Yosuke Watanabe (crypt0crypt0)

Blockchain Researcher / News writer /暗号資産専門メディア「あたらしい経済」

[Yosuke Watanabe (crypt0crypt0) @crypt0crypt0___]

Hyperliquidの規制リスクについて、可能性のあるものは主に以下だと思います。

1. SEC→ HYPEのバイバックによる証券性
2. CFTC→パーペチュアル取引は適法か？
3. OFAC→ AML（マネロン対策）の対策不備

このうちもっとも可能性が高いのは1かなと思ってます。この場合Hyperliquidを直接取り締まるというよりは米国ユーザー向けにサービス提供してるCEXがHYPEを上場廃止させられるかどうかって話になる気がする。ただ、分散型プロトコルを取り締まるってのは規制当局にとってもハードルが高いからそんなめちゃくちゃ心配する必要はないんじゃないだろうか。

個人的には、それよりも大規模な市場ストレス時にHyperliquidの流動性が耐えられるかどうかのほうがHyperliquidの生き残りを左右する気はしてます。

[Yosuke Watanabe (crypt0crypt0) @crypt0crypt0___]

BTCはDATに生かされDATに殺されるのかもしれない

[il.hl @hyperliquidmax]

A DeFi protocol just force Coinbase and Circle to share their profits.

And those profits now automatically buy $HYPE. 🤯

Here's something that's never happened before in financial history 👇

A decentralized exchange negotiated a deal where two of the world's biggest financial companies hand over most of their income — directly to the protocol.

Not a rumor. This is live. Let me explain. 💰

First — the scale nobody is talking about:

Hyperliquid now holds $6.90 BILLION in stablecoins.

To put that in perspective:
🥇 Ethereum: $48.82B USDC
🥈 Solana: $7.70B USDC
🥉 HyperEVM: $6.58B USDC ← Hyperliquid
4️⃣ Base: $4.18B
5️⃣ Arbitrum: $2.27B
6️⃣ Polygon: $2.08B
7️⃣ BSC: $1.28B

A DEX built 3 years ago is the #3 USDC chain on Earth. 🌍

And money is pouring in FAST:

📊 Last 24 hours: +$346 million new stablecoins minted
📊 Last 7 days: +$1.17 billion net inflow

That's not a trickle. That's a flood. 🌊

Now here's the deal that changes everything:

For years, this $6.9B sitting in Hyperliquid was generating massive yield.

How? Simple: US Treasury interest rates.

$6.9B × ~4%/year = $276 million/year in interest income

The problem?
That yield historically flowed to Circle and Coinbase — not to Hyperliquid or its users. The protocol supplied the users, the liquidity, and the trading activity that made the stablecoin useful — but kept none of the income.

Hyperliquid decided that needed to change. 🔧

The AQAv2 deal — explained simply:

Think of it like owning a shopping mall.

Before: Tenants (Circle, Coinbase) kept all the rent money.

After AQAv2: The mall owner (Hyperliquid) now keeps ~90% of the rent. 🏢

Under the new arrangement, Coinbase serves as USDC treasury deployer and shares the vast majority of reserve income with the Hyperliquid protocol.

Compass Point analysts estimate the deal removes roughly $60-80 million in annual EBITDA from Coinbase and Circle combined.

Where does that money go?

➡️~90% of all USDC reserve yield → Hyperliquid protocol➡️ Protocol uses it to buy $HYPE from the open market➡️ Automatically. Every day. On top of the $800M/year in trading fees.

Implied additional yield revenue:

💵 ~$135M/year (illustrative at ~4% rate — estimate, not guaranteed)💵 ~$11.27M/month💵 ~$370K/day

⚠️ Activation still pending — yield routing begins after Coinbase + Circle complete technical setup

The skin-in-the-game signal:

Circle committed to stake 500,000 HYPE tokens as part of the deal. Coinbase also increased its staked HYPE position.

The companies providing the stablecoin infrastructure are now forced to be aligned with $HYPE.

If HYPE goes up → they profit. If HYPE goes down → they lose. 🎯

The total revenue picture for $HYPE:

💰 Trading fees (existing): ~$800M/year💰 Stablecoin yield (new, AQAv2): ~$135M/year (illustrative)

Combined: ~$935M/year in protocol revenue — and this is BEFORE US market access opens.

The precedent this sets:

Compass Point warns that other DeFi protocols may now demand similar revenue-sharing terms from Circle and Coinbase — creating pressure across the entire stablecoin industry.

Hyperliquid didn't just negotiate a deal for itself.

It changed the rules for every protocol. Forever. 📜

⚠️Not financial advice. Always DYOR.

[il.hl @hyperliquidmax]

Today, Grayscale put $HYPE on Nasdaq.

Not just to hold it.

To stake it — and pay you for owning it. 🤯

Something historic happened this morning, June 3, 2026. 👇

The world's largest crypto asset manager just launched HYPG — the Grayscale Hyperliquid Staking ETF — on the Nasdaq stock exchange.

For the first time ever: anyone with a regular brokerage account can now own $HYPE AND earn staking rewards from it.

No crypto wallet needed. No seed phrase. No exchange account.

Just a normal stock ticker. 📱

Let's break down exactly what HYPG is:

Think of it like a savings account — but instead of earning 0.5% interest at a bank, you're earning staking rewards from one of the most active financial protocols on Earth.

Here's how it works:

1️⃣ You buy HYPG shares on Nasdaq — same as buying Apple or Tesla
2️⃣ Grayscale takes your money and buys real $HYPE tokens
3️⃣ Those tokens get staked on the Hyperliquid network
4️⃣ Staking rewards (historically ~2.2% per year) flow back into the fund
5️⃣ Your shares reflect both the price of HYPE + the accumulated staking yield

Price exposure. Plus income. Through one stock ticker. 🔑

The fee structure — why this matters:

HYPG management fee: 0.29%/year

Historical staking yield: ~2.2%/year

Net math: ~+1.91%/year just from staking — before HYPE price moves a single cent.

Grayscale describes HYPG as carrying the lowest gross fee among all U.S. Hyperliquid exchange-traded products — making it the most cost-efficient institutional wrapper for $HYPE available today. 📊

Now look at what this ETF is holding:
Hyperliquid has traded over $2.99 trillion in perpetual futures volume with over $5.5 trillion in open interest.

The protocol earned approximately $857 million in fees in 2025 alone — and 99% of those fees went back into the protocol through buybacks, making HYPE one of the most value-accretive tokens in decentralized finance.

This is what's sitting inside HYPG. 🏦

Who is the custodian?

Not some random startup.

🏛️ Anchorage Digital Bank N.A. — the first federally chartered crypto bank in the US, approved by the OCC

📋 BNY (Bank of New York Mellon) — one of the world's oldest and largest financial institutions, serving as Fund Administrator

The infrastructure behind HYPG is built on century-old banking foundations. 🔐

The staking mechanic — what most people don't know:

When HYPG stakes HYPE, those tokens actively participate in securing the Hyperliquid network.

Validators who stake HYPE: → Help confirm transactions → Earn fees for doing so → Those fees distribute as staking rewards

Grayscale notes it is the first sponsor to bring staking to U.S. spot exchange-traded products — meaning HYPG is doing something no ETF has done before with a crypto staking model built into a Nasdaq-listed product.

The full picture of who is now involved with $HYPE:

📌 Bitwise (BHYP) — NYSE-listed ETF
📌 21Shares (THYP) — Nasdaq-listed ETF
📌 Grayscale (HYPG) — Nasdaq-listed, staking ETF, launched TODAY
📌 VanEck — pending SEC filing
📌 Pantera Capital — institutional investor thesis published June 2
📌 Coinbase — USDC treasury deployer on Hyperliquid
📌 Circle — technical deployer, staking 500K HYPE

Six months ago, none of these names were attached to $HYPE.

Today, every single one of them has financial skin in the game. 🎯

The bottom line for regular people:

You no longer have to understand crypto to invest in Hyperliquid.

You don't need a wallet. You don't need to understand staking. You don't need to trust a crypto exchange.

You just need a Fidelity, Schwab, or Robinhood account — and a single ticker: $HYPG. 📈

The on-ramp for institutional money just got wider.

Again. 🚀

⚠️Always read the prospectus. Not financial advice. Always DYOR.

[Yosuke Watanabe (crypt0crypt0) @crypt0crypt0___]

米国がそのあたりの規制がグレーなんですよね。なので一応ハイリキはもともと米国ユーザー向けには提供してないので米国規制に対して今から大きくマイナスになることはないです。

ただ、米国の規制動向がハイリキの将来期待に影響があることは間違いないです。

先日CMEとICEがハイリキに対する規制要望を当局に出したというニュースでHYPEがちょっと下がりました。そしてSECが第三者発行株式指標のトークンを制度化検討してるというニュースでちょっと上がりました。

[Yosuke Watanabe (crypt0crypt0) @crypt0crypt0___]

興味深い論考。

個人的には「Ethereumの成長はETHに帰属するのか？」の前に、「ETH価格が上がり続けなければEthereumは失敗なのか？」という論点もあると思っています。

その上で、記事で指摘されている「ネットワーク成長とトークン価値の相関」よりも、「どれだけ価値がトークン保有者に帰属するのか」という視点は非常に重要だと感じました。

また、個人的な考察では現在のETHはガス資産というより担保資産としての性格が強くなっているように感じます。

EthereumはLSTやLRTを含め巨大な担保市場を形成していますが、担保需要は価値の保存には寄与しても、経済価値の拡大には必ずしも直結しない可能性があります。

むしろ経済価値を大きくしやすいのは取引や決済などのオーダーフローではないでしょうか。市場参加者が利益を生み、その利益を得た誰かがエコシステム内の資産へ再投資する循環が作られると、結果として基軸資産への価値帰属を強める可能性があると思います。前回バブルのSolanaや現在のHyperliquidの成長はまさにその構造なのではないでしょうか。

価値捕捉の有無ではなく、どの経路で、どれだけ強く価値が帰属するのかという論点はEthereumおよびETHに限らずすべての暗号資産で重要な視点だと思いました。

[HashHub Research @HashHubResearch]

https://t.co/MJvxCQMOzg

[平野淳也 Junya Hirano @junbhirano]

1週間くらい前のレポート。現実になってしまった以上、ビットコインの上値はかなり重いイメージ。

[Yosuke Watanabe (crypt0crypt0) @crypt0crypt0___]

AaveのrsETH事案に関するポストモーテムが出ました。個人的には「信頼回復レポート」としてめちゃくちゃちゃんとしてるなと思いました。原因分析だけするなら「LayerZeroが悪かった」「Aaveに問題はなかった」で終わりそうなところを、「我々の審査基準も見直す・既存資産も全部レビュー実施する」まで踏み込んでる。

[Aave @aave]

https://t.co/ixfuSrVKA8

[SOU⚡️投資ニュース / 仮想通貨・米国株・AI @SOU_BTC]

【速報】🚨 edgeX $EDGE 一瞬で-50%以上急落

[Yosuke Watanabe (crypt0crypt0) @crypt0crypt0___]

Ignasの議論は「今のTVL」や「今のRWA残高」を見ている。でも重要なのは、次の成長市場がどこに生まれるかではないでしょうか。

ステーブルコインではEthereumが先行していますが、トークン化株式のようなリテール向け市場では実はSolanaが先行してます。

ただ、現時点でSolanaが株式トークン化を牽引しているのは事実だけど、その優位性がチェーン由来なのかどうかはわからない。xStocksが今後どこに向かうかでだいぶ変わっていきそう。

[Ignas | DeFi @DefiIgnas]

$ETH gets hate, but $SOL isn’t in a much better spot:

Sure, Solana generates similar fees, and it’s cheaper and faster. Its monolithic design also doesn’t suffer from L2 leakage like Ethereum.

But Solana doesn’t have the same neutrality, decentralization, or censorship-resistant premium that Ethereum has.

Worse, we make fun of the EF for dumping $ETH, but we don’t even really know how much the Solana Foundation holds (and sells) in $SOL.

Their last 'Transparency Report' was published in Aug 2020

Whales also seem to prefer Ethereum for high-value DeFi: Solana has ~$5.2B in TVL vs ~$42B on Ethereum. Even BNB Chain has more.

Solana benefited from memecoins, but it hurt its reputation. And the pivot to perps is a crowded arena, with HL and all major CEXs competing for it.

Tokenization of stocks is amazing, but Ethereum leads in RWAs too.

I still hold some $SOL and want it to do well, but it’s possible $SOL is the new $ETH, and it may take Solana years to find its next engine for growth.

[Yosuke Watanabe (crypt0crypt0) @crypt0crypt0___]

あとで聞きます。

[Sui @SuiNetwork]

We're live.

Following last week's outages related to the 1.72 release, join @EmanAbio and @b1ackd0g as they walk through what happened and the steps taken to restore the network.

@technicaldebtor from the Sui Core Team is also joining to add technical context.

https://t.co/cs8VnY2S1k

[Yosuke Watanabe (crypt0crypt0) @crypt0crypt0___]

BaseがOp stackから独自stackに移行してか、初の独立アップグレードが実施されてるそうです。

詳しくは👇

[あたらしい経済 New economy 公式（幻冬舎） @neweconomy_g]

イーサL2「Base」、初の独立アップグレード「アズール」をメインネットで稼働開始 https://t.co/fNAbQbjrQa #あたらしい経済

[Yosuke Watanabe (crypt0crypt0) @crypt0crypt0___]

Hyperliquid vs Asterは分析しがいのあるテーマかもね

[jussy @jussy_world]

This is interesting…

Hyperliquid generated $1.3B+ in fees with 97% going to buybacks

ASTER generated $450M+ in fees with up to 80% going to buybacks

One work and the other didn’t?

[Yosuke Watanabe (crypt0crypt0) @crypt0crypt0___]

Suiの連続停止について記事にまとめました。ネットワーク停止のきっかけでもあるアドレス・バランスについても解説してます。

詳しくは👇

[あたらしい経済 New economy 公式（幻冬舎） @neweconomy_g]

Sui、約2日間で3度停止した原因を公表。アドレス・バランス関連バグとDKG不具合で https://t.co/7d22rFRicC #あたらしい経済