Traditional Hedge Funds Shift Interest to Hyperliquid, Commodity Trading Volume May Surpass Bitcoin Within the Year
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Summary
BroadChain learned that at 16:16 on April 18, according to TechFlow, crypto investor Santiago Roel Santos pointed out that traditional hedge fund managers' interest in the crypto industry has reached its peak since May 2020, with the focus shifting from Bitcoin to the on-chain perpetual contract exchange Hyperliquid. The catalyst is the Iran conflict, which created a need for pricing venues for commodities during traditional market weekends when they are closed. The proportion of commodity positions on Hyperliquid has risen to 17%, surpassing Ethereum. Santos predicts that its commodity trading volume will exceed Bitcoin within the year, and its market cap is expected to surge from $25 billion to $100 billion.
According to BroadChain, at 16:16 on April 18, as reported by TechFlow, crypto investor Santiago Roel Santos pointed out that traditional hedge fund managers' interest in the crypto industry has reached its peak since May 2020, with the focus shifting from Bitcoin to the on-chain perpetual contract exchange Hyperliquid. The catalyst is the Iran conflict, which has created a need for pricing venues for commodities during traditional market weekends when they are closed. The proportion of commodity positions on Hyperliquid has risen to 17%, surpassing Ethereum. Santos predicts that its commodity trading volume will exceed Bitcoin within the year, and its market cap is expected to surge from $250 billion to $1 trillion. Other market signals include: Kraken's valuation has been lowered from $200 billion to $133 billion, with Deutsche Börse investing $200 million for a 1.5% stake; the SEC clarified this week that self-custody DeFi front-ends are not subject to broker registration rules, resolving a major legal uncertainty in the DeFi space. Additionally, Santos believes that the performance of the crypto market is highly correlated with the macro stock market, and Bitcoin's rise to $75,000 is partly due to the market betting that the probability of the Clarity Act passing has increased from 50% to 60%-65%.