Hifi Finance to Be Delisted From Tokocrypto on September 17th

Cardano is hanging by a thread in the top 10, and Hyperliquid (HYPE) is the reason why. According to CoinMarketCap, ADA is worth $30.44 billion, but HYPE, now at $16.88 billion after a +256% rally this year, is closing in with numbers that make Cardano look stuck in another era.

Daily DEX turnover is $361 million for HYPE against just $2.89 million for ADA, as per DefiLlama. Cardano is still moving, but the scale mismatch makes it look more like a "dino coin" holding its spot by muscle memory than an ecosystem competing at the front. 

For Cardano, that is the existential risk. A network without a stablecoin, without competitive DeFi activity and without real fee revenue is defending a top-10 slot, while Hyperliquid builds the exact mechanics that make tokens rise. ADA's survival now looks less like strength and more like inertia.TradingView">

The year-to-date price chart shows this split: HYPE has shot up by 254.9%, while ADA has dropped by 29.7%. One line trends up and to the right, while the other drags sideways at the bottom — proof that liquidity and adoption are already flowing in opposite directions.

Biggest problem

The stablecoin gap is at the core, and even Charles Hoskinson has admitted it. Cardano does not have any, but Hyperliquid is getting ready to release USDH with Paxos, the same company that previously issued $25 billion BUSD for Binance. And Hyperliquid is already processing $5.5 billion in stable liquidity, which is currently enriching Circle. 

With its own stable, $200-220 million a year could be put back into its ecosystem, and if adoption grows, could scale to over $1 billion in annual buybacks of HYPE.

Cardano gathers the community across the globe to workshops and discussions, but nothing is shipped. It calls itself decentralized, yet three entities still dominate the ecosystem. 

Hoskinson may justify this by saying Cardano is playing the long game, but the risk is obvious: every long game turns short if nothing materializes.

By Chris Wack

Forward Industries shares were 85% higher, at $30.22, after the company received $1.65 billion in cash and stablecoin commitments for a private investment in public equity offering led by Galaxy Digital, Jump Crypto, and Multicoin Capital.

The stock hit its 52-week high of $31.97 just after the market opened, and is up 736% in the past 12 months.

The company said the investment will initiate a Solana-focused digital asset treasury strategy.

C/M Capital Partners, one of the company's largest existing shareholders, is also a participant in this transaction.

Galaxy, Jump Crypto, and Multicoin will provide both capital and strategic support to help Forward Industries structure and execute its Solana treasury strategy.

Upon the closing of the PIPE, Kyle Samani, co-founder and managing partner of Multicoin, is expected to become chairman of the board of directors.

Write to Chris Wack at chris.wack@wsj.com

Global crypto investment products managed by asset managers such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares generated net outflows of $352 million last week, reversing the trend once again after the prior week's $2.5 billion inflows, according to CoinShares' data.

Weaker payroll figures and improving prospects for a September interest rate cut in the U.S. failed to bolster sentiment, CoinShares Head of Research James Butterfill said in a Monday report.

Trading volume also fell 27% week-over-week, suggesting the appetite for digital assets has cooled, Butterfill added. Nevertheless, with year-to-date inflows of $35.2 billion, 4.2% ahead of last year's total on an annualized basis, broader sentiment remains intact, he said.

Weekly crypto asset flows. Images: CoinShares.

Ethereum investment products lead outflows

Regionally, sentiment was polarized, Butterfill noted, with U.S.-based digital asset investment products witnessing $440 million in net outflows, while crypto funds in Germany and Hong Kong saw inflows of around $85 million and $8 million, respectively.

Despite softer sentiment and modest outflows later in the week, Bitcoin funds still recorded $524 million in net inflows.

In contrast, Ethereum products drove last week's net outflows, with $912 million exiting across a broad set of ETP issuers. Still, year-to-date inflows remain strong at $11.2 billion, Butterfill said.

The U.S. spot Ethereum ETFs accounted for $787.6 million of last week's net outflow figure, according to data compiled by The Block, while the U.S. spot Bitcoin ETFs brought in $250.3 million.

Meanwhile, Solana and XRP-based investment products continued to witness modest but steady inflows of $16.1 million and $14.7 million, respectively. Solana investment products have now logged 21 consecutive weeks of inflows totaling $1.16 billion, while XRP funds have attracted $1.22 billion over the same period, Butterfill noted.

Earlier on Monday, CoinShares announced it is set to go public in the U.S. via a $1.2 billion merger with special purpose acquisition company Vine Hill that will see it listed on the Nasdaq.

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© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Bitcoin price has been trading in a tight consolidation range, leaving traders wondering whether the next move will be a strong breakout or a deceptive fakeout. After weeks of sideways price action, market participants are closely watching key support and resistance levels for signs of momentum. With sentiment shifting and trading volumes fluctuating, every move now carries significance. In this delicate phase, BTC’s next direction could set the tone for the broader crypto market, making it a critical juncture for investors and traders alike.

Bitcoin Consolidating Within Major Liquidation Zone

The current price action seems to have compelled the investors to create a safe cluster around the range. The liquidation heatmap of Bitcoin shows the price trading between the liquidity cluster, which is accumulated between $112,100 and $112,300 and around $110,800. The bulls are failing to break the upper cluster, which is expected to drag the levels lower to squash the sellers.

Stripe is facing pushback in its bid to issue Hyperliquid’s planned USDH stablecoin, as a coalition of crypto firms, including MoonPay, Agora and Rain lined up competing proposals alongside Paxos and Frax.

In a Friday Discord message, the Hyperliquid team announced it wants to create a “Hyperliquid-first, Hyperliquid-aligned, and compliant USD stablecoin” with the USDH ticker. This was followed by the Native Markets teams submitting the first proposal, which would see Stripe’s stablecoin payment processor, Bridge, issue USDH.

Native Market’s proposal promised to contribute “a meaningful share of its reserve proceeds” to Hyperliquid’s Assistance Fund treasury, mint directly on the ecosystem and be regulatory compliant. Still, Agora co-founder and CEO Nick Van Eck submitted an alternative proposal, arguing against the Stripe-linked alternative:

“If Hyperliquid relinquishes its canonical stablecoin to Stripe, a vertically integrated issuer with clear conflicts, what are we all even doing?” asked Van Eck. He added that Agora “strongly urges caution against the utilization of Stripe (Bridge) as an issuer.”

Against Bridge issuing USDH

Van Eck claimed that Bridge has insufficient financial infrastructure and product experience and also pointed to Stripe’s announcement of plans for its own Tempo blockchain as a potential conflict of interest. “Stripe is committed to driving activity to this ecosystem,” he said, asking:

On Sunday, MoonPay president and board member Keyth Grossman announced that the payment processor is joining Agora’s proposal to issue USDH for Hyperliquid and “provide the regulated payment rails to power this initiative.” Just like Van Eck, he harshly criticized the Native Markets proposal. “USDH deserves scale, credibility and alignment — not BS capture. That is this coalition, not Stripe,” he said.

Rob Hadick, general partner at venture capital firm Dragonfly.xyz, shared his enthusiasm. In a Sunday X post, he wrote that the addition of MoonPay to the coalition made this the “unarguable best” proposal for USDH issuance.