Decentralized derivatives exchange Hyperliquid has consistently outperformed traditional finance giants in terms of volume and net income.

DefiLlama data estimates Hyperliquid’s annualized net income at $1.24 billion as of Sept. 12, exceeding Nasdaq’s $1.12 billion net income for the entirety of 2024 by 11%.

The comparison positions the DeFi platform ahead of one of the world’s largest stock exchanges in net income, despite operating with just 11 team members.

Additionally, data from ASXN shows Nasdaq employed 9,162 people in 2024, producing a net income per employee ratio of $123,335.52.

Hyperliquid’s 11-person team generates approximately $113 million per employee, establishing the highest net income-to-employee ratio in global financial markets.

Volumes surpass Robinhood

The trading protocol posted $420.3 billion in total trading volume during August, extending its winning streak against Robinhood to four consecutive months.

Robinhood published August trading figures on Sept. 11, revealing $227.5 billion in total volume across all products.

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The breakdown included $199.2 billion from equity trading, $195.5 million from options contracts, $13.7 billion from crypto trading in the Robinhood App, and $14.4 billion from crypto trading on the Bitstamp exchange.

Hyperliquid processed $398 billion in perpetual contracts and $22.3 billion in spot trading during the same period, creating a $170.5 billion volume advantage over the retail trading platform. The August performance marks the platform’s strongest monthly showing since beginning its winning streak against Robinhood.

The volume comparison traces back to May, when Hyperliquid first overtook Robinhood with $256 billion versus $192 billion, according to data shared by Jon Ma from Artemis.

June volumes reached $231 billion for Hyperliquid compared to Robinhood’s $193 billion, followed by July’s $330.8 billion versus $237.8 billion performance. Its July advantage represented its largest monthly gap at 39.1% before August’s results widened the margin further to nearly 85%.

Amid these results, Hyperliquid’s HYPE token registered a new all-time high of $57.30 on Sept. 12, up roughly 760% from its launch price of $6.51 on Nov. 28, 2024.

The platform continues to demonstrate how decentralized exchanges can compete directly with established retail trading platforms while maintaining lean operational structures that generate outsized returns per employee.

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Gemini has filed for a Nasdaq IPO under the ticker GEMI, revealing a $282.5 million net loss for the first half of 2025.

The exchange also disclosed a $75 million credit agreement with Ripple in the Aug. 15 filing submitted to the US Securities and Exchange Commission (SEC),

The exchange, founded by Cameron and Tyler Winklevoss, joins a wave of crypto companies seeking public market access following President Donald Trump’s return to the White House. 

The filing disclosed financial details that position Gemini as the third potential US crypto exchange to trade publicly after Coinbase and Bullish.

Bitwise chief investment officer Matthew Hougan had predicted this movement in December 2024, naming 2025 the “Year of the Crypto IPO” with at least five crypto unicorns expected to go public in the US. 

Hougan and the firm’s head of research, Ryan Rasmussen, identified “growing investor demand, institutional adoption, a favorable macro environment, and a warmer political environment” as the main catalysts driving crypto companies to pursue public listings following Trump’s election victory.

Financial performance and Ripple partnership

Gemini’s losses widened considerably from $41.4 million in the first half of 2024 to $282.5 million during the same period in 2025. 

The exchange posted total revenue of $67.9 million for the six months, down from $74.3 million year-over-year. For the full year 2024, Gemini recorded a net loss of $158.5 million on revenue of $142.2 million.

The filing revealed the exchange entered a credit agreement with Ripple Labs in July. The deal permits lending requests of at least $5 million each up to an aggregate commitment of $75 million.

The agreement allows increases up to $150 million based on specific metrics. 

Once the initial commitment exceeds $75 million, lending requests may utilize USD-denominated Ripple’s RLUSD stablecoin upon mutual consent. 

All lending bears interest rates of 6.5% or 8.5% annually and requires collateral security with repayment in US dollars.

Industry momentum under

The crypto IPO trend gained momentum after Trump’s Jan. 20 inauguration, with multiple exchanges and crypto-native companies pursuing public listings. 

Circle completed its NYSE debut in June, raising over $1.2 billion and seeing shares surge 472% relative to Bitcoin since launch. 

The stablecoin issuer’s market capitalization reached $66.9 billion, exceeding its USDC circulating supply of $61.27 billion.

Hougan and Rasmussen specifically identified Circle, Kraken, Anchorage Digital, Chainalysis, and Figure as the five strongest candidates for IPO listings in 2025. 

Their prediction proved prescient as Circle completed its blockbuster NYSE debut in June, Bullish followed in August, and now Gemini is pursuing its public offering. 

Galaxy Digital had already transferred its listing from Toronto to Nasdaq in May, while crypto trading platform eToro debuted with services including crypto investments.

The momentum reflects broader institutional confidence in crypto’s regulatory outlook under Trump. 

Hougan emphasized that the Trump administration’s pro-crypto stance creates unprecedented opportunities for digital asset companies to access traditional capital markets. Additionally, he stated that 2025 represents a “warmer political environment” for crypto IPOs compared to previous years.

Regulatory strategy and structure

Gemini plans to operate through a dual-entity structure, separating operations between New York-based Gemini Trust and Florida-based Moonbase. 

The Moonbase entity will serve as the primary platform for most users, allowing the exchange to navigate New York’s restrictive BitLicense regulations that limit staking services.

This structure reflects the company’s approach to maintaining operational flexibility while addressing complex state-level regulatory requirements.

Goldman Sachs, Citigroup, Morgan Stanley, and Cantor serve as lead bookrunners for the offering. The IPO terms remain undisclosed, with completion subject to SEC review and market conditions.

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REX Osprey Solana (SOL) exchange-traded fund (ETF) recorded zero trading activity on four of six trading days through August 8, according to Farside Investors data. 

Trading under ticker SSK, the fund posted no flows on Aug. 1, Aug. 4, Aug. 5, and Aug. 7, with minimal $6.4 million in activity on Aug. 8 and $2.7 million outflows on Aug. 6.

REX Osprey’s fund is the first US-listed Solana ETF to integrate native staking mechanisms. The product operates outside standard SEC-registered spot ETF frameworks, delivering SOL exposure through indirect vehicles rather than direct crypto holdings.

Institutional hesitation

CoinShares flow data showed Solana products attracted $874 million in year-to-date inflows, staying behind Ethereum (ETH) and XRP among major cap altcoins despite its position as the fourth-largest cryptocurrency by market capitalization.

The trading pattern could reflect broader institutional hesitation toward Solana-focused investment products compared to Bitcoin (BTC) and Ethereum alternatives. 

Nansen senior research analyst Jake Kennis attributed the disparity to institutional portfolio allocation strategies. He explained in a note:

“ETH is seeing a lot of new activity as institutions were likely underweight ETH relative to BTC. Solana has been mostly in the backseat for this new wave of attention, but SOL ETFs would likely pick up if institutions are looking to also diversify away from BTC and ETH.”

Structural complexity creates adoption barriers

The REX Osprey fund’s design incorporates staking mechanisms and offshore ETF allocations that differentiate it from traditional spot cryptocurrency products. 

Stabolut founder and CEO Eneko Knörr identified these features as adoption obstacles rather than demand deficiencies. 

Knörr said:

“SSK’s quiet tape looks more like a brand and distribution issue than a pure demand problem. Its design isn’t a simple ‘spot SOL in a wrapper’—the fund stakes SOL and can allocate a portion into other SOL ETFs/ETPs, many offshore, which adds complexity that some buyers shy away from.”

The fund charges a 0.75% management fee, positioning it at the higher end of cryptocurrency ETF expense ratios. Traditional spot Bitcoin and Ethereum ETFs from major issuers typically carry fees between 0.15% and 0.25%.

Kennis, from Nansen, noted that the fee structure creates a cost-benefit analysis for institutional investors weighing direct cryptocurrency exposure against ETF convenience. 

He referenced Solana’s approximately 7% annual staking rewards:

“The staking component seems like a major feature given the ‘passive’ yield being left on the table.”

Market positioning and future outlook

The absence of major financial institutions like BlackRock and Fidelity in the Solana ETF space contributes to limited market penetration. 

REX Shares operates as a smaller ETF issuer without the distribution networks and brand recognition of Wall Street’s largest asset managers.

Knörr argued:

“Early trading will likely remain lumpy until bigger brands enter the space. Structure, complexity, and limited shelf space are holding it back—interest in Solana exposure itself doesn’t appear to be the issue.”

As of Aug. 11, the US Securities and Exchange Commission (SEC) is still considering the approval of Solana ETFs under the more tax-friendly 1933 Act.

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Earlier today, Bitcoin (BTC) briefly fell below $115,000 – hitting a low of $114,116 – triggering panic selling across major crypto exchanges, including Binance. Sharp shifts in several key metrics, such as open interest and net taker volume, confirm the intensity of the sell-off.

Bitcoin Decline Wipes Out $500 Million In Open Interest

According to a Quicktake post on CryptoQuant by contributor Amr Taha, BTC’s drop below $115,000 led to a sharp decline in open interest on Binance, which fell from $14 billion to under $13.5 billion.

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The following chart shows Binance open interest declining by nearly 4% in a single day – a move typically associated with liquidation events. Supporting this, data from CoinGlass shows $760 million in liquidations over the past 24 hours.

To explain, such large-scale liquidation events typically occur when leveraged traders face forced position closures – long or short – due to margin calls. The sharp BTC drop resulted in the liquidation of approximately 183,514 traders in just 24 hours.

In addition to falling open interest and widespread long liquidations, Binance’s net taker volume also points to rising bearish sentiment. The metric plunged to -$160 million, underscoring aggressive selling pressure.

For context, Binance net taker volume measures the difference between market buy and sell orders initiated by takers. A positive value suggests dominant buying activity (bullish), while a negative value reflects dominant selling activity (bearish).

Binance net taker volume dropping into negative territory further reinforces bearish pressure on BTC. Since this net selling coincided with the decline in open interest, it indicates that many derivatives traders are panic-closing late long positions.

Will BTC Make Recovery?

Despite the falling price, shrinking open interest, and negative net taker volume, Taha suggests that these bearish indicators could paradoxically set the stage for a short-term rebound.

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Bitcoin’s selling pressure may be nearing exhaustion, while short interest continues to rise. This combination could trigger a market rebalancing phase, potentially paving the way for price stabilization – or even a short squeeze-driven bounce.

However, on-chain data points to continued bearish momentum. The increasing share of new investors among BTC holders may lead to overheated market conditions in the near term. 

At the same time, exchange reserves are rising, which could contribute to more selling pressure. Long-term BTC holders also appear to be selling in significant volumes, suggesting potential rally exhaustion.

That said, BTC could still remain on track for its year-end target of $180,000 – but only if it holds key support at $110,000. At press time, Bitcoin is trading at $115,310, down 2.1% over the past 24 hours.

Featured image from Unsplash, charts from CryptoQuant and TradingView.com

As Bitcoin’s price passed $120,000 on July 13, Arkham, a blockchain analytics firm, estimated Nakamoto’s known holdings, about 1.096 million BTC
BTC


$121,747.09

That would place them just above Dell Technologies founder Michael Dell, who has an estimated net worth of $125.1 billion.

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Despite this, Nakamoto’s name is not included on Forbes’ official billionaire list. The reason is that Forbes only includes assets that are publicly confirmed, like stocks or company shares. Bitcoin stored in private wallets, even in large amounts, is not counted.

According to market data from Nansen, Bitcoin needs to rise much further for Nakamoto to reach the top of the wealth list. Analysts estimate Bitcoin would have to climb to around $370,000, a gain of more than 200%, for Nakamoto to overtake current leaders if their wealth remains unchanged.

On June 2, Eric Balchunas, an analyst at Bloomberg, shared in a post on X that if Bitcoin continues to grow at about 50% per year, Nakamoto could become the second-richest person by 2026.

He also noted that Nakamoto’s decision not to spend any of their Bitcoin is unusual and drew a comparison to Vanguard founder Jack Bogle, who left behind a relatively modest fortune despite his major influence on investing.

Meanwhile, Canadian rapper Drake included a Bitcoin reference in his latest song, “What Did I Miss?”. What do the lyrics say? Read the full story.

Strategy (formerly MicroStrategy), the largest public holder of Bitcoin, is again making headlines—this time for potentially qualifying for inclusion in the prestigious S&P 500 index.

On July 1, Jeff Walton, founder of MSTR True North, revealed that the company will likely report an $11 billion net income for the just-concluded second quarter of the year.

Separately, Bloomberg estimated the figure could be even higher—up to $14 billion in unrealized profit—thanks to fair-value accounting standards applied to its Bitcoin holdings. This places the company in the same earnings bracket as tech giants like Apple and Microsoft.

Walton emphasized that this milestone clears the final hurdle for inclusion in the S&P 500, as it fulfills the profitability criterion based on a four-quarter cumulative positive income. However, the final decision rests with the S&P Index Committee, where debate is expected.

The S&P 500 comprises 500 top-performing US public companies by market capitalization, collectively representing around 80% of the total market cap of US equities. Entry into this index requires meeting several standards, including US domicile, sufficient liquidity, and positive earnings over the last four quarters.

Last year, Strategy was added to several top stock indexes like the Nasdaq 100 and MSCI World Index.

However, analysts like Bloomberg’s Eric Balchunas have long viewed an S&P 500 inclusion as the firm’s “holy grail.” Such a move would significantly validate the firm’s unconventional Bitcoin-centric approach and raise its stature in mainstream finance.

The company’s stock trades well above the net asset value of its Bitcoin holdings, mainly due to investor demand for indirect crypto exposure.

This premium allows the firm to issue shares, raise capital, and acquire more Bitcoin. Though this dilutes existing shareholders’ equity, it increases the Bitcoin-per-share ratio, which helps boost the intrinsic value of each investor’s stake.

The strategy has also contributed to elevated share prices that have outperformed all those in the S&P 500 index since the firm adopted the Bitcoin standard in 2020.

So far, Strategy has acquired 597,325 BTC, valued at over $63.9 billion, with an unrealized gain exceeding $21 billion.

Interestingly, news of a potential inclusion in the S&P Index did not help boost market sentiment, with Strategy shares down 6% in early trading on July 1 to $379.20 as of press time.

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After another strong play for its all-time high in the past week, the price of Bitcoin has struggled to build on its recent bullish momentum. Over the last few days, the premier cryptocurrency has been specifically slow and lethargic.

On Friday, June 20, the Bitcoin price took a severe hit — together with the rest of the crypto market — and fell briefly beneath the $103,000 mark. However, the latest market data suggests that the price of BTC might enjoy some stability after the recent round of long liquidations.

BTC Gearing For A Run Of ‘Healthier Price Action’: Analyst

In a Quicktake post on the CryptoQuant platform, on-chain analyst Amr Taha explained the dynamics between the Bitcoin price and its recent long liquidation event. According to the online pundit, the market leader could be preparing for more stable price action over the next few weeks.

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Taha revealed that the critical $103,000 liquidation cluster, which held a large volume of overleveraged long positions on Binance, has been cleared off. This cascade of long liquidations came after the price of Bitcoin plunged toward the $102,500 level on Friday evening.

According to data from CryptoQuant, the price decline caused the long liquidations on Binance, the world’s largest exchange by trading volume, to exceed $160 million. The on-chain analyst noted that this long liquidation event also coincided with a major change in the Bitcoin Net Taker Volume on the cryptocurrency exchange.

Taha highlighted that the Net Taker Volume has moved deep into the negative territory, falling to nearly -$100 million in the past day. As observed in the chart below, this latest plunge marks the third time the Net taker Volume has fallen to this level in the month of June.

According to Taha, the change in this metric suggests that aggressive selling outweighed buying activity during the liquidation event. The on-chain analyst outlines two possible reasons for this trend, including that long positions were forced to close, pushing sell orders into the market as the Bitcoin price fell below $103,000. 

Taha added that some sections of Bitcoin retail traders might have pushed the panic button and filled new sell orders in fear of further losses. In the end, the crypto analyst concluded that the combination of long liquidations and extremely negative Net Taker Volume might not be completely bad for the flagship cryptocurrency.

Taha said:

While such events often feel devastating in the moment, they lay the groundwork for healthier price action. Given these dynamics, the path of least resistance may now shift upward as Bitcoin stabilizes above key support levels with reduced leverage overhead.

Bitcoin Price At A Glance

As of this writing, the price of BTC stands at around $103,450, reflecting an over 1% decline in the past 24 hours.

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Featured image from iStock, chart from TradingView

While the broader cryptocurrency market has experienced similar pullbacks, Bitcoin’s trajectory is attracting closer scrutiny due to its influence on overall sentiment and market structure.

Analysts are looking into how external factors, particularly geopolitical developments, are impacting trading behavior. One such development is the reported military engagement between Israel and Iran on June 13, which triggered sell pressure across high-risk assets, including digital currencies.

Amid these events, key metrics on Binance,  particularly Net Taker Volume, are showing increased sell-side dominance, suggesting short-term volatility may continue.

Binance Net Taker Volume Hits Multi-Week Low Amid Bitcoin Panic Selling

According to on-chain analyst Amr Taha on CryptoQuant’s QuickTake platform, Bitcoin’s Net Taker Volume on Binance fell to -$197 million, the most negative reading since June 6.

This metric, which compares aggressive selling to aggressive buying, indicates heightened urgency among traders to sell at market prices, bypassing limit orders. The seven-hour moving average (7HMA) has remained in negative territory since June 12, reinforcing the current downward pressure.

Historically, such extremes in net taker volume have been linked to local price bottoms, as they often signal panic-induced capitulation by retail and overleveraged traders.

Taha highlighted that a similar event occurred on June 6, followed by a 4% rebound in Bitcoin’s price within 24 hours. The implication is that, while aggressive selling may signal weakness, it also presents conditions that have previously preceded price reversals.

Geopolitical Shock Triggers Liquidation Cascade, May Signal Local Bottom

Taha also pointed to the geopolitical backdrop, specifically the sudden escalation between Israel and Iran, as a major catalyst for recent market behavior. News of the strike led to a surge in liquidation activity, especially among long-leveraged positions.

The correlation between the timing of the conflict and the spike in Binance sell volume suggests that traders are reacting to broader market uncertainty, contributing to downward momentum.

Despite this, Taha still views these conditions as potentially bullish in the medium term. Heavy selling often flushes out weaker hands, creating opportunities for long-term holders or institutional participants to accumulate positions at lower prices.

Taha suggests that while the short-term outlook remains volatile, the current setup resembles previous recovery phases, marked by contrarian buying and reduced selling pressure.

Featured image created with DALL-e, Chart from TradingView