Track market-moving stories before they get noisy

Bitcoin breaks below the $84,000 level

According to HTX market data, Bitcoin dropped below $84,000, with a 2.00% decline over the past 24 hours.

10 minutes ago

Abstract has operated for two years and lost tens of millions of dollars, with its founder stating that it will focus on Pudgy Penguins and PENGU going forward.

Pudgy Penguins founder Luca Netz announced in a post that project Abstract is being gradually wound down, with parent company Igloo Inc. shifting all its focus to developing Pudgy Penguins, Pudgy NFTs, and the PENGU token. Netz stated that Igloo has provided continuous funding for Abstract over the past 18 months, with total losses amounting to tens of millions of U.S. dollars in two years, yet the project failed to achieve product-market fit (PMF). He added that Abstract once processed over 300 million on-chain transactions, launched Portal and AGW, attracted multiple global brands, and built an active on-chain ecosystem. However, persistent issues including an insufficient DeFi ecosystem, limited liquidity, low institutional participation, and high costs constrained its growth. Coupled with declining market demand for related products, the company could no longer divert funds from its Pudgy Penguins business to support Abstract. Even after incurring eight-figure U.S. dollar losses, Igloo opted not to fund Abstract via token issuance or an initial coin offering (ICO), as it lacked sufficient confidence in sustained token demand. Netz also thanked the Abstract community, noting that as the project wraps up, the company will fully push Pudgy Penguins to become a global cultural phenomenon.

10 minutes ago

Bitmine added another 12,500 ETH to its holdings via BitGo early this morning.

According to Lookonchain’s monitoring, Bitmine—Tom Lee’s Ethereum treasury firm—purchased an additional 12,500 ETH via BitGo roughly 5 hours ago, valued at approximately $33.65 million.

10 minutes ago

Bitcoin falls below $85,000

According to HTX market data, Bitcoin has fallen below $85,000, with a 24-hour decline of 0.93%.

10 minutes ago

Storage manufacturer Nanya Technology raises DRAM contract prices again, with the maximum increase possibly reaching 20%.

Beating AI Express: According to Taiwanese media reports, Taiwan-based memory manufacturer Nanya Technology has recently notified customers one after another that it will raise DRAM contract prices again, with the maximum increase possibly reaching 20%. In response to relevant market rumors, Nanya stated that it would not comment on matters related to customer quotations. Industry insiders believe that the new round of price hikes is expected to gradually pass through to the market, boosting Nanya's average selling price (ASP) and profitability. TrendForce forecasts that the overall DRAM market will remain in undersupply in the fourth quarter of 2026, with contract prices for general-purpose DRAM rising by 10% to 15% quarter-on-quarter. Consumer-grade DRAM, due to continuous production cuts by major players and its high reliance on Taiwanese manufacturers for supply, will continue to see upward price momentum. Growing AI computing power demand is continuously boosting demand for server DRAM and HBM, while advanced process production capacity is shifting toward high-performance products, further compressing the supply elasticity of traditional DRAM. Samsung, SK Hynix, and Micron have all recently been expanding or adjusting their DRAM and HBM-related production capacity and packaging layouts. Micron's CEO previously stated that amid sustained demand growth and limited new production capacity, no clear inflection point for DRAM supply-demand balance has been observed yet, and he expects HBM demand growth to remain higher than that of traditional DRAM through 2028.

10 minutes ago

A U.S. representative has introduced a bill to ban candidates from betting on their own election results, but it will not be considered before the 2026 midterm elections.

U.S. Representative Don Davis of North Carolina introduced the "No Betting on Your Own Race Act" this Monday, which would ban federal election candidates, their campaign teams, and their spouses and children from trading or holding "political event contracts" tied to their own elections, to prevent market manipulation, insider trading, and candidates profiting from election outcomes. While the bill does not directly name prediction market platforms like Kalshi and Polymarket, the "political event contracts" it defines explicitly cover such transactions. Violators would face up to $10,000 in civil penalties per offense, or a seizure of three times their potential profits. Earlier, Republican House candidate Laurie Buckhout was banned from Kalshi for three years and fined $2,590 for trading Kalshi event contracts related to her own election, though she faced no civil or criminal charges. As the U.S. Congress is currently in recess until after the November midterm elections, the bill cannot be considered before the 2026 midterms. Currently, Kalshi and Polymarket still offer trading of event contracts related to U.S. elections.

10 minutes ago

The WSL HYPE worksheet pairs perpetuals with reference prices across commodities, indexes, equities, currencies and crypto.

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Hyperliquid has stepped into a crucial session as Grayscale filed for an 8-K with the U.S. Securities and Exchange Commission connected to its Hyperliquid staking ETF.

It is important to note that the filing revolves around the existing ETF process but does not necessarily represent a new ETF application.

This proposed product will offer market participants with exposure to HYPE while at the same time incorporating staking rewards into its structure.

The filing is also in accordance with the broader infrastructure development around institutional access to HYPE and its ecosystem.

Source: X HYPE unlock meets whale accumulation 3.75 million Hyperliquid tokens, valued at $340 million, are unlocking today, October 6.

The release notably represents a significant addition to the HYPE’s circulating supply during the prevailing session.

The unlock coincides with a persistent accumulation from a large HYPE investor, with the whale accumulating 158.78K HYPE valued around $13.08 million within one month.

Reportedly, the whale’s most recent transaction involved purchasing and withdrawing another 54.02K HYPE valued roughly at $5.13 million from Coinbase Prime.

The previous transactions highlighted the same wallet withdrawing HYPE tokens repeatedly from Coinbase Prime amid the accumulation period.

Source: X Spot outflows deepen the accumulation trend  Beyond the whale accumulation activity, HYPE’s wider Spot flows highlight tokens continuing to move away from trading exchanges. As of the time of writing, Hyperliquid had registered approximately -$4.58 million in Spot netflows.

The negative netflows implied that more HYPE tokens were removed from exchanges than the deposits them during the 24-hour measured period.

Additionally, the recent reading follows various other periods of net outflows notable throughout September and early October.

Now with the exchange outflows validating the accumulation trend, focus shifts to whether price can convert that demand into a sustained breakout. 

Source: CoinGlass Can strengthening indicators drive a breakout?  On the daily timeframe chart, Hyperliquid [HYPE] recovered strongly after defending the $85 support region during its late-September price correction.

The recovery pushed the price towards the key $94.91 resistance before HYPE slightly pulled back to around $93.36.

Notably, the $94.91 price level now represents the immediate resistance separating the price recovery from another attempt towards the $100 area.

The RSI indicator stood at 59.06 above its signal average of 57.27, suggesting that buying strength still holds without reaching overbought territory. Additionally, the DMI readings support the bulls, with the +DI signal at 27.30 compared with the -DI signal at 11.86.

The ADX strength indicator, meanwhile, stood at 34.70, implying that the prevailing directional trend remains relatively strong.

A confirmed move above the $94.91 resistance would therefore strengthen the bullish structure and expose the psychological $100 target zone.

Source: TradingView Final Summary HYPE’s $340 million unlock arrives as whale accumulation and Spot outflows remain strong. HYPE will need to break above $94.91 to extend its price recovery towards the psychological $100 level.

Grayscale has filed a Form 8-K with the SEC covering its Hyperliquid Staking ETF, which trades under the ticker HYPG. The filing, dated October 5, 2026, reports that BitGo Bank & Trust has been added as an additional custodian for the fund’s HYPE holdings, effective September 30, 2026.

What the filing changes An 8-K is the SEC form companies use to flag material events between their regular quarterly and annual reports. Grayscale’s filing reports an amendment that lets BitGo hold part of the trust’s HYPE alongside the fund’s existing custody setup.

As of October 5, 2026, HYPG held approximately $217.8 million in assets under management, with 6.54 million shares outstanding.

HYPG charges a management fee of 0.29%. That was the lowest among US HYPE exchange-traded products when the fund launched.

Approximately 88.66% of the fund’s assets are staked, generating average gross staking rewards of 2.26%. Once fees come out, the yield investors actually pocket typically lands below that figure.

A short but busy history HYPG has not existed for long, yet it has already changed names once. The fund started life as the Grayscale HYPE ETF before being renamed on May 26, 2026, a move intended to tie it more closely to Hyperliquid’s core branding.

The SEC declared the fund effective on June 2, 2026. Trading on Nasdaq began the following day, June 3.

Structurally, HYPG is a grantor trust. Investors hold an interest in the underlying assets the trust owns, rather than shares in an operating company that happens to own tokens.

The asset at the center of all this is HYPE, the native token of the Hyperliquid network. HYPE has a maximum supply of 1 billion tokens. The token entered the world through a community airdrop in November 2024.

The competitive field Grayscale is not alone in this lane. 21Shares and Bitwise both launched their own HYPE products in mid-May 2026, trading as THYP and BHYP, respectively. Both rivals charge 0.30%. Grayscale undercut them by a single basis point.

What this means for investors and issuers Spreading a fund’s holdings across more than one custodian can reduce reliance on any single provider, which matters for a product whose entire value sits in one token. Staked tokens are actively used to support a network, so the custodian handling them needs to manage both safekeeping and participation in network operations.

HYPG’s staking ratio of roughly 88.66% means nearly nine out of every ten tokens the fund holds are earning rewards. A lower staking ratio would mean more idle tokens, while a higher one could limit how much liquidity the fund keeps on hand for redemptions.

HYPE’s price can swing sharply, and a gross reward rate of 2.26% offers little cushion against a meaningful drop in the token’s value. Net returns also depend on network reward rates and how the Hyperliquid ecosystem evolves. Staking rewards are historical figures, not guarantees.

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

XRP Enters October With 3 Bullish Signals Quietly Stacking Up

Filing Date

2026-10-05

Accepted

2026-10-05 16:32:36

Documents

11

Period of Report

2026-09-30

Items

Item 1.01: Entry into a Material Definitive Agreement
Item 9.01: Financial Statements and Exhibits

Mailing Address 290 HARBOR DRIVE 4TH FLOOR STAMFORD CT 06902

Business Address 290 HARBOR DRIVE 4TH FLOOR STAMFORD CT 06902 212-668-1427

Grayscale Hyperliquid Staking ETF (Filer) : 0002107730 (see all company filings)

: 416781242 | State of Incorp.: DE | Fiscal Year End: 1231
Type: 8-K | Act: 34 | File No.: 001-43316 | Film No.: 261440834
: 6221 Commodity Contracts Brokers & Dealers
(CF Office: 09 Crypto Assets)

Hyperliquid has significantly expanded its revenue sources. In August, the protocol activated the AQAv2 framework.

Under the agreement, 90% of the interest earned on idle USDC on the platform is returned to the protocol. As per the arrangement, the yield accrued on a 30-day cadence and was automatically routed to the Assistance Fund after eight days.

Source: Onchain Lens On the 3rd of October, the protocol distributed the first interest accrued since the August activation. Thus, the protocol received $14.5 million in USDC, which was then routed to the Assistance Fund.

Inasmuch, Hyperliquid made one of its largest token burns in the last 24 hours. Onchain Lens reported that Hyperliquid bought and burned 112.58K HYPE worth $10.15 million.

100% of these funds are dedicated to open-market buybacks and are then permanently burned.

Given this, the team spent $10.15 million on token buybacks and burns. With the purchase, the team still has $4.4 million in funds, which will also be spent on additional buybacks and burns.

What about the market reaction to the deflationary milestone? Unsurprisingly, the market responded strongly to the above developments. HYPE finally flipped the $91 resistance and rose to $93.7, clearing losses made in October so far.

At press time, Hyperliquid traded around $93.4, up 3.5% on the daily charts. The altcoin’s volume also rose by 52%, reflecting newfound market interest.

With the price hike, the upside momentum has strengthened substantially. The altcoin’s Relative Strength Index (RSI) formed a bullish crossover and rose to 59.

Source: TradingView Likewise, the Relative Vigor Index (RVGI) also formed a bullish crossover and rose to -0.08. The two crossovers indicated that bulls had started to retake the market.

Under these market conditions, Hyperliquid is well-positioned for further gains on the charts. If momentum holds, the altcoin could clear $94 resistance and target $98, paving the way for a move to $100.

Source: Coinglass However, the market is still facing a major challenge. Investors have rushed to the Spot market to cash out recent gains.

The Spot netflow rose to $4.3 million on the 5th of October. The rising exchange inflows present another source of pressure that the market must absorb.

Failure to do so could cause the attempted upward move to collapse, likely sending HYPE to $91, with $86 as support.

Final Summary Hyperliquid bought and burned 112.58K HYPE, worth $10.15 million, as the AQAv2 framework generated $14.5 million in revenue.  HYPE flipped the $91 resistance and rose to $93 amid renewed market interest. 

Hyperliquid Data Now Live on Bloomberg Terminal as Trump Working to Bring The Platform to The US

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Hyperliquid perpetual contracts are now available through the Bloomberg Terminal, bringing data from the decentralized exchange into a widely used professional market-data workflow. Just a few hours ago, the contracts had become available on the terminal.

Market-data availability can make Hyperliquid easier for professional users to discover, monitor, and compare against other venues, potentially supporting more analyst attention and institutional crypto research.

🚨HUGE: Hyperliquid's perps are now live on the Bloomberg Terminal.

The Terminal now shows live data from Hyperliquid's 24/7 perps, including oil, gold, the S&P 500 and chipmakers.

It comes after President Trump said the CFTC is working to bring Hyperliquid to the US. pic.twitter.com/ad1uRZM8ti

— Coin Bureau (@coinbureau) October 5, 2026 Institutional investors typically need controls for key management, execution, and custody beyond access to pricing data, as outlined in discussions of institutional custody and execution infrastructure. Likewise, clearing and regulatory registration are distinct from the visibility provided by a market-data platform.

Hyperliquid runs on its own layer-1 blockchain and supports more than 100 assets through HyperCore. However, Bloomberg access does not, on the available evidence, confirm real-time data, direct exchange connectivity, institutional participation, or regulatory approval.

Earn $50 and Enter $300K Prize Draw on EdgeX

Hyperliquid Perpetuals Rely on Hourly FundingHyperliquid’s documentation describes perpetuals as derivatives without an expiry date. Funding payments occur hourly and are intended to help keep contract prices aligned with the underlying spot market, so there is no scheduled settlement date forcing positions to close.

The documented margin structure uses USDC collateral for generally USDT-denominated linear contracts. The documentation identifies PURR-USD and HYPE-USD as the USDC-denominated exceptions. This market structure helps explain what terminal users may be monitoring, but it says nothing by itself about who is accessing the data or whether that access converts into trading.

Trade Crypto on Bybit and Get a Chance to Win Our $1,000 USDT Airdrop

Hyperliquid Demand and Bloomberg Terminal ListingThe report presents the Bloomberg inclusion as a potential sign of rising traditional-finance interest in decentralized platforms. The more useful test is whether it leads to observable changes: sustained institutional attention, further Bloomberg coverage, strategic partnerships, or increased activity on the exchange.

Polymarket pricing put the likelihood of Hyperliquid reaching $100 by December 31 at 71.5%, up from 68% in the preceding 24-hour reading. That is a prediction-market probability, not a verified forecast, and not evidence that Bloomberg access caused a repricing.

HYPE USD, TradingviewEstablished benchmarks and institutional products package exposure through defined market structures; comparisons with crypto index concentration underline why data visibility alone is not equivalent to a product investors can access under familiar trading and risk controls.

For Hyperliquid, the evidence that would change the assessment is concrete: confirmed institutional participation, additional market infrastructure, or a measurable shift in exchange activity.

If the terminal listing increases monitoring and coverage, it could broaden Hyperliquid’s reach among professional market participants. If it remains a data-only reference without confirmed execution, custody, or clearing access, its significance will remain primarily informational.

Regulatory developments and market sentiment also remain relevant to HYPE’s price outlook.

Discover: The Best Token Presales

Bloomberg Terminal has added 24 hour streaming prices for select Hyperliquid perpetual contracts, putting data from the decentralized derivatives platform inside a market system widely used by professional traders and financial institutions.

Summary

Bloomberg Terminal users can now monitor select Hyperliquid perpetual markets around the clock across crypto, equities, commodities, foreign exchange and indexes. The integration is currently limited to market data, allowing professional desks to compare Hyperliquid prices with traditional market references without providing direct trade execution. Hyperliquid open interest crossed $18 billion in September as trading activity grew across its core perpetual markets and HIP 3 deployments. Professional access to Hyperliquid is developing through separate channels, including market data feeds from DoubleZero and plans for regulated perpetual products through Kraken parent Payward. Bloomberg’s Michael McDonough said Terminal users can enter WSL HYPE <GO> to monitor selected Hyperliquid perpetual markets around the clock, covering contracts linked to crypto, equities, commodities, foreign exchange and indexes.

Bloomberg Just Put Hyperliquid on the Institutional Map

Bloomberg's @TheTerminal now lets users type WSL HYPE <GO> to monitor select Hyperliquid perpetuals 24/7 across crypto, equities, commodities, FX, and indexes.

No execution yet. But the bigger impact is institutional… pic.twitter.com/HIT6BLEf4k

— Hyperliquid Daily (@HYPERDailyTK) October 5, 2026 The addition gives Bloomberg users access to Hyperliquid pricing alongside market references they already follow through the Terminal. It does not provide direct execution on Hyperliquid, with the current integration focused on market data and monitoring.

Professional users can use the new function to compare prices from Hyperliquid markets with instruments such as Bitcoin, Nvidia, the S&P 500, Brent crude and EURUSD without moving to a separate data platform.

Hyperliquid data reaches Bloomberg Terminal users Hyperliquid has built much of its trading activity around perpetual futures, but its markets now extend well beyond cryptocurrencies.

Its HIP 3 framework allows independent deployers to create perpetual markets tied to different asset classes. Contracts linked to stocks, commodities, indexes and private companies have since developed alongside Hyperliquid’s main crypto markets.

Trading activity across the platform reached a new high in September. As crypto.news previously reported, Hyperliquid open interest crossed $18 billion for the first time on Sept. 23, beating the previous record of $16.36 billion reached four days earlier.

Open interest had stood above $13 billion at the end of August, meaning roughly $5 billion in outstanding positions was added within weeks. Bitcoin, Ether and HYPE accounted for approximately $9.33 billion of the Sept. 23 total.

HIP 3 markets made up another part of the activity. Deployers using the framework have introduced perpetual contracts tied to the S&P 500, gold, crude oil and companies outside public markets.

Bloomberg’s addition means prices from some of those markets can now sit within the same monitoring environment that professional users rely on for traditional assets.

Access to the data does not mean Bloomberg Terminal users can execute Hyperliquid trades through Bloomberg. Trading, custody, collateral management and wallet interaction remain separate from the market data function.

Hyperliquid market data is reaching professional trading infrastructure Bloomberg is not the first infrastructure provider to make Hyperliquid information easier for professional trading firms to consume.

In September, DoubleZero introduced five Hyperliquid data feeds through its Edge service, targeting trading firms, market makers and quantitative desks.

Four feeds provide information from Hyperliquid’s native perpetual markets and trade[XYZ] markets, including contracts linked to commodities. A fifth carries order intents derived from Hyperliquid mempool transactions.

DoubleZero said its service provides sequenced market information without requiring subscribers to rebuild the Hyperliquid order book from public API updates. Hyperliquid joined Solana and Kalshi as the third venue available through Edge when the service went live.

Bloomberg serves a different part of the market data workflow. Its Terminal is used to monitor and analyze markets across traditional asset classes, giving Hyperliquid prices another route onto screens used by professional investors.

The development arrives as Hyperliquid’s non crypto markets have been processing substantial trading volume. HIP 3 markets have allowed perpetual trading across assets that normally trade during fixed market hours, while the contracts themselves can continue trading outside those sessions.

Institutional access to Hyperliquid has been developing separately Other firms have been working on execution and regulated access, which remain separate from Bloomberg’s market data addition.

Payward, the parent company of Kraken, announced plans in September to offer regulated Hyperliquid perpetuals to eligible U.S. clients through HIP 3 infrastructure.

Under the proposed setup, CFTC regulated Bitnomial would deploy, administer, clear and settle the contracts, while NinjaTrader Clearing would carry eligible customer accounts. The planned service remains subject to regulatory approval.

Hyperliquid recorded nearly $237 billion in perpetual trading volume during the 30 days surrounding that announcement, according to DefiLlama figures cited at the time.

HIP 3 itself has continued to change as developers look at different ways of operating perpetual markets. A preliminary testnet update introduced in September lets deployers control access to markets through onchain allowlists.

Under the design, independent deployment teams can decide whether their markets remain open or restrict participation to approved addresses. Existing HIP 3 markets are not automatically affected because the permissioning feature is optional.

Hyperliquid co founder Jeffrey Yan said deployers could manage participant lists themselves or appoint sub deployers to handle access controls.

Hyperliquid has expanded beyond crypto perpetuals Activity in non crypto contracts has become a larger part of Hyperliquid’s market structure during 2026.

Equity perpetuals have allowed traders to take leveraged positions tied to public and private companies without owning the underlying shares. Hyperliquid markets have included contracts linked to companies such as SpaceX, while commodity markets have covered assets including oil, gold and silver.

The structure lets those contracts trade continuously even when the traditional market for the reference asset is closed.

Hyperliquid’s push into those markets has attracted attention from policymakers as trading volumes have grown. In August, the Hyperliquid Policy Center asked the SEC and CFTC to create a path for qualifying equity perpetuals to operate in the United States as security futures.

The group said HIP 3 markets had processed more than $480 billion in cumulative notional volume during their first 10 months. Its proposal called for eligible equity perpetual contracts to fall under an existing framework jointly overseen by the SEC and CFTC.

Regulatory treatment remains unresolved in several markets. Singapore’s Monetary Authority added Hyperliquid to its Investor Alert List in June, while Hyperliquid said it had never claimed to hold a license or authorization from the regulator.

Bloomberg’s new Terminal function concerns pricing data rather than regulatory approval or trading access. Users can monitor selected Hyperliquid perpetual prices through WSL HYPE <GO>, while execution continues to take place outside Bloomberg’s Terminal integration.

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Bloomberg Terminal users can now access Hyperliquid market data alongside information for traditional assets, marking a significant development for both the firm and its professional audience. This integration allows users to track perpetually traded contracts connected to oil, gold, the S&P 500, and leading chipmakers all within the familiar Bloomberg workflow.

24/7 markets expand beyond cryptoBy providing visibility into Hyperliquid’s 24/7 perpetual markets, Bloomberg Terminal bridges a gap that has long separated cryptocurrencies and conventional finance. These perpetual markets operate without pause, offering continuous price signals for commodities and equities even when underlying cash markets halt for weekends, holidays, or unexpected events.

This real-time capability became especially noteworthy during periods of geopolitical instability, including the recent Middle East conflict. While traditional exchanges suspended trading in oil, gold, and silver, Hyperliquid contracts continued to generate price discovery around the clock.

As a result, industry observers have noted that Hyperliquid’s platform is redefining its identity. Rather than simply functioning as a crypto derivatives venue, it is now positioned as a 24/7 parallel marketplace for assets historically constrained by standard trading sessions.

With perpetuals tied to major commodities and equities trading around the clock, Hyperliquid delivers uninterrupted pricing to professional traders during off-market hours and critical macro events.

Institutional and regulatory momentumCoinpaper previously highlighted how institutional-grade access to Hyperliquid’s commodity perpetuals has expanded through platforms such as Ripple Prime, which opened new exposure for funds and professional investors seeking gold, silver, and oil derivatives outside standard exchange hours.

The increased institutional interest has come as regulatory discussions intensify in the United States. In August, President Donald Trump commented that CFTC Chair Michael Selig was working toward integrating Hyperliquid’s operations in the United States within a fully compliant and legal structure.

Trump’s remarks followed mounting pressure from U.S. policymakers to bring offshore perpetual futures into transparent and regulated markets. The regulatory attention coincided with a sharp surge in HYPE, Hyperliquid’s native token, as market participants anticipated potential changes in the company’s U.S. positioning.

As U.S. regulators evaluate how to safely introduce perpetual futures into domestic markets, notable volatility and trading volumes continue to reflect heightened interest in platforms like Hyperliquid.

Technology streamlines market monitoringIn an environment where a single Federal Reserve action or unexpected altcoin listing can alter market dynamics within seconds, the need for fast, consolidated information is more critical than ever. Technical traders navigating multiple asset classes are increasingly adopting privacy-centric solutions like CryptoAppsy to centralize analytics, price alerts, portfolio tracking, and market news.

Without requiring account setup, tools such as CryptoAppsy equip investors with real-time charts, asset-specific headlines, timely macroeconomic data, and smart notifications on a unified interface. This integrated approach replaces the inefficiency of juggling various platforms and helps users adapt quickly to volatile, always-on markets.

Hyperliquid is one of the buzziest blockchains in crypto. Known for its perpetual futures trading platform, it has also achieved a rare feat: building a digital asset treasury, or DAT, that has delivered positive returns for its shareholders. DATs are corporate vehicles designed to acquire and hoard a specific cryptocurrency—Michael Saylor’s Bitcoin behemoth Strategy is the most famous example—but in the past year, their share prices have slumped badly, and some DATs have flamed out altogether. The exception is the DAT called Hyperliquid Strategies, ticker symbol PURR, whose shares have climbed 251% since the start of the year. 

Since Hyperliquid Strategies launched 10 months ago—less than two years after the Hyperliquid blockchain went live—its market capitalization has climbed past $3 billion. The DAT now holds more than 35 million HYPE tokens, the blockchain’s native token, worth roughly $3.3 billion. This twin achievement of expanding its treasury and posting outsize shareholder returns puts the Hyperliquid DAT in stark contrast to its peers. As the chart below shows, the year-to-date returns of the leading DATs dedicated to Bitcoin, Ethereum, and Solana have been dismal:

So why has Hyperliquid’s DAT flourished while the others have stumbled? Unlike other DATs, Hyperliquid Strategies does more than accumulate tokens and wait for their value to rise. The company has built an operating model that runs like an active business rather than a passive vault. By earning revenue from its holdings, the company can add to its HYPE reserves, increasing the amount of cryptocurrency tied to each share of stock over time. Whether by design or circumstance, Hyperliquid Strategies may have finally cracked the code on how to make DATs viable. 

The remarkable rise of Hyperliquid In the short time since the Hyperliquid blockchain launched in 2023, its HYPE token has vaulted into the top 10 most valuable cryptocurrencies. A big reason is that, unlike many other crypto projects that seek to build value with hype or vague future promises, Singapore-based Hyperliquid—founded by Harvard grad and physics whiz Jeff Yan—offers a valuable real-world service.

Its decentralized platform offers 24/7 derivatives trading at rapid speed, and is based around perpetual futures, a novel type of option that doesn’t expire. Following its launch, Hyperliquid initially drew crypto speculators, but soon after attracted a new group of customers: traders who use Hyperliquid to trade tokenized versions of oil, gold, and other commodities. 

This new class of traders has carried out huge numbers of transactions on Hyperliquid, which charges small fees in the form of the HYPE token. Hyperliquid uses a portion of those fees to pay the so-called validators who operate the blockchain, but most of the HYPE it collects is “burned”—diminishing the overall supply and increasing the value of the token. All of this has led the price of HYPE to surge more than 2,200%, according to data analytics platform CoinGecko.

Even as Hyperliquid thrived, however, it faced an obstacle to further growth: It was not (and still is not) legally available in the United States, leaving many American investors without an easy way to gain exposure to the platform. Meanwhile, many investors of all sorts who are unfamiliar with crypto find buying HYPE tokens can be cumbersome, typically requiring them to create a crypto wallet and connect it to a decentralized exchange.

Spotting this gap in the market, David Schamis, a founding partner at private equity firm Atlas Merchant Capital and former Barclays executive, launched Hyperliquid Strategies. The publicly traded company was created to stockpile HYPE, allowing traditional investors to buy into the ecosystem through equity shares. It was a new DAT, in other words.

In July 2025, Atlas Merchant Capital and venture firm Paradigm announced an $888 million capital raise for the DAT, and Schamis became its CEO. By December, Hyperliquid Strategies was trading on the Nasdaq under the ticker “PURR.” Buying shares of PURR—named after a cat-themed meme token that was the first to be launched on Hyperliquid’s blockchain—became the only easy path for American investors to gain exposure to HYPE until last May, when asset managers started rolling out Hyperliquid exchange-traded funds.

“That timing explains much of the success Hyperliquid Strategies has experienced since Q4 of last year, accumulating billions of dollars in treasury assets,” Eliezer Ndinga, global head of research at crypto asset manager 21shares, told Fortune. “Given … the success of the Hyperliquid ecosystem, they were well positioned to ride that wave.”

‘Adding some alpha’ Unlike its DAT predecessors, Hyperliquid Strategies did not simply sit on its HYPE stash and wait for the token to rise. That has been the model employed by Strategy and numerous copycat DATs, which have counted on steadily rising asset prices to issue new shares that pay for their operating costs. The flaw in that approach became apparent this year, however, as slumping crypto prices saw the market capitalizations of DATs fall below the value of the crypto assets they held—triggering a potentially existential spiral.

In the case of Hyperliquid Strategies, its New York–based team of four—CEO Schamis, CFO Brett Beldner, COO Jeroen Nieuwkoop, and director of corporate affairs Rob Diamond—drew on their experience in traditional finance to structure an operating model around the company’s token reserve.

Hyperliquid Strategies operates its own network validator, a specialized computer system that helps process transactions and secure the Hyperliquid blockchain. In return, it earns ongoing fees, turning its HYPE holdings into a source of operating revenue rather than a passive reserve.

In addition to validator fees, the company stakes its 35 million HYPE tokens in the network, earning ongoing token rewards. Similar to interest earned on a deposit, those rewards increase the company’s HYPE holdings over time, adding to the amount of cryptocurrency backing each share.

“For the DATs that can do that well, they actually have the ability to outperform the market over the long term because they’re taking the underlying holding and adding some alpha on top of that,” said Ryan Rasmussen, head of research at asset manager Bitwise. 

The model also depends on investors valuing Hyperliquid Strategies’ stock at more than the HYPE and cash behind each share. When PURR trades above that underlying value, its multiple to net asset value, or mNAV, is above one. That premium gives the company an additional way to grow its HYPE holdings.

“When the mNAV is above one, [the company] can issue more shares on the open market to raise cash and then buy more HYPE, and that becomes this … self-fulfilling loop,” Rasmussen told Fortune.

An analyst at crypto research firm Artemis earlier this year published a detailed breakdown of how Hyperliquid Strategies has so far been able to thread this needle.

Avoiding the DAT trap According to Ndinga, Hyperliquid’s most notable contribution was showing investors that cryptocurrency could serve a purpose beyond price speculation by expanding access to global financial markets in response to a real necessity. 

“Crypto has had a marketing problem for a while … [People assume] cryptocurrencies are trying to be like gold or the dollar,” Ndinga said. “But not all cryptocurrencies are currencies. You have crypto equities [and] crypto commodities … Hyperliquid has made the industry more tangible by showing what blockchain technology can do.”

Previous DATs strayed from this approach. Strategy initially gave traditional investors a way to gain Bitcoin exposure before spot ETFs were available. Over time, however, it built its model around passive accumulation and a “hold on for dear life” philosophy. It expanded its Bitcoin reserve through financing such as convertible notes and preferred stock, leaving its returns heavily dependent on Bitcoin’s price appreciation rather than income generated from the holdings.

As share prices dropped below so-called NAV, or net asset value, Strategy and other DATs could no longer issue stock without diluting existing shareholders. With less access to new capital, some also struggled to cover operating costs. Many ended up dying out. 

When Fortune asked Hyperliquid Strategies whether it would go down a similar path in the case of a market downturn, Schamis’s answer was concise: “We’re not religious zealots,” he said in an interview.

“Our primary responsibility is to our shareholders … and if the circumstances ever arose where it was beneficial to our shareholders to be selling our tokens … we certainly would,” Schamis added.

For practical purposes, as Schamis explained on an earnings call, this means Hyperliquid Strategies only issues new shares when its mNAV is 1.1 or higher, and buys back shares when it falls below that.

A cash cushion of roughly $292 million also gives the company a financial buffer during a severe downturn, reducing the likelihood that it will have to dump its HYPE holdings or make desperate trades. 

A narrow monopoly Hyperliquid Strategies is now entering a new chapter as the market structure around it matures. 

That shift was on full display in late August, when Trump said at a White House crypto and technology summit that the Commodity Futures Trading Commission was working to create a legal path for Hyperliquid to operate in the United States.

At the time, Schamis was in Wyoming, attending Anthony Scaramucci’s SALT Conference. After finishing a panel presentation on Hyperliquid, he stepped offstage, checked his phone, and saw PURR shares had suddenly jumped 30%.

“For about 30 seconds, I was incredibly impressed with myself, thinking my panel speech had moved the market,” Schamis recalled with a laugh. “Then I opened the news and realized President Trump had just publicly commented on bringing Hyperliquid to the U.S. at that exact same minute.”

But that mainstream attention also signals stiffer competition ahead. As spot HYPE ETFs continue to roll out in the U.S. and perpetual futures access expands, PURR’s initial monopoly on institutional access will naturally narrow.

That said, not all investment vehicles are created equal, and, according to Rasmussen, Hyperliquid’s business strategy will continue to hold off competition, at least for now. 

“The DATs that perform the best over the long term are those that add some level of operational boost to the underlying holds,” he said. “Investors are willing to pay a premium above HYPE performance to have a company … putting their assets [to work] on their behalf in generating incremental returns.”

Analysis

Bloomberg Terminal now streams Hyperliquid perpetual futures data 24/7. The protocol just distributed its first $14.6M in yield – and is petitioning the CFTC for regulated energy contracts that would challenge CME's commodity franchise.

The Bloomberg Terminal now hosts streaming data for Hyperliquid, accessible via the ticker WSL HYPE <GO>. This integration provides 24/7 visibility into more than 100 contracts, ranging from BTC and Nvidia to the S&P 500, Brent crude, gold, and EUR/USD. While the presence of these assets on the terminal marks a significant milestone for DeFi visibility, it is strictly a monitoring exercise. Bloomberg spokesperson Michael McDonough confirmed that the integration offers no execution capability, leaving the actual trading to the protocol’s native interface.

On October 3, 2026, Hyperliquid distributed $14.6 million in USDC via its AQAv2 mechanism. This yield is distinct from trading fee buybacks, originating instead from the $5 billion to $6.74 billion in USDC reserves held by the protocol. Approximately 90% of this distribution, totaling roughly $13.1 million, was routed to the Hyperliquid Assistance Fund. This fund, which holds about 45 million HYPE tokens acquired for approximately $1.1 billion, is tasked with executing buybacks and burns to manage token supply.

The protocol’s cash flow thesis relies on an aggressive capital return model. Beyond the AQAv2 yield, roughly 97% of net protocol fees are directed toward the Assistance Fund for HYPE buybacks. When combined with the USDC yield, the annual buyback capacity exceeds $900 million. This structure is notably more aggressive than traditional burn mechanisms, operating at a scale four to five times higher than the Ethereum EIP-1559 burn rate or the BNB burn program. With the HYPE token currently trading at $92.81 and commanding a $23.26 billion market capitalization, the protocol is currently ranked ninth globally.

The Bloomberg bridge serves as a reminder of the gap between institutional observation and on-chain participation. While traders can now track price action alongside traditional assets, the underlying infrastructure remains a Layer-1 blockchain utilizing HyperBFT consensus. The network boasts a 0.07-second block time and a capacity exceeding 100,000 orders per second, supporting a central limit order book on-chain. Despite these technical specifications and a total value locked of $6.2 billion, the protocol faces a shifting competitive landscape. Its market share of on-chain perpetual futures has declined from approximately 70% in early 2026 to between 30% and 35% as rivals like Aster, EdgeX, and Lighter gain ground.

Regulatory friction remains a primary hurdle for the protocol’s expansion. On August 26, 2026, Hyperliquid filed a petition with the CFTC (docket CFTC-2026-1388-0121), seeking approval for regulated U.S. energy perpetual contracts, including WTI crude, Brent crude, and Henry Hub natural gas. The proposal suggests using stablecoins and tokenized U.S. Treasuries as eligible collateral for 24/7 trading. This move has drawn sharp opposition from industry incumbents. Both the CME Group and ICE have lobbied regulators, warning that the decentralized structure of the protocol could facilitate market manipulation, enable sanctions evasion, and distort established oil benchmarks.

Assessing the protocol’s actual scale is complicated by a persistent revenue discrepancy. CoinDesk reports annualized revenue at approximately $193 million, while DefiLlama estimates it at $710.81 million, and CFBenchmarks places it near $880 million. This variance highlights a genuine uncertainty regarding the protocol’s true economic footprint.

Daily volume typically ranges between $3 billion and $7 billion, occasionally peaking at $10 billion, with $633 billion recorded in the first quarter of 2026 and cumulative perpetual volume reaching $5.38 trillion. Whether a protocol commanding such volume can maintain its dominance while navigating a high-stakes regulatory petition and a transition toward institutional data integration remains the central question for the coming quarters.

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Hyperliquid has received its first payment under the AQAv2 reserve yield framework, a $14.58 million USDC distribution that will flow into the protocol's Assistance Fund to purchase $HYPE on the open market.

A New Engine for HYPE Buybacks The payment covers the first 30-day accrual period under AQAv2, which began on August 26. Under the framework's terms, around 90% of the cost-adjusted reserve yield generated from USDC supply on Hyperliquid is shared with the protocol. That capital is then routed directly to the Assistance Fund, which uses it to buy and burn $HYPE. The distribution marks the first time buyback funding has been sourced from stablecoin reserve yields rather than trading activity alone.

Coinbase serves as the treasury deployer, while Circle operates as the technical deployer on the USDC arrangement. Both companies previously staked HYPE to activate the mechanism. Yield accrues over 30-day cycles, with distributions transferred to the Assistance Fund eight days after each cycle closes.

Adding a Second Fuel Line to an Already Aggressive Buyback Model The AQAv2 payment supplements what is already one of the most aggressive token buyback programs in crypto. The Assistance Fund routes the vast majority of Hyperliquid's trading fees into continuous, automated open-market purchases of $HYPE, removing tokens from circulation on an ongoing basis.

The significance of AQAv2 is that it decouples a portion of buyback funding from trading volume. When market activity slows, fee revenue falls with it. Reserve yield from USDC deposits, by contrast, is tied to the size of stablecoin holdings on the platform rather than transaction throughput. Market estimates place potential annual contributions from AQAv2 in the $135 million to $160 million range, depending on USDC reserves and prevailing interest rates, though Hyperliquid has not confirmed a fixed annual payment or guaranteed yield.

For $HYPE holders, the first $14.58 million payment signals that this second funding channel is now operational, giving the Assistance Fund additional firepower to sustain buybacks independent of short-term swings in trading volume.

Sources:
Bitcoin.com News: Hyperliquid AQAv2 Is Turning USDC Yield Into HYPE Buybacks
Yahoo Finance: Hyperliquid Activates AQAv2 to Buy Back and Burn HYPE with USDC Reserve Yield
Crypto.news: Hyperliquid Activates AQAv2 to Fund HYPE Buybacks

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

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

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Xie Jiayin: Bitget's reserve ratio for 19 major assets reaches 131%, user protection fund grows to $316 million

Bitget's latest proof of reserves shows its reserve ratio for 19 major assets has reached 131%. In addition, Bitget's user protection fund (self-owned funds) has been topped up to 3,705 BTC, currently worth about $316 million. Meanwhile, Bitget announced the launch of its "Peer Program," allowing trading and asset clients to share 30% of the platform's revenue (excluding the institutional portion) for four consecutive weeks.

Data: HYPE, ENA and other tokens face large unlocks next week, with HYPE unlocking about $339 million

Hyperliquid (HYPE) will unlock about 3.75 million tokens at 8:00 AM Beijing time on October 6, representing about 1.69% of circulating supply and worth about $339 million. Ethena (ENA) will unlock about 172 million tokens at 3:00 PM Beijing time on October 5, representing about 1.88% of circulating supply and worth about $41 million. Babylon (BABY) will unlock about 136 million tokens at 8:00 AM Beijing time on October 10, representing about 4.60% of circulating supply and worth about $1.8 million. Movement (MOVE) will unlock about 165 million tokens at 8:00 PM Beijing time on October 9, representing about 3.8% of circulating supply and worth about $1.7 million.

CZ responds to New York Times report: giving away merchandise was only for promotion, not bribery

In response to New York Times reporter David Yaffe-Bellany's report implying that his giving away Binance merchandise was "bribery," CZ responded on social media that the reporter held obvious skepticism toward him and gave a misleading description. CZ clarified that giving away merchandise was meant to turn users into "walking billboards," and said that despite the report's bias, he was still grateful for the article. Related reading: New York Times: A look inside CZ's life in Abu Dhabi.

Michael Saylor hints at continuing to increase BTC holdings; Strategy's holdings worth about $72.29 billion

Michael Saylor's latest post on X, captioned "More orange than ever." and accompanied by a chart of Strategy's Bitcoin purchase records, is typically seen by the market as a signal that the company may again disclose an increase in BTC holdings. Data in the chart shows that as of October 4, Strategy held 847,666 bitcoins, with an average purchase cost of about $75,400 and a total value of about $72.29 billion.

CoinW has listed SI perpetual contracts, supporting up to 50x leverage

CoinW, a globally leading digital asset trading platform, has listed perpetual contracts for the popular meme token SI, supporting up to 50x leverage. Risk warning: Meme tokens are highly volatile, and contract trading may result in loss of principal. Please participate rationally and bear the risks yourself. CoinW has no affiliation with the listed company mentioned in the article. This service may not be available in certain jurisdictions.

Analysis: AI agents and tokenization drive the crypto bull market, institutions opening a Q4 positioning window

According to investment expert Jordy Visser's analysis in a recent interview, the cryptocurrency market has confirmed its entry into a bull trend, and as Bitcoin holds above $82,000, market FOMO sentiment is rapidly heating up. Visser pointed out that the core driver of the current market lies in the deep integration of AI and crypto technology, mainly reflected in the following three dimensions: 1. AI agent explosion: With the popularization of personal AI assistants such as Muse, AI agents are becoming active participants in the digital economy. Visser believes that when handling high-speed financial transactions, AI agents' rigid demand for instant settlement and security will significantly boost consumption demand for L1 public chains and crypto tokens, and effectively defend against the "agent swarm" risk in traditional financial settlement systems. 2. Institutional FOMO and Q4 rebalancing: The fourth quarter is a critical period for large institutions' annual performance settlement and strategic allocation. Visser observed that Wall Street institutions' attitude toward cryptocurrency has shifted from early wait-and-see to actively seeking positioning, especially in tokenization and stablecoin payments. He emphasized that institutions are trying to obtain crypto licenses and technology through "M&A rather than self-building" to prepare for the coming supercycle of asset tokenization. 3. Shift in macro narrative: Visser refuted traditional macro analysts' excessive concerns about high interest rates and economic recession. He believes that the productivity gains brought by AI have fundamentally changed the economic structure, with the tech sector's share of the S&P 500 index climbing to 56% and being insensitive to interest rates. He suggested that investors should move beyond the traditional "doomsday" mindset and focus on crypto ecosystems with actual cash flow and technological growth potential. Visser finally revealed that his "Visser Labs 46-asset crypto index" has risen 50% this year, significantly outperforming Bitcoin. He predicted that as tokenization accelerates, the wealth management industry will face enormous transformation pressure over the next year, and investors should position early to capture the dividends of this technological convergence.

Greenfield files complaint with Swiss regulator over Safe ecosystem foundation governance issues

According to Jascha Samadi, partner at European institutional-grade digital asset investment firm Greenfield Capital, the company has formally submitted a regulatory complaint against the Safe ecosystem foundation to the Swiss Federal Foundation Supervisory Authority (ESA). As a long-term holder since 2022, Greenfield Capital pointed out that Safe's market share in the self-custody infrastructure sector is significantly declining: since early 2024, the value of assets held in Safe accounts has fallen from about $66 billion to about $30 billion, while over the same period DeFi TVL grew about 40% and stablecoin supply grew 135%, yet Safe's stablecoin holdings grew only 11%. Greenfield Capital believes the root cause of the above problems lies in the foundation's governance failure. Since late 2025, the company has repeatedly recommended that the foundation replace experienced independent board members, bring in managers with infrastructure scaling experience, and establish a quantifiable KPI review mechanism, but none of these have been substantively adopted. This complaint aims to promote governance reform through regulatory intervention, rather than targeting individuals or vying for control. Greenfield emphasized that the move is intended to safeguard token holders' interests, enhance transparency and accountability, and ensure quality infrastructure is properly managed.

Nikkei 225 opens up 756.45 points, up 1.11%

The Nikkei 225 index opened up 756.45 points on Monday, up 1.11%, at 69,065.91 points, led by electronics and machinery stocks. The South Korean stock market is closed today.

A Hyperliquid whale's ETH short position has unrealized losses exceeding $30 million

According to Hyperliquid on-chain data, as of 08:19 on October 5, address 0xb83d…6e36 held a short position of about 78,000 ETH (worth about $213 million), with an average entry price of $2,340, current unrealized losses of about $30.29 million, and a liquidation price of about $4,291.

Data: Hyperliquid whales' BTC and ETH short positions both exceed long positions by more than 1.5x

According to Hyperliquid on-chain data, as of 08:19 on October 5, among the roughly 200 active addresses monitored by PANews' on-chain radar with values exceeding $3 million, BTC long positions were about $518 million and short positions about $830 million, a long/short ratio of 0.62; ETH long positions were about $687 million and short positions about $1.05 billion, a long/short ratio of 0.65.

Bank of Japan Deputy Governor Shinichi Uchida: AI is both a huge positive demand shock and may reshape core parameters of monetary policy

Bank of Japan Deputy Governor Shinichi Uchida said that artificial intelligence has become a key topic of discussion at monetary policy meetings of central banks, including the Bank of Japan. He pointed out that the adoption of AI has both positive and negative effects on productivity and the labor market: on the demand side, AI is a huge positive demand shock, exerting upward pressure on the economy and prices; on the supply side, AI may have positive effects by improving productivity and promoting capital stock accumulation. Initially, AI's impact on the demand side appears to manifest first, making financial conditions more accommodative overall, but if corporate profits fail to keep up, there is still a risk of correction (pullback). He also emphasized that AI will affect several core parameters of monetary policy formulation, including the output gap, financial conditions, and the "star variables" representing the economy's long-term equilibrium "natural rates."

Musk: Spreading superintelligence to the stars is a necessary condition for the great success of the biological bootloader

Musk posted on X that if humans are viewed as the "biological bootloader" for digital superintelligence, then spreading superintelligence to the stars can be seen as a necessary condition for the great success of the biological bootloader. The post he quoted revisited his 2014 view: he hoped humans would not be merely the "biological bootloader" for digital superintelligence, but believed this possibility is steadily increasing.

US 2025 tax year extended filing deadline is October 15; crypto traders need to verify filing information

The extended filing deadline for individual federal income tax returns for the US 2025 tax year is October 15. The Internal Revenue Service (IRS) stipulates that this deadline applies to taxpayers who have previously filed for an extension, and is not a new deadline specific to crypto assets; the extension only extends the filing time, not the payment time. For digital asset transactions in 2025, the Form 1099-DA provided by brokers may not include the cost basis, and taxpayers still need to calculate the relevant gains or losses themselves and report them as required.

Nikkei 225 breaks above 70,000 points, up 2.5% intraday

The Nikkei 225 index broke above 70,000 points, up 2.5% intraday.

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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Hyperliquid, a decentralized perpetual futures exchange, has made its perpetual contracts available on the Bloomberg Terminal, according to a report from @coinbureau. This marks a significant step for Hyperliquid, integrating its market data into a major professional workstation. The exchange, built on its own layer-1 blockchain, supports over 100 assets and handles its operations via HyperCore. The inclusion on Bloomberg Terminal suggests increasing institutional interest and represents a potential shift in how traditional finance engages with decentralized platforms.

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Market participants appear to view this development as supportive of scenarios where Hyperliquid’s market reach broadens, potentially influencing price predictions for the asset. Current market pricing on platforms like Polymarket suggests increased optimism about Hyperliquid’s ability to reach its price targets by the end of 2026. This optimism is reflected in the December 31 sub-market, which shows a 71.5% likelihood of Hyperliquid reaching $100, up from 68% just 24 hours ago.

Key Takeaways Hyperliquid’s integration with Bloomberg Terminal appears to enhance its visibility and accessibility to institutional investors. Market pricing suggests increased confidence in Hyperliquid meeting the $100 price target by the end of 2026, with current odds at 71.5% YES. The development may indicate a growing acceptance of decentralized platforms by traditional financial institutions. What to Watch The response from institutional investors and other exchanges could provide further indicators of Hyperliquid’s impact on the broader market. Monitoring Bloomberg’s future coverage and any potential strategic partnerships will be crucial. Additionally, any regulatory developments or changes in market sentiment could affect the outlook for Hyperliquid’s price trajectory as the year-end approaches.

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Term Structure

Contract Odds Δ since publish Volume 24h December 31 71.5% — — View market → January 1 2027 2.4% — — View market → January 1 2027 1.4% — — View market → January 1 2027 2.8% — — View market → January 1 2027 2.2% — — View market → January 1 2027 3.9% — — View market → January 1 2027 3.3% — — View market → January 1 2027 4.5% — — View market → January 1 2027 7% — — View market → January 1 2027 10.5% — — View market →

Photo: crazy motions / Pexels

Hyperliquid has received its first $14.58 million USDC payment, marking a significant step in funding HYPE token buybacks through the AQAv2 protocol. This development is part of Hyperliquid’s strategy to enhance its HYPE token value, leveraging the AQAv2 protocol activated in August 2026. This protocol directs about 90% of eligible USDC reserve yield into buybacks, indicating a shift from relying solely on fees. The infusion of USDC is expected to provide a recurring revenue stream, aligning with market expectations of improved liquidity and demand for HYPE.

Key Takeaways Market pricing suggests the USDC payment to Hyperliquid could positively influence sentiment regarding the HYPE token. The use of AQAv2 to channel USDC yields into buybacks appears supportive of maintaining or increasing HYPE’s market price. Observers indicate this development might reflect a broader strategy to bolster Hyperliquid’s competitive position through increased liquidity. What to Watch Markets will likely monitor subsequent USDC payments and their impact on HYPE buybacks, which could sway sentiment and pricing. Any additional announcements regarding partnerships or further financial inflows might reinforce market confidence. Key developments in Hyperliquid’s strategic initiatives or market listings could further influence the probability of reaching price targets by the end of 2026.

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Term Structure

Contract Odds Δ since publish Volume 24h December 31 71.5% — — View market → January 1 2027 2.4% — — View market → January 1 2027 1.6% — — View market → January 1 2027 2.8% — — View market → January 1 2027 2.2% — — View market → January 1 2027 5.5% — — View market → January 1 2027 3.3% — — View market → January 1 2027 4.5% — — View market → January 1 2027 7% — — View market → January 1 2027 10% — — View market →

The crypto market will welcome tokens worth $1.11 billion in early October 2026. Major projects, including Hyperliquid (HYPE), Ethena (ENA), and Aptos (APT), will release significant new token supplies. 

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

1. Hyperliquid (HYPE) Unlock Date: October 6 Number of Tokens to be Unlocked: 3.75 million HYPE Released Supply: 474.83 million HYPE Total Supply: 1 billion HYPE Hyperliquid is a leading decentralized perpetual futures exchange built on its own Layer-1 blockchain. It offers high-performance trading with low latency, on-chain order books, and sub-second transaction finality.

On October 6, the team will unlock 3.75 million HYPE worth $340 million. The tokens account for 1.69% of the released supply.

HYPE Crypto Token Unlock in October. Source: TokenomistThe team previously announced that the unlocked supply is going to one institutional buyer.

2. Ethena (ENA) Unlock Date: October 5 Number of Tokens to be Unlocked: 171.88 million ENA  Released Supply: 9.15 billion ENA Total Supply: 15 billion ENA Ethena is a synthetic dollar protocol built on Ethereum (ETH). The protocol’s flagship product is USDe, a synthetic dollar stablecoin. Furthermore, ENA is the protocol’s governance token.

The team will release 171.88 million ENA tokens on October 5. The tokens, worth $41.52 million, account for 1.88% of the released supply.

ENA Crypto Token Unlock in October. Source: TokenomistEthena will award 93.75 million tokens to core contributors. In addition, investors will receive 78.13 million ENA.

3. Aptos (APT) Unlock Date: October 11 Number of Tokens to be Unlocked: 11.31 million APT Released Supply: 1.76 billion APT Total supply: 2.55 billion APT (Y2035) Aptos is a Layer-1 blockchain platform designed for scalability, security, and efficiency in decentralized applications (dApps) and Web3 ecosystems. It utilizes the Move programming language to enable high-throughput transactions and smart contract execution.

Aptos will release 11.31 million tokens on October 11. The tokens are worth $9.06 million. It represents 0.64% of the released supply.

APT Crypto Token Unlock in October. Source: TokenomistThe team will award 3.96 million APT to core contributors. The community and investors will get 3.21 million and 2.81 million tokens, respectively. Additionally, Aptos will allocate 1.33 million tokens to the foundation.

In addition to these three, Aerodrome Finance (AERO), Movement (MOVE), and Babylon (BABY) will also see a new supply entering the market this week.

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

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

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Table of contents

Hyperion DeFi, Inc. (NASDAQ: HYPD), the first publicly listed U.S. company building on the Hyperliquid blockchain, said on October 2 that it repurchased 240,124 HYPD shares and retired roughly $8.6 million of legacy debt, with the paydown partially funded by HYPE token sales, according to a press release filed with the SEC.

The Dallas-based company bought back 240,124 common shares at a weighted average price of $3.21 per share, before costs and fees, and repaid all outstanding principal and interest under its loan agreement with Avenue Capital. The move leaves Hyperion DeFi with no long-term debt outstanding. Chief Executive Officer Hyunsu Jung said September brought raised guidance, the start of buybacks, the debt paydown and several new business announcements, and thanked Avenue Capital for supporting the shift away from the company’s former biotech brand, Eyenovia.

A treasury funded partly by HYPE As of September 30, the company held about $14.5 million in cash, cash equivalents and stablecoins and owned 1.85 million HYPE tokens, with roughly 15.44 million HYPD shares outstanding. HYPE is the native token of Hyperliquid, a layer-one blockchain built for high-frequency trading, and has traded on major venues since Binance listed it with a seed tag in September. The company said more than 47 million HYPE have been autonomously purchased and sequestered by the network from trading fees on its central limit order books. The network settles orders, cancellations and liquidations in 70-millisecond block times and also runs HyperEVM, a smart-contract platform for permissionless DeFi applications, according to the filing. Staking HYPE grants holders lower trading fees and higher referral bonuses on the network.

From biotech to onchain DeFi Hyperion DeFi describes itself as the first U.S.-listed DeFi company on Hyperliquid, offering shareholders exposure to HYPE through staking yield and onchain utility revenue. The business is expanding alongside a broader build-out of the Hyperliquid borrowing and lending services launched this year. The filing’s forward-looking statements, including plans to scale its onchain DeFi businesses and further optimize its capital structure, remain subject to market and regulatory risks, and the company did not set a timetable for additional buybacks. It provides investors with streamlined access to what it describes as one of the fastest-growing blockchains. The company did not disclose a total dollar value for the repurchase beyond the share count and average price.

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Entrepreneur and freelance writer based in Nakuru, Kenya. I cover cryptocurrency, the Blockchain technology, and financial topics. It’s my joy to transform the simplest phrases in a way they reach a reader’s heart to help them discover how crypto is disrupting the world as we have known it. I believe in transforming the world, one word at a time.

Solana has surpassed Ethereum, its main Layer 2 networks, and Hyperliquid combined in daily spot decentralized exchange (DEX) trading volume, according to data provided by Blockworks Research. On October 3, Solana’s spot DEX volume reached $3.06 billion, marking a significant lead in the onchain trading landscape.

Solana, a high-performance blockchain platform known for its fast transaction speeds and low fees, has seen a considerable increase in market influence throughout 2026. Research by 21Shares, an ETP issuer and crypto research provider, indicated that Solana captured over 36% of global spot DEX volume in the first half of 2026. This figure is nearly double the share held by Ethereum, even though Solana accounted for approximately 9.5% of smart-contract blockchain market capitalization during the period.

Data tracked by DefiLlama revealed that Solana processed roughly $78 billion in 30-day DEX volume, compared with about $42 billion on Ethereum. These figures position Solana among the top networks for decentralized trading activity.

Blockworks Research has noted that its data methodology is stricter than some other providers. Its dashboard only accounts for transactions involving tokens it tracks, which is intended to filter out suspicious activity associated with obscure or unverified assets. This filtering approach can result in lower overall volume totals compared to raw onchain statistics.

NetworkDaily Spot DEX Volume (Oct 3)30-Day Total DEX VolumeSolana$3.06 billion$78 billionEthereumIncluded in combined benchmark$42 billionMini dictionary: Blockworks Research is a digital asset analytics firm that provides data dashboards, market research, and real-time insights on blockchain trading, allowing users to track volume, liquidity, and protocol-specific activity across several blockchain networks.

Trading dynamics shift: Fewer memecoins, more stablecoinsAlong with higher overall volumes, Solana’s trading activity is experiencing a notable shift in the types of assets exchanged. Findings from 21Shares suggest that memecoins accounted for 16% of Solana’s spot DEX volume in H1 2026, a reduction from 40% in the previous year. Meanwhile, the share of stablecoin swaps increased to 19%, up from 6% the year before.

This change suggests a move away from speculative tokens towards greater use of stablecoins and tokenized equities, reflecting a more diversified and mature trading environment. Blockworks Research also placed Solana second in median weekly spot volume among measured venues in 2026, behind Binance.

Despite record spot DEX volumes, Solana’s share by dollar value remains below 1% of either the Nasdaq or NYSE. However, the total trade count on Solana recently reached approximately 208 million weekly transactions, outpacing the 189 million weekly trades reported by the NYSE for the same comparison period.

On October 3, Solana recorded $3.06 billion in daily spot DEX volume, exceeding the combined total for Ethereum, its Layer 2 networks, and Hyperliquid. During the first half of 2026, Solana held more than 36% of global spot DEX volume, nearly double Ethereum’s share.

Benchmarks highlight different measures of activityThe results from recent trading activity illustrate the difference between dollar volume and transaction count as ways of measuring decentralized trading. On October 3, based on total spot DEX dollar volume, Solana led the combined benchmark set by Ethereum, Layer 2s, and Hyperliquid.

Analysts believe this shift signals that Solana is strengthening its position as a leading network for onchain spot execution, though major competitors like Ethereum, its L2s, and Hyperliquid remain prominent in the market.

Hyperliquid is transforming Circle’s reserve yield into a direct source of HYPE buyback demand. This transformation will change the way the protocol’s revenue returns to its token holders.

In essence, this agreement directs all of the AQA yield generated by an existing $6.07 billion treasury to be returned directly to Hyperliquid.

Using a 3% interest assumption, this results in approximately $498,580 in daily purchase power. Assuming each Hype token costs $88, at the above rate the flows can burn approximately 5,684 tokens per day or increase the burn by 25% relative to its current average.

Source: X Furthermore, because the mechanism has been designed to scale directly with the size of Circle’s reserves, it allows the purchase power for burns to increase as more assets are deposited.

Therefore, Hyperliquid has created a new source of recurring demand for HYPE. In doing so, it strengthens HYPE’s overall tokenomics, creating greater opportunity for burning HYPE.

AQAv2 yield begins HYPE buybacks That proposed buyback mechanism is transitioning from conceptual to implementation. Hyperliquid’s System Interest Address has confirmed receipt of the first AQAv2 Reserve Payment, thus proving actual revenue flowing into the system.

Of the $14.58 million in USD Coin [USDC] generated from this source, only $2 has currently entered the Assistance Fund. However, there is still $14,580,777.21 in USDC awaiting to be transferred from the reserve account to the assistance fund.

Source: Hyperliquid Ecosystem The significance of this distinction lies within the fact that the reserve yields have been successfully recorded. Therefore, once these funds enter the Assistance Fund, they may then be converted by Hyperliquid into buyback activities.

Hence, the pending transfer is what needs to occur in order for the reserve income to become realized HYPE deflation.

Tate moves HYPE to Binance Meanwhile, Tate’s latest move has shifted focus off of Hyperliqd’s buybacks towards possible sources of HYPE liquidity. He transferred 20,950 HYPE, worth approximately $1.87 million, to Binance.

Despite that move, this action in itself doesn’t confirm that the HYPE was sold. Therefore, the remaining 63,550 HYPE will likely gain even greater importance. This remaining balance is approximately $5.62 million and is still out of exchange.

Thus, there are many options left open with regard to future deposit possibilities should selling become an attractive option.

Source: Lookonchain According to Lookonchain data, Tate realized over $7.24 million in profit with the sale of HYPE. This is indicative of the size of profits that exist at this time for people who have purchased HYPE at levels below $4.48.

Thus, future exchange transactions may counteract some of the demand created by Hyperliquid’s stated intention to repurchase HYPE. In turn, this would increase sell-side pressure, making wallet movements increasingly important for HYPE’s price going forward.

Final Summary

Michael Saylor has once again released Bitcoin Tracker information, potentially signaling additional BTC purchases.

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