In a market shaped by geopolitical tension, trade fragmentation, and macro uncertainty, investors are sharpening their focus on fundamentals. Beyond Bitcoin, Ethereum, and Solana, Hyperliquid is drawing attention for what underpins the platform – margins, free cash flow, and token-holder alignment. As our Global Head of Research, Eliézer Ndinga, explains, “We believe this flight to quality points to a K-shaped recovery. Certain assets and themes are set to outperform, while others risk a ‘lost decade’ echoing the post-dot-com shakeout for weaker tech equities.”
HYPERLIQUID IS A LEADING INDICATOR RIGHT NOW
The platform’s surge to new highs demonstrates a broader market reassessment in real time. In just two years, it became the first digital asset integrated into a US ETF, reflecting substantial institutional and retail appetite among US investors for exposure to a 24/7 trading superapp.
Beyond crypto trading, Hyperliquid facilitates 24/7 commodity markets amid geopolitical friction, enabling users to assess demand for pre-IPO contracts such as SpaceX and Cerebras. The latter was one of the most impactful IPO debuts since Uber. Now Hyperliquid allows predictions on macro developments such as CPI, making it a liquid proxy for prediction markets, rivalling Polymarket and Kalshi, which are investments only available in the private market. For a deeper dive on Hyperliquid, head to Eliézer’s latest article on LinkedIn and the team’s write-up on our website.
AND WHAT ELSE OF MAY?
Our monthly observations article is now online and (HYPE aside) covers May’s strong opening for Bitcoin and broader risk assets. Plus the fresh all-time highs hit by the S&P 500 and the NASDAQ-100: cooling tensions in the Middle East prompted growing optimism for a ceasefire, and the potential reopening of the Strait of Hormuz catalyzed a risk-on rally.
IN CASE YOU MISSED IT: 21SHARES IN THE WORLD
CoinDesk covers HYPE
Global Head of Research, Eliézer Ndinga, explains how Hyperliquid ETF demand shows appetite for 24/7 trading.
Macro takes for the NYT
“It is the first time since 2022 that incomes are really failing to keep up with cost of living increases, and helps explain why consumer confidence is at such depressed levels despite the booming stock market” – Our Head of Macro Stephen Coltman speaks to The New York Times about the effects of renewed tensions in the Middle East.
WSJ on treasury yields
Stephen Coltman talks to The Wall Street Journal about the effects of a potential deal between the US and Iran.
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Research Newsletter
Each month the 21Shares Research team will publish our data-driven insights into the crypto asset world through this newsletter. Please direct any comments, questions, and words of feedback to research@21shares.com
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