Fundstrat

Fundstrat Gives an Update on Hyperliquid Thesis

Name: Fundstrat Gives an Update on Hyperliquid Thesis
Uploaded: 2025-09-23T16:53:49Z
Description: In today’s Crypto Comments video for FS Insight members, Fundstrat’s Head of Crypto breaks down the latest wave of liquidations, the Nvidia–OpenAI partnership, and Hyperliquid’s position against new entrants. 📈 Unlock the full video, monthly crypto outlook webinars, and access to our model portfol

9/23/2025, 4:53:49 PM

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Economic Summary

Aster, a newly launched decentralized perpetual futures token funded by Binance's investment arm, saw a rapid price rally from pennies to around $2 and drew CZ's public attention; this implied Binance support has fueled speculative demand but raises sustainability questions (ASTER).
Competitive dynamics in decentralized perpetual futures are intensifying as Aster and Lighter target Hyplerliquid's user and volume share; Lighter's Ethereum Layer 2 with ZK proofs is a technical differentiator that could shift liquidity.
Observers note Aster's very high fully diluted valuation (reported ~ $12.4B FDV) as a significant valuation risk that could amplify downside if momentum fades.

Bullish

Binance backing and CZ attention can drive Aster adoption and momentum.
Lighter's ZK-proof Ethereum L2 design offers technical differentiation to attract volume.

Bearish

Aster's rapid surge may be unsustainable given its frothy valuation and speculative trading.
Hyperliquid risks losing market share to new competitors like Aster and Lighter.
Token price fomo and sudden spikes increase risk of sharp reversals and volatility.

Bullish tickers

ASTERLIGHTER

Bearish tickers

ASTERHYPERLIQUID

ASTER

1 price targets

Bullish

Backed by Binance's investment arm and gained CZ attention, which can accelerate adoption and price momentum.

Bearish

FDV extremely high and price surge looks speculative, increasing correction risk despite Binance ties.

HYPERLIQUID

Bullish

Previously a hot-cycle token with an existing user base that could retain core liquidity.

Bearish

Facing stiff competition from newly launched rivals Aster and Lighter that may siphon users and volume.

LIGHTER

Bullish

Built on an Ethereum Layer 2 with ZK proofs, offering unique infrastructure that may attract traders and volume.

Bearish

Despite technical advantages, adoption hurdles and crowded market could limit immediate upside.

BINANCE

Bullish

Its investment arm funded Aster, implying implicit support and potential market influence.

People mentioned

Sean FarrellChangpeng Zhao