Exchanges Between the ICE President and Hyperliquid: Should We Really Be Bullish?
HYAlpha Récap #28: Perps Coming to the US, ICE Gets Closer to Hyperliquid, and a Take on Micron Technology
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In this new edition of the Alpha Récap, we cover the week's key insights across the crypto market: major news, yield and airdrop strategies, important data points, and quick analysis - all designed to cut through the noise.
The Alpha Récap highlights the most important alpha from the crypto market each week. Every Friday, we deliver a curated summary of the most valuable insights from our Alpha Feed.
Exclusive to OAK Premium members, the Alpha Feed brings together market insights, yield and airdrop strategies, and key market data points - the very DNA of OAK Research: filtered content that cuts through the noise.
The US Opens Its Arms to Perps
Today, the CFTC approved the very first perp contract in the United States. Specifically, it was Kalshi that received regulatory clearance for a BTC contract. A few hours later, Coinbase announced it had also obtained provisional authorization to connect its clients to crypto derivatives markets through its Deribit subsidiary.
What lies behind this announcement is a considerable stake: in 2025, perps generated nearly $61.7 trillion in volume - a market that has, until now, developed almost exclusively offshore, well beyond the reach of US institutional investors.
In a dedicated Alpha, we break down the implications of this shift for the broader sector, and for Hyperliquid in particular. We explored the various scenarios at play, from a redistribution of volumes toward regulated players to a broader market expansion driven by this new wave of institutional recognition.
We also analyze the constraints that will continue to weigh on platforms operating under regulatory oversight, and why DEXs retain, at this stage, several structural advantages that are difficult to replicate.
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How Should We Read ICE's Overtures Toward Hyperliquid?
The comments made by Jeffrey Sprecher, chairman of ICE - the operator of the NYSE and some of the world's largest commodities markets - generated considerable buzz today. Speaking Wednesday at a Bernstein-hosted conference, he was notably complimentary toward Hyperliquid, praising both the quality of its team and the innovation the platform embodies.
We took the time to unpack what these statements actually mean, and more importantly, what they imply. Because in context, they are far less straightforward than they might appear: it was only a matter of weeks ago that ICE and the CME jointly flagged concerns to the CFTC about certain Hyperliquid activities, particularly around oil markets.
We explain why these two stances are not actually contradictory, and what they reveal about a power dynamic that is likely only just getting started.
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Micron Technology (MU) Crosses $1 Trillion in Market Cap
This week, we covered the surge in Micron Technology's stock, which jumped nearly 20% in a single session following comments from Donald Trump referencing hundreds of millions of dollars in potential investments by the group in New York. In the wake of that news, the company crossed the $1 trillion market cap threshold.
In a dedicated Alpha, we placed this performance within a broader thesis we have been developing over the past several weeks: the market is no longer repricing Nvidia alone, but is gradually repricing the entire AI infrastructure stack.
Micron, a critical player in high-performance memory and semiconductors, stands today as one of the most striking examples of this dynamic. We also detailed why, despite a 220% gain since the start of the year, the company's fundamentals could continue to support an even higher valuation.
