Hyperliquid prices soar as the futures trade activity expands. Open interest has risen to about 1.61 billion in the past 24 hours, signaling increased participation in the futures market.

Daily trading volumes have surged to record levels of over 2.4 billion, indicating strong demand for perpetual contracts and growing trader confidence in further upside.

The rise in open interest and volume suggests market participants are not leaving the market but are actively pursuing gains, supporting the current bullish trend.

Key Insights

• The derivatives participation and greater market conviction were shown by open interest exceeding 1.6 billion.
• Daily trading volumes exceeded 2.4 billion, boosting token burn mechanisms and increasing demand.
• Bullish technicals, such as a flag formation and a possible golden cross, point to a rise to 44 if momentum continues.

Futures Trading Pushes the Price

The recent price run-up is closely linked to rising derivatives trading activity. Market data show open interest around 1.61 billion in the past 24 hours, indicating more traders engaging in the futures.

Daily volumes have soared beyond 2.4 billion, signaling strong demand for perpetual contracts and growing trader confidence in further upside movement.

The increase in open interest and volume indicates market participants remain active, supporting the bullish trend.

Diversification to Real-World Assets

The platform’s move into physical assets trading has increased activity. With HIP-3, perpetual contracts based on commodities like gold, silver, and crude oil are now tradable.

This enables traders to gain exposure to conventional assets in a crypto-native setup. In March, daily volumes in crude oil contracts reached over $1 billion at the peak amid geopolitical tensions.

Moreover, the 24/7 trading feature provides a competitive edge, especially as event contracts enhance engagement.

Hyperliquid has added event-based contracts, adding another layer of participation for traders. These tools let users speculate on real-life results while managing futures exposure.

Consequently, trading activity has risen, contributing to higher fee generation. This supports token buybacks and burn facilities, which gradually reduce supply and promote price stability.

The mix of new products and increased user interaction continues to strengthen the platform’s ecosystem.

Bullish Technical Set Up Develops

Technically, Hyperliquid’s price action shows signs of a bullish continuation pattern. A flag formation formed after a sharp rise, suggesting consolidation before a potential breakout.

Additionally, the token is approaching a milestone: a potential golden cross as the 50-day moving average crosses above the 200-day moving average. This is typically viewed as a bullish signal upon confirmation.

If a breakout occurs, the next major resistance zone is around the 44 level, which analysts in traditional markets are watching in response to global events in real time.

Risks and Key Support Levels

Despite the optimistic forecast, there are downside risks. The 200-day moving average sits near 34.8 and serves as a critical support zone.

A break below this level could undermine the current setup and shift the mood to the downside. Traders will monitor price action around this region to confirm continuation or reversal.

Prognosis: Derivatives Activity Is Still Important

Derivatives trading is likely to remain a major driver of Hyperliquid’s short-term trajectory. Open interest and volumes are expected to grow, reflecting trader confidence.

Additionally, token burns tied to platform charges and product diversification contribute to liquidity and demand.

If these trends persist, Hyperliquid may continue its upward trajectory, with technical confirmations and the possibility of an upward price target near the $44 level.

Crypto markets slumped on Thursday as a fresh wave of risk-off sentiment swept across global markets following President Donald Trump’s pledge to continue military strikes against Iran.

Bitcoin (BTC) is trading at around $66,900, down 1.7% over the past 24 hours. ETH slipped 4% to $2,050, and SOL plunged 6% to $79 in the wake of the Drift exploit. Meanwhile, Ripple (XRP) dropped 3.3%.

Total crypto market capitalization decreased by 1.7% to $2.38 trillion, according to Coingecko.

The rout was triggered after Trump said Wednesday evening that the U.S. would continue strikes on Iran, reversing hopes for a diplomatic resolution that had buoyed markets earlier in the week.

The risk-off mood extended to institutional products. U.S. spot Bitcoin ETFs recorded a net outflow of $173.7 million on April 1, while spot Ethereum ETFs posted a $7.1 million withdrawal, according to SoSoValue.

Big Movers

Almost all of the Top 100 digital assets posted losses over the last 24 hours.

Algorand (ALGO) and MemeCore (M) outperformed, rallying 5%. Lighter (LIT) surged 10% after unveiling a collaboration with Wallet in Telegram.

Uniswap (UNI) and Solana (SOL) are today’s biggest losers, down 13% and 6%, respectively.

Around 185,000 leveraged traders were liquidated for $441 million in the past 24 hours, according to CoinGlass. Bitcoin accounted for $103 million, while ETH made up $93 million.

Investors tried to pull $13 billion out of private credit funds this quarter. They got less than half. For many crypto investors, if the collapse of private credit continues, half could end up being a good outcome.

Seven private credit giants capped investor withdrawals this quarter, including Morgan Stanley, BlackRock, Apollo, Blue Owl, Cliffwater, Blackstone, and Ares. Oaktree almost joined that group, although it technically fulfilled its 8.5% in withdrawal requests by having parent Brookfield buy 1.7% of shares at the eleventh hour.

Private credit funds package up illiquid loans inside vehicles that typically go up, except during rare times of crisis, such as during a major war or mass job losses.

They also typically limit quarterly withdrawals to 5%, which is not a problem until many people want out, like they do now. 

When more than 5% want to withdraw, everyone gets a haircut on their withdrawal request. At Apollo and Ares, 11% wanted out. Those funds returned less than half.

Crypto started joining the private credit bandwagon years ago, selling similar products in a different wrapper. Many stablecoin and altcoin treasury managers invest in private credit directly. 

‘A quasi run on the bank’

Michael Saylor delivered a keynote at the Blockworks Digital Asset Summit on March 26, the same week Apollo and Ares gated withdrawals. He pitched his company’s dividend-paying stocks as competitors to private credit. 

Saylor even called the multi-trillion dollar private credit crisis this year “a quasi-run on the bank.”

Worse, the same companies gating traditional private credit withdrawals are tokenizing private credit on blockchains. Apollo launched ACRED, a tokenized feeder into Apollo’s Diversified Credit Fund. A few months after that launch, Apollo’s partner Securitize had built sACRED, a derivative to goose yields even higher through risky decentralized finance (DeFi) protocols. 

Holders can buy ACRED, deposit it into DeFi vaults, borrow stablecoins, buy more ACRED, and loop. Yields after looping, which are tantamount to risk, soared. 

Securitize initially advertised daily redemption rights for ACRED holders, which was quite curious given that most private credit funds limit quarterly redemptions to 5%. Then, after crypto publication Unchained asked about the mismatch with the fund’s quarterly 5% cap, Securitize quietly removed daily liquidity rights. 

Easier to buy, just as hard to sell

In other words, crypto tokenization changed the speed at which people could buy and add leverage. It did not change the speed at which they could sell.

Nor did crypto improve the most important characteristic of private credit: the deteriorating credit qualities of US borrowers who are suffering higher fuel prices, AI-induced job layoffs, wartime uncertainty, inflation, and rising costs of living.

Crypto sold versions of the same illiquid debt that investors cannot exit quickly in any environment, let alone the current “quasi run on the bank” reality. 

By one analyst’s count, tokenized private credit surged from $25 million to $6 billion over the last year. 

Polymarket is expanding its predictive markets beyond purely cryptocurrency-related events, adding contracts tied to traditional assets. The new offerings rely on price data from the Pyth Network to determine outcomes for daily contracts, including up/down bets and closing price contracts for major equity indices, commodities such as gold and oil, and a range of US-listed stocks. Settlements are automated, with contracts resetting at the end of each trading session.

In its announcement, Polymarket notes that the expanded lineup includes more than a dozen US-listed stocks, featuring blue-chips such as Tesla, Nvidia and Apple, alongside commodity and index-based markets. By adopting Pyth as the resolution layer, Polymarket is moving away from manual or exchange-specific references toward a standardized data feed that aggregates prices from multiple market participants.

Key takeaways

• Polymarket launches traditional-asset markets (stocks, indices, commodities) using Pyth Network for automatic, real-time settlement.
• The new markets include daily up/down and closing price contracts for major US-listed stocks (e.g., Tesla, Nvidia, Apple), plus gold and oil, settled via Pyth feeds with daily resets.
• Polymarket also introduced Pyth Terminal, a live data interface showing the reference values used to settle contracts and a continuously updating price-to-beat tracker for traders.
• ICE’s investment signals strategic backing: ICE completed a $600 million cash investment in Polymarket last week and may acquire up to $40 million more in shares as part of a broader commitment to the platform.
• Oracle networks are expanding beyond crypto, with government and traditional finance applications increasingly relying on on-chain price and economic data.

Polymarket’s bridge to traditional markets

The rollout marks a notable shift for Polymarket, which has historically focused on event-driven markets—ranging from elections and sports to financial and weather outcomes. By anchoring settlement to Pyth’s real-time price feeds, the platform can offer automated outcomes for assets that trade outside the typical crypto-native hours, broadening the potential audience of traders who want to speculate on or hedge exposure to conventional markets.

The inclusion of US-listed equities, including Tesla, Nvidia and Apple, alongside commodity and index contracts, positions Polymarket at the intersection of prediction markets and traditional financial markets. The Reuters-style mechanics of “daily up/down” and “closing price” contracts enable end-of-day settlement that mirrors conventional price discovery, while still leveraging the transparency and programmability of blockchain-backed markets. The Business Wire release emphasizes that Pyth’s data is the reference used to resolve these bets, replacing ad hoc or venue-specific price references.

Pyth Terminal and the changing face of on-chain data

Concurrently, Pyth Network introduced Pyth Terminal, a data interface designed to give users a transparent view of live price feeds and the reference values underpinning Polymarket settlements. The terminal provides a continuously updating price-to-beat line, allowing traders to monitor how shifts in real-time data could affect contract outcomes. This level of visibility is meant to enhance trust and operational clarity for users participating in cross-asset markets on the platform.

Pyth’s broader push into traditional finance data aligns with a growing trend among oracle networks to serve not just crypto protocols but also financial infrastructure and prediction markets. The same trend is evident in other collaborations—Chainlink, RedStone and Kalshi integrations, and shifts toward 24/5 pricing data for tokenized assets—reflecting a broader push to tether decentralized markets to official or widely accepted data feeds.

Oracles, finance, and the regulatory backdrop

The expansion of oracle networks into real-world data has taken on additional significance as governments and financial firms increasingly rely on on-chain information. Notably, Chainlink and Pyth have been cited by US government agencies as sources for publishing on-chain economic data, including GDP and inflation metrics. The market response to these developments has been tangible: the PYTH token surged more than 70% on the day of the announcement, lifting its market capitalization above $1 billion.

These developments sit within a broader ecosystem where oracles are being integrated into both traditional finance and regulatory-compliant data pipelines. For example, Kalshi’s integration via RedStone across multiple blockchains demonstrates how regulated, exchange-traded event contracts can leverage cross-chain data feeds. Meanwhile, data providers continue to compete for share in a market that DeFiLlama currently indicates remains highly concentrated, with Chainlink accounting for roughly two-thirds of total value secured, and RedStone and Pyth each representing a smaller slice.

Strategic backing from ICE and implications for users

Intercontinental Exchange, Polymarket’s backer, disclosed last week a $600 million cash investment in Polymarket and an option to acquire up to $40 million more in shares as part of a broader multibillion-dollar commitment to the platform. ICE’s involvement underscores a deepening convergence between traditional exchange operators and crypto-based prediction markets. For Polymarket, the arrangement could unlock new liquidity channels and potential product expansions, while ICE gains exposure to a novel form of event-based market activity that sits at the convergence of data, finance and user-generated insights.

From an investor and trader perspective, the move expands the set of tools available to hedge or speculate on real-world events. The use of a single, standardized data source like Pyth to settle a wide array of assets could simplify risk management for participants and may encourage more institutional participation that relies on consistent, auditable price feeds. For developers and platform builders, the integration demonstrates a viable pathway for connecting traditional assets to decentralized marketplaces without sacrificing transparency or speed of settlement.

As the ecosystem evolves, readers should watch how these traditional-asset markets perform in terms of liquidity, user adoption and regulatory compliance. The synergy between Polymarket’s user-driven contracts and ICE’s financial infrastructure could shape how predictive platforms scale beyond niche audiences, potentially influencing how everyday investors interact with real-world assets on-chain.

Overall, the fusion of Polymarket’s prediction market model with Pyth’s enterprise-grade price data signals a meaningful step toward broader applicability of oracle-powered settlement. The coming months will reveal how well these traditional-asset markets attract liquidity, how robust the data feeds prove under volatile conditions, and what regulatory and market structure developments might accompany this cross-asset expansion.

What remains unclear is how this model will fare across different asset classes during periods of stress, and whether further collaborations between traditional exchanges and on-chain data providers will accelerate the adoption of tokenized or blockchain-anchored versions of equities and commodities. Traders and builders alike should keep an eye on the next wave of product updates, market depth, and any regulatory clarifications that could affect the trajectory of cross-asset prediction markets.

Stablecoins were a rare bright spot in an otherwise subdued crypto market in the first quarter, with supply growth and transaction activity pointing to sustained demand even as broader market conditions weakened.

Total stablecoin supply increased by roughly $8 billion to a record $315 billion in Q1, according to data from CEX.IO. Although this marked the slowest pace of expansion since Q4 of 2023, it still represented growth during a period when the wider crypto market contracted.

The data suggests investors rotated into stablecoins as a defensive strategy, boosting their share of overall market activity. Stablecoins accounted for 75% of total crypto trading volume during the quarter — the highest level on record.

At the same time, total stablecoin transaction volume topped $28 trillion, underscoring their growing role as the primary liquidity layer of the digital asset market. The figure extends a multi-year surge in activity, with stablecoin volumes in recent years exceeding those of major payment networks like Visa and Mastercard combined.

However, data on underlying activity painted a more nuanced picture.

Retail-sized transfers — typically associated with individual users — declined by 16% in the first quarter, the steepest drop on record. In contrast, automated activity surged, with bots accounting for approximately 76% of all stablecoin transaction volume.

The shift toward bot-driven flows suggests that a growing share of stablecoin usage is tied to algorithmic trading, arbitrage and liquidity provisioning, rather than retail demand. While elevated automation can reflect more sophisticated or institutional participation, it may also signal weaker organic demand during bearish market conditions. 

Related: Circle shares surge as Bernstein sees upside from stablecoin adoption

Divergence between major stablecoin issuers

One of the CEX.io report’s key takeaways was a widening divergence between major stablecoin issuers. The supply of Circle’s USDC (USDC) grew by roughly $2 billion in the first quarter, while Tether’s USDt (USDT) declined by about $3 billion, marking the first notable split between the two since Q2 of 2022 amid the bear market.

The trend aligns with earlier Cointelegraph reporting, which highlighted a surge in USDC transfer activity in February, pointing to increased usage across trading and onchain transactions.

Beyond USDC, much of the growth in stablecoin issuance was driven by yield-bearing products — a segment that has drawn increasing scrutiny in the US. Ongoing discussions around a crypto market structure bill in Congress have placed yield at the center of debate, with traditional banks pushing back against stablecoins that offer interest-like returns.

The market for yield-bearing stablecoins is currently valued at around $3.7 billion, with daily trading volumes exceeding $100 million, according to data from CoinGecko.

Related: Crypto Biz: Stablecoin jitters meet institutional momentum