How Hyperliquid hit $330B in monthly trading volume with just 11 employees

The trend of exposure reduction by major Bitcoin network players continues to deepen even as Bitcoin awaits its next major move.

According to Capriole Investments founder Charles Edwards, Bitcoin miners are "puking" Bitcoin at a rate not seen since the cryptocurrency traded at $19,000. This trend of Bitcoin liquidation typically happens for one of two reasons, which include a margin squeeze whenever they need cash, but this might not be the case at present. The second reason stated by Edwards could be that they are bearish despite being in profit.

Bitcoin’s mining difficulty, a measure of how difficult it is for miners to solve cryptographic puzzles in Bitcoin mining, has recently hit a new all-time high, coinciding with an increase in the hash rate.

This strength alleviates fears about miners’ net outflows or the lack of profitability gains across the sector.

Silver lining

Despite the concerns, there is no evidence that miners are under immediate pressure to liquidate positions.

In his tweet, Capriole Investments Founder Charles Edwards posted a Bitcoin price chart alongside his tweet, which also showed Bitcoin miner inflows.

A trend is deduced when Bitcoin miner netflows dip into the red, and the price reverses direction, often climbing, hinting at a bullish divergence.

Edwards added that in cases where Bitcoin miners' outflows soared, the price was often higher a month later, indicating a hidden bullish signal.

This shows that when Bitcoin flows out from miners, it is being taken up by corporate reserves, which often counter the negative effects. At press time, Bitcoin was up 1% in the last 24 hours to $112,931.

Hyperliquid is shaking up the crypto world with a bold move: it’s launching its own stablecoin, USDH, and letting the community vote on who will issue it. With $5.6 billion in deposits and potential annual revenue of $220 million, the announcement has drawn top stablecoin issuers into a high-stakes scramble.

Things are getting interesting. Not familiar with what’s happening? Here’s the scoop.

$220M on the Table

Hyperliquid currently relies on USDC, but all the interest earned on these deposits goes to the external issuer. By launching USDH, the exchange could capture the returns itself. 

At a short-term Treasury yield of around 4%, the $5.6 billion in reserves could generate roughly $220 million a year – almost three times the revenue of Hyperliquid’s HLP vault.

Lower trading fees on spot pairs and improved liquidity are part of the plan. Hyperliquid hopes this will boost its spot trading volume, strengthen order books, and make the platform more competitive.

Who’s in the Race?

Hyperliquid’s public bidding process is unusual. Normally, stablecoin issuers are pre-selected or in-house. Here, Paxos, Frax Finance, Agora, Native Markets, and Sky (formerly MakerDAO) are competing through a validator vote.

Each brings something different to the table:

• Paxos: NYDFS-regulated, offers HYPE token buybacks, links to PayPal infrastructure. This is the proposal most have welcomed. 
• Frax Finance: 100% of Treasury yields passed directly to users, no fees.
• Agora: Custody with State Street and VanEck, pledges all “net” income to the community.
• Native Markets: Hyperliquid-native team, contributes yield to a buyback fund.
• Sky: $2.2 billion liquidity offer, 4.85% yield, projecting $250 million annual revenue.

Governance or Preselection?

Not everyone is convinced the vote is fair. Some community members call it “governance theater,” pointing out that Native Markets submitted its proposal within an hour of the announcement, and Frax followed just ten hours later. 

The short, five-day review window leaves questions about how detailed the evaluation can be.

What This Means for Hyperliquid

USDH could bring a major revenue boost and strengthen Hyperliquid’s ecosystem. It could reduce reliance on USDC and improve spot market liquidity.

But replacing USDC won’t be easy. Its long track record and deep liquidity make it the stablecoin of choice for many traders. For now, this remains a high-stakes experiment!

Recently, the MYX price has taken the spotlight in the crypto market. After a strong pump in early September, it again recorded a remarkable surge of nearly 190% in a single day and 1700% on the weekly scale.

At the time of writing, it is trading now above $17.38, MYX crypto has rapidly climbed into the top 100 altcoins, which no expert imagined such a parabolic move would be a rare sight. The growth was directly linked with its bullish momentum fueled by listings, demand, and speculation.

MYX Price Today: Rally Extends With Fresh Listings Today

The MYX price today reflects an extraordinary run, amplified by major listings and increased liquidity.

Similarly, this parabolic rally is possible from a series of bullish factors. These includes the early September WLFI token listing on the MYX exchange and debate around the unlocking of nearly 39 million MYX tokens.

However, the earlier sparked debate over a potential correction when the token traded below $10 has now been delayed, with strong demand observed on the daily chart.

However, the persistent buying momentum and FOMO defied expectations, driving MYX price toward the $20 level, and, most recently, the addition of MYX to the GATE exchange on September 9 elevated the bullish sentiment. These developments have attracted strong speculative inflows, as the MYX price chart continues to trend steeply upward.

Leveraged Traders Amplify MYX Price Momentum

In parallel with its spot gains, the derivatives market for MYX crypto has exploded. Open interest has surged to record highs, and liquidation data reveal that a massive wave of short positions was wiped out, further accelerating the MYX price USD breakout.

A recent Node Package Manager (NPM) attack stole just $50 worth of crypto, but industry experts say the incident highlights ongoing vulnerabilities for exchanges and software wallets.

Charles Guillemet, the chief technology officer of hardware wallet company Ledger, said in a Tuesday X post that the attempted exploit was a “clear reminder” that software wallets and exchanges remain exposed to risks.

If your funds sit in a software wallet or on an exchange, you’re one code execution away from losing everything,” he said, adding that supply-chain compromises remain a powerful malware delivery vector. 

Guillemet took the opportunity to advocate for hardware wallets, saying that features like clear signing and transaction checks would help users withstand such threats. “The immediate danger may have passed, but the threat hasn’t. Stay safe,” he added. 

Largest NPM attack stole only $50 in crypto 

The attack unfolded after hackers acquired credentials using a phishing email sent from a fake NPM support domain. 

Using their newly acquired access to developer accounts, the attackers pushed malicious updates to popular libraries. This included chalk, debug strip-ansi and more. 

The code they injected attempted to hijack transactions by intercepting wallet addresses and replacing them in network responses across several blockchains, including Bitcoin, Ethereum, Solana, Tron and Litecoin. 

TON CTO breaks down NPM attack

Anatoly Makosov, the chief technology officer of The Open Network (TON), said that only specific versions of 18 packages were compromised and that rollbacks were already published. 

Breaking down the mechanics of the attack, Makosov said compromised packages functioned as crypto clippers, which silently spoofed wallet addresses in products that relied on the infected versions.

This means web apps interacting with the aforementioned chains risked having their transactions intercepted and redirected without the knowledge of the users. 

He said that developers who pushed their builds within hours of the malicious updates and apps that auto-update their code libraries instead of freezing them to a safe version were the most exposed. 

Makosov shared a checklist on how developers can check if their apps were compromised. The main sign is whether the code is using one of 18 versions of popular libraries like ansi-styles, chalk or debug. He said if a project relies on these versions, it’s likely compromised. 

He said the fix is to switch back to safe versions, reinstall clean code and rebuild applications. He added that new and updated releases are already available and urged developers to act quickly to clear out the malware before it can affect their users. 

On-chain data shared by the @XRPwallets analytics account on the X platform shows that there is now one fewer cold XRP wallet at the largest U.S.-based cryptocurrency exchange, Coinbase.

According to the tweet, the number of cold XRP wallets at Coinbase has been falling quickly, along with the XRP stash held in those wallets.

Minus 16.5 million XRP at Coinbase

The XRP-focused analytics account @XRPwallets shared that over the past 24 hours, Coinbase has seen another 16.5 million XRP leave it into the ether from a cold wallet.

Instead of the eight cold wallets remaining today, Sept. 9, there are only seven wallets with 16.5 million XRP in each of them.

Three months ago, on June 9, the same account had tracked 52 cold wallets in total at Coinbase. Ten wallets among them contained 26.8 million XRP each, and 42 wallets held 16.5 million XRP each. Now, instead of 42 wallets with this amount of XRP, there are only seven remaining at Coinbase.

BlackRock uses XRP but does not launch ETF

As reported by U.Today earlier, this summer, the world’s largest wealth management company, BlackRock, inked a collaboration with the aforementioned crypto exchange, Coinbase. This platform is not only a custodian for its spot Bitcoin ETF. As of this summer, Coinbase began providing XRP to institutional customers of BlackRock’s investment firm, Aladdin.

The firm started offering Bitcoin services only, but now it has expanded its range of products. While BlackRock is using XRP in this way, it does not have plans so far to launch a spot XRP ETF, even though it has already rolled out ETFs based on Bitcoin and Ethereum.

But some experts believe that BlackRock’s rejection of this ETF might not last long.

Bitcoin and Ethereum are holding steady as optimism over potential U.S. rate cuts drives a cautiously bullish mood in the crypto market. Bitcoin has managed to sustain levels above $112K, reflecting resilience despite recent macro headwinds, while Ethereum trades around $4,300, showing relative stability amid mixed altcoin performance. Investors are increasingly pricing in Federal Reserve easing this month, with expectations ranging from a 25 bps to a 50 bps cut. This growing rate-cut optimism is fueling liquidity-driven bets, though caution remains ahead of the Fed’s September decision.

Bitcoin Breaks the Resistance

The BTC price has broken an important resistance zone, which validates a revival of a bullish trend. The token is consolidating above $112,000, a zone that has emerged as near-term support. In the times when the price was expected to test the support of the descending parallel channel, the potential rate cut has turned into a huge bullish catalyst. Now the question arises whether the current upswing is short-lived.