchange can choose not to enter.

"I think this is really just a matter of the CME wanting to slow down progress because they themselves are not prepared to take advantage of that progress," Chervinsky said. "So I think it's a delay tactic."

The Hyperliquid Policy Center CEO further dismissed CME's recent decision to withdraw its plan for around-the-clock energy futures, citing staffing issues. 

"I do not think that it was a staffing issue," Chervinsky said. "I think it was the CME getting way out over their skis and not understanding what the actual demand is in the energy industry for 24/7 trading."

Hyperliquid Labs has confirmed to the Financial Times that its registered headquarters are in Singapore, while the Monetary Authority of Singapore (MAS) told the paper it does not regard the platform as falling within its regulatory jurisdiction because of what it sees as Hyperliquid's decentralised nature.

The FT reported on Tuesday that corporate documents list Singapore as Hyperliquid's registered headquarters, and recent job postings point to an office in the city. The team, led by co-founder Jeff Yan, relocated to Singapore in 2024. MAS said it was not aware of Hyperliquid being regulated by any major jurisdiction. Hyperliquid told the FT it is currently unregulated, has never claimed to be licensed or authorised by MAS, and would work constructively with regulators.

The position is consistent with how MAS has treated Hyperliquid so far. On June 26 the regulator added the platform to its Investor Alert List, which flags entities the public may wrongly assume are licensed or regulated by MAS. Hyperliquid responded at the time that the listing "does not constitute a ban, an enforcement action, or a finding of wrongdoing," and described itself as "permissionless infrastructure."

The gap stands out against Singapore's rules for crypto firms based in the country. Since June 30, 2025, Singapore-based firms providing digital token services solely to customers overseas have needed a licence under the Financial Services and Markets Act or have had to stop offering those services, and MAS said it would grant such licences only in extremely limited circumstances. By declining jurisdiction, MAS is treating Hyperliquid Labs' Singapore registration as separate from the trading venue itself, which leaves the exchange outside that regime.

The venue in question is substantial. Hyperliquid offers high-leverage perpetual futures on cryptocurrencies as well as on oil and equities. Its HYPE token traded at $90.89 at the time of writing, down 2% over 24 hours, giving it a market capitalisation of about $20.2 billion, according to CoinGecko.

The FT report landed during Token2049 week in Singapore, on the same day Grayscale co-hosted a Hyperliquid forum for institutional investors at the Raffles Hotel. For allocators weighing exposure to HYPE or to the venue itself, the absence of any major regulator willing to claim oversight of the platform is now on the record.

Wall Street’s traditional wealth-creation opportunities, such as company stocks, remain largely inaccessible to the investing public until they list on exchanges, meaning that retail participants miss the most significant pre-listing gains, according to Hyperliquid co-founder and CEO Jeff Yan.

“Some assets are only tradable by a few people for many orders of magnitude of its growth, and then ultimately tradable by the public only after all of the growth has been realized by a select few people with privilege,” said Yan during a Tuesday fireside chat at Token2049 Singapore. 

While he saw this dynamic as a byproduct of the broader economy, Yan added that this wealth-creation model is not “sustainable.” 

Yan argued that Hyperliquid’s growing revenue is a byproduct of creating more global access to blockchain-based wealth creation opportunities through the decentralized exchange. 

Hyperliquid co-founder and CEO Jeff Yan, speaking at Token2049 Singapore. Source: Cointelegraph

Hyperliquid’s mission is financial openness, not ‘optimizing’ for revenue: CEOHyperliquid’s main mission is creating more access to wealth creation opportunities and fostering more participation in the financial system, while revenue is only a byproduct, explained Yan, adding:

“We’re not really optimizing for revenue. That’s a byproduct of providing value to users.” He said that Hyperliquid’s success is partly due to its perpetual futures contracts having no expiry dates, which reduces the number of decisions made by traders and prevents liquidity fragmentation.

Top 5 DeFi protocols by 30-day fees. Source: DefiLlama

Hyperliquid ranks as the third-largest revenue-generating protocol with $72 million generated during the past 30 days, according to DefiLlama. 

Onchain perps may challenge Wall Street: PanteraPerpetual futures may become one of the dominant trading instruments in global finance due to their structural advantages, with Hyperliquid demonstrating how blockchain infrastructure could challenge traditional markets, said blockchain-focused asset manager Pantera in July.

Hyperliquid’s growth also drew attention from traditional finance participants, including the parent company of the New York Stock Exchange (NYSE), Intercontinental Exchange (ICE), whose CEO, Jeffrey Sprecher, urged regulators to create a “level playing field” for launching 24/7 onchain perpetual futures contracts. 

In March, the NYSE partnered with tokenization platform Securitize as part of a broader effort to develop blockchain-based stock trading infrastructure with 24/7 trading and settlement for Wall Street. 

Magazine: How a 2.85% price error triggered $27M in liquidations on Aave

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Hyperliquid, a decentralized exchange specializing in perpetual futures contracts, has reported significant revenue growth as it aims to expand global access to blockchain-based wealth creation, according to co-founder and CEO Jeff Yan.

Access barriers in traditional financeJeff Yan stated that traditional investment opportunities on Wall Street, such as company stocks, generally become available to the public only after their initial growth phases. He highlighted that many assets remain tradable exclusively among a privileged group during the period of their most substantial value increase, with retail investors mostly participating only after major gains have been realized.

Yan described this pattern as a characteristic of the existing economic structure and argued that it is ultimately unsustainable, as it limits broader public access to wealth generation.

Some assets become tradable for everyone only after a select few have already benefited from most of the growth, while the broader public enters the market with fewer opportunities available.

At the Token2049 event in Singapore, Yan emphasized that Hyperliquid’s objective is to create a more inclusive financial system rather than focusing solely on revenue.

Focus on financial openness and global participationYan said that Hyperliquid prioritizes financial openness, explaining that the project’s main mission is to encourage broader participation in wealth-creation activities through blockchain technology. He stated that an increase in revenue is viewed as a consequence of achieving this goal, not as the main purpose of the platform.

A key driver of Hyperliquid’s success, according to Yan, is its offering of perpetual futures contracts that have no expiry dates. This structure enables traders to participate with fewer interruptions, reduces decision fatigue, and helps prevent liquidity fragmentation, offering an experience distinct from traditional derivatives.

Perpetual futures contracts are a type of derivative that, unlike standard futures, do not have a set expiration date and allow for continuous trading. These contracts offer traders flexibility and help maintain deep liquidity pools.

Mini dictionary: Perpetual futures contracts – Financial instruments that allow for indefinite trading without a maturity date, widely used in decentralized exchanges to manage leverage and risk without periodic settlement deadlines.

Revenue growth and interest from traditional financeRecent data from DefiLlama indicates that Hyperliquid ranked as the third-largest protocol by revenue, generating $72 million over the past 30 days.

Protocol30-day RevenueRankHyperliquid$72 million3rdThe growing adoption and revenue performance of Hyperliquid has also caught the attention of traditional financial firms. Intercontinental Exchange (ICE), owner of the New York Stock Exchange, has called for regulatory frameworks to support a level playing field for 24/7 onchain perpetual futures trading. ICE CEO Jeffrey Sprecher has engaged regulators to facilitate this transition.

In March, the NYSE formed a partnership with Securitize, a blockchain tokenization platform, as part of a broader initiative to explore continuous trading and settlement systems for traditional equities using blockchain infrastructure.

Pantera, a blockchain-focused asset manager, noted that structural advantages of perpetual futures could position them as a dominant instrument in global finance, with projects such as Hyperliquid demonstrating the capacity of blockchain technology to challenge conventional markets.

6 hours ago

According to a report by the Financial Times, Hyperliquid Labs has confirmed its headquarters is located in Singapore, with company filings listing Singapore as its registered headquarters and recent job postings also showing it maintains an office in the city-state. However, the Monetary Authority of Singapore (MAS) previously did not consider Hyperliquid to fall under its regulatory purview. Sources familiar with the matter said MAS views Hyperliquid as having a "decentralized" nature, thus excluding the firm from Singapore’s regulatory scope. MAS also stated it is "unaware of Hyperliquid being regulated by any major jurisdiction". Hyperliquid is known for its high-leverage perpetual contract trading, with its products allowing users to trade price fluctuations of assets including cryptocurrencies, oil, and stocks. Hyperliquid Labs added that Hyperliquid is currently unregulated and has never claimed to hold a license or authorization from MAS.

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

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5 hours ago

Altius Labs Co-Founder and CEO Annabelle Huang stated that the crypto industry’s development focus is gradually shifting from creating new assets like Bitcoin, Ethereum, NFTs, and meme coins in its early days to building new markets around existing entities. Prediction markets, perpetual contracts for crude oil and gold on Hyperliquid, and pre-IPO perpetual contracts are establishing 24/7 trading markets for previously real-time pricing-deficient assets such as news events, commodities, and private companies. Blockchain is thus not only creating assets but also expanding the boundaries of "what can be priced." Traditional financial price discovery is often constrained by trading hours, access barriers, and valuation cycles, while on-chain markets operate continuously, absorb new information quickly, and lower participation thresholds. Going forward, market participants may prioritize gaining exposure to asset prices rather than holding the actual assets. Huang noted that if the crypto industry aims to become a critical global price discovery infrastructure, it needs to prioritize improving throughput, latency, liquidity depth, and reliability to support high-frequency trading, risk management, and large-scale capital participation. Therefore, the next phase of the crypto industry may not lie in creating the next new asset, but in building pricing infrastructure for an increasing number of existing assets and events.

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Hyperliquid Calls Singapore Home — But Does It Have a License?