BitMEX Ran 57% of Crypto Derivatives. It Closes at 0.1%.
BitMEX invented the perpetual swap and once held 57% of crypto derivatives. It shuts down on 23 September while trading $138 million a day.
BitMEX invented the perpetual swap and once held 57% of crypto derivatives. It shuts down on 23 September while trading $138 million a day.
A strong May jobs report pushed Fed rate cuts off the table, deepening crypto's worst week since 2024. ETH cracked under $1,600, Zcash crashed, and BABY popped on an Upbit listing.
HIP-4 went live on mainnet with zero fees to open and a 1 million HYPE staking requirement for builders. Polymarket charges up to 2% on winners. That gap is the entire pitch.
The Iran conflict didn't just move markets — it exposed how fragile the consensus around Bitcoin's identity had become. Between a hawkish Fed, $115 oil, and a correlation flip no one saw coming, the old rules are being rewritten in real time.
A pre-signed transaction feature designed for convenience became the entry point for the largest DeFi hack of 2026. Elliptic has flagged North Korean state actors. Circle faces fresh scrutiny.
Bitwise CIO Matt Hougan called Hyperliquid one of the most mispriced assets in crypto. The firm launched a HYPE ETF on the NYSE, pledged to buy and hold HYPE with 10% of its management fees, and published a memo arguing investors are making two fundamental errors in how they value the token.
Trump announced a peace deal with Iran. Bitcoin spiked to $77,000, then crashed to $74,300. Spot ETFs lost $2.26 billion in two weeks. Warsh took over the Fed. Clarity Act got delayed. And Arthur Hayes bet $6.3 million that none of it matters for HYPE.
ZEC flipped Monero, hit $600, and liquidated $62 million in shorts. The thesis behind it has nothing to do with speculation and everything to do with a tax bill in California.
Hyperliquid generates close to $1 billion in annualized revenue. Almost all of it buys back and burns the token. Hayes set a $150 target. The price is $43. Something has to give.
Arthur Hayes is the co-founder of BitMEX and one of crypto’s most-read macro commentators, now investing through his Maelstrom family office. This tag tracks his provocative essays linking liquidity, monetary policy, and crypto cycles, his market calls and token bets, and the moves that follow his commentary. Coinliva covers the essays, the predictions, and how Hayes frames the macro backdrop for Bitcoin.