HYPE has risen 10.5% to $91.20 after Hyperliquid introduced manual USDC and USDT borrowing against HYPE and Bitcoin collateral, with the token setting a new all-time high of $92.56.

Hyperliquid loans accept HYPE and Bitcoin collateral

Hyperliquid’s official documentation states that manual borrowing went live on Sep. 18, allowing users to borrow USDC and USDT after supplying HYPE or Bitcoin as collateral. The new service runs through HyperCore, the same infrastructure that supports the platform’s portfolio margin system.

“Manual borrowing is supported for Manual/Standard and Unified Account users,” the platform said.

Portfolio margin accounts already handle borrowing automatically, so the separate manual action is unavailable to those users. Manual and unified account holders can instead choose the amount they want to borrow, subject to available liquidity and account-level and global limits.

HYPE collateral has a loan-to-value ratio of 65%, meaning $1,000 worth of HYPE provides up to $650 in borrowing capacity at the applicable oracle price. Bitcoin has a lower LTV of 50%, giving the same collateral value up to $500 in capacity.

When a user supplies both assets, Hyperliquid adds their respective borrowing contributions together. Supplied HYPE and Bitcoin do not earn interest, while supplied USDC and USDT earn interest but do not increase the account’s borrowing capacity.

Borrowed stablecoins accrue interest continuously, with the balance indexed every hour. According to the documentation, rates depend on how much available liquidity borrowers are using. Suppliers receive a lower annual percentage yield than borrowers pay because the interest is divided among a larger pool of supplied assets.

Hyperliquid also retains 10% of the interest paid by borrowers as a reserve for future liquidations. Data cited following the rollout placed total borrowed assets at about $269 million, showing early use of the lending feature.

Liquidation rules depend on collateral value

Hyperliquid uses a health factor to compare a user’s LTV-adjusted collateral with outstanding debt. An account cannot take another loan once its health factor reaches 100% or lower, although crossing that level does not automatically trigger liquidation.

Partial liquidation begins when borrowed value moves above the collateral value after applying the designated liquidation threshold. HYPE has an 82.5% partial liquidation threshold, while Bitcoin has a threshold of 75%.

Falling collateral prices can therefore increase liquidation risk even when the user does not borrow more. Interest charges, collateral withdrawals, and additional borrowing can also move an account closer to the threshold, according to the platform.

In an example provided in its documentation, Hyperliquid used 100 HYPE worth $40 each and a 2,000 USDC loan. The collateral would provide $2,600 in borrowing capacity at a 65% LTV, leaving another 600 USDC available to borrow.

For the same position, the account would reach the 82.5% partial liquidation threshold if the HYPE oracle price fell to about $24.24, excluding further interest. Hyperliquid noted that displayed liquidation prices can change as asset prices, balances, and accumulated interest move.

Multiple forms of collateral make the calculation more complex because the system includes the contribution from every supplied asset. A displayed liquidation price of “N/A” does not necessarily mean a position carries no risk, as the label can appear when another asset covers the debt or when the calculated price sits above the current oracle price.

HYPE price breaks above its previous record

CoinGecko data showed HYPE trading at $91.20 at the time of writing, up 10.5% over 24 hours. The token moved between $81.70 and $92.56 during the period, with the upper end setting its latest all-time high on Sep. 18.

Trading volume reached approximately $1.72 billion over 24 hours, while HYPE’s market capitalization stood near $20.3 billion. The token was also up 57.1% over 30 days, according to the same market snapshot.

The advance pushed HYPE above the $89.57 record set on Sep. 6. In an earlier technical report, crypto.news covered HYPE’s consolidation between roughly $84 and $88 after the previous high, when selling repeatedly appeared above $87.

HYPE later fell toward $78.70 as weaker momentum and legal concerns weighed on the market, before reversing above $90 following the manual borrowing rollout. The move also cleared the former $87–$90 liquidity area identified in the earlier report.

Bitcoin rose alongside HYPE, trading near $80,981 after gaining about 5.6% over the latest session. BTC moved between approximately $76,205 and $80,998 during the period, placing it close to its intraday high when the market data was recorded.

U.S. access remains tied to regulated partners

Hyperliquid’s growing product range has arrived while companies connected to the platform pursue a regulated route into the United States. The Hyperliquid Policy Center has also challenged CME’s lawsuit against the Commodity Futures Trading Commission over the agency’s approval of a Kalshi Bitcoin perpetual contract.

In its Sep. 9 filing, the policy group argued that CME had not shown a competitive injury caused by the CFTC’s decision. The group also said CME’s commercial interests did not fall within the protections of the Commodity Exchange Act provisions cited in the lawsuit.

A separate U.S. proposal involves Payward, the parent company of Kraken. On Sep. 16, Payward announced regulated Hyperliquid markets for eligible American clients through Bitnomial, subject to regulatory approval.

Under the proposed structure, Bitnomial Exchange would deploy and administer selected perpetual futures markets through Hyperliquid’s HIP-3 system. Bitnomial Clearinghouse would handle clearing and settlement, while NinjaTrader Clearing would carry approved customer accounts.

U.S. customers would need to complete onboarding with NinjaTrader Clearing and receive approval for the relevant Bitnomial market. Their associated addresses would also need to appear on the permissioned HIP-3 allowlist, rather than receiving access to every market available through Hyperliquid.

Payward said Hyperliquid would be the first blockchain protocol used for the planned service. The company has not announced a launch date, and CFTC records do not yet establish final approval for the proposed HIP-3 arrangement.

Bitcoin pushed through the $80,000 level during Friday’s Wall Street open, reaching a local high of $81,034 on Bitstamp. The move coincided with renewed stress in global energy markets, where concerns around oil supply fed into higher US bond yields—an interplay that has again spilled over into crypto.

Within hours, short-position liquidations accelerated across crypto derivatives. According to CoinGlass data cited in the report, cumulative cross-crypto short liquidations totaled close to $250 million over a four-hour window, helping fuel Bitcoin’s short-term upside momentum.

Key takeaways

• BTC gained about 6% on Friday as oil-supply worries contributed to US bond yields turning higher.
• Crypto liquidations intensified, with CoinGlass data putting cross-crypto short liquidations near $250 million in roughly four hours.
• Bitcoin’s rebound runs into well-watched resistance zones that previously surfaced around May.
• On-chain cost-basis benchmarks—such as Glassnode’s “True Market Mean”—suggest price has regained a historically important threshold.

Energy jitters and a bond-yield reversal lift BTC

TradingView data (as referenced in the source) showed BTC/USD “filling pockets” of upside liquidity to trade at local highs of $81,034 on Bitstamp. The price action was accompanied by a build-up of short positions above spot that were later liquidated.

CoinGlass’s liquidation heatmap data, also referenced in the original piece, showed cross-crypto short liquidations accumulating near $250 million over four hours. In practice, this kind of rapid unwind can amplify moves: as stops trigger and leveraged shorts are forced out, spot buying tends to intensify in the near term.

The catalyst was tied to crude oil. WTI traded down to lows around $94.8 per barrel before climbing again during Asia hours, moving toward the $98 area at the time of writing.

In a Friday commentary, the International Energy Agency (IEA) warned that countries may have to cut usage if Gulf supplies remain constrained and commercial inventory buffers continue to deplete quickly. The IEA noted that earlier emergency measures—such as the release of 400 million barrels in March following the Strait of Hormuz disruptions—helped ease prices from April peaks, aided by rerouted Middle East exports and increased output outside the region.

“But if Gulf supplies remain constrained in the coming months and commercial inventory buffers continue to deplete rapidly, higher prices and further demand reductions may be required to close the supply-demand gap.”

The IEA’s calculations also referenced a sizable gap between current oil flows through Hormuz and pre-war levels, estimating 7.6 million barrels per day in August—13.1 million below the daily tally before the US-Iran war.

As oil uncertainty returned, US rates followed. The US 30-year yield reached 5.34% on the day, up 90 basis points, according to the figures cited in the source. Earlier reporting by Cointelegraph had linked rising yields across multiple countries to expectations that central banks would maintain or raise interest rates—an environment that can reprice risk assets, including crypto.

Traders watch $82,000 and the risk of “double rejection”

While Bitcoin’s move above $80,000 drew immediate attention, short-term technical traders flagged a key test ahead. Trader and analyst Rekt Capital, commenting on low-time-frame action, described the current phase as a “moment of truth,” according to the X post cited in the source.

A chart shared on X positioned $82,000 as a critical breakout level for BTC/USD. If Bitcoin fails to clear and hold above it, the pattern could resemble a double rejection scenario, the source notes—linked to the prior market structure that ended the mid-May rebound.

For active traders, this framing matters because it highlights a transition point: momentum from liquidations can push price quickly through levels, but follow-through often depends on whether buyers defend breakout levels when volatility cools.

On-chain benchmarks: reclaiming a key cost basis

Beyond derivatives and price charts, the source also pointed to on-chain indicators tied to investor cost. Bitcoin’s latest upside reportedly helped it reclaim its True Market Mean, an aggregate measure of the cost basis of coins acquired on secondary markets. Glassnode, as referenced in the article, placed this benchmark at $76,660.

Glassnode’s interpretation—shared via X in the source—was that trading back above this level places Bitcoin “back into a bullish regime.” In other words, rather than treating the move as purely speculative, the argument is that reclaiming certain cost-basis thresholds can shift the balance between holders in profit and those sitting under historical averages.

The piece also referenced the cost basis for Bitcoin’s corporate treasuries, estimating it at $80,500. That figure sits near the current local trading range, implying that the market is oscillating around an area meaningful to long-term institutional buyers—an additional reason $80,000 to $82,000 could remain a focal zone for price action.

What to watch next as macro pressure and crypto volatility intersect

Bitcoin’s jump has so far been tied to macro spillovers from oil and rates, alongside derivatives positioning that helped accelerate the move. Over the next sessions, the key question is whether BTC can maintain gains through the $82,000 breakout test—or whether the market reverts to prior resistance levels seen around May while crude and bond yields continue to set the tone.

The London-based firm provides portfolio, risk-management and trade-data infrastructure to institutional digital-asset firms. Its platform connects with centralized exchanges, custodians, blockchains and decentralized-finance (DeFi) protocols, giving clients a consolidated view of their positions, transactions and risk exposure.

“GSR has not been impacted by any rumored breach,” a company spokesperson said. Bitcoin Suisse, Flowdesk, 3iQ, M2, Ampersan, MNNC and Trovio did not reply to requests for comment before publication time.

A small amount of client funds was stolen, the people said, who spoke on condition of anonymity because the matter is private. Smaller hedge funds with weaker security controls may have been particularly exposed, the people said. Trading data was also taken.

Hacks remain a persistent problem for the crypto industry because transactions are generally irreversible and platforms rely on digital credentials and signing systems that can give attackers direct access to assets.

The attacker exploited a vulnerability in one of Haruko’s processes, extracting a user-access token and using it to capture data held in the process’s memory, Carlile told clients. That memory could have included read-only exchange API details and other data.

Clients’ login credentials were not compromised on their own systems, according to the messages. Instead, the access token was extracted through a vulnerability in Haruko’s infrastructure.

Both versions are, in Kazan’s estimation, self-portraits of the artists who made them. Renowned for directing A Streetcar Named Desire and On the Waterfront and co-founding the influential Actors Studio from which the school of “method acting” was born, Elia Kazan was called before the House Un-American Activities Committee in 1952. The Hollywood blacklist was in effect and, Faced with the possibility of never being able to work in Hollywood again, he named names. His granddaughter has never read his autobiography, though she has tried. “There’s some very young part of me that’s like, I still want my grandpa to be my grandpa and not have access to all of this adult stuff,” she says. But she believes that Elia Kazan, who died in 2003 when she was 20, saw himself in the black sheep of the family: “He had this cold and demanding father, and I think he was projecting onto Cal.” Made during a period when the director was facing significant backlash, his version focuses on guilt, rejection, and alienation.

“The CFTC is locked in and ready to ship its rules for the new frontier of finance,” CFTC chair Mike Selig wrote in a post on X following the vote on Wednesday. 

The CFTC, on Friday, also published a no-action letter, giving certain software providers a way to connect users to regulated derivatives markets without registering as introducing brokers. It covers passive software that lets users view markets and submit orders directly to registered firms, including through crypto wallets.

Providers can market specific contracts and receive transaction-based fees, but they cannot hold customer assets, generate buy or sell signals or control how orders are routed or executed, according to the letter.

The relief comes with conditions, including risk disclosures, recordkeeping and compliance with marketing rules. It remains in place until the CFTC adopts rules or guidance addressing registration requirements for software developers.

Bitcoin (BTC) jumped past $80,000 around Friday’s Wall Street open as fuel-crisis woes spread through global markets.

Key points:

• Bitcoin gained 6% on Friday as concerns about oil supply saw US bond yields reverse higher.
• Crypto markets liquidated $250 million in short positions over four hours.
• BTC price momentum now faces the familiar resistance levels first encountered in May.

BTC surges 6% as US bond yields turn upward

Data from TradingView showed BTC/USD filling pockets of upside liquidity to reach local highs of $81,034 on Bitstamp.

BTC/USD four-hour chart. Source: Cointelegraph/TradingView

A cluster of short positions above the spot price came under fire as a result. Per data from CoinGlass, cumulative cross-crypto short liquidations sat near $250 million over four hours.

BTC liquidation heatmap. Source: CoinGlass

US WTI crude fell to lows of $94.8 per barrel, only to begin climbing again during the Asia trading session. It is circling $98 at the time of writing.

CFDs on WTI crude oil one-day chart. Source: Cointelegraph/TradingView

In a report on Friday, the International Energy Agency (IEA) warned that countries may have no choice but to cut usage. In March, the IEA released 400 million barrels from its emergency reserves amid the closure of the Strait of Hormuz.

“Prices for crude and oil products had eased from their April peaks in the months that followed as emergency IEA stocks were released, Strait of Hormuz bypass routes boosted Middle East exports, producers outside the region raised output, flows out of the Persian Gulf partially recovered and global demand softened,” it wrote.

“But if Gulf supplies remain constrained in the coming months and commercial inventory buffers continue to deplete rapidly, higher prices and further demand reductions may be required to close the supply-demand gap.”

The report calculated oil flows through Hormuz at 7.6 million barrels per day in August, 13.1 million below the daily tally before the US-Iran war.

Gulf producers oil exports, February-August 2026 (millions of barrels/day). Source: IEA

US bond yields once again rose amid the oil uncertainty. The US 30-year yield reached 5.34% on the day, up 90 basis points.

US 30-year bond yield one-month chart. Source: Cointelegraph/TradingView

Earlier, Cointelegraph reported on rising yields in multiple nations forcing central banks to raise interest rates — a move seen in both the US and Japan this week.

Analyst: Bitcoin price faces key breakout test next

Commenting on low-time frame BTC price action, trader and analyst Rekt Capital said that bulls now faced a “moment of truth.”

Related: Bitcoin adds to bull-market hopes as price metric prints fourth-ever bullish cross

A chart uploaded to X showed $82,000 as a key level for BTC/USD to break though. Failing to do so would constitute a double rejection pattern together with the price action that ended the mid-May rebound.

BTC/USD one-day chart. Source: Rekt Capital on X.com

Bitcoin’s latest upside saw it reclaim its True Market Mean, the aggregate cost basis of all coins acquired on secondary markets, which currently sits at $76,660.

“That puts price back above a crucial level and back into a bullish regime,” onchain analytics platform Glassnode told X followers on Friday. 

The cost basis for Bitcoin’s corporate treasuries, meanwhile, lies at $80,500, further reinforcing the significance of the current local range.

Bitcoin cost-basis data. Source: Glassnode on X.com