Michael Nadeau, founder of The DeFi Report, says he remains bullish on 
Hyperliquid over the long run, but argues the latest move in HYPE looks 
mistimed. In a post on X, he said the market is leaning too hard into the 
bullish narrative just as on-chain activity and positioning data begin to 
soften. Nadeau’s central point is not that Hyperliquid is broken. It is that 
the recent strength in HYPE may have outrun what the underlying data currently 
supports. “I’m a fan of both @Globalflows and HYPE, but think he’s early 
here,” Nadeau wrote. He added that HYPE had “been strong in the bear market 
(outperforming BTC) because of its token economics + the ‘TradFi/Oil futures’ 
narrative,” before arguing that “the reality is that Hyperliquid looks like a 
‘risk-off’ chain, just like the rest of crypto.” Bullish Hyperliquid Long 
Term, But Not Now That distinction matters. Hyperliquid presents itself as a 
high-performance layer-1 built for a fully on-chain financial system, with on- 
chain order books for perpetuals and spot markets. Bulls have also focused on 
HYPE’s design: Hyperliquid says trading fees are directed to the community, 
while its assistance fund converts fees into HYPE and burns those tokens, and 
stakers can receive trading-fee discounts. In other words, when Nadeau 
mentions “token economics,” he is referring to the structural features that 
have made HYPE attractive even in a difficult market. Related Reading: Weiss 
Crypto Flags 3 Key Risks For Hyperliquid And HYPE He also briefly points to 
the “TradFi/Oil futures” narrative, which has become one of the more powerful 
stories around Hyperliquid in recent weeks. The platform’s pitch is that it 
can extend crypto’s 24/7 market structure into more traditional assets, and 
oil-linked perpetuals on Hyperliquid saw a burst of attention during the 
recent geopolitical shock around Iran, when traders used the venue to price 
crude outside normal exchange hours. That backdrop helped feed the idea that 
Hyperliquid was becoming a real-time macro trading venue rather than just 
another crypto chain. Nadeau’s pushback is that the numbers no longer line up 
neatly with that narrative. “Fees are down 56%. Volumes are down 55%. Open 
interest is down 44%. Bridged assets are down 32%,” he wrote, adding that 
there had been “very few inflows over the last 30 days.” These numbers are 
key. Fees and volume speak to how much actual trading is happening. Open 
interest tracks how much derivatives exposure is still outstanding. Bridged 
assets are a rough signal for how much capital is moving onto the network. He 
sharpened the point further by saying, “The reality is it’s the same 50k users 
on HYPE that we saw last year.” That is a blunt way of framing the concern: 
price may be running on narrative expansion while user growth and capital 
inflows remain comparatively flat. Related Reading: Hyperliquid Looks Like 
Solana At $20 Last Cycle, Daniel Cheung Says Nadeau then shifts from 
fundamentals to market structure. He says oil futures volume on Hyperliquid 
peaked on March 9 and has trended lower since, undercutting one of the main 
catalysts behind the move. At the same time, he argues HYPE is “locally 
overbought,” citing an RSI of 67 and says the token is running into resistance 
at its 50-week moving average, a longer-term technical level many chart 
watchers treat as an important trend line. His skepticism extends to PURR as 
well. PURR, now trading on Nasdaq as Hyperliquid Strategies Inc., describes 
itself as a digital-asset treasury company focused on accumulating HYPE and 
giving US and institutional investors exposure to the token. Nadeau called 
buying that vehicle in a “risk-off bear market” a “head-scratcher,” especially 
because, in his view, there is still little evidence that traditional finance 
is urgently chasing HYPE exposure. He noted that HYPE is up 93% since January 
20, while PURR has gained 87% over the same period. The net result is a 
measured warning, not a bearish capitulation. Nadeau is still “bullish long 
term,” but for now he is “fading the recent action.” For traders, that leaves 
a clear takeaway: the long-term Hyperliquid thesis may still be intact, but in 
his view the short-term setup no longer offers an especially attractive entry. 
At press time, HYPE traded at $41.031. Featured image created with DALL.E, 
chart from TradingView.com

Analyst Says Hyperliquid Isn’t A Buy Right Now: Here’s Why

Vietnam&#8217;s move to regulate crypto exchanges could enhance domestic economic 
control, reduce capital outflows, and challenge foreign dominance.
The post Vietnam shortlists firms for first regulated crypto platforms 
appeared first on Crypto Briefing.

Vietnam shortlists firms for first regulated crypto platforms

A UK resident has accused his estranged wife of stealing over 2,323 Bitcoin 
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UK man accuses estranged wife of stealing 2,323 Bitcoin using hidden camera

Paypal just turned its stablecoin into a global contender, pushing PYUSD into 
dozens of new markets in a single sweep. Paypal Broadens Crypto Push With 
PYUSD Rollout Across Emerging Markets Paypal is expanding access to its 
dollar-pegged stablecoin, PYUSD, to users in 68 additional countries, bringing 
total availability to 70, according to a March 17 […]

Report: Paypal Expands PYUSD Stablecoin to Nearly 70 Countries, Targeting Global Payments

PayPal&#8217;s expansion of PYUSD access could significantly enhance financial 
inclusion and streamline cross-border transactions globally.
The post PayPal expanding PYUSD stablecoin access to 70 countries: Report 
appeared first on Crypto Briefing.

Cryptocurrency price in TWD