A little-known sector of the cryptocurrency world is reportedly attracting attention amid a market downturn.
HYPE exchange-traded funds (ETFs) have begun acquiring new assets from investors even as the price of bitcoin declines, CNBC reports. I mentioned Saturday (June 6).
The report said last month, Bitwise and 21 shares Provided spot ETF tracking indicators for HYPE, a decentralized crypto asset that runs on its own blockchain, Hyperliquid. The products are traded under the symbols BHYP and THYP. So far, these companies have acquired about $150 million in assets and have mostly seen days of positive net inflows, CNBC added.
“This is a market whose potential market has been compromised by 1%. Most people still don’t know what hyper liquid is,” Bitwise chief investment officer Matt Hogan He told the network.
According to the report, Hyperliquid is a permanent, 24/7 decentralized futures exchange for traders outside the US. It wasn’t even really known The American war on IranWhen it attracted investors who wanted access to oil markets on weekends.
CNBC confirmed that its reception was difficult to ignore, especially at a time when Bitcoin is so It is subject to a large-scale sale. However, the report said, the money flowing into HYPE is more about investors finding something new than money being rolled over from existing cryptocurrencies.
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“Hyperliquid is bringing new investors from outside the cryptocurrency ecosystem to these specific digital assets. I think it speaks to a very different type of investor than bitcoin,” he said. Zach Bundle, Grayscale Head of Research.
Meanwhile, last week PYMNTS wrote about another area of what appears to be a digital asset market unaffected Due to Bitcoin-driven disruptions: stablecoins.
These currencies are “behaving as if the economic downturn doesn’t matter at all,” the report said, with banks, card networks, fintech companies, and crypto-native companies making a series of moves that signal increased investment “in the next phase of the crisis.” Adoption in the real world“.
The focus has moved toward how programmable dollars can improve the fundamentals of money transfer across networks where timing, liquidity and operational efficiency are most important, PYMNTS continued.
“In many ways, stablecoins have become disconnected from speculation in cryptocurrencies themselves,” this report said. “the Market turmoil The impact on digital asset treasury shares illustrates the difference. Companies that are highly exposed to token price fluctuations continue to act like leveraged crypto proxies. At the same time, stablecoin companies are increasingly positioning themselves as financial infrastructure providers.
