Jeff Sprecher, founder of Intercontinental Exchange (ICE), recently stated publicly that the trading volume of the on-chain trading platform Hyperliquid has surpassed that of Nasdaq. With this first positive assessment of the platform by a traditional market leader, the pressure exerted by the on-chain perpetual contract market on traditional exchanges has once again come under scrutiny.
Hyperliquid Receives Praise from ICE Founder
Sprecher stated at a public event that Hyperliquid, built by an 11-person team, has already achieved a large transaction volume, and traditional financial institutions can no longer ignore it. He indicated that while most institutional clients have not yet traded directly on the blockchain, they are paying close attention to the platform's price discovery capabilities.
He specifically mentioned that Hyperliquid allows trading of perpetual crude oil contracts on weekends, while ICE's traditional markets are closed on weekends. Since some price fluctuations related to geopolitical events involving Iran occur over the weekend, this makes the role of on-chain 24-hour markets even more prominent.
HYPE rebounds, market focuses on weekend trading.
Sprecher also stated that the market needs to adapt to a situation where retail and professional traders participate in trading year-round. Following these remarks, HYPE initially rebounded by about 10%, rising to around $62.50.
The article also mentioned that Hyperliquid's earlier SpaceX pre-IPO perpetual contract briefly plummeted by 45% on Thursday, from $2,277 to around $1,254, before partially recovering. During this period, it caused a loss of approximately $1.51 million and triggered the liquidation of a large number of retail investor positions.
JPMorgan Chase and Standard Chartered gave different assessments.
JPMorgan Chase stated that the "currency devaluation trade" surrounding inflation, geopolitical risks, and currency weakness is cooling. Over the past two weeks, both Bitcoin ETFs and gold ETFs have experienced outflows, and related futures positions on the CME Group have also weakened. The bank believes this may be related to market expectations of easing tensions between the US and Iran.
Standard Chartered Bank remains bullish on Ethereum. Its analysts believe the current ETH price does not yet reflect improvements in network fundamentals and maintain their year-end target of $4,000 and their ten-year target of $40,000. Their reasoning includes Ethereum's continued dominance in the stablecoin and DeFi sectors.
Anthropic completes a new round of financing.
On the same day, AI company Anthropic announced the completion of a $65 billion Series H funding round, bringing its post-money valuation to $965 billion, and simultaneously released Claude Opus 4.8. Reports indicate that Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital participated in this round of investment.
In terms of market data, Bitcoin was trading at approximately $73,300, and Ethereum at approximately $2,000. On Thursday, the Bitcoin spot ETF saw a net outflow of $223 million, the Ethereum spot ETF saw a net outflow of $121 million, while the HYPE ETF recorded a net inflow of $1.7 million.
