The price of Hyperliquid’s native token, HYPE, recently retreated from its peak near $76-$77, but analysts maintain that the overall trend remains positive as long as key technical supports hold.
Key technical structure supports bullish outlookOn the 4-hour HYPEUSDT chart, market analyst CH_Indicator noted that HYPE continues to trade above the 200-period Exponential Moving Average (EMA), a widely watched indicator for medium- and long-term trend direction. According to CH_Indicator, this ongoing strength in the market structure indicates that bullish momentum remains intact.
The analyst identified a recent pullback towards $66.93 as a retest of multiple Fair Value Gaps (FVGs) created during HYPE’s earlier rally to $72. Fair Value Gaps are often seen in technical analysis as zones where the price may revisit to balance order flow and liquidity before undertaking its next move.
CH_Indicator stated,
The market is showing a solid macro bullish structure, heavily supported by the 200 EMA dynamic filter.
As long as HYPE maintains levels above its recent higher low, the bullish setup should remain valid. Technical weakness would be signaled by a decisive close beneath approximately $58.50, while a breakout above $77.50 could trigger the next expansion phase. Above that threshold, technical analysis points to a potential upside target between $89.00 and $92.50, where the next significant liquidity concentration is expected.
Mini dictionary: Fair Value Gap (FVG) — In technical analysis, an FVG is an area on a price chart where little or no trading occurred, often seen as a zone that prices may revisit to correct imbalances in liquidity.
HYPE outpaces leading cryptocurrenciesRecent research from BSCNews, referencing data by ElanInsights, shows HYPE has significantly outperformed a basket of the top 10 cryptocurrencies over the past year. The divergence became especially pronounced in June 2026, as HYPE recorded an 88% gain, while the comparison basket saw a 39% decline for the same period.
Performance data indicates that since late January, HYPE’s upward trajectory has remained stronger than the broader market, even during periods of widespread weakness. The Hyperliquid protocol, a Layer-1 blockchain specializing in decentralized perpetual futures trading, continues to benefit from robust trading activity, token buybacks, and increasing institutional attention. With cumulative trading volume surpassing $1 trillion and recent inclusion in major crypto indices, the project’s prominence has grown steadily.
Mini dictionary: Hyperliquid — A Layer-1 blockchain network focused on decentralized perpetual futures trading. The platform is known for its strong trading activity and mechanisms that direct trading-fee revenue toward token buybacks.
AssetPerformance (June 2026)HYPE+88%Top 10 crypto basket-39%Analysts monitor $70–$77 resistanceTechnical analyst cryptoastro0x highlighted a narrowing price formation on HYPE’s daily timeframe, as converging trendlines signal lower volatility. The analysis points to the $70–$71 region as a hurdle that must be regained before tackling resistance near $75.30. A move above these levels would further validate the bullish scenario, particularly after HYPE broke out of a descending channel on the 4-hour chart.
For immediate support, the $65–$66 area is seen as critical. Should HYPE fall below this zone, risk of a correction towards $58–$60 would increase, in line with other analysts’ key invalidation levels. Rather than pre-empting the next trend, cryptoastro0x emphasized waiting for price confirmation before taking new positions.
Moving averages favor the uptrendAccording to TradingView’s technical summary, HYPEUSDT holds a “Buy” rating, underpinned by moving-average configurations across all time horizons, including the 10, 20, 30, 50, 100, and 200 periods. This alignment typically characterizes a market in a solid uptrend.
Momentum oscillators, such as the Relative Strength Index (RSI), MACD, Stochastic, ADX, CCI, and Williams %R, register neutral readings, hinting at a balanced standoff between buyers and sellers. TradingView did not provide individual numeric values for some indicators due to a closed market snapshot. Neutral readings suggest a potential consolidation phase after recent gains, leaving open the prospect of renewed momentum once a direction is established.
HYPE price prediction: Key levels to watchWhile HYPE remains above the 200 EMA and Technical Buy ratings persist, analysts see the token in the midst of a bullish trend, despite current consolidation. Multiple observers identify the present retest of the Fair Value Gap as consistent with a healthy pause in a larger uptrend, rather than the start of a reversal.
Key levels include support at $66–$67 and resistance at $70–$71. If HYPE can maintain support and produce a sustained move above $77.50, analysts are focused on the next possible target between $89.00 and $92.50. A closing price below $58.50, however, would negate the current bullish structure and prioritize a deeper corrective move.
The immediate focus is whether HYPE can defend support above $66 while reclaiming $70–$71, setting up for a decisive push toward the $77.50 breakout zone.
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.
Hyperliquid’s native token HYPE has held firm above key support levels, with analysts pointing to strong breakout potential if current momentum continues. The project, an on-chain perpetual trading platform, has gained attention for its aggressive buyback and token burn strategy, which has significantly reduced circulating supply and reinforced long-term value for investors.
Technical strength and support levelsAt $67.53, HYPE has seen $268.62 million in 24-hour trading volume and holds a market capitalization of $17.08 billion. Despite largely stable movements in recent sessions, technical indicators suggest upward momentum could strengthen if buying pressure persists.
Crypto analyst Umair Orakzai described HYPE’s price consolidation as being within an ascending triangle pattern, which typically favors a continuation of the current trend. Orakzai highlighted the importance of maintaining support at $62 and closing above the key $68.60 resistance level to confirm a breakout.
Analysts note that securing a close above $68.60 could drive momentum toward the $80 mark, while losing the $62 support might prompt a retracement to the $57 range, aligning with the current value area low (VAL).
LevelPriceImplicationSupport$62Drop below may signal decline to $57Resistance$68.60Breakout above may target $80Market Cap$17.08 billionCurrent capitalizationDeflationary tokenomics and buybacksHyperliquid stands out among decentralized perpetual trading platforms for its strongly deflationary token model. The protocol dedicates nearly 97% of trading revenue to buy back and permanently remove HYPE tokens from circulation through burns, significantly outpacing the deflation rates of most major cryptocurrencies.
Live supply data shows the annual growth rate for HYPE is just 0.14%. For comparison, Ethereum’s supply increases by 0.83% per year, while Solana adds 3.76%.
The project’s statistics indicate that nearly 45 million HYPE tokens have already been burned through ongoing buybacks. This mechanism creates what is commonly referred to as a flywheel effect, where increased trading activity results in larger revenues, fueling more aggressive buybacks and accelerating supply reduction.
Mini dictionary: Hyperliquid is a decentralized perpetuals trading platform offering high-speed, on-chain order books and unique tokenomics based on real trading revenue.
Future outlook and market contextDespite bullish forecasts and the ongoing buyback program, HYPE’s price has recently remained range-bound. However, market sentiment across the crypto sector has shifted positive as Bitcoin extends its advance, and many traders are closely watching for a decisive move in HYPE’s price action.
Whether HYPE maintains its floor at $62 and surpasses $68.60 is expected to determine its next major move, with a potential run to $80 if momentum resumes. Conversely, a break below support could see prices test the $57 level.
Hyperliquid’s sustained buybacks and token burns are designed to support its future valuation, with many market participants seeing this model as a key factor in its appeal. The next trading sessions are considered crucial for HYPE’s direction.
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.
JPMorgan Chase is testing an AI investment agent that can autonomously adjust stock and bond allocations.
JPMorgan Chase is testing AI agents that can autonomously adjust the proportion of stock and bond investments to dynamically rebalance portfolios based on changes in market conditions. Test results show that in a 20-year historical backtest, the best-performing AI model delivered an annualized return 0.7 percentage points higher than the traditional "60/40" stock-bond portfolio, while also boasting lower volatility. All 8 AI agents tested by JPMorgan achieved higher risk-adjusted returns. However, the bank noted that the results are still based on simulated tests and do not represent actual investment performance. JPMorgan also warned that large-scale adoption of AI could lead to convergence of trading strategies, increase crowded trades, and amplify market volatility under stressed conditions.
30 minutes ago
Yangtze Memory Technologies announced its IPO advisory team, comprising a total of 31 members from CITIC Securities and China Securities Co., Ltd.
The China Securities Regulatory Commission (CSRC) official website updated the first-phase progress report on Changjiang Storage’s IPO counseling work on July 10. A total of 31 personnel from two securities firms, CITIC Securities and China Securities Construction Investment, form the counseling team. The current counseling period runs from May 19 to June 30, 2026, with work carried out via multiple methods including on-site due diligence, centralized training sessions, and targeted issue communications. The next phase of counseling will focus on two areas: First, for issues identified during the process, coordinate timely discussions between intermediaries and the company, develop standardization plans, and urge the counseled entity to fully implement rectification requirements. The working group will also continue to push the company to improve its corporate governance and internal control systems, enhancing its standardized operation level. Second, urge the company to thoroughly understand laws, regulations and rules related to issuance, listing and standardized operation, and clarify its responsibilities and obligations in areas such as information disclosure and fulfillment of commitments. (Jinshi)
30 minutes ago
Analyst: Bitcoin may be entering the final stage of a bear market, projected to rise to $250,000 over the next two to three years.
Real Vision’s chief crypto analyst Jamie Coutts has stated that Bitcoin may be entering the late stages of its current bear market. While the bear market is not yet over, downward momentum has begun to weaken. The current BTC price is roughly 50% lower than its all-time high of $126,100 set in October 2025. Coutts described the current trend as a “typical bear market,” pointing out that Bitcoin’s volatility has fallen by around 50% compared to the previous cycle, suggesting this downturn may not be as severe as prior bear markets. However, he cautioned that all current trend indicators remain clearly bearish, and markets do not mechanically replicate historical cycles. He noted that longer-term momentum indicators are starting to show bullish divergence, signaling that negative momentum is decelerating—but this does not mean Bitcoin has technically exited the bear market. Beyond tightening global liquidity, deteriorating on-chain demand was a key factor driving Bitcoin’s earlier decline. On long-term price projections, Coutts is cautious about Bitcoin reaching $1 million by 2030; instead, he forecasts BTC will rise to $200,000–$250,000 over the next two to three years. He also warned that the Bitcoin community needs to address the potential threat of quantum computing more definitively by 2027, as major protocol upgrades could take approximately five years to complete.
30 minutes ago
The probability that Bitcoin will rise to $70,000 this year has climbed to 79%.
Prediction market platform Polymarket now puts the probability of Bitcoin rising to $70,000 this year at 79%, up from 54% as of June 26. Additionally, the odds of Bitcoin hitting $80,000 stand at 32%, while the probability of it reaching $90,000 is 19%.
30 minutes ago
An alleged insider address of LAB has transferred $9.15 million worth of tokens to Aster again.
According to on-chain analyst Ai Yi (@ai_9684xtpa), a suspected insider address of LAB has transferred 10.5 million LAB tokens to Aster again. Calculated at the $0.872 price at the time of transfer, the move is worth roughly $9.15 million. This marks the address’s second transfer of LAB in the same fashion in about 22 hours. Over the past 24 hours, the address has moved a total of LAB worth approximately $18.69 million to Aster. Earlier, after the address completed the transfer last night, LAB’s price once plummeted sharply.
30 minutes ago
US-listed ETFs' assets under management climbed to $15.6 trillion, notching a new all-time high.
The Kobeissi Letter noted that the assets under management (AUM) of U.S.-listed ETFs have climbed to a record $15.6 trillion, doubling over the past 30 months. Year-to-date, investors have allocated more than $1 trillion to U.S.-listed ETFs, nearly double the year-to-date record set in 2025. At the current pace, full-year inflows are on track to top $2 trillion for the first time, roughly 33% higher than last year’s all-time high. In June alone, U.S. ETFs pulled in around $193 billion in inflows, marking the second-highest monthly inflow on record. Demand has been concentrated in U.S. large-cap, semiconductor, AI, and South Korea-focused ETFs, with the U.S. ETF market’s growth accelerating.
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.
JPMorgan Chase is testing an AI investment agent that can autonomously adjust stock and bond allocations.
JPMorgan Chase is testing AI agents that can autonomously adjust the proportion of stock and bond investments to dynamically rebalance portfolios based on changes in market conditions. Test results show that in a 20-year historical backtest, the best-performing AI model delivered an annualized return 0.7 percentage points higher than the traditional "60/40" stock-bond portfolio, while also boasting lower volatility. All 8 AI agents tested by JPMorgan achieved higher risk-adjusted returns. However, the bank noted that the results are still based on simulated tests and do not represent actual investment performance. JPMorgan also warned that large-scale adoption of AI could lead to convergence of trading strategies, increase crowded trades, and amplify market volatility under stressed conditions.
30 minutes ago
Yangtze Memory Technologies announced its IPO advisory team, comprising a total of 31 members from CITIC Securities and China Securities Co., Ltd.
The China Securities Regulatory Commission (CSRC) official website updated the first-phase progress report on Changjiang Storage’s IPO counseling work on July 10. A total of 31 personnel from two securities firms, CITIC Securities and China Securities Construction Investment, form the counseling team. The current counseling period runs from May 19 to June 30, 2026, with work carried out via multiple methods including on-site due diligence, centralized training sessions, and targeted issue communications. The next phase of counseling will focus on two areas: First, for issues identified during the process, coordinate timely discussions between intermediaries and the company, develop standardization plans, and urge the counseled entity to fully implement rectification requirements. The working group will also continue to push the company to improve its corporate governance and internal control systems, enhancing its standardized operation level. Second, urge the company to thoroughly understand laws, regulations and rules related to issuance, listing and standardized operation, and clarify its responsibilities and obligations in areas such as information disclosure and fulfillment of commitments. (Jinshi)
30 minutes ago
Analyst: Bitcoin may be entering the final stage of a bear market, projected to rise to $250,000 over the next two to three years.
Real Vision’s chief crypto analyst Jamie Coutts has stated that Bitcoin may be entering the late stages of its current bear market. While the bear market is not yet over, downward momentum has begun to weaken. The current BTC price is roughly 50% lower than its all-time high of $126,100 set in October 2025. Coutts described the current trend as a “typical bear market,” pointing out that Bitcoin’s volatility has fallen by around 50% compared to the previous cycle, suggesting this downturn may not be as severe as prior bear markets. However, he cautioned that all current trend indicators remain clearly bearish, and markets do not mechanically replicate historical cycles. He noted that longer-term momentum indicators are starting to show bullish divergence, signaling that negative momentum is decelerating—but this does not mean Bitcoin has technically exited the bear market. Beyond tightening global liquidity, deteriorating on-chain demand was a key factor driving Bitcoin’s earlier decline. On long-term price projections, Coutts is cautious about Bitcoin reaching $1 million by 2030; instead, he forecasts BTC will rise to $200,000–$250,000 over the next two to three years. He also warned that the Bitcoin community needs to address the potential threat of quantum computing more definitively by 2027, as major protocol upgrades could take approximately five years to complete.
30 minutes ago
The probability that Bitcoin will rise to $70,000 this year has climbed to 79%.
Prediction market platform Polymarket now puts the probability of Bitcoin rising to $70,000 this year at 79%, up from 54% as of June 26. Additionally, the odds of Bitcoin hitting $80,000 stand at 32%, while the probability of it reaching $90,000 is 19%.
30 minutes ago
An alleged insider address of LAB has transferred $9.15 million worth of tokens to Aster again.
According to on-chain analyst Ai Yi (@ai_9684xtpa), a suspected insider address of LAB has transferred 10.5 million LAB tokens to Aster again. Calculated at the $0.872 price at the time of transfer, the move is worth roughly $9.15 million. This marks the address’s second transfer of LAB in the same fashion in about 22 hours. Over the past 24 hours, the address has moved a total of LAB worth approximately $18.69 million to Aster. Earlier, after the address completed the transfer last night, LAB’s price once plummeted sharply.
30 minutes ago
US-listed ETFs' assets under management climbed to $15.6 trillion, notching a new all-time high.
The Kobeissi Letter noted that the assets under management (AUM) of U.S.-listed ETFs have climbed to a record $15.6 trillion, doubling over the past 30 months. Year-to-date, investors have allocated more than $1 trillion to U.S.-listed ETFs, nearly double the year-to-date record set in 2025. At the current pace, full-year inflows are on track to top $2 trillion for the first time, roughly 33% higher than last year’s all-time high. In June alone, U.S. ETFs pulled in around $193 billion in inflows, marking the second-highest monthly inflow on record. Demand has been concentrated in U.S. large-cap, semiconductor, AI, and South Korea-focused ETFs, with the U.S. ETF market’s growth accelerating.
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.
JPMorgan Chase is testing an AI investment agent that can autonomously adjust stock and bond allocations.
JPMorgan Chase is testing AI agents that can autonomously adjust the proportion of stock and bond investments to dynamically rebalance portfolios based on changes in market conditions. Test results show that in a 20-year historical backtest, the best-performing AI model delivered an annualized return 0.7 percentage points higher than the traditional "60/40" stock-bond portfolio, while also boasting lower volatility. All 8 AI agents tested by JPMorgan achieved higher risk-adjusted returns. However, the bank noted that the results are still based on simulated tests and do not represent actual investment performance. JPMorgan also warned that large-scale adoption of AI could lead to convergence of trading strategies, increase crowded trades, and amplify market volatility under stressed conditions.
30 minutes ago
Yangtze Memory Technologies announced its IPO advisory team, comprising a total of 31 members from CITIC Securities and China Securities Co., Ltd.
The China Securities Regulatory Commission (CSRC) official website updated the first-phase progress report on Changjiang Storage’s IPO counseling work on July 10. A total of 31 personnel from two securities firms, CITIC Securities and China Securities Construction Investment, form the counseling team. The current counseling period runs from May 19 to June 30, 2026, with work carried out via multiple methods including on-site due diligence, centralized training sessions, and targeted issue communications. The next phase of counseling will focus on two areas: First, for issues identified during the process, coordinate timely discussions between intermediaries and the company, develop standardization plans, and urge the counseled entity to fully implement rectification requirements. The working group will also continue to push the company to improve its corporate governance and internal control systems, enhancing its standardized operation level. Second, urge the company to thoroughly understand laws, regulations and rules related to issuance, listing and standardized operation, and clarify its responsibilities and obligations in areas such as information disclosure and fulfillment of commitments. (Jinshi)
30 minutes ago
Analyst: Bitcoin may be entering the final stage of a bear market, projected to rise to $250,000 over the next two to three years.
Real Vision’s chief crypto analyst Jamie Coutts has stated that Bitcoin may be entering the late stages of its current bear market. While the bear market is not yet over, downward momentum has begun to weaken. The current BTC price is roughly 50% lower than its all-time high of $126,100 set in October 2025. Coutts described the current trend as a “typical bear market,” pointing out that Bitcoin’s volatility has fallen by around 50% compared to the previous cycle, suggesting this downturn may not be as severe as prior bear markets. However, he cautioned that all current trend indicators remain clearly bearish, and markets do not mechanically replicate historical cycles. He noted that longer-term momentum indicators are starting to show bullish divergence, signaling that negative momentum is decelerating—but this does not mean Bitcoin has technically exited the bear market. Beyond tightening global liquidity, deteriorating on-chain demand was a key factor driving Bitcoin’s earlier decline. On long-term price projections, Coutts is cautious about Bitcoin reaching $1 million by 2030; instead, he forecasts BTC will rise to $200,000–$250,000 over the next two to three years. He also warned that the Bitcoin community needs to address the potential threat of quantum computing more definitively by 2027, as major protocol upgrades could take approximately five years to complete.
30 minutes ago
The probability that Bitcoin will rise to $70,000 this year has climbed to 79%.
Prediction market platform Polymarket now puts the probability of Bitcoin rising to $70,000 this year at 79%, up from 54% as of June 26. Additionally, the odds of Bitcoin hitting $80,000 stand at 32%, while the probability of it reaching $90,000 is 19%.
30 minutes ago
An alleged insider address of LAB has transferred $9.15 million worth of tokens to Aster again.
According to on-chain analyst Ai Yi (@ai_9684xtpa), a suspected insider address of LAB has transferred 10.5 million LAB tokens to Aster again. Calculated at the $0.872 price at the time of transfer, the move is worth roughly $9.15 million. This marks the address’s second transfer of LAB in the same fashion in about 22 hours. Over the past 24 hours, the address has moved a total of LAB worth approximately $18.69 million to Aster. Earlier, after the address completed the transfer last night, LAB’s price once plummeted sharply.
30 minutes ago
US-listed ETFs' assets under management climbed to $15.6 trillion, notching a new all-time high.
The Kobeissi Letter noted that the assets under management (AUM) of U.S.-listed ETFs have climbed to a record $15.6 trillion, doubling over the past 30 months. Year-to-date, investors have allocated more than $1 trillion to U.S.-listed ETFs, nearly double the year-to-date record set in 2025. At the current pace, full-year inflows are on track to top $2 trillion for the first time, roughly 33% higher than last year’s all-time high. In June alone, U.S. ETFs pulled in around $193 billion in inflows, marking the second-highest monthly inflow on record. Demand has been concentrated in U.S. large-cap, semiconductor, AI, and South Korea-focused ETFs, with the U.S. ETF market’s growth accelerating.
JPMorgan Chase is testing an AI investment agent that can autonomously adjust stock and bond allocations.
JPMorgan Chase is testing AI agents that can autonomously adjust the proportion of stock and bond investments to dynamically rebalance portfolios based on changes in market conditions. Test results show that in a 20-year historical backtest, the best-performing AI model delivered an annualized return 0.7 percentage points higher than the traditional "60/40" stock-bond portfolio, while also boasting lower volatility. All 8 AI agents tested by JPMorgan achieved higher risk-adjusted returns. However, the bank noted that the results are still based on simulated tests and do not represent actual investment performance. JPMorgan also warned that large-scale adoption of AI could lead to convergence of trading strategies, increase crowded trades, and amplify market volatility under stressed conditions.
30 minutes ago
Yangtze Memory Technologies announced its IPO advisory team, comprising a total of 31 members from CITIC Securities and China Securities Co., Ltd.
The China Securities Regulatory Commission (CSRC) official website updated the first-phase progress report on Changjiang Storage’s IPO counseling work on July 10. A total of 31 personnel from two securities firms, CITIC Securities and China Securities Construction Investment, form the counseling team. The current counseling period runs from May 19 to June 30, 2026, with work carried out via multiple methods including on-site due diligence, centralized training sessions, and targeted issue communications. The next phase of counseling will focus on two areas: First, for issues identified during the process, coordinate timely discussions between intermediaries and the company, develop standardization plans, and urge the counseled entity to fully implement rectification requirements. The working group will also continue to push the company to improve its corporate governance and internal control systems, enhancing its standardized operation level. Second, urge the company to thoroughly understand laws, regulations and rules related to issuance, listing and standardized operation, and clarify its responsibilities and obligations in areas such as information disclosure and fulfillment of commitments. (Jinshi)
30 minutes ago
Analyst: Bitcoin may be entering the final stage of a bear market, projected to rise to $250,000 over the next two to three years.
Real Vision’s chief crypto analyst Jamie Coutts has stated that Bitcoin may be entering the late stages of its current bear market. While the bear market is not yet over, downward momentum has begun to weaken. The current BTC price is roughly 50% lower than its all-time high of $126,100 set in October 2025. Coutts described the current trend as a “typical bear market,” pointing out that Bitcoin’s volatility has fallen by around 50% compared to the previous cycle, suggesting this downturn may not be as severe as prior bear markets. However, he cautioned that all current trend indicators remain clearly bearish, and markets do not mechanically replicate historical cycles. He noted that longer-term momentum indicators are starting to show bullish divergence, signaling that negative momentum is decelerating—but this does not mean Bitcoin has technically exited the bear market. Beyond tightening global liquidity, deteriorating on-chain demand was a key factor driving Bitcoin’s earlier decline. On long-term price projections, Coutts is cautious about Bitcoin reaching $1 million by 2030; instead, he forecasts BTC will rise to $200,000–$250,000 over the next two to three years. He also warned that the Bitcoin community needs to address the potential threat of quantum computing more definitively by 2027, as major protocol upgrades could take approximately five years to complete.
30 minutes ago
The probability that Bitcoin will rise to $70,000 this year has climbed to 79%.
Prediction market platform Polymarket now puts the probability of Bitcoin rising to $70,000 this year at 79%, up from 54% as of June 26. Additionally, the odds of Bitcoin hitting $80,000 stand at 32%, while the probability of it reaching $90,000 is 19%.
30 minutes ago
An alleged insider address of LAB has transferred $9.15 million worth of tokens to Aster again.
According to on-chain analyst Ai Yi (@ai_9684xtpa), a suspected insider address of LAB has transferred 10.5 million LAB tokens to Aster again. Calculated at the $0.872 price at the time of transfer, the move is worth roughly $9.15 million. This marks the address’s second transfer of LAB in the same fashion in about 22 hours. Over the past 24 hours, the address has moved a total of LAB worth approximately $18.69 million to Aster. Earlier, after the address completed the transfer last night, LAB’s price once plummeted sharply.
30 minutes ago
US-listed ETFs' assets under management climbed to $15.6 trillion, notching a new all-time high.
The Kobeissi Letter noted that the assets under management (AUM) of U.S.-listed ETFs have climbed to a record $15.6 trillion, doubling over the past 30 months. Year-to-date, investors have allocated more than $1 trillion to U.S.-listed ETFs, nearly double the year-to-date record set in 2025. At the current pace, full-year inflows are on track to top $2 trillion for the first time, roughly 33% higher than last year’s all-time high. In June alone, U.S. ETFs pulled in around $193 billion in inflows, marking the second-highest monthly inflow on record. Demand has been concentrated in U.S. large-cap, semiconductor, AI, and South Korea-focused ETFs, with the U.S. ETF market’s growth accelerating.
The new Ethereum Layer 2 (L2) Robinhood Chain has surpassed Hyperliquid and BNB Chain in speculative interest.
A week ago, Robinhood’s DEX volume (which tracks trading volume and broader speculative interest) was less than $10M.
As of writing, the daily DEX volume has hit a record level of $600M, making it the fourth dominant chain in speculative activity.
In the past two days, it has effectively surpassed BNB Chain and Hyperliquid on this front thanks to Robinhood’s CEO’s memecoin bet.
Source: DeFiLlama As Robinhood Chain-based memecoins like CashCat [CASHCAT] went viral and posted massive gains, the FOMO attracted users and capital inflows.
Robinhood’s memecoin frenzy sparks L2 debate If the memecoin mania persists, it could surpass Base in DEX volume to become the third-largest place for speculative trading.
Worth pointing out that Uniswap crossed $1B in volume on Robinhood Chain since launch, further underscoring how crazy the memecoin mania is on the new L2.
Source: DeFiLlama But critics have been opposing the memecoin push. Most questioned the need for another Ethereum Layer 2 (L2) if its use case is risky memecoin speculation. The debate has since evolved to whether L2 growth benefits ETH’s value.
For Bankless’ David Hoffman, L2s aren’t helpful to ETH.
By now it seems more clear that L2s are largely independent blockchains and the vast majority of economics is not captured by ETH (by design).
Uniswap CEO Hayden Adam countered that most of the pairs on the chain are denominated in ETH and will eventually help burn more ETH, especially if the RWA narrative picks up momentum.
Source: X Do Layer 2s actually help Ethereum? The L2 roadmap has been under heavy criticism. With corporate chains such as Stripe’s Tempo, SWIFT, and more, the criticism has deepened.
For lawyer Gabriel Shapiro, the entire roadmap was ‘poorly executed’ to benefit ETH value.
The roadmap was just very poorly executed so that it’s mostly negative to ETH & leaves the L2s with too much optionality to become L1s, no real lock-in.
Ethereum’s best shot at scaling was through L2s, and recent upgrades have made them cheaper and attracted more traffic.
But this has also reduced the number of ETH burned, making the asset inflationary and denting its ‘store of value’ narrative.
Source: Ultrasoundmoney Whether the renewed L2 debate will drag ETH’s market sentiment and price remains to be seen. As of writing, Ethereum [ETH] traded at $1.8K, a key inflection point that could trigger the next leg of price recovery or another pullback.
Final Summary Robinhood L2 has become the fourth largest on-chain place for speculative trading, flipping BNB Chain and Hyperliquid Amid the hype, Ethereum L2s are under scrutiny again for being non-beneficial to ETH’s value
TLDR: CASHCAT price moved toward $0.20 after an early trader sold 15.04 million tokens for 580 ETH, converting an initial $838 purchase into about $1.04 million. The completed sale produced an estimated 1,183x return, although the same holdings could have reached about $2.9 million at a later market valuation. CASHCAT has expanded from Robinhood Chain to Solana through Sunrise, giving the token access to new wallets, exchanges, and liquidity pools. Hyperliquid has introduced CASHCAT perpetual futures with up to 3x leverage, adding short exposure and greater liquidation risk during volatile sessions. The CASHCAT price climbed toward $0.20 on July 11 after an early trader recorded one of the token’s largest documented exits. The wallet turned a 0.49 ETH purchase, worth about $838, into 580 ETH valued near $1.04 million. The completed sale delivered an estimated 1,183x return.
Bitcoin held near $64,000, while Ethereum traded close to $1,800. The CASHCAT price gained about 15% over 24 hours, strongly outperforming the wider market.
The rally also comes as CASHCAT expands beyond Robinhood Chain. Solana access through Sunrise and a new Hyperliquid perpetual market have widened its trading routes.
Lookonchain reported that the wallet bought 15.04 million CASHCAT with 0.49 ETH. It later sold the full position for 580 ETH, securing more than $1 million in realized profit. The tracker estimated that holding longer could have lifted the position’s value near $2.9 million.
The full exit matters since many meme coin success stories rely on unsold balances. This wallet converted the entire position back into ETH. That move provides a clearer measure of realized gains during the CASHCAT price rally.
Lookonchain also suggested the wallet could belong to crypto creator Brian Jung. No public on-chain evidence confirms that link. Jung separately posted that he cashed out more than $1 million from CASHCAT and missed an additional seven-figure upside.
Other early traders show the timing risk around the Robinhood Chain token. One wallet reportedly turned an $86 purchase into about $1.6 million after selling part of its holdings. Another trader sold 20 million tokens for only $711 before the same balance later reached a multimillion-dollar estimated value.
Solana Expansion Adds New Liquidity and Trading Routes CASHCAT began as a community token linked to Robinhood’s earlier Cash Cat name. Its story gained traction after Robinhood Chain launched and attracted trading across new ecosystem assets. The Solana meme coin now trades across more than one venue and network.
Solana confirmed that CASHCAT went live through Sunrise. The platform brings external assets onto Solana through issuer-designated canonical tokens. The listing gives users access through Solana wallets, aggregators, and decentralized exchanges.
Hyperliquid added CASHCAT perpetual futures with leverage capped at 3x. Traders can now take long or short exposure without holding the spot token. Derivatives may lift turnover, although they also create faster liquidation risk during sharp price moves.
CASHCAT price traded near $0.199 during the latest DEX Screener check. The Robinhood Chain pair held about $11.5 million in liquidity and a market capitalization near $197.8 million. Its 24-hour volume reached roughly $31.9 million, split between $16.3 million in buys and $15.6 million in sells.
Source: Coingecko That liquidity remains small compared with the token’s market value. Large exits can therefore move the CASHCAT price quickly, especially after leveraged markets attract short-term traders. Copycat contracts on Solana also raise verification risks for buyers searching the ticker across different pools.
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.
Hyperliquid (HYPE) is maintaining a bullish technical setup as the cryptocurrency holds steady despite a period of price consolidation. Technical analysts noted that recent chart patterns continue to support strong buyer activity, while the project’s latest achievement—a spot on a major crypto index fund—has brought new institutional attention.
Technical analysis points to cup and handle breakoutAt last check, HYPE traded at $67.07 with a 24-hour volume of $347.94 million and a market capitalization of $17.01 billion. While the price remained relatively flat over the past day, chart analysts focused on the cryptocurrency’s potential for a bullish reversal.
Crypto analyst Bitcoin Meraklisi reported a confirmed cup-and-handle breakout pattern on the HYPE chart following an extended period of accumulation. The token surged above a critical neckline near the $57 to $59 range and successfully retested this support zone. This move, according to the analyst, affirms the positive market structure and indicates that buyers are confident in defending higher price levels.
After breaking above $57–59 and successfully retesting the region, HYPE has solidified its bullish technical formation. If the price remains above $66–68, continued upward momentum is likely. Breaching $74.60 could lead to a further rally fueled by increased demand.
Shortly after the technical breakout, HYPE rallied toward $74.60 before entering a period of sideways consolidation around $69.25. Market observers interpreted this movement as healthy profit-taking rather than a loss of upward momentum.
If HYPE maintains support above $66 to $68, traders indicate the bullish outlook remains intact. On the upside, surpassing $74.60 could pave the way for a fresh rally. Conversely, losing support at the $57 to $59 area would invalidate the bullish pattern and could open the door to further declines.
Price LevelTechnical Significance$57–59Support/neckline, pattern invalidated if broken$66–68Short-term support to maintain bullish momentum$74.60Breakout level, triggers new rally if surpassed$172Long-term technical targetHYPE secures position in Bitwise 10 Crypto Index ETFHyperliquid achieved a key milestone when Bitwise, a leading digital asset manager, announced the inclusion of HYPE in its Bitwise 10 Crypto Index ETF (BITW). This exchange-traded fund is among the world’s largest diversified crypto index funds.
BITW will now allocate 0.95% of its holdings to HYPE, marking a significant recognition of the token’s market prominence. Analysts said this new status could boost HYPE’s visibility among institutional investors and reinforce its standing as a major digital asset.
Hyperliquid is a decentralized derivatives trading platform that has recently gained traction in the digital asset sector. Its focus on offering fast, transparent on-chain perpetual swaps and a growing ecosystem has drawn the attention of both retail and institutional market participants.
Mini dictionary: Bitwise 10 Crypto Index ETF (BITW): An exchange-traded fund managed by Bitwise Asset Management that tracks the performance of the ten largest cryptocurrencies by market capitalization, offering diversified exposure for investors.
Market context and outlookWhile HYPE’s price is currently in a neutral range, the broader market sentiment is shifting upward, in part due to renewed momentum in Bitcoin. A continued move higher in BTC has had a positive spillover effect on several altcoins, including HYPE.
Long-term technical targets for HYPE point toward $172, provided the overall bullish structure is preserved and the price stays above critical support levels, according to market analysts.
Maintaining price action above the key neckline remains vital for further gains, while falling below that range could signal a shift out of the bullish scenario.
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.
Hyperliquid announces the launch of contract trading for the meme coin CASHCAT on Robinhood Chain, with support for up to 3x leverage.
Relevant content
A whale shorted 1.11 million CASHCAT tokens on Hyperliquid.
According to monitoring by Onchain Lens, a whale deposited approximately $450,000 into Hyperliquid. Within one hour of CASHCAT’s listing on Hyperliquid, the whale shorted 1.11 million CASHCAT tokens with 3x leverage, valued at $222,200. The entry price was $0.195336, liquidation price $0.531304, resulting in an unrealized loss of $4,400.
Per GMGN market data, CASHCAT, a meme coin on Robinhood Chain, briefly hit an all-time high in market capitalization, currently trading at $200 million with an intraday increase of over 20%. Meme coins are highly volatile, so investors should exercise caution regarding associated risks.
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The White House confirms Trump has 'emptied' the U.S. Election Assistance Commission.
The White House confirmed on the 10th that U.S. President Donald Trump has removed two incumbent members of the U.S. Election Assistance Commission from their posts. In a statement sent to media on the same day, the White House said the president "reserves the right to remove relevant personnel who may not be fully committed to safeguarding U.S. election security and ensuring every legal vote is counted." The statement did not give a specific reason for Trump's move. However, U.S. media reported that the Election Assistance Commission had rejected an executive order signed by Trump, which required voters to provide proof of U.S. citizenship on the national voter registration form. (Xinhua News Agency)
11 minutes ago
A crypto whale shorted Ethereum (ETH) with 25x leverage, holding a position worth $12.43 million.
According to Onchain Lens monitoring, a whale deposited approximately $500,000 into Hyperliquid to open a short position of 6,914 ETH (valued at $12.43 million) with 25x leverage. The entry price was $1,790.36, liquidation price stands at $1,825.58. The position currently has an unrealized loss of around $50,700, with only a 1.55% gap to liquidation.
11 minutes ago
A trader has earned more than $1 million in profits on CASHCAT, achieving a staggering return of up to 1183 times.
According to Lookonchain monitoring, a trader has reaped over $1 million in profits from CASHCAT. The trader spent 0.49 ETH (valued at $838) to purchase 15.04 million CASHCAT tokens, then sold them for 580 ETH (worth $1.04 million), generating a profit of over $1 million (a 1183x return). Had the trader held the tokens until now, the profit would have reached $2.9 million.
11 minutes ago
A crypto whale bought the dip, acquiring 14,007 ETH valued at approximately $25.18 million.
According to monitoring by OnchainLens, a whale purchased 14,007 ETH at an average price of $1,798, with a total value of approximately $25.1 million.
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.
Per GMGN market data, CASHCAT, a meme coin on Robinhood Chain, briefly hit an all-time high in market capitalization, currently trading at $200 million with an intraday increase of over 20%. Meme coins are highly volatile, so investors should exercise caution regarding associated risks.
31 minutes ago
The White House confirms Trump has 'emptied' the U.S. Election Assistance Commission.
The White House confirmed on the 10th that U.S. President Donald Trump has removed two incumbent members of the U.S. Election Assistance Commission from their posts. In a statement sent to media on the same day, the White House said the president "reserves the right to remove relevant personnel who may not be fully committed to safeguarding U.S. election security and ensuring every legal vote is counted." The statement did not give a specific reason for Trump's move. However, U.S. media reported that the Election Assistance Commission had rejected an executive order signed by Trump, which required voters to provide proof of U.S. citizenship on the national voter registration form. (Xinhua News Agency)
31 minutes ago
Hyperliquid launches CASHCAT futures trading, supporting up to 3x leverage.
Hyperliquid announces the launch of contract trading for the meme coin CASHCAT on Robinhood Chain, with support for up to 3x leverage.
31 minutes ago
A crypto whale shorted Ethereum (ETH) with 25x leverage, holding a position worth $12.43 million.
According to Onchain Lens monitoring, a whale deposited approximately $500,000 into Hyperliquid to open a short position of 6,914 ETH (valued at $12.43 million) with 25x leverage. The entry price was $1,790.36, liquidation price stands at $1,825.58. The position currently has an unrealized loss of around $50,700, with only a 1.55% gap to liquidation.
31 minutes ago
A trader has earned more than $1 million in profits on CASHCAT, achieving a staggering return of up to 1183 times.
According to Lookonchain monitoring, a trader has reaped over $1 million in profits from CASHCAT. The trader spent 0.49 ETH (valued at $838) to purchase 15.04 million CASHCAT tokens, then sold them for 580 ETH (worth $1.04 million), generating a profit of over $1 million (a 1183x return). Had the trader held the tokens until now, the profit would have reached $2.9 million.
31 minutes ago
A crypto whale bought the dip, acquiring 14,007 ETH valued at approximately $25.18 million.
According to monitoring by OnchainLens, a whale purchased 14,007 ETH at an average price of $1,798, with a total value of approximately $25.1 million.
According to monitoring by crypto analytics account Ai Yi, the combined 24-hour trading volume of SK Hynix-related contracts SKHX and SKHY on the Hyperliquid platform has reached $1.015 billion, surpassing Ethereum (ETH) to become the second-most active asset by trading volume on the platform. SKHX recorded a 24-hour trading volume of $698 million, with an open interest (OI) of $494 million; SKHY’s 24-hour trading volume stood at $317 million and its open interest was $117 million. Currently, SKHY still trades at a roughly 17% premium relative to SKHX.
Relevant content
A whale shorted 1.11 million CASHCAT tokens on Hyperliquid.
According to monitoring by Onchain Lens, a whale deposited approximately $450,000 into Hyperliquid. Within one hour of CASHCAT’s listing on Hyperliquid, the whale shorted 1.11 million CASHCAT tokens with 3x leverage, valued at $222,200. The entry price was $0.195336, liquidation price $0.531304, resulting in an unrealized loss of $4,400.
Per GMGN market data, CASHCAT, a meme coin on Robinhood Chain, briefly hit an all-time high in market capitalization, currently trading at $200 million with an intraday increase of over 20%. Meme coins are highly volatile, so investors should exercise caution regarding associated risks.
2 minutes ago
The White House confirms Trump has 'emptied' the U.S. Election Assistance Commission.
The White House confirmed on the 10th that U.S. President Donald Trump has removed two incumbent members of the U.S. Election Assistance Commission from their posts. In a statement sent to media on the same day, the White House said the president "reserves the right to remove relevant personnel who may not be fully committed to safeguarding U.S. election security and ensuring every legal vote is counted." The statement did not give a specific reason for Trump's move. However, U.S. media reported that the Election Assistance Commission had rejected an executive order signed by Trump, which required voters to provide proof of U.S. citizenship on the national voter registration form. (Xinhua News Agency)
2 minutes ago
Hyperliquid launches CASHCAT futures trading, supporting up to 3x leverage.
Hyperliquid announces the launch of contract trading for the meme coin CASHCAT on Robinhood Chain, with support for up to 3x leverage.
2 minutes ago
A crypto whale shorted Ethereum (ETH) with 25x leverage, holding a position worth $12.43 million.
According to Onchain Lens monitoring, a whale deposited approximately $500,000 into Hyperliquid to open a short position of 6,914 ETH (valued at $12.43 million) with 25x leverage. The entry price was $1,790.36, liquidation price stands at $1,825.58. The position currently has an unrealized loss of around $50,700, with only a 1.55% gap to liquidation.
2 minutes ago
A trader has earned more than $1 million in profits on CASHCAT, achieving a staggering return of up to 1183 times.
According to Lookonchain monitoring, a trader has reaped over $1 million in profits from CASHCAT. The trader spent 0.49 ETH (valued at $838) to purchase 15.04 million CASHCAT tokens, then sold them for 580 ETH (worth $1.04 million), generating a profit of over $1 million (a 1183x return). Had the trader held the tokens until now, the profit would have reached $2.9 million.
A whale shorted 1.11 million CASHCAT tokens on Hyperliquid.
According to monitoring by Onchain Lens, a whale deposited approximately $450,000 into Hyperliquid. Within one hour of CASHCAT’s listing on Hyperliquid, the whale shorted 1.11 million CASHCAT tokens with 3x leverage, valued at $222,200. The entry price was $0.195336, liquidation price $0.531304, resulting in an unrealized loss of $4,400.
Per GMGN market data, CASHCAT, a meme coin on Robinhood Chain, briefly hit an all-time high in market capitalization, currently trading at $200 million with an intraday increase of over 20%. Meme coins are highly volatile, so investors should exercise caution regarding associated risks.
1 minutes ago
The White House confirms Trump has 'emptied' the U.S. Election Assistance Commission.
The White House confirmed on the 10th that U.S. President Donald Trump has removed two incumbent members of the U.S. Election Assistance Commission from their posts. In a statement sent to media on the same day, the White House said the president "reserves the right to remove relevant personnel who may not be fully committed to safeguarding U.S. election security and ensuring every legal vote is counted." The statement did not give a specific reason for Trump's move. However, U.S. media reported that the Election Assistance Commission had rejected an executive order signed by Trump, which required voters to provide proof of U.S. citizenship on the national voter registration form. (Xinhua News Agency)
1 minutes ago
Hyperliquid launches CASHCAT futures trading, supporting up to 3x leverage.
Hyperliquid announces the launch of contract trading for the meme coin CASHCAT on Robinhood Chain, with support for up to 3x leverage.
1 minutes ago
A trader has earned more than $1 million in profits on CASHCAT, achieving a staggering return of up to 1183 times.
According to Lookonchain monitoring, a trader has reaped over $1 million in profits from CASHCAT. The trader spent 0.49 ETH (valued at $838) to purchase 15.04 million CASHCAT tokens, then sold them for 580 ETH (worth $1.04 million), generating a profit of over $1 million (a 1183x return). Had the trader held the tokens until now, the profit would have reached $2.9 million.
1 minutes ago
A crypto whale bought the dip, acquiring 14,007 ETH valued at approximately $25.18 million.
According to monitoring by OnchainLens, a whale purchased 14,007 ETH at an average price of $1,798, with a total value of approximately $25.1 million.
In This Article What an FCM License Actually DoesFrom a $1.4M Fine to a Full Exchange: The Regulatory ArcWhat Polymarket Margin Trading Would Mean for Crypto Traders Polymarket has filed for Futures Commission Merchant (FCM) registration with the National Futures Association (NFA) via an affiliate entity called Coming Home GBA, according to Bloomberg.
The July 3, 2026 NFA filing signals the world’s largest prediction market’s intent to offer regulated margin trading to US users – allowing traders to take leveraged positions on event contracts through a fully licensed intermediary.
The central tension this story unpacks is that a platform fined for running an illegal derivatives market in 2022 is now applying for the highest tier of US derivatives intermediary registration while simultaneously operating under a separate CFTC marketing investigation.
Polymarket Seeks License to Offer Margin Trading Legally in US
According to Bloomberg, Polymarket, the world’s largest prediction market platform, is seeking US regulatory approval to offer margin trading, allowing users to open positions without posting the full amount of… pic.twitter.com/Ah6CL2ZVWj
— Wu Blockchain (@WuBlockchain) July 10, 2026
What an FCM License Actually Does An FCM, Futures Commission Merchant, is a firm registered with both the Commodity Futures Trading Commission (CFTC) and the NFA that can solicit orders for futures and derivatives contracts and extend credit to customers for leveraged trading.
The FCM holds customer collateral under futures-industry custody and segregation rules, enforces margin calls, handles KYC (know your customer) verification, and files regulatory reports with the CFTC.
This is a materially different arrangement from how most crypto trading platforms operate today. On a typical on-chain prediction market, a user connects a self-custody wallet, deposits funds, and trades without a regulated intermediary touching the transaction.
The FCM model inserts a licensed broker between the user and the exchange, a structure that unlocks access for institutional clients but adds friction for retail users accustomed to DeFi’s permissionless rails.
For Polymarket specifically, FCM registration would allow it to offer leveraged trading in the US through a compliant broker channel, rather than the on-chain, self-custody model that drew the CFTC’s attention four years ago.
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From a $1.4M Fine to a Full Exchange: The Regulatory Arc Polymarket spent years teaching everyone "put your money where your mouth is." Someone just did — and sued them for $500K.
The lawsuit centers on one gap: the market title said one thing, the resolution rules said another. $6.5M in losses across 1,868 traders came from that same… pic.twitter.com/fQfhOfPjn1
— GlitchLord (@Ph4nt0m_wb3) July 10, 2026
Polymarket’s regulatory journey has been significant. In January 2022, the CFTC fined Polymarket $1.4M for operating an unregistered event-contract market.
Rather than retracting, Polymarket acquired CFTC-licensed QCX LLC and QC Clearing LLC for about $112M, gaining a regulated exchange infrastructure.
On November 25, 2025, the CFTC recognized Polymarket as a Designated Contract Market (DCM), allowing it to onboard brokerages and route US customers. The filing by Coming Home GBA on July 3, 2026, marks Polymarket’s next step in this process.
However, the CFTC is still investigating Polymarket’s marketing practices, particularly regarding content creators winning large sums without actual investments, which institutional investors will need to consider.
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What Polymarket Margin Trading Would Mean for Crypto Traders
(SOURCE: Dune)
Polymarket’s weekly trading volume exceeded $4Bn in June 2026, setting a record and demonstrating its scale ahead of the launch of its US margin product.
The FCM filing aims to transform this volume into a more sophisticated, institutionally accessible offering by introducing leverage and regulated brokerage infrastructure.
For retail traders familiar with regulated derivatives, the shift to an FCM-intermediated Polymarket is clear: accounts held at registered brokers, enforced margin requirements, and CFTC reporting.
However, for users accustomed to decentralized prediction markets, this change introduces more compliance and friction, but also access to leverage not available through self-custody for US users.
Polymarket’s DCM and potential FCM status provide a compliance edge that offshore or decentralized platforms struggle to match for US institutions.
Although competitors like Hyperliquid dominate on-chain perpetuals, they operate outside the US regulatory framework. A CFTC-licensed Polymarket with FCM-backed margin trading could fill a critical gap.
However, the NFA and CFTC have yet to approve the Coming Home GBA application. The approval timeline and the number of FCM partners will determine the product’s competitiveness.
While Polymarket has filed and established its infrastructure, the timeline and the ongoing CFTC investigation pose potential risks. Traders should view this as an evolving situation rather than a finalized deal.
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Alex Ioannou
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Alex is a seasoned cryptocurrency trader and market analyst with over seven years of active experience in the digital asset space. Since entering the markets in 2017, Alex has specialized in identifying emerging "meta" trends and high-volatility narratives. Notably, Alex... Read More
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A crypto whale has reopened a large leveraged position on Hyperliquid’s SKHX perpetual market.
The move comes just days after the trader took a multi-million-dollar loss, as market participants continue positioning ahead of SK Hynix’s expected Nasdaq debut.
On-chain data shows wallet 0x66F4 deposited 20.32 million USDC into Hyperliquid. It then opened a 2x leveraged long position of 15,121 SKHX, worth about $22.5 million.
Onchain Lens Breaks Down the Trade Blockchain tracker Onchain Lens also reported the latest transaction. It said this was the wallet’s first trade since May 23. The position was opened at $1,480.57, with a liquidation price of $145.24.
At the time of reporting, the trade showed an unrealized loss of about $123,555. Moreover, the wallet’s lifetime trading record remained down by roughly $89,700.
Source: https://hyperbot.network/trader/0x66F463866512FC337C89baD2032acBE38ee38836 Whale Bets Again After $4.4M Loss The latest trade comes about a week after a separate whale lost $4.4 million on a previous SKHX long position. Despite that setback, the trader returned with another 2x leveraged long.
The position covered 21,207 SKHX worth roughly $30.17 million. At the time of the update, it was showing an unrealized gain of about 1,322,707.
The renewed position suggests the whale remains bullish on the synthetic pre-IPO market despite recent losses.
Source: https://hyperbot.network/trader/0x9dcf1c87b82a35519a430457c1157f21e68f302d Another Trader Keeps Accumulating Onchain Lens also highlighted another trader, yixie (@yixie10), who has generated more than $9.42 million in lifetime profits. The trader currently holds 1,840 SKHX, valued at about $2.79 million. The position has an unrealized gain of roughly $324,300.
The trader has also placed a TWAP order to buy another $1.05 million worth of SKHX. The order targets a price range between $1,488 and $1,520, suggesting continued accumulation.
Open Interest Surges Before Listing Interest in SKHX has continued to build ahead of SK Hynix’s expected Nasdaq listing on Friday.
According to data shared by GoldRush, open interest in SKHX perpetual contracts on Hyperliquid reached about $250 million. The contracts also recorded $880 million in 24-hour trading volume. SKHX was trading near $1,571.23, up 8.2% over the past 24 hours.
Fhenix contributor Zenonchain said the strong open interest ahead of the public listing reflects solid demand for pre-IPO exposure. He compared the activity to earlier synthetic markets tied to SpaceX and Cerebras.
Zenonchain also noted that the Hyperliquid Stocks sector gained 6.1%, highlighting growing interest in tokenized pre-IPO assets.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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.
Cover image via depositphotos.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
One of the most actively traded assets in the cryptocurrency market is ZCash. ZEC has quietly reported one of the biggest volume expansions among major digital assets, with trading activity rising by more than 28 percent over the past 24 hours, while Bitcoin and Ethereum continue to dominate headlines.
Traders are back at itDerivatives market data shows that ZEC's trading volume increased by about 32%, greatly outpacing both Ethereum's volume decline of almost 10% and Bitcoin's roughly 5% increase during the same period. After weeks of comparatively quiet activity, the spike puts ZCash among the best-performing assets in terms of market participation, indicating a resurgence of trader interest. The volume increase is not happening in a vacuum.
ZEC/USDT Chart by TradingViewZEC has extended a recovery that started when the asset successfully defended support close to the 200-day moving average by pushing above the psychologically significant $500 level on the daily chart. The price is currently trading above the 50-day, 100-day, and 200-day moving averages, a structure that typically indicates bullish market conditions. The action is especially noteworthy because it follows a period of intense network volatility.
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Many traders anticipated that ZEC would have difficulty recovering after the inflation bug incident that momentarily undermined market confidence. Instead, buyers started to reappear, and the market started to reconstruct its bullish structure. Additionally, open interest has risen by over 26%, indicating that traders are actively opening new positions rather than simply rotating spot capital into ZEC. Rising open interest is frequently seen as confirmation that market participants anticipate further movement rather than just covering existing trades when it coincides with rising price and volume.
Zcash's unexpected recoveryThe $520-$550 range, which previously served as resistance during the most recent attempts at recovery, is technically ZEC's next obstacle. The highs set earlier in the quarter might be reached with a clear breakout above this area. However, traders should continue to exercise caution. Momentum indicators have risen to elevated levels due to the recent rally, and the asset remains highly volatile.
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Speculative capital can be drawn in by rapid volume expansions, but it vanishes just as quickly when sentiment changes. Nevertheless, ZCash is currently one of the few major cryptocurrencies outperforming both Ethereum and Bitcoin in terms of trading activity, indicating that money is once again flowing into one of the market's earliest privacy-focused assets.
Injective: Security issue related to npm packages has been resolved, and no user funds were lost.
Injective’s official team posted on social media that recent media reports covered potential security vulnerabilities involving Injective’s npm packages. The issue was immediately detected and resolved. User funds were never at risk and suffered no losses. According to the official, its security monitoring system flagged the problem in real time, quickly marked the affected package versions as deprecated, and replaced them with new versions—blocking the risk before the malicious package could be downloaded. As a result, the malicious package had zero downloads, caused no harm to users, and user fund security remained uncompromised. Injective’s npm package is among the most widely used SDKs in the cryptocurrency sector. The team has now implemented optimization measures to prevent such attack attempts from recurring.
6 minutes ago
Bitget has launched the SKHYUSDT perpetual contract.
According to official announcements, Bitget has launched the SKHYUSDT perpetual contract, with a maximum leverage of 20x, and contract trading bots will be available simultaneously.
6 minutes ago
Bitget launches SK Hynix’s rSKHY for the first time, offering new users the chance to split an equivalent of $50,000 worth of stocks via trading.
According to official announcements, Bitget has launched its stock spot rToken for SK Hynix (rSKHY) as its first such offering. From now until July 17, users trading rSKHY will enjoy zero trading fees. Additionally, the platform has rolled out a dedicated new user campaign with a total prize pool of SK Hynix equivalent to 50,000 USDT. During the campaign, newly registered users who complete a net deposit of no less than 1,000 USDT and their first trade will randomly receive rSKHY worth between 10 and 88 USDT. New users participating in rSKHY trading who meet cumulative trading volume thresholds can unlock tiered stock rewards, with a maximum of rSKHY worth 888 USDT per individual. The campaign runs from July 10 to July 17.
6 minutes ago
Over the past 24 hours, global crypto liquidations hit $236 million, with short positions making up the bulk of the liquidations.
According to Coinglass data, global crypto market liquidations reached $236 million over the past 24 hours, including $68.7 million in long-position liquidations and $167 million in short-position liquidations.
6 minutes ago
Binance to List SKHYUSDT USDT-Margined Perpetual Contract
Per official announcement, Binance will launch the SKHYUSDT perpetual contract at 23:50 UTC+8 on July 10, 2026, with a maximum leverage of 50x.
Hyperliquid Policy Center and Phantom have urged the U.S. Commodity Futures Trading Commission to update its rulebook for onchain trading, arguing that existing regulations built for traditional financial markets do not fit decentralized infrastructure.
Summary
Hyperliquid Policy Center and Phantom have asked the CFTC to create rules tailored for onchain trading instead of applying legacy market regulations. The groups said developers of decentralized trading software and non custodial wallet providers should not face the same registration requirements as traditional intermediaries. The proposal comes as U.S. regulators review derivatives rules and CME continues its legal challenge over the CFTC’s treatment of crypto perpetual futures. According to a joint comment letter submitted on Thursday by the Hyperliquid Policy Center (HPC) and Phantom, the current regulatory framework assumes a market structure where brokers, exchanges and clearinghouses control customer funds throughout the trading process. The organizations said onchain markets operate differently because users retain control of their own assets.
The submission responds to a joint Request for Information (RFI) issued last month by the CFTC and the Securities and Exchange Commission, which invited public feedback on regulations that may be slowing financial innovation and making it harder for new technologies to work with CFTC-regulated firms. As previously reported by crypto.news, the agencies are also reviewing whether existing definitions for swaps and related derivatives remain suitable for newer financial products.
HPC and Phantom seek tailored rules for decentralized markets In their filing, HPC and Phantom argued that developers of onchain trading software should not automatically be required to register as exchanges or clearinghouses simply because they build decentralized infrastructure. They also said non-custodial wallet interfaces such as Phantom should not be treated as introducing brokers.
The organizations argued that blockchain-based software cannot be regulated in the same way as centralized intermediaries because, unlike traditional market operators, code cannot enter contracts, respond to regulators or exercise legal responsibilities.
Alongside those proposals, the letter said companies already registered with the CFTC should be allowed to use blockchain technology for trading and clearing without facing unnecessary regulatory barriers.
The recommendations arrive as U.S. regulators continue examining how decentralized finance fits within existing derivatives rules. CFTC Chair Michael Selig previously said the agency’s joint review with the SEC could help resolve longstanding uncertainties under the Dodd-Frank Act, while SEC Chair Paul Atkins has called for clearer definitions covering newer financial products.
Filing comes as CME challenges crypto perpetual futures The proposal also lands while the CFTC faces legal action from CME Group over its approval of regulated crypto perpetual futures.
As previously reported by crypto.news, CME sued the regulator in June after it approved perpetual futures products from platforms including Kalshi and opened a regulated path for similar offerings. The exchange argues that perpetual contracts should be classified as swaps rather than futures under the Dodd-Frank framework and claims the regulator bypassed the legal process required for swap products.
The dispute gained additional attention after Kalshi expanded beyond Bitcoin perpetuals to list contracts linked to Ethereum, XRP and Hyperliquid, while Coinbase also secured a regulated route to offer certain crypto perpetual futures through infrastructure connected to Deribit.
HPC founder Jake Chervinsky has publicly opposed CME’s lawsuit, describing it as a serious mistake and accusing the exchange of trying to block new competitors. One day after CME filed its case, the CFTC and SEC published their joint request for public comment, which specifically asked whether the legal definition of swaps should be updated to account for emerging products such as crypto perpetual contracts.
A New Chain Moves FastRobinhood Chain (@RobinhoodCrypto) recorded $375.15 million in decentralized exchange volume over a single 24-hour window, outpacing Hyperliquid (@HyperliquidX), which posted $198.87 million over the same period, according to DeFiLlama data.
The milestone is notable given how recently the network came online. Robinhood launched the public mainnet for Robinhood Chain on July 1, 2026, positioning it as a Layer-2 blockchain built on Arbitrum and designed for tokenized real-world assets and decentralized finance. The chain went live with several established DeFi protocols already integrated, including Uniswap as its primary liquidity venue, Chainlink for price oracles, and Morpho for lending.
The volume surge follows an even larger spike on July 8, when the chain briefly recorded between $560 million and $570 million in daily DEX volume, driven largely by a memecoin called Cash Cat. That token alone accounted for roughly $98 million in trading activity on Uniswap pairs on the chain, according to Crypto Briefing. Daily active addresses approached 200,000 on that date, with more than 140,000 of those being first-time users of the network.
Context: What Robinhood Chain Is Up AgainstHyperliquid has been one of the dominant forces in on-chain trading, particularly in perpetual futures. The platform carries a total value locked of around $1.4 billion and a native token, $HYPE, with a market cap exceeding $15 billion, per DeFiLlama. Its 7-day DEX spot volume still stands at $1.6 billion, well ahead of Robinhood Chain's $512 million over the same window, suggesting the gap in sustained activity remains wide even as the 24-hour comparison favors the newer chain.
Robinhood Chain's infrastructure is built to support more than memecoin trading. The network integrates Stock Tokens, which are on-chain instruments providing economic exposure to publicly traded equities such as Apple, NVIDIA, and Google, available through Robinhood Wallet in more than 120 countries. The company has also launched Robinhood Earn, a decentralized lending product offering an estimated 7% annual yield on its USDG stablecoin through Morpho.
Whether the current volume levels reflect durable demand or early speculative enthusiasm remains an open question. The chain is still in its first two weeks of mainnet operation and is currently waiving gas fees on core activities including swaps, bridging, and perpetual futures trading for the first 90 days.
Robinhood Chain surpassed Hyperliquid in 24-hour decentralized exchange trading volume on July 8, a striking early milestone for the newly launched Ethereum Layer 2 as speculative activity rushed into one of the newest networks backed by a major U.S. brokerage.
According to DeFiLlama data cited by market reports, Robinhood Chain recorded roughly $560 million to $570 million in daily DEX volume on July 8, exceeding Hyperliquid’s 24-hour figure and briefly placing the chain among the most active DeFi trading venues by volume. DeFiLlama’s live dashboard later showed Robinhood Chain with more than $400 million in 24-hour DEX volume, reflecting the fast-moving nature of the metric.
The surge came about a week after Robinhood launched the public mainnet of Robinhood Chain, an Ethereum-compatible Layer 2 built using Arbitrum’s technology stack. Robinhood describes the network as a permissionless blockchain built for financial services and real-world assets, with tokenized stocks, 24/7 trading, self-custody and DeFi composability as central parts of its strategy.
The main driver of the volume spike was not tokenized equities, but memecoin speculation. Reports pointed to Cash Cat, a WETH-paired memecoin trading on Uniswap, as the largest catalyst. The token reportedly generated close to $100 million in 24-hour trading volume and briefly reached a market capitalization above $100 million, drawing liquidity and arbitrage activity to the new chain.
Memecoin Frenzy Drives Early Adoption Robinhood Chain’s rapid rise shows how quickly DeFi activity can migrate when a new network combines strong brand recognition, major infrastructure partners and speculative incentives. Uniswap is already live on the chain, giving traders a familiar venue for token swaps and creating an immediate liquidity layer for new assets.
The volume surge also highlights a recurring pattern in crypto market structure. New chains often gain early traction not through institutional use cases or carefully designed financial products, but through volatile retail assets that attract high turnover. Memecoins can generate large trading volume quickly because they are easy to launch, simple to understand and heavily driven by social momentum.
That dynamic creates both opportunity and risk for Robinhood. High DEX volume gives the chain visibility and can attract builders, liquidity providers and market makers. But if activity is dominated by thinly traded speculative tokens, it may not translate into durable adoption for Robinhood’s core thesis around tokenized real-world assets and onchain finance.
The comparison with Hyperliquid is also important. Hyperliquid has become one of DeFi’s most successful trading venues, particularly in perpetual futures, with deep liquidity, high-frequency trading activity and a dedicated user base. Robinhood Chain surpassing it on a 24-hour DEX volume metric is notable, but it does not yet mean Robinhood has matched Hyperliquid’s sustained liquidity, derivatives infrastructure or trader retention.
Robinhood Pushes Deeper Into Onchain Finance The milestone comes as Robinhood accelerates its broader crypto strategy. The company has been expanding tokenized stock access for international users, building onchain infrastructure and positioning crypto as a core part of its global financial-services roadmap. Its official launch announcement said Robinhood Chain is intended to provide a turnkey environment for builders and is natively connected to Robinhood’s onchain users.
For Robinhood, the strategic opportunity is to convert its mainstream brokerage brand into blockchain-native distribution. Unlike most new Layer 2 networks, Robinhood already has a large retail user base, regulated financial-services infrastructure and a recognized consumer brand. If it can connect those advantages with DeFi liquidity, tokenized assets and self-custody products, it could become a meaningful competitor in onchain markets.
Regulatory and reputational risks remain. Tokenized stocks, memecoin trading and open DeFi activity all sit in areas that can attract scrutiny, especially when linked to a brokerage known to retail investors. Robinhood will need to manage the gap between permissionless blockchain activity and the consumer-protection expectations attached to its brand.
For now, the July 8 volume spike is best viewed as an early market signal rather than proof of long-term dominance. Robinhood Chain has shown that it can attract significant trading activity almost immediately after launch. The harder test will be whether that activity persists once the memecoin cycle cools and whether the chain can shift volume toward tokenized assets, lending, stablecoins and other financial applications with more durable demand.
Robinhood Chain’s brief lead over Hyperliquid shows that the boundary between retail brokerage and decentralized trading is narrowing. The next phase will determine whether that convergence produces sustainable onchain finance or simply another short-lived liquidity boom.
In a joint comment letter, the wallet maker Phantom and the Hyperliquid Policy Center argue that writing onchain protocol software isn’t running a brokerage, and press the CFTC to keep developers and non-custodial wallets off its registration rolls.
Posted July 9, 2026 at 7:12 pm EST.
Two crypto firms have jointly asked the US Commodity Futures Trading Commission to declare that writing decentralized-finance software is not the same as running a brokerage, and to keep onchain protocol developers and non-custodial wallets — apps that never hold users’ funds or control their keys — off the agency’s registration rolls.
The wallet maker Phantom and the Hyperliquid Policy Center, an advocacy group tied to the Hyperliquid blockchain, set out the request in a joint comment letter dated July 9. It responds to a CFTC request for information on rules that may “unduly impede” fintech firms, which the agency issued under an executive order on financial-technology innovation.
The core of the argument is that software is not a market participant. The CFTC’s registration categories — for exchanges, clearinghouses, brokers and dealers — turn on functions performed by a person or entity, the letter notes, and “Software running on a public blockchain—even if it facilitates derivatives trading—is none of those things.” Such code, the firms wrote in the letter, has “no legal personality, no capacity to enter into contracts, and no ability to respond to regulatory inquiries.” Accordingly, the two argued, “onchain protocol software developers should not need to register as DCMs, SEFs, DCOs, FCMs, IBs, or SDs” — the CFTC’s acronyms for designated contract markets, swap execution facilities, derivatives clearing organizations, futures commission merchants, introducing brokers and swap dealers.
Instead, “registration requirements should apply to persons or entities actually handling customer orders or funds or entering into transactions with customers,” they wrote in the letter. The letter likens the point to traditional markets, where developers build matching engines and other trading infrastructure that registered firms deploy without the developers themselves being regulated as the exchange.
The firms asked the CFTC to take three steps: confirm that developing onchain protocol software alone triggers no registration; issue guidance letting the commission’s own registered markets use onchain infrastructure to run execution, clearing and settlement; and turn a March 2026 no-action letter granted to Phantom — which spared the non-custodial wallet from registering as an introducing broker — into a formal rule for similarly situated firms. The letter was signed by Phantom general counsel Kevin Jacobs and Hyperliquid Policy Center policy counsel Brad Bourque.
The stakes reach beyond the two firms. How the CFTC answers would help settle whether US-based DeFi protocols and wallets get treated as regulated intermediaries, and whether Americans can reach onchain derivatives markets onshore — Phantom notes its Hyperliquid integration is not available to US users today. The filing is a comment in a broader review, not a rule, and the agency has not said how it will respond.
Related Listen: DEX in the City: Why the Market Structure Bill May Not Be Good for DeFi
AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.
Robinhood Chain overtook Hyperliquid in 24-hour decentralized exchange (DEX) volume, processing more than $560 million over the past 24 hours.
Robinhood Chain is a permissionless, AI-native Layer 2 blockchain built for financial services and real-world assets (RWA), but it’s in the buzz for meme coins, including Cash Cat. CASHCAT price has skyrocketed by almost 60%.
Robinhood Chain Overtakes Hyperliquid in 24-hour DEX Volume According to DefiLlama data, Robinhood Chain recorded almost $433 million in 24-hour DEX volume. The newly launched Ethereum Layer-2 blockchain has now flipped popular Hyperliquid.
Robinhood Chain has climbed to fifth place based on the DEX volume by Chain metric, with almost $900 million in 7-day DEX volume. Meanwhile, Hyperliquid saw $296 million in 24-hour DEX volume, with $656.28 in total DEX volume in the past 7 days.
Robinhood Chain 24-hour DEX Volume. Source: Defillama The milestone comes just one week after Robinhood Chain’s mainnet launch on the Arbitrum Orbit stack. In its debut week, the Layer-2 chain amassed nearly $1 billion in cumulative DEX volume, around $100 million in TVL, and more than 350,000 addresses.
Moreover, Token Terminal data also shows ETH bridged from Ethereum L1 to Robinhood Chain is up 70x in one week, passing $70 million. The chain uses ETH as gas.
Catalysts Behind the Massive Demand Santiment reported that Robinhood Chain is buzzing amid RWA tokenization, DeFi tools, and CASHCAT mania. “Bulls see a TradFi-to-DeFi bridge, while skeptics question stock-token rights and lasting demand,” it added.
Robinhood Social Volume. Source: Santiment The primary catalyst behind the surge is hype by CEO Vlad Tenev. He took to X, saying “While we’re building robinhood chain to be the best chain for RWA … it works great for memes too.”
He also declared “Robinhood Summer is here” as the chain acts as a bridge between retail brokerage and on-chain trading. Robinhood also covers gas fees for eligible users via its Wallet until September 29.
As traditional brokerages increasingly eye blockchain integration, investors interested in equity-backed tokens can review the best exchanges for tokenized stocks to trade fractionalized shares on-chain.
Cash Cat (CASHCAT) price rocketed more than 1000% in just the last 3 days amid the hype. The meme coin named after Robinhood’s early days mascot jumped nearly 60% in past 24 hours, currently trading at $0.1455.
Lookonchain reporting a wallet (0x6f5b) named “Ansem-2” spent $233K to buy 2.79 million CASHCAT was another catalyst. The wallet is linked to the Solana wallet CLM6E4, which held 10.5 million ANSEM, sparked speculation of ANSEM buying CASHCAT.
Hyperliquid and Solana-based wallet Phantom have urged the U.S derivatives market regulator, Commodity Futures Trading Commission [CFTC], to modernize its regulations.
Source: HPC In a letter sent to the CFTC, the DeFi players requested three things. First, the agency should not treat a non-custodial software developer (users control funds, not the platform) as a broker.
In other words, creating on-chain protocols should not automatically trigger CFTC registration as an exchange or clearinghouse. Put plainly, they want developer protections.
Second, the no-action relief granted to self-custodial wallets, as issued to Phantom in March 2026, should be made formal guidance.
An industry coalition made a similar argument and pushed in April. If adopted, non-custodial DeFi front-ends like Phantom would not need broker-dealer or exchange registration to handle even U.S tokenized stocks.
Finally, they want the CFTC to create a framework that allows regulated entities to use blockchain for trading and settlement.
Why are DeFi firms seeking exemptions? The letter was a response to the CFTC’s request for information regarding issues that are preventing fintechs from partnering with its regulated entities.
Some of the issues raised by Hyperliquid and Phantom are DeFi exemptions, some of which are being deliberated in the CLARITY Act. In fact, even the SEC is exploring a similar “innovation exemption” for tokenized assets trading.
The DeFi players cautioned that failure to explore these recommendations would reinforce the status quo, with dire consequences.
The alternative is the status quo: American users continue to be walled off from onchain derivatives markets, innovation continues to take place offshore, and U.S. registrants continue to be denied the ability to modernize their infrastructure.
Why DeFi exemptions request could be delayed But these requests, even if granted, could trigger legal challenges from traditional market participants. The Chicago Mercantile Exchange (CME) has already sued the CFTC over its approval of Kalshi’s crypto perpetuals (perps).
CME argued that perps are swaps rather than futures, meaning the contracts should fall under its regulatory framework. That stance prompted the CFTC to reconsider how it defines swaps.
Hyperliquid Policy Center founder Jake Chervinsky called the CME lawsuit anti-competitive and a “shocking misjudgement.”
Citadel Securities and the umbrella body representing traditional exchanges have also opposed DeFi exemptions, particularly for tokenized asset trading. They argue regulators should treat every platform as a broker based on its function, not its underlying technology.
In short, DeFi platforms handling U.S. tokenized stocks should meet the same disclosure requirements and legal obligations as traditional exchanges.
Like CME, other traditional market participants could sue the agency if it grants the requested DeFi exemptions, particularly because lawmakers have not codified them and the CLARITY Act’s future remains uncertain.
Final Summary Hyperliquid and Phantom have requested CFTC for formalized exemptions for DeFi front-ends But with the CLARITY Act still in limbo, CME and other traditional players will continue to legally challenge the regulator over such requests.
This Friday, we examine Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid in greater detail.
Ethereum (ETH) Ethereum closed the week in the green with a modest 3% gain. Buyers wanted to push ETH higher, but sellers came in strong at the $1,800 key resistance and stopped the uptrend.
If bulls cannot break resistance, the price will have no choice but to reverse and approach support at $1,500. This would place this cryptocurrency in a range between $1,500 and $1,800.
Looking ahead, Ethereum had a brief relief rally that appears to have stopped. To resume it, the price has to turn $1,800 into support. Any failure there would give sellers another chance at new lows.
Source: TradingView Ripple (XRP) XRP is closing the week flat and remains near support at $1. Buyers attempted to push XRP beyond $1.18, but that resistance held, sending XRP into a pullback.
While support at $1 appears strong, sellers could attempt to break it again in the future. Repeated testing of a key support is a sign of weakness. Therefore, bulls should do their best to avoid another drop to $1.
Looking ahead, even if this cryptocurrency is taking its time to make up its mind, the overall trend remains bearish with clear lower lows and highs. This puts sellers in a favorable position. If support at $1 breaks, the next target is $0.85.
Source: TradingView Cardano (ADA) ADA continues to struggle since testing the $0.15 support. Buyers attempted to escape but lost momentum, allowing sellers to return. That’s also why the price only managed a modest 1% gain this week.
With buyers back on the defensive, a re-test of the key support appears likely. Should that not hold, then the next support is found at 10 cents, which will also serve as a key psychological level.
Looking ahead, Cardano remains very weak. Every bounce was sold into, and all attempts at a breakout since 2025 were rejected. This has sustained the current downtrend, which is still ongoing. Perhaps the support at $0.10 may change that later.
Source: TradingView Binance Coin (BNB) This week, Binance Coin only managed a 2% gain. However, that was insufficient to reclaim the support at $580, which is now acting as resistance. Because of that, sellers are likely to take BNB towards $500, which is the current support.
While the downtrend is intact and may continue to make lower lows, the sell volume has been declining since the start of 2026. At this rate, buyers could eventually gather enough strength to regain control.
Looking ahead, it looks like this cryptocurrency will test the support at $500 before buyers make their presence known in the order books. For this reason, it is best to wait for that level to be tested before taking any position.
Soource: TradingView Hype (HYPE) HYPE also managed only a modest 1% gain this week after sellers returned at the $72 resistance to push it lower. Since then, the price dropped to $66 and is struggling to maintain its uptrend.
More concerning is that the price is making lower highs. To bring back confidence, buyers will need to demonstrate strength, and the best way to do that is with a new all-time high in the future.
Looking ahead, if HYPE fails to break above $72, sellers will likely capitalize on this weakness and push it under $63, the current support. While that is not so bad, a drop below $60 will likely end the current uptrend.
US crypto concept stocks rose in pre-market trading, with Circle surging nearly 8%.
According to market data from BIT (bit.com), U.S. crypto-related concept stocks advanced in pre-market trading. Circle jumped nearly 8% after the firm secured approval from the U.S. Office of the Comptroller of the Currency (OCC) to set up its national digital currency bank. Strategy rose nearly 5%, Coinbase gained over 4%, and Robinhood climbed more than 3%.
9 minutes ago
Ark Invest increased its Circle stock holdings by $13.7 million and trimmed its Robinhood positions.
Cathie Wood’s investment firm Ark Invest added to its holdings in Circle Internet Group on Thursday while offloading part of its Robinhood stake. Latest trading disclosures show Ark purchased a total of 217,896 Circle shares via its three ETFs—ARKK, ARKW, and ARKF—valued at roughly $13.7 million based on Thursday’s closing price of $63.01 per share. Separately, Ark sold 85,319 Robinhood shares worth $9.8 million.
9 minutes ago
Metaplanet is exploring the introduction of Bitcoin-backed digital credit to Japan.
According to CoinDesk, Tokyo-listed firm Metaplanet is forming a joint research team with Japanese yen stablecoin issuer JPYC and regulated security token platform Progmat to explore Bitcoin-backed digital credit products. The initiative will tokenize BTC collateral for use in debt instruments that accrue interest daily and can be traded and settled 24/7. Siiibo Securities, which Metaplanet acquired this year and plans to rebrand as Metaplanet Securities, will also participate in the research, handling product design and sales. Currently, Metaplanet holds around 43,000 BTC, which it intends to use as credit enhancement, a store of value, and compliant collateral assets to address the high financing costs and cumbersome processes faced by medium-sized and growing Japanese enterprises in the traditional bond market.
9 minutes ago
AI writing startup Marker secures $13 million in seed funding.
London-based AI writing startup Marker, co-founded by a former DeepMind creative lead, has exited stealth mode and announced a $13 million seed funding round. The round was led by Index Ventures, with participation from Local Globe. Angel investors include Writely co-founder Steve Newman, Slack co-founder Cal Henderson, and Hugging Face’s Thomas Wolf.
9 minutes ago
Ledger: Tangem Hardware Wallets Have Laser Attack Vulnerability, No Fix Available for Devices Already Sold
Ledger researchers have discovered that a laser attack can reset the passcodes on all Tangem hardware wallet cards. The attack requires physical access to the device, roughly $250,000 worth of laboratory equipment, and existing cards already in circulation cannot be patched.
9 minutes ago
Bitget expands its pledge-to-borrow service to support 26 stock tokens as collateral.
According to an official announcement, Bitget’s staking and borrowing platform has added stock tokens (rTokens) as collateral assets. The first batch includes 26 popular U.S. stocks and ETF tokens, such as rNVDA, rAAPL, rGOOGL, and rQQQ, covering sectors including technology, semiconductors, and index funds. Users holding these stock tokens can now use them as collateral to borrow mainstream assets like USDT and USDC, unlocking capital liquidity without selling their positions. The web-based feature is already live, while the app version will launch next week. For specific collateral parameters and more details, please refer to Bitget’s official platform. It is noted that rTokens, identified by the format of the letter 'r' plus the stock ticker (e.g., rNVDA for Nvidia), are issued by Reality, Bitget’s licensed Real-World Asset (RWA) protocol. Via a partnership with regulated broker Alpaca, they directly connect to global liquidity pools including the Nasdaq and New York Stock Exchange. Their key features include: 1:1 reserve of underlying assets held by licensed custodians, stock dividends distributed on a 1:1 basis in token form, synchronized mapping of corporate actions (such as stock splits and consolidations), and eligibility as combined margin for unified accounts and U.S. dollar-denominated contracts, enabling users to flexibly manage their funds while holding global stock assets.
Morgan Stanley upgrades Lenovo's rating to Overweight, sets target price at HK$30.
AI reshapes the memory market landscape, transforming Lenovo from a victim of cyclical pressures into a beneficiary of pricing power, as Morgan Stanley significantly upgrades Lenovo Group’s rating and target price. Morgan Stanley’s Howard Kao-led team raised Lenovo’s rating from Neutral to Overweight, sharply lifting its target price from HK$14.20 to HK$30.00, representing around 34% upside from its HK$22.32 closing price on July 8. The report notes that AI-driven demand has fundamentally altered the supply-demand dynamics of the memory market, enabling Lenovo to pass on higher component costs to customers while preserving its profit margins. The bank forecasts this trend will persist at least through the second half of 2026.
11 minutes ago
Cardano Founder Denies Resignation Rumors: "They are completely untrue and entirely fabricated."
Cardano founder Charles Hoskinson has denied rumors of his departure, calling them "fake, a complete lie, and totally fabricated." The rumors have spread widely—one London taxi driver even told visiting Cardano supporters that he had heard the founder was about to retire.
11 minutes ago
Binance will adjust the funding rate cap for SK Hynix U-margined perpetual contracts.
Binance will adjust the funding rate cap for its SKHYNIX USDT perpetual contract at 16:15 Beijing Time on July 10, 2026. Following the adjustment, the cap will be lowered from ±2.00% to ±0.50%, effective at 16:00 Beijing Time on July 10, 2026.
11 minutes ago
Aqua Labs signed a strategic investment agreement with PayTheFly at its headquarters in Abu Dhabi’s ADGM, to jointly advance the construction of global stablecoin payment infrastructure.
On July 8, at the Stablecoin & Digital Asset Innovation Forum 2026 held at ADGM Academy in Abu Dhabi, Aqua Labs officially signed a strategic investment agreement with PayTheFly, announcing their joint push to build a global stablecoin payment infrastructure. PayTheFly, the forum’s exclusive organizer, drew hundreds of attendees including Abu Dhabi’s regulatory body ADGM, relevant UAE government departments, Visa, major banks, Web3 firms, global stablecoin industry leaders, and global payment industry executives, who gathered to discuss the development of stablecoins, digital assets, and global payment infrastructure. As a globally recognized on-chain stablecoin payment protocol, PayTheFly aims to build a new-generation global stablecoin payment infrastructure, offering enterprises secure, efficient, low-cost self-custody acquiring solutions. It is also a core strategic partner of Changer.ae, a licensed compliant institution in the UAE. The pair is collaborating to drive the compliant large-scale adoption of stablecoins in the UAE’s real estate, auto sales, offline retail, and on-chain cross-border settlement sectors. This strategic investment not only reflects Aqua Labs’ high recognition of PayTheFly’s technical strength and growth prospects, but will also accelerate PayTheFly’s strategic layout in the Middle East and global markets, as the two partners work together to advance stablecoin payment infrastructure construction and ecosystem development.
11 minutes ago
Binance Stocks will open limit order trading for SK Hynix ADR stocks today.
According to an official announcement, Binance will allow users to place regular limit orders for whole shares of SK hynix Inc. ADR via pre-issuance trading using the temporary code SKHYV, starting at 17:05 (UTC+8) on July 10, 2026. Each SK hynix ADR represents one-tenth (1/10) of a common share of SK Hynix Inc. listed on the Korea Exchange, and holders are subject to standard ADR fees charged by the depositary bank. Pre-issuance trading for SKHYV will start at 17:05 (UTC+8) on July 10, 2026, and close at 04:00 (UTC+8) on July 11, 2026. The code is expected to change to SKHY at 21:30 (UTC+8) on July 13, 2026, when regular trading will commence. Based on Nasdaq’s historical performance, the stock is not expected to open during regular hours; the initial price discovery phase typically lasts several hours, and orders will be executed after the market officially opens. Only limit orders are supported, including Good-Till-Cancel (GTC) and day orders, while market orders are not allowed. Any unfilled SKHYV orders after the pre-issuance trading session ends will be invalid. Price limit rules apply to all National Market System (NMS) stocks. If the price exceeds the limit, trading will be suspended until Nasdaq lifts the suspension. Partner brokers may impose net buy limits or caps. Full securities lending for SKHY will take effect after trade settlement (T+1 trading day). The above new stock trading is subject to user eligibility based on their country or region.
11 minutes ago
CASHCAT’s market capitalization briefly hit an all-time high, surging over 40% intraday.
According to GMGN market data, Robinhood Chain meme coin CASHCAT briefly hit a new all-time high in market capitalization, currently trading at $152 million with an intraday increase of over 40%. Meme coins are highly volatile, so investors should be mindful of associated risks.
HPC and Phantom asked the CFTC to confirm code isn't a financial service.
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The Hyperliquid Policy Center (HPC) and the Phantom team filed a joint comment letter with the CFTC today, urging the agency to update rules that currently keep American users walled off from onchain derivatives markets.
What's the Scoop?The opening: The filing responds to a CFTC request for information issued in June under Executive Order 14405, which asked which of the agency's rules unduly impede fintech firms from partnering with regulated institutions. HPC and Phantom's answer amounts to a three-part roadmap for bringing onchain markets under CFTC oversight.The main thrust: The letter's central argument is that writing software isn't the same as running a financial services business, a line the CFTC has long respected offchain, where engineers build the matching engines that regulated exchanges deploy without themselves registering. The groups want the agency to confirm that publishing onchain protocol code, on its own, doesn't trigger registration either.Registrants go onchain: The second ask is guidance letting the CFTC's own registrants, like exchanges and clearinghouses, perform their regulated functions using onchain infrastructure, covering thorny areas like fund segregation and recordkeeping. Notably, the letter argues self-custody plus transparent code can meet or exceed the protections legacy custodial rules were written to provide.Codifying Phantom's letter: In March, the CFTC granted Phantom no-action relief confirming its non-custodial wallet isn't an introducing broker. The filing asks the agency to turn that one-off relief into a formal rule covering every similarly situated firm.
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Crypto wallet provider Phantom and the Hyperliquid Policy Center have urged the US Commodity Futures Trading Commission (CFTC) to exempt blockchain protocol developers and non-custodial wallet providers from regulations designed for traditional financial intermediaries.
In response to a CFTC request for information on regulations affecting fintech firms, the companies asked the agency to confirm that blockchain protocol developers do not have to register solely for creating onchain software, issue guidance allowing regulated derivatives firms to use blockchain infrastructure, and codify exemptions preventing non-custodial wallet providers from being treated as introducing brokers.
The companies argued that existing CFTC regulations were designed for custodial financial intermediaries that hold customer assets and process trades, while onchain protocols allow users to transact directly without intermediaries controlling funds or executing orders.
Letter to the CFTC. Source: Hyperliquidpolicy.org
They said registration requirements should apply to entities that handle customer funds or execute trades, rather than to developers who create blockchain software or contribute to open-source protocols without controlling how the software is used.
The groups also asked the CFTC to clarify that registered derivatives exchanges, clearinghouses and intermediaries can use onchain infrastructure for functions including trade execution, clearing, settlement, margining and recordkeeping, provided they continue to comply with existing regulations.
The groups said the alternative to adopting the recommendations is the status quo, in which "American users continue to be walled off from onchain derivatives markets," while innovation continues to take place offshore.
Regulatory debate over onchain derivatives intensifiesThe letter comes as crypto companies and traditional exchanges press US regulators over how blockchain-based derivatives should be regulated, with both sides seeking greater clarity on the agency's approach.
In May, Intercontinental Exchange and CME Group reportedly urged regulators to scrutinize Hyperliquid's expansion into commodity-linked perpetual futures, arguing that the decentralized platform's energy derivatives posed market integrity and manipulation risks.
Two weeks later, ICE CEO Jeffrey Sprecher called for a "level playing field" that would allow regulated exchanges to offer 24/7 onchain perpetual futures, saying existing regulations were preventing traditional exchanges from competing with platforms such as Hyperliquid. Sprecher also said ICE had held exploratory discussions with Hyperliquid to better understand onchain derivatives markets.
CME, meanwhile, has continued expanding its own regulated crypto derivatives business. This year, the exchange announced futures tied to Avalanche and Sui, launched CFTC-regulated Bitcoin volatility futures and introduced the Nasdaq CME Crypto Index futures, a market-cap weighted contract tracking seven digital assets.
Despite that expansion, CME sued the CFTC in June over the agency's approval of crypto perpetual futures, arguing the regulator exceeded its authority under the Commodity Exchange Act.
Magazine: The 5 types of real world assets being tokenized fastest onchain
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Crypto wallet provider Phantom and the Hyperliquid Policy Center have urged the US Commodity Futures Trading Commission (CFTC) to exempt blockchain protocol developers and non-custodial wallet providers from regulations designed for traditional financial intermediaries.
In response to a CFTC request for information on regulations affecting fintech firms, the companies asked the agency to confirm that blockchain protocol developers do not have to register solely for creating onchain software, issue guidance allowing regulated derivatives firms to use blockchain infrastructure, and codify exemptions preventing non-custodial wallet providers from being treated as introducing brokers.
The companies argued that existing CFTC regulations were designed for custodial financial intermediaries that hold customer assets and process trades, while onchain protocols allow users to transact directly without intermediaries controlling funds or executing orders.
Letter to the CFTC. Source: Hyperliquidpolicy.org
They said registration requirements should apply to entities that handle customer funds or execute trades, rather than to developers who create blockchain software or contribute to open-source protocols without controlling how the software is used.
The groups also asked the CFTC to clarify that registered derivatives exchanges, clearinghouses and intermediaries can use onchain infrastructure for functions including trade execution, clearing, settlement, margining and recordkeeping, provided they continue to comply with existing regulations.
The groups said the alternative to adopting the recommendations is the status quo, in which "American users continue to be walled off from onchain derivatives markets," while innovation continues to take place offshore.
Regulatory debate over onchain derivatives intensifiesThe letter comes as crypto companies and traditional exchanges press US regulators over how blockchain-based derivatives should be regulated, with both sides seeking greater clarity on the agency's approach.
In May, Intercontinental Exchange and CME Group reportedly urged regulators to scrutinize Hyperliquid's expansion into commodity-linked perpetual futures, arguing that the decentralized platform's energy derivatives posed market integrity and manipulation risks.
Two weeks later, ICE CEO Jeffrey Sprecher called for a "level playing field" that would allow regulated exchanges to offer 24/7 onchain perpetual futures, saying existing regulations were preventing traditional exchanges from competing with platforms such as Hyperliquid. Sprecher also said ICE had held exploratory discussions with Hyperliquid to better understand onchain derivatives markets.
CME, meanwhile, has continued expanding its own regulated crypto derivatives business. This year, the exchange announced futures tied to Avalanche and Sui, launched CFTC-regulated Bitcoin volatility futures and introduced the Nasdaq CME Crypto Index futures, a market-cap weighted contract tracking seven digital assets.
Despite that expansion, CME sued the CFTC in June over the agency's approval of crypto perpetual futures, arguing the regulator exceeded its authority under the Commodity Exchange Act.
Magazine: The 5 types of real world assets being tokenized fastest onchain
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
The joint filing asks regulators to turn Phantom's March no-action relief into a formal rule covering all non-custodial wallet providers.
The Hyperliquid Policy Center and wallet provider Phantom filed a joint comment with the Commodity Futures Trading Commission on Thursday, arguing the agency's registration rules for exchanges and brokers should not apply to onchain protocol software or non-custodial wallets, according to HPC's own post on X.
The filing responds to a request for information the CFTC and SEC issued jointly in mid-June, seeking industry input on rules that hinder financial-technology innovation.
Three RequestsHPC and Phantom laid out three asks. First, confirmation that publishing onchain protocol software alone does not trigger registration as an exchange or clearinghouse. Second, a clear path for firms already registered with the CFTC to run regulated functions, like matching and clearing, on onchain infrastructure. Third, and most concrete, turning the no-action relief the CFTC granted Phantom in March into a formal rule that would extend to other non-custodial wallet providers.
"The Commission's preexisting rules were built for legacy markets," HPC and Phantom wrote, arguing that onchain markets let users hold their own funds and trade directly, without the chain of intermediaries that broker-dealer rules assume.
The filing lands under CFTC Chairman Michael Selig, who took office in December and has since approved the first U.S.-regulated bitcoin perpetual futures contract in May and opened the door to more onshore perps trading. CME Group has separately sued the CFTC over that approval, arguing perpetual futures should be classified as swaps.
Phantom Technologies and the Hyperliquid Policy Center filed a joint comment letter with the Commodity Futures Trading Commission on July 9, asking the agency to carve out blockchain developers and non-custodial wallet providers from registration requirements built for a very different era of finance.
The core argument is straightforward: writing code is not the same as running an exchange. And a wallet that lets users access derivatives without ever holding their funds shouldn’t be regulated like a broker.
What they’re actually asking for The letter lays out three specific recommendations, each targeting a different pressure point in the current regulatory framework.
First, Phantom and the Hyperliquid Policy Center want the CFTC to confirm that publishing onchain software does not, by itself, trigger any registration requirement. In English: if you build a smart contract and deploy it, that act alone shouldn’t force you to register as a Designated Contract Market, a clearinghouse, or a Futures Commission Merchant.
Second, the letter urges the CFTC to let entities that are already registered, like DCMs and FCMs, use onchain technology for core functions such as matching, settlement, and margining. This is the bridge proposal. It would let traditional players adopt blockchain infrastructure without stepping into a regulatory gray zone.
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Third, and perhaps most strategically, the organizations want the CFTC to codify the no-action relief it previously granted to Phantom. On March 17, 2026, the CFTC issued a no-action letter that allowed Phantom’s wallet to facilitate user access to regulated derivatives without requiring broker registration. That letter was a lifeline, but no-action relief is inherently temporary and revocable. Phantom wants it made permanent.
The timing here matters. The CFTC issued a Request for Information on fintech regulations from June 16 to 18, following Executive Order 14405. The deadline for public comments was July 9, the same day Phantom and Hyperliquid filed their letter.
Why these two companies, and why now Phantom is a Solana-native wallet with approximately 15 million monthly active users. It’s the front door through which millions of people interact with decentralized applications, including derivatives platforms. Phantom doesn’t custody assets. It doesn’t execute trades on behalf of users. But under current rules, its role facilitating access to derivatives could theoretically require broker registration.
Hyperliquid, on the other hand, is one of the leading onchain perpetual contract platforms. Hyperliquid’s policy arm has a direct interest in making sure the infrastructure that supports its market, from wallets to settlement layers, isn’t strangled by rules designed for floor traders at the Chicago Mercantile Exchange.
Together, they represent both the access layer and the execution layer of onchain derivatives. If regulators treat either one like a traditional intermediary, the whole stack becomes unworkable for US-based firms.
The March no-action letter to Phantom was a significant signal. It suggested the agency understands that not every participant in a derivatives transaction is an intermediary in the traditional sense. But signals aren’t rules, and no-action relief is inherently temporary and revocable.
What this means for investors and the market If these recommendations are adopted, even partially, US-registered firms could begin integrating onchain infrastructure for derivatives trading, clearing, and settlement. Right now, most institutional players in the US either avoid onchain derivatives entirely or access them through offshore structures that add cost, complexity, and counterparty risk.
One of the letter’s central arguments is that treating software publication as a regulated activity pushes builders offshore. If a developer deploys a perpetuals protocol and immediately faces the prospect of registering as a DCM, the rational move is to relocate to a friendlier jurisdiction. Codifying exemptions for non-custodial tools could keep more of the ecosystem onshore, which is ultimately what the executive order behind the CFTC’s RFI was aiming for.
The most telling detail in the entire filing might be the smallest one: Phantom and Hyperliquid aren’t asking to be left alone. They’re asking to be regulated, just differently. That distinction, between wanting no rules and wanting the right rules, is where the real policy conversation lives.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
The push to get U.S. regulators to adapt their rulebooks to onchain reality just gained new momentum. Hyperliquid Policy Center (HPC) and Phantom submitted a joint comment letter to the Commodity Futures Trading Commission, as detailed in the original report. The letter asks the agency to modernize its regulatory framework so that publishing onchain protocol software does not, by itself, trigger registration requirements.
The filing arrives at a delicate moment for decentralized exchange infrastructure. Hyperliquid has grown into a leading derivatives venue built entirely on a self-custodial model, while Phantom’s non-custodial wallet reaches millions of users across Solana, Ethereum, and Bitcoin. Together they represent a growing cohort of protocols that argue the CFTC’s existing rules were written for custodial intermediaries—centralized order books, brokers, and clearinghouses—not for code that users interact with directly. This push mirrors a broader legislative struggle where traditional financial interests have attempted to derail landmark crypto bills just days before Senate votes.
The Core Request: Software Publication as a Non-Registrable Act The letter makes three specific demands. First, clarify that merely publishing onchain protocol software does not require registration with the CFTC. Second, create a clear pathway for regulated exchanges and clearinghouses to adopt onchain infrastructure without running afoul of legacy rules. Third, codify the Phantom Technologies non-action letter into a formal rule. That 2024 non-action letter signaled that certain self-hosted wallet activities would not face enforcement, but leaving it as agency guidance creates uncertainty for builders.
The legal argument is straightforward. Under current interpretations, a developer could be treated like a traditional market operator simply for deploying smart contracts that users control. The HPC-Phantom letter contends that the self-custodial and transparent nature of onchain markets makes that analog inappropriate. Transactions settle onchain, assets remain in user wallets, and the software does not hold customer funds. Those structural differences, they argue, demand a different regulatory posture.
Why the CFTC’s Framework Feels Outdated The CFTC’s rulebook was largely designed during an era when centralized exchanges and derivatives clearing organizations acted as trusted intermediaries holding customer margin and controlling trade execution. Onchain protocols disrupt that model by removing the intermediary. Yet the agency has not formally addressed whether the act of writing and releasing code is itself a regulated activity. This ambiguity chills development and forces projects to weigh legal exposure against innovation.
It’s not just a philosophical debate. The uncertainty has practical consequences for the U.S. market. Onchain derivatives platforms often choose to restrict access from American IP addresses rather than risk a regulatory fight. That pushes liquidity and users offshore, exactly the outcome the CFTC presumably wants to avoid. As other jurisdictions like the EU move ahead with MiCA-style frameworks that offer clearer guardrails, the pressure on U.S. agencies to provide similar clarity is mounting. In recent weeks, tokenized real-world assets crossed $20 billion on-chain, as highlighted in a market update, further underscoring the need for rules that accommodate automated, smart-contract-driven settlement.
What This Means for Exchanges and Onchain Markets If the CFTC moves toward formalizing the requested clarifications, it could open a more defined path for centralized exchanges like CME or Coinbase Derivatives to integrate onchain components without triggering full registration of those software layers. The letter explicitly calls for a framework that lets regulated entities adopt distributed ledger technology for clearing and settlement. That would mark a significant shift from the current posture, where any move toward onchain rails is often met with regulatory caution.
At the same time, a formal rule codifying the Phantom non-action letter would provide non-custodial wallet providers and protocol developers with a baseline of legal comfort. That could speed up product launches and reduce the reliance on case-by-case relief that leaves everyone guessing. For developers, the line between publishing code and operating a market would become less of a legal gray zone.
Still, the request does not address every pain point. Questions remain about how liability attaches when software is modified by third parties or used to facilitate illicit activity. Neither the letter nor current CFTC precedent provides a clean answer, and that gap is one reason the debate is likely to extend well beyond this comment period. The underlying protocol activity shows why this matters now: developer engagement across top chains remains robust, as tracked in recent weekly metrics, reflecting the pace of onchain infrastructure growth that regulators can no longer ignore.
The Road Ahead The letter lands at a time when the CFTC is signaling openness to updating its approach. The agency has brought enforcement actions against decentralized platforms before, but those often involved allegations of unregistered derivatives trading rather than the mere act of publishing code. The HPC-Phantom submission attempts to draw a bright line between software publication and market operation—a distinction that, if accepted, would reshape enforcement priorities.
What happens next depends on how the CFTC weighs the comment and whether it moves to propose a rulemaking or issue further guidance. Congressional action could also force the issue, though the legislative path remains tangled, as ongoing battles over crypto market structure bills demonstrate. For now, the industry’s push is simply to get the agency to say, in a durable form, that writing code is not a crime.
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Max delves deep into the cryptocurrency realm, with a passion for altcoins and NFTs. Convinced of crypto's transformative potential, he envisions a decentralized financial future. Max's background in the financial sector grants him unique insights into global monetary systems. In his leisure, Max embraces the thrill of adventures and is an avid sports enthusiast, finding balance and rejuvenation away from work.
One week. That’s all it took for Robinhood’s new Ethereum Layer-2 network to dethrone Hyperliquid as the top decentralized exchange by 24-hour trading volume. On July 8, Robinhood Chain posted between $560 million and $570 million in daily DEX volume, eclipsing what had been the dominant perps-and-spot platform in DeFi.
The catalyst wasn’t some blue-chip DeFi protocol or a revolutionary new trading primitive. It was a memecoin called Cash Cat.
A chain launch turbocharged by a cat token Robinhood Chain went live on July 1 as a permissionless Ethereum Layer-2 network built on the Arbitrum stack. It integrates Uniswap for trading, Chainlink for oracles, and Morpho for lending.
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CASHCAT, a memecoin trading on Uniswap WETH pairs on the new chain, surged to an all-time high above $0.14. Its market cap ballooned to somewhere between $100 million and $150 million in a single day. The token alone accounted for roughly $98 million in 24-hour trading volume, acting as the rocket fuel that pushed Robinhood Chain’s total DEX numbers past Hyperliquid’s.
The numbers behind the surge Daily active addresses on Robinhood Chain approached 200,000, with more than 140,000 of those being first-time users.
The chain’s total value locked crossed $100 million within its first week, driven primarily by Morpho lending activity.
For context on what Robinhood Chain was up against: Hyperliquid had accumulated $330.8 billion in combined spot and perpetual trading volume by July 2025. Robinhood’s overall crypto trading volume sat at $237.8 billion over the same period.
Traditional finance meets permissionless chaos Robinhood Chain is built on the Arbitrum stack, integrating Uniswap for trading interfaces, Chainlink for price feeds, and Morpho for lending. The permissionless nature of the chain means anyone can deploy tokens and create trading pairs, which is how Cash Cat emerged organically rather than through a corporate partnership announcement.
What this means for investors Trading volumes on Robinhood Chain have already begun to stabilize at lower levels since the July 8 peak. The $100 million-plus in TVL from Morpho lending is a distinct signal: lending activity suggests users are deploying capital for yield, not just flipping tokens.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
TLDR: HPC and Phantom filed a joint letter urging CFTC to clarify registration rules for developers. The letter asks CFTC to give registered exchanges a path to adopt onchain infrastructure. HPC and Phantom want the Phantom no-action letter codified into a permanent formal rule. The filing responds directly to a CFTC request on rules hindering market participants. Hyperliquid Policy Center and Phantom have urged the CFTC to clarify that publishing onchain protocol software does not require registration.
The two firms submitted a joint comment letter this week addressing onchain market infrastructure. Their filing asks regulators to modernize outdated rules built around custodial intermediaries.
It calls for a clear registration pathway for exchanges adopting onchain systems. The letter also pushes to codify the existing Phantom no-action letter into formal policy.
HPC And Phantom Detail Registration Concerns Hyperliquid Policy Center and Phantom compare software developers to internet service providers. The letter states “no one confuses either person for the other” between builders and brokers.
An internet provider supplies cables that let brokers take customer orders. The letter argues protocol developers deserve the same clear distinction under CFTC rules.
Digital asset builders have not received consistent treatment from past CFTC leadership. The letter notes developers were left “guessing whether they may be treated as operating an unregistered exchange.”
This ambiguity pushed many companies to build their products offshore instead. HPC and Phantom credit current leadership under Chairman Selig with shifting this approach.
Onchain markets differ structurally from traditional custodial trading systems, the letter notes. Legacy markets pass customer funds through brokers, exchanges, and clearinghouses sequentially.
The filing states onchain systems “let users hold their own funds and trade directly with one another.” Hyperliquid Policy Center and Phantom say regulation should reflect this fundamental difference.
Three recommendations anchor the joint submission to the Commission. Confirm first that publishing protocol software alone does not require registration.
Second, create pathways for registered exchanges to adopt onchain infrastructure directly. Third, convert the Phantom no-action letter into what the filing calls “a formal rule.”
Firms Frame Request As Path To Onshore Growth HPC and Phantom present their proposal as a route to bring innovation onshore. The letter states protections can be built in “by design rather than by decree.”
Regulated intermediaries would continue handling responsibilities that code alone cannot resolve. This structure preserves protections while modernizing infrastructure for onchain derivatives markets.
The letter responds to a CFTC request asking which rules hinder market participants. HPC and Phantom write, “this is our answer, and it is within the Commission’s own authority to act on.”
They state the requested changes fall within the Commission’s existing regulatory authority. No new legislation would be required to implement these clarifications.
Codifying the Phantom no-action letter would benefit smaller non-custodial wallet providers broadly. The filing notes such firms would gain “durable certainty rather than having to ask, one at a time, for relief.”
Firms would gain lasting certainty instead of requesting individual relief repeatedly. This reduces friction for developers building non-custodial financial technology tools.
Existing registrants also stand to benefit from the proposed regulatory pathway. Exchanges and clearinghouses could retire legacy systems for transparent onchain alternatives instead.
Compliance obligations would remain intact under the new registration framework. HPC and Phantom describe this transition as advantageous for American consumers.
The joint letter reflects continued engagement between digital asset firms and federal regulators.
Hyperliquid’s quarterly notional trading volume has fallen roughly 35% since October 2025, a steep decline for a platform that was setting records just months ago. But buried inside that headline number is a more interesting story: real-world asset trading now accounts for about 30% of total volume on the platform, and that share keeps climbing.
The volume decline in context During Q1 2026, the platform still managed $633 billion in total trading volume.
Hyperliquid has also maintained between 32% and 44% of the perpetual DEX market throughout this period. Losing volume while keeping market share means the whole category contracted, not just one player.
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RWA trading fills the gap RWA volume now constitutes approximately 30% of total platform activity, up meaningfully from prior quarters. At certain points during Q1 and Q2 2026, that figure peaked between 44% and 47% of total volume. In other words, nearly half of all trading on a crypto-native DEX was happening in assets like crude oil, gold, silver, and the S&P 500.
Open interest in RWA perpetuals hit an all-time high of $2.6 billion in May 2026, doubling from $1.3 billion just two months earlier in March.
If you want to hedge an S&P 500 position at 2 AM on a Sunday, your options in traditional finance range from limited to nonexistent. Hyperliquid’s RWA perpetuals fill that gap with 24/7 liquidity, no brokerage account required.
What this means for investors For HYPE token holders specifically, the token serves as the backbone of the ecosystem, used for staking, governance, fee payments, and user incentives, with a maximum supply capped at 1 billion. A decline in overall volume would normally be bearish for a platform token, since less trading typically means less fee revenue. But the growth in RWA trading introduces a new revenue stream and a new user base that could prove more durable than crypto-native speculation.
The risk to watch is regulatory. Traditional financial instruments trading on decentralized platforms exists in a gray area that regulators haven’t fully addressed. Hyperliquid’s 32% to 44% market share makes it a large enough target to attract attention.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Two of crypto’s more prominent names just told the CFTC, politely but firmly, that writing code shouldn’t require a federal license.
The Hyperliquid Policy Center and Phantom Technologies submitted a joint comment letter to the Commodity Futures Trading Commission on July 9, responding to the agency’s Request for Information on fintech regulations. The core argument: developers who publish onchain protocol software shouldn’t be forced to register as Designated Contract Markets, Futures Commission Merchants, or any other regulated entity simply because their code exists.
What they’re actually asking for The letter lays out three specific requests, and each one targets a different friction point in how current rules collide with onchain infrastructure.
First, they want the CFTC to confirm that developing and publishing onchain protocol software, by itself, does not trigger registration requirements. In English: if you build a smart contract that enables derivatives trading, you shouldn’t be treated the same as JPMorgan’s futures desk.
Second, they’re asking for updated guidance that would let CFTC-registered exchanges and intermediaries actually use onchain technology for their regulated functions.
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Third, the letter asks the CFTC to formalize no-action relief that Phantom already received back on March 17, under CFTC Letter No. 26-09. That relief established that Phantom’s non-custodial wallet could connect users to registered derivatives markets without needing to register as an Introducing Broker. They want that precedent codified into lasting guidance rather than sitting as a one-off letter that could theoretically be rescinded.
The CFTC’s RFI was originally issued on June 18, giving industry participants a window to weigh in. This letter landed ahead of the deadline.
Why Phantom and Hyperliquid are the ones making this argument Hyperliquid operates a Layer-1 blockchain built specifically for derivatives and financial activities. Its native token, HYPE, has a total max supply of 1 billion. The Hyperliquid Policy Center was established in early 2026 with the explicit goal of advocating for regulatory clarity around onchain markets.
Phantom is a non-custodial wallet provider. It doesn’t hold user funds. It doesn’t execute trades. It’s essentially a window into blockchain activity, not a participant in it. That distinction matters enormously in regulatory terms, because the traditional framework assumes that anyone connecting users to financial markets is, in some capacity, a broker or intermediary.
Phantom’s earlier no-action relief from the CFTC signaled that at least some regulators understood the difference between a tool that facilitates access and an entity that handles money. The joint letter tries to build on that precedent before it fades into bureaucratic obscurity.
The bigger regulatory picture The CFTC has historically not treated the creators of offchain trading software as regulated entities simply for writing code. What this letter argues is that the same logic should extend to onchain developers.
The letter makes the case that onchain systems actually offer advantages over traditional custodial infrastructure. Peer-to-peer trading reduces intermediary risk. Settlement transparency improves on the opaque back-office processes of traditional finance. Self-custody eliminates the counterparty risk that comes with handing assets to someone else.
What this means for investors Institutional capital has consistently cited regulatory uncertainty as the primary barrier to deeper engagement with onchain derivatives. A CFTC framework that explicitly permits registered entities to operate on blockchain infrastructure would remove one of the largest obstacles. The difference between “technically not illegal” and “explicitly permitted” is enormous when you’re a compliance officer at a fund managing billions.
The fact that Phantom already secured no-action relief suggests some internal appetite for accommodation, but codifying that into formal guidance is a different, slower process entirely.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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.
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