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MAS has added Hyperliquid to its Investor Alert List, while clarifying that the move is not an enforcement action.Hyperliquid says it has never claimed to be licensed by MAS and that its permissionless infrastructure remains unchanged.HYPE continues trading inside a descending channel, with technical indicators showing improving momentum despite regulatory attention.

Multicoin, which has been buying HYPE aggressively since February and holds a large position, argues the token is undervalued.The market is “too narrowly” pricing Hyperliquid “as just a fast-growing perp DEX.”

Hyperion DeFi’s CEO argued investors are still underestimating the decentralized exchange’s transformation into a broader blockchain ecosystem.The HYPE token recently hit an all-time high of over $76 amid a series of bullish catalysts.

U.S. spot Bitcoin ETFs have shed nearly $5.6 billion since Hyperliquid ETFs launched, highlighting market divergence.

Stock-linked HIP-3 markets have generated more than $18.8 billion in volume so far this month, eclipsing the $7.66 billion traded across crude oil and Brent perps combined.The following is an excerpt from The Block’s Data and Insights newsletter.

Morningstar estimates SpaceX is worth $63 per share, far below its $135 IPO pricing.Despite valuation concerns, some analysts believe strong demand could push the stock toward $190.SpaceX speculation has boosted activity across crypto markets, including SPCX tokens, Velvet, and Hyperliquid.

Kalshi now offers XRP perpetual futures to U.S. traders through its CFTC-regulated derivatives exchange platform.The cash-settled contract uses CF Benchmarks pricing and remains open without a fixed expiration date.Kalshi’s crypto perpetual volume passed $1 billion within one week, showing strong early trader demand.

Kalshi now requires employer disclosures for traders in higher-risk markets and has introduced a new risk scoring system for proposed contracts.The platform said it blocked more than 100 potential insider trades, conducted over 150 investigations, and made 20 law enforcement referrals in Q1 2026.New compliance measures arrive as prediction markets face growing scrutiny from regulators, lawmakers, and federal investigators.

Hyperliquid Policy Center and Paradigm issued a letter urging the U.S. Treasury to alter a proposed AML rule that they say would subject stablecoin issuers “to strict liability for transactions they cannot meaningfully police.”In April, FinCEN and OFAC jointly proposed a rule to implement provisions of the GENIUS Act related to treating stablecoin issuers like financial institutions.

Arthur Hayes warned that Hyperliquid's core value driver—using trading fees to burn tokens—exposes the protocol to market share losses.

Hyperliquid digital asset treasury firm Hyperion DeFi is unwinding HYPE deployment agreements with Felix Foundation and Native Markets following the USDH stablecoin’s announced sunset, per a Friday 8-K filing.The assets associated with the two deals were worth a combined $28.7 million as of March 31.Roughly 800,000 HYPE will end up returning to the company’s treasury for redeployment to “more profitable” strategies.

Arthur Hayes sold his entire WLD position on June 6 after recently backing the AI-linked token.Hayes had earlier exited HYPE, NEAR, and ZEC within two days.Stacy Muur said WLD had gained about 68% while the market dropped nearly 10%.

Hyperliquid Strategies remains up more than $1.1 billion on its HYPE holdings.Strategy, Bitmine, and other major treasury firms have seen paper gains evaporate as crypto prices continue sliding.

Hyperliquid treasury firms remain the only major DAT group with meaningful unrealized gains, according to Artemis data.Hyperliquid Strategies holds about 23.7 million HYPE and has over $1.1 billion in paper gains.Strategy now faces more than $12.8 billion in unrealized Bitcoin losses, according to SaylorTracker data.

UK FCA warned that Hyperliquid and Hyper Foundation may be offering financial services without authorization.ICE CEO Jeffrey Sprecher said the NYSE parent is studying Hyperliquid’s perpetual futures model.Hyperliquid generated $255 million in revenue by May 20, while HYPE gained 101% year to date.

The warning from the UK’s Financial Conduct Authority adds pressure to a perps market already under increasing scrutiny from regulators.