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Despite the recent continuous decline of Bitcoin and Ethereum, the ETF product tracking the Hyperliquid ecosystem token HYPE has seen a surge in funding. The HYPE spot ETFs launched by Bitwise and 21Shares in May of this year (with codes BHYP and THYP respectively) attracted nearly $150 million in asset inflows within a few days of listing, achieving net inflows on most trading days. Grayscale's Hyperliquid Staking ETF (HYPG), launched this week, currently has assets totaling $4.5 million.Bitwise Chief Investment Officer Matt Hougan stated that Hyperliquid's market penetration is currently only about 1%, and most investors are still unfamiliar with the project. Hyperliquid is a decentralized perpetual contract trading platform built on an independent blockchain, which rapidly rose to prominence during the U.S.-Iran conflict last year by providing weekend crude oil trading channels, with trading volumes reaching about $1 billion per day at one point.Grayscale Research Director Zach Pandl noted that the HYPE ETF attracts more new investors who have not previously participated in the crypto market, rather than capital rotation from Bitcoin. Analysts believe that Hyperliquid's biggest appeal lies in its unique value capture mechanism—99% of the platform's generated fee revenue will be used to repurchase HYPE tokens, similar to stock buybacks by listed companies, creating a direct link between platform activity and token value, making it easier for traditional equity investors to understand.As of now, the 21Shares Hyperliquid ETF has assets under management of $75.8 million, while the Bitwise Hyperliquid ETF has $71.14 million. Industry insiders believe that spot ETFs are becoming an important bridge connecting traditional finance and DeFi, helping to enhance the visibility of the Hyperliquid platform and promote mainstream adoption. However, analysts also remind that Hyperliquid cannot be used directly in the U.S. yet, and regulatory approval may not come until 2027, while competition from traditional finance and DeFi platforms may continue to intensify.

According to Coinglass data, if BTC breaks through $63,477, the cumulative short liquidation intensity on mainstream CEX will reach $1.887 billion. Conversely, if BTC falls below $57,493, the cumulative long liquidation intensity on mainstream CEX will reach $1.515 billion.

According to Coinglass data, if ETH breaks through $1,639, the cumulative short liquidation intensity on mainstream CEX will reach $756 million. Conversely, if ETH falls below $1,486, the cumulative long liquidation intensity on mainstream CEX will reach $511 million.

According to Coinglass data, if ETH breaks through $1,673, the cumulative short liquidation intensity on major CEXs will reach $885 million. Conversely, if ETH falls below $1,515, the cumulative long liquidation intensity on major CEXs will reach $467 million.

According to Coinglass data, if ETH breaks through $1,640, the cumulative short liquidation intensity on mainstream CEX will reach $627 million. Conversely, if ETH falls below $1,486, the cumulative long liquidation intensity on mainstream CEX will reach $256 million.

According to Coinglass data, if BTC breaks through $63,097, the cumulative short liquidation intensity on mainstream CEX will reach $1.101 billion. Conversely, if BTC falls below $57,147, the cumulative long liquidation intensity on mainstream CEX will reach $898 million.

According to Coinglass data, if ETH breaks through $1,698, the cumulative short liquidation intensity on mainstream CEX will reach $619 million. Conversely, if ETH falls below $1,538, the cumulative long liquidation intensity on mainstream CEX will reach $170 million.

According to Coinglass data, if BTC breaks through $63,788, the cumulative short liquidation intensity on major CEX will reach $929 million. Conversely, if BTC falls below $57,802, the cumulative long liquidation intensity on major CEX will reach $480 million.

According to Coinglass data, if ETH breaks through $1,759, the cumulative short liquidation intensity on mainstream CEX will reach $875 million. Conversely, if ETH falls below $1,594, the cumulative long liquidation intensity on mainstream CEX will reach $431 million.

According to Coinglass data, if BTC breaks through $65,640, the cumulative short liquidation intensity on mainstream CEX will reach $1.63 billion. Conversely, if BTC falls below $59,499, the cumulative long liquidation intensity on mainstream CEX will reach $1.13 billion.

The ZEC treasury company Cypherpunk posted on platform X in response to the market fluctuations of the ZEC token, stating that all software has vulnerabilities. Historically, Bitcoin has "over-minted" 18.4 billion BTC due to errors. However, this does not mean that blockchain technology should be abandoned; rather, security should be enhanced through formal verification and provable correctness.Cypherpunk emphasized that with the development of AI technology, vulnerability detection will become faster and broader, but the key lies in who can identify problems before malicious actors do. Zcash demonstrates its capability in this regard through an upcoming update.Previously, it was reported that the privacy coin ZEC faced market sell-offs due to the revelation of a security vulnerability that could potentially lead to unlimited issuance, causing the coin's price to drop over 50% in a single day.

According to Coinglass data, if ETH breaks through $1,814, the cumulative short liquidation intensity on mainstream CEX will reach $820 million. Conversely, if ETH falls below $1,654, the cumulative long liquidation intensity on mainstream CEX will reach $501 million.

According to Coinglass data, if BTC falls below $60,748, the cumulative long liquidation intensity on mainstream CEX will reach $1.801 billion. Conversely, if BTC breaks above $67,072, the cumulative short liquidation intensity on mainstream CEX will reach $1.708 billion.

According to Coinglass data, if ETH breaks through $1,867, the cumulative short liquidation intensity on major CEXs will reach $1.018 billion. Conversely, if ETH falls below $1,691, the cumulative long liquidation intensity on major CEXs will reach $539 million.

According to Coinglass data, if BTC breaks through $67,020, the cumulative short liquidation intensity on mainstream CEX will reach $2.096 billion. Conversely, if BTC falls below $60,720, the cumulative long liquidation intensity on mainstream CEX will reach $1.645 billion.

According to Coinglass data, if ETH breaks through $1,873, the cumulative short liquidation intensity on mainstream CEX will reach $1.061 billion. Conversely, if ETH falls below $1,697, the cumulative long liquidation intensity on mainstream CEX will reach $507 million.

According to Coinglass data, if BTC breaks through $67,394, the cumulative short liquidation intensity on mainstream CEX will reach $2.223 billion. Conversely, if BTC falls below $61,019, the cumulative long liquidation intensity on mainstream CEX will reach $1.511 billion.

According to Coinglass data, if BTC breaks through $65,563, the cumulative short liquidation intensity on mainstream CEX will reach $1.314 billion. Conversely, if BTC falls below $59,371, the cumulative long liquidation intensity on mainstream CEX will reach $789 million.