Key Takeaways
- • Multicoin Capital has identified Hyperliquid's HYPE token as the largest holding in its hedge fund, according to a Bloomberg report, reaffirming its commitment to crypto investments amid growing interest in AI.
- • General partner and co-head of venture investments Spencer Applebaum said Multicoin acquired HYPE through public markets, declined to disclose the position size, and intends to keep investing in digital assets.
- • The Hyperliquid Policy Center (HPC) urged the SEC to adopt its proposed Regulation Crypto Assets framework with five additional rule suggestions covering airdrops, secondary-market trading, safe harbor, token buybacks and federal preemption.
- • HYPE rebounded near $76.8 support after a brief weekend decline, with technical levels at $83.7 resistance, $88.20 hurdle and $66.2 downside support.
Summary
Multicoin Capital has named Hyperliquid's HYPE token as the largest holding in its hedge fund, according to a Bloomberg report published on Monday. General partner and co-head of venture investments Spencer Applebaum said the firm acquired HYPE through public markets but did not disclose the size of the position. He also said Multicoin intends to continue investing in digital assets, signaling that the firm's crypto allocation remains a core strategy despite growing investor interest in artificial intelligence.
In a separate development, the Hyperliquid Policy Center (HPC) submitted a comment letter to the Securities and Exchange Commission (SEC) on Monday. The letter supports the SEC's proposed Regulation Crypto Assets framework but calls for clearer rules on token airdrops, secondary-market trading, safe harbor requirements, token buybacks and federal preemption for crypto projects. HPC argues that the SEC should incorporate its March interpretation of airdrops into the final rule, under which recipients who receive tokens without payment have not made an investment. It also contends that activities such as using a network, running a validator or supplying liquidity should not automatically establish an investment contract, and that administrative steps such as connecting a wallet or completing sanctions screening do not constitute payment.
HPC also raised concerns about the proposed safe harbor, which requires projects to certify they have completed their essential managerial efforts. The center warned that this could create legal exposure for projects whose counsel concluded no investment contract existed. On secondary trading, HPC said the framework does not adequately address whether unregistered onchain protocols and intermediaries can facilitate trading of tokens tied to investment contracts.
On the technical side, HYPE bounced near the $76.8 support level after a brief weekend decline but faces renewed bearish pressure. A break below that level could send the token toward $66.2 support. To the upside, HYPE must clear short-term resistance at $83.7 before testing the $88.20 hurdle. The Relative Strength Index is trending downward at 38, while the Stochastic oscillator is in oversold territory at 11, indicating strong bearish momentum but limited room for further downside.
In a separate development, the Hyperliquid Policy Center (HPC) submitted a comment letter to the Securities and Exchange Commission (SEC) on Monday. The letter supports the SEC's proposed Regulation Crypto Assets framework but calls for clearer rules on token airdrops, secondary-market trading, safe harbor requirements, token buybacks and federal preemption for crypto projects. HPC argues that the SEC should incorporate its March interpretation of airdrops into the final rule, under which recipients who receive tokens without payment have not made an investment. It also contends that activities such as using a network, running a validator or supplying liquidity should not automatically establish an investment contract, and that administrative steps such as connecting a wallet or completing sanctions screening do not constitute payment.
HPC also raised concerns about the proposed safe harbor, which requires projects to certify they have completed their essential managerial efforts. The center warned that this could create legal exposure for projects whose counsel concluded no investment contract existed. On secondary trading, HPC said the framework does not adequately address whether unregistered onchain protocols and intermediaries can facilitate trading of tokens tied to investment contracts.
On the technical side, HYPE bounced near the $76.8 support level after a brief weekend decline but faces renewed bearish pressure. A break below that level could send the token toward $66.2 support. To the upside, HYPE must clear short-term resistance at $83.7 before testing the $88.20 hurdle. The Relative Strength Index is trending downward at 38, while the Stochastic oscillator is in oversold territory at 11, indicating strong bearish momentum but limited room for further downside.
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