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Arthur Hayes Says Hyperliquid’s HYPE Token Could Reach $150 by 2026

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Arthur Hayes Says Hyperliquid's HYPE Token Could Reach $150 by 2026

Why Arthur Hayes is bullish: In an interview with CoinDesk’s Jennifer Sanasie on MArkets Outlook, Hayes said Hyperliquid has separated itself from competing perpetual futures exchanges with real usage rather than incentive-driven volume.

  • Hayes told Sanasie he sold his firm’s HYPE position around $50–$55 ahead of expected token unlock pressure but turned bullish again after the team chose not to sell most of its monthly token allocations.
  • He said Hyperliquid still generates close to a $1 billion annualized revenue run rate based on 30-day fee data.
  • The platform’s HIP-3 permissionless listing system has expanded trading beyond crypto into assets like oil or equity indices.

What’s driving activity: Hayes said traders are increasingly using Hyperliquid to access markets unavailable through traditional platforms.

  • Retail traders can trade assets like oil or Nasdaq proxies 24/7 on-chain using stablecoins and crypto wallets.
  • Hayes said leverage of 10x–20x is often available compared with the 2x–3x many retail investors receive on traditional brokerage platforms.
  • Weekend geopolitical events, such as sudden conflict announcements, have pushed traders to use Hyperliquid while traditional markets are closed.

Why Hyperliquid stands out: Hayes argued Hyperliquid’s liquidity and trading metrics show more genuine market activity than rival decentralized exchanges.

  • Many competing platforms rely on wash trading or token incentive programs to inflate activity, Hayes said.
  • He evaluates exchanges using the ratio of trading volume to open interest, which he said helps identify genuine trading demand.
  • Hayes said Hyperliquid has the lowest ratio among major perpetual DEXs, indicating more “real” trading.
  • The platform also offers the lowest slippage for large bitcoin perpetual trades ranging from $100,000 to $10 million, he said.

What could derail the thesis: Hayes said rising hype and stronger competition could signal a potential exit point.

  • He said he would reconsider his position if HYPE’s price-to-earnings ratio rises sharply and market sentiment becomes overwhelmingly bullish.
  • Another risk is whether competitors offering lower fees can erode Hyperliquid’s roughly 70% share of perpetual DEX revenue.
  • Hayes said maintaining strong revenue and continued restraint in team token selling are key to sustaining the bull case.

Beyond HYPE: Hayes also highlighted privacy-focused crypto projects as a developing narrative.

  • He said Zcash could benefit from growing concerns about blockchain surveillance and AI-powered transaction analysis.
  • Hayes cited Zcash’s cryptographic upgrades and privacy model as reasons he favors it over alternatives like Monero.

Bitcoin outlook: Hayes maintained his aggressive forecast for Bitcoin.

  • He reiterated that Bitcoin could reach $250,000 by the end of the year despite missing earlier targets.

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Polymarket rolls out stock and commodity contracts with Pyth price feeds

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Polymarket rolls out stock and commodity contracts with Pyth price feeds

Polymarket has partnered with oracle provider Pyth Network to launch traditional asset markets on its platform.

Summary

  • Polymarket partnered with Pyth Network to introduce equity, commodity, and stock-linked contracts.
  • The new markets include daily up or down and closing price contracts that reset at the end of each trading session.
  • Pyth Network is providing real-time price feeds from trading firms and market makers to serve as the resolution layer for the new contracts.

According to an Apr. 2 announcement, the latest addition brings daily up-or-down and closing price contracts for major equity indexes, alongside commodities such as gold and oil, and US-listed stocks. Outcomes on these contracts are determined using Pyth’s real-time price feeds, and the markets reset at the end of each trading session.

Pyth Network will act as the resolution layer for these markets, replacing manual or exchange-specific references with a standardized data source aggregated from trading firms and market makers.

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Simultaneously, Pyth has launched a data interface called Pyth Terminal, allowing users to track live price feeds and the reference values used to settle markets on Polymarket.

Oracle networks like Pyth bring off-chain data such as prices, foreign exchange rates, and commodities onto blockchains. These feeds are widely used across decentralized finance, prediction markets, and tokenized asset platforms, and have seen growing adoption, including by US government agencies.

PYTH price rallied over 70% after the announcement, while its market capitalization moved past $1 billion.

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The latest products on Polymarket were launched as the platform continues to cement its position as a leading prediction market operator.

Last month, the project secured a $600 million investment from Intercontinental Exchange, the parent company of the New York Stock Exchange, as part of a broader multibillion-dollar commitment.

Meanwhile, Polymarket made investments of its own by acquiring DeFi infrastructure startup Brahma for an undisclosed sum.

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Whale Turns Bearish Ahead of $2 Billion Bitcoin and Ethereum Options Expiry

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A whale accumulated more than 2,000 Bitcoin (BTC) put contracts overnight, targeting a move below $66,000, just as over $2.15 billion in Bitcoin and Ethereum (ETH) options settle on Deribit today, April 3.

The back-to-back repositioning signals that at least one large player sees downside risk in BTC’s current price range, even as call open interest still outnumbers puts across both assets.

Why the Whale Trade Matters

Options analytics platform Greeks.live flagged the position shift on April 2, noting the same whale had closed a profitable long trade hours earlier before pivoting bearish.

Per the analysts, the whale entered a long position at $66,000 and exited above $68,000, booking a confirmed profit.

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Within hours, a trader of comparable size began accumulating put contracts, this time betting on a move lower.

The rapid reversal is notable. A whale exiting a winning trade and immediately loading the opposite direction suggests a view that the $66,000–$68,000 zone is a resistance ceiling, not a launchpad.

Bitcoin Price Performance
Bitcoin Price Performance. Source: TradingView

With BTC trading at $66,575 and its max pain level set at $68,000, the spot price sits $1,425 below the level where options sellers profit most. If BTC fails to close that gap before settlement at 08:00 UTC, the bearish whale’s puts gain value.

The Expiry Data

Bitcoin accounts for $1.84 billion of today’s total notional value, with 27,590 contracts outstanding. Call open interest stands at 17,930 against 9,600 puts, giving a put-to-call ratio of 0.54.

Bitcoin Expiring Options
Bitcoin Expiring Options. Source: Deribit

The call skew still leans bullish in aggregate, but the whale’s 2,000-contract put position adds concentrated downside weight near the $66,000 strike.

Ethereum’s expiry is smaller but similarly structured. With $319.9 million in notional value and 156,083 total contracts, ETH trades at $2,052 against a max pain level of $2,075. Its put-to-call ratio of 0.72 points to heavier downside hedging than BTC’s.

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Ethereum Expiring Options. Source: Deribit

“Yesterday, the whale closed out the two positions on the right side… The whale entered the position at 66K and closed it out above 68K — this trade was a resounding success. Starting late last night, a whale of similar size began buying put options again, with over 2,000 contracts expiring today, targeting a price below 66K,” the analysts stated.

What Comes Next

Options settle at 08:00 UTC on Deribit. The hours leading up to that window typically generate the sharpest gamma hedging activity, pulling prices toward max pain.

For BTC, that means a potential drift toward $68,000 if bulls hold ground, or a break below $66,000 if the whale’s put bet plays out.

The post Whale Turns Bearish Ahead of $2 Billion Bitcoin and Ethereum Options Expiry appeared first on BeInCrypto.

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Bitcoin Supply in Profit and Loss Closer to 2022 Bear Market Levels

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Bitcoin Supply in Profit and Loss Closer to 2022 Bear Market Levels

The amount of Bitcoin supply in profit and loss is now getting closer to levels typical of a bear market, according to a CryptoQuant analyst.

There are currently about 11.2 million Bitcoin (BTC) in profit. The previous bear market recorded 9 million BTC in profit at its lowest point, CryptoQuant analyst “Darkfost” said Thursday. 

CryptoQuant data also shows there are about 8.2 million Bitcoin at a loss, with Glassnode data confirming it’s at levels not seen since late 2022. 

“This is quite significant, considering that during the last bear market this figure reached about 10.6 million BTC,” Darkfost said. 

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Analysts have been debating whether Bitcoin has further to fall this year amid growing global turmoil. Bitcoin metrics that show a movement toward previous cycle lows could suggest that a market bottom is getting closer. 

“This suggests that the market is reaching a notable level of undervaluation, comparable to the conditions observed during the previous bear market,” the analyst added. 

Bitcoin in profit and loss at bear market lows. Source: CryptoQuant 

Analyst sees increasing market stress, not undervaluation 

However, Andri Fauzan Adziima, research lead at the Bitrue exchange, argued the data signals “increasing market stress, not immediate undervaluation.”

True capitulation bottoms saw deeper pain, he told Cointelegraph. The supply in loss in 2022 was greater than 50% and the supply in profit was around 45% or lower, while metrics such as net unrealized profit/loss (NUPL) and market value to realized value ratio (MVRV) were at “extremes.”

“Current data points to early/mid-bear transition (potential structural bottom near $55,000), with more downside or consolidation likely before a full reset.”

Related: Bitcoin’s drawdown is ‘less dramatic’ this cycle, Fidelity says

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Data also shows Bitcoin has declined by about 52% from its all-time high this cycle, much less than previous bear markets, which saw 77% to 84% drawdowns from their cycle highs. 

Strong dollar hampering recovery 

Bitcoin author Timothy Peterson commented on X that Bitcoin “tends to struggle when the dollar is strong, and the Chinese yuan is weak.”

He added that this was due to tighter global liquidity, with higher dollar yields attracting capital into cash and bonds and cautious investor sentiment as China eases policy.

That only changes when US interest rates fall and “dollar yield loses its attractiveness,” which is not likely until the second half of 2026 or more likely 2027, he said. 

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The US dollar index (DXY) has gained about 5% over the past two months, according to TradingView. 

DXY has strengthened since late January. Source: TradingView

Magazine: Your guide to surviving this mini-crypto winter