The direction of the encryption market is undergoing subtle and profound changes.
Recently, with the fermentation of tweets from several core KOLs, an obvious consensus is forming within the industry: Hyperliquid (HL) is no longer just an ordinary decentralized derivatives exchange (DEX), but is becoming the "first-tier pioneer" that will take on compliant funds from the United States and disrupt the traditional CEX black-box model.
Through an in-depth analysis of recent market dynamics and on-chain data, we find that Hyperliquid is currently in a beneficial period marked by regulatory recognition, technological leadership, and token value reassessment.
Regulatory Breakthrough: CFTC Chairman Gives "Clear Favorable" Approval
The most significant signal comes from senior regulators in the United States.
Mike Selig, the chairman of the U.S. Commodity Futures Trading Commission (CFTC), recently made statements on the Bankless podcast that were widely interpreted by the market as a "clear favorable signal" for Hyperliquid [1]. He explicitly stated that the U.S. is actively promoting "perpetual contracts returning onshore." This means that the U.S. will completely bid farewell to the past simplistic and rough "enforcement-based regulation" through a forthcoming clear bill, shifting to "clear rules + self-certification mechanism," actively welcoming crypto-native platforms into the market.
When discussing Hyperliquid, Mike Selig even gave it a rare positive evaluation:
"Round-the-clock perpetual contracts are reshaping the U.S. market, far superior to traditional timed trades, and should attract liquidity back to the homeland rather than push it overseas. Smart contracts can automatically complete compliance processes such as margin, settlement, and risk control, significantly enhancing efficiency and transparency." — CFTC Chairman Mike Selig
Even regarding Hyperliquid's unique Automated Deleveraging (ADL) mechanism, the regulators have shown considerable tolerance, viewing it as a "non-conventional design that is neither good nor bad," maintaining an open evaluation attitude. This signifies that the compliance spring for crypto derivatives has arrived, and Hyperliquid, with its transparent mechanism on-chain, has positioned itself at the forefront of compliance.
Data Transparency: Breaking the CEX Black Box, Making "Smart Money" Visible
In addition to regulatory recognition, Hyperliquid's transaction mechanism transparency is fundamentally changing the profit models for professional traders.
In traditional centralized exchanges (CEX), the market is a complete "black box." Ordinary traders can only see the cold, hard candlestick charts but cannot glimpse the real behavior of the opposing orders. However, in a fully on-chain contract ecosystem like Hyperliquid, every address's positions, profits and losses, and liquidation paths are fully open and verifiable.
This transparency has given rise to a counterintuitive trading truth: opening positions in the opposite direction of long-term losing accounts is often more stable than guessing directions blindly.
Based on this transparent data structure, the market has evolved two kinds of reusable high-win-rate signals: one is to positively replicate the position management framework of stable traders; the other is to inversely utilize the entrenched erroneous behaviors of losing accounts, turning stable negative expectations into reverse signals. This dimension-reducing informational advantage is the core reason attracting more professional quantitative teams and whale players to settle in Hyperliquid.
Value Reassessment: HYPE's "OST" Valuation Logic
With the platform's fundamentals continuously solidifying, the market's valuation logic for the Hyperliquid native token $HYPE is also undergoing profound reconstruction.
A more rational evaluation framework: when assessing the value of HYPE, one should not simply look at the total supply of 1 billion (i.e., the FDV metric is invalid) or only at the unlocked circulating amount.
The market currently leans towards using the Outstanding Token Supply (OST) concept, which means "current circulating amount + team allocation portion." Kyle has even proposed a more radical formula, calculating only the "current circulating amount + team allocation portion (unlocked and claimed)," excluding the unclaimed and locked portions.
Behind this valuation logic is a high level of trust in HL's core team structure. The market generally believes that the HL team is inclined to long-term staking of the tokens to capture the platform's growth dividends, rather than large-scale sell-offs like traditional "VC2.0" projects. Under this framework, the potential circulating market value of HYPE is far smaller than it appears at surface level, thereby further opening up future upside potential.
Seize the Opportunity: Control the On-chain Battlefield with AiCoin Mobile
With the convergence of three strong benefits—regulation, mechanisms, and valuation—Hyperliquid is undoubtedly the most explosive trading battleground currently. However, for Asian users accustomed to mobile trading, Hyperliquid's official operations are only available on the web, which is a fatal shortcoming in the ever-changing market.
To enable users to capture on-chain opportunities anytime and anywhere, the AiCoin mobile app now fully supports Hyperliquid trading, becoming one of the very few mobile tools perfectly adapted to HL in the industry.
In the AiCoin App, you can enjoy a seamless experience comparable to top CEXs:
- Safety First: API Keys are stored locally, supporting convenient importing of the main wallet/Vault address and private keys, ensuring absolute security of funds.
- Transparent Data: Real-time order book refreshing at millisecond-level, perfectly inheriting Hyperliquid’s fully on-chain transparent data.
- Speedy Operations: Free selection of market price or opposing price, flexible adjustment of leverage, one-click slippage openings.
- One-stop Management: Monitor both Binance and OKX's spot trades and Hyperliquid's on-chain contracts from within the same app.
Don't let a poor web experience hinder your acquisition of alpha returns. Open the AiCoin App, link your Hyperliquid account, and keep pace with "smart money" anytime, anywhere.
💡 Newcomer Benefits: Register on AiCoin and use the invitation code AICOIN88 to enjoy a 4% exclusive rebate on Hyperliquid trading fees, giving you an edge in every trade.
https://app.hyperliquid.xyz/join/AICOIN88
📖 Newbie Tutorial:
- "AiCoin PC End Hyperliquid Authorization Trading Tutorial":
https://www.aicoin.com/zh-Hans/article/514197
- "Zero Basics Introduction! Hyperliquid First Trade Ultra-detailed Illustrated Tutorial":
https://www.aicoin.com/zh-Hans/article/510225
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
