Hyperliquid Gets TradFi’s Attention

Welcome back to The Warmup.

Happy Friday! Crypto investors don’t even talk about price anymore, they just look at you like this.

Here’s what we’re watching:

• Market Snapshot

• Hyperliquid Gets TradFi’s Attention

• BTC Bounce Setup

• JPMorgan Says the Debasement Trade Dying

Market: Green across the board, with gold leading and crypto holding strong.

Hyperliquid Gets TradFi’s Attention

What’s going on:

Jeff Sprecher, founder of ICE and the man behind the modern NYSE, just gave Hyperliquid major respect.

He said Hyperliquid is bigger than Nasdaq by volume, was built by just 11 people, and “can’t be ignored.”

The biggest example? Oil.

Hyperliquid trades crude oil perps on weekends, while traditional markets are closed. That matters because major Iran-related price moves have happened over weekends.

In other words, Hyperliquid was open while TradFi was asleep.

What it means:

Hyperliquid is starting to look less like a crypto experiment and more like a real market structure threat.

Institutions may not be trading onchain yet, but they’re watching the price discovery closely.

And if markets keep moving toward 24/7 trading, Hyperliquid could become one of crypto’s most important exchanges.

BTC Bounce Setup

What’s going on:

BTC is trading near $73K, right at the bottom of its rising channel.

Price is still below the 50-day EMA around $76.3K, and RSI is weak, so this is a bounce setup, not a confirmed reversal.

Key levels we’re watching:

• Support: $72K–$73K → bounce zone

• Resistance: $76.3K → 50-day EMA

• Upside target: $80K–$84K → if momentum returns

• Breakdown risk: Close below $72K → channel breaks down

Directional Bias: Cautiously bullish

BTC is in a decent spot for a tactical long, but bulls need to reclaim the 50-day EMA to show real strength.

What we’re waiting for:

• Buyer reaction near $72K–$73K

• Reclaim of $76.3K

• RSI stabilization

• Tight risk management below the channel

JPMorgan Says the Debasement Trade Dying

What’s going on:

JPMorgan says the “debasement trade” is losing momentum.

That’s the idea of buying Bitcoin and gold as protection against inflation, currency weakness, and geopolitical chaos.

Over the past two weeks, both Bitcoin and gold ETFs have seen outflows, while institutional futures positions have weakened too.

JPMorgan thinks investors may be betting that U.S.-Iran tensions could ease, reducing the need for hedge assets.

What it means:

The short-term hedge narrative is getting tested.

Gold held up better, stocks outperformed, and Bitcoin did not exactly shine during the Iran conflict.

But the bigger Bitcoin thesis was never just about one geopolitical event.

The real test is whether BTC can protect investors over years of inflation, debt growth, and currency debasement.

That story is not over yet.

• NYSE parent ICE held multiple talks with Hyperliquid to evaluate onchain perps market

• Base launches Azul on mainnet, pushing Coinbase's Ethereum L2

• Aave Labs secures dual UK licenses for regulated crypto payments infrastructure through local subsidiary

Hyperliquid’s story is that crypto is finally starting to look less like pure speculation and more like real businesses with revenue, users, and token value capture.

The biggest reason investors are rotating into HYPE is simple: strong demand is flowing into a relatively small asset, especially now that Bitwise’s ETF gives more investors easier access.

The deeper takeaway is that Hyperliquid may be one of the first true “Gen 2” tokens, where growth actually flows back to token holders through buybacks and better tokenomics.

If this works, HYPE may not just be a winning trade, it could become the blueprint for the next generation of crypto assets.

— The Warmup Team

Always do your own research. This newsletter is supplemental material to help educate readers as they make their own decisions. Projects mentioned here are provided to give a potential early-mover advantage.