# Trading Related Articles

HTX News Center provides the latest articles and in-depth analysis on "Trading", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

From Shouting 150 Dollars to Liquidating HYPE in Just Three Days, How Much Credibility Does Arthur Hayes Have Left?

How much of Arthur Hayes's market credibility remains? Recently, the "godfather of crypto perpetual swaps" and BitMEX co-founder has faced public criticism, including accusations from on-chain investigator ZachXBT about creating exit liquidity for his followers. Starting last week, Hayes executed multiple sudden sell-offs. He had repeatedly publicly predicted the HYPE token would reach $150. After a $100,000 bet defending Hyperliquid on June 1st, he announced just three days later that he had completely sold his HYPE and NEAR holdings, successfully exiting near the peak. He also sold ZEC and WLD. His sale of WLD appeared to be a classic "pump and dump" maneuver. On June 3rd, he publicly set a $10 target for WLD, causing its price to surge over 35%. By June 6th, he announced he had sold his WLD, citing "anomalous" SpaceX pre-IPO price action, which triggered a sharp price drop. On June 9th, Hayes published a lengthy article explaining his actions, citing factors like rising energy costs and a potential AI bubble burst. Consequently, his family office, Maelstrom, now holds positions in US energy producers and only core crypto assets BTC and ETH, having sold AI-related stocks and non-core cryptocurrencies. This pattern is not new. In 2025, he similarly touted HYPE before selling it at what turned out to be a cycle peak, only to repurchase it at the next cycle's low. Similar scenarios played out with tokens like ETHFI and ENA. Long-term observers have developed a strategy: ignore Hayes's public statements but closely monitor his on-chain actions—be cautious following his buys, but decisively follow his sells. If he continues these tactics, especially as seen with the WLD case, his market credibility risks being permanently damaged. As Hayes himself admitted in his latest article, "I remain an unapologetic gambler."

marsbit06/09 10:01

From Shouting 150 Dollars to Liquidating HYPE in Just Three Days, How Much Credibility Does Arthur Hayes Have Left?

marsbit06/09 10:01

Saylor's Purchase of 1550 Bitcoin Is a Bad Trade

**Title: Saylor's Purchase of 1,550 Bitcoins Was a Bad Trade** The article critically analyzes Strategy's recent move of selling 32 bitcoins followed by a much larger purchase of 1,550 bitcoins. While appearing bullish, the author argues this trade is detrimental to MSTR shareholders. The core argument revolves around the concept of "breakeven modified Net Asset Value (mNAV)," a key metric for Strategy. To increase Bitcoin per share (BPS) for MSTR holders, Strategy must issue new shares at a premium high enough that the funds raised can buy more bitcoin than the bitcoin backing each existing share. Currently, this breakeven mNAV is estimated at 1.30. The recent trade failed on two counts: 1. The shares for the $181 million raise were issued at an mNAV *below* the 1.30 breakeven point. Selling "cheap" shares to buy bitcoin actually *reduces* BPS. 2. Only $101.3 million of the raised funds were used to buy bitcoin; the rest went to boost the company's dollar reserves. The breakeven mNAV calculation assumes *100%* of proceeds are used for bitcoin purchases. Diverting funds, even if mNAV were high, dilutes BPS. The result is an estimated 0.19% decrease in Bitcoin per share for MSTR holders. In exchange, Strategy merely extended its operational runway for its dollar reserves from ~6.3 months to 7 months. The author interprets this as Strategy prioritizing the survival and development of its STRC business over its stated core goal of increasing MSTR's BPS. This constitutes a gamble: if sacrificing MSTR value leads to improved market sentiment and a recovery in STRC's price (and thus mNAV), the whole system could work. If not, Strategy may be forced into a cycle of further diluting MSTR to stay afloat, potentially leading to deferred STRC dividends or corporate decline. The article concludes with a hope for price recovery for Bitcoin, MSTR, and STRC.

Foresight News06/09 07:57

Saylor's Purchase of 1550 Bitcoin Is a Bad Trade

Foresight News06/09 07:57

Antarctic Announces Season 1 Points Program Starting June 8

Antarctic has announced that Season 1 of its points program will launch on June 8, 2026. The program rewards user activity, with a primary focus on trading volume. For every $1,000 in eligible trading volume, users earn 1 base point (AX Point). These base points are then multiplied by an undisclosed, tier-based "Contribution Score," which scales with a user's platform ranking and considers consistent activity versus isolated volume spikes. Additional eligible activities for earning points include liquidity pool staking, lifetime referrals, platform quests, community participation, and other activities introduced during the season. Following the points program launch, Antarctic also plans to introduce a "Revival Account" feature, designed to allow liquidated traders a chance to recover losses; activity from this account will also be eligible for points. A trader's final accumulated points at the season's end will determine their proportional share of the Season 1 reward pool. Full program details will be released through official Antarctic channels.

TheNewsCrypto06/08 14:06

Antarctic Announces Season 1 Points Program Starting June 8

TheNewsCrypto06/08 14:06

In the Last 2 Minutes Before SK Hynix Market Open, TradeXYZ Achieved Price Accuracy Within 0.13%

Traditionally, asset price discovery halts when markets close. However, decentralized exchanges like Hyperliquid, enabling 24/7 trading of Real-World Asset (RWA) perpetuals, are changing this. A case study involving SK Hynix stock on Hyperliquid's xyz:SKHX market demonstrates this shift during a weekend when the Korean Exchange (KRX) was closed. While the KRX closed at 2,070,000 KRW on June 5th, active trading continued on-chain. By 08:56 KST on Monday, June 8th, just before the KRX open, the chain price had fallen to 1200.0 USDC, implying a -10.21% drop. Three minutes later, the KRX opened at 1,856,000 KRW, an actual drop of -10.34%. The on-chain price had predicted the opening decline with remarkable accuracy, missing by only 0.13 percentage points. In the final two minutes before the open (08:58-08:59 KST), the on-chain market saw a significant volume spike and a +2.31% price rebound. This wasn't a prediction error but likely the market front-running the expected post-open bounce. Indeed, after opening at its low, the KRX price rebounded approximately +2.64% by 09:03 KST. This event illustrates how 24/7 on-chain markets can act as a leading price discovery venue, not only anticipating opening prices but also trading the immediate post-open dynamics before traditional markets even begin.

marsbit06/08 09:24

In the Last 2 Minutes Before SK Hynix Market Open, TradeXYZ Achieved Price Accuracy Within 0.13%

marsbit06/08 09:24

If Hyperliquid Is the New Nasdaq, Which Projects Are Playing the Role of Brokers?

Amidst sluggish market conditions, several crypto startups are pivoting towards building on the Hyperliquid ecosystem, positioning it as a potential "on-chain Nasdaq." These projects are developing trading frontends, strategy platforms, AI Agents, and custom markets using HIP-3, aiming to capture value by acting as "brokerages" that interface with users. The core idea is that while Hyperliquid provides the foundational liquidity and matching engine (like an exchange), these upper-layer applications handle user acquisition, product design, and experience optimization (like brokerages such as Robinhood). Their primary revenue models include transaction fee sharing and the potential appreciation of the HYPE token required for deployment. Key projects highlighted include: * **Trade.xyz**: Dominates the HIP-3 space by bringing traditional finance assets (indices, commodities, stocks) onto Hyperliquid. * **Dreamcash**: Focuses on mobile user growth with a simplified, gamified interface to lower the barrier to entry. * **Ventuals**: Targets the Pre-IPO market, creating perpetual contracts for unicorn company valuations. * **Based**: Aims to be a "super app" combining trading, prediction markets, and crypto payments, introducing yield-generating collateral via its HyENA protocol. * **Minara AI**: Explores an AI Agent future, allowing users to execute trades on Hyperliquid via natural language commands to AI tools. The article concludes that this open, composable ecosystem is Hyperliquid's key competitive advantage. It is evolving from a user-facing platform into a financial operating system (Financial OS). This creates a symbiotic network where each new application brings more users and liquidity to Hyperliquid, while the applications benefit from its robust infrastructure. This network effect could define the next phase of competition among decentralized financial networks.

Odaily星球日报06/08 06:01

If Hyperliquid Is the New Nasdaq, Which Projects Are Playing the Role of Brokers?

Odaily星球日报06/08 06:01

The Post-Plunge Panorama: Institutions Cry 'Buy the Dip' as Traders Turn to U.S. Stocks

Amidst a significant market correction, Bitcoin (BTC) briefly fell below the $60,000 mark to around $59,130 on June 6th. While it later rebounded to near $63,000, breaking the key psychological level severely impacted market confidence, with the current sentiment index indicating "extreme fear." Altcoins followed the broader downturn. Market participants offer mixed views on whether this is a buying opportunity. On the bullish side, analysts from Glassnode and Strive Asset Management point to Bitcoin touching its 200-week moving average—a historically reliable buy signal—and suggest a higher-probability bottom zone between $46k and $54k. Standard Chartered's digital assets head believes the bottom is "almost in," anticipating large-scale buybacks. Analysts Darkfost and trader Killa also see current levels as a generational or long-term accumulation opportunity, citing deeply oversold technical models. Conversely, NYDIG's research highlights capital rotation from crypto into outperforming AI stocks as a headwind, noting the current ~53% drawdown is milder than historical cycles. Polymarket prediction data shows a 72% probability of BTC falling below $55k, though odds for a drop below $35k-$40k are seen as lower. Notably, some traders, like Eugene Ng, have pivoted away, citing more attractive opportunities in equities and unresolved systemic risks (referencing a major entity's BTC sales), and are avoiding attempts to "catch a falling knife." In summary, while several institutional voices and on-chain metrics suggest a nearing bottom and a strategic buying zone, significant near-term downside risk remains acknowledged. The market exhibits a clear divide between those seeing a historic entry point and those withdrawing to wait for clearer signals or better risk/reward ratios.

Foresight News06/08 03:24

The Post-Plunge Panorama: Institutions Cry 'Buy the Dip' as Traders Turn to U.S. Stocks

Foresight News06/08 03:24

Weekly Token Unlock: HOME Unlocks Over 20% of Circulating Supply

Weekly Token Unlock: HOME to Release Over 20% of Circulating Supply This week, the project DeFi.app (HOME) is scheduled to unlock 790 million tokens, valued at approximately $41.26 million. DeFi.app aims to simplify DeFi trading by enabling users to purchase tokens on any blockchain, execute instant cross-chain swaps, access decentralized derivatives markets, and find yield opportunities—all without paying gas fees or using bridges, while maintaining full self-custody of assets. The accompanying chart details the specific release schedule for these tokens.

marsbit06/07 03:21

Weekly Token Unlock: HOME Unlocks Over 20% of Circulating Supply

marsbit06/07 03:21

Solana Price Below $65 For The First Time Since 2023: Crucial Levels To Watch

The price of Solana (SOL) has dropped below $65, reaching its lowest level since late 2023 as the broader crypto market faces bearish pressure. Analysis of on-chain data, specifically the UTXO Realized Price Distribution, reveals that a key support level around $77 has been lost. Crypto analyst Ali Martinez identifies the next major support zone at approximately $53, with further potential floors near $35 and $24 if selling pressure intensifies. As of the report, SOL is trading around $63.23, reflecting a significant 24-hour decline. The outlook suggests continued downward momentum unless renewed demand emerges in the spot market to initiate a recovery.

bitcoinist06/06 21:01

Solana Price Below $65 For The First Time Since 2023: Crucial Levels To Watch

bitcoinist06/06 21:01

U.S. First Approved Perpetual Futures Launch Signals Wall Street Disruption

The first regulated Bitcoin perpetual futures contract in the US was approved by the CFTC on May 29, marking a significant shift. While the global perpetual market, pioneered by BitMEX in 2016, has grown to over $90 trillion in annual volume, US institutions were previously barred. The newly approved US product, however, differs fundamentally from its offshore counterparts, offering only up to 10x leverage with full customer asset segregation, compared to the 50-100x leverage common overseas. This development is seen as a regulatory endorsement of the asset class, benefiting platforms like Hyperliquid, the largest decentralized exchange, which saw its token surge. Analysts note the rise of perps is disrupting traditional derivatives by offering 24/7 trading, no expiry, and lower fees, capturing short-term speculative demand and pressuring incumbent businesses like Coinbase's spot trading revenue. The article concludes that while perps won't fully replace options, their efficiency makes them superior for most leveraged directional trading.

foresightnews_api06/05 04:21

U.S. First Approved Perpetual Futures Launch Signals Wall Street Disruption

foresightnews_api06/05 04:21

Hyperliquid, Wall Street's All-Day Trading Convenience Store

**Hyperliquid: Wall Street's 24/7 Trading Convenience Store** Written by Vicky Ge Huang, Wall Street Journal. Hyperliquid, a decentralized crypto trading platform, has become a go-to venue for Wall Street traders, especially during weekends when traditional U.S. markets are closed. Operating 24/7, it allows traders to pre-position or close trades ahead of market opens, capitalizing on events like geopolitical news. The platform, founded by former Hudson River Trading quant Jeff Yan, offers perpetual contracts on a wide range of assets, including Bitcoin, the S&P 500, oil, and even pre-IPO companies like SpaceX. Its growth exemplifies the merging of traditional finance and crypto markets, attracting significant volume from professional traders seeking leverage and constant access. A key differentiator, according to Yan, is user self-custody of assets—a necessity highlighted by the FTX collapse. Despite U.S. regulatory restrictions, some American users reportedly access the platform via VPN, drawn by its ease of use, lack of stringent KYC, and strong community culture on platforms like Discord and X. The platform is not without risks. Perpetual contracts are complex and highly leveraged, leading to massive liquidations during market volatility. Hyperliquid itself saw $10 billion in liquidations during a market crash in October last year. Regulatory warnings emphasize insufficient risk disclosure for retail investors. With about 11 employees, Hyperliquid and its associated blockchain reportedly generated around $800 million in revenue last year. Its native token, HYPE, has surged over 100% since late 2024. The platform plans to expand into prediction markets and options trading, aiming to become a hub for all financial activity.

foresightnews_api06/05 04:17

Hyperliquid, Wall Street's All-Day Trading Convenience Store