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CoinGecko's latest quarterly report shows total crypto market capitalisation surging 39.6% to near $3 trillion in Q3 2026, but spot trading volumes kept falling even as leveraged perpetual positions topped $100 billion for the first time in a year.
A late-night Tesla reveal from Elon Musk triggered a 1,580% volume surge on a Hyperliquid perpetual contract, underscoring how the decentralised exchange has become an after-hours venue for Wall Street exposure — a role it first carved out trading oil during this year's Middle East tensions.
The Hyperliquid Policy Center made its first submission to an EU regulatory consultation, arguing perpetual contracts are already covered by MiFID II. ESMA's own response, filed the same week, calls for tighter rules on third-country platforms and DeFi gateways.
Analysts see September as a decisive month for the crypto market, with Hyperliquid, Chainlink and Zcash standing out among the cryptocurrencies to watch.