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Wall Street just made a serious statement.
Cantor Fitzgerald released a rare 62-page research report projecting Hyperliquid’s $HYPE token could reach a $200 billion market cap within the next decade. That’s not hype — that’s institutional math.
The model is simple but powerful:
👉 $5 billion in annual revenue
👉 50x earnings multiple
👉 $200B valuation
More importantly, Cantor isn’t treating Hyperliquid like a speculative DeFi experiment. They’re valuing it as core trading infrastructure, comparable to global exchanges.
Why This Report Matters
Big banks don’t spend 62 pages analyzing protocols they think will disappear.
This marks one of the deepest dives by a major Wall Street firm into decentralized perpetual futures infrastructure — and it signals a shift in how TradFi is approaching on-chain markets.
Hyperliquid runs a decentralized perp exchange on its own custom Layer-1. In 2025 YTD alone, the platform has already processed nearly $3 trillion in volume, generating around $874 million in fees.
Here’s the key part most people miss:
~99% of protocol fees are returned to the ecosystem via buybacks and burns, directly tying usage to HYPE’s value.
Liquidity Is the Moat
Cantor calls Hyperliquid a potential “exchange of all exchanges.”
Their thesis? Liquidity wins. Always.
The report assumes:
15% annual volume growth
$12 trillion in annual volume within 10 years
Expansion across perpetuals, spot markets, and HIP-3 products
Competition is the main risk — but Cantor believes it’s overstated. Traders chasing incentives (“point tourists”) eventually return to platforms with deep liquidity and best execution.
Even a 1% market share shift from centralized exchanges could add:
$600B in trading volume
$270M+ in annual fees
TradFi Exposure to $HYPE
Cantor also initiated Overweight coverage on two Hyperliquid-linked digital asset treasuries:
Hyperliquid Strategies (PURR) – PT: $5
Hyperion DeFi (HYPD) – PT: $4
Both hold HYPE to generate staking yield and provide regulated equity exposure to the protocol. They currently trade at discounts to NAV — something Cantor views as an opportunity.
Market Disconnect Is Still Here
Despite the bullish thesis, HYPE is still ~53% below its highs.
That disconnect between price and positioning hasn’t gone unnoticed.
As one user put it:$Hype
> “Wall Street doesn’t waste 62 pages on protocols they think will die. $26.84 with Cantor’s reputation behind it is the setup.”
Bigger Picture
This report isn’t just about Hyperliquid.
It reflects a broader shift: crypto is being analyzed with equity-style models, revenue frameworks, and infrastructure comparisons.
Cantor’s message is clear — decentralized perpetual exchanges are moving from the edges of crypto into its core.
And Hyperliquid is being positioned as one of the main winners.

Chainlink is flashing a rare disconnect.
Despite zero ETF outflows and heavy whale accumulation, LINK’s price continues to bleed — leaving many investors asking one question:
What’s holding it back, and what could flip the trend?
Chainlink ETF Shows Unusual Strength
Grayscale’s spot Chainlink ETF, launched on December 2, is quietly outperforming expectations.
$37.05M inflows on day one
$54.69M total net inflows
Zero outflows since launch
Even more interesting?
LINK’s ETF has now surpassed Dogecoin and Litecoin ETFs in cumulative inflows, despite those products launching much earlier.
This is happening while:
Bitcoin ETFs saw $357M in outflows
Ethereum ETFs lost $224M in a single day
Against a weakening ETF backdrop, Chainlink remains one of the few altcoins holding institutional attention.
Whales Are Accumulating Aggressively
On-chain data adds another bullish layer.
According to Santiment:
The top 100 LINK wallets accumulated 20.46M LINK
That’s roughly $263M worth
Accumulation has been steady since November 1
This signals strong conviction from large holders, even as price action remains weak.
So Why Is LINK Still Falling?
Despite these positives, LINK has:
Dropped 11.1% over the past month
Fell another 6% today
Currently trading near $12.78
The reason?
Short-term market pressure and broad risk-off sentiment are overpowering fundamentals — for now.
Catalysts That Could Change Everything
Several upcoming developments could act as a trigger:
1. Real-World Asset Tokenization The SEC recently issued a no-action letter approving a three-year asset tokenization pilot program.
While blockchains haven’t been named yet, many analysts believe Chainlink is a top contender due to its role in secure data feeds and interoperability.
2. Institutional Thesis Remains Intact Grayscale’s 2026 outlook highlights LINK as a key beneficiary of:
Stablecoin growth
Asset tokenization
DeFi expansion
One analyst summed it up clearly:
> “ETH and LINK are the backbone of on-chain finance tied to real-world assets. If that thesis plays out, buying during weakness is the simple move.”$LINK
$BTC
$ETH
Bottom Line
Price action looks weak — but the foundation is strengthening.
ETF demand is holding firm
Whales are accumulating, not distributing
Institutional use cases are expanding
LINK may be lagging today, but when fundamentals finally catch up to price, the move could be aggressive.
Sometimes the quiet accumulation phase comes right before the loud breakout.

Something important just happened in traditional markets — and crypto traders should be paying attention.
The Russell 2000 Value Index has officially printed a new all-time high, a move that historically hasn’t gone unnoticed by Bitcoin. Every time small-cap stocks start outperforming, the same question resurfaces:
Is a crypto rally next?
Why the Russell 2000 Matters for Crypto
The Russell 2000 tracks nearly 2,000 U.S. small-cap companies, making it one of the cleanest indicators of risk appetite. When investors move away from mega-caps and into small-caps, it usually signals a shift toward higher-risk, higher-reward assets — a behavior that closely mirrors crypto market cycles.
This week, market analyst Kevin Gordon highlighted the breakout, confirming that the Russell 2000 Value is now trading at record highs. While he cautioned that history doesn’t guarantee future returns, crypto traders know this pattern well.
Historically, strong small-cap performance has often aligned with bullish Bitcoin phases.
A Pattern Bitcoin Traders Can’t Ignore
According to Swissblock’s Bitcoin Vector, a similar setup played out in late 2020. Back then, the Russell 2000 flipped long-term resistance into support — and soon after, Bitcoin exploded nearly 380%.
> “Last time this structure appeared, BTC delivered over 390% upside.”
While today’s macro environment is different, the report notes that markets once again appear positioned ahead of potential liquidity expansion — conditions that have traditionally favored Bitcoin and other risk assets.
Other analysts agree:
RogueMacro points out that in all three previous instances where the Russell 2000 made new highs, Bitcoin followed with its own breakout
Ash Crypto adds that Ethereum has historically shown strength shortly after similar moves
Altcoins Could Benefit Even More
The story doesn’t stop with Bitcoin.
Analyst Cryptocium highlighted a recurring trend: when the iShares Russell 2000 ETF breaks above prior highs, the altcoin market (excluding BTC and ETH) tends to surge. This pattern appeared clearly in 2017 and again in 2021.
If history rhymes, some traders are already looking beyond Bitcoin — eyeing a potential altcoin expansion phase heading into 2026.
But There’s a Catch…
Despite the bullish technical signal, cracks are forming beneath the surface.
According to Duality Research, small-cap ETFs have seen roughly $19.5 billion in net outflows this year — a sharp contrast to past rallies that were supported by strong capital inflows.
Even more concerning:
Nearly 40% of Russell 2000 companies reported negative earnings over the last 12 months
That figure is near post-financial-crisis levels
It has more than doubled since 2007, highlighting structural weakness in small-cap fundamentals
This raises an important point: price is moving up, but fundamentals aren’t fully confirming it.$BTC
Correlation Isn’t Timing
Investor Surya summed it up best:
> “It’s a useful analogy; both tend to lag until liquidity broadens and risk appetite rotates down the curve. Timing usually matters more than correlation.”
And that’s the real takeaway.
Final Thoughts
The Russell 2000 hitting a new all-time high is undeniably a risk-on signal — one that has historically favored Bitcoin and altcoins. But this time, the backdrop is more fragile.
For crypto investors, this isn’t a green light to go all-in blindly — it’s a signal to stay alert.
If liquidity expands and risk appetite holds, crypto could be next in line.$BTC
If not, this rally could fade just as fast as it appeared.
History is whispering — but it hasn’t confirmed yet.
$ETH