The road ahead for Hyperliquid does not look so bright. In fact, the decentralized trading platform could face lots of tribulations, “painful” ones, according to an expert. Related Reading: Bitmine’s Ethereum Appetite Grows With Fresh $70 Million Buy Aster, a new DEX built on the BNB Chain, has grabbed market attention this week after a dramatic price surge and heavy on-chain flows. Traders and observers say the token’s spike has shifted capital away from established rivals, while heated commentary from a high-profile trader has added to the drama. Aster Surpasses Rivals In Volume And Revenue According to on-chain trackers, Aster’s 24-hour perpetual trading volume has climbed into the tens of billions, with figures reported around $23–$30 billion — more than double what Hyperliquid recorded over the same window. Reports have disclosed that the DEX is now pulling in roughly $10 million in daily revenue, a figure that some outlets say is about four times Hyperliquid’s daily take. Trader Claims And A Public Feud Crypto trader James Wynn — a figure known for large leveraged bets and big losses earlier this year — has publicly backed Aster and predicted a long, slow decline for Hyperliquid. Furthermore, CZ will not stop until $ASTER is #1. He loves competition, he loves building and he is obsessed with winning. Hype will exist, but it will have a slow and painful death in my opinion. With Aster already doing more volume than HL. And with Aster being the better… https://t.co/VhncTh28od — James Wynn (@JamesWynnReal) September 24, 2025 Wynn’s comments, carried across social channels, have been part boast and part critique of Hyperliquid’s visible order model. He argued that Aster’s hidden-order and MEV-mitigation features make it a safer place for large players. Based on reports, Wynn said “Hype will exist, but it will have a slow and painful death,” a line that has amplified the rivalry online. Whale Accumulation And Big Withdrawals On-chain analytics show major wallets moving into ASTER. Two large buyers are reported to have picked up about 118 million ASTER, valued at roughly $270 million, which is said to represent about 7% of circulating supply. In the same stretch, a cluster of wallets withdrew 68 million ASTER (about $156 million), and one address moved 50 million ASTER from an exchange. These flows suggest both aggressive accumulation and repositioning by big holders. Aster’s Product Pitch Versus Hyperliquid’s Response Reports emphasize Aster’s features: MEV-free execution, hidden orders that keep limit sizes private, and trading interfaces pitched at both retail and pro users. Related Reading: From $2 Trillion To $400T? CEO Sees Bitcoin Exploding 200x – Here’s More That product story helps explain why some traders are rotating capital. Hyperliquid has not stood still; it has rolled out measures such as a USDH stablecoin and other moves meant to shore up liquidity and product breadth. Market data show HYPE has fallen from recent peaks — with declines reported near 25% from its highs — as money rotated into ASTER. Featured image from SleepApnea.org, chart from TradingView
BNB Chain is preparing to cut fees and speed up block times, with Aster overtaking rival HyperLiquid in both revenue and token momentum.
USDH, backed by cash and U.S. Treasury securities, aims to reduce dependency on external stablecoins.
Much will depend on the ability of bitcoin bulls to overcome important resistance levels at $113,500 and $115,000, one analyst said.
Decentralized exchange platform Hyperliquid is weighing a sweeping proposal that could reshape its tokenomics. The plan, introduced on Sept. 22 by DBA investment manager Jon Charbonneau and pseudonymous researcher Hasu, calls for a 45% reduction in the total supply of HYPE. Charbonneau and Hasu argue that Hyperliquid’s current setup distorts valuation metrics, leaving the protocol […]
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The on-chain perpetuals market is experiencing a major shake up as Hyperliquid cedes ground to competitors.
The Maelstrom CIO claims he offloaded his HYPE bag to fund the purchase of anew Ferrari, even as his firm warns of billions in new token supply hitting the market.
Arthur Hayes, chief investment officer at Maelstrom and co-founder of BitMEX, sold 96,600 Hyperliquid (HYPE) tokens for roughly $5.1 million, less than three weeks after his bullish prediction about the asset. Over the weekend, reports emerged that the crypto entrepreneur sold his entire stash of the decentralized exchange platform’s native token, sparking concerns about his […]
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Binance founder Changpeng Zhao has backed Aster (ASTER), a new decentralized derivatives platform that aims to challenge Hyperliquid’s dominance in the sector. In a Sept. 19 post on X, Zhao revealed that Aster had become the largest holder of BSC-USDT, apart from Binance’s own hot wallet. According to Arkham Intelligence data, Aster’s wallet holds $131 […]
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Hyperliquid’s native token, HYPE, extended its rally on Thursday, jumping over 8% to trade near $58.77. The move comes after rebounding from its earlier record of $57.40 and places the token just shy of the crucial $60 psychological barrier. Related Reading: From $2 Trillion To $400T? CEO Sees Bitcoin Exploding 200x – Here’s More Driving this surge is the successful integration of USDC and Circle’s Cross-Chain Transfer Protocol (CCTP V2), now live on Hyperliquid’s Ethereum Virtual Machine (EVM). The upgrade enhances liquidity and security across HyperCore and HyperEVM applications, facilitating faster and smoother deposits for DeFi users. Analysts suggest this milestone could attract institutional traders, boosting HYPE’s long-term adoption. Record Revenue Strengthens Investor Confidence Beyond price action, Hyperliquid’s fundamentals are equally impressive. According to Artemis Terminal, the network generated $2.5 million in fees in a single day, surpassing industry leaders like Ethereum and Solana. A Reflexivity Research report confirmed that Q3 was Hyperliquid’s strongest quarter yet, with total fees reaching $250.45 million, net income to token holders amounting to $243.59 million, and a team size of just 11 members. This lean but high-performing setup has fueled optimism that Hyperliquid can continue scaling without losing efficiency. Combined with staking incentives and growing exchange listings, many traders see HYPE as one of the most promising tokens in the current market. Hyperliquid (HYPE)’s Wedge Pattern Raises Caution Despite strong fundamentals, technical analysis suggests caution. On the two-hour chart, HYPE touched $59.36, testing the upper boundary of a rising wedge formation, a pattern often associated with weakening momentum. The Relative Strength Index (RSI) is nearing overbought levels, with bearish divergence forming as price makes new highs without matching momentum. Analysts warn that a rejection at $59.36 could trigger pullbacks to $55 support, with deeper downside targets at $52–$48 if selling pressure builds. HYPE's price trends to the upside on the daily chart. Source: HYPEUSD on Tradingview However, if bulls defend support and confirm strength with a bullish engulfing candle, HYPE could rebound toward $60 and beyond, potentially aligning with Polymarket traders who forecast short-term moves toward $70. Related Reading: BNB Chain (BNB) Smashes $1,000 Milestone for the First Time Ever For now, the line in the sand remains at $59.36. Whether Hyperliquid breaks higher or faces a wedge breakdown will determine if HYPE’s new all-time high transforms into sustained momentum, or just a temporary peak. Cover image from ChatGPT, HYPEUSD chart from Tradingview
Circle Internet Financial (CRCL), the firm behind the USDC stablecoin, has announced a significant investment in Hyperliquid (HYPE), a layer-1 blockchain that has experienced high demand this year. Circle’s Strategic Move Into Hyperliquid As part of this initiative, Circle has launched Native USDC and Cross-Chain Transfer Protocol (CCTP V2) on HyperEVM, an Ethereum Virtual Machine (EVM) integrated into Hyperliquid’s layer-1 blockchain. This move is expected to streamline the adoption of USDC and enhance its utility. Plans also include enabling direct deposits and ensuring CCTP interoperability for Hyperliquid USDC on HyperCore, a platform that specializes in on-chain financial operations. Related Reading: Crucial Ten Days Ahead For Crypto: Will They Ignite Mega Altcoin Season? Circle’s announcement further revealed that it has become a direct stakeholder in Hyperliquid. The stablecoin issuer is also considering becoming a Hyperliquid validator, which would strengthen its position within the network. Hyperliquid also boasts nearly $6 billion in USDC, which is a little over 8% of Circle’s total USDC supply. These deposits would reportedly generate approximately $250 million in annual interest for partners such as Circle and Coinbase (COIN). Jeremy Allaire, Circle’s CEO stated on X (formerly Twitter): Don’t Believe the Hype. We are coming to the HYPE ecosystem in a big way. We intend to be a major player and contributor to the ecosystem. Happy to see others purchase new USD tickers and compete . Hyper fast native USDC with deep and nearly instant cross chain interoperability will be well received. HYPE Token Hits New All-Time High The blog post further asserted that the integration of Native USDC onto HyperEVM—and the upcoming support from HyperCore—promises to enhance the capital efficiency of transactions within the Hyperliquid ecosystem. This initiative is said to allow developers and users to transact seamlessly across the crypto economy, making it easier for fintech firms and other service providers to leverage USDC. Circle’s investment in Hyperliquid is just the beginning as the company plans to introduce incentive programs for builders working on HyperEVM, aiming to stimulate innovation and collaboration. The blog post concluded: We’ve simply been blown away by the growth and success of Hyperliquid over the last year, and as we’ve gotten to know Jeff and team, and many of the major emerging builders in the ecosystem, it’s very clear that this is something incredibly unique and special. Circle is here. We’re investing. We’re thrilled to be supporting this incredible community. Related Reading: Analyst Raises Red Flags On Bitcoin Price: Allegations Of Market Manipulation According to CoinGeko data, HYPE has surpassed a market capitalization of $14 billion, surging over 1,500% since its inception and debut on December 1, 2024. As of this writing, the price of Hyperliquid’s native token has retraced toward $53 after reaching a new all-time high of $57 last Friday. Circle’s stock, on the other hand, which recently debuted on the Nasdaq, is trading at $135 per share — a nearly 55% drop compared to its all-time high of over $298. However, relative to its IPO price of $64, the stock has gained 157%. Featured image from DALL-E, chart from TradingView.com
Hype has been one of the standout performers in the crypto market this year, sustaining a powerful uptrend since April. Its relentless momentum has drawn the attention of both retail traders and institutions, with many analysts arguing that the token still has room to run as the broader market heats up. The narrative around Hype has been fueled by strong speculative interest and its growing presence in high-volume trading activity, which has made it a favorite among momentum-driven investors. Related Reading: Bitcoin Consolidates Above $115K As Market Eyes Fed’s Sept 17 Policy Move However, questions are starting to surface about whether Hype’s rally is sustainable. Some analysts warn that momentum may be weakening, signaling that a correction phase could be looming. Data from Lookonchain underscores this concern: a whale who bought and staked 2 million HYPE—at an average entry price of $8.68 nine months ago—has now unstaked the position. With the tokens freshly unlocked, speculation is growing that this whale could take profits soon. Whether this move sparks broader selling pressure or the market absorbs it will be critical for Hype’s next phase. Hype Whale Unstakes $107M As Market Awaits Next Move Hype has been one of the most talked-about assets in crypto this year, climbing over 500% in value since April and cementing itself as a market leader in speculative momentum. Now, a major development involving one of its largest holders is capturing attention. According to Lookonchain, a whale who entered the market nine months ago with a massive position has just unstaked tokens worth over $107 million, raising speculation about potential profit-taking in the weeks ahead. The data reveals that nine months ago, this whale deposited $17.4 million in USDC into Hyperliquid through three wallets. From there, he accumulated 2 million HYPE at an average of $8.68, before distributing the tokens across nine wallets for staking. This accumulation has proven to be extraordinarily profitable. Just seven days ago, the whale applied to unstake the position, and 21 hours ago, the tokens were received back in full. With Hype’s current valuation, the stash is worth $107.2 million, translating into a staggering $89.8 million profit in less than a year. This event comes at a pivotal time for Hype. While the token’s explosive rally has kept momentum traders engaged, the size of the whale’s gains points to the likelihood of profit-taking. Whether the broader market can absorb such selling pressure or if it sparks a deeper correction will determine if Hype’s bull run can extend—or if a consolidation phase is next. Related Reading: Bitcoin Spot Trading Volumes Declines To $322B: Market Shifts To HODL Mode Uptrend Faces First Signs of Cooling HYPE has been one of the strongest performers in the market since April, with its chart showing a consistent series of higher highs and higher lows. As of now, the token trades at $52.57, down 2.69% on the day, signaling a modest pullback after a sharp run that recently pushed the price above $56. Despite this decline, the overall structure remains bullish, with price action still well above key moving averages. The 50-day moving average ($45.48) and 100-day moving average ($43.38) are trending higher, providing dynamic support zones that could absorb selling pressure if momentum cools further. Meanwhile, the 200-day moving average ($32.02) remains far below current levels, highlighting the scale of HYPE’s appreciation in recent months. Related Reading: Three Whales Buy $205M Ethereum From FalconX: Institutional Flows Accelerate This correction appears to be a natural cooling phase within an established uptrend, especially after such aggressive gains. If buyers defend the $50–$52 range, HYPE could consolidate before making another attempt at reclaiming the $55–$56 zone. A decisive break above $56 would likely set the stage for further upside continuation. Featured image from Dall-E, chart from TradingView
Circle has rolled out native USDC and its upgraded Cross-Chain Transfer Protocol (CCTP v2) on Hyperliquid’s HyperEVM network. Announced on Sept. 16, the integration allows HyperEVM users to transfer USDC across over a dozen supported networks. The move also lowers the barriers for developers, traders, and service providers seeking smoother cross-chain movement of digital dollars. […]
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Pump.fun currently ranks third in daily revenue among DeFi protocols listed on DefiLlama, behind Tether and Circle.
Validators on Hyperliquid have voted to hand the long-reserved USDH ticker to Native Markets, clearing the way for the project to issue the network’s native stablecoin. Native Markets co-founder Max Fiege announced the outcome on Sept. 14, saying HYPE stakers and validator operators supported the proposal. According to him: “Native Markets has been awarded the […]
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Stripe-owned Bridge to manage reserves alongside BlackRock, with rollout starting in days.
The yield from Native Markets' USDH will be generally directed toward HYPE buybacks and efforts to grow USDH distribution.
Stablecoin issuer Circle appears set to deepen its role in decentralized finance by preparing a native launch of USD Coin (USDC) on Hyperliquid’s Layer 1 chain, HyperEVM. On Sept. 12, blockchain researcher MLM Blockchain flagged test transactions involving USDC on HyperEVM’s mainnet, suggesting that a native deployment could roll out in the coming weeks. Adding […]
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Ethena Labs has withdrawn its bid to issue Hyperliquid’s USDH stablecoin after validators and community members raised concerns. In a Sept. 11 post on X, Ethena founder Guy Young confirmed the withdrawal, citing feedback questioning Ethena’s positioning within the ecosystem. Young noted that conversations with validators raised three main points: Ethena is not a native […]
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Total value locked on Kinetiq has jumped from roughly $458 million in July to over $2.1 billion today. Part of the increase can be attributed to a rise in the price of HYPE, and the other big driver has been raw deposits.
Stripe-linked proposal draws early validator support despite community pushback.
Hyperliquid’s decision to launch its stablecoin has sparked one of the most competitive governance battles in recent memory. Last week, the decentralized exchange, which had been relying on Circle’s USDC for its liquidity, announced plans to introduce USDH as its native stablecoin. The move immediately attracted a wave of bidders, each vying for the right […]
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Paxos faces stiff competition from other bidders looking to become USDH's issuer, including Frax Finance, Agora, Ethena Labs and Sky.
Lion Group Holding Ltd. (NASDAQ: LGHL), a Singapore-based trading platform operator, has announced a bold shift in its crypto treasury strategy. The company is phasing out its holdings of 6,629 Solana (SOL) and roughly 1 million Sui (SUI) in favor of Hyperliquid (HYPE). Related Reading: Bitcoin Could Hit $150K By Christmas, Analysts Tell Michael Saylor Rather than executing a single large trade, LGHL is adopting a phased accumulation plan designed to manage volatility and secure a better average entry price. The decision comes shortly after LGHL revealed plans to anchor its $600 million treasury in Hyperliquid, positioning HYPE as its primary digital reserve asset. The move aligns with growing institutional interest, as firms seek to diversify into next-generation DeFi tokens with strong revenue growth and trading adoption. HYPE's price trends to the upside on the daily chart. Source: HYPEUSD chart from Tradingview Why HYPE? Hyperliquid’s DeFi Dominance Hyperliquid (HYPE) has rapidly established itself as a leader in decentralized perpetual futures trading, now commanding 70% of the DeFi perps market. In August alone, the platform recorded $383 billion in trading volume, generating a record $106 million in revenue, up 23% from July. Its total value locked (TVL) has surged to $1.75 billion, placing it among the top decentralized exchanges globally. One catalyst for LGHL’s shift is the recent launch of BitGo’s institutional custody services for HYPE in the U.S., offering secure and compliant storage for corporate investors. CEO Wilson Wang described Hyperliquid’s on-chain order book and efficient trading infrastructure as the “most compelling opportunity in decentralized finance.” The pivot reflects a growing trend among Nasdaq-listed firms. Eyenovia, Sonnet BioTherapeutics, and Tony G Co-Investment Holdings have all disclosed significant HYPE allocations, signaling a shift in corporate treasury strategies toward DeFi-native tokens. HYPE Price Surges to All-Time Highs Following these institutional moves, Hyperliquid’s HYPE token has continued its meteoric rise. On September 8, HYPE hit a new all-time high of $51.50, marking a 450% surge since April. Analysts now point to $52 as the next key breakout level, which could trigger further upside momentum if breached. Despite LGHL’s aggressive reallocation, Solana and Sui have shown resilience. At the time of writing, SOL trades around $214, with some analysts forecasting a run toward $300, while SUI has recovered modestly to $3.48. Related Reading: This Bitcoin Cycle Changes Everything, Real Vision Analyst Explains Why The spotlight still remains firmly on Hyperliquid. With industry leaders like Arthur Hayes projecting that HYPE could surge 126x by 2028, the token is increasingly being viewed as one of the most promising assets in the evolving DeFi landscape. Cover image from ChatGPT, HYPEUSD chart from Tradingview
Ethena's proposed stablecoin promises to return 95% of revenue to Hyperliquid’s ecosystem.
Formerly MakerDAO, Sky joins Paxos, Frax, Agora and Native Markets in the fight for Hyperliquid’s stablecoin contract.
USDC supply has surged to $72.5 billion, 25% ahead of Bernstein’s 2025 estimates.
The company began acquiring HYPE tokens in late June, having previously announced its Hyperliquid treasury initiative
Paxos, Frax and Agora are competing for Hyperliquid’s USDH stablecoin contract as MoonPay backs Agora CEO Nick van Eck’s coalition and concerns mount over Stripe’s potential conflicts of interest.
Hyperliquid is currently heavily reliant on USDC, with $5.5 billion worth of Circle's stablecoin held on the platform.