According to data from Hyperbot, Odaily Planet Daily reports that whale Loracle slightly reduced its short positions in HYPE, VVV, and LIT, with an overall unrealized loss of approximately $34.54 million and a return on investment of -181.14%. Specifically: 5x leveraged HYPE short positions: holding 1,716,486.09 HYPE, unrealized loss of $35.31 million; 2x and 3x leveraged VVV short positions: holding 36,249.87 VVV, unrealized profit of $112,000; 3x leveraged LIT short positions: holding -388,272 LIT, unrealized loss of $69,000.

According to Odaily Planet Daily, the market for Bitcoin treasury companies is becoming increasingly polarized, with some companies possessing genuine financial strategies and others relying more on hype and marketing. Sean Bill, co-founder of BSTR (who co-founded BSTR with Adam Back), stated, "Many companies lack proper capital structures and the actual ability to deploy Bitcoin. They primarily rely on Bitcoin's performance to attract investment." Bill described these companies as "carnival barkers," pointing out that this strategy might work if companies can easily obtain leverage at low cost; otherwise, they must find other ways to increase value, or investors will opt for simpler products like ETFs. According to BitcoinTreasuries data, 198 publicly traded companies currently hold approximately 1.25 million Bitcoins, with Michael Saylor's Strategy holding the largest amount at 843,738 Bitcoins. Meanwhile, shares of Bitcoin treasury company Nakamoto (NAKA) have fallen approximately 67% year-to-date and more than 99% since its May 2025 peak of $34 per share. After hitting a low of $0.16 in April, it conducted a reverse stock split last week. Nasdaq warned the company in December 2025 that it might face delisting due to its share price remaining below $1 for 30 consecutive days (according to SEC filings). (Cointelegraph)

Odaily Planet Daily reports that prediction market Polymarket released a platform update this week, including: the launch of the World Cup page and the start of functional testing; the launch of perpetual contract functionality (including 5 traditional financial trading pairs and BTC perpetual contracts); CLOB performance optimizations with a planned release next week to address queue congestion issues; SDK open-sourcing; the launch of the unified API; and Gamma fixes and improvements (stricter key set pagination and high-traffic read path indexing, and production correctness fixes for users, profiles, comments, and sports summaries).

According to Odaily Planet Daily, Kyle Samani, former co-founder of Multicoin Capital, analyzed three possible scenarios for Kalshi and the development of the US crypto perpetual contract market in an article published on the X platform: 1. Kalshi's previous efforts are irrelevant: because the US market itself can already provide unregulated perpetual contracts. 2. The protocol must meet the eight decentralized tests of the CLARITY Act: if the CLARITY Act passes smoothly, the protocol can provide perpetual contracts in the US without registering as a DCO (Designated Contract Organizer) or DCM (Designated Contract Market). 3. The product can still attract users, but cannot legally enter the US financial system: even if users accept it, the protocol may still not be able to distribute within the compliant framework. The analysis believes that the above potential outcomes highlight the complex relationship between current US derivatives regulation and decentralized protocols, as well as the uncertainty of the legal and compliant implementation of innovative financial products.

According to Huoxun Finance, Kyle Samani, co-founder of Multicoin Capital, wrote that Hyperliquid is essentially "Binance 2.0 without a marketing team." He pointed out that many of the project's technical decisions were adapted to centralized systems, making it difficult to adapt to permissionless decentralized environments, and its decentralized development has fallen behind some competitors. Samani also stated that with the changing regulatory environment in the United States and the increased demands from compliant local companies on partners, Hyperliquid's existing model may face more challenges, and genuine American companies will no longer choose to cooperate with it. While Hyperliquid is currently attracting market attention due to the rise in HYPE token prices and increased trading volume, discussions surrounding its degree of decentralization, governance model, and regulatory risks continue to intensify.