Hyperliquid has surpassed Nasdaq in trading volume, boosting its token HYPE by 10%. JPMorgan reports a decline in the debasement trade.
In a significant development for the cryptocurrency market, Hyperliquid has surpassed Nasdaq in trading volume, a feat highlighted by Jeff Sprecher, CEO of Intercontinental Exchange, during the Bernstein’s 42nd Annual Strategic Decisions Conference. Sprecher emphasized that this achievement, accomplished by a team of just 11 individuals, cannot be overlooked, stating, "You look at it, you’re like, wow, that’s pretty something." He praised the team for their intelligence and innovation.
Hyperliquid has successfully attracted traders who previously engaged with traditional markets at ICE and Nasdaq, particularly by enabling trading of crude oil perpetuals during weekends when ICE is closed. Sprecher noted that significant price movements related to geopolitical issues, such as the Iran conflict, have been observed during these off-hours. He acknowledged that while most institutional clients are not yet trading on blockchain, they are closely monitoring price movements and the developments in this space.
This endorsement from Sprecher has positively impacted the market, with Hyperliquid’s token, HYPE, surging 10% to $62.50 following the announcement.
Meanwhile, a report from JPMorgan indicates that the so-called “debasement trade,” which involved buying Bitcoin and gold as hedges against inflation and geopolitical tensions, is losing traction. Recent data shows that both Bitcoin and gold ETFs experienced significant outflows, suggesting that investors are adjusting their strategies as tensions between the U.S. and Iran appear to ease. Analysts argue that this shift reflects a growing optimism and a lesser need for hedges against instability.
Additionally, Standard Chartered has drawn a parallel between Ethereum's current valuation and Amazon's post-dot-com crash scenario. The bank set a price target of $40,000 for Ethereum by the end of the decade, highlighting its dominance in the stablecoin market, where 54% of all stablecoins are based on Ethereum. This projection suggests that Ethereum could benefit significantly from the anticipated growth in the stablecoin and Real-World Asset markets.
In other news, Anthropic has raised $65 billion in a Series H funding round, boosting its valuation to $965 billion, making it the most valuable AI company in Silicon Valley. The funding round included substantial investments from firms like Altimeter Capital and Sequoia Capital, and it comes on the heels of significant revenue growth driven by its AI coding assistant, Claude Code.
Market Overview
- Major cryptocurrencies saw slight increases, with Bitcoin at $73.3k and a 1-2% rise.
- Oil prices dropped 4% to $87, while gold rose 1% to $4,570.
- Bitcoin ETFs recorded $223 million in net outflows, while HYPE ETFs gained $1.7 million.
- Institutional crypto brokerage FalconX has filed for a U.S. IPO.
