Hyperliquid’s Rise
Jeff Sprecher, founder of Intercontinental Exchange and architect of the modern NYSE, stated at Bernstein’s 42nd Annual Strategic Decisions Conference that Hyperliquid, a cryptocurrency exchange, is larger than Nasdaq by volume. Sprecher noted that Hyperliquid was built by a team of only eleven people and cannot be ignored.
Hyperliquid has attracted market participants, including traders who would typically operate in traditional markets like ICE and Nasdaq, to its blockchain platform. Sprecher highlighted the significance of Hyperliquid’s trading of crude oil perpetuals on weekends, when ICE’s markets are closed, particularly given that key price-moving events related to the Iran conflict have occurred on weekends.
He also commented on institutional clients, stating that while most are not yet trading on blockchain, they are closely monitoring price discovery, and it is becoming part of the prevailing sentiment. Sprecher also discussed the potential impact of the SpaceX listing, suggesting that regulators and market participants will assess its relevance. He concluded that the industry will need to adapt to the 24/7, 365-day interplay of retail and professional trading.
The market responded positively to Sprecher’s comments, with HYPE rebounding 10% overnight to $62.50.
JPMorgan on the “Debasement Trade”
JPMorgan analysts released a research note on Thursday arguing that the “debasement trade” is losing momentum. This trade involved buying Bitcoin and gold as hedges against inflation, geopolitical instability, and currency weakness.
The analysts pointed to simultaneous outflows from both Bitcoin and gold ETFs over the past two weeks, along with weakening institutional positions in CME futures for both assets. JPMorgan suggested that the recent pullback may reflect growing expectations of easing tensions between the United States and Iran, leading investors to adjust their positions.
The report suggests that geopolitical tensions are subsiding, reducing the need for hedging. However, Bitcoin’s performance as a debasement hedge during the Iran conflict was not particularly strong compared to stocks and gold.
The true test of the debasement thesis will unfold over time as inflation continues to impact the US and global economies, which is the primary driver of the thesis, more so than geopolitical hedging.
Standard Chartered’s Ethereum Outlook
Standard Chartered analyst Geoffrey Kendrick published a note comparing Ethereum’s current situation to Amazon following the dot-com bubble burst, arguing that its price does not reflect the network’s improving metrics.
Kendrick referenced Jeff Bezos’s statement during that period: “The stock is not the company. And the company is not the stock.” He noted that Amazon’s stock has increased significantly since its post-dot-com lows. Kendrick believes a similar disconnect exists for ETH.
Standard Chartered maintained its year-end price target of $4,000 for Ethereum and $40,000 by the end of the decade. The bank’s bullish outlook is based on the dominance of DeFi and stablecoins. They forecast the stablecoin market cap to increase sevenfold to $2 trillion by 2028 and real-world assets (RWAs) to reach $2 trillion by 2028. Ethereum is expected to be the primary beneficiary of this growth, driving transaction volume and total value locked (TVL) to new highs, thus supporting higher ETH prices.
In contrast, Polymarket bettors give only a 15% chance of ETH reaching $4,000 in 2026.
Anthropic’s Funding Round
Anthropic raised $65 billion in a Series H funding round at a $965 billion post-money valuation, becoming the most valuable AI company in Silicon Valley. The round was led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, each contributing over $2 billion.
Anthropic’s valuation has more than doubled since February, increasing from $380 billion.
The company’s revenue has surged due to its AI coding assistant, Claude Code. Annualized revenue has surpassed $47 billion, up from a $30 billion run rate earlier this year and $10 billion in annual revenue last year. Anthropic also highlighted strategic infrastructure relationships with Micron, Samsung, and SK Hynix, and expanded its computing footprint through agreements with Amazon, Google, Broadcom, and SpaceX. Anthropic simultaneously released Claude Opus 4.8.
This could be the AI startup’s final private fundraising before entering the public markets.
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