TLDR

• JPMorgan reported that the Iran war triggered a surge in oil trading on Hyperliquid.
• Traders turned to Hyperliquid’s CL USDC perpetual as CME markets closed over the weekend.
• The oil contract reached a peak daily trading volume of $1.7 billion during the spike.
• Open interest on the contract climbed to around $300 million following the volatility.
• The bank said demand for 24 7 access to traditional assets is driving activity on decentralized exchanges.

Oil price swings linked to the Iran war have driven traders toward decentralized exchange Hyperliquid, JPMorgan reported on Wednesday. The bank said non-crypto investors increased activity in oil-linked perpetual futures as traditional markets closed over the weekend. As a result, Hyperliquid recorded sharp growth in volume and open interest on its CL-USDC contract.

Iran war triggers surge in oil trading on Hyperliquid

JPMorgan said the Iran war caused heavy oil volatility and pushed traders toward platforms that never close. The bank reported that activity surged when Iranian infrastructure strikes occurred over the weekend. Because CME markets were shut, traders sought alternatives for immediate price exposure.

Nikolaos Panigirtzoglou led the analyst team that tracked the flow into Hyperliquid. He wrote, “Oil trading exploded on the Hyperliquid exchange early this month when the Iran war erupted.” He added that CME traders could not react when strikes happened outside trading hours.

The CL-USDC perpetual contract remained open for continuous price discovery during the weekend. The contract uses USDC as margin and offers up to 20x leverage. According to the bank, daily peak volume reached $1.7 billion during the surge.

Open interest on the oil-linked contract climbed to about $300 million. The product now ranks as Hyperliquid’s third-most traded market. Traders used the instrument to maintain exposure while traditional venues remained offline.

JPMorgan highlights growing demand for 24/7 markets

JPMorgan stated that demand for 24/7 access to traditional assets continues to increase. The analysts said decentralized exchanges attract traders seeking constant market access. They pointed to oil as the latest example of that shift.

Perpetual futures allow traders to hold positions without expiry dates. These derivatives use funding rates to align prices with the spot market. As volatility increased, traders used these features to manage short-term risks.

Hyperliquid operates with an onchain order book rather than an automated market maker. The structure offers tighter spreads and execution closer to traditional exchanges. The platform also provides sub-second finality and portfolio margining.

JPMorgan said these features appeal to institutional participants. Faster execution supports active strategies during volatile periods. Portfolio margining also allows traders to deploy capital more efficiently.

The analysts reported that decentralized exchanges are taking share from mid-tier centralized derivatives platforms. They cited speed, liquidity, and self-custody as key drivers. Continuous access also supports trading during geopolitical events.

Hyperliquid’s native token, HYPE, has risen about 25% year-to-date. The token has outperformed much of the broader crypto market over the same period. The bank released its report on Wednesday with updated trading data.

With market uncertainty rising, investors turn to NOW DeFi’s cloud mining model to generate income beyond price speculation.

The cryptocurrency market is no stranger to dramatic market swings. After Bitcoin surged to an all-time high on October 6, 2025, investor optimism reached fever pitch, with many expecting a continued bull run. Instead, the market took an unexpected shift.

Bitcoin is currently trading around $70,000, a steep 44% decline from its peak. As the largest and most influential cryptocurrency, Bitcoin often sets the tone for the entire market. Its downturn has triggered a ripple effect, dragging down major assets like Ethereum, XRP, and Solana, all of which had been gaining strong momentum before the sudden U-turn.

Now, the market is moving erratically without a clear direction, and in moments like these, investors feel the blow. Volatility poses serious risks to investors by causing rapid, unpredictable price swings that can lead to substantial capital losses, emotional investing (panic selling), and liquidation of leveraged positions. In the past 24 hours, over $300 million has been liquidated from the crypto market, according to data from Coinglass. 

With uncertainty dominating the market, investors are increasingly looking for smarter ways to stay profitable, without relying solely on price speculation. Traditional buy-and-sell strategies become far less effective in sideways or declining markets, pushing traders to explore alternative income streams.

This shift in investor behavior is exactly what led to the emergence of NOW DeFi, a platform designed to offer stable opportunities beyond conventional cryptocurrency trading. 

NOW DeFi is a cloud mining service provider, giving investors the opportunity to generate income from cryptocurrency mining without owning physical mining hardware. By connecting to the platform’s crypto cloud computing services, investors can earn income consistently even during times of high volatility.

Why NOW Defi stands out

To start using NOW Defi’s infrastructure, users simply select a compute plan, and once activated, the platform automatically allocates cloud computing resources to support cryptocurrency mining participation.

For investors already trading major assets like Bitcoin, Ethereum, or XRP, the search for a reliable alternative income stream has become increasingly important. NOW DeFi positions itself as a simplified gateway into alternative crypto earnings. 

The platform is powered by AI, allowing both experienced traders and newcomers to generate passive income with minimal hands-on management.

The platform offers a range of distinctive features that make it different from other cloud mining platforms:

• New users receive free hash power after completing registration
• Its infrastructure is powered by green energy resources
• Users can monitor earnings in real-time using the platform’s interactive dashboard
• Earnings can be withdrawn instantly without any hidden fees
• Flexible mining contracts starting at as low as $22

NOW DeFi is a UK-based, legally registered crypto cloud computing platform, giving users greater confidence in its legitimacy and reducing the risks commonly associated with unverified crypto services.

The bottom line

In a market defined by uncertainty and sharp reversals, the ability to adapt is what separates resilient investors from the rest. The evolving crypto environment is pushing investors to explore more stable, diversified income approaches, and platforms like NOW DeFi are positioning themselves at the center of that shift. DeFi offers a pathway for investors to navigate volatility with greater confidence — turning market turbulence from a threat into a potential opportunity.

Welcome to the official NOW DeFi platform: Visit the official website to securely download the mobile application.

CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.

The CoinDesk 20 is currently trading at 2039.71, up 0.2% (+4.1) since 4 p.m. ET on Thursday.

Fourteen of 20 assets are trading higher.

Leaders: APT (+6.3%) and BCH (+2.5%).

Laggards: AAVE (-1.0%) and NEAR (-0.6%).

The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.

Kalshi Inc. raised more than $1 billion in a funding round led by Coatue Management, Bloomberg reported Thursday, citing people familiar with the matter.

The round valued the prediction market platform at $22 billion, Bloomberg said, double the valuation of the previous round in December, when it also raised $1 billion. That funding round was led by Paradigm, with participation from veteran venture capital firms including Sequoia Capital, ARK Invest, Andreessen Horowitz and CapitalG, Alphabet’s growth-equity arm.

The New York-based company declined to comment when approached by CoinDesk.

The new investment highlights investor interest in the fast-growing market despite criticism from legislators regarding insider trading and manipulation. In February, trading volume on the platform exceeded $10 billion, or 12 times its level just six months earlier, KalshiData shows. Its biggest rival, Polymarket, has grown at a similar pace, though it focuses primarily outside the U.S. Kalshi’s annualized revenue is currently $1.5 billion, according to the Bloomberg report.

Kalshi, which is regulated as a financial exchange, offers contracts tied to the outcome of a wide array of real-world events. It was founded in 2018 and exploded in popularity receiving permission to offer trading on the outcome of the 2024 U.S. presidential election. The company is overseen by the Commodity Futures Trading Commission (CFTC), allowing it to operate nationwide under federal rules, unlike traditional gambling companies that answer to state regulators.

Still, prediction market providers are facing pushback in over a dozen state actions, with state-level regulators arguing that they have jurisdiction over at least sports-related betting products.

Last month, Kalshi reported uncovering and penalizing two users for insider-trading activity, including an editor for the popular social-media star MrBeast. The company at the time also revealed more than a dozen active insider-trading cases among 200 it investigated.

On Thursday, the Ninth Circuit Court of Appeals denied Kalshi’s attempt to stave off an expected temporary restraining order from Nevada, clearing the way for a ban on its operations in the state. On Wednesday, Arizona charged Kalshi with 20 criminal counts, accusing it of operating an illegal gambling business and offering election wagering in the state.

Ledger has appointed a new chief financial officer and opened a New York office as the crypto security firm expands its U.S. presence ahead of a planned public listing.

The company said John Andrews, a former Circle (CRCL) executive, will take on the CFO role. Andrews spent more than two decades in finance and most recently led capital markets and investor relations at the stablecoin issuer. His appointment comes as Ledger positions itself for closer engagement with institutional investors and public markets.

The New York office, backed by a multi-million dollar investment, will serve as a hub for Ledger’s enterprise business. The firm is hiring across institutional and marketing roles as it builds out services for banks, asset managers and other financial firms entering digital assets.

Ledger said the move reflects growing demand for secure infrastructure as more institutions hold and manage crypto.

The expansion lands as Ledger explores an initial public offering in the United States. The company is reportedly working with major banks including Goldman Sachs, Jefferies and Barclays on a listing that could value the firm at more than $4 billion. CEO Pascal Gauthier has previously pointed to rising revenue tied to an increase in crypto hacks, which has driven demand for secure storage.

Ledger is best known for its hardware wallets, but it has pushed deeper into enterprise services in recent years. Its platform offers tools for institutions to store, manage and trade digital assets with internal controls, similar to how a bank might oversee client funds across multiple approvals.

The company says it secures a large share of retail-held stablecoins and has sold more than 8 million devices globally. Still, its track record includes setbacks. A 2020 data breach exposed customer information, and a later exploit in 2023 affected decentralized finance integrations tied to its ecosystem.

Ledger’s U.S. push follows a broader shift in the crypto sector, where firms are again testing public markets after a volatile period. Custodian BitGo (BTGO) recently went public, marking one of the first listings in the sector this year. Tokenization firm Securitize has plans to IPO as soon as it receives the green light from regulators. Meanwhile, crypto exchange Kraken has paused its IPO plans as it waits for better market conditions, CoinDesk reported earlier this week.

Key Takeaways

• Jefferies elevated SolarEdge from Underperform to Hold while increasing the price target from $30 to $49
• European TTF natural gas prices have jumped approximately 94% amid recent geopolitical tensions
• During the previous energy crisis, SolarEdge’s European sales expanded from $630M in 2020 to $1.9B by 2023
• The firm boosted its 2027 and 2028 revenue projections by 17% and 19% respectively
• SEDG shares have surged roughly 60% year-to-date, approaching the 52-week peak of $48.60

SolarEdge (SEDG) shares advanced approximately 4% during Friday’s premarket session following an analyst upgrade and improved price outlook from Jefferies.

SolarEdge Technologies, Inc., SEDG

Jefferies shifted its stance on SEDG from Underperform to Hold while boosting the price objective from $30 to $49 — representing approximately 7.3% potential upside from Thursday’s closing price.

The catalyst behind Jefferies’ revised outlook centers on energy market dynamics. Natural gas prices in Europe, measured by the TTF benchmark, have climbed roughly 94% since the onset of the latest Middle Eastern conflict. Such dramatic price increases historically incentivize consumers and enterprises to transition toward solar and energy storage solutions as hedges against volatile energy expenses.

This scenario has played out previously. During 2022, when Russian natural gas supply disruptions triggered soaring European energy costs, solar installations accelerated significantly. SolarEdge‘s revenue from European markets expanded from $630 million in 2020 to $1.9 billion by 2023.

Jefferies acknowledges that a complete replay of that surge seems unlikely. Europe’s renewable energy infrastructure has matured considerably, and electricity prices have remained comparatively stable despite rising gas costs. Any uptick in demand will likely be more gradual this time around.

Nevertheless, the investment firm believes SolarEdge is better positioned than before. Inventory adjustments that previously pressured financial performance have largely resolved, and SEDG has expanded its footprint in commercial and industrial segments while maintaining residential market share.

Updated Revenue Projections

Jefferies increased its revenue expectations for 2027 by 17% and for 2028 by 19%. The 2026 forecast remained essentially flat, with the firm noting continued customer hesitancy amid prevailing macroeconomic uncertainty.

Despite the upgrade, Jefferies refrained from issuing a Buy recommendation. Valuation concerns remain central to this cautious stance. SEDG has rallied approximately 60% in 2026 thus far and currently trades around 18x projected 2027 EV/EBITDA — marginally above comparable companies. Jefferies suggests the market has already incorporated expectations of improved demand and competitive positioning into current pricing.

The wider analyst community maintains a reserved posture. Among 25 analysts tracking SEDG, just one recommends buying, 18 rate it a Hold, and six suggest selling. MarketBeat’s consensus lands at “Reduce” with an average price target of $29.09 — substantially below current trading levels.

Latest Quarterly Performance

SolarEdge’s latest quarterly results exceeded Wall Street expectations. The company reported EPS of -$0.14, surpassing the consensus estimate of -$0.19. Revenue reached $333.8 million against forecasts of $330.3 million, marking a 70.9% year-over-year increase.

Net margin remains in negative territory at -34.23%, and analysts anticipate full-year EPS of -$4.54 for the current fiscal period.

Institutional investors control approximately 95% of outstanding shares. Multiple major stakeholders expanded their holdings in recent quarters, with UBS Group notably increasing its position by 234.8% during Q3.

SEDG commenced Friday trading at $45.66, marginally below its 52-week high of $48.60.