Morning Minute: HYPE Soars to ATH as SPCX Takes Off

Crypto markets are rallying, led by HYPE, after Hyperliquid’s SPCX perpetual contract drew about $1.1 billion in volume and helped HYPE hit a new all-time high near $76.50. Broader sentiment improved as BTC held around $66.4K, ETH, SOL and several altcoins posted gains, and Standard Chartered reiterated a bullish crypto backdrop. The article also highlights Strategy’s continued Bitcoin accumulation: it bought 1,587 BTC for roughly $100 million at an average price of $63,024 while rebuilding its USD reserve to $1.1 billion by selling MSTR stock. On the market-structure side, activity is rotating toward onchain perps and away from centralized spot trading, with CEX volumes at a multi-year low and RWA perps surging. Overall, the tone is bullish for crypto-beta names and supportive of onchain trading venues, while highlighting increasing importance of derivatives and tokenized real-world assets.