The Hyperliquid (HYPE) rally has intensified a high-stakes dynamic in the market: a single whale remains stubbornly short as the token surges, driving a potential squeeze that could threaten the underwater position. With HYPE trading around the mid-50s to high-50s, the trader’s short position has swelled to well over $100 million in notional exposure, even as funding and on-chain activity push the price higher. Meanwhile, a wave of new demand around US spot HYPE ETFs has helped lift the token from recent baselines. Since their May debut, these ETFs have drawn notable inflows, while on-chain transfers show large acquisitions from major players. The combination of ETF-driven demand, fresh accumulation, and a disproportionate amount of short exposure creates a complex set of incentives for traders and investors alike. Key takeaways HYPE has surged about 134% year-to-date, a rally that coincides with fresh whale activity and ETF-driven demand that could amplify a squeeze for the underwater...
Kraken’s operator Payward has moved closer to a formal UAE launch after receiving preliminary authorization from Dubai’s Virtual Assets Regulatory Authority (VARA). The company announced that the preliminary VARA nod came alongside a broker-dealer, investment and management licence from the regulator, signaling an expanding footprint in the Gulf region. Kraken said the preliminary approval was granted on Thursday, with the full launch date yet to be confirmed. At market introduction, the exchange plans to offer AED funding, a full slate of trading services including margin and over-the-counter (OTC) capabilities, and access to Kraken Prime for institutional clients. This aligns with the firm’s stated objective of serving both retail and professional participants in the UAE. “Kraken’s UAE expansion aligns with our prior regulatory footprint in the region and reinforces the UAE’s position as a regional hub for digital-asset activities,” Kraken’s spokesperson noted. The company also refer...