Daily News 19

Tag: Hyperliquid

  • HYPE Token Drops From $98 Record High as Whales Signal Potential Deeper Selloff

    HYPE Token Drops From $98 Record High as Whales Signal Potential Deeper Selloff

    Key Highlights

    • Hyperliquid’s $HYPE token declined over 3% on September 24 to trade near $93.80, pulling back from a record high of $97.98 reached the previous day as Multicoin Capital moved another $12.15 million in tokens to Coinbase Prime.
    • Multicoin Capital has deposited approximately 4.23 million $HYPE worth $285 million to Coinbase Prime since July 28, while five other large addresses initiated unstaking of 983,600 $HYPE ($90.44 million) with a seven-day unlock period ending around October 1.
    • Derivatives data shows $3.30 million in long liquidations and a $74 million drop in open interest over two days, signaling leveraged position unwinding, though $HYPE remains up 18.4% on the week and holds above key exponential moving averages.

    Multicoin Capital Transfers Renew Selling Pressure on $HYPE

    Hyperliquid’s native token $HYPE retreated more than 3% during the September 24 session, slipping to approximately $93.80 after briefly dipping below $92 earlier in the day. The pullback interrupted a sharp rally that had carried the token to an all-time high of $97.98 on September 23, representing a roughly 25% surge from the September 17 level near $78. Despite the intraday decline, $HYPE retains substantial gains of 18.4% over the past seven days and 16.1% over the past 30 days, outperforming the broader cryptocurrency market which has also seen Bitcoin retreat from recent highs.

    The immediate catalyst for renewed selling concern came from onchain analytics platform Lookonchain, which reported that venture firm Multicoin Capital transferred another 130,331 $HYPE—valued at $12.15 million—to Coinbase Prime after a one-week pause in such transfers. Since July 28, Multicoin Capital has deposited approximately 4.23 million $HYPE worth an estimated $285 million to the institutional custody and execution platform. While transfers to Coinbase Prime do not confirm outright sales—the venue provides prime brokerage, custody, and execution services for institutional clients—the consistent flow of tokens from a single large holder has kept market participants focused on potential supply overhang.

    Large Holder Unstaking Adds to Supply Concerns

    Compounding the narrative, Lookonchain identified five addresses that began unstaking a combined 983,600 $HYPE worth approximately $90.44 million on September 24. The largest of these addresses initiated the unstaking of roughly 391,800 $HYPE valued near $36 million. Hyperliquid’s protocol imposes a mandatory seven-day waiting period on unstaking, meaning these tokens are not expected to become liquid until around October 1. This delayed timeline suggests any selling pressure from these specific positions would be staggered rather than immediate, though the sheer volume of tokens exiting staking contracts underscores a shift in large-holder positioning after the token’s rapid ascent.

    Derivatives Unwinding Accompanies Spot Pullback

    The spot price decline coincided with notable weakness in derivatives markets. Recent data indicates approximately $3.30 million in $HYPE long liquidations over 24 hours, accounting for roughly 93% of the token’s total liquidations during that period. Simultaneously, open interest fell by approximately $74 million over a two-day window. The combination of a falling price and declining open interest typically signals that leveraged long positions are being closed—either voluntarily or via forced liquidation—rather than new short positions being established. This dynamic suggests the current correction is being driven primarily by profit-taking and risk reduction among leveraged participants rather than aggressive new bearish bets.

    Technical Structure Remains Constructive Despite Near-Term Weakness

    Daily Timeframe: Uptrend Intact Above Key EMAs

    On the daily chart, $HYPE continues to trade well above its primary exponential moving averages despite the retreat from the $97.98 peak. At approximately $93.26, the token sits comfortably above the 20-day EMA at $87.12, while the 50-day, 100-day, and 200-day EMAs stand at $79.21, $71.24, and $60.50 respectively. The stacked ordering—each shorter EMA above the longer—remains a bullish configuration. The 20-day EMA near $87.12 represents the first major dynamic support if the pullback extends, with a daily close below that level bringing the 50-day EMA around $79.21 into focus, near the pre-breakout consolidation zone.

    The daily Relative Strength Index (RSI) has cooled to 62.84 after breaching the 70 overbought threshold during the late-September rally. While still above the neutral 50 level, the retreat from overbought territory confirms that buying momentum has eased meaningfully since the approach to $98.

    4-Hour Timeframe: Fibonacci Levels Frame Immediate Support and Resistance

    The shorter timeframe offers more granular levels around current prices. A Fibonacci retracement drawn from the September low at $75.19 to the recent high at $98.04 places the 23.6% retracement at $92.65. $HYPE was trading just above this level at approximately $93.34, making the $92.65 area the first support to watch. A decisive break below $92.65 would expose the 38.2% retracement at $89.31, followed by the 50% level at $86.62 and the 61.8% retracement at $83.92. A deeper correction could target the 78.6% level around $80.08.

    Momentum indicators on the four-hour chart have already turned bearish. The MACD line stood at 0.732, below the signal line at 1.319, with the histogram at minus 0.587. The negative histogram and bearish MACD crossover confirm that near-term momentum has shifted in favor of sellers following the rejection near the record high.

    Key Levels to Watch

    • Immediate Support: $92.65 (23.6% Fib retracement)
    • Secondary Support: $89.31 (38.2% Fib) / $86.60–$87.10 zone (50% Fib + 20-day EMA confluence)
    • Immediate Resistance: $94–$95 (recent consolidation area)
    • Upside Targets: $98.04 (record high) → $100 (psychological level)

    Holding above $92.65 would keep $HYPE in the upper portion of its recent range, leaving the door open for a recovery attempt toward $94–$95 and a potential retest of the $98.04 high. A clean break above the all-time high would put the psychological $100 level in play. Conversely, a failure at $92.65 opens the path toward the $89.31 and $86.62 Fibonacci levels, with the latter converging with the daily 20-day EMA to form a significant support zone around $86.60–$87.10.

    Why This Matters

    The $HYPE price action encapsulates a classic post-breakout dynamic: a rapid, low-float rally attracts speculative leveraged interest, large early backers begin distributing into strength, and the market digests the supply overhang through a correction that flushes excess leverage. Multicoin Capital’s sustained transfers to Coinbase Prime—totaling $285 million since late July—represent one of the largest identifiable distribution campaigns by a single institutional holder in the current cycle. Meanwhile, the coordinated unstaking by five large addresses signals that other major stakeholders are also preparing to reduce exposure or rebalance.

    For Hyperliquid, a high-performance decentralized perpetual exchange, $HYPE’s tokenomics tie staking rewards and governance to the platform’s fee revenue. The seven-day unstaking lock provides a structural buffer that prevents immediate dumping, but the sheer scale of tokens exiting staking (nearly 1 million $HYPE) suggests a meaningful shift in holder sentiment. The derivatives unwind—$74 million in open interest evaporation and 93% long liquidations—is a healthy reset that removes fragile positioning, potentially setting the stage for a more sustainable uptrend if spot demand reasserts itself at the 20-day EMA or Fibonacci confluence zones.

    Broader market context matters: Bitcoin’s simultaneous pullback from recent highs has weighed on risk appetite across crypto, and $HYPE’s outsized weekly gains (+18.4%) made it a natural candidate for profit-taking during a risk-off episode. The coming week will test whether the $86.60–$87.10 support zone holds and whether spot buyers step in to absorb the anticipated October 1 unlock supply.

    Frequently Asked Questions

    Has Multicoin Capital sold its $HYPE holdings?

    Not necessarily. Multicoin Capital has transferred approximately 4.23 million $HYPE worth $285 million to Coinbase Prime since July 28, but Coinbase Prime is an institutional custody and execution platform. Transfers to Prime do not confirm sales; the tokens may be held in custody, used for market-making, or deployed in other strategies. However, the consistent flow from a single large holder creates a perceived supply overhang that weighs on market sentiment.

    When will the unstaked $HYPE from the five large addresses become available for sale?

    Hyperliquid imposes a mandatory seven-day unstaking period. The unstaking transactions were initiated on September 24, meaning the approximately 983,600 $HYPE (worth ~$90.44 million) are expected to become liquid around October 1. They cannot be sold or transferred before the unlock completes.

    What are the key technical levels for $HYPE right now?

    On the 4-hour chart, the 23.6% Fibonacci retracement at $92.65 is the first support. A break below exposes $89.31 (38.2%) and the $86.60–$87.10 zone where the 50% Fibonacci level converges with the daily 20-day EMA. On the upside, $94–$95 is immediate resistance, followed by the all-time high at $98.04 and the psychological $100 level. The daily structure remains bullish as long as price holds above the 20-day EMA at $87.12.

  • Robinhood Engineers Charged After Allegedly Trading Crypto on Secret Listing Information

    Robinhood Engineers Charged After Allegedly Trading Crypto on Secret Listing Information

    Key Highlights

    • Two Robinhood engineers, Hefu Chai and Huaisong Xiang, have been charged by the U.S. Department of Justice with commodities fraud and wire fraud for allegedly using confidential listing information to trade crypto perpetual futures on Hyperliquid.
    • Prosecutors allege the defendants generated over $50,000 each by repeatedly trading tokens ahead of public Robinhood Crypto listing announcements between 2025 and 2026.
    • The case draws parallels to the Jane Street Group controversy, where the trading firm allegedly exited $192 million in TerraUSD (UST) prior to its May 2022 collapse using alleged insider access.

    Robinhood Engineers Charged in Alleged Insider Trading Scheme

    The U.S. Department of Justice has unsealed criminal complaints against two Robinhood Markets engineers, accusing them of orchestrating a systematic scheme to exploit confidential corporate data for personal profit in the cryptocurrency derivatives market. Hefu Chai, 36, of Menlo Park, California, and Huaisong Xiang, 30, of Jersey City, New Jersey, face charges of commodities fraud and wire fraud stemming from their alleged misuse of non-public information regarding upcoming token listings on the Robinhood Crypto platform.

    Trading on Confidential Listing Data

    According to complaints filed in the Southern District of New York, Chai and Xiang leveraged their positions as engineers to access advance knowledge of which cryptocurrencies Robinhood planned to list for trading. Prosecutors contend that the defendants used this privileged information to purchase perpetual futures contracts tied to those specific tokens on Hyperliquid, a decentralized perpetual futures exchange, before the listings were announced to the general public. The DOJ alleges this pattern of trading was repeated multiple times over a period spanning 2025 and 2026, with each defendant allegedly realizing profits exceeding $50,000.

    Severe Penalties and Upcoming Court Appearances

    The charges carry significant potential prison time. The commodities fraud count carries a maximum sentence of 10 years, while the wire fraud charge carries a maximum of 20 years. Chai is scheduled to make his initial appearance in federal court in the Northern District of California, while Xiang is set to appear before a federal magistrate judge in New York. The geographic split reflects the defendants’ respective residences and the national scope of the alleged electronic communications used to execute the trades.

    DOJ Signals Crackdown on Derivatives-Based Insider Trading

    U.S. Attorney Jamie McDonald emphasized the broader legal implications of the case in a formal statement:

    “Misappropriating confidential information to trade in the derivatives markets for personal benefit is illegal. That is exactly what we allege Hefu Chai and Huaisong Xiang have done. Today’s charges make clear that corporate insiders cannot evade the securities and commodities laws by trading based on misappropriated information in derivatives like perpetual futures, tokenized securities, or other similar financial instruments.”

    The statement underscores the Justice Department’s intent to apply traditional insider trading statutes to novel crypto-native instruments, specifically perpetual futures, signaling that the regulatory perimeter extends beyond spot markets into decentralized derivatives venues.

    Why This Matters: Regulatory Scrutiny Extends to Crypto Derivatives

    This prosecution arrives amid heightened regulatory focus on market integrity within the digital asset ecosystem. The allegations against Chai and Xiang represent a notable expansion of enforcement theory: applying misappropriation theory to perpetual futures traded on decentralized platforms like Hyperliquid, rather than traditional securities or spot crypto assets. It establishes a precedent that confidential corporate information—such as exchange listing schedules—is protected property regardless of the financial instrument used to monetize it.

    The case also resurfaces scrutiny on institutional players. The Jane Street Group controversy, referenced in the DOJ’s background context, involved allegations that the quantitative trading firm utilized a private Telegram channel with Terraform Labs insiders to sell approximately $192 million in TerraUSD (UST) ahead of the algorithmic stablecoin’s catastrophic de-pegging in May 2022. While distinct in mechanism—one involving exchange listing data, the other protocol-level stability intelligence—both cases illustrate a regulatory environment where information asymmetry, whether at a broker-dealer or a protocol issuer, is increasingly actionable.

    For Robinhood, the charges pose reputational risk as the firm continues its push to deepen its crypto product suite. For the broader industry, the message is clear: the Commodity Futures Trading Commission (CFTC) and DOJ view perpetual futures and similar derivatives as fully within their jurisdictional reach for fraud and manipulation enforcement.

    Frequently Asked Questions

    What specific charges do Hefu Chai and Huaisong Xiang face?

    Both defendants are charged with one count of commodities fraud, carrying a maximum 10-year sentence, and one count of wire fraud, carrying a maximum 20-year sentence, in the Southern District of New York.

    How did the alleged scheme work according to prosecutors?

    Prosecutors allege Chai and Xiang used their engineering roles at Robinhood to access non-public information about upcoming cryptocurrency listings on Robinhood Crypto. They then allegedly purchased perpetual futures contracts for those tokens on Hyperliquid before the listings were publicly announced, profiting from the price movements that typically follow a major exchange listing.

    What is the significance of the Jane Street comparison mentioned in the report?

    The Jane Street case, involving a $192 million exit from TerraUSD prior to its 2022 collapse, is cited as a parallel high-profile instance where sophisticated market participants allegedly used non-public information—via a private channel with Terraform Labs—to trade advantageously. Both cases highlight expanding enforcement against information asymmetry in crypto markets, whether on centralized platforms or decentralized protocols.

  • Chinese Whale May Have Made Another Large Altcoin Purchase as Token Surges

    Chinese Whale May Have Made Another Large Altcoin Purchase as Token Surges

    Key Highlights:

    • Garret Jin accumulated 202,080 ZEC worth approximately $88.3 million in December 2024; holdings now valued near $320 million as ZEC trades at $1,580.
    • The investor moved the full stack into Zcash shielded addresses before returning funds to transparent addresses within minutes, keeping all 202,080 ZEC under single-wallet control.
    • A concurrent short position of roughly 38,000 ZEC on Hyperliquid (current notional ~$60 million) carries a $34.5 million unrealized loss, functioning as a partial hedge against the much larger spot exposure.

    Whale Accumulation: December 2024 Withdrawals from Binance and Zcash

    Blockchain data and a screenshot shared by Garret Jin on X reveal a coordinated accumulation of Zcash ($ZEC) in late December 2024. On December 24, a wallet linked to Jin withdrew 68,080 ZEC from Binance when the asset traded near $436, valuing that tranche at roughly $29.7 million. Minutes earlier, the same wallet pulled 134,000 ZEC directly from the Zcash network, worth approximately $58.6 million at prevailing prices. Combined, the two transactions delivered 202,080 ZEC into a single address with a total cost basis near $88.3 million.

    Shielded Address Activity and Rapid Return to Transparency

    On-chain records show Jin subsequently moved the entire 202,080 ZEC balance into Zcash shielded addresses, leveraging the protocol’s zero-knowledge privacy feature. However, the assets were transferred back to transparent addresses within minutes, and the full position has remained in that wallet continuously since. The brief shielding event did not obscure the ultimate ownership or aggregate size of the holding, which remains publicly verifiable on transparent addresses.

    Price Surge Lifts Paper Gain to $232 Million

    With ZEC appreciation to $1,580, the spot position has swelled to an estimated $320 million in current market value. That translates to an unrealized dollar-denominated gain of approximately $232 million against the December acquisition cost. The magnitude of the appreciation underscores the volatile upside potential in privacy-focused crypto assets during broader market rallies.

    Hyperliquid Short Position Acts as Partial Hedge

    Simultaneously, Jin maintains a short position of roughly 38,000 ZEC on the decentralized perpetuals exchange Hyperliquid. At current prices, the short carries a notional value near $60 million and an unrealized loss of about $34.5 million. Analysts interpret the short as a deliberate hedge: should ZEC decline, profits on the perpetual contract would offset a portion of the spot drawdown, while the net exposure remains strongly long given the 202,080 ZEC spot holding versus the 38,000 ZEC short.

    Why This Matters

    The episode highlights how sophisticated participants manage concentrated positions in lower-liquidity privacy coins. Zcash’s dual address architecture—transparent and shielded—allows large holders to test privacy features without relinquishing auditability, a dynamic relevant for regulators and compliance teams monitoring anti-money-laundering (AML) risks. Meanwhile, the use of Hyperliquid for on-chain perpetual hedging demonstrates the growing role of decentralized derivatives venues in institutional-scale risk management. Market observers should watch whether the short position is adjusted, expanded, or closed as ZEC price action evolves, as changes could signal shifting conviction or risk appetite from one of the asset’s largest identifiable holders.

    Frequently Asked Questions

    Who is Garret Jin?

    Garret Jin is a pseudonymous cryptocurrency investor who publicly shares on-chain activity via his X (formerly Twitter) account. He is known for sizable positions in privacy-focused assets and for utilizing decentralized derivatives platforms such as Hyperliquid for hedging.

    Why did the ZEC move to shielded addresses and then back so quickly?

    The brief transfer to Zcash shielded addresses likely served as a functional test of the network’s privacy features or a tactical step for transaction privacy. Returning to transparent addresses within minutes kept the full balance visible on-chain, preserving verifiability of the total holding size.

    How does the Hyperliquid short position hedge the spot holding?

    The short position of ~38,000 ZEC represents roughly 19% of the 202,080 ZEC spot stack. If ZEC falls, gains on the short partially compensate for losses on the much larger long position, reducing net downside exposure while maintaining a predominantly bullish directional bet.

  • Top Crypto Price Predictions: Near Protocol, Venice Token, Hyperliquid

    Top Crypto Price Predictions: Near Protocol, Venice Token, Hyperliquid

    Key Highlights

    • The global cryptocurrency market valuation reached $2.76 trillion amid a broad-based rally that persisted despite interest rate hikes from the Federal Reserve and the Bank of Japan.
    • Near Protocol (NEAR) surged to $3.7830, breaking above a key $3.08 cup-and-handle resistance, though an RSI of 85 signals overbought conditions and a potential retest of support.
    • Hyperliquid (HYPE) climbed toward a $100 target after clearing its prior all-time high of $89.38, fueled by political tailwinds and a perpetual DEX volume exceeding $240 billion in 30 days.

    Broad Market Resilience Defies Central Bank Tightening

    The cryptocurrency market demonstrated notable strength in the latest session, with the aggregate market capitalization holding at $2.76 trillion and the majority of tokens trading in positive territory. This advance occurred despite a backdrop of monetary tightening, as both the Federal Reserve and the Bank of Japan (BoJ) implemented interest rate hikes, while crude oil prices remained elevated—factors that have historically pressured risk assets. The decoupling suggests growing conviction among market participants in the structural narratives driving specific Layer-1 ecosystems and decentralized finance primitives.

    Near Protocol Leads Layer-1 Outperformance Amid AI Narrative

    Near Protocol ($NEAR) has emerged as a standout performer among major Layer-1 networks, significantly outpacing Bitcoin, Ethereum, and XRP in year-to-date returns. The token rallied to a high of $3.7830, a remarkable climb from its year-to-date low of $0.8490. Technically, NEAR cleared the $3.08 resistance level, which represented the upper boundary of a cup-and-handle formation—a pattern widely regarded in technical analysis as a bullish continuation signal. The asset now trades above all major moving averages and the Supertrend indicator, while the Average Directional Index (ADX) continues to rise, confirming strengthening trend momentum.

    However, caution is warranted. The Relative Strength Index (RSI) has elevated to 85, placing the token deep in overbought territory. This creates a heightened probability of a near-term pullback to retest the $3.08 breakout level as new support—a classic break-and-retest pattern—before the uptrend potentially resumes. The project’s diversified positioning, spanning a Layer-1 blockchain, a privacy-focused trading platform, and an AI agent marketplace, continues to underpin fundamental demand.

    Venice Token Extends Gains on AI Utility and Deflationary Mechanics

    Venice Token ($VVV), the native asset of the Venice AI platform, traded at $27.25, approaching its all-time high of $29.30. The platform differentiates itself by aggregating access to leading AI models from providers including Anthropic, OpenAI, and Grok, with users paying in fiat currency. A portion of platform fees is allocated to a systematic buy-and-burn mechanism, introducing deflationary pressure; the protocol burned over $702,000 worth of VVV last month and an additional $673,000 in the current month. Price action has confirmed a break-and-retest above the $21.48 cup-and-handle resistance, with the token holding above all key moving averages. The technical path of least resistance points upward, with analysts targeting the $35 level as the next significant objective.

    Hyperliquid Surges on Political Tailwinds and DEX Dominance

    Hyperliquid ($HYPE) has experienced a powerful upward trajectory catalyzed by two significant external developments. Former President Donald Trump signaled support for the protocol’s entry into the United States market, while the Securities and Exchange Commission (SEC) indicated backing for the tokenization of traditional stocks—both developments validating Hyperliquid’s core value proposition. Fundamentally, the platform’s perpetual decentralized exchange (DEX) has cemented its market leadership, processing over $240 billion in volume over the past 30 days, a figure that substantially exceeds rivals such as Aster and Lighter.

    From a technical perspective, HYPE has completed a textbook break-and-retest pattern, finding support at $76—its June 16 high—before breaking decisively above the prior all-time high resistance at $89.38. With the breakout confirmed and the asset trading in price discovery mode, the next major psychological and technical target sits at $100.

    Why This Matters

    The divergent technical setups across these three assets illustrate the maturing differentiation within the crypto market. NEAR’s strength reflects the market’s appetite for integrated AI-blockchain infrastructure, Venice demonstrates the viability of real-yield, utility-driven tokenomics in the AI sector, and Hyperliquid’s ascent highlights the convergence of regulatory clarity, political advocacy, and superior product-market fit in decentralized derivatives. Collectively, their resilience amid Federal Reserve and BoJ tightening suggests that protocol-specific fundamentals are increasingly superseding macroeconomic beta as the primary driver of capital allocation. Traders should monitor the $3.08 level on NEAR for confirmation of the break-and-retest, VVV’s approach to price discovery above $29.30, and HYPE’s volume sustainability as it approaches the $100 milestone.

    Frequently Asked Questions

    What is driving the current rally in the cryptocurrency market despite rate hikes?
    The market’s resilience stems from strong protocol-specific fundamentals—such as AI integration, deflationary tokenomics, and record DEX volumes—overriding traditional macroeconomic headwinds from the Federal Reserve and Bank of Japan rate decisions.
    Is Near Protocol (NEAR) overbought at current levels?
    Yes, the Relative Strength Index (RSI) reading of 85 indicates significantly overbought conditions, increasing the likelihood of a corrective pullback to retest the $3.08 breakout level before any further upside continuation.
    What makes Hyperliquid (HYPE) unique compared to other decentralized exchanges?
    Hyperliquid operates a high-performance perpetual DEX that processed over $240 billion in 30-day volume, surpassing peers like Aster and Lighter, while benefiting from explicit political support for U.S. market entry and SEC openness to asset tokenization.
  • Kraken Seeks US Launch for Single-Stock Perpetual Futures Trading

    Kraken Seeks US Launch for Single-Stock Perpetual Futures Trading

    Key Highlights

    • Payward, parent company of Kraken, has filed to offer single-stock perpetual futures on 10 major U.S. equities including Tesla, Nvidia, Apple, Microsoft, and Amazon, with plans for 24/5 trading access.
    • The contracts would be listed on Bitnomial Exchange under its rules, while onchain perpetual futures would be offered through Hyperliquid to eligible U.S. clients, both subject to regulatory approval.
    • Kraken already operates CFTC-regulated crypto perpetual futures for U.S. clients and tokenized-equity perpetuals for non-U.S. clients, but no launch date has been announced for the new single-stock products.

    Payward Files for Single-Stock Perpetual Futures on Kraken

    Payward Inc., the parent company of cryptocurrency exchange Kraken, has submitted a regulatory filing to introduce single-stock perpetual futures contracts for eligible U.S. traders, marking a significant expansion of its derivatives offerings beyond digital assets. The filing, which was publicly disclosed on September 18, 2026, covers ten major U.S. equities: Tesla (TSLA), Nvidia (NVDA), Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), Alphabet (GOOGL), Broadcom (AVGO), Micron Technology (MU), Palantir Technologies (PLTR), and SPCX.

    Extended Trading Hours and Market Structure

    A central component of the proposal is the pursuit of 24/5 trading, allowing market participants to respond to price-moving events outside traditional exchange hours. “Stock markets close, and the events that move them don’t,” Payward said on X. The company said traders could respond to market-moving news outside regular hours. The perpetual futures structure—contracts with no expiration date that track the underlying asset price through a funding mechanism—would enable continuous leveraged exposure to individual equities.

    Regulatory Pathway and Partnership Framework

    Under the proposed framework, Bitnomial Exchange would list the contracts under its own rules, subject to approval from relevant regulators. Separately, Payward plans to offer onchain perpetual futures through Hyperliquid to eligible U.S. clients, blending centralized exchange infrastructure with decentralized trading venues. The filing does not specify a launch timeline, and Payward has not provided a launch date. Any debut would be contingent on securing necessary regulatory clearances.

    Kraken’s Existing Derivatives Footprint

    The move builds on Kraken’s established derivatives business. In June, the exchange launched CFTC-regulated cryptocurrency perpetual futures for eligible U.S. clients, covering Bitcoin, Ethereum, Solana, and other major digital assets. Outside the United States, Kraken already offers tokenized-equity perpetual futures that provide continuous trading and leverage on stocks such as Nvidia, Apple, and Tesla. The new filing would bring a similar single-stock perpetual product to the domestic market, aligning with a broader industry trend: Coinbase has also filed for more than 50 single-stock perpetual futures, while the New York Stock Exchange is exploring 24/7 onchain trading through a new alternative trading system.

    Why This Matters

    The filing signals a growing convergence between traditional equity markets and crypto-native derivatives infrastructure. Perpetual futures have become the dominant derivatives format in digital asset markets due to their capital efficiency and 24/7 availability. Extending this model to individual U.S. stocks—listed on a CFTC-regulated venue like Bitnomial and accessible onchain via Hyperliquid—could reshape how both retail and institutional participants manage equity exposure, particularly around earnings announcements, macroeconomic data releases, and geopolitical developments that occur outside regular trading hours. Regulatory approval remains the critical gating factor; the CFTC and SEC have historically scrutinized single-stock futures and crypto-linked equity products closely, and the outcome of this filing may set precedent for similar offerings from Coinbase and other platforms.

    Frequently Asked Questions

    Which stocks are included in Payward’s single-stock perpetual futures filing?

    The filing covers ten U.S. equities: Tesla (TSLA), Nvidia (NVDA), Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), Alphabet (GOOGL), Broadcom (AVGO), Micron Technology (MU), Palantir Technologies (PLTR), and SPCX.

    When will these perpetual futures be available for trading?

    Payward has not announced a launch date. The products require regulatory approval before they can be offered to U.S. clients.

    How do these contracts differ from Kraken’s existing derivatives products?

    Kraken currently offers CFTC-regulated crypto perpetual futures (Bitcoin, Ethereum, Solana) to eligible U.S. clients and tokenized-equity perpetual futures to non-U.S. clients. The new filing seeks to bring single-stock perpetual futures on individual U.S. equities to the domestic market for the first time, with 24/5 trading via Bitnomial Exchange and onchain access through Hyperliquid.

  • Altcoin Hits All-Time High: Why It Surged and Analyst Predictions

    Altcoin Hits All-Time High: Why It Surged and Analyst Predictions

    Key Highlights

    • Hyperliquid Strategies accumulated 4.28 million HYPE tokens worth approximately $385 million over three weeks, representing 1.4% of circulating supply and outpacing Assistance Fund purchases by 7.5 times.
    • Despite aggressive institutional buying, HYPE price initially declined from $89 to $76, with analyst Shaunda Devens attributing weakness to insufficient marginal demand beyond PURR-driven flows and existing investors selling into the bid.
    • HYPE subsequently reversed to all-time highs as selling pressure abated; Devens notes improved financial positioning (cash assets of $245 million, market-cap-to-net-asset ratio of 1.24) but cautions that current valuation prices in significant optimism despite a 50% revenue decline since August 2024.

    Institutional Accumulation Drives HYPE to Record Highs

    Hyperliquid’s native token, HYPE, reached new all-time highs today following weeks of concentrated institutional buying by Hyperliquid Strategies. According to crypto analyst Shaunda Devens, the entity purchased 4.28 million HYPE tokens in just three weeks, deploying approximately $385 million. This accumulation represents roughly 1.4% of the token’s circulating supply and dwarfs the purchasing activity of the Assistance Fund, which bought only a fraction of that amount over the same period. Devens highlighted that Hyperliquid Strategies’ buying accounted for an estimated 15% of total Hyperliquid spot trading volume during the accumulation window, underscoring the outsized influence of a single institutional participant on market dynamics.

    Analyst Flags Demand Concerns Amid Aggressive Buying

    Despite the substantial bid from Hyperliquid Strategies, Devens observed that HYPE price action initially deteriorated, falling from $89 to $76 even as positive catalysts such as Kraken’s HIP-3 announcement failed to arrest the decline. The analyst interpreted this divergence as evidence of insufficient marginal demand beyond PURR-driven mechanisms, with existing holders using the institutional bid as liquidity to exit positions. Devens identified the $80 price region as a critical support zone, noting that approximately 33.4 million HYPE — about 11% of circulating supply — changed hands within this range. The analyst warned that a withdrawal of the primary buyer combined with a decisive break below $80 could trigger a cascading sell-off capable of ending the prevailing uptrend.

    Price Recovery and Improved Fundamentals Alter Near-Term Outlook

    Contrary to the bearish scenario outlined by Devens, the market moved in the opposite direction. HYPE surged to fresh all-time highs as selling pressure evaporated. The analyst acknowledged that Hyperliquid Strategies now sits in a materially stronger financial position compared to three weeks prior, with cash assets rising to $245 million and a market-capitalization-to-net-asset ratio of 1.24. Based on this improved balance sheet and the reduction in overhead supply, Devens expressed a very positive short-term outlook for the token, suggesting the path of least resistance remains higher.

    Valuation Shift Raises Caution on Priced-In Optimism

    However, Devens underscored a fundamental shift in HYPE’s investment narrative. The token, previously viewed as a fundamentally cheap asset largely overlooked by the broader sector, has transitioned into a widely accepted holding with elevated growth expectations now embedded in its price. Devens argued that current levels reflect a significant degree of optimism, pointing to a disconnect between token performance and protocol fundamentals: Hyperliquid’s revenues have declined by approximately 50% since August 2024, yet the HYPE price has nearly doubled over the same period. This divergence suggests that further upside may require evidence of revenue re-acceleration or new fundamental catalysts beyond the existing institutional accumulation story.

    Why This Matters

    Hyperliquid operates as a high-performance decentralized perpetual futures exchange, and its native token HYPE serves as both a governance and value-accrual mechanism within the ecosystem. The aggressive accumulation by Hyperliquid Strategies — effectively a protocol-aligned treasury vehicle — signals strong internal conviction and reduces circulating supply available to the market. However, the analyst’s observations reveal a market increasingly reliant on a single dominant buyer, creating structural fragility if that bid withdraws. The revenue decline since mid-2024 coincides with broader crypto market volatility and competitive pressures from both centralized exchanges and rival onchain venues. For investors, the key tension lies between the token’s improved technical setup and balance-sheet strength versus a valuation that may have decoupled from near-term fundamental trajectories. Upcoming protocol upgrades, fee-switch mechanisms, or expansion into new asset classes could serve as the next fundamental catalysts to justify current pricing.

    Frequently Asked Questions

    How much HYPE did Hyperliquid Strategies buy, and at what cost?

    Hyperliquid Strategies purchased 4.28 million HYPE tokens over a three-week period at an aggregate cost of approximately $385 million, according to analyst Shaunda Devens.

    Why did HYPE price fall initially despite heavy institutional buying?

    Devens attributes the price weakness to a lack of sufficient marginal demand beyond PURR-driven flows, with existing investors using the institutional bid as an opportunity to sell their holdings.

    What is the current financial position of Hyperliquid Strategies?

    As of the latest assessment, Hyperliquid Strategies holds $245 million in cash assets and trades at a market-capitalization-to-net-asset ratio of 1.24, indicating a stronger balance sheet than three weeks prior.

  • NEAR Surges 21% on Launch of Historic Confidential Perps Powered by Hyperliquid

    NEAR Surges 21% on Launch of Historic Confidential Perps Powered by Hyperliquid

    Key Highlights

    • Near Protocol launches the industry’s first “Confidential by Default” perpetuals trading, masking all position details including asset types, sizes, entry times, and trading direction.
    • The feature runs on Near’s multi-chain Confidential Intents pipeline, which recently surpassed $70 million in total value locked (TVL), with Hyperliquid serving as the chief execution and liquidity layer.
    • NEAR token surges 21.36% to $3.21 while HYPE gains 10.82% to $86.72 following the announcement and Kraken parent Payward’s plans to bring Hyperliquid to the US market.

    Near Protocol Pioneers Confidential Perpetuals Trading on Blockchain

    Near Protocol has unveiled what it describes as the decentralized finance industry’s first “Confidential by Default” perpetuals trading environment, a development that directly addresses a fundamental tension in blockchain architecture: the conflict between radical transparency and competitive trading execution. The new feature, accessible via near.com, completely obscures all perpetual position data—including asset types, position sizes, entry timestamps, and directional bias—from public view.

    While transparency remains a foundational principle of blockchain technology, Near’s development team argues that complete visibility creates structural disadvantages for significant market participants. The protocol identifies three specific vulnerabilities inherent in fully transparent order books: front-running by on-chain bots that detect pending orders and execute ahead of them, strategy copying that allows competitors to mirror profitable approaches, and forced liquidations where malicious actors target public liquidation prices to push traders out of positions.

    Technical Architecture and Strategic Partnerships

    The confidential perpetuals infrastructure operates on Near’s multi-chain Confidential Intents pipeline, which recently achieved a $70 million total value locked milestone. The system combines high-speed execution with selective disclosure capabilities designed to satisfy regulatory compliance requirements. Integration with Circle’s USDC stablecoin enables inter-agentic payments, while Hyperliquid functions as the primary execution and liquidity layer, providing access to over 50 perpetual markets with leverage up to 40x.

    This architecture effectively merges the privacy characteristics traditionally associated with centralized exchanges—where order books and position data remain opaque—with blockchain’s core value propositions of speed, decentralization, and non-custodial asset control.

    Why This Matters: The Evolving Privacy Landscape in DeFi

    Near’s launch reflects accelerating industry demand for private transaction capabilities that maintain regulatory compliance. The competitive landscape now includes Ethereum-based confidential DeFi yield vaults, optional privacy wrappers from platforms such as Zama and Fhenix, and Cardano’s Midnight chain which offers what its developers term “rational privacy.” Each approach represents a different philosophical and technical solution to the privacy-transparency spectrum.

    However, Near’s confidential perpetuals trading remains restricted in the United States and Canada due to regulatory considerations, highlighting the ongoing tension between privacy-preserving financial infrastructure and jurisdictional compliance requirements. The geographic limitation underscores that technical innovation in this space continues to outpace regulatory clarity.

    Market Response and Price Action

    Following the announcement, NEAR token appreciated 21.36% intraday to trade at $3.21, according to CoinMarketCap data. The move coincides with broader sector rotation toward artificial intelligence-linked crypto assets. Technical analysis suggests that if NEAR maintains support above $3.00, the token could retest the $3.33 incentive threshold, while a break below $2.80 might trigger a decline toward the $2.57 Fibonacci support level.

    Simultaneously, HYPE token—native to the Hyperliquid ecosystem—gained 10.82% to reach $86.72 after Kraken’s parent company Payward announced plans to introduce Hyperliquid to the United States market, potentially expanding the protocol’s regulatory footprint and user base.

    Frequently Asked Questions

    What makes Near’s perpetuals trading “Confidential by Default”?

    All perpetual position data—including asset types, position sizes, entry times, and trading direction—is automatically masked from public view without requiring users to opt into privacy features.

    Which partners power the execution and liquidity for Near’s confidential perpetuals?

    Hyperliquid serves as the chief execution and liquidity layer, providing access to over 50 perpetual markets with up to 40x leverage, while USDC integration enables stablecoin settlements.

    Is Near’s confidential perpetuals trading available to users in the United States?

    No, the service remains restricted in the US and Canada due to regulatory reasons, despite the underlying technical infrastructure being operational globally.

  • Hyperliquid Burns 32.77K HYPE as TVL Nears $7B: Can Bulls Recover?

    Hyperliquid Burns 32.77K HYPE as TVL Nears $7B: Can Bulls Recover?

    Hyperliquid Burns 32,770 HYPE Tokens Worth $2.65 Million as TVL Nears $7 Billion

    Hyperliquid’s native token $HYPE underwent another supply reduction this week as the protocol executed a buyback and burn of approximately 32,770 HYPE. The transaction carried a value of roughly $2.65 million at an average purchase price of $81.01 per token.

    According to on-chain data, this latest burn brings the cumulative lifetime burns to 48.57 million HYPE, representing an estimated $3.82 billion at current market valuation. The removed tokens account for approximately 4.86% of the total $HYPE supply. The mechanism permanently reduces the maximum circulating supply rather than temporarily locking tokens, converting protocol-generated revenue into deflationary pressure on an ongoing basis.

    While the burn mechanism continues to operate as designed, analysts note that supply reduction alone does not guarantee immediate price appreciation. Sustained revenue generation remains essential to maintain the scale and frequency of future buybacks.

    Rising TVL Strengthens Hyperliquid’s Burn Engine

    Underpinning the burn activity, Hyperliquid’s Total Value Locked (TVL) has climbed toward the $7 billion mark, up from a prior range near $6 billion. The acceleration began in September, pushing locked capital to near all-time highs.

    Daily protocol fees continue to reach several million dollars, with periodic spikes significantly exceeding baseline levels. This combination of elevated TVL and robust fee generation provides the economic foundation for recurring $HYPE purchases. However, the burn mechanism ultimately depends on durable platform usage rather than TVL growth in isolation. A sustained alignment of capital inflows and fee generation would enhance $HYPE’s long-term supply dynamics.

    Source: DefiLlama

    Derivatives Traders Show Tentative Return to Long Exposure

    On the derivatives front, positioning has shifted following volatile funding rate fluctuations throughout September. The $HYPE open interest-weighted funding rate briefly turned negative multiple times after September 8, but recovered into positive territory around 0.0012% by September 12, per CoinGlass data.

    The reversal suggests long positions have reclaimed a slight funding premium over shorts. However, current rates remain well below the higher positive levels recorded during late August sessions, indicating renewed long exposure has not yet returned to similarly aggressive levels.

    A sustained positive funding rate could support the demand outlook provided leverage remains controlled. Conversely, another move below zero would signal renewed short-side pressure.

    Source: CoinGlass

    $HYPE Price Action Tests Critical $78.50 Support After Channel Breakdown

    Price action presents the clearest near-term risk after $HYPE failed at the $88.14 resistance zone. The rejection pushed price beneath its rising channel before finding temporary stability around the $78.65 area.

    The $78.50 level has emerged as immediate structural support that will determine whether the breakdown deepens. A confirmed break below this threshold could validate a Change of Character (CHoCH) in price direction, signaling a structural shift to bearish momentum.

    Technical indicators align with the weakening structure:

    • MACD registered a bearish crossover accompanied by a negative histogram
    • RSI cooled to 50.69 after previously reaching overbought territory during the recent advance

    The RSI remains in neutral territory rather than oversold conditions, confirming the deteriorating technical structure without yet signaling capitulation. Successfully defending $78.50 could support stabilization and reopen a recovery attempt toward the $88.14 supply zone. However, losing the key support would reinforce the bearish structural shift and expose the $70 support region.

    Source: TradingView

    Key Takeaways

    • Hyperliquid’s recurring burns continue reducing $HYPE supply as TVL approaches $7 billion
    • $HYPE must defend $78.50 to avoid confirming a bearish Change of Character
  • Bitcoin, Altcoins See Intense Whale Activity After Inflation Data — Details

    Bitcoin, Altcoins See Intense Whale Activity After Inflation Data — Details

    Major Crypto Whale Movements Signal Shifting Market Dynamics Across USD1, HYPE, and LINK

    Significant on-chain activity over the past 24 hours highlights renewed institutional and whale interest across three distinct assets: the Trump-backed USD1 stablecoin, the Hyperliquid-native HYPE token, and Chainlink’s LINK. Large transfers to exchanges and strategic accumulation by major funds suggest positioning ahead of potential market catalysts.

    Fireblocks-Linked Wallet Moves $19.4M USD1 to Binance, Totaling $149.8M in 13 Days

    A custody wallet associated with Fireblocks transferred $19.4 million worth of USD1 stablecoin to Binance within the last hour. On-chain data indicates this same wallet has moved approximately $149.8 million in USD1 to the exchange over the past 13 days. The consistent flow raises questions about liquidity management, potential redemption activity, or strategic redistribution by institutional custodians backing the token.

    Dormant Whale Awakens: 116,490 HYPE Worth $9.6M Withdrawn from OKX After 119 Days

    In a separate development, a long-inactive crypto investor—dormant for 119 days—has returned to the market. The whale withdrew 116,490 HYPE tokens, valued at roughly $9.6 million, from OKX. Analysts are monitoring the wallet for follow-up transactions, as such reactivation often precedes new positioning, staking, or governance participation within the Hyperliquid ecosystem.

    Grayscale’s GLNK ETF Accelerates LINK Accumulation: 1.05M Tokens ($12.12M) in 18 Days

    Institutional demand for Chainlink remains robust. Grayscale’s GLNK exchange-traded fund acquired an additional 203,810 LINK tokens, worth approximately $2.38 million, via Coinbase Prime. Over the last 18 days, the fund has accumulated a total of 1.05 million LINK, equivalent to roughly $12.12 million at current valuations. The steady pace underscores growing traditional finance exposure to oracle infrastructure.

    Chainlink Strategic Reserve Expands by 511,000 LINK ($5.52M) in 30 Days, Now Totals 5.86M LINK ($67.24M)

    Concurrently, Chainlink’s own treasury added 91,100 LINK, valued at approximately $1.06 million, to its strategic reserve. This brings the reserve’s 30-day accumulation to 511,000 LINK ($5.52 million), lifting total holdings to 5.86 million LINK, or roughly $67.24 million. The reserve growth aligns with the protocol’s ongoing expansion into cross-chain interoperability and verified data services.

    This article is for informational purposes only and does not constitute investment advice.

  • Hyperliquid’s Biggest Risk Is Regulation, Ran Neuner Says

    Hyperliquid’s Biggest Risk Is Regulation, Ran Neuner Says

    Crypto Banter founder Ran Neuner has identified regulatory uncertainty as the primary risk facing Hyperliquid, warning that decentralized exchanges could soon encounter intensified government scrutiny. Speaking on Cointelegraph’s Chain Reaction podcast, Neuner explained that regulators have begun establishing frameworks for centralized crypto platforms and predicted that decentralized venues would be the next target.

    Regulatory Timeline: Centralized First, Decentralized Next

    “The biggest issue is that we don’t know how regulators are going to treat the decentralized exchanges,” Neuner said. He added:

    The governments have just started to regulate centralized exchanges. There’s MiCA licensing, et cetera, et cetera. And I think that when that’s done, they come in for the decentralized exchanges.

    Hyperliquid operates as a layer-1 blockchain best known for its decentralized perpetual futures exchange. According to DeFiLlama data, the platform leads the sector with approximately $223 billion in trading volume over the past 30 days.

    Hyperliquid leads perpetual DEXs by 30-day volume. Source: DeFiLlama

    Network Effects Create Competitive Moat

    While Neuner flagged regulation as Hyperliquid’s most significant vulnerability, he expressed stronger confidence in the platform’s ability to withstand competitive pressure. He argued that Hyperliquid’s network effects make it difficult for rivals to challenge the platform merely by replicating its technology.

    “You can’t copy a network,” he said. “There can be a thousand competitors to Uber. How many of them are going to succeed? Hardly any.”

    Neuner said the same dynamic applies to trading platforms, where users gravitate toward exchanges with deeper liquidity because it allows them to enter and exit positions more easily.

    When something is a network, naturally users will flock to the busiest or the best node.

    U.S. Compliance Pathway Emerges Amid Token Rally

    Despite Neuner’s regulatory concerns, U.S. officials have signaled that Hyperliquid could secure a compliant pathway into the American market. President Donald Trump said in August that CFTC Chair Michael Selig was working to bring Hyperliquid into the U.S. in a “fully compliant and legal fashion.” The $HYPE token jumped approximately 20% over the 24-hour period surrounding the remarks, trading around $70 at the time.

    As of the August announcement, neither the CFTC nor Hyperliquid had released a formal proposal detailing how U.S. access would function, whether an application had been submitted, or when a compliant service could launch.

    On Friday, $HYPE was trading around $82, up more than 220% year-to-date, according to CoinGecko. The token held a market capitalization of about $18.2 billion and a fully diluted valuation of roughly $78.4 billion.

    $HYPE token price year-to-date. Source: CoinGecko

    Related: $HYPE treasury firm Hyperliquid Strategies boosts equity facility to $2.5B