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Chicago Mercantile Exchange (CME) Group Chairman and CEO Terry Duffy said at a Commodity Futures Trading Commission (CFTC) Innovation Advisory Committee meeting this morning that trade.xyz and Hyperliquid are exerting a material impact on the U.S. market. trade.xyz is a major market builder on the Hyperliquid chain, focusing on perpetual contracts for stocks, commodities, and pre-IPO assets, with its trading volume accounting for a significant share of Hyperliquid’s total volume. Duffy has repeatedly publicly raised concerns about leverage and regulatory issues related to such offshore platforms. Furthermore, Duffy engaged in a heated exchange with CFTC Chairman Michael Selig and Kalshi Chief Operating Officer Luana Lopes Lara over the regulation of prediction markets. Duffy noted that some prediction market contracts carry manipulation risks, particularly those listed via self-certification. He cited certain contracts linked to content from Trump’s State of the Union address and the timeline of Venezuelan President Nicolás Maduro’s ouster as potential manipulation risks, stating that this is harmful to the entire industry.
Chip export prices have surged, and the AI chip shortage crisis continues to intensify.
Samsung has recently raised foundry prices for some 4nm, 5nm, and 8nm nodes by 10% to 15%. TSMC has also hiked its 2026 capital expenditure to $60 billion to $64 billion, reflecting that existing production capacity still cannot fully meet AI demand. This round of price hikes benefits storage, foundry, and packaging players controlling scarce capacity, but will raise costs for server, PC, and consumer electronics firms. The market will next focus on the race between upward earnings revisions and new capacity expansion: the longer the supply shortage persists, the stronger the pricing power of leading players; if capacity expansion outpaces actual AI demand growth, price corrections and inventory reversals will amplify volatility in semiconductor stocks. (Jinshi)
20 minutes ago
Goldman Sachs: AI stocks have seen sharp volatility, but positions are far from returning to extreme levels.
Goldman Sachs OneDelta head Rich Privorotsky noted that AI and momentum trading have seen sharp swings over the past 48 hours, with Goldman Sachs’ GSPUMOMO momentum portfolio down nearly 7% in total. However, per Goldman Sachs Prime data, position changes are far more moderate: momentum exposure is now near neutral, investors have mostly added net exposure recently, and total leverage has not risen significantly again. This is particularly important as the market just went through a major de-risking process in July. While investors still hold considerable AI and semiconductor exposure, it remains well below earlier peak levels. Leverage within the semiconductor sector has declined, though some residual leverage remains in the system. A sharp price drop could easily trigger passive position cuts and forced selling. As such, recent sharp swings in AI stocks may be further amplified by low market liquidity in August. Intraday price action appears highly "fundamental-driven", but may not actually align with comparable fundamental changes. At this stage, it is more appropriate to continue monitoring total leverage, Prime positions, and semiconductor capital flows to assess whether this round of volatility will evolve into broader de-risking. (Jin10)
20 minutes ago
Analyst: Bitcoin faces fewer upside resistance levels, with $83,300 as the next key resistance level.
On-chain analyst Ali Charts said Bitcoin has now formed strong support in the $61,849 to $63,111 range, an area where over 2 million BTC were previously traded. More importantly, data from the Unrealized Profit/Loss Distribution (URPD) metric shows Bitcoin has relatively few resistance zones above its current level. Ali Charts added that if BTC can break through $75,733, the next major supply dense zone is likely located in the $83,307 to $84,569 range, where roughly 1 million BTC changed hands previously.
20 minutes ago
The whale, which set 10 major targets for its short positions, has expanded its total short position to $143 million, currently facing an unrealized loss of $309,000.
According to on-chain analyst Ai Yi (@ai_9684xtpa), the total short position of the whale codenamed "Set 10 Big Goals First" has risen to $143 million, with an unrealized loss of $309,000. Details: 5x leveraged short position on Bitcoin (BTC) holds 1,449.968 BTC, worth around $108 million, at an average entry price of $74,570.99; 7x leveraged short position on Ethereum (ETH) holds 15,000 ETH, worth approximately $35.21 million, with an average entry price of $2,347.89.
20 minutes ago
Bitget’s TradFi contract trades topped 150 million in August.
Bitget’s latest data shows that as of August 20, the cumulative number of trades on its TradFi contracts in August has surpassed 150 million, with a daily peak of 13.64 million trades. As demand for trading traditional financial assets including US stocks, foreign exchange, precious metals, and commodities continues to rise, trading activity in Bitget’s TradFi segment has further improved.
20 minutes ago
BTC long positions worth tens of millions of dollars have been pre-positioned, apparently betting on a rebound in macro risk assets.
According to monitoring by TradingBeats (formerly Hyperinsight), an address starting with 0xa0....e553c has recently completed a clear BTC long position build-up. Order records show the address did not chase prices at a single point; it had previously attempted swing trading for BTC and the XYZ:100 index multiple times. This round, after confirming an uptrend around August 20, it gradually built its BTC position via multiple orders. Entry prices for the position range from approximately $53,653 to $66,667, with multiple large orders of ~132.67 BTC, eventually forming a BTC perpetual long position worth around $9.9 million. Currently, it holds BTC longs valued at $9.89 million, with an average entry price of $68,785.80, an unrealized profit of $760,000, and a return of 154%. The address has not allocated large sums to ETH, SOL, or other popular altcoins, instead concentrating its funds heavily on BTC. Its position adjustments appear to be front-running expectations of improved macro liquidity. Additionally, as early as the start of August, the address began positioning for the XYZ100 index, with multiple rounds of adding and reducing positions during that period. This development comes amid recent improved expectations for U.S. digital asset regulation, policy signals supporting crypto market structure development, and improved liquidity expectations pushing BTC back to key price levels. On-chain Perpetual (Perp) and address analysis tool TradingBeats is now live, supporting real-time viewing of Hyperliquid data, enabling full deep analysis from address tracing to whale operations, all at a glance.
Chip export prices have surged, and the AI chip shortage crisis continues to intensify.
Samsung has recently raised foundry prices for some 4nm, 5nm, and 8nm nodes by 10% to 15%. TSMC has also hiked its 2026 capital expenditure to $60 billion to $64 billion, reflecting that existing production capacity still cannot fully meet AI demand. This round of price hikes benefits storage, foundry, and packaging players controlling scarce capacity, but will raise costs for server, PC, and consumer electronics firms. The market will next focus on the race between upward earnings revisions and new capacity expansion: the longer the supply shortage persists, the stronger the pricing power of leading players; if capacity expansion outpaces actual AI demand growth, price corrections and inventory reversals will amplify volatility in semiconductor stocks. (Jinshi)
20 minutes ago
Goldman Sachs: AI stocks have seen sharp volatility, but positions are far from returning to extreme levels.
Goldman Sachs OneDelta head Rich Privorotsky noted that AI and momentum trading have seen sharp swings over the past 48 hours, with Goldman Sachs’ GSPUMOMO momentum portfolio down nearly 7% in total. However, per Goldman Sachs Prime data, position changes are far more moderate: momentum exposure is now near neutral, investors have mostly added net exposure recently, and total leverage has not risen significantly again. This is particularly important as the market just went through a major de-risking process in July. While investors still hold considerable AI and semiconductor exposure, it remains well below earlier peak levels. Leverage within the semiconductor sector has declined, though some residual leverage remains in the system. A sharp price drop could easily trigger passive position cuts and forced selling. As such, recent sharp swings in AI stocks may be further amplified by low market liquidity in August. Intraday price action appears highly "fundamental-driven", but may not actually align with comparable fundamental changes. At this stage, it is more appropriate to continue monitoring total leverage, Prime positions, and semiconductor capital flows to assess whether this round of volatility will evolve into broader de-risking. (Jin10)
20 minutes ago
Analyst: Bitcoin faces fewer upside resistance levels, with $83,300 as the next key resistance level.
On-chain analyst Ali Charts said Bitcoin has now formed strong support in the $61,849 to $63,111 range, an area where over 2 million BTC were previously traded. More importantly, data from the Unrealized Profit/Loss Distribution (URPD) metric shows Bitcoin has relatively few resistance zones above its current level. Ali Charts added that if BTC can break through $75,733, the next major supply dense zone is likely located in the $83,307 to $84,569 range, where roughly 1 million BTC changed hands previously.
20 minutes ago
The whale, which set 10 major targets for its short positions, has expanded its total short position to $143 million, currently facing an unrealized loss of $309,000.
According to on-chain analyst Ai Yi (@ai_9684xtpa), the total short position of the whale codenamed "Set 10 Big Goals First" has risen to $143 million, with an unrealized loss of $309,000. Details: 5x leveraged short position on Bitcoin (BTC) holds 1,449.968 BTC, worth around $108 million, at an average entry price of $74,570.99; 7x leveraged short position on Ethereum (ETH) holds 15,000 ETH, worth approximately $35.21 million, with an average entry price of $2,347.89.
20 minutes ago
Bitget’s TradFi contract trades topped 150 million in August.
Bitget’s latest data shows that as of August 20, the cumulative number of trades on its TradFi contracts in August has surpassed 150 million, with a daily peak of 13.64 million trades. As demand for trading traditional financial assets including US stocks, foreign exchange, precious metals, and commodities continues to rise, trading activity in Bitget’s TradFi segment has further improved.
20 minutes ago
BTC long positions worth tens of millions of dollars have been pre-positioned, apparently betting on a rebound in macro risk assets.
According to monitoring by TradingBeats (formerly Hyperinsight), an address starting with 0xa0....e553c has recently completed a clear BTC long position build-up. Order records show the address did not chase prices at a single point; it had previously attempted swing trading for BTC and the XYZ:100 index multiple times. This round, after confirming an uptrend around August 20, it gradually built its BTC position via multiple orders. Entry prices for the position range from approximately $53,653 to $66,667, with multiple large orders of ~132.67 BTC, eventually forming a BTC perpetual long position worth around $9.9 million. Currently, it holds BTC longs valued at $9.89 million, with an average entry price of $68,785.80, an unrealized profit of $760,000, and a return of 154%. The address has not allocated large sums to ETH, SOL, or other popular altcoins, instead concentrating its funds heavily on BTC. Its position adjustments appear to be front-running expectations of improved macro liquidity. Additionally, as early as the start of August, the address began positioning for the XYZ100 index, with multiple rounds of adding and reducing positions during that period. This development comes amid recent improved expectations for U.S. digital asset regulation, policy signals supporting crypto market structure development, and improved liquidity expectations pushing BTC back to key price levels. On-chain Perpetual (Perp) and address analysis tool TradingBeats is now live, supporting real-time viewing of Hyperliquid data, enabling full deep analysis from address tracing to whale operations, all at a glance.
Serenity noted in a post that leveraged traders have shifted back from AI stocks to Hyperliquid, a crypto trading platform, and biotech assets, a move Serenity believes could help AI stocks recover faster. South Korean ETF EWY rose, driven primarily by SK Hynix’s share repurchases, while Samsung Foundry hiked wafer fabrication prices by roughly 10% to 15%. Serenity added that SK Hynix unveiled its Co-packaged Optics (CPO) roadmap, which involves a photonic interposer connecting memory chips. This initiative could expand the addressable market and boost demand for related supply chains including lasers, photonic integrated circuits, and packaging. Separately, after Changxin Memory Technologies (CXMT) completed its listing, Yangtze Memory Technologies (YMTC) is targeting an IPO in the next quarter. Optoelectronics manufacturer Tyntek saw its stock hit the daily trading limit, with order visibility extending to 2028, reflecting a supply-demand imbalance for photodiodes in the photonics industry. Additionally, a shortage of high-end PCB drill bits persists, as AI data centers, servers, and optical communications drive demand for PCBs, high-density interconnect (HDI) boards, and packaging substrates, while tungsten prices are also rising.
According to monitoring by TradingBeats (formerly Hyperinsight), an address starting with 0xa0....e553c has recently completed a clear BTC long position build-up. Order records show the address did not chase prices at a single point; it had previously attempted swing trading for BTC and the XYZ:100 index multiple times. This round, after confirming an uptrend around August 20, it gradually built its BTC position via multiple orders. Entry prices for the position range from approximately $53,653 to $66,667, with multiple large orders of ~132.67 BTC, eventually forming a BTC perpetual long position worth around $9.9 million. Currently, it holds BTC longs valued at $9.89 million, with an average entry price of $68,785.80, an unrealized profit of $760,000, and a return of 154%. The address has not allocated large sums to ETH, SOL, or other popular altcoins, instead concentrating its funds heavily on BTC. Its position adjustments appear to be front-running expectations of improved macro liquidity. Additionally, as early as the start of August, the address began positioning for the XYZ100 index, with multiple rounds of adding and reducing positions during that period. This development comes amid recent improved expectations for U.S. digital asset regulation, policy signals supporting crypto market structure development, and improved liquidity expectations pushing BTC back to key price levels. On-chain Perpetual (Perp) and address analysis tool TradingBeats is now live, supporting real-time viewing of Hyperliquid data, enabling full deep analysis from address tracing to whale operations, all at a glance.
Aster [ASTER] extended its rally, gaining over 10% in 24 hours to $0.65. The move followed growing regulatory optimism around decentralized perpetual futures exchanges.
President Donald Trump said CFTC Chair Mike Selig was working to bring Hyperliquid into the U.S. He said the process would happen in a “fully compliant and legal fashion.”
Because Aster directly competes with Hyperliquid, traders appeared to treat the news as a sector-wide catalyst. Trading Volume and Funding Rate also increased, placing $0.67 and $0.80 under focus.
Could Hyperliquid’s U.S. entry help Aster? Trump’s comments strengthened optimism across the already bullish crypto market. Hyperliquid’s compliant U.S. entry could signal a more accommodating environment for decentralized derivatives.
As a perpetual futures DEX backed by Changpeng Zhao [CZ], Aster could benefit from greater sector-wide attention and capital.
Zhao recently argued that any preferential treatment granted to one firm should extend across the industry. This makes ASTER’s rally unusual: Traders are pricing a rival’s regulatory progress as Aster’s opportunity.
Does Aster’s volume confirm the rally? ASTER’s Trading Volume climbed from $55 million to $152 million over 24 hours, nearly tripling. The expansion confirmed stronger participation behind the 10% price gain.
Sustained Trading Volume could help ASTER challenge $0.67. However, volume must now survive beyond the regulatory headline.
Source: CoinGlass Are ASTER traders becoming too bullish? Derivatives positioning also leaned bullish.
ASTER’s OI-Weighted Funding Rate stood at 0.0069%, meaning Longs paid Shorts to maintain their positions. The positive reading reflected a modest long bias.
Further increases could crowd Longs and raise liquidation risk during a reversal. Funding confirmed optimism. It also showed where the rally could become vulnerable if price stalled.
Source: CoinGlass Can ASTER reach $0.80? ASTER bounced from $0.60 support and reclaimed the 20-day, 50-day, and 100-day EMAs. The token then tested the 200-day EMA near $0.67.
Reclaiming these averages strengthened the short-term and medium-term structures. However, the 200-day EMA remained the longer-term hurdle.
Source: TradingView A decisive close above $0.67, supported by Trading Volume, could open the $0.80 range high. A rejection could return ASTER toward the reclaimed EMAs before another breakout attempt.
Hyperliquid opened the regulatory door. ASTER must prove rival platforms can walk through it too.
Final Summary ASTER gained over 10% as Hyperliquid’s potential U.S. entry lifted decentralized derivatives optimism. Aster’s Trading Volume nearly tripled from $55 million to $152 million.
After being stuck in a narrow consolidation between $63,000 and $65,000 throughout August, Bitcoin has now emerged. In a single session, Bitcoin increased by nearly 4% to about $71,950, but the move put the cryptocurrency squarely in its most crucial resistance zone. Technically, the breakout is significant.
Bitcoin's sharp surgeBitcoin successfully recovered the intermediate average near $66,500 after clearing the short-term moving averages between $64,200 and $64,900. The candle carries significantly more participation than prior recovery attempts, as evidenced by the trading volume's sharp expansion during the move.
BTC/USDT Chart by TradingViewThe issue is the $71,500 black long-term moving average. The $71,500–$72,500 range is the main barrier separating the current recovery from a more general trend reversal because BTC is currently testing this level almost exactly. Momentum has already been stretched. The daily RSI surged to about 79, clearly moving into overbought territory.
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This greatly increases the likelihood of volatility and profit-taking following such a swift move, but it does not necessarily imply an instant reversal, especially during a breakout. The structure of Bitcoin would be significantly improved by a daily close above $72,000. The previous May consolidation was between $77,000 and $82,000, and the next pertinent targets would be around $75,000.
$66,500 becomes the first significant support if BTC is unable to maintain the breakout. The clustered averages between $64,000 and $65,000 below it indicate the crucial region that bulls must protect. The conversion of $71,500 from long-term resistance to support is now necessary for confirmation of Bitcoin's strongest bullish signal in months.
Ethereum is even sharperCompared to Bitcoin, Ethereum has produced an even more aggressive breakout, breaking through several resistance levels in a single session to reach roughly $2,290. The move significantly altered ETH's technical structure. Ethereum broke above the short-term moving averages around $1,875–$1,940 after being compressed below $1,950 for weeks. It then attacked the long-term moving average around $2,125 right away.
ETH/USDT Chart by TradingViewWith the biggest volume spike since the June sell-off, the asset has now firmly moved above that level. Thus, the most crucial level to watch from this point on is $2,125. In the past, this moving average served as a significant dynamic barrier during the overall decline. If it were held above, there would be much more evidence that Ethereum is moving away from its current bearish structure.
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Additionally, there is room for the next major supply zone. ETH previously consolidated between $2,300 and $2,400 in April and May, indicating that the current price has already reached a level where sellers may become significantly more active.
A clean break through $2,400 might reveal the $2,500–$2,600 range. Momentum is the current issue. The RSI has surged to about 83, well above the typical overbought threshold. Even if the larger breakout is still valid, ETH has moved hundreds of dollars without creating intermediate support, raising the possibility of a steep retracement.
The first significant support is approximately $2,125. The next defensive zone is formed below that by $1,935 and $1,875. Price, volume, and the moving-average structure all moved in tandem, making Ethereum's breakout technically convincing.
But holding onto $2,125 after such a dramatic one-day surge is far more important than immediately extending the rally. A successful retest would provide a much more solid basis for the breakout.
Hyperliquid turns 180Among the major altcoins, Hyperliquid has produced one of the best breakouts, rising about 3.4% on the current daily candle and momentarily surpassing $74. The action pushes HYPE back toward the upper limit of the trading range that was established following its rally in June. There has been a significant improvement in the technical structure.
For the majority of August, HYPE recovered from the $52–$54 range, where buyers were able to hold the rising long-term moving average close to $51.60. The price then recovered the orange average around $57.30, the short-term average around $59.10, and—above all—the blue dynamic resistance around $60.50.
HYPE/USDT Chart by TradingViewThus, the most recent increase toward $72 is not just a typical bounce. HYPE has returned to the $70–$76 supply zone, which has caused multiple reversals since June, after clearing nearly all of the chart's major moving averages. Additionally, volume increased during the breakout, offering some evidence that the move is supported by real participation.
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But now, HYPE is dealing with the same issue that frequently arises after vertical advances: momentum has been stretched. With a daily RSI of roughly 74, the asset is in overbought territory. The current immediate resistance is between $74 and $77. HYPE would be in a position to reach a new high and possibly aim for the psychological $80 level if it broke above that range.
The bullish setup would not be instantly invalidated in the event of a failure. The much stronger $59–$61 cluster follows the first support, which is located between $66 and $68. Despite the increased short-term retracement risk, the larger technical structure favors buyers as long as HYPE stays above that latter region.
Near Protocol hides potentialAlthough Near Protocol is making an effort to improve, its technical standing is still far inferior to that of HYPE. After making a strong comeback from the $1.58–$1.60 range, NEAR is currently trading at about $1.73, with the daily RSI rising to about 54.
After weeks of falling prices, the rebound has moved NEAR above its short-term moving average, which is close to $1.69. This is the first positive development. Nevertheless, the move cannot turn into a confirmed reversal due to a dense resistance cluster just above the current price.
NEAR/USDT Chart by TradingViewThe range of three significant moving averages is approximately $1.78 to $1.80. The long-term black average is roughly between $1.78 and $1.79, the orange average is about $1.78, and the blue average is close to $1.80. Before the current move can become structurally significant, NEAR must break through this entire cluster.
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Because the asset lost it during the late-July decline, that area is especially significant. Therefore, recovering $1.80 would invalidate a portion of the recent bearish structure and simultaneously reclaim multiple moving averages. The next resistance level is between $1.90 and $2.00 after $1.80.
Although NEAR is still far below the extreme $2.80–$3.00 highs noted during the June volatility spike, a sustained breakout there might reopen the path toward $2.10–$2.20. $1.60 is still the crucial support on the decline. Sellers appear to be having difficulty extending the decline based on repeated defenses of this area, but another breakdown would reveal about $1.50 and possibly the previous accumulation region around $1.40.
Goldman Sachs: AI stocks have seen sharp volatility, but positions are far from returning to extreme levels.
Goldman Sachs OneDelta head Rich Privorotsky noted that AI and momentum trading have seen sharp swings over the past 48 hours, with Goldman Sachs’ GSPUMOMO momentum portfolio down nearly 7% in total. However, per Goldman Sachs Prime data, position changes are far more moderate: momentum exposure is now near neutral, investors have mostly added net exposure recently, and total leverage has not risen significantly again. This is particularly important as the market just went through a major de-risking process in July. While investors still hold considerable AI and semiconductor exposure, it remains well below earlier peak levels. Leverage within the semiconductor sector has declined, though some residual leverage remains in the system. A sharp price drop could easily trigger passive position cuts and forced selling. As such, recent sharp swings in AI stocks may be further amplified by low market liquidity in August. Intraday price action appears highly "fundamental-driven", but may not actually align with comparable fundamental changes. At this stage, it is more appropriate to continue monitoring total leverage, Prime positions, and semiconductor capital flows to assess whether this round of volatility will evolve into broader de-risking. (Jin10)
1 seconds ago
Analyst: Bitcoin faces fewer upside resistance levels, with $83,300 as the next key resistance level.
On-chain analyst Ali Charts said Bitcoin has now formed strong support in the $61,849 to $63,111 range, an area where over 2 million BTC were previously traded. More importantly, data from the Unrealized Profit/Loss Distribution (URPD) metric shows Bitcoin has relatively few resistance zones above its current level. Ali Charts added that if BTC can break through $75,733, the next major supply dense zone is likely located in the $83,307 to $84,569 range, where roughly 1 million BTC changed hands previously.
1 seconds ago
The whale, which set 10 major targets for its short positions, has expanded its total short position to $143 million, currently facing an unrealized loss of $309,000.
According to on-chain analyst Ai Yi (@ai_9684xtpa), the total short position of the whale codenamed "Set 10 Big Goals First" has risen to $143 million, with an unrealized loss of $309,000. Details: 5x leveraged short position on Bitcoin (BTC) holds 1,449.968 BTC, worth around $108 million, at an average entry price of $74,570.99; 7x leveraged short position on Ethereum (ETH) holds 15,000 ETH, worth approximately $35.21 million, with an average entry price of $2,347.89.
1 seconds ago
Bitget’s TradFi contract trades topped 150 million in August.
Bitget’s latest data shows that as of August 20, the cumulative number of trades on its TradFi contracts in August has surpassed 150 million, with a daily peak of 13.64 million trades. As demand for trading traditional financial assets including US stocks, foreign exchange, precious metals, and commodities continues to rise, trading activity in Bitget’s TradFi segment has further improved.
1 seconds ago
BTC long positions worth tens of millions of dollars have been pre-positioned, apparently betting on a rebound in macro risk assets.
According to monitoring by TradingBeats (formerly Hyperinsight), an address starting with 0xa0....e553c has recently completed a clear BTC long position build-up. Order records show the address did not chase prices at a single point; it had previously attempted swing trading for BTC and the XYZ:100 index multiple times. This round, after confirming an uptrend around August 20, it gradually built its BTC position via multiple orders. Entry prices for the position range from approximately $53,653 to $66,667, with multiple large orders of ~132.67 BTC, eventually forming a BTC perpetual long position worth around $9.9 million. Currently, it holds BTC longs valued at $9.89 million, with an average entry price of $68,785.80, an unrealized profit of $760,000, and a return of 154%. The address has not allocated large sums to ETH, SOL, or other popular altcoins, instead concentrating its funds heavily on BTC. Its position adjustments appear to be front-running expectations of improved macro liquidity. Additionally, as early as the start of August, the address began positioning for the XYZ100 index, with multiple rounds of adding and reducing positions during that period. This development comes amid recent improved expectations for U.S. digital asset regulation, policy signals supporting crypto market structure development, and improved liquidity expectations pushing BTC back to key price levels. On-chain Perpetual (Perp) and address analysis tool TradingBeats is now live, supporting real-time viewing of Hyperliquid data, enabling full deep analysis from address tracing to whale operations, all at a glance.
1 seconds ago
Serenity: Leveraged traders shift to crypto markets and biotech, AI stocks are poised for a faster rebound
Serenity noted in a post that leveraged traders have shifted back from AI stocks to Hyperliquid, a crypto trading platform, and biotech assets, a move Serenity believes could help AI stocks recover faster. South Korean ETF EWY rose, driven primarily by SK Hynix’s share repurchases, while Samsung Foundry hiked wafer fabrication prices by roughly 10% to 15%. Serenity added that SK Hynix unveiled its Co-packaged Optics (CPO) roadmap, which involves a photonic interposer connecting memory chips. This initiative could expand the addressable market and boost demand for related supply chains including lasers, photonic integrated circuits, and packaging. Separately, after Changxin Memory Technologies (CXMT) completed its listing, Yangtze Memory Technologies (YMTC) is targeting an IPO in the next quarter. Optoelectronics manufacturer Tyntek saw its stock hit the daily trading limit, with order visibility extending to 2028, reflecting a supply-demand imbalance for photodiodes in the photonics industry. Additionally, a shortage of high-end PCB drill bits persists, as AI data centers, servers, and optical communications drive demand for PCBs, high-density interconnect (HDI) boards, and packaging substrates, while tungsten prices are also rising.
PANews reported on August 20, according to official sources, decentralized AI infrastructure DeAgentAI announced that its brand-new official website is now officially live.
The AI Agent hosting platform launched simultaneously with the website is committed to providing long-term underlying support for the building, deployment, and persistent hosting of agents. As the platform's first demonstration-level application, Sentry has also been launched, enabling 24/7 persistent strategy monitoring with full coverage of 308 Hyperliquid underlying instruments (including crypto assets, stocks, and commodities), and relying on underlying trusted infrastructure to convert market insights into objective, emotion-free automated strategy execution.
DeAgentAI stated that Sentry is only the first step in the platform's rollout, and more AI Agents for vertical scenarios will continue to be built and hosted on this platform.
At the same time, with the comprehensive rollout of the AI Agent platform, Sentry, and enterprise solutions, DeAgentAI has officially launched a programmatic, recurring buyback and burn mechanism for $AIA based on real protocol revenue, using actual business growth to drive token deflation and value capture, continuously supporting the long-term value of $AIA.
A single line from Trump about bringing the offshore perpetuals venue into U.S. regulation sent HYPE up 17% and lifted every Hyperliquid-linked product on the market.
Original Image Credits: mundissima / Shutterstock.com
Posted August 20, 2026 at 6:17 am EST.
President Donald Trump said Wednesday that CFTC Chair Michael Selig is working to bring Hyperliquid, the largest onchain venue for perpetual futures, into the United States in a “fully compliant and legal fashion.” The comment came during his White House meeting with crypto and technology executives.
HYPE has surged as much as 25% over 24 hours after the remark. The three U.S. Hyperliquid funds, 21Shares’ THYP, Bitwise’s BHYP and Grayscale’s staking product HYPG, each rose close to 20% in Wednesday’s session. Hyperliquid Strategies, the Nasdaq-listed treasury vehicle trading as PURR, gained 30.4%. Trump did not describe what an onshore version would look like, and no CFTC approval exists.
This story is an excerpt from the Unchained Daily newsletter.
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For traders, the significance is that the biggest offshore venue in a market U.S. exchanges covet may get a regulated route in rather than an enforcement fight. Perpetual futures carry no expiry and let traders take leveraged directional exposure without owning the asset, a structure that has drawn non-crypto traders into 24/7 markets for products like oil during off hours, JPMorgan analysts have said.
Selig has said a version of this before. In a June interview with Bankless, he said onchain technology of Hyperliquid’s kind will “transform our markets” and that the agency wants a path to bring onchain venues into the U.S. under some form of regulation. The CFTC has already cracked the door, approving Kalshi’s BTCPERP as the first true bitcoin perpetual on a regulated U.S. exchange in June and issuing Coinbase Financial Markets a no-action letter to route customers into perps listed on its Bermuda arm.
Hyperliquid has been preparing the ground. The Hyper Foundation committed 1 million HYPE, worth roughly $29 million at the time, to launch the Hyperliquid Policy Center in Washington under Jake Chervinsky in February, and in July the group pushed back on broker rules for DeFi software in a comment letter to the CFTC. ICE chair Jeffrey Sprecher, who sat in Wednesday’s White House meeting, disclosed in May that his company had held multiple meetings with Hyperliquid.
Related Listen: Why RWAs Just Out-Traded Crypto on Hyperliquid for the First Time
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.
Binance founder Changpeng ‘CZ’ Zhao on Thursday said many people missed the bigger picture of the CFTC bringing Hyperliquid to the United States. He claimed the policy would benefit the whole crypto industry rather than a single project.
Changpeng ‘CZ’ Zhao Reacts to CFTC Bringing Hyperliquid to US CZ’s comments came after President Donald Trump revealed that CFTC Chair Michael Selig is working to bring the decentralized perpetual futures exchange Hyperliquid into the U.S. market.
Changpeng Zhao highlighted that CFTC policy cannot be limited to one company or project. He asserted that many observers are missing the bigger picture and that “what’s good for one is good for the rest of the industry.”
During the SALT Conference’s Wyoming Blockchain Symposium, CZ said “This is not just about Hyperliquid. There will be so many Perp DEX’s & decentralized services available to US users…This is hugely positive for everyone in the industry.”
Notably, the CFTC has already taken significant steps earlier to approve certain perpetual-style contracts on registered exchanges and issue related guidance. As CoinGape reported earlier, even prediction market Kalshi launched Hyperliquid perpetuals trading.
Hyperliquid and Broader Crypto Market Recovery President Trump made the comments during a White House meeting with crypto and technology executives. He highlighted efforts by CFTC Chair Mike Selig to bring Hyperliquid in a compliant way.
The statement triggered an immediate market response, causing HYPE price to skyrocket sharply by 17%. Over the last 24 hours, HYPE price has extended gains more than 25% to $73.
Hyperliquid has attracted Wall Street attention regarding on-chain perpetual futures support, offering high leverage and deep liquidity. US users were largely limited from decentralized derivatives products due to regulatory constraints.
Changpeng ‘CZ’ Zhao and his family office YZi Labs-backed Aster decentralized perpetual exchange also witnessed massive demand. ASTER price jumped more than 12%, currently trading at $0.671.
Notably, the broader crypto market has recovered, with market cap rising almost 9% to $2.46 trillion. Bitcoin price reclaimed $72K level, up more than 11%, and Ethereum (ETH) rallied almost 20% to $2,276.
To understand how these platforms operate, traders can explore our curated guide on the top perpetual futures trading platform options available globally.
Hyperliquid’s HYPE token surged more than 25% in the past day after US President Donald Trump announced that regulators are developing a pathway for the decentralized trading platform to become available to American users.
Regulatory Developments and Market ImpactsDuring a White House event on Wednesday, Trump stated that Commodity Futures Trading Commission Chair Michael Selig is actively working to bring Hyperliquid into the United States in full compliance with financial regulations. Trump emphasized ongoing efforts to establish perpetual futures markets domestically, referencing Selig’s commitment to finding ways for on-chain markets like Hyperliquid to operate legally within the country’s regulatory framework.
The remarks triggered a strong reaction from the market, with HYPE trading at approximately $73.27, marking a 25.7% increase on the day. This sharp rally propelled HYPE’s market capitalization to about $18.49 billion, positioning it as the ninth-largest cryptocurrency by market value.
Trump stated that CFTC Chair Michael Selig is working to enable Hyperliquid’s entry into the US in a fully compliant and legal way, as part of a broader push to establish legitimate perpetual futures markets at home.
Current Access Restrictions and Market PositionHyperliquid is currently unavailable to US persons under its terms of use, a restriction also disclosed in filings with the Securities and Exchange Commission for HYPE-related investment products. If made accessible in the US, the platform could reach a significant new segment of traders and investors.
The decentralized exchange has rapidly risen to become the largest platform for perpetual futures trading by volume. Data from DefiLlama indicates that Hyperliquid processed around $200.7 billion in trading volume for perpetual contracts over the past 30 days. Open interest on the platform recently surpassed $10 billion, highlighting its growing influence in the crypto derivatives market.
Mini dictionary: Hyperliquid is a decentralized trading platform specializing in perpetual futures contracts, allowing users to trade derivatives directly from their wallets without centralized intermediaries.
MetricValueHYPE price (latest)$73.27Daily % change25.7%Market capitalization$18.49 billionTrading volume (30d)$200.7 billionOpen interest$10 billionRegulator Attitude and Future OutlookThe recent developments coincide with a more open stance from the Commodity Futures Trading Commission toward cryptocurrency derivatives. According to Reuters, Selig has approved perpetual bitcoin futures and is expected by industry leaders to support similar products linked to a broader range of crypto assets.
Despite these signals, neither Hyperliquid nor the CFTC has announced any concrete plans, formal applications, or an official timeline for a US launch.
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.
Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt
GM!
Today’s top news:
Crypto majors are up 10-20% after Trump’s crypto meeting; BTC at $72k, ETH at $2,300 Trump says CFTC is working to bring Hyperliquid to US; HYPE and LIT jump 20%+ Over $3 billion in shorts liquidated in past 24 hours, most since tracking began BTC ETFs see $517M in net inflows (most since May), now over $1 billion for week; ETH had $187M Coinbase added Hyperliquid perps to the Base app, launched new $1 million accelerator 🏛️ Trump Says the CFTC Is Working to Bring Hyperliquid Onshore
Trump dropped an absolute bullish bombshell yesterday for crypto and perps.
Sitting in the White House with the heads of Coinbase, Ripple, Robinhood, Nasdaq, and ICE, President Trump said his CFTC chair is working to bring Hyperliquid into the United States.
Myriad: Ethereum next price move? Click to make your prediction.“I understand that Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion,” Trump said, referring to CFTC Chair Michael Selig. “Working very hard on that. We would really like to see it.”
And the market exploded. HYPE jumped 23% to $72 at peak. Another perps leader in LIT popped 20% as well to a new local high. The broader crypto market legged up as well (albeit perhaps for other reasons as well, like Bessent’s yield curve control actions). BTC hit $72k, ETH put up a 20% candle to $2,300+ and SOL hit $87. Coinbase (+17%), Circle (+17%) and Robinhood stock (+10%) all soared as well.
For those unfamiliar, Hyperliquid is the offshore venue where traders take leveraged bets through perpetual futures, contracts with no expiration date, by connecting a wallet instead of opening a brokerage account. Americans can’t legally use it. That design routes around the intermediary that U.S. derivatives rules assume exists, which is exactly why registration, customer protection, and market oversight requirements have kept it and most crypto platforms offshore. The CFTC has been building toward this for a year, clearing Coinbase Derivatives for perp-style Bitcoin and Ethereum futures in April 2025 and later approving Kalshi for a similar product.
The rest of the meeting was a pitch to the Senate. Trump asked Congress to pass what he called a fair version of the Clarity Act, the market structure bill that would split SEC and CFTC authority over digital assets, calling it a way to stay ahead of China. That bill returns to the Senate floor in September after lawmakers left for recess without a procedural vote, and Republicans still need roughly six Democratic votes to clear 60.
So where does this leave us? Two days ago the SEC proposed its first formal crypto rules, and Wednesday the president publicly told his CFTC chair to find a path for the biggest offshore perps venue in crypto. The agencies are clearly moving ahead while the Clarity Act sits stuck. And they’re putting serious pressure on Congress to act, or let the SEC and CFTC make their own rules without legislative input.
Now we wait for the CFTC’s Innovation Advisory Committee, which meets Thursday for the first time.
🌎 Macro Crypto and Markets Crypto majors are very green up 10-20% after Trump’s crypto meeting yesterday and ahead of today’s CFTC meeting; BTC +12% at $72.1k; ETH +20% at $2,300; SOL +13% at $87; HYPE +23% at $72.30 Top alt movers include PEPE (+21%), ENA (+20%), SPX (+20%) and LIT (+20%) Oil +3% at $88.40; Gold +3% at $4,540 Stock futures are slightly red as bonds rebound and oil rises; DOW -0.2%, Nasdaq -0.1% Over $3B in shorts were liquidated over the past 24 hours as BTC, ETH and other alt leaders legged up 10-20% VanEck flagged 8 of 12 capitulation signals firing on Bitcoin, while noting similar setups have produced below-average 90-day and 180-day returns FalconX and Ethena set up a $1 billion secured facility deploying assets backing USDe into overcollateralized institutional loans, reducing reliance on perp funding rates Fidelity Digital Assets warned that AI agent activity may route to banks and fintechs instead of public blockchains, with stablecoin issuers capturing more upside than base-layer tokens Fairshake spent more than $2 million trying to beat Oliver Gilbert in a Florida Democratic primary and lost, drawing criticism for ads built on faked Miami Herald headlines Corporate Treasuries & ETFs
The Bitcoin ETFs saw $517M in net inflows on Wednesday, the biggest day since May; the ETH ETFs saw $186M in inflows 12 of MSTR’s top 15 institutional holders added to their positions in Q2 2026 Meme Coin Tracker Meme leaders were very green up 10-20%; DOGE +10%, SHIB +9%, PEPE +21%, PENGU +10%, TRUMP +18%, BONK +13% Robinhood chain saw more major rebounds with Cashcat +22%, PONS +34%, Pipedog +17% and Tendies +31%; GOOD ran 10x to $4M Solana leaders included Bome (+69%), Cate (+26%) and Troll (+17%); Ansem +5% to $250M On BSC, Niu Lai ran 60% to $65M and CETS +33% to $13M 💰 Token, Airdrop & Protocol Tracker Kalshi filed with the CFTC to launch a cash-settled copper perps contract priced off Pyth Network data Coinbase added perps to Base App through Hyperliquid, giving eligible users 290-plus markets at up to 50x leverage, though not in the U.S., U.K., or Canada Base opened applications for Batches 004, a $1 million accelerator investing $100,000 each in 10 pre-seed teams building AI agents, payments, trading, and financing products 🚚 What is happening in NFTs? NFT leaders were mixed; Punks +1% at 32.4 ETH, BAYC -4% at 7.6 ETH, Pudgy even at 3.78 ETH; Stonkbrokers -17% to 5.7 ETH Cashcats (+20%) and Fuego (+20%) led top movers FWA introduced their first FWAir launch project, priced at 0.25 ETH each for 111 NFTs Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt
GM!
Today’s top news:
Crypto majors are up 10-20% after Trump’s crypto meeting; BTC at $72k, ETH at $2,300 Trump says CFTC is working to bring Hyperliquid to US; HYPE and LIT jump 20%+ Over $3 billion in shorts liquidated in past 24 hours, most since tracking began BTC ETFs see $517M in net inflows (most since May), now over $1 billion for week; ETH had $187M Coinbase added Hyperliquid perps to the Base app, launched new $1 million accelerator 🏛️ Trump Says the CFTC Is Working to Bring Hyperliquid Onshore
Trump dropped an absolute bullish bombshell yesterday for crypto and perps.
Sitting in the White House with the heads of Coinbase, Ripple, Robinhood, Nasdaq, and ICE, President Trump said his CFTC chair is working to bring Hyperliquid into the United States.
Myriad: Ethereum next price move? Click to make your prediction.“I understand that Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion,” Trump said, referring to CFTC Chair Michael Selig. “Working very hard on that. We would really like to see it.”
And the market exploded. HYPE jumped 23% to $72 at peak. Another perps leader in LIT popped 20% as well to a new local high. The broader crypto market legged up as well (albeit perhaps for other reasons as well, like Bessent’s yield curve control actions). BTC hit $72k, ETH put up a 20% candle to $2,300+ and SOL hit $87. Coinbase (+17%), Circle (+17%) and Robinhood stock (+10%) all soared as well.
For those unfamiliar, Hyperliquid is the offshore venue where traders take leveraged bets through perpetual futures, contracts with no expiration date, by connecting a wallet instead of opening a brokerage account. Americans can’t legally use it. That design routes around the intermediary that U.S. derivatives rules assume exists, which is exactly why registration, customer protection, and market oversight requirements have kept it and most crypto platforms offshore. The CFTC has been building toward this for a year, clearing Coinbase Derivatives for perp-style Bitcoin and Ethereum futures in April 2025 and later approving Kalshi for a similar product.
The rest of the meeting was a pitch to the Senate. Trump asked Congress to pass what he called a fair version of the Clarity Act, the market structure bill that would split SEC and CFTC authority over digital assets, calling it a way to stay ahead of China. That bill returns to the Senate floor in September after lawmakers left for recess without a procedural vote, and Republicans still need roughly six Democratic votes to clear 60.
So where does this leave us? Two days ago the SEC proposed its first formal crypto rules, and Wednesday the president publicly told his CFTC chair to find a path for the biggest offshore perps venue in crypto. The agencies are clearly moving ahead while the Clarity Act sits stuck. And they’re putting serious pressure on Congress to act, or let the SEC and CFTC make their own rules without legislative input.
Now we wait for the CFTC’s Innovation Advisory Committee, which meets Thursday for the first time.
🌎 Macro Crypto and Markets Crypto majors are very green up 10-20% after Trump’s crypto meeting yesterday and ahead of today’s CFTC meeting; BTC +12% at $72.1k; ETH +20% at $2,300; SOL +13% at $87; HYPE +23% at $72.30 Top alt movers include PEPE (+21%), ENA (+20%), SPX (+20%) and LIT (+20%) Oil +3% at $88.40; Gold +3% at $4,540 Stock futures are slightly red as bonds rebound and oil rises; DOW -0.2%, Nasdaq -0.1% Over $3B in shorts were liquidated over the past 24 hours as BTC, ETH and other alt leaders legged up 10-20% VanEck flagged 8 of 12 capitulation signals firing on Bitcoin, while noting similar setups have produced below-average 90-day and 180-day returns FalconX and Ethena set up a $1 billion secured facility deploying assets backing USDe into overcollateralized institutional loans, reducing reliance on perp funding rates Fidelity Digital Assets warned that AI agent activity may route to banks and fintechs instead of public blockchains, with stablecoin issuers capturing more upside than base-layer tokens Fairshake spent more than $2 million trying to beat Oliver Gilbert in a Florida Democratic primary and lost, drawing criticism for ads built on faked Miami Herald headlines Corporate Treasuries & ETFs
The Bitcoin ETFs saw $517M in net inflows on Wednesday, the biggest day since May; the ETH ETFs saw $186M in inflows 12 of MSTR’s top 15 institutional holders added to their positions in Q2 2026 Meme Coin Tracker Meme leaders were very green up 10-20%; DOGE +10%, SHIB +9%, PEPE +21%, PENGU +10%, TRUMP +18%, BONK +13% Robinhood chain saw more major rebounds with Cashcat +22%, PONS +34%, Pipedog +17% and Tendies +31%; GOOD ran 10x to $4M Solana leaders included Bome (+69%), Cate (+26%) and Troll (+17%); Ansem +5% to $250M On BSC, Niu Lai ran 60% to $65M and CETS +33% to $13M 💰 Token, Airdrop & Protocol Tracker Kalshi filed with the CFTC to launch a cash-settled copper perps contract priced off Pyth Network data Coinbase added perps to Base App through Hyperliquid, giving eligible users 290-plus markets at up to 50x leverage, though not in the U.S., U.K., or Canada Base opened applications for Batches 004, a $1 million accelerator investing $100,000 each in 10 pre-seed teams building AI agents, payments, trading, and financing products 🚚 What is happening in NFTs? NFT leaders were mixed; Punks +1% at 32.4 ETH, BAYC -4% at 7.6 ETH, Pudgy even at 3.78 ETH; Stonkbrokers -17% to 5.7 ETH Cashcats (+20%) and Fuego (+20%) led top movers FWA introduced their first FWAir launch project, priced at 0.25 ETH each for 111 NFTs Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
Hyperliquid Strategies Inc (NASDAQ:PURR) shares surged this week after President Donald Trump signaled support for bringing the Hyperliquid exchange into the U.S. under a compliant regulatory structure.
Hyperliquid Strategies stock is charging ahead with explosive momentum. Why is PURR stock surging? Trump Comments on Hyperliquid Spark RallyCrypto markets were already having a standout day heading into Wednesday afternoon, and that strength has carried into Thursday, with Bitcoin (CRYPTO:BTC) touching levels not seen since June ahead of a scheduled sit-down between Trump and executives from the industry.
On Wednesday afternoon, Trump mentioned Hyperliquid in a White House speech, which sent shares soaring.
Hyperliquid is the platform that helped popularize high-leverage perpetual futures contracts and has become a magnet for traders looking for swap-like exposure without an expiration date, according to CNBC.
“I understand that Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion,” Trump said, referring to CFTC chair Mike Selig.
The market reaction was immediate. Hyperliquid Strategies, the treasury vehicle that holds a stockpile of HYPE tokens, saw its stock leap 30% ahead of the close, stretching its 2026 gain past 163%. HYPE tokens themselves climbed 18%, nearing all-time highs in the process. That strength has continued into Thursday, with PURR stock reaching $10.06 at the highs of the session.
Speaking on a call once markets closed, Hyperliquid Strategies CEO David Schamis said the company had spent considerable time already pursuing U.S. market access and found the CFTC willing to engage, but noted that having the president raise it publicly instantly moves the topic higher on the priority list.
Druckenmiller Discloses New PURR StakeTrump’s remarks weren’t the only reason Hyperliquid Strategies found itself back in the spotlight this week. A 13F filing revealed that Stanley Druckenmiller’s Duquesne Family Office owned 2.94 million PURR shares as of the end of June, a $23.15 million position marking the fund’s first-ever disclosed stake in the company.
That holding represented a small slice, about 0.44%, of Duquesne’s total reported book, which ballooned from $3.38 billion spread across 70 names to $5.21 billion across 95 during the quarter.
PURR Shares ClimbPURR Price Action: Hyperliquid shares were up 2.46% at $9.63 at the time of publication on Thursday, according to Benzinga Pro.
A whale trader using the ENS-linked address pension-usdt.eth was liquidated on Hyperliquid after a massive Ether short position unraveled in just 12 seconds.
The position was large: 50,000 ETH, worth about $108 million in notional exposure. As prices spiked, the short was unwound between 04:51:03 and 04:51:15 UTC, leaving the trader with a reported loss of $26.66 million.
Hyperliquid’s insurance and backstop fund absorbed the remaining 1,417 ETH.
This is not an Ethereum network issue. It is not evidence of a Hyperliquid malfunction. It is a leverage story — and a sharp reminder that crypto derivatives can move faster than even experienced traders expect.
TL;DR A Hyperliquid trader using pension-usdt.eth was liquidated on a 50,000 ETH short. The unwind reportedly took 12 seconds. The trader lost $26.66 million, while Hyperliquid’s backstop fund absorbed the remaining 1,417 ETH. Why The Liquidation Matters Large liquidations are useful because they show where leverage was hiding.
Spot markets can look calm until a heavily leveraged position gets forced out. Then price moves suddenly, liquidity thins, and the market discovers that one trader’s risk can become everyone’s headline.
That appears to be what happened here.
A 50,000 ETH short is not a casual trade. It is a major directional bet against Ether. When price moved against it quickly enough, the position could not survive. The forced unwind then became part of the rally itself.
That is how leverage can turn a price move into a cascade.
Hyperliquid Keeps Becoming A Bigger Venue The episode also shows how much attention Hyperliquid now commands.
On-chain perpetuals and decentralized derivatives venues have become central to crypto market structure. Traders no longer need to rely only on centralized exchanges to take large leveraged positions. They can build major exposure on venues where activity is more transparent and often easier to track.
That transparency makes stories like this visible in real time.
When a large trader gets liquidated, the market can see the wallet, the position, the timing, and the aftermath. That creates a different kind of market theater from older exchange-driven liquidation events.
It also makes risk more public.
This Was A Margin Event, Not A Protocol Failure The distinction matters.
A trader being liquidated does not mean Hyperliquid failed. It means the trader’s margin could not support the position as price moved. The backstop mechanism then handled remaining exposure.
That is how derivatives venues are supposed to manage risk, though the speed and size of the event still deserve attention.
The Ethereum network itself was not affected. ETH did not experience a consensus issue, outage, or protocol-level disruption. The liquidation happened in the derivatives layer, not the base chain.
That is important for readers who may see a $26 million loss and assume something broke.
Nothing necessarily broke. A very large short was simply on the wrong side of a violent move.
Leverage Cuts Both Ways Crypto traders like leverage because it magnifies returns.
The other side is that it magnifies timing risk. Even if a trader has a reasonable market thesis, a sharp move in the wrong direction can liquidate the position before the thesis has time to play out.
That is especially true in ETH markets, where liquidity can be deep but volatility remains high.
A 12-second unwind is a brutal illustration of that point. There is no time to rethink, no time to gradually reposition, and no time to wait for a candle to close. Once margin thresholds are hit, the system takes over.
What Traders Should Watch Next The next question is whether this liquidation was isolated or part of a broader leverage flush.
If other large shorts were crowded near the same levels, the unwind may have contributed to additional upward pressure. If it was mostly a single whale event, the market may move on quickly once the forced buying is complete.
Funding rates, open interest, and spot volume will help show whether ETH traders are still leaning too heavily one way.
For now, the signal is clear enough.
Ether’s move was not only about spot buying. It also forced a major short off the board, and that can change positioning fast.
This article is based on public Hyperliquid trader and liquidation data.
This article was written by the News Desk and edited by Samuel Rae.
On August 19, 2026, a crypto whale quietly accumulated roughly $7.4 million worth of HYPE, the native token of decentralized perpetual futures platform Hyperliquid. Then President Trump took a podium at a White House event and mentioned that CFTC Chair Michael Selig was actively working to help Hyperliquid enter the US market compliantly. The price moved fast, and that $7.4 million position swelled to approximately $9 million.
The unrealized gain landed at around $1.57 million.
What Trump actually said, and why the market cared Trump’s remarks were specific enough to move markets. He named CFTC Chair Michael Selig directly and framed the regulatory engagement as active, not exploratory.
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HYPE responded accordingly, rising between 11% and 19% on the day and pushing above $70, near a recent high for the token. For a decentralized exchange that built its reputation on high-volume perpetual futures trading, regulatory legitimacy in the world’s largest capital market would be a meaningful unlock.
Hyperliquid is not a household name outside of on-chain trading circles, but it has built a serious following among derivatives traders who want the speed and depth of a centralized exchange without handing custody of their assets to one. HYPE serves as the platform’s native asset, used for governance, fee discounts, and staking within the ecosystem.
The whale trade that everyone noticed On-chain data surfaced by Nansen showed the purchase happening before Trump’s comments reached the public. The timing raised obvious questions.
No evidence has linked the buyer to advance knowledge of the announcement. The whale’s entry at roughly $7.4 million and exit valuation near $9 million represents a gain of about 21% in a very short window.
Beyond the whale, analysts noted a broader spike in trading activity around Hyperliquid-related instruments, including Hyperliquid Strategies, known by the ticker PURR. Speculation around the platform’s regulatory future pulled in traders who had been watching from the sidelines, adding volume to an already sharp price move.
Regulation as a price catalyst, not just a compliance checkbox Trump’s specific mention of CFTC jurisdiction is also notable for what it implies about the ongoing turf war between the CFTC and the SEC over crypto oversight. If the CFTC is being positioned as the primary regulator for platforms like Hyperliquid, that would represent a meaningful shift in how decentralized derivatives platforms are classified and governed in the US.
What makes this moment different from prior regulatory headlines is the specificity. A named chair, a named platform, and a named regulatory body create a more traceable accountability chain than vague promises of a crypto-friendly posture.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Hyperliquid (CRYPTO: HYPE) and Hyperliquid Strategies Inc (NASDAQ:PURR) are up 22% and 33%, respectively, following President Trump’s comment on Wednesday that the administration will work on bringing the decentralized exchange to the United States.
HYPE Is Just The ‘Tip‘Speaking at the White House crypto meeting, Trump said CFTC Chairman Mike Selig is working on creating a "fully compliant and legal" pathway for Hyperliquid in the U.S.
The development drew attention from former Binance CEO Changpeng “CZ” Zhao, who sees potential U.S. legalization or formal regulation of Hyperliquid as a win for the broader crypto industry.
At the SALT Conference in Wyoming, Zhao characterized Hyperliquid as the “tip” that could pave the way for a broader wave of decentralized platforms to gain legitimate access to the U.S. market.
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A regulatory pathway for a permissionless decentralized platform could establish a precedent for other services while potentially bringing more crypto liquidity and activity back to the U.S.
Will TradFi Liquidity Flood On-Chain?‘Bitcoin Jack,’ a highly-followed cryptocurrency commentator, pointed out that "Hyperliquid to the U.S. is bigger than people think."
He expects U.S. access to encourage a growth of TradFi capital flowing into 24/7 markets and eventually crypto, boosting on-chain liquidity.
Hyperliquid could also become a gateway for funds seeking broader access to digital assets, according to the commentator.
In an X post on Aug. 20, he pointed to several catalysts that could amplify the impact, including potential passage of the CLARITY Act, continued efforts toward a U.S. strategic bitcoin reserve and Washington’s push to bring geofenced crypto activity back within American borders.
Why Grayscale Says HYPE Is Just Getting StartedInstitutional interest in Hyperliquid was building even before Trump’s remarks.
Grayscale launched its Grayscale Hyperliquid Staking ETF (NASDAQ:HYPG) on June 3. In less than 30 days, the investment product had accumulated more than $123.28 million in assets under management, making it the largest HYPE fund ahead of the 21shares Hyperliquid ETF (NASDAQ:THYP).
Following Trump’s White House comments, Grayscale highlighted the progression from launching HYPG to the administration working toward bringing Hyperliquid into the U.S.
“We’re just getting started,” Grayscale posted on X on Thursday.
Trump says CFTC Chair Mike Selig is working on a compliant U.S. path for Hyperliquid after months of regulatory engagement.
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President Trump said yesterday that CFTC Chair Mike Selig is working to bring Hyperliquid into the U.S. “in a fully compliant and legal fashion.”
What’s the scoop?White House Push: Trump made the comment during a White House meeting with crypto and finance executives, including those from Coinbase, Kraken, Ripple, Robinhood, Nasdaq and ICE, alongside Selig and SEC Chair Paul Atkins. Much of the event centered on the administration’s push to pass the CLARITY Act and keep crypto innovation blossoming domestically.Regulatory Groundwork: The comment follows months of engagement around bringing onchain markets under CFTC oversight. On July 9, the Hyperliquid Policy Center and Phantom filed a joint comment asking the CFTC to clarify that simply building onchain protocols does not trigger exchange registration while giving regulated firms a path to operate onchain. Six days later, Hyperliquid Strategic Inc. and Hyperliquid Labs met directly with the CFTC’s Innovation Task Force.Details Still TBD: Trump did not explain how or when Hyperliquid could enter the U.S., and neither the CFTC nor Hyperliquid has announced an approval, regulatory structure or launch timeline. As of today, Hyperliquid remains officially unavailable to U.S. traders.
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Written by David Christopher
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David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.
Hyperliquid Strategies Inc. (NASDAQ: PURR), the publicly traded company that essentially functions as a giant piggy bank for HYPE tokens, saw its stock climb over 6% in a single session this week. The stock is approaching $10, capping off a nearly 45% weekly run that mirrors the explosive rally in HYPE, the native token of the Hyperliquid blockchain.
HYPE itself has been on a tear, trading above $73 after posting daily gains exceeding 18% and multi-day rallies north of 25%. For PURR shareholders, the math is straightforward: the company holds roughly 18.8 million HYPE tokens, so when HYPE goes up, PURR tends to follow like a shadow with a brokerage account.
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A MicroStrategy playbook, Hyperliquid edition Incorporated in 2025 and headquartered in New York, Hyperliquid Strategies positions itself as the largest HYPE-focused digital asset treasury vehicle on public markets. The company’s balance sheet features HYPE tokens, cash reserves, zero debt, and no preferred obligations.
Beyond simply holding tokens, PURR monetizes its stash through staking and yield optimization strategies on the Hyperliquid network. The company has also authorized up to $30 million in stock buybacks.
Institutional money enters the chat The Duquesne Family Office, the investment vehicle associated with legendary investor Stanley Druckenmiller, has disclosed a position in the company. PURR has also secured inclusion in both the Russell 3000 and Russell 2000 indices. Index inclusion forces passive funds that track those benchmarks to buy shares, creating structural demand. The Russell 2000 is the go-to benchmark for small-cap US equities, meaning every index fund and ETF tracking that benchmark needs to hold PURR shares.
The HYPE rally powering the move HYPE has been trading in the $71 to $73-plus range, with daily gains exceeding 18% and multi-day rallies of over 25%. Hyperliquid operates as a high-performance Layer 1 blockchain focused on decentralized trading infrastructure, with a particular niche in perpetual futures trading.
What to watch from here At roughly 18.8 million HYPE tokens with HYPE above $73, the company’s token holdings alone represent a value well north of $1 billion. The $30 million buyback authorization gives management a tool to manage any discount between the stock price and underlying asset value, though it is a modest amount relative to the overall portfolio size.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Hyperliquid Strategies (PURR) closed 30.4% higher on Wednesday, outpacing the gain in Hyperliquid (HYPE) token’s price after President Donald Trump said regulators are working to bring the exchange onshore.
The Nasdaq-listed company holds HYPE as a digital asset treasury. Its shares moved further on the news than the token sitting on its balance sheet.
Hyperliquid Treasury Stock Rose 30%, the Token It Holds 18%Trump spoke at a White House meeting with crypto and financial executives on Wednesday. He credited Commodity Futures Trading Commission (CFTC) Chair Mike Selig with the effort.
“I understand that Mike (Selig) is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion,” Trump said.
Hyperliquid currently operates outside the US and does not officially serve American traders. A regulated US presence would open it to a far larger pool of customers and capital.
Meanwhile, Trump’s remarks lifted HYPE 18.6% to around $69.22. The HYPE treasury stock did better.
Hyperliquid Strategies shares closed up 30.42% at $9.39. The stock continued to climb in after-hours trading, gaining another 4.9% to reach $9.85.
Hyperliquid Strategies (PURR) Stock Performance. Source: Google FinanceIncumbent venues moved the other way. Cboe Global Markets fell 3.5% and CME Group 1.7%. Each runs a regulated derivatives market, a licensed Hyperliquid would contest.
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HYPE Treasuries Are the Exception in a Broken DAT TradeThe digital asset treasury model has had a punishing 2026, with most vehicles now seeing sharp unrealized losses. Companies built around HYPE are the exception.
Artemis data shows just two treasury firms still sitting on unrealized gains: Hyperliquid Strategies and Hyperion DeFi (HYPD), and the asset on both balance sheets is the same.
Digital Asset Treasuries Performance. Source: ArtemisThe share prices tell the same story. PURR has gained more than 163% this year, while Strategy (MSTR) has fallen 33.6% and Bitmine Immersion (BMNR) has dropped 35.11%.
That gap explains why so many crypto-exposed companies went looking for a different narrative. For instance, Bitcoin (BTC) miners have been repricing on artificial intelligence.
TeraWulf, IREN, and Hut 8 have rallied this year on their pivot even as mining economics deteriorated. Wednesday reversed that. No AI pivot, no hyperscaler lease, just a crypto headline moving a Nasdaq stock 30%.
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Binance co-founder Changpeng Zhao (CZ) has argued that any regulatory framework adopted to accommodate Hyperliquid would, by extension, benefit the entire decentralized trading sector, not just one platform.
"Policy cannot be applied to only one company/project," CZ said. "What's good for one is good for the rest of the industry."
A Rising Tide for Perp DEXsCZ's comments point to an opportunity that extends well beyond Hyperliquid. If US regulators carve out a clear pathway for decentralized perpetual futures platforms, more perp DEXs and on-chain services could become accessible to American users for the first time. Hyperliquid, the largest decentralized perpetual futures exchange by volume, is actively working to find a legally compliant way to serve US traders, though the platform currently geo-blocks American users.
The push comes after the Commodity Futures Trading Commission (CFTC) took a significant step in late May 2026, That decision is widely seen as a potential turning point for the broader on-chain derivatives market.
CZ's Broader View on Decentralized TradingThe remarks reflect CZ's long-held view that decentralized venues will play an increasingly significant role in crypto markets. Zhao has previously predicted that perp DEXs will rival centralized exchange volumes within one market cycle. At the same time, he has been candid about the compliance risks that come with operating without KYC checks, drawing on his own experience navigating regulatory scrutiny at Binance.
CZ's public backing adds weight to that case, signaling that how Washington treats platforms like Hyperliquid has implications for the entire decentralized trading industry.
Sources
CoinDesk: Hyperliquid starts DeFi lobbying group with $29 million token backing
Proskauer: The CFTC approves US-listed perpetual futures
CoinMarketCap: Hyperliquid launches $29M DeFi Policy Center in Washington
Hyperliquid’s native token surged more than 20% over 24 hours after United States President Donald Trump said regulators were working on a compliant pathway to make the decentralized trading platform available to American users.
HYPE traded around $62 immediately before Trump’s remarks and subsequently jumped as much as 16% to a 24-hour high of $72.28, according to CoinGecko. It later settled to about $70, up approximately 20% in the last day, with 24-hour trading volume reaching $1.4 billion.
“I understand that Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion,” Trump said during a Wednesday White House event, referring to Commodity Futures Trading Commission (CFTC) Chair Michael Selig. “Working very hard on that.”
Hyperliquid is a decentralized trading platform and layer-1 blockchain best known for its onchain perpetual futures exchange. It is the largest decentralized perpetuals venue, accounting for about 40% of the sector’s trading volume over the past 30 days, with roughly $201 billion in volume, according to DefiLlama.
Neither the CFTC nor Hyperliquid has released a formal proposal explaining how US access would work, whether an application has been submitted or when a compliant service could launch.
Options bet on HYPE treasury firm raises eyebrowsMeanwhile, shares of Hyperliquid Strategies, a Nasdaq-listed HYPE treasury company trading under the ticker PURR, closed Wednesday at $9.39, up 30.4%, according to Yahoo Finance. Despite sharing the protocol’s name, the company said it is independent and not affiliated with Hyperliquid.
Roughly four hours before Trump spoke, someone reportedly paid about $65,000 for 719 PURR call options with an $8 strike price expiring in mid-October. According to CNBC, the contracts were purchased for approximately $0.90 each and were quoted at $2.45 by the close, valuing the position at roughly $176,000 and producing an unrealized gain of about $111,000.
Delayed market data derived from the Options Price Reporting Authority corroborates the unusually heavy activity in the contract. OptiView data showed 2,575 of the October $8 calls traded during the session, compared with just 67 contracts in open interest beforehand. Volume was more than 140 times the contract’s 30-day average.
The publicly available data does not identify the buyer or establish that the trade was based on material nonpublic information.
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This article is produced in accordance with Cointelegraph's Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.
Hyperliquid’s HYPE token rallied 19.6% in the past 24 hours, reaching $70.44 on August 20 and briefly topping $72 during a sharp uptick fueled by optimism over the project’s advancing regulatory efforts in the United States.
Trump’s remarks and regulatory discussions boost sentimentUS President Donald Trump told reporters at the White House on August 19 that Commodity Futures Trading Commission Chair Michael Selig is taking steps to bring Hyperliquid into the US in what he described as a “fully compliant and legal fashion.” The president’s comments build on recent speculation that Hyperliquid is actively exploring a regulated access point for US users.
Following Trump’s remarks, HYPE advanced above $70, adding to an initial rally earlier in the session. Over the last seven days, the token has climbed 23.2%, according to CoinGecko data.
Regulatory records confirm recent talks between Hyperliquid and US authorities. On July 14, the project’s team met with the Securities and Exchange Commission’s Crypto Task Force to discuss how a compliant path might allow Americans to participate in on-chain markets built on the Hyperliquid protocol. A day later, Hyperliquid Labs and Hyperliquid Strategic met with the CFTC’s Innovation Task Force to continue these discussions.
Regulatory filings detail a series of meetings in July, where Hyperliquid outlined to both the SEC and CFTC its pursuit of a “clear, regulated pathway” for on-chain market access within the US.
The regulatory push has become significant for Hyperliquid, as the protocol specializes in perpetual futures—an asset class facing more restrictions for US retail traders compared to certain offshore jurisdictions.
Market rally and broader policy movesBroader market momentum also provided a tailwind for HYPE. Bitcoin neared $69,000, and Ether traded back above $2,000 during the session, contributing to gains across the crypto sector. The US Treasury’s decision to increase longer-dated bond buybacks and a proposed Securities and Exchange Commission framework for crypto offerings further fueled positive sentiment.
The strong move led to nearly $2 billion in liquidated crypto positions as traders scrambled to adapt to the fast-moving market. Meanwhile, Reuters reported that President Trump used the same White House event to urge Congress to pass the stalled CLARITY Act, adding another layer of political momentum to the regulatory conversation.
Alongside these developments, investors seeking transparency and efficiency have increasingly turned to blockchain solutions that allow direct asset ownership. While market participants monitor key breakouts and resistance levels, a sweeping technological shift is underway: Wall Street is embracing Web3. New platforms, such as 1stepSwap, enable investors to hold tokenized shares of leading US firms, gold, and silver directly in crypto wallets. By converting real-world assets into digital tokens and sourcing optimal prices automatically, platforms like these eliminate intermediaries from the process.
HYPE price outlook and technical analysisTechnical charts show HYPE pushing toward the upper boundary of its recent trading range. On August 20, the Average Directional Index (ADX) jumped to 22.60 from the low teens earlier this month, signaling strengthening trend momentum. However, market watchers note that a level above 25 would be needed for a fully established uptrend.
Daily Fibonacci Bands show an upper target near $82.95, provided HYPE clears the June and July highs. Intermediate resistance sits at $73.39, with a successful breakout potentially paving the way toward the $80 psychological mark and then the $83 area.
Should HYPE encounter resistance at current levels, analysts identify support zones at $67.50 and $62—levels that marked the beginning of the latest rally. The 4-hour chart provides a stronger bullish formation, with HYPE trading at $70.77, above all key exponential moving averages (20-day at $62.55, 50-day at $59.53, 100-day at $58.29, and 200-day at $58.07).
The EMAs have aligned in a bullish order, while HYPE’s significant distance from the 20-day average reflects the velocity of its recent price surge.
Meanwhile, the 4-hour relative strength index has soared to 83.94, far exceeding the typical overbought threshold, indicating the rally could take a breather before another move higher. For the upside scenario, clearing the $72–$73.40 range may open the door to $80 and then the daily upper band at $82.95, suggesting a potential 18% gain from current prices. On the downside, initial dynamic support remains near the 20-day EMA at $62.55, while the $58–$60 area provides additional protection, though a pullback of that magnitude would offset much of the day’s gains.
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.
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According to monitoring by TradingBeats (formerly Hyperinsight), the largest HYPE long address on Hyperliquid—0x082e...ca88—currently holds around 1.38 million HYPE long positions, with a position value of roughly $98.12 million, an average entry price of $38.6755, unrealized profit of about $44.75 million, and uses 5x full leverage. The address opened a HYPE long position worth approximately $40 million with 5x leverage roughly 5 hours before Robinhood announced the listing of HYPE spot trading on October 23, 2025. Due to the extremely precise timing of its heavy entry, the community suspected it had non-public information, earning it the nickname "HYPE Listing Insider Whale". Between December 5 and 6 that same year, the address added around 93,500 HYPE in the $31–$32 range, bringing its total current holdings to about 1.38 million HYPE, and has held the contract positions ever since. It has so far paid $4.71 million in funding fees for its long positions.
Key Takeaways The HYPE token climbed more than 19% following President Trump’s announcement that the CFTC is facilitating Hyperliquid’s U.S. entry. The president’s remarks came during a White House cryptocurrency summit featuring prominent industry and exchange leaders. HYPE’s price surged past $70, climbing from approximately $62 prior to the presidential statement. The perpetual futures platform presently functions offshore with no access for American traders. The CFTC’s first IAC gathering is scheduled for Thursday, featuring discussions about offshore cryptocurrency platforms. The native cryptocurrency of Hyperliquid, known as HYPE, experienced a dramatic rally exceeding 19% on Wednesday following President Donald Trump’s revelation that the Commodity Futures Trading Commission is facilitating the platform’s regulated entry into U.S. markets.
[[IMG_4]]Hyperliquid (HYPE) Price During a White House gathering with cryptocurrency and technology industry leaders, Trump addressed the topic directly. “I understand that Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion, working very hard on that,” the president stated, mentioning CFTC Chair Mike Selig by name.
LATEST: 📈 President Trump said the CFTC is working to bring Hyperliquid into the US “in a fully compliant and legal fashion,” sending HYPE above $70. pic.twitter.com/tELCVVUSkb
— CoinMarketCap (@CoinMarketCap) August 19, 2026
The high-profile event drew attendance from major industry figures including Brian Armstrong of Coinbase, Brad Garlinghouse of Ripple, Vlad Tenev of Robinhood, alongside representatives from Nasdaq and Intercontinental Exchange.
Following the presidential announcement, HYPE experienced a swift price movement, climbing from roughly $62 to breach the $70 threshold. Market data from TradingView indicated the token maintained trading levels around $70 at press time.
Market analyst Ash Crypto shared observations on X immediately following the news, highlighting that $HYPE had surged 17% within a mere 10-minute window after Trump’s confirmation regarding the CFTC’s active involvement in establishing Hyperliquid’s U.S. presence. The commentary resonated widely throughout cryptocurrency circles.
BREAKING: 🇺🇸 President Trump says the CFTC is working to bring Hyperliquid into the United States.$HYPE is up +17% in last 10 minutes 🚀 pic.twitter.com/G3NVt7mwvO
— Ash Crypto (@AshCrypto) August 19, 2026
Understanding Hyperliquid’s Platform Hyperliquid operates as a blockchain-powered trading venue specializing in perpetual futures contracts, commonly referred to as “perps.” These financial instruments enable market participants to speculate on price movements without actual asset ownership and feature no expiration dates. The platform’s architecture allows users to interact through direct cryptocurrency wallet connections, bypassing conventional brokerage intermediaries.
At present, the exchange maintains offshore operations and explicitly excludes American customers from accessing its services. Establishing a U.S. presence would necessitate compliance with domestic regulatory frameworks covering registration requirements, consumer safeguards, and market surveillance protocols.
The president’s statement did not provide specific details regarding the structure of a potential domestic Hyperliquid operation or enumerate necessary regulatory approvals. It’s important to note that his comments should not be interpreted as formal CFTC authorization of the platform.
Regulatory Developments and CFTC Initiatives The CFTC has demonstrated increasing activity in approving cryptocurrency derivative products. Earlier this year, in April 2025, the agency authorized Coinbase Derivatives to offer perpetual-style futures contracts for both bitcoin and ether. Additionally, prediction marketplace Kalshi received clearance to introduce America’s first regulated Bitcoin perpetual contract.
Thursday marks the CFTC’s inaugural IAC assembly. The meeting’s planned topics encompass strategies for integrating offshore trading venues such as Hyperliquid into the U.S. regulatory framework.
The Hyperliquid Policy Center, led by CEO Jake Chervinsky, has actively advocated for establishing regulated channels enabling on-chain perpetual futures trading within American borders. The organization previously submitted formal commentary to the SEC advocating for domestic pre-IPO perpetual marketplace development.
At the conclusion of the White House summit, HYPE maintained price levels near $70, representing gains exceeding 19% for the trading session.
President Donald Trump in his recent White House Meeting with crypto Industry leaders put Hyperliquid in the spotlight after saying CFTC Chair Michael Selig is working to bring the platform to the U.S. legally and with full compliance. Hyperliquid currently blocks U.S. users. After the news, HYPE jumped from around $62 to $72 before settling near $69–$70, up about 20% in 24 hours. Hyperliquid-linked ETFs also rose sharply with $1.97M Net Inflow.
Trump Opens the HYPE Door Trump’s comments were made at the White House on August 19, where crypto industry leaders including Coinbase, Ripple, a16z, Chainlink, and many more were present. Importantly, Trump did not announce regulatory approval for Hyperliquid. Instead, he indicated that Selig is working on a possible compliant route for the platform to operate in the U.S.
Hyperliquid is a major blockchain-based derivatives exchange, allowing users to trade leveraged contracts that do not expire. Unlike traditional exchanges, its trading activity runs on-chain, making orders, trades and liquidations visible on the blockchain.
The platform has become one of the largest venues for crypto perpetual trading, reportedly handling 60–80% of the market, but U.S. users are currently classified as restricted and blocked from accessing the platform.
Changpeng Zhao praised Trump’s push to bring Hyperliquid into the U.S. could be a major win for crypto, opening the door for more decentralized platforms while improving liquidity and prices for U.S. users.
Many people miss the bigger picture. Policy cannot be applied to only one company/project. What's good for one is good for the rest of the industry. https://t.co/9jWYCwciIR
— CZ 🔶 BNB (@cz_binance) August 20, 2026 What Could a U.S. Entry Look Like?The proposal would not necessarily mean simply removing the U.S. block. One possible model would involve licensed U.S. brokers providing the regulated entry point, while handling customer checks, paperwork and compliance requirements.Hyperliquid itself could continue operating as the underlying trading venue without directly holding customer funds. In other words, the idea is potentially a regulated U.S. front door rather than an immediate change to the entire platform.That is also why some crypto users are concerned. A legal U.S. pathway could bring KYC and greater regulatory controls, potentially reducing some of the privacy that attracts users to the platform.Hyperliquid has not received final approval yet and still faces regulatory and implementation hurdles. Why HYPE Reacted So StronglyThe key for HYPE is the potential impact of more U.S. trading. Hyperliquid reportedly generated about $41.7 million in fees over 30 days, with around 97–99% of those fees used to buy HYPE. The token has a maximum supply of 1 billion, with about 955.3 million remaining, while its market value was reported at roughly $14.68 billion. Hence more trading could mean more fees, more HYPE purchases, and fewer tokens available in the market.
A U.S. market would therefore represent a major potential source of additional trading activity.
While HYPE is enjoying the price hike behind the scenes, a 9.92 million HYPE token unlock on September 6 could also create selling pressure.
Story Ends Here
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Hyperliquid native HYPE token jumped from around $62 to as high as $72 today in a move of more than 20%. It was all happening after President Donald Trump said regulators were working on a compliant U.S. pathway for the decentralized exchange. But the price action wasn’t the only signal worth watching as options trading tied to a HYPE-linked treasury company spiked hours before Trump’s remarks, drawing scrutiny from traders without settling what, if anything, it proves.
Trump made the comments last night during a White House event, saying:
“I understand that Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion. Working very hard on that.”
He was referring to Commodity Futures Trading Commission (CFTC) Chair Michael Selig. HYPE traded near $70 following the remarks, with 24-hour trading volume reaching $1.4 billion, according to CoinGecko.
Donald Trump delivering a speech at the White House. The $65,000 Hyperliquid Options Trade That Raised Eyebrows Roughly four hours before Trump spoke, someone paid about $65,000 for 719 call options on Hyperliquid Strategies, the Nasdaq-listed HYPE treasury company trading under the ticker PURR with an $8 strike price expiring in mid-October, according to CNBC. The contracts cost about $0.90 each and closed the session valued at $2.45, an unrealized gain of roughly $111,000 on paper.
Options Price Reporting Authority data cited by OptiView showed 2,575 of those October $8 calls changed hands during the session, with more than 140 times the contract’s 30-day average volume, against just 67 contracts of open interest beforehand. That’s an unusually large bet relative to how thinly the contract normally trades, the kind of imbalance that tends to catch a trading desk’s attention regardless of the underlying cause.
Despite sharing part of its name with the protocol, Hyperliquid Strategies has said it operates independently and is not affiliated with Hyperliquid itself. Shares closed Wednesday at $9.39, up 30.4% on the day.
EXPLORE: Trade Hyperliquid and Any Other Major Cryptocurrencies on MEXC
No Proof of Insider Trading, Yet Heavy pre-announcement call buying naturally invites questions about who knew what and when. But the publicly available options data confirms unusual activity without identifying the buyer or establishing that the trade relied on nonpublic information.
The CFTC had already disclosed a July 15 meeting with Hyperliquid Labs and Hyperliquid Strategies, meaning regulatory contact between the parties predates Trump’s remarks by more than a month and isn’t itself evidence of a leak.
🚨JUST IN: Hyperliquid surges 19% from $57 to $69 after Trump confirms the CFTC is working to onshore the world's largest decentralized exchange.
HYPE currently blocks ALL American users, and approval would unlock a platform processing over $200 BILLION a month for US traders. https://t.co/tagav8tUv6 pic.twitter.com/vl3jADqL4p
— Coin Bureau (@coinbureau) August 19, 2026
As of now, neither the CFTC nor Hyperliquid has published a formal proposal detailing how U.S. access would work, whether an application has been filed, or when, if ever, a compliant product might launch.
That ambiguity around CFTC regulation of decentralized platforms sits alongside broader questions about how DeFi fits into existing frameworks, a debate that has also played out around the SEC’s own delayed crypto regulation vote.
For HYPE holders, Trump’s comments function as a catalyst without a confirmed outcome. It’s the kind of headline that reprices an asset on possibility rather than certainty.
Hyperliquid itself has recently drawn scrutiny over its revenue and treasury dynamics, and this latest options trading frenzy adds a regulatory dimension to an already volatile setup. Until the CFTC or Hyperliquid confirms specifics, the trade remains a data point about positioning, not proof of what happens next.
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290 Markets, Up to 50x LeverageCoinbase has integrated Hyperliquid perpetual futures into its Base App, opening access to more than 290 markets for eligible users. The available markets span Bitcoin, Ethereum, and contracts tied to stocks and commodities. The platform has confirmed leverage of up to 50x, with positions subject to liquidation if losses cross set thresholds.
Trades are routed through Hyperliquid for execution while the interface remains inside the Base App. Coinbase's Head of Engineering Chintan Turakhia framed the move as a direct response to user demand, noting that perpetual futures are the most requested feature among Base App's power users and account for roughly 75% of all crypto trading volume. He described Hyperliquid as "one of the highest-performance onchain perps protocols," adding that the integration lets users tap into its deep liquidity without leaving their existing wallet.
The integration builds on an existing relationship: Coinbase became Hyperliquid's official treasury deployer for USDC on 14 May, taking on a role in managing the dollar liquidity underpinning Hyperliquid's markets. The Base App integration adds a retail distribution layer on top of that existing arrangement.
The product carries geographic restrictions. Perpetual futures through Base App are not available in the U.S., UK, Canada, or other jurisdictions that restrict leveraged crypto derivatives. Coinbase offers separate futures products in the United States through Coinbase Financial Markets, a futures commission merchant registered with the Commodity Futures Trading Commission.
$HYPE Surges to Two-Month HighThe announcement gave a sharp boost to $HYPE, the native token of the Hyperliquid protocol. The token surged roughly 23% in 24 hours to around $72, its highest level in two months, putting it within reach of the prior all-time high of $73.72 set on June 16, 2026.
The Base App perps launch follows a broader shift at Coinbase away from Base's earlier focus on social features and toward trading, payments, and AI agents. The company's first-quarter 2026 shareholder materials showed retail derivatives had passed $200 million in annualized revenue, while derivatives volume over the previous 12 months had risen 169% year over year.
Sources:
Coinbase Adds 50x Crypto Perps to Base App Through Hyperliquid — Decrypt
Coinbase Routes Base App Users to Hyperliquid's Perps — Finance Magnates
Coinbase Adds 50x Hyperliquid Perpetuals to Base App — Crypto.news
TLDR: HYPE gained 22.53% in 24 hours, while CoinGecko recorded $1.55 billion in daily trading volume. Coinbase added Hyperliquid perpetual futures, opening access to more than 290 eligible trading markets. Regulatory comments and Coinbase’s Base App integration coincided with HYPE’s rise toward the $72.58 intraday high. Crypto Patel identified $70 to $74 as a key technical zone, while $77 marks a major invalidation level. Hyperliquid (HYPE) price surged more than 22% over the past 24 hours, reaching an intraday high near $72.58. CoinGecko data placed HYPE at $71.46, with trading volume reaching $1.55 billion.
The rally followed Coinbase’s integration of Hyperliquid perpetual futures into its Base App. Remarks concerning potential U.S. regulatory access also added momentum to the move.
Hyperliquid HYPE Price Rises as Coinbase Adds Perpetual Futures Wu Blockchain reported that Coinbase integrated Hyperliquid perpetual futures trading into the Base App. Eligible users can now access more than 290 perpetual markets through the integration.
The available markets include crypto assets, equities, and commodity-related products. Hyperliquid handles trade execution, while the platform offers leverage of up to 50x.
Coinbase Adds Hyperliquid Perpetual Futures Trading to Base App
Coinbase has integrated Hyperliquid perpetual futures trading into its Base App, allowing eligible users to access more than 290 perpetual markets, including BTC, ETH, equities and commodity-related markets, with up… pic.twitter.com/hEAyzcUtt1
— Wu Blockchain (@WuBlockchain) August 20, 2026
Coinbase said perpetual futures account for about 75% of current crypto trading volume. The exchange also identified perpetual trading as a frequently requested feature among Base App users.
However, Coinbase will not offer the product in the United States, United Kingdom, Canada, and other restricted jurisdictions. Local rules limit access to leveraged crypto derivatives in those markets.
The integration marks a broader shift in the Base App’s product strategy. Coinbase has expanded its focus beyond social and creator features toward trading, payments, and AI agent capabilities.
Meanwhile, CryptoEmpress reported that HYPE advanced above 22% during the latest 24-hour period. The token reached $72.58 before trading near $71.40.
CoinGecko recorded a 22.53% daily increase and a 23.40% gain over seven days. The sharp move also pushed 24-hour trading volume above $1.54 billion.
Hyperliquid HYPE Trading Volume Expands as Market Tracks Key Levels Additional attention followed remarks attributed to President Trump concerning the CFTC’s work on bringing Hyperliquid into the United States compliantly. CryptoEmpress identified those comments as another factor behind the price advance.
The account also pointed to Coinbase’s integration and Hyperliquid’s ongoing revenue-driven token burns. Trading volume expanded notably as HYPE moved higher.
The latest rally brought the $72.50 to $73.20 area into focus. That range now sits near the token’s recent intraday highs.
Separately, Crypto Patel compared the current market structure with an earlier HYPE price move. The analysis focused on Fibonacci levels, order blocks, fair value gaps, and liquidity reactions.
Crypto Patel identified the $70 to $74 range as a potential short-term reversal area. The post also set a weekly close above $77 as the level that would invalidate that short setup.
$HYPE MAY BE REPLAYING ITS BIGGEST MOVE 🚀
Previous Setup: 0.618 Fib → Bullish OB + FVG → $59 → $77 → NEW ATH 🚀
Current Setup: 33% Dump → $70-$74 Recovery → Retracement → $40 Next → New ATH
Same structure. Same liquidity reaction. Same FVG holding.
IMO, $70-$74 could… pic.twitter.com/cm6dKjxS0Y
— Crypto Patel (@CryptoPatel) August 20, 2026
The analysis presented a separate accumulation zone between $41 and $32. Those levels remain below the current HYPE price and reflect the analyst’s technical scenario.
Lookonchain also reported continued volatility around leveraged HYPE positions. According to its data, loracle.hl lost more than $60 million across recent long and short trades.
The sequence included a reported $46 million loss from a HYPE short position in June. Lookonchain later reported additional losses after subsequent long and short position changes.
HYPE, the native token of the Hyperliquid decentralized perpetual exchange, jumped 22.53% in the last 24 hours, reaching a daily high of $72.58. CoinGecko data indicated HYPE was trading at $71.46, with 24-hour volume surpassing $1.55 billion.
Coinbase, a leading cryptocurrency exchange based in the United States, has integrated Hyperliquid perpetual futures into its Base App. This update enables eligible users to access more than 290 perpetual trading markets, spanning assets such as Bitcoin, Ethereum, equities, and certain commodities.
Hyperliquid, known for providing decentralized perpetual trading, manages the execution for these markets and supports leverage up to 50x. Coinbase stated that perpetual futures account for approximately 75% of global crypto trading volume, describing perpetual products as highly requested by Base App customers.
Perpetual trading is one of the most requested features among Base App users, and now, more than 290 perpetual markets are available through Hyperliquid integration.
Despite the expansion, Coinbase will not offer Hyperliquid perpetual futures in restricted jurisdictions, including the United States, United Kingdom, and Canada. Current regulations in these countries limit access to leveraged crypto derivatives.
Coinbase has signaled a broader product shift with the Base App, moving beyond its social and creator focus into a wider mix of trading features, payments, and artificial intelligence tools.
Mini dictionary: Hyperliquid, a decentralized exchange specializing in perpetual crypto futures, allows users to trade with significant leverage and offers a broad set of asset markets through a permissionless platform.
Regulatory attention and trading momentumMarket sentiment was further supported by comments linked to President Donald Trump, referencing efforts by the Commodity Futures Trading Commission (CFTC) to explore compliant access to Hyperliquid products in the US. Social media accounts speculated that these remarks contributed to increased HYPE demand during the surge.
Rising interest also coincided with Hyperliquid’s ongoing token burns, which are conducted using a share of protocol revenue. The $72.50 to $73.20 range came under focus as HYPE notched new near-term highs.
Crypto Patel, an independent analyst, compared HYPE’s current trading structure with previous rallies. By analyzing indicators such as Fibonacci retracement levels, order blocks, and fair value gaps, Patel emphasized the importance of the $70 to $74 price zone for potential short-term price reversals.
If HYPE closes the week above $77, that would invalidate the near-term reversal setup and potentially signal further bullish momentum.
Patel also noted an accumulation area from $41 to $32 below present prices, citing past liquidity reactions. Meanwhile, data from Lookonchain highlighted continued volatility around leveraged HYPE trades. The analytics service tracked losses over $60 million by trader loracle.hl, who saw a $46 million short position loss in June, followed by further declines amid active long and short swings in subsequent trading sessions.
Key LevelsImplication$70 to $74Identified as short-term reversal zone$77Weekly close above invalidates short setup$41 to $32Accumulation area below marketDisclaimer: 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.
TLDR HYPE jumped as much as 20% after President Trump said the CFTC is working to bring Hyperliquid into the US legally. The token hit a 24-hour high of $72.28 before settling near $70, with volume reaching $1.4 billion. Hyperliquid Strategies (PURR), a Nasdaq-listed treasury firm holding HYPE, closed up 30.4% at $9.39. CNBC reported unusual options activity in PURR call contracts hours before Trump’s comments, producing a $111,000 unrealized gain. CFTC Chair Michael Selig said he would share more details on a regulatory path the next day. President Donald Trump said on August 19 that the Commodity Futures Trading Commission is working to bring Hyperliquid into the United States under a compliant framework.
Hyperliquid is a decentralized trading platform built on its own layer-1 blockchain. It is best known for its onchain perpetual futures exchange.
Trump made the comment at a White House event referring to CFTC Chair Michael Selig. “I understand that Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion,” he said.
The United States has a choice. We can either write the rules that define the next generation of financial markets, or we can let other countries write them for us.
Under @POTUS' leadership, we’ve made our choice: America will lead. pic.twitter.com/BoHZhQWxg3
— Mike Selig (@ChairmanSelig) August 19, 2026
The event included Coinbase CEO Brian Armstrong, Ripple CEO Brad Garlinghouse, and Robinhood CEO Vlad Tenev. SEC Chair Paul Atkins also attended.
HYPE traded around $62 before Trump spoke. It jumped as much as 16% to a 24-hour high of $72.28, according to CoinGecko.
Hyperliquid Price on CoinGecko The token later settled near $70, up about 20% for the day. Trading volume over 24 hours reached $1.4 billion.
Two Separate Assets Moved Together Shares of Hyperliquid Strategies, listed under the ticker PURR, closed Wednesday at $9.39. That was up 30.4% on the day, according to Yahoo Finance.
The company holds HYPE as its main treasury asset. It has said it operates independently from the Hyperliquid protocol despite the shared name.
Hyperliquid itself is the largest decentralized perpetuals exchange by volume. It handled roughly $201 billion in trading over the past 30 days, about 40% of the sector total, per DefiLlama.
Options Activity Raised Questions About four hours before Trump’s remarks, someone paid roughly $65,000 for 719 PURR call options with an $8 strike price expiring in mid-October, CNBC reported.
The contracts cost about $0.90 each at the time of purchase. They closed the session quoted at $2.45, giving the position an unrealized gain of about $111,000.
OptiView data showed 2,575 of those October $8 calls traded during the session. Open interest beforehand stood at just 67 contracts, meaning volume was over 140 times the 30-day average.
Neither Hyperliquid nor the CFTC has released a formal proposal explaining how US access would work. It is unclear if an application has been submitted or when any service could launch.
CFTC Chair Michael Selig said he planned to share more details the following day. That timing lined up with the CFTC’s first Innovation Advisory Committee meeting in Washington on August 20, covering crypto assets and prediction markets.
Binance founder Changpeng Zhao has publicly supported President Donald Trump’s proposal to bring Hyperliquid, a leading decentralized perpetuals platform, legally into the United States. On X, Zhao argued that establishing a compliant framework for Hyperliquid could set a valuable precedent for the broader cryptocurrency sector.
Industry leaders weigh in on Hyperliquid’s potential impactContent creator Jake Gagain echoed these sentiments and wrote, “This is not just about Hyperliquid. There will be so many Perp DEXs and decentralized services available to U.S. users. This is hugely positive for everyone in the industry.”
During a White House meeting with technology and crypto executives on August 19, President Trump announced that the government is actively seeking legal avenues to bring Hyperliquid onshore. Trump specifically recognized Commodity Futures Trading Commission (CFTC) Chairman Michael Selig for leading these efforts.
“I understand Mike [Selig] is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion,” Trump said, addressing an audience that included top executives from Ripple, Coinbase, Robinhood, Kraken, and Nasdaq, along with regulators Paul Atkins from the Securities and Exchange Commission (SEC) and Michael Selig from the CFTC.
Hyperliquid stands as a major on-chain decentralized exchange specializing in leveraged perpetual contracts. Currently, US residents are listed as restricted users on the platform’s terms.
In a June appearance on the Bankless podcast, CFTC Chairman Selig shared that Hyperliquid’s technology could significantly reshape financial markets in the US. He stated, “We want to create a path to bring these onchain markets into the United States and make sure they comply with some form of regulation.”
Mini dictionary: Hyperliquid is a decentralized perpetuals exchange (Perp DEX) where users trade leveraged contracts directly on-chain, bypassing centralized platforms. Perpetual contracts are derivatives that do not have an expiration date but track the price of underlying assets like cryptocurrencies.
Policy changes and regulatory outlookIn a follow-up post on X, Zhao emphasized that regulatory policy should apply universally across the industry. He warned against creating frameworks aimed at specific projects and stressed, “Many people miss the bigger picture. Policy cannot be applied to only one company or project. What’s good for one is good for the rest of the industry.”
Zhao reiterated the importance of industry-wide clarity, noting that frameworks designed for a single entity inevitably influence the regulatory environment for all participants.
Hyperliquid has engaged with US regulators in recent months. The platform, supported by the Hyper Foundation, established the Hyperliquid Policy Center to carry out policy research in Washington, D.C., aiming to enable the legal use of on-chain perpetual contracts.
At present, US regulations pose significant barriers for Hyperliquid. While perpetual contracts are not explicitly illegal, they remain incompatible with the Commodity Exchange Act’s guidelines for execution and clearing. This regulatory disconnect continues to limit Hyperliquid’s access to the American market.
However, the CFTC approved a spot Bitcoin perpetual contract in May and announced plans to review cases for other assets individually. In June, the CFTC sought public feedback regarding continuous 24/7 trading of traditional futures and the introduction of perpetual contracts for physical assets, such as crude oil.
MonthRegulatory DevelopmentMayCFTC approves spot Bitcoin perpetual contractJuneCFTC opens consultation on 24/7 futures trading and perpetual contracts for physical assetsImplications for decentralized derivatives and future regulationA regulated debut of Hyperliquid would represent a transformative milestone for both the platform and decentralized finance overall. Hyperliquid’s model allows users to access leveraged derivatives without relying on centralized exchanges, which has complicated compliance with US regulations.
Success in bringing Hyperliquid into the US under regulatory oversight could open the door for other decentralized finance projects to pursue legal status. This move would also encourage crypto developers to design products that meet US compliance requirements, rather than excluding local users altogether.
Industry watchers see the Hyperliquid case as a potential benchmark that could shape how American regulators approach other on-chain platforms in the future.
Trump advocates for the CLARITY ActDuring the same White House event, President Trump fielded questions about whether the US government plans to acquire Bitcoin, referencing the SEC for further information.
Trump also urged lawmakers to advance the long-delayed CLARITY Act, describing it as “very powerful, structured legislation” that would help the US maintain a technological edge over countries like China.
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.
For several important reasons, Coinbase’s recent action is bullish for Hyperliquid.
To set the scene, Coinbase has announced the availability of Hyperliquid [HYPE] perpetuals on the Base App. The key takeaway? The product offers exposure to over 290 markets with up to 50x leverage for eligible users. In short, the integration will bring both increased liquidity and users to Hyperliquid, while also providing much-needed publicity for the protocol.
What’s more, the reason it matters ties directly to another chart below. According to Coinglass data, the crypto open interest hit a peak of almost $220 billion before the October crash. This highlights how much leverage has built up and how it continues to build, with Open Interest reclaiming $130 billion.
Source: Coinglass In essence, on-chain data highlights the increased interest in derivatives liquidity in crypto.
With that in mind, Coinbase’s integration of Hyperliquid into the Base App appears to be a calculated attempt to capitalize on the rising speculative demand. Whereas for Coinbase, the addition of Hyperliquid to its ecosystem is an opportunity to offer its users alternative derivatives. For Hyperliquid, though, the immediate question concerns the potential to diversify its liquidity, increase its user base, and overall volume.
Naturally, the question becomes: What does this integration mean for Hyperliquid?
Coinbase’s timing could give Hyperliquid a boost Coinbase picking Hyperliquid for the integration is actually a great sign of the protocol’s potential.
However, unlike the open interest data depicted above, which depicts the leverage used across CEXs and DEXs, Hyperliquid is a DEX-focused perpetuals platform. Therefore, the volume growth is correlated with on-chain derivatives usage and liquidity. And as suggested by the data below, this seems to be the case, which explains why Coinbase’s decision is hardly surprising.
As seen in the chart above, the trading volume of perpetuals on DEXs reached a peak of $3.64 trillion in Q4 2025, before the market crash. Sure, quarterly volume has since fallen, with Q2 2026 closing at around $1.8 trillion. However, with the market now on its way to recovery, DEX perpetuals have much room to grow, potentially giving Hyperliquid a bigger share of the growing on-chain derivatives market.
Source: DeFiLlama In this regard, Coinbase’s move looks well-timed.
With potential access to 290+ markets, Base App has the capacity to drive liquidity and users into Hyperliquid as on-chain perpetual trading is set to boom once more. Meanwhile, Hyperliquid is well positioned to benefit from this development directly.
Final Summary Coinbase is adding Hyperliquid perps to Base App, giving users access to 290+ markets. As DEX perps activity recovers, Hyperliquid could benefit from growing demand for on-chain derivatives.
Bitcoin, Ethereum, and XRP rallied after Trump's crypto meeting, but the CLARITY Act still faces political disagreements in the Senate.
President Donald Trump met with executives from Coinbase, Ripple, Gemini, and other major crypto companies at the White House on Wednesday as the administration sought to take a stronger position in the digital asset industry.
The discussion focused heavily on the Digital Asset Market Clarity Act, Bitcoin, and the push to bring more crypto activity into the US.
CLARITY, Bitcoin and Hyperliquid Trump called on Congress to pass “a fair version” of CLARITY and said the legislation would help keep the US “ahead of China.” The bill passed the House of Representatives in July 2025 but has remained stalled in the Senate over issues including tokenized equities, stablecoin rewards, and concerns about potential conflicts involving the Trump family and the crypto industry.
Coinbase CEO Brian Armstrong said the legislation would make the country’s crypto policy “durable into the future, so it could survive for decades and decades to come.” The exec expects the bill to get “more than 60 votes” when the Senate takes up a cloture motion on September 15. Trump backed Armstrong’s assessment of the bill’s support and said,
“It’s very bipartisan, I would say. Lot of Democrats support.”
During the meeting, Trump also said the US has discussed plans to buy “sizable” amounts of Bitcoin and other cryptocurrencies. He later said,
“We’re going to ensure America remains the undisputed leader, not only in Bitcoin and crypto, but also in technologies like prediction markets and artificial intelligence.”
Hyperliquid was another topic raised during the meeting. Trump said Commodity Futures Trading Commission Chair Michael Selig is working to bring the perpetuals-focused trading platform into the US in a “fully compliant and legal fashion.” HYPE jumped more than 20% following the remarks and climbed to $71.
Markets Cheer, But Hurdles Remain Crypto markets reacted strongly after the White House meeting and the latest signals on regulation. Bitcoin gained 7% and tapped $70,000, while Ethereum posted a bigger jump of nearly 18% and reached $2,327. XRP also moved higher as it climbed to $1.14.
You may also like: This Bitcoin Cycle Pattern Could Set Up a 1,000% Rally: Analyst HYPE Skyrockets Past $70 as Trump Reveals CFTC Push for Hyperliquid’s US Entry Over $1B in Liquidations as Bitcoin Surges to 2-Month High Above $69K But the bigger question for the industry is still in Washington. Trump can urge lawmakers to move ahead, but the CLARITY Act must still clear political hurdles in the Senate. Democratic Senator Ruben Gallego, for instance, warned lawmakers to slow down rather than rush toward a Senate vote. Speaking at the SALT Wyoming Blockchain Symposium on Wednesday, Gallego said Democrats and Republicans still need to work through disagreements over ethics and stablecoin yield.
“Don’t go for a fast vote. A fast vote gets you a fast result, but I’m not sure it’s the result you want.”
It is important to note that Senate Democrats have pushed for language that would prevent public officials, including the president, from selling digital currencies. But Gallego said that repeated efforts to reach the White House on the ethics language have made little progress.
What future investors see for crypto has become clearer during the last 24 hours.
Over the years, utility narratives have been gaining ground over speculative ones. While the latter ones provide “high-risk high-reward” opportunities, utility and fundamentals are better at delivering on a long-term basis, although with lower speed and requiring more conviction. And based on how the last 24 hours have played out, it’s becoming clearer that investors are choosing conviction over speculation.
At the center of this shift is Hyperliquid [HYPE], which has emerged as the biggest winner of the recent crypto market rally, hitting more than a 20% increase in terms of value during the last 24 hours. The key part? It has overtaken Dogecoin [DOGE] in terms of market value, securing itself as the 10th largest asset in the crypto market.
Source: CoinGecko However, the question is: Can Hyperliquid sustain this momentum?
From a technical perspective, HYPE saw a return to the early-July level, piercing the $70 barrier. This development makes it tempting to believe that this asset can soon pierce the $80 barrier. However, if the bulls fail to provide the necessary support, a long-squeeze wave can emerge. Furthermore, this is where the entire speculative-to-utility narrative starts to face its first real test.
On a market value basis, HYPE’s lead over Dogecoin is marginal, at just 1.4x. This is worth just $4 billion, making the lead anything but safe, as the advantage can be easily reversed. Therefore, HYPE needs to see strong demand to keep DOGE at bay. Thus, this is where on-chain signals start to matter.
HYPE flips DOGE as utility takes the spotlight As a utility token, HYPE’s double-digit rise should also be seen on the on-chain layer.
Notably, that’s exactly what is happening. According to the DeFiLlama data, the total Perp Volume saw an increase of more than 78% within a day, reaching $34 billion. On the chart below, you can see that Hyperliquid’s share was more than 50%, so the volume was incredibly large.
The result? A significant jump in fees. As the chart below shows, Hyperliquid’s fees reached $5.1 million from $1.3 million, or almost 4x higher than a day before. This means that the increase in trading volumes resulted in higher fees, which provides further support to HYPE’s utility thesis by showing a significant jump on the on-chain level and not only on speculation.
Source: DeFiLlama Against the above backdrop, HYPE’s outperformance of DOGE looks more plausible.
With hype around Hyperliquid picking up on both technical and fundamental fronts and, more critically, on-chain adoption, the token’s bullish run makes more sense. Most crucially, this on-chain adoption is now reflected in price, which contrasts sharply with DOGE’s 6% gains over the same period and explains why HYPE’s 20% outperformance is much more convincing.
With this shift underway, it is now even more likely that HYPE will hold its ground against DOGE and continue to stay among the top-10 cryptocurrencies.
Final Summary HYPE has flipped DOGE after a 20% rally, backed by strong on-chain activity and rising fees. Can HYPE hold its top-10 spot and keep outperforming DOGE?
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.
Bitcoin surges past $72,000, notching an 11.8% 24-hour gain.
According to HTX market data, Bitcoin has broken through the $72,000 mark, with a 11.8% increase in the past 24 hours.
1 seconds ago
In just the past 30 minutes, two wallets were liquidated for a total of $45.77M. 0x50b3 had 281 $BTC ($20.12M) liquid...
In just the past 30 minutes, two wallets were liquidated for a total of $45.77M. 0x50b3 had 281 $BTC ($20.12M) liquidated. 0x66f8 had 240 $BTC ($17.15M) and 3,738 $ETH ($8.5M) liquidated.
1 seconds ago
US media: The US side believes Iran-UAE talks broke down weeks ago.
According to U.S. financial media outlet Semafor, U.S. President Donald Trump’s latest move to avoid escalating military actions against Iran comes as Washington views talks between Iran and Oman—previously seen as a rare, productive negotiation channel—as deadlocked. A U.S. official and a White House official stated that the U.S. government believes the Iran-Oman talks collapsed several weeks ago. The talks had raised the possibility of a toll agreement for the Strait of Hormuz, a development that frustrated Trump. The Omani Embassy did not respond to the U.S.’s assessment of its negotiations. However, Trump still describes the situation with Iran as “very good” and remains optimistic that economic pressure can force Tehran to return to the negotiating table, even though he has halted future talks for the foreseeable future. Last night, Trump posted on social media threatening to launch an “economic war” against Iran, saying the U.S. will impose sanctions on any country that does business with Tehran. (Jin10)
1 seconds ago
Whales are buying $ETH! Whale 0x2d59 withdrew another 30,000 $ETH ($67.42M) from #Binance 20 mins ago. Over the past ...
Whales are buying $ETH! Whale 0x2d59 withdrew another 30,000 $ETH ($67.42M) from #Binance 20 mins ago. Over the past 3 weeks, the whale has withdrawn 120,000 $ETH($237.7M) from #Binance. Abraxas Capital withdrew 18,000 $ETH($39.56M) from #Binance today. Newly created wallet 0x2261 also withdrew 6,704 $ETH($14M) from #Binance today.
1 seconds ago
Whale codenamed "Set 10 Big Goals First" has again sharply cut its BTC and ETH short positions via stop-loss, with remaining positions still facing an unrealized loss of over $2 million.
Whale codenamed "First Set 10 Big Goals" has once again cut losses by significantly reducing its short positions in Bitcoin (BTC) and Ethereum (ETH). The cumulative reduction amounts to 1,169.625 BTC and 24,684.515 ETH. The whale currently holds 1,066.759 BTC and 4,632.162 ETH, with the remaining positions still carrying unrealized losses exceeding $1.9 million.
1 seconds ago
ETH rebound saves a crypto whale from $88.5 million in unrealized losses, with $270 million in long positions fully recovered.
According to monitoring from TradingBeats, the "BIT-linked whale" that once faced an unrealized loss of roughly $88.5 million has finally seen ETH prices rebound to near its cost basis, without selling a single one of its 120,000 ETH. As of press time, the whale’s four addresses collectively hold approximately 120,000 ETH, with a position value of around $271 million and an average entry price of $2,261.23. With ETH’s rally, the position was fully unlocked this morning, and amid a minor pullback, it now carries an unrealized loss of roughly $108,000. The entity has held its position since completing entry, repeatedly topped up its margin, and weathered the nearly $88.5 million paper loss to wait for a price rebound. Its latest liquidation price has fallen to around $1,195.95. Including the roughly $4.9 million in cumulative funding fees paid since opening the position, the whale has not yet fully recouped its costs; however, on a price basis, the unrealized loss has almost been completely erased.
Bitcoin surges past $72,000, notching an 11.8% 24-hour gain.
According to HTX market data, Bitcoin has broken through the $72,000 mark, with a 11.8% increase in the past 24 hours.
1 seconds ago
In just the past 30 minutes, two wallets were liquidated for a total of $45.77M. 0x50b3 had 281 $BTC ($20.12M) liquid...
In just the past 30 minutes, two wallets were liquidated for a total of $45.77M. 0x50b3 had 281 $BTC ($20.12M) liquidated. 0x66f8 had 240 $BTC ($17.15M) and 3,738 $ETH ($8.5M) liquidated.
1 seconds ago
US media: The US side believes Iran-UAE talks broke down weeks ago.
According to U.S. financial media outlet Semafor, U.S. President Donald Trump’s latest move to avoid escalating military actions against Iran comes as Washington views talks between Iran and Oman—previously seen as a rare, productive negotiation channel—as deadlocked. A U.S. official and a White House official stated that the U.S. government believes the Iran-Oman talks collapsed several weeks ago. The talks had raised the possibility of a toll agreement for the Strait of Hormuz, a development that frustrated Trump. The Omani Embassy did not respond to the U.S.’s assessment of its negotiations. However, Trump still describes the situation with Iran as “very good” and remains optimistic that economic pressure can force Tehran to return to the negotiating table, even though he has halted future talks for the foreseeable future. Last night, Trump posted on social media threatening to launch an “economic war” against Iran, saying the U.S. will impose sanctions on any country that does business with Tehran. (Jin10)
1 seconds ago
Whales are buying $ETH! Whale 0x2d59 withdrew another 30,000 $ETH ($67.42M) from #Binance 20 mins ago. Over the past ...
Whales are buying $ETH! Whale 0x2d59 withdrew another 30,000 $ETH ($67.42M) from #Binance 20 mins ago. Over the past 3 weeks, the whale has withdrawn 120,000 $ETH($237.7M) from #Binance. Abraxas Capital withdrew 18,000 $ETH($39.56M) from #Binance today. Newly created wallet 0x2261 also withdrew 6,704 $ETH($14M) from #Binance today.
1 seconds ago
Whale codenamed "Set 10 Big Goals First" has again sharply cut its BTC and ETH short positions via stop-loss, with remaining positions still facing an unrealized loss of over $2 million.
Whale codenamed "First Set 10 Big Goals" has once again cut losses by significantly reducing its short positions in Bitcoin (BTC) and Ethereum (ETH). The cumulative reduction amounts to 1,169.625 BTC and 24,684.515 ETH. The whale currently holds 1,066.759 BTC and 4,632.162 ETH, with the remaining positions still carrying unrealized losses exceeding $1.9 million.
1 seconds ago
ETH rebound saves a crypto whale from $88.5 million in unrealized losses, with $270 million in long positions fully recovered.
According to monitoring from TradingBeats, the "BIT-linked whale" that once faced an unrealized loss of roughly $88.5 million has finally seen ETH prices rebound to near its cost basis, without selling a single one of its 120,000 ETH. As of press time, the whale’s four addresses collectively hold approximately 120,000 ETH, with a position value of around $271 million and an average entry price of $2,261.23. With ETH’s rally, the position was fully unlocked this morning, and amid a minor pullback, it now carries an unrealized loss of roughly $108,000. The entity has held its position since completing entry, repeatedly topped up its margin, and weathered the nearly $88.5 million paper loss to wait for a price rebound. Its latest liquidation price has fallen to around $1,195.95. Including the roughly $4.9 million in cumulative funding fees paid since opening the position, the whale has not yet fully recouped its costs; however, on a price basis, the unrealized loss has almost been completely erased.
President Donald Trump said US regulators are working to bring Hyperliquid, a fast-growing crypto platform, into the country, offering one of the clearest signals yet that the White House wants to pull a major piece of the industry’s offshore market infrastructure onshore.
“I understand that Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion. Working very hard on that,” Trump said at a White House event, referring to Commodity Futures Trading Commission Chairman Michael Selig.
Hyperliquid operates outside the US and isn’t officially open to American traders. Bringing it onshore would mean giving them a legal way to use the platform under US oversight. It was co-founded by Jeff Yan, a former trader at Hudson River Trading. The main developer of the platform, Hyperliquid Labs, is based in Singapore.
The comments immediately rippled through an ecosystem of assets tied to Hyperliquid, including HYPE, the platform’s cryptocurrency, and Hyperliquid Strategies Inc., a publicly traded company whose strategy is built around holding the token.
Shares of Hyperliquid Strategies, which trades under the ticker PURR, jumped as much as 31% Wednesday. The company is a digital-asset treasury, essentially a listed vehicle that accumulates cryptocurrency, and its focus on HYPE gives traditional equity investors an indirect way to bet on Hyperliquid’s growth.
Shares of mainstream US exchange operators fell to session lows. Cboe Global Markets declined as much as 6.1% while CME Group Inc. fell as much as 3.4%.
Read more: Hyperliquid Strategies Up, Exchanges Down on Trump Comments (1)
Hyperliquid is a crypto exchange best known for perpetual futures, leveraged contracts that allow traders to speculate on cryptocurrency prices without an expiration date. It’s captured Wall Street’s attention this year after drawing demand for contracts tied to real-world assets, including equities and commodities. The platform, which runs on its namesake blockchain, has grown into a major venue for a kind of trading that historically flourished largely outside the US because of regulatory restrictions.
“Trump’s comments on Hyperliquid and the immediate reaction in HYPE are another indication of how quickly the regulatory and political backdrop for digital assets is shifting,” said Ayesha Kiani, chief operating officer at Monarq Asset Management. “What’s notable isn’t just the price move but it’s that decentralized market infrastructure is increasingly entering mainstream policy conversations.”
The CFTC has recently laid out conditions under which regulated US platforms can offer perpetual contracts, part of a broader Trump administration effort to move crypto businesses and trading activity into the American financial system.
Exactly how a platform like Hyperliquid can legally offer perps products in the US remains unclear, with compliance requirements potentially undercutting its decentralized appeal.
In any case, a path into the US would open Hyperliquid to a much larger pool of customers and capital, while testing whether a trading model initially forged outside traditional US rules can be operate within them.
“Hyperliquid has been the poster child for convergence: the idea that traditional asset classes are going to be traded, margined and settled 24/7 on crypto rails,” said Joshua Lim, global co-head of markets at FalconX. “It’s exhilarating to see the administration and regulators acknowledge them as a market structure innovator and opening up access to US market participants.”
President Donald Trump said US regulators are working to bring Hyperliquid, a fast-growing platform, into the country, offering one of the clearest signals yet that the White House wants to pull a major piece of the industry’s offshore market infrastructure onshore.
“I understand that Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion. Working very hard on that,” Trump said at a White House event, referring to Commodity Futures Trading Commission Chairman Michael Selig.
Hyperliquid outside the US and isn’t officially open to American traders. Bringing it onshore would ...
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Hyperliquid generated $4.4 million in revenue over the past 24 hours, burning $4.24 million worth of HYPE.
According to monitoring by Onchain Lens, decentralized exchange platform Hyperliquid generated approximately $4.4 million in revenue over the past 24 hours, while burning HYPE tokens worth around $4.24 million in the same period.
5 minutes ago
Japanese and South Korean stock indexes opened higher, with South Korea’s KOSPI index rising 3.2% at the open.
According to Bitget market data, the Nikkei 225 index opened 461.11 points higher on Thursday, August 20, with a 0.71% gain to 65,787.53 points. South Korea’s KOSPI index opened 3.2% higher, with SK Hynix surging over 7% and Samsung Electronics climbing more than 3%.
5 minutes ago
Linera claims it aims to become the 'next Hyperliquid' and will promote the LNRA token sale.
New public blockchain Linera, founded by former Libra employees, announced today that it aims to become the "next Hyperliquid" and teased an upcoming LNRA token sale. Linera said it is following Hyperliquid’s playbook: building its own dedicated chain, focusing on consumer products, operating with a small team, generating real revenue first, and prioritizing user rewards. Its core product is a real-time prediction market at app.linera.xyz, which can launch, operate, and settle within one minute. The project uses a parallel microchains architecture, supporting thousands of small markets to run simultaneously, with final confirmation times typically under one second—solving congestion and high fees that plague general-purpose blockchains in real-time use cases. All markets operate on a pure player-versus-player (PvP) model, with no house and no external market makers required. The core team numbers just five members. Users who earn badges by engaging with the product will get priority access to an exclusive subscription pool for the LNRA sale. Detailed sale information will be announced at a later date.
5 minutes ago
US CFTC Seeks Public Comment on AI Computing Power Futures
As industry giants begin to accept compute power as a tradable asset, the U.S. Commodity Futures Trading Commission (CFTC) is seeking public comments on compute power futures contracts. Multiple exchanges, including CME Group (CME), Intercontinental Exchange (ICE), and emerging fintech firm Architect Financial Technologies, have announced plans to launch such contracts once regulatory approval is secured. These exchanges argue that establishing a compute power futures market would help end-users and speculators hedge against risks like energy shortages or other issues that could hinder technological progress for AI developers. CFTC Chair Michael Selig said in a Wednesday statement: "Without a robust compute power derivatives market, the U.S. cannot win the AI race. This public comment period is the first step toward establishing clear rules for the U.S. compute power market." One of the issues covered in the CFTC’s public comment process is how compute power futures differ from other derivatives or underlying commodities already regulated by the agency. If compute power futures are permitted to list on CFTC-regulated exchanges, further standardization of variables affecting compute power prices may be required, including price indices used for settlement reference and other related factors.
5 minutes ago
U.S. stocks: The three major indexes closed higher this morning, Moderna surged 177%, and crypto-related stocks rallied sharply.
According to market data from BIT (Bit.com), U.S. stocks closed on Wednesday: the Dow Jones Industrial Average initially rose 0.22%, the S&P 500 gained 0.21%, and the Nasdaq advanced 0.16%. Moderna (MRNA.O) surged 176.9%, while Merck (MRK.N) climbed 12.6%. Moderna and Merck announced that their jointly developed personalized mRNA cancer vaccine intismeran autogene (formerly mRNA-4157/V940), in combination with Merck’s immunotherapy drug Keytruda (pembrolizumab), met both the primary endpoint and key secondary endpoints in the Phase III clinical trial (INTerpath-001) for patients with high-risk melanoma (skin cancer). Marvell Technology (MRVL.O) rose over 9.8%, SK Hynix (SKHY.O) gained 0.35%, SanDisk (SNDK.O) fell 3.5%, and Micron Technology (MU.O) dropped 0.39%. In terms of crypto-related stocks: Strategy’s share price rose 11.95% to $103.58, having surged more than 13% intraday; Coinbase climbed 9.05% to $159.47; stablecoin issuer Circle increased 9.44% to $78.50; and Ethereum reserve firm BitMine gained 9.68% to $20.05.
5 minutes ago
Key takeaways from Trump’s crypto-friendly remarks: He disclosed that the U.S. government has discussed accumulating a "significant amount" of Bitcoin, vowed to end the "war on crypto" entirely, and urged the prompt passage of the Genius Act.
U.S. President Donald Trump met with executives from crypto and fintech firms including Coinbase, Ripple, Robinhood, Gemini, and Chainlink at the White House’s Roosevelt Room on Wednesday local time, delivering a speech in support of cryptocurrencies. Trump said his administration has “completely ended the war on cryptocurrencies,” noting the industry is thriving, and the U.S. must retain its “undisputed leadership” in areas such as Bitcoin, cryptocurrencies, prediction markets, and artificial intelligence, while committing to becoming the “world’s crypto capital.” He added that the U.S. government has discussed accumulating “significant quantities” of Bitcoin and other cryptocurrencies, claiming crypto assets “have greatly eased pressure on the U.S. dollar.” Meanwhile, he urged Congress to pass a “fair version” of the Clarity Act (Digital Asset Market Clarity Act) promptly, arguing this would keep the U.S. ahead of China and other countries. Trump also noted that the SEC Chair is working to bring Hyperliquid to the U.S. market in a compliant manner, and highlighted policy achievements including the signed Genius Act (stablecoin legislation), strategic Bitcoin reserves, and the ban on central bank digital currencies (CBDCs).
Hyperliquid's native token $HYPE surged as much as 22% on Wednesday after President Donald Trump publicly stated that the Commodity Futures Trading Commission is working to bring the decentralized perpetual futures exchange into the United States under a regulated framework. Trading volume spiked 277%, with the token changing hands at around $71.
What Trump Said at the White House
The Road to a US Launch
The scale of what could be unlocked for US traders is significant.
For now, the path and timeline remain undefined, and no regulatory approval has been granted.
Sources:
CoinDesk: HYPE jumps as Trump says CFTC is working to bring Hyperliquid to the US
Bloomberg: Trump Opens Door to Hyperliquid as US Pulls Crypto Trade Onshore
Crypto Briefing: Hyperliquid seeks compliant path for US perpetual contracts
