Hyperliquid bigger than NASDAQ, says ICE CEO Jeffrey Sprecher
ICE CEO Jeffrey Sprecher says Hyperliquid, a decentralized crypto derivatives platform, surpasses NASDAQ in trading volume despite its tiny 11-person team. Hyperliquid dominates 70% of the perpetual futures market and attracts traditional traders with 24/7 oil derivatives trading. Sprecher highlighted regulatory gaps, expecting policymakers to soon decide whether to regulate perpetual futures under existing frameworks or create new categories.
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Paxos wins SEC approval to clear U.S. stocks on blockchain
Paxos Securities Settlement Company received SEC registration to clear and settle U.S. stocks on blockchain, becoming the first blockchain firm authorized as a central securities depository for equities. The approval enables same-day or near-instant settlement, eliminating traditional delays and freeing capital for institutional participants. This positions Paxos as a compelling alternative to legacy post-trade infrastructure like DTCC.
Bitcoin underperforms risk assets as record 9th day of ETF outflows signal waning demand
Bitcoin slipped to $73,500, down 10% from May's $81,000 peak, as spot ETF outflows hit a record nine-day streak. Weak buyer demand, not selling pressure, drives the decline despite broader risk assets rallying on U.S.-Iran de-escalation news. Long-term holder supply reached record levels, but reflects inactivity rather than conviction, signaling cooling institutional interest in crypto markets.
Bitcoin ETF outflows reach record nine-day streak as investors pull $2.8 billion
Bitcoin ETF investors pulled $2.8 billion over nine consecutive trading days, the longest outflow streak since January 2024 launch. Bitcoin fell from $80,000 to $73,000 amid underperformance versus AI and semiconductor stocks. Historical patterns suggest sustained ETF selling often precedes market bottoms, offering potential reversal signals for crypto traders and Indian investors monitoring institutional flows.