Dragonfly managing partner Haseeb Qureshi said Hyperliquid and centralized exchanges appear to serve only a limited overlap of users, with many traders who cannot complete compliant KYC checks or access major platforms using Hyperliquid as their main venue. He said Hyperliquid’s market-share gains have not been matched by a drop in trading volume at centralized exchanges, arguing that both sides are expanding at the same time. In his view, the market looks more like it is widening its boundaries than shifting share in a one-way move from centralized platforms to Hyperliquid. Qureshi also said he expects the crypto market to perform well over the next 6 to 12 months. He added that crypto investing is likely to become more integrated into fintech, digital banking, consumer products, stablecoin backend infrastructure, and AI-related areas.
Dragonfly managing partner Haseeb Qureshi said Hyperliquid and centralized exchanges have only limited user overlap, adding that many users who cannot complete compliant KYC requirements or struggle to access major platforms use Hyperliquid as their primary trading venue.
User overlap remains limited as both sides expand
According to Qureshi, Hyperliquid’s rise in market share has not led to lower trading volume on centralized exchanges. Instead, he said both are growing at the same time, making the current setup look less like a one-way transfer of share and more like an expansion of the market’s overall boundaries.
Outlook for the next 6 to 12 months
Qureshi said he expects the crypto market to post solid performance over the next 6 to 12 months. He also said crypto investing will gradually be integrated into fintech, digital banking, consumer products, stablecoin backend systems, and AI.
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