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Cryptocurrencies sought stability on Friday after yesterday’s hotter-than-anticipated PPI triggered a flash crash that dented most bullish setups.
Meanwhile, HYPE is leading the bounce back after soaring more than 10% in the previous 24 hours, fueled by Hyperliquid’s record-breaking trading statistics.
The decentralized exchange processed a whopping $29 billion in trading volumes and collected $7.7 million in fees within a day, hitting all-time highs in both milestones.
Hyperliquid reached new all-time highs with $29B in 24h volume and $7.7M in 24h fees. pic.twitter.com/uTs0JE5ch8
— Hyperliquid (@HyperliquidX) August 15, 2025
These figures confirm heightened activity levels and a lively user base.
For HYPE investors, such sentiments validate the DEX’s momentum and its market appeal.
The altcoin reacted to the milestone with a notable rebound.
Trading volume is among the strongest indicators as it highlights the protocol’s health.
Hyperliquid’s $29 billion breakthrough confirms a lively market.
Intensified volumes generally highlight more traders and heightened liquidity, which increases the opportunities for fast execution and competitive pricing.
The $7.7 million in daily fees reinforces this tale.
While high charges can dent trader profitability, they also represent magnified transaction throughput and user participation.
Moreover, they fuel the native token’s economy, and most platforms tie fees into buybacks, rewards, and other user incentive mechanisms.
The timing of Hyperliquid’s boom isn’t an accident.
The DEX has rolled out multiple upgrades to enhance performance, asset listings, and accommodate diverse traders lately.
The trading volumes and fee spikes coincide with a vital institutional development.
Two days ago, Anchorage Digital Bank added custody for Hyperliquid’s HYPE to ensure institutional-level security in HyperEVM.
The custody service allows HYPE holders to (securely) store their assets on HyperEVM.
The HYPE is real. Anchorage Digital Bank will custody @HyperliquidX‘s native HYPE token, bringing institutional-grade security to HyperEVM.
If you’re looking for custody of HYPE on HyperEVM, or are a builder looking for support launching your ERC-20 on HyperEVM, send us a DM to… pic.twitter.com/oyroDD6AtT
— Anchorage Digital
Prime is Live (@Anchorage) August 13, 2025
Also, the current broad market sentiments added to Hyperliquid’s momentum.
The digital assets space remains hot as enthusiasts brace for a possible altseason.
Individuals looking to capitalize on the anticipated rallies drive the DEX’s activity.
The native coin soared 10.78% from an intraday low of $44.62 to $49.62.
HYPE trades at $48.26 after a 15% weekly gain.
Hyperliquid’s trading volume and fee milestone triggered the latest gains.
However, faded trading volumes signal short-lived rallies for HYPE.
Bulls should flip the broader market trajectory to the upside to support the token’s momentum.
Meanwhile, a close above $49.75 might support continued uptrends past the nearest resistance at $52 to $55 all-time highs.
On the other hand, losing the support barrier at $45 could catalyze dips to the demand zone at $42.
Buyers can use this zone as a Launchpad for significant rebounds.
Nonetheless, broad market performance remains crucial in determining HYPE’s trajectory in the near term.
The introduction of spot Bitcoin ETFs triggered a massive retracement in the overall crypto market.
After just four days since the introduction of spot Bitcoin Exchange Traded Funds (ETFs), the crypto market has witnessed a substantial influx of over $2.9 billion, excluding funds tied to Grayscale Bitcoin ETF (GBTC).
Among the 11 initial spot Bitcoin ETFs, BlackRock Inc (NYSE: BLK), Fidelity Investments, and Bitwise emerged as the top three providers. As per market data disclosed by BitMEX Research, BlackRock has emerged as the leading ETF provider with an impressive $1,085 million in inflows.
Following closely, Fidelity Investments secured the second position with $884 million, while Bitwise captured the third spot with $375 million in inflows. Ark 21Shares, Invesco, Franklin Templeton, Valkyrie, VanEck, Hashdex, and Wisdomtree were the next highest-ranking companies.
Cointucky Derby – Day 4 Flow – CHART
After 4 days of spot Bitcoin ETFs. There is over $2.9 billion of total inflow (excluding GBTC)
The top three providers after four days by inflow:
1. Blackrock $1,085m
2. Fidelity $884m
3. Bitwise $375mStill waiting for GBTC day 4… pic.twitter.com/Q8bBiVN0nM
— BitMEX Research (@BitMEXResearch) January 18, 2024
Notably absent from the top rankings was Grayscale Investments, indicating a potential setback for the firm in the aftermath of the ETFs’ inception. Industry experts attribute this setback to Grayscale’s 1.5% management fee for the Grayscale Bitcoin Trust (GBTC), which currently stands as the highest among all spot Bitcoin ETFs issuers. By comparison, some of the competing Bitcoin spot ETF issuers keeps their rates from 0.2% to 0.9% with some even offering a period of moratorium depending on the volume traded.
Meanwhile, the introduction of spot Bitcoin ETFs triggered a massive retracement in the overall crypto market. The market cap, which briefly reached $1.82 trillion, retraced to $1.66 trillion. Altcoins like Ethereum (ETH) experienced a rebound as Bitcoin dominance slipped below 50%. Despite Bitcoin (BTC) trading sideways near $42,500, traders are eyeing opportunities below $40,000. However, experts suggest that the short-term impact of Bitcoin ETF approval may be dwindling.
Several factors have contributed to the recent market volatility. A combination of macroeconomic conditions, earnings season, and the strengthening US dollar has exerted selling pressure on Bitcoin. The US dollar index (DXY) reversed back above 103.50 from its early January levels of 101. This, coupled with a global shift in market sentiment, has led to fluctuations in trading volumes across cryptocurrencies.
While the market experienced over $100 million in total liquidation in the last 24 hours, there are indications that Bitcoin selling pressure is gradually easing. Coinglass data and recent macro data highlight a shift, with 75% of liquidations being longs and 25% shorts. As of the time of writing, Bitcoin is trading at $42,405, with a 24-hour trading volume of $19.8 billion.
Moreover, Futures and options data suggest that the short-term impact of spot Bitcoin ETFs may have already played out. The volatility levels for Bitcoin have dropped to new lows, with both realized and implied volatility witnessing notable declines. Traders are now eyeing the attractive funding rate, and BTC futures and options open interests are on the rise again.
However, Ethereum open interest has slightly fallen, while Solana and XRP open interest is making a resurgence, signaling a potential comeback in prices.
Square reported a net revenue excluding that from Bitcoin of $1.96 billion during the second quarter.
Square Inc (NYSE: SQ) stock closed Monday trading at $272.38, 10.16% higher than the opening price. The spike was attributed to news that Square has purchased Sydney-based financial technology company Afterpay Limited (ASX: APT) for a whopping $29 billion.
Consequently, Afterpay shares closed yesterday trading at $128.22, up 11.69%.
“Square and Afterpay have a shared purpose,” said Square’s CEO Dorsey in a statement.
In an interview with journalists, Square CFO Amrita Ahuja said that the acquisition is strategic by all means and will help the company penetrate a trillion-dollar market. “Buy now, pay later is an incredibly attractive space going after a $10 trillion online payments industry where we’re about 2% penetrated today,” Ahuja noted.
According to Square through a press release, the deal will be facilitated through stocks in full. The acquisition is expected to help both companies penetrate global markets at ease. Mind you, they are now backed by able advisors including Morgan Stanley & Co. LLC.
From another perspective, Square (SQ) stock experienced a boost from the second-quarter earnings results announced the same day. Notably, Square reported a net revenue excluding that from Bitcoin of $1.96 billion during the second quarter. Additionally, the company saw its gross profit rose by 91% year over year during the second quarter. Notably, the fintech company saw its Bitcoin revenue come in at $2.72 billion during the last three months of the first half of 2021.
Previously, the company had said that it has halted its Bitcoin purchases after sustaining losses in millions. However, Jack Dorsey has remained a strong supporter of Bitcoin and blockchain technology.
Mind you, Dorsey announced that the company is developing a Bitcoin hardware wallet. Additionally, the company is focused on building a Bitcoin-focused company dubbed TBD. Led by Mike Brock, TBD will solely focus on Bitcoin and its infrastructure.
Notably, Dorsey has significantly shifted his focus from the social media platform Twitter to building a strong infrastructure for Bitcoin.
As of reporting time, Square had a reported market capitalization of approximately $112.59 billion with 392 million outstanding shares. According to market analytics provided by MarketWatch, SQ shares are up approximately 102%, 25%, and 11% in the past year, seven months, and three months respectively through Monday. A survey conducted by the same media noted that 43 analysts gave SQ stocks an average of Over rating.
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