Morning Minute is a daily newsletter written by Tyler Warner.
The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt
And check out our new daily news show covering all of the top stories in 5 minutes, downloadable on Apple Pod or Spotify. GM! Today’s top news: – Crypto majors continue rally with HYPE leading the way; BTC at $66.4k – HYPE hits new ATH at $76.50 after SPCX sees after-market price discovery and $1.1B in volume – Ventuals shuts down shop on Hyperliquid, removes Anthropic and OpenAI perps – Saylor buys another $100M in BTC, raises another $100M in cash in 2nd week of 50/50 deployment – CEX volumes hit 2-year low as DEX and Perps volumes rise 🚀 HYPE Hits a Record High as SpaceX Volume Pours Into Hyperliquid Hyperliquid’s HYPE token hit a new all-time high of $76.50 overnight, up 12% on the day.
The driver seems to be SpaceX. With Nasdaq closed, the after-hours price discovery for the year’s biggest IPO has been running on Hyperliquid’s 24/7 SPCX perp, which did about $1.1 billion in volume and climbed roughly 23% to around $209 (soaring as high as $230 last night). That made the tokenized SpaceX contract the third-biggest market on the entire platform, behind only Bitcoin and Ether, and ahead of Solana and even HYPE’s own book.