According to official announcements, OKX will launch spot trading for Solstice (SLX) at 20:00 on July 10. Users can start depositing assets at 10:00 the same day, pre-place orders for SLX/USDT between 19:00 and 20:00, and withdrawals will open at 22:00.
7 minutes ago
The AI arms race has driven record bond issuance by tech giants, with six major tech companies issuing $182 billion in investment-grade bonds this year.
The Kobeissi Letter noted in a post that the AI arms race is driving large technology companies to borrow at record levels. Data shows that since the start of 2026, Amazon, Alphabet, Nvidia, Meta, Oracle, and SpaceX have issued a record $182 billion in investment-grade bonds, a 1,300% jump from roughly $13 billion in the same period of 2025. These six firms account for nearly 15% of total U.S. corporate bond issuance so far this year, and contribute over 50% of the growth in this year’s corporate bond market. Meanwhile, the U.S. market has seen a record seven bond transactions worth $25 billion or more, matching the total number of such deals between 2019 and 2025. Six of these seven large bond deals came from the aforementioned six companies, with the remaining one from Salesforce. AI-related capital demand is reshaping the corporate bond market.
7 minutes ago
A whale opened a long position on SK Hynix worth $22.8 million, likely betting that its US ADRs will continue rising after tonight's market opening.
According to on-chain analyst firm Yu Jin Monitoring, half an hour ago, crypto whale "AllegraSeam" transferred 20.32 million USDC to Hyperliquid and opened a long position in SKHX (SK Hynix) worth roughly $22.8 million at a price of $1,480. The day before yesterday, another whale also opened a long position in SKHX valued at around $30 million at $1,411. The market appears to be betting that SK Hynix’s US-listed ADR will continue rising after tonight’s opening. SK Hynix’s US ADR is priced at $149, corresponding to a Korean stock price of approximately $1,490, and SKHX’s current price is near this level.
7 minutes ago
MiniMax Founder: Will No Longer Draw a Salary, Allocates 5% of Personal Company Shares for Team Incentives and Open-Source Support
MiniMax founder and CEO Yan Junjie has released an internal all-staff letter addressing recent market volatility, stressing the company’s long-term direction remains unchanged. In the letter, Yan announced that effective immediately, he will forgo all salary from the company until the day MiniMax achieves AGI. Over the next four years, he will allocate 4% of his personal shareholding in the firm to incentivize team members who have long stood by the company and co-created value. Additionally, he will set aside 1% of his shares to establish a special fund to continuously support the development of relevant open-source communities. (Jinshi)
7 minutes ago
South Korea’s KOSPI index climbed more than 4% intraday, with Samsung Electronics surging over 5%.
According to Bitget data, South Korea’s KOSPI index rose 4.52% intraday, now standing at 7596.58 points. In terms of individual stocks, SK Hynix gained 2.6% and Samsung Electronics increased by over 5%.
7 minutes ago
BitMine is suspected of having once again increased its holdings of 20,500 ETH, valued at $35.92 million.
According to Lookonchain's monitoring, BitMine purchased another 20,500 ETH from Galaxy Digital six hours ago, valued at $35.92 million.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
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.
Bitwise just reshuffled its marquee crypto index fund, and two familiar names didn’t make the cut. The asset manager removed Polkadot (DOT) and Avalanche (AVAX) from the Bitwise 10 Crypto Index ETF (BITW) on July 9, replacing them with Hyperliquid (HYPE) at a 0.93% weighting and Stellar (XLM) at 0.38%.
Here’s the thing: DOT and AVAX were part of the original roster when BITW debuted on the NYSE Arca back in December 2025. Their tenure lasted roughly six months.
What changed and why it matters BITW tracks a market-cap-weighted index of the ten largest crypto assets. HYPE currently sits as approximately the 10th largest cryptocurrency by market capitalization, hovering around $15 billion. That ranking is driven largely by the protocol’s dominance in decentralized perpetual futures trading.
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Stellar slotted in at a more modest 0.38% allocation. XLM has been around since 2014, making it one of the elder statesmen of the altcoin world.
Hyperliquid’s supply problem Only about 22% of HYPE’s total supply of 1 billion tokens is currently circulating. That means roughly 780 million tokens are still locked up, waiting for their scheduled release. When you do the math on full dilution, HYPE’s valuation could stretch toward $64 billion, a figure that would place it comfortably in the top five crypto assets by market cap.
The protocol’s buyback mechanism, which uses trading fees to repurchase HYPE from the open market, acts as a counterweight to supply pressure.
Bitwise is doubling down regardless Bitwise launched a dedicated Spot Hyperliquid ETF, ticker BHYP, on May 15 with a sponsor fee of 0.34%. That product also includes staking options, meaning investors can earn yield on their HYPE exposure through the fund.
What investors should actually watch With 78% of supply still locked, even moderate unlock events could meaningfully impact price. Investors holding BHYP or BITW should understand that their exposure to HYPE carries dilution risk that Bitcoin and Ethereum holdings simply don’t.
The 0.34% sponsor fee on BHYP is aggressive by crypto fund standards, and it signals that fee competition among crypto ETF issuers is intensifying. For investors, lower costs mean more of the returns end up in their pockets rather than the fund manager’s.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
@Bitwise has dropped Polkadot ($DOT) and Avalanche ($AVAX) from its flagship Bitwise 10 Crypto Index ETF (BITW) and replaced them with Hyperliquid ($HYPE) and Stellar ($XLM). The reshuffle, announced July 9, 2026, marks one of the sharpest generational shifts the fund has seen since its NYSE Arca debut.
From last-cycle blue chips to the sidelines Both $DOT and $AVAX were considered premier layer-1 assets through the 2021 bull market. Neither token loses anything on-chain as a result of this change, but their exit from one of crypto's most prominent passive products carries a symbolic weight. Both had been considered blue-chip layer-1 assets for much of the previous bull cycle, but the reconstitution process, built around constituent weight optimization and market capitalization rankings, determined they no longer meet the threshold for inclusion. Both coins had joined BITW at its NYSE Arca debut in December 2025 and lasted roughly six months.
$HYPE's $15 billion market value is 10 times $DOT's and five times $AVAX's. That gap in market cap, not sentiment, is what drives the BITW methodology. BITW seeks to track an index of the 10 largest crypto assets, screened by the experts at Bitwise, weighted by market cap, and rebalanced monthly.
$HYPE earns its seat on volume, not narrative $HYPE posted $1.34 trillion in trading volume and $320 million in revenue in the first half of 2026, with a 165% year-to-date gain. Those numbers put it in a different conversation from most crypto assets, and Bitwise's index methodology picked up on that shift. The rebalance results show $HYPE entering at a 0.93% weight, making it the fund's fifth-largest holding, ahead of Cardano, Chainlink, Litecoin, and Sui. Bitcoin still accounts for 77.54% of the fund.
Hyperliquid is a decentralized perpetuals exchange, a DeFi-native infrastructure play rather than a layer-1 general-purpose blockchain. Its entry alongside established names suggests the index is increasingly willing to weight real economic activity, revenue generation, and on-chain volume as markers of legitimacy. The majority of trading revenues, approximately 95% or more, are used to buy back $HYPE tokens on the open market, reducing supply and supporting the price.
Bitwise's interest in Hyperliquid is not limited to the index. The Bitwise Hyperliquid ETF (NYSE: BHYP) began trading on May 15, 2026. $HYPE ETFs have crossed $100 million in cumulative net inflows as traditional finance investors increased exposure to Hyperliquid. Index inclusion tends to drive passive demand, and exclusion can quietly work the other way, meaning the exit of $DOT and $AVAX from BITW could further weigh on already-depressed prices for both tokens.
BITW rebalances monthly and weights assets by market cap after screening, meaning tokens can enter or leave the fund when rankings, liquidity, and index checks change. For $HYPE, the more pressing question is whether it can hold its seat at the next reconstitution.
Sources:
Bitwise Drops 2 Altcoins From Flagship Crypto ETF (Yahoo Finance / BeInCrypto)
Bitwise Launches Spot Hyperliquid ETF (BHYP) - Bitwise Official
Hyperliquid lands in Bitwise 10 ETF after 165% HYPE rally (Crypto.news)
Changpeng “CZ” Zhao, the man who built the world’s largest crypto exchange and then went to prison for its compliance failures, has some thoughts about Hyperliquid. Speaking on the Galaxy Brains podcast on June 10, CZ called Hyperliquid’s high-performance Layer-1 blockchain and no-KYC perpetual futures trading model “awesome.” In the same breath, he made it clear he would never touch that approach himself. “I would never do what they do,” he said, pointing to the very personal consequences he faced when Binance’s own compliance infrastructure fell short.
Binance was hit with a $4.3 billion fine in 2023 for KYC and anti-money laundering violations. CZ personally served a four-month prison sentence as part of the settlement. He acknowledged that Binance, as a centralized exchange with identifiable leadership and corporate structure, simply cannot operate the way Hyperliquid does. Hyperliquid, by contrast, positions itself as a decentralized protocol, which at least theoretically puts it in a different regulatory category.
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Inside Hyperliquid’s model Hyperliquid launched its Layer-1 blockchain in 2023 and has since grown into one of the most active decentralized trading venues in crypto. Users connect their wallets and start trading perpetual futures instantly. No identity verification, no waiting period, no compliance friction. By 2025, it was handling hundreds of billions monthly in transaction volume.
Hyperliquid’s decentralization claims deserve some scrutiny. The network runs on just 24 validators. The Hyper Foundation controls approximately 60% of the governance stake. CZ himself pointed to this dynamic, noting that Hyperliquid is controlled by a small team. If regulators ever decide to come after the platform, that concentrated control structure could make it easier to identify responsible parties than a truly distributed protocol would.
HYPE token rides the wave The HYPE token, native to the Hyperliquid ecosystem, is trading near its all-time high around $76 to $77, with a market capitalization exceeding $15 billion. CZ’s remarks appear to have contributed to renewed enthusiasm around the token. The price surge came without any immediate regulatory repercussions.
What this means for investors The investment case for HYPE comes down to a single bet: can a no-KYC trading platform continue operating at scale without facing the kind of enforcement action that nearly destroyed Binance? Hyperliquid’s concentrated governance structure, with 24 validators and a foundation controlling roughly 60% of stake, means there are identifiable entities that regulators could target. A protocol where a single foundation holds supermajority governance power is, functionally, more like a company than a truly decentralized network, meaning decision-making could change rapidly and tokenomics could be altered based on the preferences of a small group.
Investors should watch for two signals above all else. First, any regulatory action or formal investigation targeting Hyperliquid or similar no-KYC platforms, particularly from US authorities, would immediately reprice the risk. Second, any moves by the Hyper Foundation to distribute governance stake more broadly would strengthen the decentralization argument and potentially reduce regulatory exposure.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Bitwise has added Hyperliquid’s HYPE token to the Bitwise 10 Crypto Index ETF, known by the ticker BITW. The move places HYPE inside a fund that gives investors exposure to a basket of large crypto assets rather than a single token.
Summary
Hyperliquid entered BITW after strong trading activity pushed HYPE into Bitwise’s top large-cap crypto basket. DOT and AVAX lost BITW spots as HYPE and XLM met the index’s rebalancing criteria. Crypto.news coverage shows HYPE ETF demand rose quickly before early outflows tested the narrative later. Bitwise 10 Crypto Index ETF (BITW) Adds HYPE, Removes DOT and AVAX
Bitwise has officially added Hyperliquid (HYPE) to the Bitwise 10 Crypto Index ETF (BITW), the world's largest crypto index fund. Hyperliquid posted strong performance in the first half of 2026, recording $1.34… pic.twitter.com/3eF4tiPpj4
— Wu Blockchain (@WuBlockchain) July 9, 2026 Bitwise describes BITW as the “world’s first and largest crypto index fund.” The product tracks the Bitwise 10 Large Cap Crypto Index, which covers the largest screened crypto assets by market value.
DOT and AVAX leave the basket The latest holdings data, dated July 7, 2026, show Hyperliquid in the fund with a weight close to 1%. Reports placed HYPE’s share near 0.95%. The same update also showed Stellar entering the fund, while Polkadot and Avalanche were removed.
The change follows Bitwise’s latest index reconstitution. BITW rebalances monthly and weights assets by market cap after screening. That means tokens can enter or leave the fund when rankings, liquidity, and index checks change.
Hyperliquid’s growth draws more attention Hyperliquid has gained more market attention this year because of its trading activity. The platform reportedly recorded $1.34 trillion in trading volume and $320 million in revenue in the first half of 2026. HYPE was also reported to have gained 165% year-to-date before entering BITW.
The move also follows rising interest in HYPE-linked products. Crypto.news reported that HYPE ETFs crossed $100 million in cumulative net inflows as traditional finance investors increased exposure to Hyperliquid. Another crypto.news report later noted that the Bitwise HYPE ETF saw its first daily outflow after 16 straight inflow days.
Index entry adds visibility for HYPE HYPE’s addition gives Hyperliquid more visibility inside a diversified crypto product. For investors, the entry means HYPE now sits inside a familiar index wrapper managed by Bitwise. Still, its fund weight remains small compared with Bitcoin and Ethereum.
Bitwise’s holdings remain subject to change because BITW adjusts with the market. HYPE’s entry shows that Hyperliquid has reached the size and market standing needed for Bitwise’s index basket. Future rebalances could change the mix again if market caps and screening results move.
Perpetual futures are on track to become one of the dominant trading instruments in global finance, with decentralized exchange Hyperliquid demonstrating how blockchain-based infrastructure could challenge traditional markets, according to Pantera Capital.
The blockchain-focused asset manager said in a Wednesday X post that perpetual futures offer structural advantages over traditional derivatives, including 24/7 trading, no contract expiries, simpler position management and continuous price discovery, making them increasingly attractive beyond crypto markets.
Pantera, an investor in the Hyperliquid ecosystem, said Hyperliquid has become the leading example of that shift by expanding perpetual futures beyond cryptocurrencies into equities, commodities and stock indices as part of founder Jeff Yan's vision of “housing all of finance.”
Hyperliquid's growth has drawn attention from traditional finance, including NYSE parent Intercontinental Exchange (ICE), whose CEO, Jeffrey Sprecher, urged regulators to create a "level playing field" for launching 24/7 onchain perpetual futures contracts.
Pantera Capital said Hyperliquid has increased the market share of onchain perps, as DEX perps volumes rose to 14% of centralized exchange (CEX) perps volume, up from less than 1% in early 2023 when Hyperliquid first launched.
Hyperliquid accounts for roughly 40% of onchain perpetual futures trading volume, according to Pantera. It ranks as the fourth-largest fee-generating protocol in the crypto industry, generating $13.5 million in weekly fees in the past seven days, according to DefiLlama data.
Top protocols by weekly fees generated. Source: DefiLlama
Traditional finance embraces 24/7 marketsCryptocurrency platforms and TradFi institutions are bringing more traditional investment products under blockchain wrappers.
On May 22, OKX announced plans to launch perpetual futures based on ICE's Brent crude and West Texas Intermediate crude benchmarks under a partnership with the exchange operator.
Earlier in March, the NYSE partnered with tokenization platform Securitize as part of a broader effort to develop blockchain-based stock trading infrastructure with 24/7 trading and settlement for Wall Street.
In January, the NYSE’s parent company, the Intercontinental Exchange (ICE), shared plans for a tokenized securities venue designed for 24/7 trading, instant settlement, stablecoin-based funding and onchain settlement.
Magazine: The 5 types of real world assets being tokenized fastest onchain
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
Perpetual futures are on track to become one of the dominant trading instruments in global finance, with decentralized exchange Hyperliquid demonstrating how blockchain-based infrastructure could challenge traditional markets, according to Pantera Capital.
The blockchain-focused asset manager said in a Wednesday X post that perpetual futures offer structural advantages over traditional derivatives, including 24/7 trading, no contract expiries, simpler position management and continuous price discovery, making them increasingly attractive beyond crypto markets.
Pantera, an investor in the Hyperliquid ecosystem, said Hyperliquid has become the leading example of that shift by expanding perpetual futures beyond cryptocurrencies into equities, commodities and stock indices as part of founder Jeff Yan's vision of “housing all of finance.”
Hyperliquid's growth has drawn attention from traditional finance, including NYSE parent Intercontinental Exchange (ICE), whose CEO, Jeffrey Sprecher, urged regulators to create a "level playing field" for launching 24/7 onchain perpetual futures contracts.
Pantera Capital said Hyperliquid has increased the market share of onchain perps, as DEX perps volumes rose to 14% of centralized exchange (CEX) perps volume, up from less than 1% in early 2023 when Hyperliquid first launched.
Hyperliquid accounts for roughly 40% of onchain perpetual futures trading volume, according to Pantera. It ranks as the fourth-largest fee-generating protocol in the crypto industry, generating $13.5 million in weekly fees in the past seven days, according to DefiLlama data.
Top protocols by weekly fees generated. Source: DefiLlama
Traditional finance embraces 24/7 marketsCryptocurrency platforms and TradFi institutions are bringing more traditional investment products under blockchain wrappers.
On May 22, OKX announced plans to launch perpetual futures based on ICE's Brent crude and West Texas Intermediate crude benchmarks under a partnership with the exchange operator.
Earlier in March, the NYSE partnered with tokenization platform Securitize as part of a broader effort to develop blockchain-based stock trading infrastructure with 24/7 trading and settlement for Wall Street.
In January, the NYSE’s parent company, the Intercontinental Exchange (ICE), shared plans for a tokenized securities venue designed for 24/7 trading, instant settlement, stablecoin-based funding and onchain settlement.
Magazine: The 5 types of real world assets being tokenized fastest onchain
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
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.
Crypto-related stocks in U.S. markets continued their rally during trading hours, with MARA surging 15.27%.
According to market data from BIT (bit.com), US-listed crypto-related stocks continued to strengthen during intraday trading. Details: Strategy (MSTR) rose 2.11%; Circle (CRCL) gained 0.83%; MARA Holdings (MARA) surged 15.27% after announcing the acquisition of a Texas-based 2000MW computing power park project company for up to $600 million; Riot Platforms (RIOT) climbed 6.1%.
1 hours ago
JPMorgan: The biggest risk for Bitcoin is not Strategy’s sell-off, but blockchain adoption that bypasses public chains and tokens.
JPMorgan Chase’s analyst team noted that the market views Strategy’s Bitcoin sale plan as a key risk for the crypto sector, but it is not a major structural threat to Bitcoin. The more fundamental risk lies in tokenization, payments, and settlements increasingly taking place on permissioned infrastructure that does not rely on public blockchains. If this trend continues, the entire crypto ecosystem could face a "structural downgrade"—marked by slower transaction activity, reduced liquidity, and weaker capital inflows—ultimately weighing on Bitcoin. The analysts stated bluntly: "In our view, a more significant risk stems from the way blockchain is adopted in traditional finance, which continues to bypass public, permissionless networks." The analysts explained that institutional adoption so far has clearly favored permissioned chains, as they offer advantages in privacy, KYC/AML controls, governance, throughput, legal accountability, and regulatory certainty, posing a competitive threat to public blockchains like Ethereum. If tokenized deposits are widely adopted—especially in non-transferable forms favored by regulators—it could reduce demand for stablecoins in institutional payments and settlements; SWIFT’s blockchain initiative and central bank digital currency (CBDC) projects such as the digital euro and digital renminbi further strengthen regulated alternatives. In the roughly $500 billion tokenized real-world assets market, while Ethereum currently holds a certain share, this likely reflects early-stage experimentation rather than the market’s long-term structure. As institutional adoption grows, issuance, custody, settlement, and lifecycle management will likely be conducted more on private or permissioned infrastructure that meets requirements for identity, confidentiality, and operational resilience, with public blockchains used only for distribution and limited secondary trading.
1 hours ago
Security Warning: Abnormal on-chain fund flows detected for the CodexField project on BNB Chain.
On-chain investigator Specter has issued a community security alert, warning of potential fund misappropriation risks associated with the CodexField project on BNB Chain. On-chain tracking shows the project has amassed over $85 million in funds. Specter detected abnormal on-chain fund flows yesterday: a wallet bridged 17.3 million USDT from TRON to Ethereum, then swapped the tokens for DAI via Bitget Swap on Polygon. So far, $6.5 million has been transferred out, while the remaining $10.8 million is still in transit. The funds were originally bridged from Ethereum to TRON roughly six months ago, and the source wallet is linked to CodexField’s deposit contract. Below are key addresses for users to verify on their own: EVM: 0xBc606358910b3720d136F0d4Ce12b759C270747a TRON: TQNTEYadFVVQeobBtctSjurJ5RpfBsTmqh, TAzpg8L1WkkzCxxZk8TYnvaRYahehh52MK Related deposit contract: 0x9E6A75b546B65E7B9D34E2c9aB8Fe224B9aA52AA Additional red flags: The project requires a minimum $100 deposit for participation. Blockchain security tool Blocksec MetaSuites initially labeled the deposit contract as "Fake CodexField", but Specter’s follow-up investigation found the contract is actually operated by the CodexField team itself. The project uses multiple domains and subdomains to collect user deposits, and the team previously shared these domains via official channels. Its fund flow pattern is unusual, deviating from standard fund management practices: the project bridges funds across multiple blockchains, routes them through intermediate wallets, and ultimately sends assets to centralized exchanges. Specter noted that based on on-chain activity, the project warrants high vigilance. It advises all users interacting with CodexField to exercise extreme caution until the team provides a transparent explanation of its fund movements.
1 hours ago
Post-quantum cryptography management platform QIZ Security closes $17 million seed round.
QIZ Security, a crypto posture and post-quantum cryptography (PQC) management platform, announced the completion of a $17 million seed funding round, led by Bessemer Venture Partners and Merlin Ventures, with participation from Evolution Equity Partners, Qbeat Ventures, Singtel Innov8, and Qino Cyber Capital. The capital will be used to accelerate product R&D and market expansion. QIZ Security was co-founded by Ben Volkow, Lenny Ridel, and Itan Barmes; the team has years of experience in cybersecurity, enterprise services, and post-quantum transformation, with Barmes previously leading Deloitte’s global quantum cybersecurity readiness team. Its platform helps enterprises identify and assess crypto asset risks and implement remediation measures, and is currently applied in industries including finance, telecommunications, healthcare, and critical infrastructure. It has also established partnerships with Cisco, AWS, Google, CrowdStrike, Deloitte, EY, and IBM, among others.
1 hours ago
Hyperliquid recommends that the U.S. Commodity Futures Trading Commission (CFTC) formally recognize that on-chain protocols are not required to register, and non-custodial wallets do not serve as financial intermediaries.
Hyperliquid Policy Center (HPC) and Phantom have jointly submitted comments to the U.S. Commodity Futures Trading Commission (CFTC) in response to the agency’s request for feedback on whether existing rules keep pace with the evolution of financial technology, proposing to explicitly extend the distinction between "building tools" and "operating regulated businesses" to on-chain markets. The comments note that software engineers have been developing matching engines for regulated futures trading platforms for decades, and the CFTC has never classified them as trading platform operators. However, developers in the digital asset sector have long lacked such clarity, forcing many to opt for offshore development. The current CFTC, led by Chairman Selig, is working to address this gap and carve out room for innovation for fintech firms in digital asset and derivatives markets. The two entities put forward three key recommendations: First, explicitly confirm that merely publishing on-chain protocol software itself does not require registration — a factor often decisive for engineers when choosing where to develop. Second, establish a clear path for the CFTC’s registration bodies to operate regulated functions using on-chain infrastructure, enabling trading platforms and clearinghouses to replace decades-old legacy systems with transparent infrastructure. Third, formalize Phantom’s recent no-action letter into official rules, eliminating the need for self-custody wallet providers to apply for approved exemptions on a case-by-case basis. HPC and Phantom stress that self-custody and transparent on-chain systems can embed investor protection directly into technology, while regulated intermediaries retain responsibility for issues that technology cannot resolve independently. This approach will bring the next generation of financial markets within reach of U.S. consumers.
1 hours ago
Micron raises its U.S. investment plan to $250 billion, betting on demand for AI memory chips.
Micron Technology plans to increase spending on its new U.S. factory to $250 billion to meet the surging demand for memory chips driven by the global artificial intelligence boom. The move adds $50 billion to Micron’s previously announced $200 billion commitment to expanding domestic U.S. chip manufacturing, covering projects in New York, Idaho, and Virginia. The expenditure is expected to run through 2035, and will help the company achieve its target of producing 40% of its DRAM products in the U.S. within the next decade.
Crypto-related stocks in U.S. markets continued their rally during trading hours, with MARA surging 15.27%.
According to market data from BIT (bit.com), US-listed crypto-related stocks continued to strengthen during intraday trading. Details: Strategy (MSTR) rose 2.11%; Circle (CRCL) gained 0.83%; MARA Holdings (MARA) surged 15.27% after announcing the acquisition of a Texas-based 2000MW computing power park project company for up to $600 million; Riot Platforms (RIOT) climbed 6.1%.
1 hours ago
JPMorgan: The biggest risk for Bitcoin is not Strategy’s sell-off, but blockchain adoption that bypasses public chains and tokens.
JPMorgan Chase’s analyst team noted that the market views Strategy’s Bitcoin sale plan as a key risk for the crypto sector, but it is not a major structural threat to Bitcoin. The more fundamental risk lies in tokenization, payments, and settlements increasingly taking place on permissioned infrastructure that does not rely on public blockchains. If this trend continues, the entire crypto ecosystem could face a "structural downgrade"—marked by slower transaction activity, reduced liquidity, and weaker capital inflows—ultimately weighing on Bitcoin. The analysts stated bluntly: "In our view, a more significant risk stems from the way blockchain is adopted in traditional finance, which continues to bypass public, permissionless networks." The analysts explained that institutional adoption so far has clearly favored permissioned chains, as they offer advantages in privacy, KYC/AML controls, governance, throughput, legal accountability, and regulatory certainty, posing a competitive threat to public blockchains like Ethereum. If tokenized deposits are widely adopted—especially in non-transferable forms favored by regulators—it could reduce demand for stablecoins in institutional payments and settlements; SWIFT’s blockchain initiative and central bank digital currency (CBDC) projects such as the digital euro and digital renminbi further strengthen regulated alternatives. In the roughly $500 billion tokenized real-world assets market, while Ethereum currently holds a certain share, this likely reflects early-stage experimentation rather than the market’s long-term structure. As institutional adoption grows, issuance, custody, settlement, and lifecycle management will likely be conducted more on private or permissioned infrastructure that meets requirements for identity, confidentiality, and operational resilience, with public blockchains used only for distribution and limited secondary trading.
1 hours ago
Security Warning: Abnormal on-chain fund flows detected for the CodexField project on BNB Chain.
On-chain investigator Specter has issued a community security alert, warning of potential fund misappropriation risks associated with the CodexField project on BNB Chain. On-chain tracking shows the project has amassed over $85 million in funds. Specter detected abnormal on-chain fund flows yesterday: a wallet bridged 17.3 million USDT from TRON to Ethereum, then swapped the tokens for DAI via Bitget Swap on Polygon. So far, $6.5 million has been transferred out, while the remaining $10.8 million is still in transit. The funds were originally bridged from Ethereum to TRON roughly six months ago, and the source wallet is linked to CodexField’s deposit contract. Below are key addresses for users to verify on their own: EVM: 0xBc606358910b3720d136F0d4Ce12b759C270747a TRON: TQNTEYadFVVQeobBtctSjurJ5RpfBsTmqh, TAzpg8L1WkkzCxxZk8TYnvaRYahehh52MK Related deposit contract: 0x9E6A75b546B65E7B9D34E2c9aB8Fe224B9aA52AA Additional red flags: The project requires a minimum $100 deposit for participation. Blockchain security tool Blocksec MetaSuites initially labeled the deposit contract as "Fake CodexField", but Specter’s follow-up investigation found the contract is actually operated by the CodexField team itself. The project uses multiple domains and subdomains to collect user deposits, and the team previously shared these domains via official channels. Its fund flow pattern is unusual, deviating from standard fund management practices: the project bridges funds across multiple blockchains, routes them through intermediate wallets, and ultimately sends assets to centralized exchanges. Specter noted that based on on-chain activity, the project warrants high vigilance. It advises all users interacting with CodexField to exercise extreme caution until the team provides a transparent explanation of its fund movements.
1 hours ago
Post-quantum cryptography management platform QIZ Security closes $17 million seed round.
QIZ Security, a crypto posture and post-quantum cryptography (PQC) management platform, announced the completion of a $17 million seed funding round, led by Bessemer Venture Partners and Merlin Ventures, with participation from Evolution Equity Partners, Qbeat Ventures, Singtel Innov8, and Qino Cyber Capital. The capital will be used to accelerate product R&D and market expansion. QIZ Security was co-founded by Ben Volkow, Lenny Ridel, and Itan Barmes; the team has years of experience in cybersecurity, enterprise services, and post-quantum transformation, with Barmes previously leading Deloitte’s global quantum cybersecurity readiness team. Its platform helps enterprises identify and assess crypto asset risks and implement remediation measures, and is currently applied in industries including finance, telecommunications, healthcare, and critical infrastructure. It has also established partnerships with Cisco, AWS, Google, CrowdStrike, Deloitte, EY, and IBM, among others.
1 hours ago
Micron raises its U.S. investment plan to $250 billion, betting on demand for AI memory chips.
Micron Technology plans to increase spending on its new U.S. factory to $250 billion to meet the surging demand for memory chips driven by the global artificial intelligence boom. The move adds $50 billion to Micron’s previously announced $200 billion commitment to expanding domestic U.S. chip manufacturing, covering projects in New York, Idaho, and Virginia. The expenditure is expected to run through 2035, and will help the company achieve its target of producing 40% of its DRAM products in the U.S. within the next decade.
1 hours ago
Analysis: Market FUD sentiment toward SOL hits its highest point in 2026, a typical bullish signal.
Crypto research firm Santiment notes that market FUD (Fear, Uncertainty, Doubt) surrounding SOL has hit its highest level in 2026, a development that typically signals a bullish indicator. Currently, Solana is facing a toxic mix of negative sentiment: trading volume has fallen to its lowest level of 2026, while negative comments have just spiked to their highest daily mark this year. Much of the frustration stems from the fact that despite Solana’s strong narrative around tokenized stocks and real-world asset (RWA) activity, its price has failed to deliver meaningful returns for traders. This is where it gets interesting: when sentiment is excessively negative and trading activity is thin, large holders (whales) often encounter less retail selling resistance if they choose to push prices higher. At a time when traders least anticipate a rebound, SOL may be in this low-attention, high-FUD zone, primed for rapid, sharp price fluctuations.
Phantom Technologies and the Hyperliquid Policy Center filed a joint comment with the Commodity Futures Trading Commission asking the agency to update its rules for onchain market infrastructure.
The comment responds to the CFTC’s request for information on regulations that may limit fintech firms from partnering with financial infrastructure and intermediaries regulated by the Commission.
Phantom and HPC said current rules generally assume a custodial market structure where intermediaries handle customer orders and funds, while onchain markets can allow users to trade directly and retain control of their assets.
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The groups asked the CFTC to confirm that developing or contributing to onchain protocol software does not, by itself, trigger registration with the Commission. They said registration should apply to firms that actually handle customer orders or funds, or enter into transactions with customers, rather than to software protocols or developers standing alone.
Phantom and HPC also asked the CFTC to give registered exchanges, clearing organizations and intermediaries a path to use onchain infrastructure for regulated functions.
The comment said designated contract markets should be able to use onchain protocols for matching and execution, while derivatives clearing organizations should be able to use them for margining, settlement, clearing and default management.
The filing also calls on the CFTC to turn its recent Phantom no action letter into a formal rule. That letter granted relief to Phantom as a non custodial wallet provider whose role is limited to providing technical access to regulated markets. Phantom and HPC said a rulemaking would give similar wallet and front end providers broader certainty.
Phantom said it does not hold user funds, control private keys, execute trades between users or intermediate transactions. HPC described itself as an advocacy group focused on creating a regulated path for Americans to access onchain markets, including those available on Hyperliquid.
Phantom integrates Hyperliquid through its interface, though the functionality is not available to US users. The groups said they are working together to support regulations that would allow Americans to access onchain derivatives markets under CFTC oversight.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
HYPE trades near $68 after roughly tripling from its March low of $25.64, a run built during one of the most risk-averse stretches crypto has seen since 2022.
Global retail crypto activity contracted for two straight quarters through Q1, yet Hyperliquid’s token set an all-time high at $76.90 in June. Understanding why it outperformed in risk-off conditions explains why a risk-on turn could compound the effect rather than replace it.
Summary HYPE tripled from $25.64 in March to a $76.90 high in June. At peak activity, $2.3M in daily fees funded $11M in HYPE buybacks. Seven of Hyperliquid’s top ten markets by volume are now equities or commodities. Price is coiling between support at $67 and a triple-tested ceiling near $74. Why It Worked in a Risk-Off Market Most crypto assets need risk appetite to rise, because their value rests on future adoption stories that get discounted harder when money turns defensive. HYPE’s value rests on something that gets paid daily: trading fees. And trading volume does not need optimism, it needs movement. The first half of 2026 delivered movement in abundance, from a 22% Bitcoin drawdown in Q1 to an oil shock during the West Asia crisis, and every violent session generated fees regardless of direction.
The mechanism that converts those fees into price support is the buyback. Hyperliquid routes the overwhelming majority of its protocol revenue into an Assistance Fund that buys HYPE on the open market, continuously, with no discretionary committee deciding when. At peak activity this year the platform generated $2.3 million in daily fees, funding $11 million in buybacks. More volume means more fees, more fees mean a larger standing bid under the token, and the purchased supply comes out of circulation. It is the crypto equivalent of an aggressive corporate buyback program, except executed block by block. That bid is why drawdowns in HYPE kept finding buyers while tokens with no revenue link bled without support: part of the demand is mechanical.
The risk-on case stacks on top rather than replacing this. Defensive markets gave Hyperliquid volatility-driven volume in oil, gold, and liquidations. A risk-on turn adds the other engine: expanding crypto speculation, altcoin leverage, and new listings, on a platform that already processes roughly 70% of all on-chain perpetuals volume. HYPE is one of the few large tokens with a credible claim to both regimes.
No Longer a Crypto Exchange That Happens to List Oil The deeper change came through HIP-3, the October 2025 upgrade that lets anyone staking 500,000 HYPE deploy their own perpetual futures markets on Hyperliquid’s infrastructure. Builders used it to list what crypto never had: tokenized Nvidia, Tesla, and S&P 500 contracts, WTI and Brent crude, gold, silver, FX, even pre-IPO names like SpaceX. Open interest across these builder-deployed markets grew from about $790 million in January to over $3 billion by early June, according to OAK Research.
The composition tells the real story. Oil and precious metals alone drove over 67% of HIP-3 volume in Q1, WTI crude perpetuals reached $1.27 billion in daily volume in March, and seven of Hyperliquid’s top ten markets by volume are now equities or commodities rather than crypto pairs. The killer feature is the clock: these markets never close, and when the West Asia crisis broke over weekends with traditional commodity venues dark, traders priced oil on Hyperliquid, pushing HIP-3 to as much as 40% of total platform volume. Non-crypto assets showed 60% trader retention in late March, the signature of a durable product rather than a novelty.
Every one of those barrels and shares feeds the same machine. HIP-3 markets charge roughly double native fee rates, half to the deployer and half to the protocol, so the buyback engine now runs on oil volatility and equity earnings seasons as well as crypto cycles. Deployers also lock 500,000 HYPE each just to participate, removing further supply. The scale of the shift has forced traditional finance to respond: ICE chief executive Jeffrey Sprecher, whose company owns the NYSE, called Hyperliquid “bigger than Nasdaq” at a May conference, while Grayscale Research wrote in June that the platform now looks “more like Amazon Web Services than a stock exchange.”
Coiling Under a Triple-Tested Ceiling The daily chart shows the June blow-off resolving into compression, not breakdown. Price at $68 sits above the rising 50-day moving average at $64.68, with the full average stack still in bullish order after the March-to-June trend tripled the token.
Daily technical analysis chart for Hyperliquid/USD, illustrating current price trends and technical indicators. The structure is a sequence of lower highs, $76.90, then roughly $74, then $71.50, pressing onto a horizontal shelf at $66.50 to $67 that has been defended repeatedly since late June. Below the shelf, a fresh ascending trendline and the 50-day converge, stacking three supports into a $2.50 window between $64.50 and $67. RSI at 53 has reset from overbought to neutral while price gave back little, which is digestion, not distribution. The triggers are clean: a daily close above $71.50 breaks the lower-high sequence and opens the $74 ceiling, with $76.90 the only level beyond it. A close below $64.50 takes out shelf, trendline, and 50-day together, exposing thin air down to the $53 to $54 zone where the 100-day is rising. Between $67 and $71.50, the chart is noise.
Where the Machine Can Break The buyback engine is reflexive, and reflexivity cuts both ways. If volume contracts, fees fall, buybacks shrink, and the mechanical bid weakens exactly when the token needs it most. The flywheel that amplified the rally can amplify a genuine downturn too.
Concentration is the second risk. A single deployer, TradeXYZ, accounts for more than 90% of HIP-3 open interest, so the non-crypto growth story currently rests on one team’s oracles, liquidity management, and continued good standing. HIP-3 markets are also not backstopped by Hyperliquid’s native liquidity pool; each deployer stands alone.
Regulation is the third and largest. The UK’s FCA lists the platform as unauthorized, Singapore has raised its own flag, and CME Group and ICE have formally warned US authorities about 24/7 synthetic markets in strategic commodities forming prices outside regulated frameworks while traditional venues are closed. When the exchanges Hyperliquid is disrupting start lobbying, the compliment is real, and so is the threat. Synthetic stock perpetuals sit in a gray zone that a single enforcement action could darken quickly.
The technical reality suggests HYPE’s next leg could depend on which arrives first: a volume regime that keeps the buyback engine fed, or a regulatory shock that tests the 90%-concentrated foundation. The chart has compressed the decision into a narrow band. Above $71.50, a token with revenue in both risk regimes could trade back toward price discovery. Below $64.50, the market might signal the machine’s output is already priced. What the first half already proved is narrower but real: Hyperliquid no longer needs a crypto bull market to generate demand for its token. A risk-on turn may be simply be the first time both engines run at once.
Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
TL;DR
$560 million in daily trading volume hits Robinhood Chain as the CashCat token drives new wallet activity.Bitwise removes Polkadot and Avalanche from its 10 Crypto Index, replacing them with Stellar (XLM) and Hyperliquid.40 BTC moves from a wallet untouched since 2010, worth $2.54 million at current prices.Spot Bitcoin ETFs post a $221 million net inflow on July 9, ending a 10-day outflow streak.CPI and PPI data due July 14 to 15, followed by the Fed's July 28–29 meeting, will test Bitcoin's path toward $100,000.How the CashCat meme coin pushed Robinhood's new blockchain to $560 millionThe new Robinhood Chain blockchain, launched just a week ago, is already going through its first major hype cycle. Speculative excitement around the Cash Cat meme coin (CASHCAT) pushed daily trading volume on local DEXs to a massive $560 million, according to Dune data.
In just one day, users created almost 16,000 new tokens on the network, while the number of active wallets jumped to 200,000 — and for most of them, it was their first-ever transaction on the chain.
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The market fever was partly triggered by Robinhood CEO Vlad Tenev himself. On X, he dropped a short but striking comment: "Although we built Robinhood Chain as the best network for serious assets (RWA)… it works great for meme coins too."
Cash Cat (CASHCAT) market capitalization chart, Source: DexscreenerThat was enough for the market capitalization of the network's flagship meme coin, CASHCAT, to break above $140 million at its peak. In one day, it gained more than 1,000%, and by morning its price had settled around $0.083.
This surge instantly turned a couple of early investors into millionaires. According to Lookonchain, one trader bought a batch of CASHCAT 20 days ago for just $838, then during the hype withdrew $917,600 in pure profit, while leaving another hundred thousand dollars in tokens.
But behind the beautiful screenshots lies a harsh reality. The total liquidity pool of CASHCAT is only $2.6 million, which means only a few people could actually pull real millions out of the system. Social media is already full of fake claims, such as allegations that Uniswap creator Hayden is heavily buying the token, or that Robinhood's CFO put the "cash cat" on his avatar — in reality, the description in his profile had always been there.
Robinhood CFO Shiv Verma's official X profile with Cash Cat mention, Source: XIn the end, Robinhood Chain got the perfect start for any new blockchain: wild activity and a lot of money in fees. The only question is whether anyone will stay once this "cat token" stops delivering multiples.
Hyperliquid pushes the old guard out of Bitwise's top-10 indexThe major crypto index fund, the Bitwise 10 Crypto Index ETF (BITW), has carried out a tough portfolio cleanup — Polkadot (DOT) and Avalanche (AVAX) were completely removed. Their places were taken by Stellar (XLM) and, much more notably, the young token of decentralized exchange Hyperliquid (HYPE).
The newcomer received a weight of about 0.95% and now trades in the same lineup as Bitcoin, Ethereum, and XRP.
Institutions are clearly shifting priorities. Instead of promise-based blockchains, they are choosing projects that generate real revenue right now. Hyperliquid posted massive numbers in the first half of 2026: $1.34 trillion in trading volume and $320 million in net revenue.
The HYPE token itself has gained 165% since January. On top of that, the platform runs the HIP-3 upgrade, under which 99% of fees go toward token buybacks and burns.
Bitwise 10 Crypto Index ETF performance, Source: BitwiseFor large players, this looks like a classic and straightforward stock buyback.
The index urgently needed fresh blood. BITW has been sliding for almost a year: in September 2025, it peaked at $78.74, by April it had fallen to $44.92, and now it trades around $41.01. One positive point is that the fund remains highly stable, with its spread on NYSE Arca staying within 0.2%, meaning there are no liquidity problems.
For Bitwise, this is a logical move. In May, it had already launched a separate spot ETF on Hyperliquid, beating Grayscale and VanEck. Now HYPE has officially secured its status as a new "blue chip".
A Bitcoin investor from the Satoshi era wakes up for a seven222-digit profitA few hours ago, an ancient wallet woke up on the blockchain when an unknown miner fully transferred 40 BTC, worth about $2.54 million, after leaving them untouched since August 3, 2010, according to on-chain data. This is the deep "Satoshi era" — the time when Bitcoin's creator was still online and coins were mined on ordinary home CPUs.
The main point of this news is pure mathematics. In 2010, Bitcoin was worth cents, so the starting price of this wallet's position is listed by analysts as roughly $0. After almost 16 years of waiting, the owner's net profit reached +105,742,020%. At the same time, they paid a tiny network fee to move millions of dollars in block 957220 — just 2,210 satoshis, or about 10 sat/vB.
Satoshi-era whale "waking up" with 40 BTC for the first time since August 2010, Source: Arkham The event prompted the crypto community on X to debate once again how many "lost" bitcoins really exist. Galaxy Digital head of research Alex Thorn summarized the awakening briefly: "'Lost coins' are more myth than you think."
On-chain data shows that the wallet had previously received a "dusting attack" marked as Salomon Client Dusted, in which tiny transactions are sent in an attempt to deanonymize an address.
The movement of 40 BTC does not mean they will be dumped into an exchange order book right now. Most often, ancient whales wake up for basic security reasons: to move funds from old legacy addresses to newer and better-protected formats.
Crypto market outlook: ETF reversal and volume hold BTC ahead of the inflation testBuyers successfully defended a strong historical trading zone above local support after 10 days of outflows from spot ETFs. The strength of this technical structure will be determined by the U.S. CPI/PPI reports and the Fed meeting, which will either confirm the market’s readiness for a move toward $100,000 or trigger a liquidation cascade toward $54,000.
Key checkpoints:
The end of ETF capitulation and a reversal into inflows: After 10 days of aggressive capital outflows from spot BTC ETFs totaling $2.73 billion, the funds recorded a net inflow of $221 million on July 9. The reversal in the institutional trend signals that open-market selling pressure is being exhausted.Leverage wipeout and Bitwise forecasts: The current market drawdown has officially been described by Bitwise experts as a classic leverage squeeze. They note the formation of a local bottom and confirm a Bitcoin price target of $100,000 by year-end, supported by the cleanup of the derivatives market.Solana dominates the RWA race: The Solana network set a historic record by attracting $1 billion in net capital into the real-world asset tokenization sector in just 30 days. That is more than three times the result of its closest competitor, BNB Chain, which attracted only $292 million over the same period.The nearest inflation trigger, CPI/PPI, arrives on July 14–15: The publication of the U.S. Consumer Price Index will be the first hard filter for risk assets. If the report shows inflation cooling below consensus expectations, it could trigger a major short squeeze in BTC. Hot data, by contrast, would strengthen sellers.The Fed interest rate decision comes on July 28–29: The final FOMC meeting of the month will close July and define the monetary vector for the second half of the year. Any hints of policy easing, or a pivot, would give Bitcoin a powerful impulse to break out of its current consolidation zone toward new highs. You Might Also Like
Perpetual futures are right now crypto’s most active trading category. DefiLlama data showed $21.9 billion in perp DEX volume over 24 hours on July 3, 2026, with open interest across derivatives protocols at about $15.5 billion.
But the market is dominated and defined by Hyperliquid. The exchange led the sector with about $250.5 billion in 30-day perp volume, leaving little serious competition at the top.
That gap explains why new trading chains are still entering the market. The demand is clear, but the winner is not yet protected by regulation, brand loyalty, or deep institutional lock-in.
AFX is one of the newer challengers. It is a sovereign Layer 1 built around perpetual futures, with a fully on-chain order book, on-chain matching and settlement, zero-gas execution, 100ms median latency, fair ordering, and MEV-resistant protection.
On paper, the pitch is long. But the actual goal is simple: give traders Hyperliquid-style speed and liquidity, but with more of the trading stack moved fully on-chain.
AFX Daily Perp Volume and TVL. Source: DeFiLlama PlatformCore modelWhat it has provedWhere AFX differsHyperliquidCustom trading L1Deep perp liquidity and strong trader adoptionAFX follows a similar trading-chain thesis, but from a much earlier basedYdX ChainCosmos-based appchainPerp DEXs can leave shared execution environmentsAFX pushes more of the order flow and matching process on-chainGMXPooled liquidity and oracle pricingTraders will use pool-backed leverage without a central order bookAFX is built around exchange-style order book tradingDriftSolana-native hybrid modelFast execution can support active perp tradingAFX uses a sovereign L1 rather than Solana infrastructureLighterZK-verified derivativesVerification can become part of exchange designAll fees are redistributed to usersAevoRollup-based derivativesDerivatives can run through a dedicated rollupAFX takes the more vertically controlled L1 route The comparison is not whether AFX has more features than these platforms. The real question is whether its design solves the problems that matter during live trading: fast order placement, reliable cancels, deep maker liquidity, stable liquidations, and predictable execution when markets move sharply.
AFX Vs. Hyperliquid and dYdX AFX sits closest to Hyperliquid and dYdX, but the comparison is practical rather than one-to-one.
Hyperliquid is the liquidity benchmark. It has already proved that a custom trading L1 can attract serious perp volume, open interest, and trader mindshare.
AFX follows a similar high-performance trading-chain thesis, with 100ms median latency, zero-gas execution, on-chain orderbook trading, and deterministic ordering. Its challenge is proof: deeper liquidity, more market makers, and a longer record during volatile markets.
We didn't build another app.
We built the chain beneath it.
A sovereign Layer 1 where execution, settlement and risk management all happen fully onchain.
Designed for professional traders.
Ready for autonomous AI agents.
The next generation of perp trading starts here.… pic.twitter.com/JwSqMEeU9v
— AFX Trade (@AFX_XYZ) July 7, 2026 dYdX is the architecture benchmark. Its Cosmos-based chain uses in-memory orderbooks to keep trading fast while blocks sync the final state.
AFX pushes more of the trading process on-chain, including order placement, matching, and settlement. That gives traders more visible execution data, but it also raises the performance test.
Perp traders punish slow cancels, delayed matching, and weak liquidation systems quickly.
AFX Versus Lighter, Drift, and Aevo Lighter, Drift, and Aevo really show how varied the perp DEX field has become:
Lighter emphasizes ZK verification for matching and liquidations; Drift uses Solana-native execution with a hybrid system combining an AMM and a central limit orderbook; Aevo uses an EVM-based optimistic rollup for derivatives trading. AFX differs through vertical control. It uses a trading-specific L1 and aims to coordinate consensus, orderbook execution, settlement, margin, liquidation, APIs, and trader UX inside one dedicated system.
This is also where the AI-agent angle becomes important. AFX offers agent wallets that can place, cancel, and modify orders, update leverage and margin mode, and receive private WebSocket data.
Moreover, users can limit agent permissions for withdrawals, transfers, agent authorization, revocation, and vault operations.
Risk Design During Market Stress Perp DEX quality becomes visible during volatile markets. Mark-price design, liquidation mechanics, and backstop liquidity determine whether traders face orderly execution or unstable loss socialization. A strong venue needs risk controls able to hold up when price moves become fast, liquidity thins, and leverage unwinds at once.
AFX highlights several risk controls: manipulation-resistant mark pricing based on native orderbook data and external exchange feeds, staged liquidations, backstop liquidity through its vault, and capped open interest per market.
Security also deserves a word. Zellic’s public audit repository lists an AFX Bridge audit from May 2026 on EVM, which supports mention of a third-party audit for the bridge scope.
A Note on Incentives and Trader Alignment Perp DEXs often compete through points, rebates, fee tiers, maker rewards, vault yield, and revenue sharing. These tools can seed order flow, attract market makers, and reward active traders, although long-term value depends on sticky liquidity after rewards cool.
AFX’s VIP Program is a great example, where high-volume traders can receive lower fees and a share of platform fee revenue, with 30% to 50% of protocol revenue allocated across eligible tiers.
Importantly, AFX’s revenue sharing may help attract professional traders, but its durability will depend on execution quality, spreads, open interest, trader retention and more.
AFX Tokenomics and Community Distribution AFX’s tokenomics also support its active-trader positioning. The model is built around community distribution first, with 73% of the 1 billion token supply allocated across genesis distribution, protocol incentives, core community, and ecosystem development.
The largest single bucket is protocol incentives at 30%, which means the token model is designed to reward ongoing trading activity, liquidity participation, and node staking rather than only early access.
Genesis distribution accounts for 27% of supply and is fully unlocked at TGE, creating meaningful early float from day one instead of concentrating liquidity around delayed unlocks.
How AFX Promises to Distribute Its Revenue. Source: Medium AFX also has no VC allocation and no private rounds, which gives the token model a user-participation angle rather than a private-investor allocation structure. Core contributors receive 19% of supply, but this allocation has no TGE unlock, a one-year cliff, and 36-month linear vesting. This ties contributor incentives to longer-term protocol development rather than immediate liquidity.
The treasury allocation is set at 8% and is intended for compliance, infrastructure, and risk reserve needs under governance and foundation discretion. Points also connect current user activity with future token distribution, with a fixed 10 million-point pool across three seasons and conversion expected at TGE.
Who AFX Is Really Built For AFX makes the most sense for traders who care about execution control rather than simple leveraged exposure.
Active perp traders who want order book trading, fast order placement, and more control over entries, exits, and cancellations. Market makers and high-volume traders who need low fees, API access, predictable sequencing, and enough technical transparency to monitor execution quality. On-chain-native traders who prefer public settlement, visible order flow, and a trading stack that keeps more of the exchange process on-chain. Automated strategy builders who want agent wallets, private WebSocket data, and permission controls for bots or AI-assisted trading systems. Traders looking beyond crypto pairs who want perpetual exposure to stocks, indices, metals, and commodities inside a crypto-native venue. AFX is less suitable for casual users, passive DeFi investors, or traders who only want a simple leverage product with minimal setup. It is also not the obvious first choice for users who prioritise the deepest existing liquidity, the longest operating history, or the broadest stress-tested track record.
For those traders, Hyperliquid, dYdX, or GMX may still feel safer until AFX proves its liquidity, uptime, and liquidation design across more volatile market cycles.
The open issue is proof. AFX has early volume, a defined technical thesis, and a set of features aimed at active traders, but the strongest perp venues are judged over time. Liquidity depth, uptime during volatility, liquidation behavior, independent audits, and trader retention will matter more than launch metrics.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
According to its official page, Polymarket has launched a derivatives trading feature, currently supporting 10 assets including BTC, ETH, SOL, HYPE, gold, silver, the S&P 500, Nasdaq 100, WTIOIL, and SPCX, with a maximum leverage of 20x.
20 minutes ago
SMIC surpassed Kweichow Moutai in market capitalization.
According to Bitget data, SMIC’s A-share price rose nearly 15%, pushing its total market capitalization to 1.49 trillion yuan. Kweichow Moutai is currently down 1.43%, with a total market cap of 1.48 trillion yuan. (Jinshi)
20 minutes ago
Bitcoin breaks through $63,000
According to HTX market data, Bitcoin has broken through the $63,000 mark, with a 0.74% rise in the past 24 hours.
20 minutes ago
US tech stocks are experiencing one of the most volatile periods in history, with the volatility ratio of the Nasdaq 100 to the S&P 500 hitting a 23-year high.
The Kobeissi Letter noted in a post that tech stocks are experiencing one of the most volatile periods in history. The ratio of the Nasdaq 100 Volatility Index (VXN) to the S&P 500 Volatility Index (VIX) has risen to 1.7, its highest level in 23 years. This marks the first time the ratio has topped 1.5 since 2018. By comparison, the metric peaked at around 1.6 during the 2008 financial crisis. Currently, VXN stands at 28 points, while VIX is at 16 points – the latter is 43% lower than the former. VXN has remained above the 20-point threshold for five consecutive months, the longest such stretch since the 2022 bear market. Markets are pricing in significant volatility risk for tech stocks.
20 minutes ago
A crypto whale closed a $100 million BTC short position, earning a profit of $5.28 million.
According to monitoring by Onchain Lens, a whale closed a $100 million Bitcoin (BTC) short position, earning a profit of $5.28 million. Wallet address 0xcf9 opened the short on June 2 at $68,859 and closed it one hour ago at $62,314, holding the position for 36 days.
20 minutes ago
Nvidia will collaborate with Hugging Face to develop open-source robotics models.
NVIDIA has announced a partnership with Hugging Face to co-develop open-source foundation models for robotics, combining its GPU ecosystem and CUDA technology, along with Hugging Face’s extensive model library and developer community, to significantly lower the barriers to AI training and deployment for robotics. (Jinshi)
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Hyperliquid (HYPE) continues to slide for the fourth consecutive day this week as retail demand eases amid broader market risk-off sentiment. A surge in HIP-3 Open Interest reflects steady demand for tokenized Real World Assets (RWAs), amid institutional inflows that support the broader upward trend.
Technically, HYPE should secure a daily close above the $75-$77 resistance zone for a potential rally toward $100.
Short-term pressure on HYPEHyperliquid’s retail strength eases in the short term as the broader crypto market's risk appetite wanes amid renewed tensions in the Middle East. CoinGlass data shows the HYPE futures Open Interest (OI) slipped to $2.74 billion, reflecting a mild outflow of leveraged positions, while a 29% decline in trading volume over the last 24 hours to $1.99 billion reaffirms the reduced demand.
Still, the funding rate at 0.0065%, down from 0.0078% the previous day, suggests that bullish sentiment sustains among traders despite short-term downside pressure. This mixed retail activity points to a wait-and-see approach among traders anticipating increased volatility amid geopolitical tensions.
HYPE derivatives data. Source: CoinGlassLong-term outlook remains bullishInstitutional investors and global commodities traders remain interested in Hyperliquid, which supports its long-term bullish outlook. Data show HYPE-focused Exchange-Traded Funds (ETFs) recorded $3.33 million in inflows on Wednesday, bringing weekly inflows to $16.08 million so far.
On the other hand, the HIP-3 arm of Hyperliquid, which offers multiple RWA-focused perpetual contracts, witnesses a steady increase in OI and trading volume. Data show a steady increase in HIP-3 OI to $3.10 billion on Wednesday, with volume rising 40% over the last 24 hours and 28% over the last 30 days. In addition, revenue has stabilized around $10 million over the last four weeks, reaffirming firm demand among users.
HYPE ETFs data. Source: Sosovalue
Hyperliquid metrics. Source: Hyperscreener.Will HYPE rally to $100?Hyperliquid shows a mild short-term correction, approaching a local support trendline at $66.54, which reinforces the constructive structure. Still, HYPE maintains a broader bullish bias as price holds above both the 50-day and 200-day Exponential Moving Averages (EMAs) at $62.53 and $48.33, respectively.
From a technical perspective, the June 1 high at $75.76 and the R1 Pivot Point at $77.09 serve as the overhead barrier, forming an ascending triangle pattern with the upward-sloping trendline. If HYPE rebounds to clear this zone, it could target the R2 and R3 Pivot levels at $89.14 and $101.35, respectively.
That said, the Moving Average Convergence Divergence (MACD) hovers above its signal line, while the Relative Strength Index (RSI) is at 52, hovering above its midline. Taken together, the indicators indicate neutral-to-positive momentum, with modest upside pressure without overbought conditions.
HYPE/USD daily price chart.Looking down, a deeper pullback below the 50-day EMA at $62.53 could expose the S1 Pivot level at $52.83 as a more significant floor, while the 200-day EMA at $48.33 marks the broader bullish cycle base.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
SMIC surpassed Kweichow Moutai in market capitalization.
According to Bitget data, SMIC’s A-share price rose nearly 15%, pushing its total market capitalization to 1.49 trillion yuan. Kweichow Moutai is currently down 1.43%, with a total market cap of 1.48 trillion yuan. (Jinshi)
30 minutes ago
Bitcoin breaks through $63,000
According to HTX market data, Bitcoin has broken through the $63,000 mark, with a 0.74% rise in the past 24 hours.
30 minutes ago
US tech stocks are experiencing one of the most volatile periods in history, with the volatility ratio of the Nasdaq 100 to the S&P 500 hitting a 23-year high.
The Kobeissi Letter noted in a post that tech stocks are experiencing one of the most volatile periods in history. The ratio of the Nasdaq 100 Volatility Index (VXN) to the S&P 500 Volatility Index (VIX) has risen to 1.7, its highest level in 23 years. This marks the first time the ratio has topped 1.5 since 2018. By comparison, the metric peaked at around 1.6 during the 2008 financial crisis. Currently, VXN stands at 28 points, while VIX is at 16 points – the latter is 43% lower than the former. VXN has remained above the 20-point threshold for five consecutive months, the longest such stretch since the 2022 bear market. Markets are pricing in significant volatility risk for tech stocks.
30 minutes ago
A crypto whale closed a $100 million BTC short position, earning a profit of $5.28 million.
According to monitoring by Onchain Lens, a whale closed a $100 million Bitcoin (BTC) short position, earning a profit of $5.28 million. Wallet address 0xcf9 opened the short on June 2 at $68,859 and closed it one hour ago at $62,314, holding the position for 36 days.
30 minutes ago
Nvidia will collaborate with Hugging Face to develop open-source robotics models.
NVIDIA has announced a partnership with Hugging Face to co-develop open-source foundation models for robotics, combining its GPU ecosystem and CUDA technology, along with Hugging Face’s extensive model library and developer community, to significantly lower the barriers to AI training and deployment for robotics. (Jinshi)
30 minutes ago
A newly created wallet withdrew 500 BTC from Binance, worth $31.15 million.
According to monitoring by Onchain Lens, a newly created wallet withdrew 500 BTC from Binance, valued at $31.15 million.
Grayscale, a leading digital asset investment firm, highlighted 8 crypto with the most important narratives shaping the market today. Each asset carries a distinct story driving adoption, developer activity, and investor interest.
Here is a closer look at each narrative, its current price, and how far it sits from its all-time high.
Every asset has its narrative:$BTC → Digital money$ETH → World Computer $XRP → Global payments$SOL → High performance $HYPE → Onchain trading 24/7$LINK → Tokenization & oracles$SUI → Next gen infrastructure$AVAX → Mass customization
— Grayscale (@Grayscale) July 8, 2026 What the 8 Grayscale Crypto Narratives Actually MeanEach crypto carries a distinct narrative, from Bitcoin’s digital money to Ethereum’s world computer, driving adoption and investor interest across the market.
Bitcoin (BTC) – Digital MoneyBitcoin remains the original narrative of decentralized digital money and a hedge against fiat debasement. Its fixed supply and growing institutional adoption through ETFs and corporate treasuries reinforce its role as a store of value.
Furthermore, it anchors the entire crypto market as the reserve asset. BTC trades around $62,000, roughly 51% below its all-time high near $126,000, yet long-term conviction stays strong.
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Bitcoin (BTC) Price Performance. Source: BeInCryptoEthereum (ETH) – The World ComputerEthereum powers smart contracts and decentralized applications, earning it the title of the programmable world computer. Its dominant DeFi and NFT ecosystems, combined with staking and Layer-2 scaling, sustain relevance despite fierce competition.
Moreover, ongoing upgrades and institutional flows continue to support the network. ETH trades near $1,732, about 65% below its all-time high close to 4,878 dollars from the 2025 cycle.
Ethereum (ETH) Price Performance. Source: BeInCryptoXRP – Global PaymentsRipple’s XRP focuses on fast, low-cost cross-border payments for financial institutions. Regulatory clarity in the United States has meaningfully boosted its utility and adoption potential.
As a result, banks and payment providers increasingly view it as a viable settlement infrastructure. Trading around $1.09, XRP sits roughly 72% below its all-time high near $3.84, with upside tied to expanding payment adoption.
XRP Price Performance. Source: BeInCryptoSolana (SOL) – High PerformanceSolana stands out for its high-throughput blockchain, enabling fast, cheap transactions ideal for memecoins, DeFi, and consumer apps. Despite past network outages, its ecosystem continues to expand through new projects and institutional interest.
Furthermore, ETF launches and treasury strategies have added fresh demand. SOL trades near $77, about 74% below its all-time high of $293, yet developer activity remains consistently strong.
Solana (SOL) Price Performance. Source: BeInCryptoHyperliquid (HYPE) – Onchain Trading 24/7Hyperliquid powers a high-performance Layer-1 optimized for decentralized perpetual futures and spot trading. It has captured a major share of the on-chain derivatives market while generating substantial real revenue.
Moreover, consistent fee buybacks remove tokens from circulation, increasing scarcity and supporting the price. HYPE trades near $67, only about 13% below its all-time high of $76.70, showing remarkable resilience versus peers.
Hyperliquid (HYPE) Price Performance. Source: BeInCryptoChainlink (LINK) – Tokenization and OraclesChainlink provides essential oracle services, connecting blockchains to real-world data and powering the tokenization of assets. As real-world asset tokenization gains traction across finance, its role in infrastructure becomes increasingly critical.
Furthermore, partnerships with major banks strengthen its long-term positioning. LINK trades near $7.59, roughly 85% below its all-time high close to $53, but is positioned for RWA-driven growth.
Chainlink (LINK) Price Performance. Source: BeInCryptoSui (SUI) – Next-Generation InfrastructureSui offers a high-speed, object-centric blockchain designed for scalability in gaming, DeFi, and next-generation applications. Its performant architecture has attracted meaningful developer interest as an alternative to older networks.
Moreover, its technical foundations remain strong despite recent price weakness. SUI trades near $0.70, about 87% below its all-time high of around $5.35, reflecting the broader altcoin correction.
Sui (SUI) Price Performance. Source: BeInCryptoAvalanche (AVAX) – Mass CustomizationAvalanche enables custom subnets for tailored blockchain solutions, appealing to enterprises and specialized use cases. This flexibility supports mass adoption across gaming, finance, and institutional sectors seeking dedicated infrastructure.
Furthermore, subnet-driven growth offers a distinct path toward real-world deployment. AVAX trades around $6.42, roughly 95% below its all-time high near $146, with recovery tied to institutional adoption.
Avalanche (AVAX) Price Performance. Source: BeInCryptoGrayscale’s emphasis comes as the crypto market transitions toward fundamentals such as usage, revenue, and regulatory clarity. Most assets fell sharply from their 2025 peaks. However, their distinct value propositions position them for potential recovery, provided execution follows the narrative.
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According to Ember Monitoring, a crypto whale began opening massive long positions in SK Hynix (SKHX) immediately after the US stock market opened today. The whale has now become the largest SKHX long holder on Hyperliquid and continues to add to its positions, currently holding SKHX positions worth $27.75 million at an average entry price of $1,410.8.
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Ondo Perps' trading volume has surpassed $2 billion within 48 hours of its launch.
According to official sources, Ondo announced that the cumulative trading volume of its Ondo Perps public beta exceeded $2 billion within the first 48 hours after its launch.
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Michael Saylor: Concerns over Bitcoin block space shortage are gradually easing, while global transfers still maintain low fees.
MicroStrategy founder Michael Saylor published an article noting that after a decade of concerns over insufficient block space and controversies surrounding non-monetary use cases, Bitcoin still has no so-called "spam transaction problem." Currently, Bitcoin network fees stand at approximately 1 sat/vB, enabling anyone to quickly transfer any amount of Bitcoin globally for roughly $0.3. Free market mechanisms have been consistently resolving the challenges facing Bitcoin's block space.
6 hours ago
Sources: Iran will close the Strait of Hormuz if the US launches an attack.
According to CCTV News, sources from Iran’s security department stated that if the U.S. launches any attack on Iran, Iran will close the Strait of Hormuz and retaliate against enemy targets with a response at least twice the scale of the strike it receives. U.S. President Donald Trump said on the 8th while attending the NATO summit in Turkey that he is very unhappy with Iran, the U.S. military “could strike Iran hard again tonight” and may also reimpose a naval blockade on Iran.
6 hours ago
BNP Paribas: Merger between Tesla and SpaceX is far from imminent
BNP Paribas analysts have expressed doubt over the recent possibility of a merger between Tesla and SpaceX. "The massive cash burn and significant regulatory risks of both companies complicate a potential merger between SpaceX and Tesla," they stated. The investor sentiment for Tesla, which has improved amid merger speculation, may be overly optimistic, and the analysts maintained their "underperform" rating and $280 target price for the firm. "We are concerned that Tesla will face daunting KPIs in its robotaxi and Optimus businesses over the next two years, which will pose downside risks to its core operations before any SpaceX merger is actually realized."
6 hours ago
Trump: Will See If He Can Continue Keeping Oil Prices Low, Notes That Oil Prices Should Remain Low
US President Trump said, "We will see if we can continue to push oil prices lower. We should maintain low oil prices."
6 hours ago
A whale has aggregated approximately $5.85 million worth of HYPE and LIT assets into the same wallet.
According to monitoring by Onchain Lens, a crypto whale has transferred approximately $5.85 million worth of HYPE and LIT assets into a single wallet, with the funds likely accumulated through Galaxy Digital. The transferred assets consist of 78,100 HYPE tokens (valued at around $5.25 million) and 263,700 LIT tokens (worth approximately $601,000).
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Hyperliquid just made it possible to trade perpetual contracts on crypto indices directly from its layer-1 blockchain. The product, called S&P 2.0, went live on July 8, giving traders a new way to get leveraged exposure to baskets of crypto assets without touching any of the underlying tokens.
What S&P 2.0 actually does While Hyperliquid did launch S&P 500 perpetuals back on March 18 through a licensing deal with Trade[XYZ], the S&P 2.0 is a different beast entirely. It focuses on crypto index perpetual contracts rather than traditional equity indices.
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One technical detail worth noting is how the funding rates work. Most perpetual contract platforms rely on spot price oracles to keep perp prices tethered to reality. Hyperliquid takes a different approach. Its index perps use validator-published median index values for funding rate calculations. This means the network’s own validators are publishing the reference prices, which in theory reduces the risk of oracle manipulation.
The platform currently supports over 300 trading markets spanning indices, equities, and commodities.
A busy year for Hyperliquid Then came THYP, an ETF launched in May 2026. Hyperliquid has also expanded into prediction markets, further diversifying its product suite. HYPE, the native token powering the Hyperliquid ecosystem, has seen strong trading activity throughout 2026.
What this means for traders and the broader market The risk side of the equation deserves attention. While validator-published pricing is an interesting alternative to traditional oracles, it introduces its own trust assumptions. Traders need to understand that the accuracy of their index perp positions depends on the integrity and diversity of Hyperliquid’s validator set. A concentrated or compromised validator network could theoretically distort index values.
There’s also the regulatory question that hangs over every on-chain derivatives product. The licensing agreement with Trade[XYZ] for the S&P 500 perps suggests Hyperliquid is at least thinking about compliance, but the crypto index products may operate in grayer territory.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
U.S. stocks opened lower, with all three major indices declining, while the Nasdaq fell 0.31%.
According to Bit.com market data, the Dow Jones Industrial Average fell 0.31% at the opening of US stock markets, the S&P 500 dropped 0.51%, and the Nasdaq declined 0.44%. Sandisk (SNDK.O) fell 1%, Micron Technology (MU.O) dropped 2.9%, Microsoft (MSFT.O) decreased 1.5%, Alibaba (BABA.N) rose over 9%, and Broadcom (AVGO.O) gained 2%.
1 seconds ago
Trump: May Resume Blockade of the Strait of Hormuz
Trump stated, "We cannot trust the Iranians. Even if a deal is eventually reached, I’m not sure it will hold." Last night, we sank 28 Iranian vessels and may sink more tonight, launching renewed attacks against them—attacks Iran is powerless to stop. We have not yet launched the highest-level strikes, such as blowing up bridges, but if necessary, we will destroy higher-value targets including Iran’s power and water facilities, and may even seize Kharg Island. "We could have killed all of Iran’s leaders during Khamenei’s funeral, but Iran exploited the funeral to launch attacks," he added. "Witkov can participate in negotiations, but I do not see that possibility at present." Additionally, Trump said he may reimpose a blockade on the Strait of Hormuz, targeting only Iran. (Jinshi)
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Bank of America extends a $520 million credit line to OpenAI to support its initial public offering (IPO).
Bank of America provides a $520 million credit line to OpenAI to support its preparation for an initial public offering.
1 seconds ago
Trump: Iran once asked him not to launch attacks during funerals.
US President Donald Trump stated during the NATO summit: "Iran once asked me not to launch an attack against it during Khamenei’s funeral, and we agreed. But they attacked three ships belonging to Saudi Arabia and Qatar. To be honest, we could have killed all of Iran’s leaders during Khamenei’s funeral, and Defense Secretary Hegseth also expressed approval of this idea." (Jinshi)
1 seconds ago
World Gold Council: Global gold ETFs recorded a total net inflow of $8 billion in the first half of the year.
The World Gold Council’s report shows that global listed gold funds saw outflows of $8.9 billion across all regions in June. However, driven by strong performance in Asian markets, global gold ETFs as a whole recorded a net inflow of $8 billion in the first half of the year. As of the end of June, the total assets under management (AUM) of global gold ETFs stood at $526 billion, down 6% in the first half, mainly due to lower gold prices. Total holdings rose by 18 tons year-to-date to 4,047 tons. Gold market trading volume declined in June, but the average daily turnover in the first half still hit a record high of $488 billion.
1 seconds ago
Citadel withdraws U.S. trade secret lawsuit against Portofino, shifts to filing for bankruptcy proceedings in the UK.
Wall Street’s leading market-making firm Citadel Securities has dropped its trade secret lawsuit against U.S.-based Portofino Technologies and is seeking to push for bankruptcy proceedings against the company’s founder in the U.K. Earlier, Citadel obtained a roughly ￡6 million damages award in a London arbitration. Citadel stated that continuing with the U.S. lawsuit would make it difficult to actually recover the compensation, so it decided to abandon the U.S. case and turn to U.K. legal processes. The dispute involves trade secret conflicts between Citadel and Portofino Technologies. Founded by billionaire Ken Griffin, Citadel Securities is one of the world’s major market makers, with significant influence in both traditional financial markets and crypto markets.
Hyperliquid (HYPE) slips below $70 on Wednesday, extending a steady decline so far this week. A broader market risk-off sentiment weighs down on the retail support for HYPE despite steady institutional demand, with $4.32 million in inflows on Tuesday.
Technically, HYPE is poised for a steeper decline toward a support trendline near $64.75, reinforced by the rising 50-day Exponential Moving Average (EMA) at $62.36.
HYPE loses retail strength despite firm ETF inflowsHyperliquid is losing retail demand as broader crypto market risk-off sentiment persists. CoinGlass data shows the HYPE futures Open Interest (OI) is down over 2% in the last 24 hours to $2.79 billion, implying that traders are either reducing leverage or closing positions. The positional easing aligns with $7.18 million in total liquidations in the same period, led by $6.31 million in long liquidations, reaffirming sell-side dominance.
However, the funding rate remains stable in the positive range of 0.0078%, reflecting residual bullish sentiment, with some hoping for a rebound.
On the institutional side, demand holds steady with HYPE ETFs recording $4.32 million in inflows on Tuesday, after $8.43 million on Monday. This divergence in institutional and retail activity reflects short-term weakness but long-term upside potential.
HYPE ETFs data. Source: Sosovalue
HYPE derivatives data. Source: CoinGlassCould HYPE extend losses below $60?Hyperliquid trades around $68 at press time on Wednesday, maintaining a broader bullish bias as price holds above the 50-day EMA at $62.36, which sits well above the 200-day EMA at $48.40. HYPE shows a mild short-term weakness with the third consecutive day of losses so far this week, capped by a local resistance trendline near $72.75 on Monday.
From a technical perspective, the pullback suggests a steeper correction toward a rising support trendline near $64.75, backed by the 50-day EMA at $62.36.
Momentum is constructive, with the Moving Average Convergence Divergence (MACD) modestly above its signal line, while the Relative Strength Index (RSI) at 54 shows mild bullish momentum easing toward a neutral range.
HYPE/USD daily price chart.On the topside, the key hurdle is the downtrend resistance line break zone at $72.73, where a decisive daily close above could reinforce the bullish bias and open the way toward the R1 and R2 Pivot Points at $77.09 and $89.14, respectively.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
U.S. stocks opened lower, with all three major indices declining, while the Nasdaq fell 0.31%.
According to Bit.com market data, the Dow Jones Industrial Average fell 0.31% at the opening of US stock markets, the S&P 500 dropped 0.51%, and the Nasdaq declined 0.44%. Sandisk (SNDK.O) fell 1%, Micron Technology (MU.O) dropped 2.9%, Microsoft (MSFT.O) decreased 1.5%, Alibaba (BABA.N) rose over 9%, and Broadcom (AVGO.O) gained 2%.
1 seconds ago
Trump: May Resume Blockade of the Strait of Hormuz
Trump stated, "We cannot trust the Iranians. Even if a deal is eventually reached, I’m not sure it will hold." Last night, we sank 28 Iranian vessels and may sink more tonight, launching renewed attacks against them—attacks Iran is powerless to stop. We have not yet launched the highest-level strikes, such as blowing up bridges, but if necessary, we will destroy higher-value targets including Iran’s power and water facilities, and may even seize Kharg Island. "We could have killed all of Iran’s leaders during Khamenei’s funeral, but Iran exploited the funeral to launch attacks," he added. "Witkov can participate in negotiations, but I do not see that possibility at present." Additionally, Trump said he may reimpose a blockade on the Strait of Hormuz, targeting only Iran. (Jinshi)
1 seconds ago
Bank of America extends a $520 million credit line to OpenAI to support its initial public offering (IPO).
Bank of America provides a $520 million credit line to OpenAI to support its preparation for an initial public offering.
1 seconds ago
Trump: Iran once asked him not to launch attacks during funerals.
US President Donald Trump stated during the NATO summit: "Iran once asked me not to launch an attack against it during Khamenei’s funeral, and we agreed. But they attacked three ships belonging to Saudi Arabia and Qatar. To be honest, we could have killed all of Iran’s leaders during Khamenei’s funeral, and Defense Secretary Hegseth also expressed approval of this idea." (Jinshi)
1 seconds ago
World Gold Council: Global gold ETFs recorded a total net inflow of $8 billion in the first half of the year.
The World Gold Council’s report shows that global listed gold funds saw outflows of $8.9 billion across all regions in June. However, driven by strong performance in Asian markets, global gold ETFs as a whole recorded a net inflow of $8 billion in the first half of the year. As of the end of June, the total assets under management (AUM) of global gold ETFs stood at $526 billion, down 6% in the first half, mainly due to lower gold prices. Total holdings rose by 18 tons year-to-date to 4,047 tons. Gold market trading volume declined in June, but the average daily turnover in the first half still hit a record high of $488 billion.
1 seconds ago
Citadel withdraws U.S. trade secret lawsuit against Portofino, shifts to filing for bankruptcy proceedings in the UK.
Wall Street’s leading market-making firm Citadel Securities has dropped its trade secret lawsuit against U.S.-based Portofino Technologies and is seeking to push for bankruptcy proceedings against the company’s founder in the U.K. Earlier, Citadel obtained a roughly ￡6 million damages award in a London arbitration. Citadel stated that continuing with the U.S. lawsuit would make it difficult to actually recover the compensation, so it decided to abandon the U.S. case and turn to U.K. legal processes. The dispute involves trade secret conflicts between Citadel and Portofino Technologies. Founded by billionaire Ken Griffin, Citadel Securities is one of the world’s major market makers, with significant influence in both traditional financial markets and crypto markets.
Hyperliquid, a decentralized perpetual futures exchange, has burned 16% of its HYPE token supply in under two years as US stock perpetuals emerge as a key driver of volume on the platform. Notably, stock-linked perpetuals now rank among the most traded pairs, trailing only Bitcoin and HYPE itself. This activity highlights the crypto market’s expansion and ability to capture volume traditionally dominated by conventional finance. The platform’s unique structure allows for continuous activity, even on weekends, when traditional markets are closed, offering leverage and synthetic exposure to equities like Nvidia (NVDA).
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Key Takeaways Hyperliquid’s token burn and volume growth suggest increased platform activity and engagement. The rise of US stock perpetuals on Hyperliquid indicates a shift towards crypto derivatives capturing traditional finance volume. Market pricing appears supportive of Hyperliquid reaching its price targets by the end of 2026, with December 31 odds currently at 38.5% YES. What to Watch Monitor Hyperliquid’s continued ability to capture weekend volume as a potential indicator for further price movement. Developments such as major partnerships or technological innovations could influence market sentiment and pricing. Additionally, any changes in regulatory landscapes or security incidents might impact market confidence and Hyperliquid’s competitive position.
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Term Structure
Contract Odds Δ since publish Volume 24h December 31 38.5% — — View market → January 1 2027 5.5% — — View market → January 1 2027 3.9% — — View market → January 1 2027 71.5% — — View market → January 1 2027 9.1% — — View market → January 1 2027 4.5% — — View market →
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
According to Onchain Lens monitoring, whale address 0x77ee recently opened a 40x leveraged short position on Hyperliquid for 493 BTC (valued at approximately $31.08 million), with an entry price of $63,240.9 and a liquidation price of $73,962.2. The position currently has an unrealized profit of around $112,400, delivering a return on equity (ROE) of 14.47%. Data shows the address holds a total of 15 positions, with a total position size of roughly $79.79 million, 92% of which are short positions. That said, the address’s cumulative historical trading losses still amount to $5.66 million.
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Billionaire Grantham is bearish on SpaceX: 90% probability of eventual collapse, casts doubt on the AI and Mars narratives.
Billionaire investor Jeremy Grantham, long renowned for warning of asset bubbles, has publicly cast doubt on SpaceX’s current roughly $2 trillion valuation, claiming the company’s AI business, Mars program, and long-term growth thesis all carry major flaws. He stated his "90% bet" is that SpaceX will eventually face a historic collapse. Grantham called it "incredible" that SpaceX attributed around 90% of its addressable market to AI in its IPO prospectus, adding that its AI products lack competitiveness compared to those of OpenAI and Anthropic. Still, mainstream Wall Street institutions remain broadly optimistic about SpaceX. With the company officially added to the NASDAQ-100 Index, it is expected to draw more passive capital inflows. Several investment banks including Goldman Sachs, JPMorgan Chase, and Morgan Stanley have issued positive ratings, noting that Starship, Starlink, and its AI business will serve as core drivers of future growth.
4 minutes ago
Tether burned 2.5 billion USDT on Ethereum in a single day, marking the largest single-day burn since February.
CryptoQuant cited on-chain data, reporting that on July 7, Tether Treasury burned $2.5 billion worth of USDT on the Ethereum network. This marks the largest single burn on the network since February this year, exceeding the $2 billion burn on May 8, and second only to the all-time high of $3.5 billion recorded on February 10. Meanwhile, the USDT balance flowing into and out of Binance via the Tron network dropped to roughly $806 million, its lowest level since December 29, 2025 (when it hit $391 million), falling below the $1 billion threshold and signaling a significant contraction in USDT liquidity on Binance’s Tron channel. The large-scale burn by Tether Treasury primarily reflects redemption, fund management, or cross-chain rebalancing operations rather than a direct market signal. However, the synchronized contraction of Ethereum’s USDT supply and Binance’s Tron liquidity is worth ongoing monitoring, as market participants will watch whether the liquidity of dual-chain stablecoins continues this concurrent tightening trend.
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CASHCAT's market cap briefly topped $98 million, surging over 11-fold in 24 hours.
According to GMGN market data, the market capitalization of CASHCAT, a meme coin on Robinhood’s chain, has continued its rally, briefly crossing $98 million before pulling back to $92.47 million, surging over 11 times in 24 hours. CASHCAT was originally the mascot of Robinhood’s U.S. stock app before being rebranded as Robinhood. On July 1 this year, Robinhood launched its own Layer 2 (L2) public chain, Robinhood Chain, focusing on on-chain finance and real-world assets (RWA). Vlad Tenev, co-founder and CEO of Robinhood, posted on X today that while the company is building Robinhood Chain into the best public chain for real-world assets (RWA), it is also “very suitable for trading meme coins.” BlockBeats reminds users that most meme coins have no intrinsic value and are highly volatile, so trading them requires caution.
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Iran announces its initial response to the US: Strikes 85 key US military facilities
The Islamic Revolutionary Guard Corps (IRGC) of Iran issued a statement accusing the U.S. of repeating its treacherous habitual practices, claiming U.S. forces launched airstrikes on multiple coastal bases and civilian facilities in Hormozgan Province and the Mahshahr coastal region in the early hours of today, blatantly violating the ceasefire agreement and trampling on the Islamabad Memorandum of Understanding. In an initial response to the aggression, the IRGC Navy and Aerospace Force conducted a joint missile and drone operation, destroying 85 key U.S. military facilities located at Salman Port, the U.S. 5th Fleet base in Bahrain, and Kuwait’s Ali Al Salem Air Base. An enemy MQ-9 drone that attempted to interfere in the operation was also shot down. Separately, U.S. President Donald Trump posted a video titled "U.S. Strikes Iran" on social media, which showed ground targets being hit, with flames and smoke rising against the night sky. Trump provided no text commentary for the video, but later reposted it with a netizen’s post attached. The post read: "Breaking News: Massive Strikes on Iran." Earlier U.S. sources reported that Trump, who was attending the NATO summit in Turkey, had approved the plan to strike Iran and issued the strike order.
4 minutes ago
US CFTC sues crypto commodity pool operator Trevor Vernon, alleging $14.8 million in investment fraud.
On Tuesday, the U.S. Commodity Futures Trading Commission (CFTC) sued Trevor Vernon and his company Argent Capital Management, accusing them of operating a commodity pool involving stock index futures, options, and crypto assets from March 2022 to February 2026. They raised approximately $14.8 million from at least 60 investors while falsely advertising investment performance, allegedly committing investment fraud. The CFTC stated that the related trades caused investors to lose over $8.6 million. Vernon not only concealed the losses but is also suspected of misappropriating around $3 million to pay returns to investors, with the operation being "similar to a Ponzi scheme", and embezzled $136,000 for private air travel. The regulator also noted that the trades involved commodities such as Bitcoin and Ethereum, and requested the court to order them to cease relevant trading and registration activities, as well as recover illegal proceeds, impose civil penalties, and compensate investors.
4 minutes ago
Despite the plunge in chip stocks, global institutions are snapping up SK Hynix ahead of its blockbuster Nasdaq listing.
SK Hynix’s roughly $28 billion American Depositary Receipt (ADR) offering was oversubscribed several times ahead of pricing, with around 1,000 institutional investors taking part in roadshows, drawing strong subscriptions from global long-term funds and tech investors. If completed smoothly, the offering will rank among the largest U.S. listings by a foreign company, with the chipmaker set to debut on the Nasdaq Global Select Market this Friday. Despite recent sharp volatility in the global semiconductor sector, SK Hynix’s stock has declined around 17% this month, yet institutional subscription enthusiasm has not been materially impacted. Market observers note that U.S. investors have relatively limited investment access to the South Korean memory chip leader, and the scarcity premium plus long-term growth prospects tied to AI remain key supports for the offering. Jung In-yoon, CEO of Fibonacci Asset Management Global, said market volatility “may affect short-term investor sentiment or execution timelines, but I would be surprised if it materially disrupts the transaction itself. Unless market conditions deteriorate significantly from here, the pricing impact should be manageable.”
According to OnchainLens monitoring, Cumberland transferred $4 million in USDC to Hyperliquid early this morning. The account currently holds total long and short positions worth $70.38 million: 86.37% of the position is allocated to shorting major cryptocurrencies including Ethereum, Bitcoin, and SOL, as well as key US equities, while 13.63% is used for long positions in indices such as the S&P 500. The account has accumulated a profit of $33.27 million.
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While capital is fleeing Bitcoin and Ethereum ETFs at an unprecedented rate, another player is attracting attention. Hyperliquid’s HYPE token continues to evolve at the top of its valuation, contrary to a crypto market under pressure. This divergence reveals a deeper shift. In an environment where speculative liquidity fades, protocols capable of generating real economic activity begin to break free from traditional cycles. Hyperliquid today stands as the most significant embodiment of this mutation.
In brief Bitcoin and Ethereum ETFs are going through a historic crisis, with 6.5 billion dollars in withdrawals illustrating the retreat of institutional investors. Hyperliquid follows a completely opposite trajectory, staying close to its all-time high and attracting positive flows despite a crypto market under pressure. HYPE’s success relies on solid fundamentals, driven by real economic activity, specialized ETFs, and growing investor interest. Hyperliquid’s tokenomics redefine valuation criteria, thanks to a token buyback mechanism directly funded by protocol revenues. The exodus of capital from Bitcoin and Ethereum ETFs towards other projects like Hyperliquid The crypto industry faces a drying up of its liquidity, illustrating a change in stance by institutional capital allocators. According to market data shared by asset manager Coinshares, investment vehicles backed by major cryptos are experiencing continuous selling pressure.
Luke Nolan, senior research associate at Coinshares, thus gave an unequivocal assessment concerning the current state of capital flows. He states that crypto has received “very little support from flows recently”. This lack of buying support is concretely reflected by a losing streak for U.S.-based spot Bitcoin ETFs, which have now recorded eight consecutive weeks of net capital outflows, setting the longest uninterrupted withdrawal sequence observed since their launch.
The quantitative analysis of this disengagement reveals a marked acceleration of outflows during the second quarter of the year. Moreover, financial flow monitoring data reveals the severity of this institutional capitulation :
6.5 billion dollars : this is the minimal total amount withdrawn from these U.S. funds since the beginning of May ; 2.43 billion dollars : this is the total amount of net withdrawals recorded during May alone; 4.06 billion dollars : this is the all-time record of net monthly outflows reached in June; 3,588 bitcoins : this is the massive volume of assets liquidated in a single week by Strategy to finance its preferred stock distributions. This liquidation movement did not remain limited exclusively to bitcoin, as spot Ethereum ETFs also showed notable signs of weakness during the same period, increasing technical pressure on the entire market.
The rush to derivatives This particularly harsh situation for the industry giants has not dampened the upward trajectory of next-generation decentralized finance. The native token of the Hyperliquid blockchain, HYPE, stands out by maintaining its value extremely close to its all-time high, completely independent from current turbulences.
As described by Luke Nolan, “against these difficult market conditions, Hyperliquid (HYPE) continues to trade near its all-time high”. Such relative strength is based on the rapid development of a regulated financial infrastructure dedicated to this asset, materialized by the emergence of three spot ETFs offering investors direct access via traditional brokerage accounts. This range includes the Bitwise Hyperliquid ETF (BHYP), a sector pioneer generating additional yield by staking its holdings, the 21Shares Hyperliquid ETF (THYP), which replicates the performance of the FTSE Hyperliquid Index, as well as the recent Grayscale Hyperliquid Staking ETF (HYPG).
The commercial success of these specialized instruments contrasts point by point with the disaster of traditional ETFs. Investment products focused on HYPE have recorded weekly positive capital inflows since their market introduction in May, attracting around 161 million dollars in net flows during June alone. Currently, the three U.S. structures manage a combined total of approximately 336 million dollars in assets, while equivalent European financial products show over 55 million dollars in assets under management. Although these amounts may seem modest compared to the billions of dollars held by historical leaders, their relative importance radically changes when weighted against the protocol’s real size, confirming a shift of interest from a segment of investors toward targeted alternatives.
The secrets of accumulation: tokenomics indexed on productivity The true explanation for this divergence lies in investors’ perception of Hyperliquid’s financial structure. Luke Nolan further specifies that “on a market cap adjusted basis, HYPE has been one of the strongest crypto ETF launches to date. The relative strength compared to the broader crypto market remains evident”. This dynamic translates deep investor adherence to valuation parameters and the economic design of the asset, as the Coinshares researcher adds that this is a “strong signal that Hyperliquid’s tokenomics resonate with investors”. The network integrates an automatic buy and supply reduction mechanism directly correlated to its usage, thus offering a concrete alternative to purely speculative assets.
Moreover, the technical implementation of a value redistribution-based model changes the game for the institutional investor. Nolan details this specific mechanism by indicating that “using 99% of platform fees to systematically buy back HYPE creates a direct link between protocol activity and token demand, giving the asset a value accumulation mechanism that stands out in the current market”. This architecture creates a perpetual organic demand engine that actively supports the token price as long as the platform generates transaction volume.
While Bitcoin and Ethereum heavily depend on global speculative capital flows, the HYPE token relies on a robust internal mechanism where the asset’s financial performance is intimately linked to real utility and adoption of its decentralized network.
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Luc Jose A.
Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
The mood around crypto investment products has started to improve after one of the darkest periods for institutional demand this year. Fresh inflows into Bitcoin, Solana, and Hyperliquid ETFs suggest investors may be regaining confidence, although it remains too early to conclude that the broader market has fully recovered.
Bitcoin Leads the Recovery As shown by SoSoValue data, U.S. spot Bitcoin ETFs recorded $265.69 million in net inflows yesterday, their strongest daily performance since May 5. The rebound follows a difficult stretch in which Bitcoin ETFs lost billions of dollars as investors reduced exposure during the recent market downturn.
Bitcoin has also stabilized after briefly falling below $60,000 in late June. It is currently trading around $63,000 today after an overnight move above $64,000 faded. Despite the pullback, the asset remains up about 7% over the past week.
The recovery has also held despite Strategy selling 3,588 $BTC, worth about $216 million, in its largest Bitcoin sale since abandoning its previous never-sell approach.
Solana and Hyperliquid See Matching Inflows U.S. spot Solana ETFs attracted $8.36 million in net inflows yesterday, July 6, their strongest daily inflow in nearly 2 months. Every dollar came through Bitwise's $BSOL fund.
Hyperliquid ETFs recorded $8.43 million in net inflows during the same session, with Bitwise's $BHYP accounting for the entire amount.
The nearly identical flows into $BSOL and $BHYP have also appeared at other times over recent days. The pattern has led some market observers to speculate that a single investor may be allocating capital equally between Bitwise's Solana and Hyperliquid ETFs.
Meanwhile, $SOL climbed as high as $83.50 earlier today and has continued to trade above $80 after recovering from recent lows near $60.
A Sharp Contrast From June The renewed buying marks a significant change from late June, when crypto ETFs experienced one of their weakest periods since spot products launched in the United States.
Bitcoin, Ethereum, Solana, and XRP investment products collectively lost about $5 billion over 30 days as Bitcoin fell below $60,000. June also became the first month in which U.S. spot Solana ETFs posted net monthly outflows, while Bitcoin ETFs recorded their largest monthly withdrawals on record.
Are We Back? The recent improvement in ETF flows offers an encouraging sign, but it does not yet confirm that institutional demand has fully returned.
Earlier this year, Hunter Horsley, CEO of Bitwise, argued that Solana and Hyperliquid are both benefiting from the broader shift of capital markets onto blockchain networks. He suggested their long-term success depends less on competing with each other and more on the continued adoption of onchain capital markets.
For now, the return of meaningful ETF inflows suggests sentiment has improved from the lows seen just weeks ago. Whether this marks the beginning of a sustained recovery or only a temporary rebound will depend on several factors. One of which is whether or not institutional buying continues in the weeks ahead.
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Solana Reclaims No. 1 Spot for Network REV After 4 Months as Onchain Demand Explodes
Hyperliquid is a purpose-built Layer 1 blockchain optimized for perpetual futures trading, commanding approximately 70% of all decentralized perpetual futures volume and $6.5 billion in daily activity. Solana operates as a general-purpose Layer 1 blockchain hosting thousands of applications across DeFi, NFTs, gaming, payments, and consumer apps, with over $5 billion in total value locked. Hyperliquid generates approximately $830 million in annualized revenue with 97 to 99% of fees flowing into token buybacks, creating one of the strongest value-accrual mechanisms in decentralized finance. Solana processes over 40 million daily transactions with SOL-denominated TVL reaching an all-time high of 80 million SOL in early 2026, supported by institutional adoption from Goldman Sachs and BlackRock. Cathie Wood of ARK Invest compared Hyperliquid to early-stage Solana in late 2025, but the two protocols serve fundamentally different markets and carry distinct risk and diversification profiles for participants. In May 2026, Hyperliquid’s fully diluted valuation briefly overtook Solana’s, reaching $56 billion compared to $50 billion. A single-application blockchain outvaluing a general-purpose ecosystem forced reassessment of how markets price crypto infrastructure.
This article examines architecture, revenue models, ecosystem breadth, and risk profiles to determine what each chain actually offers.
Architecture: Specialized vs. General Purpose Hyperliquid runs on its own Layer 1 blockchain using HyperBFT, a custom consensus algorithm inspired by HotStuff and optimized for low-latency, high-throughput financial applications. The chain supports approximately 200,000 orders per second with a 0.07-second block time and sub-second finality.
Every order, cancellation, trade, and liquidation executes onchain. The network comprises HyperCore for specialized trading applications and HyperEVM for Ethereum-compatible smart contracts.
Solana uses Proof of Stake combined with its proprietary Proof of History mechanism, processing over 40 million daily transactions. The network hosts a full spectrum of applications, from Jupiter’s $1.2 billion daily DEX volume to Kamino’s $1.48 billion lending protocol.
The architectural difference is fundamental. Hyperliquid optimized every stack layer for high-frequency derivatives. Solana is optimized for breadth, trading off single-application performance for general smart-contract flexibility. This mirrors traditional finance, where specialized venues like CME coexist with general-purpose infrastructure.
ARK Invest CEO Cathie Wood stated on the Master Investor podcast in late 2025 that Hyperliquid “reminds me of Solana in the earlier days,” calling it “the new kid on the block.” The comparison captures trajectory similarity but obscures the structural difference between these platforms.
Revenue Models and Token Value Capture Revenue mechanics represent the starkest divergence between these ecosystems. Hyperliquid charges taker fees of 0.045% and maker fees of 0.015% on its perpetual order book. Approximately 97 to 99% of resulting protocol revenue flows through the Assistance Fund, which executes automated buybacks of HYPE tokens on the open market, according to multiple 2026 analyses.
Cumulative protocol revenue has surpassed $1 billion, with an annualized run rate near $830 million. Solana generates approximately $6.8 million per day in ecosystem fees, but most flows to individual applications.
Network-based fees are fractions of a cent. The value proposition for SOL holders is indirect: staking rewards and the option value of an expanding ecosystem.
Data from Nexo Research illustrates the efficiency gap. Hyperliquid generated $844 million in revenue in 2025 from a single product. Solana’s $1.3 to $1.4 billion came from hundreds of applications.
Analysis: Hyperliquid’s buyback model creates a tight feedback loop between activity and token demand. Solana’s diffuse model distributes value broadly but lacks a comparable concentration mechanism. This makes Hyperliquid more attractive during bull markets but more fragile during downturns.
Ecosystem Breadth and Risk Diversification Solana’s architecture has produced a broad ecosystem. DeFi TVL reached approximately $5.1 billion by mid-2026. Institutional adoption accelerated with Goldman Sachs disclosing $108 million in SOL ETF holdings and BlackRock’s BUIDL fund clearing $550 million on the network.
The developer ecosystem supports roughly 4,000 active developers. SushiSwap migrated to Solana in early 2026, and Jupiter evolved from a DEX aggregator into a comprehensive financial platform with lending and stablecoin issuance.
Hyperliquid’s ecosystem is intentionally narrower. The HyperEVM hosts approximately 243 protocols with $1.5 billion in TVL, but the core perpetuals exchange dominates economic activity.
The protocol controls 66 to 73% of all decentralized perpetual futures flow, processing roughly $50 billion in weekly volume. Product expansion into binary options trading via HIP-4 and permissionless perpetual market creation via HIP-3 diversifies the product suite while remaining within the derivatives vertical.
Solana’s breadth provides multiple segments to absorb downturns. Hyperliquid’s revenue concentration in perpetual futures makes it highly cyclical. With only 27% of HYPE supply in circulation, token unlock events such as the July 2026 release of 9.9 million tokens, worth approximately $645 million, introduce supply-side pressure.
Regulatory Implications Both protocols face regulatory exposure, but through different vectors. Solana’s growing institutional adoption through ETFs and tokenized securities places it squarely within SEC and CFTC oversight frameworks.
Hyperliquid’s derivatives-focused model operates in a regulatory gray zone, as decentralized perpetual futures trading remains largely unregulated in most jurisdictions. The Digital Asset Market Clarity Act could affect the classification of tokens and services for both protocols.
What’s Next? Solana’s Firedancer client upgrade, continued ETF adoption, and the expansion of tokenized real-world assets on the network represent near-term catalysts.
Hyperliquid’s trajectory depends on sustaining growth in trading volume, absorbing token unlocks without significant price dilution, and fending off competition from Aster and emerging Solana-based perpetual venues.
Both ecosystems are expanding, but toward different destinations. The market may value them side by side, but they are not playing the same game.
FAQs What is the main difference between Hyperliquid and Solana?
Hyperliquid is a purpose-built Layer 1 optimized for perpetual futures trading, while Solana is a general-purpose blockchain hosting thousands of diverse applications across DeFi, NFTs, and payments.
Which has higher trading volume?
Hyperliquid processes approximately $50 billion in weekly perpetual futures volume, while Solana’s DEX ecosystem handles billions in daily spot trading volume across multiple decentralized exchange protocols.
How do their revenue models compare?
Hyperliquid directs 97-99% of protocol fees toward token buybacks, creating direct value accrual, whereas Solana’s fees are distributed across individual applications, with minimal direct flow to SOL holders.
Is Hyperliquid riskier than Solana?
Hyperliquid carries higher concentration risk due to revenue dependence on perpetual futures and significant upcoming token unlocks, while Solana’s diversified ecosystem provides more downside resilience across cycles.
What did Cathie Wood say about Hyperliquid?
ARK Invest CEO Cathie Wood compared Hyperliquid to early-stage Solana on the Master Investor podcast in late 2025, citing trajectory similarities while noting ARK does not hold HYPE tokens.
Can Solana compete with Hyperliquid in perpetual futures?
Solana hosts six perpetual trading venues, but Hyperliquid commands 66 to 73% of decentralized perpetual futures volume, a dominance gap that multiple Solana protocols are actively trying to close.
Which ecosystem has more institutional adoption?
Solana leads in institutional adoption with Goldman Sachs and BlackRock exposure, ETF products, and traditional finance integrations, while Hyperliquid attracts institutional trading flow through execution quality.
References Hyperliquid vs. Solana: The Battle for Liquidity King in 2026 (CryptoNews, May 2026) Hyperliquid vs Solana: Are They Really the Same? (Nexo Blog, May 2026) Solana perps venues compared against Hyperliquid in new analysis (CryptoBriefing, May 2026) Better Crypto Buy: Solana vs. Hyperliquid (The Motley Fool, July 2026)
Hyperliquid’s suite of spot ETFs just pulled in $112 million in a single week, setting a new record for the decentralized perpetual futures platform. The bulk of that capital flowed into Grayscale’s HYPG, a staking ETF that launched on June 3, 2026, and has already accumulated roughly $128.6 million in assets under management.
The numbers behind the HYPE Three ETFs currently offer exposure to Hyperliquid’s native HYPE token: 21Shares’ THYP, Bitwise’s BHYP, and Grayscale’s HYPG. All three launched between mid-May and early June 2026, and the early data is striking.
Combined cumulative net inflows topped $150 million within just the first month of trading. By mid-June, the trio had amassed roughly $209 million in total assets, representing about 1.4% of HYPE’s market cap.
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Trading volume across the three products surged to nearly $900 million. THYP and BHYP hit peak daily inflows of approximately $25.5 million around May 20-21, contributing to weekly records that exceeded $70 million before HYPG even entered the picture.
Not a single week of net outflows has been recorded across any of the three funds in early data. HYPE experienced an eight-day inflow streak in late May that coincided with the token’s price surging past the $62 to $73 range, with the token hitting multiple all-time highs and peaking somewhere between $60 and $75.
Why institutions are paying attention Grayscale’s HYPG charges a 0.29% management fee and offers staking rewards north of 2% annually, giving investors exposure to HYPE’s price action while earning yield through a regulated wrapper.
Hyperliquid itself runs on a custom Layer-1 blockchain with sub-second transaction finality. The platform built its reputation as the dominant venue for decentralized perpetual futures trading, but it’s been expanding into stocks and commodities.
During the same period that HYPE ETFs were setting records, Bitcoin and Ethereum ETFs experienced outflows, with investors appearing to rebalance toward HYPE products for regulated exposure.
What this means for investors The $209 million in combined ETF assets representing only 1.4% of HYPE’s market cap suggests substantial room for growth if institutional adoption deepens, compared to Bitcoin ETFs where ETF holdings represent a significantly larger share of total supply.
Risks remain real. Hyperliquid’s platform concentration in derivatives trading means a single exploit or regulatory action could dent confidence quickly. The expansion into stocks and commodities adds another variable: if Hyperliquid successfully bridges traditional and crypto markets on a single infrastructure layer, the HYPE token’s value proposition grows considerably.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
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