Hyperliquid released an analysis of its performance for the first half of 2026, showing total fee revenue of $419.3 million, up 31% from a year earlier. The report also said average daily active users rose about 90%, while trading volume reached $1.29 trillion in the first six months of the year, including $266.5 billion in June alone. At the same time, core protocol revenue slipped 3.8% year over year to $305.3 million, which the report attributed mainly to the rapid expansion of HIP-3 markets, where external teams can launch markets for equities, commodities and pre-IPO assets on Hyperliquid infrastructure and receive 50% of trading fees. The report added that HIP-3 now contributes 11.2% of total fee revenue. It also said Hyperliquid holds 10.3% of the global crypto perpetual futures market by open interest and 54.5% of the on-chain perpetual market. On valuation, the report said HYPE trades at roughly 23 times issuance-adjusted earnings after including about $309 million in annualized token issuance costs, close to the 24.5 times average for peers including CME, CBOE, Interactive Brokers and Coinbase.

The U.S. Treasury market is sending stronger warning signals to other asset classes, with equities seen as the first line of stress. Long-dated Treasury yields climbed sharply last week, pushing the 30-year yield to its highest level since 2007, while the 10-year yield broke above the range it had held since late 2023. Options and volatility gauges are reflecting the shift: the ICE BofA MOVE Index rose to its highest reading since May, and bearish positioning tied to the iShares 20+ Year Treasury Bond ETF climbed sharply, with one-month put skew reaching its highest level since the 2008 financial crisis. The coming week may prove decisive. Investors are waiting for details of the U.S. Treasury’s financing plan and Friday’s July nonfarm payrolls report, both of which could reset expectations for rates and broaden the market impact. Analysts quoted in the report say investors are increasingly questioning the Federal Reserve’s inflation-fighting credibility under Chair Kevin Warsh, especially after a split vote at last week’s rate meeting. With geopolitical noise, uncertain Fed guidance, and elevated long-end yields all in play, the report argues that turbulence in Treasuries could spill further into equities if upcoming events add fresh pressure.

Stress in the U.S. Treasury market is spilling across asset classes, with equities seen as the most exposed if yields keep climbing. Last week, long-dated Treasury yields rose sharply, pushing the 30-year yield to its highest level since 2007 and driving the 10-year yield above the range it had held since late 2023. Volatility gauges and options positioning also turned more defensive: the ICE BofA MOVE Index climbed to its highest level since May, while demand for downside protection tied to the iShares 20+ Year Treasury Bond ETF intensified. Chicago Board Options Exchange data showed one-month put skew on TLT reaching its highest level since the 2008 financial crisis. Market attention is now shifting to the coming week, when the U.S. Treasury is due to release details of its financing plans and the July nonfarm payrolls report is set for Friday. Comments cited in the report from Unlimited Funds’ Bob Elliott and TD Securities’ Gennadiy Goldberg point to rising concern that uncertainty around Federal Reserve guidance, inflation credibility and geopolitical noise could leave both bonds and stocks vulnerable.

Crypto markets head into the week of July 27 with a dense calendar of macro releases, central bank decisions and industry-specific events that could shape digital-asset pricing. According to CoinDesk’s weekly preview, the Federal Reserve, Bank of England and Bank of Japan are all expected to leave rates unchanged, but traders are watching closely for any signal that higher energy prices could push policymakers closer to renewed tightening. CME FedWatch puts the odds of a U.S. rate hike at 33%, while prediction markets imply 19%, up from near zero earlier in the month. Thursday brings a heavier test with second-quarter U.S. GDP and June Personal Consumption Expenditures data. CoinDesk said a combination of firm growth and sticky inflation could strengthen the higher-for-longer rates trade through higher yields and a stronger dollar, while softer numbers could unwind that setup. On the crypto side, Polygon is set to deploy its Ithaca hard fork on mainnet, BitMEX will settle and delist 35 derivatives contracts, and FTX Recovery Trust is scheduled to begin its fifth creditor distribution, worth roughly $900 million. Earnings from Robinhood, Coinbase and Strategy are also due, alongside governance votes, token unlocks and industry conferences.

Analyst Joe Duarte argues that a mid-April liquidity injection from the Federal Reserve and the U.S. Treasury made Bitcoin a key market signal, with the $80,000-$85,000 range now in focus.

The SEC has approved Nasdaq PHLX to list Bitcoin index options, giving traders direct BTC price exposure without using a spot ETF. The contracts are cash-settled, European-style, capped at 24,000 contracts, and carry a notional value of about $76,000 each.

CME Group plans to launch Bitcoin volatility futures on June 1, pending regulatory approval. The contracts will settle against the CME CF Bitcoin Volatility Index, allowing traders to hedge or speculate on market volatility independently of Bitcoin’s price direction.

Former CFTC Chairman Chris Giancarlo announced his retirement from legal practice at Willkie Farr & Gallagher to go full-time as a strategic advisor for crypto and fintech startups. Known for approving the first Bitcoin futures, he said regulators already have tools to build a framework without waiting for Congress.