CEO Jeffrey Sprecher discussing Hyperliquid's trading volume surpassing Nasdaq at a conference.
CEO Jeffrey Sprecher discussing Hyperliquid's trading volume surpassing Nasdaq at a conference.
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Ice ceo says hyperliquid bigger than nasdaq

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Jeffrey Sprecher, chief executive of Intercontinental Exchange, described the decentralized crypto platform Hyperliquid as bigger than Nasdaq in trading activity during a May 27 conference appearance.

Sprecher made the remarks in a fireside chat with Bernstein analyst Chinedu Bolu. He highlighted Hyperliquid's small team of 11 people and its dominance of more than 70 percent of the decentralized perpetual futures market. The HYPE token has a market capitalization of roughly $15.1 billion, compared with Nasdaq Inc.'s $50 billion valuation as of May 28.

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Reactions on X focus on ICE CEO Jeffrey Sprecher's claim that Hyperliquid exceeds Nasdaq in trading volume, praising its 24/7 operations and efficiency with a small team. Users note growing institutional interest and calls for regulatory parity. Some express skepticism about the comparison's validity. Discussions highlight price impacts on $HYPE and broader DeFi-TradFi shifts.

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Illustration of Hyperliquid token price at $50 driven by HYPE ETF inflows, featuring financial charts and investment flows.
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Hyperliquid price crosses $50 as HYPE ETFs attract inflows

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Hyperliquid's token price crossed $50 this week, driven by early inflows into new spot HYPE exchange-traded funds that outpaced Bitcoin products on an adjusted basis.

Michael van de Poppe says Hyperliquid’s surge and renewed interest in AI-focused crypto projects signal a broader return of risk appetite in altcoins. He highlighted recent gains in the HYPE token and pointed to undervalued AI-linked projects as key drivers.

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Hyperliquid ETFs have drawn in 172 million dollars since their launch. This comes as the HYPE token reached an all-time high. Meanwhile, U.S. spot Bitcoin ETFs have seen outflows of nearly 5.6 billion dollars over the same period.

Arthur Hayes has cautioned that Hyperliquid faces risks to its market position in perpetual futures trading. The warning centers on the protocol's use of trading fees for token burns.

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A wave of cryptocurrency exchange initial public offerings in 2025 highlighted the sector's maturation, but recent setbacks reveal heavy dependence on Bitcoin's price movements. Gemini's post-IPO struggles and Kraken's frozen listing underscore vulnerabilities to market cycles. Exchanges must prove revenue stability beyond Bitcoin rallies to sustain investor interest.

Bitcoin traded around 63000 dollars on Tuesday as market participants eyed the upcoming SpaceX initial public offering for signs of renewed risk appetite. The cryptocurrency had dipped below 60000 last week before recovering some ground.

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Kalshi has rolled out U.S.-regulated crypto perpetual futures contracts covering Bitcoin, Ethereum, Solana, XRP, and HYPE. The CFTC approved the Bitcoin contract on May 29, shifting focus from regulatory approval to trading performance.

 

 

 

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