Grayscale HYPE: $200 Billion Trading Volume, This is the AWS of DeFi
Grayscale Research Director Zach Pandl has made a bold statement: Hyperliquid's HIP-3 has racked up a staggering $200 billion in trading volume, with an open interest peak of $3.2 billion. It's not just Hyperliquid running these markets; anyone can open perpetual contracts on the platform—S&P 500 perpetuals are already up and running.
Simply put, Hyperliquid is doing the AWS business for the crypto world: selling infrastructure and capturing value flow. The HYPE token is like the "toll" for this ecosystem.
Interestingly, the BTC funding rate is currently at -0.0047%, with shorts paying to maintain their positions, signaling a bearish market sentiment. While Grayscale is hyping up HYPE, BTC is being kept down—money is flowing from mainstream coins to narrative coins.
BTC is currently at $64,491, with a daily sell point at $64,984 and a buy point at $63,606. This range is tight enough; if it can’t break $65,000, it’s likely to pull back to $63,600. ETH is weaker, sitting at $1,682, caught between a sell point of $1,699 and a buy point of $1,662, like a pendulum with no direction.
Is there a flaw in Grayscale's logic? HIP-3 has indeed produced data, but a figure like "$200 billion in cumulative trading volume" is a different story than "sustained profitability." Starlink brings in $11 billion a year yet still loses money, while SpaceX has accumulated losses of $41.3 billion—great stories don't equal great businesses.
The issue with HYPE is that it's a narrative-driven asset; once strong competitors enter the perpetual contract space, the valuation logic can be rewritten at any moment. Don’t forget that dYdX was once the "king of perpetual contracts" too.
However, in the short term, institutional backing + real on-chain data + permissionless infrastructure narrative means HYPE is indeed riding the wave. Before the wind dies down, paper riches are still riches.
$BTC daily sell point: $64984 daily buy point: $63606
$ETH daily sell point: $1699 daily buy point: $1662
$BTC #BTC $ETH #ETH
Grayscale Research Director Zach Pandl has made a bold statement: Hyperliquid's HIP-3 has racked up a staggering $200 billion in trading volume, with an open interest peak of $3.2 billion. It's not just Hyperliquid running these markets; anyone can open perpetual contracts on the platform—S&P 500 perpetuals are already up and running.
Simply put, Hyperliquid is doing the AWS business for the crypto world: selling infrastructure and capturing value flow. The HYPE token is like the "toll" for this ecosystem.
Interestingly, the BTC funding rate is currently at -0.0047%, with shorts paying to maintain their positions, signaling a bearish market sentiment. While Grayscale is hyping up HYPE, BTC is being kept down—money is flowing from mainstream coins to narrative coins.
BTC is currently at $64,491, with a daily sell point at $64,984 and a buy point at $63,606. This range is tight enough; if it can’t break $65,000, it’s likely to pull back to $63,600. ETH is weaker, sitting at $1,682, caught between a sell point of $1,699 and a buy point of $1,662, like a pendulum with no direction.
Is there a flaw in Grayscale's logic? HIP-3 has indeed produced data, but a figure like "$200 billion in cumulative trading volume" is a different story than "sustained profitability." Starlink brings in $11 billion a year yet still loses money, while SpaceX has accumulated losses of $41.3 billion—great stories don't equal great businesses.
The issue with HYPE is that it's a narrative-driven asset; once strong competitors enter the perpetual contract space, the valuation logic can be rewritten at any moment. Don’t forget that dYdX was once the "king of perpetual contracts" too.
However, in the short term, institutional backing + real on-chain data + permissionless infrastructure narrative means HYPE is indeed riding the wave. Before the wind dies down, paper riches are still riches.
$BTC daily sell point: $64984 daily buy point: $63606
$ETH daily sell point: $1699 daily buy point: $1662
$BTC #BTC $ETH #ETH