GM!
Today’s top news:
Crypto majors are up 10-20% after Trump’s crypto meeting; BTC at $72k, ETH at $2,300 Trump says CFTC is working to bring Hyperliquid to US; HYPE and LIT jump 20%+ Over $3 billion in shorts liquidated in past 24 hours, most since tracking began BTC ETFs see $517M in net inflows (most since May), now over $1 billion for week; ETH had $187M Coinbase added Hyperliquid perps to the Base app, launched new $1 million accelerator️ Trump Says the CFTC Is Working to Bring Hyperliquid Onshore
Trump dropped an absolute bullish bombshell yesterday for crypto and perps.
Myriad: Ethereum next price move? Click to make your prediction.“I understand that Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion,” Trump said, referring to CFTC Chair Michael Selig. “Working very hard on that. We would really like to see it.”
And the market exploded. HYPE jumped 23% to $72 at peak. Another perps leader in LIT popped 20% as well to a new local high. The broader crypto market legged up as well (albeit perhaps for other reasons as well, like Bessent’s yield curve control actions). BTC hit $72k, ETH put up a 20% candle to $2,300+ and SOL hit $87. Coinbase (+17%), Circle (+17%) and Robinhood stock (+10%) all soared as well.
For those unfamiliar, Hyperliquid is the offshore venue where traders take leveraged bets through perpetual futures, contracts with no expiration date, by connecting a wallet instead of opening a brokerage account. Americans can’t legally use it. That design routes around the intermediary that U.S. derivatives rules assume exists, which is exactly why registration, customer protection, and market oversight requirements have kept it and most crypto platforms offshore. The CFTC has been building toward this for a year, clearing Coinbase Derivatives for perp-style Bitcoin and Ethereum futures in April 2025 and later approving Kalshi for a similar product.
The rest of the meeting was a pitch to the Senate. Trump asked Congress to pass what he called a fair version of the Clarity Act, the market structure bill that would split SEC and CFTC authority over digital assets, calling it a way to stay ahead of China. That bill returns to the Senate floor in September after lawmakers left for recess without a procedural vote, and Republicans still need roughly six Democratic votes to clear 60.
So where does this leave us? Two days ago the SEC proposed its first formal crypto rules, and Wednesday the president publicly told his CFTC chair to find a path for the biggest offshore perps venue in crypto. The agencies are clearly moving ahead while the Clarity Act sits stuck. And they’re putting serious pressure on Congress to act, or let the SEC and CFTC make their own rules without legislative input.
Now we wait for the CFTC’s Innovation Advisory Committee, which meets Thursday for the first time.
Corporate Treasuries & ETFs
The Bitcoin ETFs saw $517M in net inflows on Wednesday, the biggest day since May; the ETH ETFs saw $186M in inflows 12 of MSTR’s top 15 institutional holders added to their positions in Q2 2026 Meme Coin Tracker Meme leaders were very green up 10-20%; DOGE +10%, SHIB +9%, PEPE +21%, PENGU +10%, TRUMP +18%, BONK +13% Robinhood chain saw more major rebounds with Cashcat +22%, PONS +34%, Pipedog +17% and Tendies +31%; GOOD ran 10x to $4M Solana leaders included Bome (+69%), Cate (+26%) and Troll (+17%); Ansem +5% to $250M On BSC, Niu Lai ran 60% to $65M and CETS +33% to $13M
