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Early volume suggests real demand for around-the-clock access, but it’s still a young product category built on an asset class that wasn’t originally designed for continuous trading.The following is an excerpt from The Block’s Data and Insights newsletter.

Hyperliquid entered BITW after strong trading activity pushed HYPE into Bitwise’s top large-cap crypto basket.DOT and AVAX lost BITW spots as HYPE and XLM met the index’s rebalancing criteria.Crypto.news coverage shows HYPE ETF demand rose quickly before early outflows tested the narrative later.

Paradigm’s new fund keeps crypto central while adding AI, robotics, and frontier technology bets now.Crypto venture firms are broadening strategies as AI funding captures largest share of venture capital.Hyperliquid, Kalshi, Tempo and Morpho show Paradigm still backs crypto market infrastructure despite wider ambitions.

Crypto venture firm Paradigm has raised its fourth fund, a $1.2 billion vehicle that will invest in crypto, AI, robotics, and other frontier tech startups.The firm said it will continue backing crypto startups while also investing in founders building across emerging technology sectors.

Paribu now offers Hyperliquid perpetuals and Polymarket markets through its main self-custodial DeFi app section.The platform opened a waitlist for NYSE, Nasdaq, and Borsa Istanbul stock trading access soon.Paribu says users can trade DeFi products without separate wallet apps, seed phrases, or transfers.

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.