HYPE jumped 8% when the NYSE's parent bought into Trade.xyz, then gave it all back; the $20M long bought at the top is still holding
On Oct 29, Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, said it is taking a stake in Trade.xyz. According to CryptoSlate, ICE is buying a minority equity stake and plans a US-regulated perpetual futures market built on Hyperliquid's infrastructure. It still needs approval from the Commodity Futures Trading Commission (CFTC), and no launch date has been given.
Trade.xyz is the issuer behind Hyperliquid's US stock perps: Intel, Tesla, the S&P 500. ICE is buying its equity, not HYPE.
Up 8%, then all of it back
HYPE on Hyperliquid:
- Midday Oct 29 (12:00 UTC): around 89.7.
- 16:00 UTC: high of 97.11, 0.9% short of the 98.00 record from Sep 23. Taker volume from 15:00 to 18:00 was $634M.
- Then down: around 89 by the close on Oct 30, a low of 86.24 on Oct 31.
- Now 87.6, 9.8% below the top, and below where it was before the news.
According to 24/7 Wall St., two large holders sold about 1.2 million HYPE, roughly $109M, after the news.
The ones who bought the top
The biggest long opened in those three hours was 0x97f8…89d9: $20M at an average of 96.18, almost exactly the high. Three days later it hasn't sold any. It's now 10x long $18.4M, down $1.68M. Its margin is thick; liquidation is around 51.
0x75ec…24b8 opened a $4.68M long at 94.89. At 09:00 UTC on Oct 31 it sold most of it around 87.3, a $164K loss, sold the rest that night, and emptied the account.
Someone did trade it well: 0x577a…0568 bought $10.45M around 94.9 and sold all of it within the same three hours, up $49K.
What to watch
Below, a layer of longs liquidates between 83 and 84. The largest is 0x9546…181c: 10x long $17.6M from 86.01, liquidation 82.88. There are no short liquidations within 12% above. Funding is still 33% annualized, so longs are still paying.
Our call in today's daily analysis: HYPE touches 84 before Monday's close.
Live data: HYPE page.
Data: Hyperliquid on-chain trades and positions, compiled by CryptoAnimon. Positions and prices as of about 05:10 UTC on Nov 1. ICE stake as reported by CryptoSlate; large-holder sales as reported by 24/7 Wall St.
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