Overview

• Cathie Wood told the Master Investor podcast that Hyperliquid is “the new kid on the block” and said it reminds her of Solana in its early days.
• She reiterated that ARK’s public-fund crypto exposure centers on Bitcoin, Ethereum, and Solana, while calling Bitcoin the dominant “pure crypto.”
• Traditional finance players are engaging with the ecosystem, with VanEck praising Hyperliquid’s tech and participating in governance and research, and Bitwise reported to have filed for a spot Hyperliquid ETF.
• Decentralized exchanges are drawing retail and semi-professional quant traders thanks to airdrops, lower fees, and faster execution, even as institutions still lean on centralized venues for fiat access and compliance.
• Competition is intensifying as Aster’s newly launched token reportedly drove volumes and open interest past Hyperliquid’s, while HYPE has pulled back about 26% from a $59.39 all-time high with near-term technicals skewing bearish.