🚨 EVERYTHING THAT COULD GO WRONG FOR MARKETS WENT WRONG TODAY.
S&P 500 down -1.65%, wiping out $1.14 trillion.
Nasdaq down -2.60%, wiping out $1.11 trillion.
Gold down -3.38%, wiping out $1 trillion.
Silver down -6.9%, wiping out $280 billion.
Bitcoin down -6.31%, wiping out $80 billion.
In total $2.5 TRILLION wiped out in a single session. These were not isolated moves. Everything started breaking at the same time.
It started with the jobs report this morning.
The US economy added 172,000 jobs in May. Wall Street expected 88,000. That is almost double.
On any normal day, strong jobs is good news. But inflation is already at 3.8% and oil is sitting at $90. A labor market this strong tells the Fed it cannot cut interest rates and may actually need to raise them.
The probability of a rate hike this year went from 40% to 57% in a single day. That spooked every investor holding tech and growth stocks because higher rates mean those stocks are worth less today.
Then the AI trade started cracking.
Yesterday Broadcom reported record earnings: revenue up 48%, AI chip sales up 143% and the stock still crashed 12.6%. The reason was simple.
Broadcom did not raise its AI revenue targets for the year. Investors had expected it to. That single miss made people ask a question they had been avoiding for months: are we paying too much for AI stocks?
That question got louder today when a research firm called SemiAnalysis revealed that Nvidia's next-generation AI chips will need significantly less memory than everyone assumed, roughly half of what the market was pricing in.
Memory chips are what companies like SK Hynix and Samsung make. SK Hynix fell nearly 10% today. Samsung fell over 6%.
South Korea's entire stock market crashed 5.5% in a single session. Japan's semiconductor stocks did the same.
And then Anthropic added fuel to the fire by publishing a report warning that AI is getting close to the point where it can improve itself without human help and calling for a global pause in AI development.
Coming on the same day as the memory demand news and Broadcom's miss, it fed a single growing fear across the market: what if the AI boom is moving faster than the business models can keep up with?
Underneath all of this, there is a liquidity problem nobody is talking about.
SpaceX goes public next week at a $1.75 trillion valuation. Anthropic just filed to go public. OpenAI is next.
These three companies together are worth $4 to $5 trillion. Fund managers need cash to buy into these listings.
But cash levels are already at their lowest since early 2024. The only way to raise cash is to sell what they already own. That selling is happening right now.
The new Fed Chair Kevin Warsh will also hold his very first policy meeting in 11 days. He was appointed by Trump with the expectation of cutting rates.
He is now walking into a situation where inflation is high, oil is high, and the job market is running hot. Investors do not know what he will do.
When nobody knows what the most powerful central banker in the world will decide in less than two weeks, the safest move is to reduce risk today.
Everything that could go wrong, went wrong at the same time. A hot jobs report, a collapsing ceasefire, a crack in the AI trade, a trillion dollar liquidity drain, and a Fed meeting with no clear outcome.
Hyperliquid is the only company in ALL OF CRYPTO
To make over $2B from buying back their own token $HYPE
Meanwhile everyone else:
• Aster spent $187M on buybacks, down over $3M (strategic they only buy dips)
• PumpFun spent $373M on $PUMP, lost $150M on it and then burnt it
• Jupiter spent $87M on $JUP, down $34M
No one has been able to compete with $HYPE
How is this not talked about more?
Grayscale just published a report.
The conclusion made Wall Street analysts go quiet. 😶
$HYPE is cheaper than every single traditional exchange on the planet.
Here's what Grayscale's Head of Research actually found 👇
They compared Hyperliquid against every major exchange in the world.
By a metric called P/E ratio — how much investors pay for every $1 of earnings.
The results were brutal in their clarity. 📊
Price-to-Earnings comparison (last 4 quarters):
🏦 Coinbase → 44x
📈 Robinhood → 37x
🏛️ Interactive Brokers → 34x
📊 CBOE → 29x
🌐 Nasdaq → 25x
⚖️ CME → 24x
🏢 Deutsche Boerse → 21x
🔷 ICE → 20x
🇪🇺 Euronext → 19x
🟢 Hyperliquid → 14x
The cheapest exchange on the list. By a wide margin. 🤯
Now let's put this in plain English:
P/E ratio = how much you pay for $1 of profit.
Coinbase investors pay $44 for every $1 Coinbase earns. Hyperliquid investors pay $14 for every $1 Hyperliquid earns.
Same type of business. Same product category. One-third the price. 📉
And the revenue is real:
Hyperliquid generated trading fees of around $800 million last year — confirmed by Allium data.
Not projections. Not promises. Actual fees already collected.
From a platform that is still blocked from US users due to regulatory ambiguity. 🇺🇸🚫
That last point is the most important.
Hyperliquid is not yet available to US users due to regulatory ambiguity around perpetual futures and decentralized exchanges. However, recent comments from regulators and ongoing efforts in Congress could change that — and create a meaningful catalyst for further growth.
$800M in annual fees. Zero access to the world's largest capital market.
What happens when that door opens? 🚪
Grayscale's exact conclusion — word for word:
"Regulatory clarity in the US can expand access to Hyperliquid to new users and, in our view, help drive value to the HYPE token."
This isn't a random tweet.
This is Grayscale Research — the firm managing billions in crypto assets — publishing an institutional report saying $HYPE looks undervalued compared to its peers.
The full picture:
✅ Cheaper than every comparable exchange by P/E ✅ $800M annual fees already generated
✅ US market still locked out — not yet priced in
✅ Permissionless ecosystem: spot, perps, prediction markets, pre-IPO futures all on one platform
✅ Grayscale actively filing its own HYPE ETF while publishing this analysis
When the institution building the ETF also calls the asset undervalued in a public research report?
That's not noise. 🎯
⚠️Not financial advice. Always DYOR.
I met with Jeff today and he gave me some advice.
Had a little chitty chatty with him, we didn't talk for long, but he dropped a gem right as the conversation was ending.
I'll share it with you for free.
Here is what Jeff told me: "For anyone who wants to build generational wealth, they pretty much need to do just one thing right now. Sell everything they have and buy $Hype."
So if you're ready to build generational wealth, you're welcome.
Hyperliquid.
Been thinking about hyperliquid:native at $72 and the more I think about it, the more obvious the trade becomes.
Most people still regard Hyperliquid as a "perp DEX" that could "maybe kill Binance".
Hyperliquid is absorbing so many businesses, it's crazy to actually list them all.
Start with CEXs, the obvious play that everyone knows.
There is no reason to touch a CEX in 2026 anymore, the market has already acknowledged that.
CZ knows he's cooked and Binance won't survive, which is why he tried to make Aster a success. FAILED.
BNB to be absorbed alone is a $95b valuation that HYPE could eat.
But Hyperliquid is a far better product than CEXs, everyone knows that at this point.
On Hyperliquid you can deposit and withdraw spot tokens freely.
No "we've paused withdrawals," no proving your funds exist, no need to pray the exchange is actually solvent.
Binance, Coinbase, the whole cartel, they're offering a worse product with more counterparty risk. That entire business is getting absorbed.
Then the next play is HIP-3..
Permissionless markets, any asset, instant settlement, plugged into billions in existing liquidity.
Equity perps, treasuries, RWAs, all live.
The entire tradfi stack is coming on-chain, stocks, bonds, commodities, FX etc.
And it's settling on Hyperliquid, this is ALREADY HAPPENING.
Onramping to Hyperliquid is easier than a brokerage.
If you have ever tried opening a brokerage account in 2026 you will know what I mean.. the endless questionnaires.
Risk "appropriateness" tests, settlement delays, NO TRADING ON WEEKENDS OR AFTER-MARKET HOURS EVEN.
Hyperliquid is 24/7, settles instantly, and your margin actually earns.
It's a strictly better product.
It's only a matter of time until tradfi gets their lunch eaten, ALL BROKERAGES WILL DIE AT THE HAND OF HYPERLIQUID.
Then HIP-4 dropped and went straight for prediction markets.
Polymarket and Kalshi, fully onchain, with orderbook depth they can't match.
Still early phases I admit but so was HIP-3 when it first came out and now it does billions of volume daily.
So actually add up the addressable market.
Every centralized exchange, every prediction market, every sportsbook, every stock broker, every futures and FX venue.
What could the potential valuation of hyperliquid:native be?
TRILLIONS.
It's a business with a truly infinite upside potential/ceiling for once, it's extremely hard to find anything similar to it.
The last real bear case was legal risk, I could understand that.
But that's GONE NOW.
The CFTC has cleared the path, Hyperliquid is operating fully legal.
And the core reason it wins: composability requires shared state.
You can only build money legos on one execution layer.
Not across a dozen fragmented chains and bridges that turn into attack vectors.
Ethereum set out to be the settlement layer for all of finance, it couldn't execute.
Hyperliquid is becoming exactly what ETH was supposed to be.
The best products win in the end.
All roads lead to hyperliquid:native.
Nick O'Neill says his official price target on HYPE is infinity
"They keep buying back hyperliquid:native with all their profit. How does this not go up to infinity? That's my price target"
"I'm currently holding $20,000 worth of HYPE, that means I'm going to end up on the Forbes billionaire list when I hit infinity"
"I'm kind of concerned about the amount of Bitcoin I have at the moment. Would I rather hold HYPE or Bitcoin?"
"The clear answer is Hyperliquid"
We are the number one token by trading volume this month across Ethereum and Solana!
$ASTEROID has done ~$315M in volume across 12 pools. Excluding our two highest volume days this month, we still had ~$266M monthly volume!
This is what an organic community looks like.
Small streams make big rivers.
Once upon a time, the CTO team wondered how large a $5,000 donation could become.
This past month, that dream became a $600,000 check to @StJude.
Our community is making real, positive impact on the world.
Be proud and stand tall, $ASTEROID believers.