a sneak peak into our next report on tokenized US funds
> $14.2B total AUM across 48 products
> 8x growth in 24 months (2/3rd in 2026)
> 39,316 distinct holder wallets
top issuers
> Hashnote $2.96B
> Ondo $2.84B
> Franklin Templeton $2.49B
> BlackRock $2.43B
top chains
> Ethereum (50%)
> BNB Chain (22%)
> Stellar $1.31B (9%)
this past weekend hyperliquid brent crude was within six cents or 6bps of the cme futures open
10 weeks earlier, during another weekend geopolitical event, hyperliquid brent perps captured only 29% of the move and were $11.90 off the open - still way better than the cme friday close
my bet is the 11x increase in weekend brent perp volume, from $57m to $624m improved cme open accuracy (note the May event has an extra day of weekend trading due to holiday)
as more volume flows into tokenized assets, weekend markets should get increasingly accurate at predicting us market opens as we're already seeing
this past weekend hyperliquid brent crude was within six cents or 6bps of the cme futures open
10 weeks earlier, during another weekend geopolitical event, hyperliquid brent perps captured only 29% of the move and were $11.90 off the open - still way better than the cme friday close
my bet is the 11x increase in weekend brent perp volume, from $57m to $624m improved cme open accuracy (note the May event has an extra day of weekend trading due to holiday)
as more volume flows into tokenized assets, weekend markets should get increasingly accurate at predicting us market opens as we're already seeing
the amazing thing about hyperliquid is that you can track smart money to inform your stock trades
I'm tracking the top 50 HIP-3 traders and this is what they're doing:
long US markets, cautious with metals, and bearish on oil/chips
> net long: 62/38 split
> most long: SP500
> also long metals, suggesting some defensive positioning
> Main shorts: crude oil and chipmakers, especially MU, Brent, WTI, and INTC
not financial advice
How you pick a supply denominator moves a crypto valuation more than most other assumptions.
For hyperliquid:native: same business value we estimate of $25.8B, divided across six candidate supply numbers, produces price targets from $26 (FDV) to $105 (circulating only) / token.
We think FDV is the wrong supply number to anchor the analysis.
In our opinion, using FDV supply is like valuing Apple based on its shares authorized of 50 billion. However, the market values it on the 15 billion currently outstanding.
Crypto should use the same playbook for projects building real businesses.
Let's break down HYPE supply mechanics as an example👇🧵
not financial advice.
@EricBalchunas agreed, it will distribute access to US markets across the world and 24/7 around the clock
We’re already seeing it in the data
https://t.co/G6d32A4EPm