Bitcoin is slipping to a seven‑day low as oil is screaming higher on Iran war 
fears. But the real action is unfolding somewhere else entirely: Hyperliquid, 
where a new class of traders is turning to its tokenised oil perps. 
Hyperliquid And Its Oil Perps At The Center Of The Oil Panic As the Iran war 
scare and Strait of Hormuz risk ignite a fresh oil panic, Brent crude has 
ripped to about 118–119 dollars a barrel, its highest level since 2022. Over 
the weekend and into Monday, Bitcoin did not act as a crisis hedge: it dropped 
as much as roughly 2.4% to around $65.6k, a seven‑day low, even as oil 
exploded higher. In this context, on‑chain, traders rotated into Hyperliquid’s 
tokenised oil perpetuals, where crude surged about 18% in a week and contract 
volume and open interest jumped more than 18x and 5x as conflict headlines 
hit. Related Reading: WAR Token Explodes 100%, Then Crashes 20% In Sudden 
Sell-Off “Pandora’s Box Is Open” The fears that stem from the current 
geopolitical chaos do not know or care about Wall Street’s business hours. Our 
convulsed times seem to finally have outgrown TradFi, as traders search for 
alternatives to act as fast as their unrest demands. Jung Hyunsun, CEO of 
Hyperliquid treasury firm Hyperion DeFi, told DL News that the “Pandora’s box 
is open”. As traders run into tokenised oil perps, Jung believes that: The 
narrative around onchain financial services is changing. He points out that 
tokenised traditional assets like oil, metals and currencies have made up as 
much as 30% of Hyperliquid’s daily volume during peak periods, turning the DEX 
into a direct venue for macro trades rather than a “DeFi casino”. Jung adds 
that, while pseudonymous accounts make it hard to quantify, more traditional 
finance desks are quietly using Hyperliquid for hedging and price discovery, 
echoing comments from Coinbase’s Kenny Chan and CF Benchmarks’ Gabe Selby 
about the surge in tokenised asset trading. Related Reading: 43% of Bitcoin 
Supply Is In Loss As Market Nears Bear Territory What This Means For Bitcoin 
As Iran war jitters are forcing Bitcoin to trade like any other high‑beta risk 
asset, with flows rotating into gold rather than BTC during the first leg of 
the conflict, Hyperliquid and similar derivatives DEXs now blur the line 
between “DeFi casino” and full‑stack macro venue, letting traders express 
views on war, energy, FX and crypto from the same on‑chain interface. For 
Bitcoin, the question is no longer just “Is it digital gold?” but: Is it 
losing its monopoly on the crypto‑macro narrative to infrastructure layers 
that move faster and list anything, from barrels and basis trades to outright 
war risk? The irony, however, its apparent: all this activity hasn’t saved the 
native HYPE token, which still trades just over 30 dollars, nearly 50% below 
its September high. HYPE&#8217;s price trends to the downside on the daily chart. 
Source: HYPEUSD on Tradingview Cover image from ChatGPT, HYPEUSD chart from 
Tradingview

Hyperliquid Traders Rise in Arms as Bitcoin Hits 7-Day Low And Oil Soars

The Zcash token rose 4.1% to $217.80 on news of the $25 million funding round 
and is now up 9.8% over the last 24 hours.

Zcash devs raise $25M from major VCs months after ECC split

More than 95% of bitcoin’s total supply has now been mined, leaving just 1 
million coins to be produced over the next century as the network’s programmed 
scarcity tightens and issuance slows through future halving cycles. Bitcoin 
Supply Milestone Highlights Scarcity Built Into Protocol Bitcoin’s circulating 
supply has reached 20 million BTC, leaving 1 million […]

Bitcoin Supply Hits 20 Million BTC After 6,267 Days, Final Coins Stretch Across 114 Years

Altcoins have been under sustained pressure for months as the broader crypto 
market continues to grapple with a prolonged bear phase that began after the 
2021 bull cycle. While Bitcoin has managed to preserve a portion of its macro 
uptrend, most alternative cryptocurrencies have struggled to regain momentum, 
with many still trading far below their previous cycle highs. This persistent 
weakness reflects declining liquidity, fading investor appetite for 
speculative assets, and an increasing concentration of capital in Bitcoin. 
Related Reading: The 31,900 Bitcoin Purge: Why March 4 Marked An Institutional 
Bitcoin Floor According to a recent CryptoQuant report, understanding the 
condition of altcoins has become just as important as tracking Bitcoin’s price 
movements when evaluating the overall health of the crypto market. One 
indicator that provides insight into this dynamic is the “Altcoins Near ATL” 
metric, which measures the percentage of altcoins currently trading close to 
their all-time low levels. In this framework, altcoins refer to all 
cryptocurrencies excluding Bitcoin, Ethereum, and stablecoins. The chart, 
developed by CryptoQuant Verified Author Darkfost, highlights the scale of the 
current market stress. Data shows that approximately 38% of altcoins are 
trading near their historical lows. In practical terms, nearly four out of ten 
altcoins are hovering close to their weakest price levels since launch. Such 
readings typically emerge during periods of extreme market stress, when risk 
appetite deteriorates and investors rotate capital toward larger, more 
established assets. Extreme ATL Readings Reflect Stress Across the Altcoin 
Market The report explains that elevated readings in the “Altcoins Near ATL” 
metric typically emerge during periods of intense market stress. When a large 
percentage of altcoins trade close to their all-time lows, it signals that 
many assets are locked in prolonged downtrends and that investor sentiment 
toward higher-risk cryptocurrencies has deteriorated significantly. A major 
factor behind this dynamic is the concentration of capital in Bitcoin. 
Institutional inflows—particularly through spot Bitcoin ETFs—have increasingly 
drawn liquidity toward BTC, leaving many smaller tokens struggling to attract 
fresh demand. As more capital flows into Bitcoin, the relative share of 
investment directed toward altcoins shrinks. Related Reading: Post-Crash 
Purge: XRP’s 60% Valuation Reset Meets a Record Low in Exchange Liquidity At 
the same time, the number of cryptocurrencies available in the market has 
expanded rapidly in recent years. This growing supply of tokens intensifies 
competition for capital, meaning that liquidity is spread across a larger 
universe of assets. As a result, many projects fail to secure sustained 
investor interest, increasing the likelihood of prolonged price declines. 
Macroeconomic conditions also contribute to this environment. Higher interest 
rates and tighter liquidity conditions tend to reduce risk appetite across 
financial markets. Under such circumstances, investors typically rotate toward 
larger and more established assets while speculative tokens face stronger 
selling pressure. Historically, however, extreme ATL readings have sometimes 
appeared near the later stages of market cycles, when selling pressure is 
already largely absorbed. Altcoins Struggle To Hold Key Support The weekly 
chart of the total cryptocurrency market capitalization excluding the top 10 
assets highlights the prolonged weakness across the broader altcoin sector. 
Currently sitting near $170 billion, this segment of the market remains 
significantly below the peaks recorded during previous cycles, reflecting the 
sustained underperformance of smaller cryptocurrencies. After reaching highs 
near $450 billion in early 2022, the altcoin market experienced a steep 
decline during the broader bear market that followed the collapse of several 
major crypto firms and tightening global liquidity. Although the sector staged 
a recovery throughout 2024 and early 2025—briefly pushing market 
capitalization back toward the $400 billion region—momentum faded again in 
late 2025, leading to the current downturn. Related Reading: The $73,000 Test: 
Crowded Shorts And Negative Funding Fueled Bitcoin’s 15% Recovery Technically, 
the market cap is now trading below the 50-week and 100-week moving averages, 
both of which are sloping downward and acting as resistance levels. The 
200-week moving average sits near the $200 billion region, forming a critical 
structural level that altcoins have recently lost. This breakdown reinforces 
the broader bearish structure that has persisted across much of the sector. 
From a structural perspective, the chart continues to display a pattern of 
lower highs and declining momentum. Unless the market can reclaim the 
$200–$220 billion region, altcoins may remain trapped in a prolonged 
consolidation phase while liquidity continues to concentrate in larger assets 
such as Bitcoin. Featured image from ChatGPT, chart from TradingView.com

Altcoins Approach Historic Stress Levels as 38% of Tokens Near All-Time Lows

Tokenized equities are moving closer to mainstream finance as Nasdaq and 
Payward team up to build a gateway linking regulated stock markets with open 
blockchain networks, potentially allowing programmable shares to circulate 
across institutional and decentralized ecosystems. Kraken Teams With Nasdaq on 
Tokenized Stock Infrastructure A new gateway linking tokenized equity markets 
with decentralized blockchain […]

Cryptocurrency price in SAR