Jump Trading’s CIO, Dave Olsen, indicated that Hyperliquid is the first significant competitor to Binance, having gained substantial traction in the Bitcoin perpetual market with an open interest of nearly 3 billion USD by June 2025.
The performance of Hyperliquid’s token, HYPE, has significantly outpaced Binance’s BNB, with gains over 300% since April. This substantial increase highlights the shifting dynamics within the crypto market, drawing attention to regulatory considerations for U.S. Engagement.
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