A later snapshot showed open interest down 20.29% while Trade.xyz investigated the price inputs submitted to HyperCore.
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Perpetual futures on the South Korean chipmaker's American depositary receipts plunged 20% in one minute before quickly rebounding above $1,000.
$67M Ethereum Short On Hyperliquid Shows How Institutional Trading Is Moving On-Chain - Read the full analysis.
Hyperliquid plans to allow external operators to create prediction markets on its blockchain, widening its challenge to Polymarket while requiring prospective deployers to put nearly $32 million of its native token at risk. The proposed HIP-4 upgrade would require each deployer to stake 500,000 HYPE, worth about $31.7 million at Monday’s token price. Hyperliquid would […]
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Permissionless prediction markets will become available first on testnet and later on mainnet, Hyperliquid said.
Hyperliquid's deal with Circle and Coinbase creates a "prisoner's dilemma" that puts pressure on earnings from the dollar-pegged stablecoin.
Bitcoin and Ethereum ETF outflows dwarfed XRP’s weekly inflow, while selective demand for XRP and HYPE wrappers showed institutions separating broad crypto risk from targeted altcoin exposure.
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On-Chain Data Tracks Machi Big Brother ETH Leverage Defense on Hyperliquid: key Machi Big Brother ETH context, verified claims, market impact, and risk not
The warning list does not stop the network, but it shifts pressure to the front end users actually see.
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A group of crypto tokens tied to some of the industry’s largest revenue-generating applications could be positioned for a revaluation as Congress moves closer to establishing a federal rulebook for digital-asset markets. The Digital Asset Market Clarity Act, known as the CLARITY Act, would define regulatory responsibilities for crypto assets and the companies that trade […]
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CZ praised the product, but his Galaxy remarks put the access model at the center of the next regulatory fight.
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Hyperion CEO argued investors are still underestimating the decentralized exchange's transformation into a broader blockchain ecosystem.
A handful of tokens continued their run while bitcoin and the rest of the crypto market stalled after the early week bounce.
Bitcoin held above $66,000 after the Iran truce as HYPE hit a fresh ATH above $76, but Wintermute and Bitfinex flagged thin ETF conviction.
Ventuals, one of the teams behind real-world asset perpetuals on Hyperliquid, said it is closing its markets and joining another project in the ecosystem.
Agent Wallet lets software trade across DeFi, but every permission rule becomes part of the security boundary.
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The SPCX perpetual still trades above SpaceX’s $135 offer price, but it has fallen sharply from its May highs as traders mark down the first-day premium.
The Hyperliquid Policy Center (HPC), together with venture capital firm Paradigm, submitted a joint comment to the US Treasury on Tuesday, urging the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC) to refine parts of its proposed stablecoin compliance rule tied to the GENIUS Act. The rule is intended to implement anti-money laundering (AML) and sanctions requirements for “permitted payment stablecoin issuers” (PPSIs), a category the proposal says should be able to innovate in payment stablecoins while operating under an “appropriately tailored” regime designed to manage illicit-finance risk. Narrower Compliance, Less Burden While they did not oppose the overall goal of the framework, Paradigm and the Hyperliquid Policy Center argued that key elements of the proposal need clearer boundaries—especially where compliance obligations may unintentionally spill over into areas that do not fit the GENIUS Act’s structure or Congress’s intent. A major focus of the comments is how permitted payment stablecoin issuers’ duties should work in the secondary market, where PPSIs do not have a direct relationship with the underlying counterparties. In their view, the law makes clear Congress expected due diligence by PPSIs on their own customers, but did not intend a requirement for PPSIs to conduct additional diligence for trading that occurs in the secondary market. Related Reading: XRP May Reach $10 By 2027—But Bearish Conditions Could Push It Below $1, Expert Says The firms drew an analogy to traditional banking, saying that once regulated institutions run KYC when funds enter the system, they are not expected to monitor every spending event after cash is withdrawn. In the same way, Paradigm and the Hyperliquid Policy Center argued that decentralized peer-to-peer transfers of stablecoins—and other digital assets—should generally involve KYC only at the regulated on-ramps and off-ramps, with compliance costs focused where the relationship exists. They warned that a contrary approach could drive requirements for PPSIs to file large numbers of low-value suspicious activity reports (SARs), creating “noisy” reports with false positives that would impose costs on both PPSIs and FinCEN without clear public benefit. Hyperliquid Policy Center Urges Clarification The comment also addresses the way the proposed rule defines and assigns obligations related to “lawful orders.” Paradigm and the Hyperliquid Policy Center said the proposal defines “lawful order” by incorporating the GENIUS Act definition of “person,” which in turn determines who may have to build technological capabilities. They argued that, as drafted, the proposed rule could be interpreted too broadly, potentially pulling in developers of distributed ledger protocols, decentralized self-custodial interfaces, and other technologies that Congress excluded from the GENIUS Act’s definition of a “digital asset service provider.” The firms said this result would not align with Congress’s intent, and they recommended a clarification in the final rule to explicitly state that certain entities and technologies are not included within the scope of lawful order requirements. Related Reading: Dogecoin (DOGE) At $0.086–Two Scenarios Ahead, Including A New 32% Crash According to Paradigm and the Hyperliquid Policy Center, failing to make that clarification could unintentionally impose lawful order obligations on every validator on networks like Ethereum (ETH), Hyperliquid (HYPE), Solana (SOL), and Layer 2 systems that validate transactions involving PPSI-issued stablecoins. They argued the predictable outcome would be that US validator stakes would move offshore, US blockbuilding operations would relocate, and the US share of the chain validator base would decline—outcomes they said would undermine both the GENIUS Act’s onshoring objectives and broader US interests. Featured image created with OpenArt; chart from TradingView.com
Citrini Research has singled out Hyperliquid’s HYPE token as a crypto asset with a cash-flow profile that separates it from what the firm calls the “memetic majority” of the market. In its June 2026 “State of the Themes” report, the research firm argued that HYPE’s fee-driven buyback structure, expanding Assistance Fund and emerging ETF narrative make Hyperliquid one of the more compelling crypto market-structure stories now reaching Wall Street’s radar. Hyperliquid Gains Wall Street Attention The core of Citrini’s thesis is straightforward: HYPE is not being framed merely as a speculative exchange token, but as an asset tied to recurring platform economics. “This is what makes HYPE compelling — unlike the memetic majority of crypto (bitcoin included), HYPE generates legitimate cash flow,” the firm wrote. That cash flow, according to Citrini, is reinforced by a protocol-level repurchase mechanism. The report said more than 90% of the fees generated by Hyperliquid are redirected into the Assistance Fund, which then systematically buys HYPE in the open market. Citrini described those repurchases as “built into the fabric of the Hyperliquid protocol.” Related Reading: Hyperliquid Strategies Stays Profitable: Strategy And Bitmine Record Losses Above $10 Billion Citrini also emphasized the scale of Hyperliquid’s buyback program. “The structure in itself is attractive, but what’s more astonishing is the pure scale of the Fund,” the firm wrote. Since the Assistance Fund launched in January 2025, cumulative purchases have surpassed $2 billion, according to the report. The firm added that, by some measures, Hyperliquid repurchases have accounted for nearly half of all token-buyback activity across the crypto market in 2025. Measured against token market capitalization, Citrini said the HYPE buyback “clocks in at roughly 7% annually.” That figure is important because it places HYPE closer to a traditional capital-return framework than the typical crypto token model. A recurring 7% annualized buyback rate, if sustained, gives investors a concrete reference point for evaluating token supply dynamics and protocol economics. It does not remove execution risk, but it changes the conversation from pure speculation to the durability of Hyperliquid’s volume, fee base and competitive position. Related Reading: Grayscale Calls Hyperliquid A Breakout Success Story In New Research Report Citrini also pointed to a pending supply-side development. The report said the Hyperliquid Foundation had brought forward a validator vote that would officially burn $1 billion in HYPE tokens held in the Assistance Fund. “Looking forward, all HYPE tokens held in the Assistance Fund will be viewed as burned,” the firm wrote. That treatment would sharpen the token’s buyback narrative. Instead of Assistance Fund holdings being seen as a passive reserve, Citrini’s framing suggests investors may increasingly treat them as economically removed from circulating supply. For a market that closely tracks float, unlocks and emissions, that distinction matters. The report’s final point focused on Hyperliquid’s runway. Citrini said the “advent of Hyperliquid ETFs” has shone a spotlight on the exchange, citing Bitwise’s spot HYPE ETF under the ticker BHYP US. “The Hyperliquid runway is wide,” the firm wrote. “We think there is still significant market share to be captured.” That is the Wall Street angle. Hyperliquid is no longer just being discussed as a fast-growing decentralized perpetuals venue inside crypto-native circles. Citrini is presenting it as a cash-flowing, buyback-supported market-structure asset that could benefit from institutional product development and continued share gains in derivatives trading. At press time, HYPE traded at $62.13. Featured image created with DALL.E, chart from TradingView.com
Unlike most crypto, Hyperliquid actually generates cash flow and has a token buyback mechanism, says Citrini Research
Roughly 800,000 HYPE will return to the company's treasury for redeployment to "more profitable" strategies, per a Friday filing.
Hyperliquid’s rapid growth has drawn a warning from Britain’s financial regulator, adding a consumer-protection concern to a platform increasingly watched by Wall Street and traditional market operators. The Financial Conduct Authority (FCA) placed Hyperliquid and the Hyper Foundation on its warning list, saying the firm may be providing or promoting financial services in the UK […]
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Crypto markets endured further pressure this week as the sell-off spread to some of the industry’s largest digital asset treasuries (DATs). As of Friday, Bitcoin (BTC) had slipped back below $60,000 for the first time since 2024, Ethereum (ETH) was trading around $1,550, and Hyperliquid (HYPE) was near $57. While the declines weighed on the broader market, the impact has been most visible in the large treasury companies associated with BTC and ETH—specifically Strategy (MSTR) and Bitmine (BMNR). Hyperliquid Strategies (PURR), however, has continued to post gains on an unrealized basis, highlighting how its performance still outpaces the market’s major benchmarks. Hyperliquid Strategies Avoids The Worst With $1.2B Gains According to Artemis data, Strategy and Bitmine are carrying significant unrealized losses of about $12.8 billion and $10.3 billion, respectively. In contrast, Hyperliquid Strategies is positioned differently. Artemis data further indicates that Hyperliquid Strategies is the only major digital asset treasury company in the industry so far still in positive territory, with approximately $1.2 billion in unrealized gains, as seen in the chart below. Related Reading: Bitcoin Faces Pressure As Investors Rotate Capital Into AI Buildout: Saylor In practical terms, that means the stress seen across most crypto-linked balance sheets has not hit Hyperliquid in the same way, even as prices pulled back sharply elsewhere. The weakness has also reached other large public holders beyond the two biggest names. Lookonchain data shows the recent retrace has extended further, with SharpLink down $1.59 billion on ETH, and Metaplanet down $1.38 billion on BTC. The pattern is consistent: as BTC and ETH retrace, companies concentrated in those assets tend to reflect the decline in their mark-to-market or unrealized reporting. Weekly BTC, ETH Pullback Hits MSTR, BMNR Stocks Bitcoin’s move has been particularly notable on the weekly chart. The asset recorded a major 20% retrace on the weekly time frame, and that broader drop has filtered down to equities and crypto proxies as well. Strategy’s stock, MSTR, fell 14% on Friday alone, trading around $115 per share. Bitmine’s stock, BMNR, also logged double-digit losses on Friday, down 12% to roughly $15.76 per share, adding to pressure on investors. Related Reading: Coinbase Reveals First Mortgage With Bitcoin Collateral Under Fannie Mae Coverage Hyperliquid’s native token, HYPE, saw its own sharp decline during the same period, dropping 14%. Even with that pullback, Hyperliquid Strategies’ PURR price showed comparatively limited movement, with only a 1.2% retrace to $8.3 for the current trading session. Together, these snapshots underline a clear divergence: While Strategy and Bitmine reflect the drawdown of BTC and ETH in a straightforward way through large unrealized losses, Hyperliquid Strategies remains comparatively resilient, maintaining positive unrealized performance even as the market sells off. Featured image created with OpenArt; chart from TradingView.com
HYPE is trading above $60 despite the recent market selloff that has dragged most crypto assets to significant losses over the past several days. The relative strength is notable — but Arkham Intelligence data has revealed a series of institutional-scale transactions in the past several hours that transform the price resilience from an interesting observation into a documented behavioral signal. Related Reading: Bitcoin Falls Below $66K As Short-Term Holder Stress Reaches February Levels Three new wallets withdrew a combined 557,406 HYPE tokens worth approximately $40.2 million from Kraken eight hours ago — and immediately staked the entire amount. The staking decision is the detail that separates these withdrawals from routine portfolio management. Tokens staked immediately after exchange withdrawal are tokens being committed to the network’s validator infrastructure rather than positioned for near-term trading or sale. The intent is explicit in the action. Six hours ago, another new wallet withdrew 180,000 HYPE worth approximately $13.3 million from Coinbase — a second major exchange withdrawal concentrated in a compressed timeframe. Four new wallets. Four separate transactions. Over $53 million in HYPE was withdrawn from two of the most regulated and most scrutinized exchanges in the world — Kraken and Coinbase — within an eight-hour window during a market selloff that had most participants moving in the opposite direction. The accumulation is not slowing. It is arriving from new participants, at new venues, with the same directional conviction that has defined every institutional HYPE transaction this series has documented. 761,000 HYPE in Three Days The Arkham data reveals the cumulative scale of what wallet 0x6436 has been building since it first appeared in the flow data three days ago. The address has now withdrawn a total of 761,357 HYPE tokens worth approximately $55.4 million from exchanges across that compressed timeframe — a sustained, multi-session accumulation that has continued through the broader market selloff without pausing or reversing. HYPE Whale Activity | Source: Arkham The three-day window is the detail that separates a large single transaction from a deliberate accumulation strategy. A one-time withdrawal could reflect rebalancing, custody migration, or any number of operational decisions that do not necessarily express a directional thesis. Three consecutive days of withdrawals from exchanges — building toward $55.4 million in total exposure — describe a participant who made a decision about HYPE and has been executing against it systematically regardless of what the broader market was doing around them. The timing compounds the signal. The Bitcoin breakdown, the broader altcoin selling pressure, and the uncertainty that has defined market sentiment over the past week created exactly the kind of environment that causes most participants to reduce exposure rather than build it. Wallet 0x6436 used that environment to accumulate more than $55 million in HYPE across three days. Combined with Galaxy Digital’s withdrawals, the three Kraken wallets staking $40.2 million, and the Coinbase withdrawal of $13.3 million — all occurring within the same compressed window — the institutional accumulation picture around HYPE during this selloff has reached a scale that the broader market has not yet fully priced into the asset’s current valuation. Related Reading: Smart Money Keeps Buying HYPE Despite Rising Market Fear – Price Holds Above $70 Level HYPE Bulls Defend $65 After Rejection From New Highs HYPE is experiencing its first meaningful pullback after an explosive rally that carried the token to fresh all-time highs near $75. The daily chart shows a sharp rejection from the recent peak, with price falling almost 13% in a single session and closing near $65. While the move appears aggressive, it comes after a nearly uninterrupted advance from the $40 region in May. HYPE bulls try to hold the $65 level | Source: HYPEUSDT chart on TradingView Despite the correction, the broader trend remains firmly bullish. HYPE continues trading well above its 50-day, 100-day, and 200-day moving averages, which are all sloping higher and confirming strong long-term momentum. The 50-day moving average near $49 has become the first major dynamic support level and remains far below current price action. Related Reading: Bitcoin Loses $70K While 10,300 BTC Leave Mt. Gox-Linked Addresses – Details Volume provides important context. The rally into the highs was accompanied by a sustained increase in trading activity, suggesting genuine demand rather than a purely speculative spike. However, the latest selloff also produced elevated volume, indicating that some profit-taking is occurring after the parabolic advance. The key area to watch now is the $64-$65 zone. This level coincides with the breakout region that launched the final leg higher and is currently acting as immediate support. If bulls successfully defend this area, HYPE could establish a higher low before attempting another move toward the $75 all-time high. A deeper correction would likely target the $58-$60 region, where previous resistance could now act as support. Featured image from ChatGPT, chart from TradingView.com
The crypto veteran blamed macro risks and AI mania for taking profits, drawing backlash from traders for selling well below his recent bullish forecasts.
Bankless co-founder David Hoffman has disclosed how he redeployed capital after selling ETH, revealing a new portfolio tilted toward VVV, NEAR, ZEC, HYPE and LIT. The move marks a notable shift for one of Ethereum’s most recognizable public advocates and has triggered debate over whether Hoffman is rotating into a new long-term thesis or chasing a different segment of the market. In a post on X, Hoffman said he “immediately took ~50% of the capital to VVV, NEAR, ZEC, HYPE” after selling ETH. The other half, he said, was held back for dollar-cost averaging into an asset that had not already moved sharply higher. “I left the rest as capital to DCA into something not already up multiples,” Hoffman wrote, adding that NEAR was an exception because it was “~1.40 at the time.” He then said he had completed that second leg of the rotation: “I’ve finished buying LIT with that remaining 50%.” Why Hoffman Chose LIT As Next Major Crypto Bet The disclosure quickly shifted into a broader discussion about Hoffman’s investment thesis around LIT and Lighter, particularly after Multicoin Capital’s Kyle Samani asked why a user would choose Lighter over Robinhood. Hoffman framed the answer around product specialization, market structure and auditability rather than simply token speculation. Related Reading: ‘Coldest Crypto Winter Ever’: Bloomberg’s Weisenthal Lists 12 Reasons “The easy answer is that Robinhood is an everything platform, and Lighter is highly optimized for perps specifically,” Hoffman wrote. “Lighter has more assets, including more pre-IPO markets. Lighter doesn’t require KYC sign up, and Robinhood Perps are for only a closed group of users in the EU.” He acknowledged one important constraint: “By contrast, Lighter is VPN blocked in the US.” But Hoffman argued that the deeper distinction is transparency. He pointed to zkLighter, Lighter’s zero-knowledge system, which he said allows end users to verify the exchange’s rule enforcement without permission. “zkLighter is fully auditable by end users, so anyone can permissionlessly verify the exchange is following its own rules,” he wrote. “Order matching, funding, risk checks, liquidations etc are defined in zk circuits, so Ethereum verifies that they followed Lighter’s rules before accepting state updates. Bullish crypto ethos!” For Hoffman, the auditability claim is not merely technical branding. He argued that it goes directly to trader and market-maker trust, because participants can verify that “there is no privileged party trading against users,” invoking the FTX and Alameda collapse as the relevant failure mode. Hoffman also emphasized latency and execution cost. He claimed Lighter has “the best latency of any perp exchange” and “the best fee structure,” while pointing to third-party comparisons against Hyperliquid. On Robinhood, however, he was more cautious, saying he could not judge Robinhood perps directly because he cannot access them and would not be able to audit them in the same way. Related Reading: Crypto Is A ‘Failed’ Asset Class, Says Renowned Economist “Maybe Robinhood, when it eventually rolls out perps, also has a 0-fee structure too,” he wrote. “But that means a tie between RH and Lighter, not a RH win.” The debate also exposed pushback from parts of the Ethereum community. One user accused Hoffman of going “from eth maxi to the other extreme,” while another suggested he had become more of a short-term trader. Hoffman rejected both characterizations. “The technology under all of these assets is pretty interesting too,” he replied to one critic. To another who joked about him having an investment thesis and sticking to it, Hoffman responded: “My last investment thesis I had for eight years. God forbid I get a new one!” Asked directly about LIT versus HYPE, Hoffman said he views the position as both “beta and alpha” to HYPE. His reasoning centered on relative buybacks, product quality and regulatory positioning, citing “LIT buybacks” as moving at “2x the relative speed of HYPE Buybacks,” alongside what he described as a technically superior product, better fees, stronger latency and US domicile. At press time LIT traded at $1.50. Featured image created with DALL.E, chart from TradingView.com
Arthur Hayes, co-founder of BitMEX and Chief Investment Officer of Maelstrom, announced on June 4 that he has exited his entire positions in both Hyperliquid’s HYPE token and NEAR Protocol — reversing two of his most publicly stated high-conviction long calls — citing five macro and geopolitical factors he believes will weigh on risk assets between now and early Q3 2026. Related Reading: Smart Money Keeps Buying HYPE Despite Rising Market Fear – Price Holds Above $70 Level The exit marks a significant about-face for Hayes, who had publicly identified HYPE as one of his two largest positions outside Bitcoin earlier this year — alongside ZCash — with a stated price target of $150 by August 2026, per reporting of his Consensus Miami remarks. HYPE had already delivered returns well above his entry price following a 55% weekly surge that pushed the token above $56 before analyst Ali Martinez flagged an overheated technical setup at the $59–$60 resistance zone. Hayes, it appears, agreed with the diagnosis. HYPE's price records important losses on the daily chart. Source: HYPEUSD on Tradingview The Five Reasons He Cited In the X post, Hayes offered a five-point TLDR ahead of a full essay titled “Reality Test,” which he said will drop on Tuesday. The reasons are specific and macro-driven rather than project-specific — a signal that the exit is a portfolio-level risk management decision rather than a loss of conviction in either HYPE or NEAR as assets. The first factor is higher energy prices driven by the ongoing Iran war and inventory restocking — a dynamic Hayes has consistently flagged as a macro headwind for risk assets throughout 2026. The second is the pipeline of three mega AI initial public offerings he anticipates between now and early Q3, which he expects will absorb significant institutional risk capital that might otherwise flow into crypto. The third is a prediction that President Trump will pivot to an anti-AI political stance ahead of the midterm elections — a move Hayes believes would be used to win Republican seats and could create further uncertainty for technology-adjacent risk assets. The fourth is a broader view that market highs across asset classes will occur between now and September — implying the risk-reward of holding leveraged positions into that window is unfavorable. The fifth is personal: Hayes said he wants to take profit and enjoy what he called a “two-step in beefa” — a reference to time in Ibiza — without the psychological weight of open positions. What The Exit Signals For HYPE The position reversal arrives at a technically sensitive moment for HYPE. The token had delivered 130% in year-to-date returns at the time Ali Martinez flagged the TD Sequential sell signal and overbought RSI at the $59–$60 resistance zone — the same area Hayes appears to have used as his exit window. With one of the most prominent public bulls now fully out, the near-term price action for HYPE will depend heavily on whether the institutional demand documented in Hyperliquid’s Q1 2026 report — $215 million in gross revenue, 71.5 percentage points of alpha over Bitcoin, four HYPE ETF filings from Grayscale, VanEck, 21Shares, and Bitwise — provides sufficient structural support to absorb the sentiment impact of Hayes’ public exit. Related Reading: XRP Price To See Violent Discontinuous Repricing And $10 Could Only Be The Start Hayes was clear that the exit is tactical rather than fundamental. A full explanation of his reasoning will arrive in Tuesday’s essay — and given his track record of macro calls, the crypto market will be reading every word. Cover image from Grok, HYPEUSD chart from Tradingview
Economist and macro trader Alex Krüger has argued that “crypto” has largely failed as an asset class, even as blockchain-based adoption accelerates across stablecoins, tokenization, prediction markets, perps, AI and privacy-focused assets. In a post on X, Krüger drew a sharp distinction between the speculative crypto market of recent cycles and the parts of the industry he believes are still showing meaningful traction. His central claim was blunt: most crypto tokens have failed to produce durable value for holders, while founders and insiders have repeatedly used the sector’s weak guardrails to extract liquidity from retail investors. “I largely think of ‘crypto’ as a failed asset class at this point,” Krüger wrote. “I’ve written about the causes multiple times. Mainly, most crypto assets are worthless, or have dreadful value accrual, and most founders have abused the lack of guardrails and dumped on people indiscriminately, or are outright scammers.” Krüger said the damage was compounded by what he called the “Memecoins SuperBullshitCycle,” describing it as a speculative trend that “brought the worst out of people” and drained both capital and morale from market participants. He also pointed to “the never-ending wave of DeFi hacks,” which he said has increased sharply since last April, as another factor weighing on crypto’s credibility as an investable asset class. Krüger Sees Adoption Rising, But Not In “Old Crypto” The economist acknowledged that his assessment may seem contradictory, given that several blockchain-linked sectors are still expanding rapidly. He cited growing stablecoin adoption, openly pro-crypto politicians in the United States, TradFi’s push to tokenize assets, rising usage of equities and commodities perps on offshore and DeFi venues, the early development of US perps markets, and the increasing presence of prediction markets in everyday information flows. Related Reading: Crypto In 401(k)s: Senators Sanders, Warren Letter Warns $14 Trillion At Risk From DOL Proposal But Krüger framed many of those trends as “more ‘blockchain’ than ‘crypto’,” suggesting that the infrastructure and application layer may be advancing while the legacy token market remains structurally weak. In his view, the key exception is where tokens have clearer links to revenue, user demand or capital return mechanisms. “A few among those exceptions even distribute most revenue to holders via buybacks,” he wrote, naming Hyperliquid in particular. “Which is what every investor actually wants to see to be invested in a good business rather than a fleeting narrative.” That distinction sits at the core of Krüger’s argument. He is not saying that blockchain-based markets are dead. Rather, he is saying that broad, narrative-driven crypto exposure has failed to deliver the kind of value accrual investors were promised, while a narrower group of sectors has begun to resemble operating businesses or infrastructure plays. Privacy And AI Stand Out Krüger identified privacy as one of the few “old school” crypto categories that remains relevant. He argued that demand for private, non-custodial stores of value is real, even if part of that demand comes from illicit flows. He referenced the US Department of Justice’s confiscation of $15 billion in Bitcoin from Cambodia-linked pig butchering operations, saying the legal filing was submitted on October 8, 2025. Related Reading: $12.6 Trillion Schwab Targets Mid-2027 Crypto Trading Rollout For Advisors “Of course, everyone needs privacy, not just criminals, but crime flows are real, and large,” Krüger wrote. “The asset attracting the most flows in this niche is Zcash. Zcash’s recent performance has been fascinating, as it has been trending higher with bitcoin trending lower, a sign of real reallocation among bitcoiners.” The other category Krüger said is not dead is AI. Still, his view of the sector was selective. He described most AI tokens as “high flying, fundamentally lacking, narrative driven tokens,” while naming Venice as a standout because he sees it as tied to a private AI platform with growing users and revenue. That leaves Krüger with a more nuanced conclusion than the headline claim alone suggests. He sees the old token market as broken, but not the broader direction of crypto-enabled infrastructure. Stablecoins, tokenized assets, prediction markets, perps, AI and privacy may form the sector’s next investable narrative, provided the tokens attached to them can show actual value capture rather than recycled speculation. “So one could say old ‘crypto’ is a failed asset class,” Krüger wrote, “but from the ashes come new beginnings, and the new face of crypto is one heavily dominated by the needs of Tradfi, prediction markets, AI, and privacy.” His closing line captured the contradiction he sees in the market: “Crypto sucks. Long live crypto.” At press time, the total crypto market cap was at $2.28 trillion. Featured image created with DALL.E, chart from TradingView.com
HYPE is trading above $70 as the market faces selling pressure and uncertainty that has weighed on most crypto assets throughout recent sessions. The token’s ability to hold above that level while the broader ecosystem struggles is itself a signal — but Arkham Intelligence data has revealed a pair of institutional transactions that add a specific and deliberate dimension to the current price resilience. Related Reading: Bitcoin Loses $70K While 10,300 BTC Leave Mt. Gox-Linked Addresses – Details Galaxy Digital — the institutional digital asset firm founded by Mike Novogratz and one of the most closely watched institutional participants in the crypto market — withdrew 179,000 HYPE tokens worth approximately $12.62 million from Coinbase in the past seven hours. The withdrawal from a regulated US exchange into external custody describes a firm moving assets away from the venue where they can be most easily sold — the behavioral opposite of distribution. Galaxy Digital HYPE transfers | Source: Arkham Simultaneously, a new wallet identified as 0x6436 withdrew another 135,824 HYPE worth approximately $9.73 million eight hours ago. That single transaction brings the wallet’s two-day total to 399,730 HYPE — approximately $28.92 million accumulated across 48 hours by a single address that did not exist in the data before this week. Two separate institutional-scale participants. Over $40 million in combined HYPE withdrawals from exchanges. Both occurring within hours of each other while the broader crypto market faces selling pressure. The accumulation is not slowing. It is accelerating — and it is doing so at precisely the moment most participants are moving in the opposite direction. HYPE Keeps Attracting Institutional Capital The broader market context makes the Galaxy Digital and 0x6436 withdrawals considerably more significant than their dollar values alone would suggest. Bitcoin has lost critical support levels. Ethereum is struggling below key thresholds. The assets that define market sentiment and direction are under pressure — and the institutional participants who monitor macro conditions most closely are responding to that environment by accumulating HYPE rather than reducing risk. That behavioral divergence has been building since mid-May. While Bitcoin and Ethereum were losing momentum and testing lower support levels, HYPE was quietly establishing a pattern of relative strength that has now extended into a sustained outperformance against the broader altcoin market. Assets that hold their value — and set new all-time highs — during periods when the market leaders are breaking down are expressing something specific about their structural demand that goes beyond short-term price momentum. Related Reading: Ethereum Coinbase Premium Hits Lowest Level Since February – Traders Are Watching The institutional withdrawals from Coinbase confirm that the relative strength is not accidental. Galaxy Digital and the 0x6436 wallet are not buying HYPE because it is the easiest trade in a difficult market. They are buying it because the combination of genuine protocol utility, accelerating ETF adoption, and a16z’s sustained $170 million accumulation has created an asset with a thesis that does not weaken when Bitcoin does. HYPE trading above $70 while the rest of the market faces selling pressure is the price expression of that thesis being validated in real time — one institutional withdrawal at a time. Bulls Defend Breakout As New All-Time Highs Continue HYPE remains one of the strongest assets in the crypto market, continuing to outperform despite widespread weakness across Bitcoin and most altcoins. The daily chart shows a powerful uptrend that accelerated throughout May, culminating in a fresh all-time high near the $74 area before a modest pullback emerged. HYPE continues with bullish momentum | Source: HYPEUSDT chart on TradingView From a technical perspective, the structure remains firmly bullish. Price is trading well above the 50-day, 100-day, and 200-day moving averages, with all three averages sloping upward and maintaining a healthy bullish alignment. The 50-day moving average near $48 has acted as dynamic support throughout the advance, while the 100-day average around $41 highlights how extended the current rally has become. Related Reading: Chainlink Sends A Rare Signal As 66% Of Exchange Supply Sits On Binance The recent breakout above the previous resistance zone around $60-$65 triggered an expansion in both price and volume, confirming strong demand behind the move. Although HYPE is now experiencing some profit-taking near all-time highs, buyers have so far defended the critical $70 level. Holding above that area would keep the breakout intact and reinforce the possibility of further price discovery. Volume has increased noticeably during the latest leg higher, a constructive signal suggesting institutional and whale participation rather than purely speculative retail buying. As long as HYPE remains above $65-$70, the trend favors the bulls. A decisive break below that zone would likely trigger a deeper correction toward the rising 50-day moving average, but the broader structure remains one of the strongest in the market. Featured image from ChatGPT, chart from TradingView.com
Hyperliquid's market capitalization has climbed to over $16 billion, but still well behind Solana's $42 billion.