ChainFeeds’ Aug. 26 research brief brought together five separate discussions shaping the current crypto conversation: Michael Saylor’s argument that Bitcoin’s institutionalization does not betray its core principles; a Foresight News review of the latest market rebound and the sharp return of spot ETF inflows; Biteye’s rundown of meme and infrastructure projects inside the warming HyperEVM ecosystem; Arthur Hayes’ view that U.S. policymakers revert to liquidity expansion whenever the 10-year Treasury yield approaches 5%; and a BlockBeats take on why on-chain momentum still lags the broader market even as meme assets regain attention. The brief also listed several headline items, including reported bids for crypto custodian Copper below the previously cited $500 million level, RockawayX’s plan to raise $150 million for a crypto hedge fund, Kalshi’s roughly $1.12 billion raised through equity financing, Arthur Hayes’ planned FLOP tokenomics infographic and AMA, and a Caixin report on Zhou Guren, identified there as the largest backer of Trump family crypto project WLFI. Across the five featured pieces, the publication framed the current moment as one where macro policy, regulated products, institutional structures, and meme-driven user acquisition are all moving into the same field of view.

Fortune said on Aug. 24 that Hyperliquid is emerging as a serious new force in crypto as the company speeds up plans to build a regulated business in the United States. The report said Hyperliquid, which has operated offshore since launching in 2023, became a major topic of discussion at the SALT conference held in Jackson Hole last week. Fortune argued that the company holds several advantages that other offshore firms have lacked when trying to enter the U.S. market. It pointed to CEO Jeff Yan’s U.S. birth background, reported support for perpetual contracts from Donald Trump and the chair of the Commodity Futures Trading Commission, and the presence of Schamis and crypto lawyer Jake Chervinsky on the team. Fortune said Hyperliquid could quickly become a meaningful competitive threat to major crypto platforms including Coinbase, Kraken and Robinhood, drawing a comparison to Binance’s sudden rise in 2017.

Hyperliquid founder Jeff Yan has pushed back against the popular idea that “smart work” should come first. Instead, he argues that people can train themselves to focus for longer stretches, starting from 10 hours a week and building up to 40 hours or even 100 hours. He says he once spent months working on an automated trading system from about 5 a.m. to 10 p.m., seven days a week, and described that pace as roughly 17 hours a day devoted to one goal. Yan also said this is not life advice for everyone, adding that 99% of people need work-life balance and that this is fine. But for people who have found a mission and know exactly what they want to build, his view is far more aggressive: commit fully, avoid chasing shortcuts too early, and let the mission consume your life if that is truly what you want. He also extended the logic to health, saying physical issues can become a bottleneck for output and that his own routine has included about 30 minutes of high-intensity exercise a day.

A long-form piece published by TechFlowPost argues that crypto venture capital is not disappearing after the speculative boom. It is being repriced. The article says the market now shows a split between strong top-line industry data and weak early-stage liquidity: institutions hold more than $175 billion in crypto assets through exchange-traded products, onchain projects generated $11 billion in fees over the last 12 months, and the sector logged $8.6 billion in M&A plus 11 IPOs. Yet Galaxy Research data cited in the piece shows only eight new VC funds launched last quarter, the lowest level since 2020, while quarterly investment fell to $4 billion, or roughly $16 billion annualized, about half of 2021’s $31 billion pace. The authors trace the problem to a crypto funding model built around early token listings and quick liquidity rather than durable business value. They argue that many token models failed because projects lacked real business models and token holders had no legal claim on operating income. In their view, the industry is now moving toward structures that tie revenue to tokens, including buybacks, while also reopening other exit routes such as acquisitions and IPOs. The article identifies three sectors that have already reached sustainable product-market fit: stablecoins, prediction markets and onchain perpetuals. It also points to tokenized Treasuries, tokenized equities, machine payments, onchain credit and compliance infrastructure as areas where early-stage opportunities may now be forming. The broader conclusion is that crypto investing is shifting away from broad thematic betting and toward specialized, patient capital focused on business quality, regulation and long holding cycles.

Hyperliquid is moving beyond its role as a decentralized perpetual futures exchange and positioning itself as shared market infrastructure for other crypto apps. The platform’s Ethereum-compatible HyperEVM links directly to its in-house HyperCore chain, allowing wallets, exchanges and other applications to tap into the same liquidity and execution layer instead of building separate markets. According to Flowscan, hundreds of developers are now using Hyperliquid’s builder codes, including MetaMask, Phantom and South African exchange VALR, with builders generating about $90 million in revenue so far. Supporters describe the model as closer to infrastructure than a standalone trading venue. Hyperion DeFi CEO Hansu Jian compared Hyperliquid to “AWS for finance,” saying the main service is liquidity rather than just perp trading. Hyperliquid Labs’ Sterling Barnett said integrators can keep control of their own user experience while relying on Hyperliquid for matching and execution. MetaMask and VALR offer two examples of that approach. MetaMask has offered self-custodial access to perps from within its wallet since October 2025 and says real-world-asset perp markets have grown from a small share of volume at the start of 2026 to roughly a quarter today. VALR, which previously built its own perp infrastructure, said it struggled to reach enough volume and liquidity and chose to connect to Hyperliquid’s order book instead.

Tiger Research argues that crypto is no longer being carried by a single market-wide story in the way it was during DeFi, NFT/GameFi, Layer 1 and Layer 2 competition, or restaking cycles. In its latest report, the firm says attention and liquidity are shifting toward sectors that can show real user demand, durable activity, and measurable revenue rather than relying on token-driven momentum alone. The report points to five areas that best reflect that transition in the first half of 2026: stablecoins, DeFi, real-world assets, prediction markets, and meme tokens. Stablecoins are expanding from volatility shields into cross-border settlement rails. DeFi protocols are increasingly serving institutional borrowing, trading, and risk-management needs. RWA projects are moving from broad tokenization narratives toward efficiency and operational utility, with tokenized treasuries and stocks drawing heavier participation from established financial firms. Tiger Research also says prediction markets stand out because their growth is showing up in trading volume and revenue rather than token market caps, while meme tokens still function as a fast way to gather early users and liquidity even without clear long-term utility. Its broader conclusion is that projects able to survive this market are the ones with repeat usage, retained capital, and sustainable income. In that framework, token prices may attract early attention, but product-market fit determines who lasts.

South Africa-based VALR is set to launch Perps on VALR on July 6 via web first, using HyperliquidX infrastructure to offer more than 200 perpetual markets spanning crypto, equities, indices, commodities, precious metals, and forex.

Hyperliquid launches a D.C.-based policy center with 1M HYPE ($28M) to push for clearer DeFi regulation, focusing on perpetual derivatives. The team includes former Sullivan & Cromwell and Variant policy staff.