Key takeaways

• Hyperliquid holds steady around $40 on Thursday, up 1.1% in the last 24 hours.
• The negative funding rate gives HYPE a mixed signal in the market.

Hyperliquid (HYPE) is trading around $40.95 at press time on Thursday, stabilizing after a 3%+ gain in the previous session. 

While the decentralized exchange (DEX) token has managed to hold recent levels, weakening retail demand in the leverage market and a developing rising wedge pattern on the chart are keeping the broader outlook neutral-to-bearish.

HYPE’s futures market suggests a cooling demand

HYPE initially attracted strong retail interest during heightened geopolitical tensions around the US–Iran situation and the Strait of Hormuz, as its platform enabled 24/7 trading of commodities such as oil and precious metals. 

However, as geopolitical pressure eased following signals of extended diplomatic timelines, speculative interest in the token has started to fade.

Data from CoinGlass shows HYPE futures open interest at about $1.63 billion, moving mostly sideways—an indication that trader participation has plateaued. 

Meanwhile, the funding rate sits at -0.0061%, suggesting a growing tilt toward short positioning as traders increasingly bet on downside risk.

Technical outlook: Bears could push the price lower

The HYPE/USD 4-hour chart is bearish and efficient as HYPE remains supported above both the 50-day Exponential Moving Average (EMA) near $38.46 and the 200-day EMA around $34.51. 

The 4-hour structure is forming a rising wedge pattern, typically considered a bearish setup when momentum weakens. The momentum indicators also paint a bearish picture. 

The MACD remains in negative territory, signaling fading bullish strength, while the RSI at 47 reflects a growing bearish condition. 

If the sellers remain in control, they would encounter immediate support at the trendline near $40.33. A break below this level could open a path toward the 50-day EMA at $38.46, followed by stronger support near the 200-day EMA at $34.51.

However, if the bulls push higher, resistance is first seen at $43.71, with further upside capped near $45.77 at the upper trendline boundary.

A 5% stake in AI coding startup Cursor that FTX’s bankruptcy estate sold for $200,000 in April 2023 would be worth about $3 billion today, following SpaceX’s agreement this week to acquire the company at a $60 billion valuation.

SpaceX said Monday it has the right to buy Cursor later this year for $60 billion or to pay $10 billion if the full acquisition does not proceed. The deal is founder Elon Musk’s move to close the gap with OpenAI and Anthropic on AI coding tools, an area where he recently said xAI, the Musk-run AI company that merged with SpaceX, is behind competitors.

SpaceX is holding off on immediate acquisition because of its planned initial public offering targeting a $2 trillion valuation, with the $10 billion serving as a breakup fee.

The crypto angle sits in the cap table. In April 2022, Alameda Research, the trading firm founded by Sam Bankman-Fried and run alongside FTX, invested $200,000 in Anysphere, the company that builds Cursor.

That investment bought roughly 5% of the company at a $4 million valuation. One year later FTX had collapsed, Alameda and FTX were in bankruptcy, and the court-appointed estate sold the Cursor stake for the same $200,000 Alameda had paid.

The stake is worth $3 billion at SpaceX’s $60 billion price tag, meaning the gap between what the FTX estate received and what the position would fetch today is roughly a 15,000x return. It was instead realized by whoever bought it from the bankruptcy rather than the creditors the estate was supposed to be maximizing recovery for.

The timing cuts awkwardly for FTX’s bankruptcy administration.

Bankman-Fried, currently serving a 25-year federal sentence, has spent the past year arguing from prison that FTX’s estate destroyed billions in value by liquidating assets too quickly during the bankruptcy, and that customers could have been made more than whole if the process had held positions instead of selling them into what turned out to be the bottom of crypto prices.

In February, he shared a projection suggesting FTX’s net asset value would have reached $78 billion if the estate had held assets through the subsequent recovery rather than selling in 2023 and 2024.

Cursor launched its AI coding product in early 2023, the same year the estate sold the stake, and the company’s trajectory from that launch to its current valuation three years later is among the steepest in software startup history.

FTX customers have since been made whole in dollar terms under the bankruptcy’s distribution plan, receiving back their claim values plus interest. What they did not receive is the upside from what those assets became between the bankruptcy filing and now, which in the case of the Cursor stake alone represents about $3 billion of forgone recovery against $200,000 realized.

Bankman-Fried’s parents have publicly advocated for a pardon, appearing on CNN in March arguing that FTX customers were ultimately repaid and that the case against their son should be revisited. The Cursor number is likely to feature prominently in the family’s continued campaign, and in Bankman-Fried’s own letters from prison, as the single clearest example of the kind of value he claims the estate destroyed through forced selling.

Ether futures on Binance have surged to a near two-month high as aggressive buyers stepped into the market over the past week. The 24-hour cumulative net taker volume climbed to about $5.5 billion, rising roughly 72% from about $3.2 billion earlier in the month, according to data tracked by CryptoQuant. The move aligns with a broader technical setup that keeps a critical liquidity zone in focus for ETH, with traders watching a potential breakout beyond the mid-$2,400s toward a $2,475–$2,634 corridor if buy-side pressure remains sustained and supply-side resistance eases.

CryptoQuant data show the 30-day average of net taker volume has remained positive since March 1, a pattern last seen in July 2022. That sustained buying cadence, alongside the growing futures activity, paints a picture of continued demand from participants rather than a fleeting bounce. Amr Taha, a market analyst cited in CryptoQuant’s quicktake, noted that spikes in buying near local highs often signal stronger conviction, suggesting buyers may be in control of the near-term price direction as momentum builds.

Key takeaways

• Binance ETH futures net taker volume hits about $5.5 billion in 24 hours, up 72% from earlier this month, indicating sustained buyer dominance.
• The 30-day net taker-volume average has been positive since March 1, reaching levels not seen since July 2022.
• ETH faces a key resistance around $2,400; a clean break could unlock the $2,475–$2,634 zone where a daily fair-value gap sits, created during February’s sell-off.
• The price is attempting to reclaim the 100-day EMA, a sign that the uptrend could gain traction; the 200-day EMA sits near the upper end of the imbalance zone around $2,634, aligning with liquidity considerations.
• Derivatives signals show futures cumulative volume delta (CVD) approaching $12.6 billion, with funding rates near neutral, suggesting leverage has not expanded aggressively alongside price.

Buy-side momentum and the path through the liquidity cloud

The immediate narrative around Ether’s price action is closely tied to the strength of daily demand captured in the futures market. The $5.5 billion 24-hour net taker volume on Binance represents a significant tilt toward buyers rather than sellers, reinforcing the sense that market participants are willing to chase higher prices rather than step back at the first sign of supply. This level of activity, when viewed against the 30-day positive readings, points to a broader conviction among traders that ETH can sustain upside momentum beyond the current consolidation range.

From a market structure standpoint, the $2,400 barrier has proved a stubborn but not unbreakable ceiling. The price has tested this level three times since early February, with each rejection thinning the density of overhead sell orders. A decisive move above $2,400 would shift attention to the next liquidity-rich zone between roughly $2,475 and $2,634. That corridor hosts a daily fair-value gap left behind by a February sell-off, an area where price can snap back quickly if bid-side liquidity improves and sell orders are absorbed efficiently.

Technical watchers are keeping an eye on trend-following indicators as well. Ether’s attempt to reclaim the 100-day exponential moving average (EMA) is viewed as a potential sign of trend continuation, provided the rally can sustain above this benchmark. Conversely, the 200-day EMA sits near the upper boundary of the current imbalance zone, implying that any sustained move into the higher end of the range would converge with overs supply and liquidity considerations. The interplay between EMA dynamics and the liquidity gap helps explain why even a modest breakout could accelerate through the $2,400 hurdle if buyers remain persistent.

Derivatives signals: cautious optimism amid balanced leverage

Beyond spot and futures price activity, the derivatives landscape paints a nuanced picture of risk and reward. The futures cumulative volume delta (CVD) has been climbing toward $12.6 billion, signaling ongoing buying pressure in the disciplined posture of the market. Yet funding rates have remained near neutral, suggesting that while demand exists, leverage has not surged in lockstep with price gains. In practical terms, this balance means the near-term upside might hinge on continued bid activity rather than an aggressive expansion of borrowed exposure.

Taken together, the data imply a near-term liquidity cluster around the $2,475–$2,634 zone remains the critical hurdle for ETH. Clearing this band would not only reflect a shift in market sentiment but also provide a clearer pathway for a more durable rally, as new orders fill on the back of rising conviction and improved liquidity depth. For traders, the key question is whether current buyers can sustain enough pressure to overwhelm fresh supply that tends to cluster near resistance zones, especially given the neutral stand of funding costs.

Overall, the current setup suggests a moment of thoughtful optimism rather than exuberant hype. The confluence of rising taker-volume, persistent positive net inflows in the 30-day window, and a technical chart that hints at a liquidity-driven breakout offers a plausible path for ETH in the near term. Investors will want to monitor whether the $2,400 barrier is decisively crossed and whether the liquidity gap in the $2,475–$2,634 range can be absorbed with limited downside risk.

Readers should watch how the price actions unfold around the key resistance zone and the related liquidity clusters in the coming sessions, as a sustained move beyond $2,400 would set the stage for a more pronounced leg higher—provided market participants sustain the current level of demand without a sharp pullback in leverage or a shift in macro risk sentiment.

TLDR:

• Pornhub replaced USDT with USDC for creator payouts, citing better reliability and MiCA regulatory compliance.
• The switch ends Pornhub’s infrastructure partnership with Justin Sun’s TronLink wallet established back in 2020.
• Drift Protocol took the opposite route, moving from USDC to USDT following a $127.5M Tether-backed bailout.
• USDC’s MiCA-compliant status is driving adoption on platforms operating within regulated financial environments.

USDC has officially replaced USDT as the preferred stablecoin for creator payouts on Pornhub. The world’s largest adult website confirmed the change through an email sent to its content creators.

The switch follows years of relying on Tether after PayPal exited the platform in 2020. Pornhub cited payment reliability and regulatory compliance as its primary reasons for adopting Circle’s stablecoin.

The move also ends the platform’s infrastructure partnership with Justin Sun’s TronLink wallet.

Pornhub Cites MiCA Compliance in the USDC Transition

The email sent to creators described USDC as a “fully-backed, MiCA-compliant and regulated stablecoin.” Pornhub added that it provides “a more secure option for your earnings” compared to USDT.

The platform also stated that USDC “is pegged 1:1 to the US dollar.” It further noted that it “works just like USDT on the ERC-20 network.”

OnlyFans content creator Gracie Hartie shared a screenshot of the email on social media. A Japanese trader also confirmed receiving the same communication from Pornhub.

The email specifically stated the change was aimed at making payouts “more reliable” for creators. The broad circulation of the message confirmed the policy shift applied across multiple regions.

Pornhub’s model program page no longer lists USDT as an available payout method. In its place, the page now shows USDC alongside Paxum, Verge, and Cosmo.

The removal of USDT from the payout list marks a complete and deliberate transition. Creators are expected to update their wallet information to reflect the change.

Pornhub adopted USDT back in 2020 after PayPal severed ties with the platform. The company stated at the time, “Since PayPal’s decision to stop payouts to thousands of Models two months ago, we’ve been hustling to…offer you more options.”

That USDT infrastructure was supported through a partnership with Justin Sun’s TronLink wallet. That partnership no longer appears anywhere on Pornhub’s model program page.

USDT and USDC Continue to Compete Across Different Platforms

While Pornhub moved to USDC, a separate development saw USDT gaining ground in another ecosystem. Earlier this month, Tether stepped in to support the hacked Drift Protocol with a $127.5 million bailout.

The Solana-based platform had been drained of approximately $285 million by attackers. North Korean-linked hackers were suspected of compromising a multisig wallet to execute the breach.

As part of the bailout deal, Drift Protocol agreed to transition its settlement asset from USDC to USDT. This effectively reversed the stablecoin preference within that ecosystem.

The back-and-forth between the two stablecoins reflects an ongoing rivalry in the crypto market. Each major platform event appears to shift institutional preference in a new direction.

These moves by both Pornhub and Drift show how stablecoin adoption continues to shift across platforms. USDC’s standing under MiCA gives it an advantage in compliance-focused environments.

USDT, however, retains dominance in markets where liquidity and speed take priority. The broader competition between the two stablecoins remains very much active.

Om du letar efter en online casino plats utan svensk licens, bör du välja en som erbjuder Trustly som betalningsmetod. Trustly är en betalningsplattform som ger säkerhet och konfidencialitet för spelare. Detta gör att du kan njuta av spelupplevelser utan att oroa dig för potentiella problem med licensering.

Vi rekommenderar att du väljer en casinon plats som erbjuder Trustly och har en god rekommendation från andra spelare. Detta kan garantera att du har en säker och smidig upplevelse. Hitta en plats som erbjuder en bred valutaval, så att du kan spela på den du prefererar.

Det är viktigt att du kollar på spelregler och villkor för varje casinon plats du överväger. Varje plats kan ha sina egna villkor för utbetalningar och spelregler, så det är bra att känna till dessa innan du börjar spela.

Detta casinon utan svensk licens och Trustly erbjuder dig en smidig och säker upplevelse. Du kan njuta av spelupplevelser utan att oroa dig för licensproblem eller betalningsproblem. Hitta den plats som passar dig bäst och börja njuta av spelupplevelser i säkerhet.

Varför det är farligt att spela på casino utan svensk licens

Det är alltid säkrast att välja en casinon utan svensk licens, som har godkänt avtal med Trustly, för att skydda dina pengar och personuppgifter. Trustly är en betalningsplattform som garanterar säkerhet och skyddar transaktioner. Detta gör att du kan spela utan att oroa dig för oanmärkta utdrag eller obehagliga situationer.

• Detta casinon utan svensk licens har en betrodd betalningsplattform som Trustly, vilket skyddar dina transaktioner.
• Detta casinon utan svensk licens har en betrodd betalningsplattform som Trustly, vilket skyddar dina transaktioner.
• Detta casinon utan svensk licens har en betrodd betalningsplattform som Trustly, vilket skyddar dina transaktioner.

Detta casinon utan svensk licens kan vara en risk om du inte känner till reglerna och skyddet som erbjuds av svensk lag. Du kan förlora pengar och personuppgifter utan att kunna räkna på någon form av skydd. Detta är en viktig uppmärksamhet för alla spelare.

Detta casinon utan svensk licens kan vara en risk om du inte känner till reglerna och skyddet som erbjuds av svensk lag. Du kan förlora pengar och personuppgifter utan att kunna räkna på någon form av skydd. Detta är en viktig uppmärksamhet för alla spelare.

Casino utan spelpaus: Hur identifiera och undvika dem

Det är viktigt att identifiera och undvika online casino utan spelpaus. För att göra detta bör du först kolla om casinoet har en svensk licens. Licenseringsprocessen i Sverige är strikt och garanterar att spelaren är skyddad. Om du hittar casino utan svensk licens , bör du undvika det.

Det andra du kan göra är att kolla om casinoet har en spelpaus. Spelpausen är en viktig funktion som hjälper spelare att styra sina spelaktiviteter. Om du inte hittar någon information om spelpausen, bör du undvika casinoet.

Det är också bra att kolla casinoets betroende. Läs recensioner och betroendeöversikter från andra spelare. Om casinoet har många negativa recensioner om spelpausen, bör du undvika det.

Det är viktigt att kolla om casinoet har en kontaktuppgift. Om du inte kan kontakta casinoet om du har problem med spelpausen, bör du undvika det.

Det är också bra att kolla om casinoet har en regelbunden uppdatering av sina spel. Om casinoet inte uppdaterar sina spel regelbundet, kan det innebära att de inte har en aktiv kontroll över spelarna.

Det är viktigt att kolla om casinoet har en helhetlig regelbunden kontroll över spelarna. Om casinoet inte har en helhetlig kontroll, kan det innebära att de inte respekterar spelarnas rättigheter.

Det är också bra att kolla om casinoet har en helhetlig regelbunden kontroll över sina spel. Om casinoet inte har en helhetlig kontroll, kan det innebära att de inte respekterar spelarnas rättigheter.

Alternativ för spelare i Sverige

Om du söker casino utan svensk licens, bör du överväga Trustly Casino. Detta casino erbjuder en smidig och säker miljö för spelare utan att kräva en svensk licens. Trustly Casino har en användbar plattform och ett välstrukturerat menyn, vilket gör att du kan hitta vad du letar efter snabbt och enkelt.

Det viktiga är att du fortfarande kan njuta av en god och varierande spelupplevelse, även om du inte har en svensk licens. Trustly Casino har en bred utbud av spel, inklusive blackjack, roulette och slotmaskiner, vilket gör att du har flera val att välja från. Detta casino har också en bra kundtjänst och en snabb och effektiv betalningsmetod.

Det är viktigt att du fortfarande håller dig informerad om lagar och regler för spel i Sverige. Använd aldrig casino utan spelpaus, eftersom det kan leda till obehagliga situationer. Det bästa är att välja en licenserat casino som respekterar spelarens rättigheter och säkerhet.