# On-chain İlgili Makaleler

HTX Haber Merkezi, kripto endüstrisindeki piyasa trendleri, proje güncellemeleri, teknoloji gelişmeleri ve düzenleyici politikaları kapsayan "On-chain" hakkında en son makaleleri ve derinlemesine analizleri sunmaktadır.

Pricing OpenAI Pre-IPO: A New, Life-or-Death Business on Hyperliquid Lasting Half a Year

Pricing OpenAI Pre-IPO: Hyperliquid's High-Stakes, Six-Month Business Venture The article analyzes the nascent market for pre-IPO perpetual contracts on the Hyperliquid blockchain, exemplified by two contrasting teams: Trade.xyz and Ventuals. Trade.xyz, an anonymous team, successfully built the largest pre-market on Hyperliquid. Its strategy focused on near-term events, like the SpaceX IPO. By listing a SpaceX contract with a known launch date and price, the market had a tangible "anchor" (the eventual Nasdaq opening price) to converge upon, which kept speculation in check. This approach fueled significant growth. In stark contrast, Ventuals, backed by Paradigm, failed despite holding coveted contracts for OpenAI and Anthropic. Its critical flaw was its pricing mechanism for these companies, which have no imminent IPO. Ventuals' oracle price was half-derived from infrequent private market transactions and half from its own contract's moving average. This created a self-reinforcing loop where buying pressure artificially inflated the price, disconnecting it from real supply and demand. The market became illiquid and structurally skewed. Ventuals shut down nine months after launch, reportedly through an acquisition. Its final settlement prices—OpenAI at ~$1,341 and Anthropic at ~$1,618—were thus partially products of its flawed model. Ironically, some company employees and late-stage VCs reportedly used these prices for valuation reference, highlighting the desperate demand for price discovery in opaque private markets. The failure of Ventuals exposes the core challenge of this business: price for illiquid, non-public assets requires a robust, self-correcting market, which is absent without a definitive public listing event. Nevertheless, demand is driving major players like Coinbase and traditional finance (e.g., Citi) to enter the space, aiming to provide 24/7 trading for coveted private company shares. The venture's ultimate viability, however, hinges on solving the fundamental pricing problem Ventuals could not.

marsbitDün 11:53

Pricing OpenAI Pre-IPO: A New, Life-or-Death Business on Hyperliquid Lasting Half a Year

marsbitDün 11:53

Monera Digital|Crypto Market May Report: Four Major Reasons Behind the Accelerated Decline

Monera Digital Crypto Market May Report: Four Key Reasons Behind the Accelerated Decline The crypto market experienced a significant downturn in May, driven by an internal liquidity crisis rather than external macro factors. Bitcoin fell from around $82,850 to $73,674, even as traditional markets rallied in the final week, highlighting a clear "liquidity transmission failure" specific to crypto. Four primary internal factors caused the accelerated sell-off: 1. **Major ETF Outflows:** U.S. spot Bitcoin ETFs saw a net outflow of $2.425 billion for the month, the third-largest monthly withdrawal since their launch. Ethereum ETFs also reversed to net outflows. This turned a key pillar of the bull run into a source of selling pressure. 2. **Holder Capitulation:** On-chain data showed textbook "surrender" patterns. The Short-Term Holder MVRV ratio fell below 1.0, indicating this cohort is now in aggregate loss. The Net Unrealized Profit/Loss (NUPL) metric also deteriorated significantly. 3. **Contagious Negative Sentiment:** The Coinbase Premium Index, which shows U.S. institutional buying/selling pressure, turned deeply negative for most of the month. This confirmed the ETF outflows and reflected a strategic shift away from crypto toward assets like U.S. Treasuries. 4. **Leverage Unwinding and Psychological Breaks:** Despite the downturn, futures open interest initially grew, signaling leveraged positioning. This culminated in a sharp deleveraging event with $307 million in long liquidations. Furthermore, the price broke below the critical $75K-$76K support zone, which is both a key gamma option level and the approximate average cost basis for major public companies holding Bitcoin, turning them from potential buyers into potential sellers. The report concludes that the market's pricing power has shifted from macro narratives to internal liquidation. While Bitcoin's 200-week moving average quantile has entered a historical "value zone" at 10.2%, this indicates a deep bear market reset is underway, not an immediate reversal. A sustainable recovery will require both a genuine improvement in the macro liquidity environment and clear signs of renewed on-chain demand, such as ETF inflows resuming and the Coinbase Premium turning positive. Until then, discipline and capital preservation are paramount.

marsbit06/09 07:46

Monera Digital|Crypto Market May Report: Four Major Reasons Behind the Accelerated Decline

marsbit06/09 07:46

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