（来源：吴说） Galaxy Digital CEO Mike Novogratz 表示，XRP 和 Cardano（ADA）如果无法证明真实世界的应用价 值，可能在未来市场周期中失去竞争力。他认为，加密市场正从"叙事驱动代币"转向"业务驱动代币"， 只有真正产生利润和可衡量价值的项目才会长期胜出。Novogratz 还以 Hyperliquid 为例，称其通过用利 润回购销毁代币，形成类似"股权投资"的价值模式，这是代币未来的发展方向。他预计未来 1–3 年，加 密行业将经历结构性转型，钱包与交易所将演变为 "类新型银行（neobank）"，提供稳定币、代币化股 票及货币市场产品等更成熟的金融服务。（CryptoBriefing） ...

Weekly Hyperliquid outflows top $430M as Lighter and Aster tighten perp DEX competition: Dune https://t.co/LHn4uy6KBg ...

Core Viewpoint - The cryptocurrency market has experienced a significant downturn, with Bitcoin dropping below $86,000, nearing its yearly low, and over 190,000 traders facing liquidation, totaling $657 million in liquidations [2][6][8]. Market Performance - Bitcoin's price is currently at $86,371.1, down 3.99% in the last 24 hours and 4.36% over the past week, with a market capitalization of $1.72 trillion and a 24-hour trading volume of $46.65 billion [7]. - Ethereum has fallen to $2,931.29, reflecting a 6.94% decrease in the last 24 hours and a 5.88% drop over the past week, with a market cap of $353.49 billion and a trading volume of $29.11 billion [7]. - Other cryptocurrencies such as BNB, XRP, and Cardano have also seen declines, with BNB at $862.30 (-3.49%), XRP at $1.8811 (-5.98%), and Cardano at $0.3817 (-5.41%) [6][7]. Liquidation Data - In the past 24 hours, liquidations included $580 million from long positions and $73.23 million from short positions, indicating a significant market sell-off [8]. - The hourly, 4-hour, 12-hour, and 24-hour liquidation amounts show a consistent trend of increasing liquidations, with the highest being $130 million in the last 12 hours [8]. Macroeconomic Factors - The Bank of Japan is expected to raise its policy interest rate by 25 basis points to 0.75%, with a 90% probability of this occurring, which could further impact Bitcoin prices [9]. - Historical data suggests that previous rate hikes by the Bank of Japan have led to significant declines in Bitcoin prices, with drops of approximately 20% or more following such decisions [10]. Market Sentiment - Analysts are currently monitoring key support levels, particularly at $86,000, as a breach could lead to further declines in Bitcoin's price [10]. - Despite the short-term bearish sentiment, there remains a long-term optimistic outlook for Bitcoin, suggesting it may be in the early stages of a new super cycle [10].

Core Insights - Crypto investors are currently focused on the struggles of Bitcoin and Ethereum, both of which are down over 30% from their highs earlier this year [1] - Despite the downturn of major cryptocurrencies, nearly a dozen top cryptocurrencies have outperformed the market in 2025, with some increasing by as much as 20% or more [1] - The question arises whether any of these outperforming cryptocurrencies are worth buying in 2026 [1] Performance Analysis - Bitcoin has been the market bellwether for over a decade, accounting for almost 60% of the total market cap of the crypto industry [2] - With Bitcoin down 9% for the year, any cryptocurrency that is in the green is considered to have beaten the market [3] - Notable top performers include BNB up 20%, Tron up 9%, Bitcoin Cash up 16%, and Hyperliquid up 5% for the year [3] Exceptional Performers - Among lesser-known cryptocurrencies, Aster has surged by 1,000% and MemeCore has skyrocketed by 2,500% for the year [4] Investment Considerations - Popular cryptocurrencies like Ethereum, XRP, and Solana are not among the top performers, presenting a dilemma for investors on whether to stick with established names or explore riskier options [5] - Long-term buy-and-hold strategies may favor established cryptocurrencies such as Bitcoin, Ethereum, and Coinbase over this year's outliers [5] - The recommendation is to focus on proven winners rather than this year's high performers, as established cryptocurrencies may offer better long-term investment potential [6]

Really cool update by the friends at Towns.Allows you to open and manage perp positions on Hyperliquid through natural language.In other words you tell the bot what you want to do and it executes the trades.Tried it and it's really dopehttps://t.co/AZEEXwlYXc ...

Warden 上线 AI 交易终端了前端集成了 Hyperliquid用户可以直接在 Warden 交易 Hyperliquid的所有交易对进一步放大单用户的交易频次和交易额，带来更多的收入Warden (@wardenprotocol):If you’re still trying to outsmart the market raw… good luck.Trade with signals… or get rekt.Warden AI Trading Terminal is LIVE 👇 https://t.co/LcXCvcgXLT ...

Track Hyperliquid on Arkham:https://t.co/PZSISgFShB ...

Market Sentiment - The author expresses a negative sentiment towards the majority (90+%) of users involved with Hyperliquid and Lighter, implying a lack of understanding or competence [1] - The author believes Lighter is on track to surpass Hyperliquid as a superior product [1] Product Comparison - The author is open to debating the reasons why Lighter is becoming the better product compared to Hyperliquid [1]

Group 1 - Bitcoin has experienced a decline of 7% this year, while Hyperliquid has increased by 35%, positioning itself among the top 12 cryptocurrencies by market cap [1][6] - Hyperliquid is being compared to Solana due to its rapid growth and high transaction processing speeds, similar to Solana's early years [2] - Since its launch in November 2024, Hyperliquid has surged nearly 1,000%, indicating significant potential for future growth, especially in the cryptocurrency perpetual futures market [3] Group 2 - While Hyperliquid has outperformed Bitcoin in the short term, it remains uncertain whether it can sustain this performance over a longer period, as Bitcoin has consistently ranked among the top cryptocurrencies for 12 years [4][5] - The investment community is cautious about Hyperliquid's long-term viability as a holdable cryptocurrency, despite its impressive early performance [5][6] - Analysts have identified other stocks with potentially higher returns than Hyperliquid, suggesting a need for careful consideration before investing [6][7]

Market Dynamics - The report suggests that platforms like Solana and Hyperliquid are emerging as alternatives to Binance [1] - The rise of Solana and Hyperliquid indicates a potential shift in the cryptocurrency exchange landscape [1] Industry Implications - The industry may be witnessing a decentralization trend, reducing reliance on centralized exchanges like Binance [1]