Aster Leads Hyperliquid in Revenue as DEX War Heats Up: Crypto Daybook Americas

By Omkar Godbole (All times ET unless indicated otherwise)

Bitcoin (BTC) rebounded from Asian league lows of $111,000 to $112,800, repeating a signifier seen connected Tuesday. However, the token remains beneath its 50- and 100-day elemental moving averages (SMAs), with liquidity investigation and retail assemblage sentiment signaling a imaginable for a deeper pullback. The CoinDesk 20 Index was down 0.7% implicit the past 24 hours, lasting astatine 4,027.

Two notable developments person emerged. The contention betwixt on-chain decentralized exchanges Hyperliquid and Aster has intensified, with Aster surpassing Hyperliquid successful regular revenue. According to DefiLlama, Aster generated $7.2 cardinal successful gross successful the past 24 hours compared to Hyperliquid’s $2.79 million. This divergence is besides reflected successful their autochthonal tokens: ASTR’s marketplace headdress has soared from $931 cardinal to $3.74 cardinal successful 7 days, portion HYPE’s marketplace headdress has dropped from $14.88 cardinal to $11.73 billion.

ASTR has surged 37% implicit 24 hours, the champion show among the apical 100 tokens by marketplace cap, whereas HYPE ranked among the worst performers. In caller months, Hyperliquid has mislaid marketplace stock to competitors similar Aster and Lighter, making this an country investors should ticker closely.

Meanwhile, information from CryptoRank shows Solana’s launchpad enactment has sharply declined, with combined measurement hitting a four-month debased of $117 million. Active wallets person fallen beneath 100,000, and regular token task graduates – projects that person successfully completed their archetypal fundraising oregon token merchantability phases and moved connected to nationalist trading – person dropped to conscionable 88, indicating reduced idiosyncratic engagement and less caller launches.

Jeff Dorman, main concern serviceman astatine Arca, challenged the thought of a wide crypto bull market, emphasizing that the 2025 rally is narrow and selective, focused connected definite coins backed by exchange-traded funds (ETFs) and integer plus trusts (DATs) specified arsenic BTC, ETH, and SOL.

In accepted markets, the U.S. dollar roseate 0.4%, apt influenced by Federal Reserve Chairman Jerome Powell’s cautious remarks connected complaint cuts earlier successful the week. Nasdaq futures showed gains, offering risk-on cues to the crypto market. Stay alert!

What to Watch

• Crypto
  • Sept. 24, 9 a.m.: DFINITY, the non-profit down Internet Computer (ICP), holds its Internet Identity 2.0 AMA and Team Update event, unveiling its self-sovereign login solution.
  • Sept. 24: Hedera (HBAR) mainnet upgrade (release v0.65).
• Macro
  • Sept. 24, 10 a.m.: U.S. August New Home Sales Est. 0.65M.
• Earnings (Estimates based connected FactSet data)
  • None scheduled.

Token Events

• Governance votes & calls
  • None.
• Unlocks
  • Sept. 25: Venom (VENOM) to unlock 2.28% of its released proviso worthy $7.98 million.
• Token Launches
  • Sept. 24: Griffin AI (GAIN) to database connected KuCoin and Gate.io
  • Sept. 24: PayPal USD (PYUSD) to database connected BTSE.
  • Sept. 24: Ethena USDe (USDE) to database connected BTSE.
  • Sept. 24: Aster (ASTER) to database connected KuCoin.

Conferences

• Day 2 of 2: Korea Blockchain Week 2025 “Impact” Conference (Seoul)
• Day 2 of 3: Blockchain Real Estate Summit (virtual)
• Sept. 24: Bitcoin Palooza (New York)
• Sept. 24: Fintech Revolution Summit Vietnam (Ho Chin Minh City)
• Sept. 24: Global Blockchain & Crypto Symposium 2025 (London)
• Day 1 of 2: Connected Britain 2025 (London)
• Day 1 of 2: ETHSofia (Sofia, Bulgaria)
• Day 1 of 2: Nordic Fintech Week (Copenhagen, Denmark)

Token Talk and Derivatives Positioning

• Metamask Token Hype Builds, While Aster Open Positions Surge 46%: Crypto Markets Today

Market Movements

• BTC is up 0.66% from 4 p.m. ET Tuesday astatine $112,769.17 (24hrs: -0.24%)
• ETH is up 0.14% astatine $4,183.16 (24hrs: -0.39%)
• CoinDesk 20 is up 0.18% astatine 4,034.77 (24hrs: -0.62%)
• Ether CESR Composite Staking Rate is down 5 bps astatine 2.85%
• BTC backing complaint is astatine 0.0071% (7.7668% annualized) connected Binance
• DXY is up 0.32% astatine 97.57
• Gold futures are down 0.34% astatine $3,802.60
• Silver futures are down 0.48% astatine $44.40
• Nikkei 225 closed up 0.3% astatine 45,630.31
• Hang Seng closed up 1.37% astatine 26,518.65
• FTSE is down 0.12% astatine 9,212.27
• Euro Stoxx 50 is down 0.14% astatine 5,464.60
• DJIA closed connected Tuesday down 0.19% astatine 46,292.78
• S&P 500 closed down 0.55% astatine 6,656.92
• Nasdaq Composite closed down 0.95% astatine 22,573.47
• S&P/TSX Composite closed down 0.48% astatine 29,815.63
• S&P 40 Latin America closed up 1.17% astatine 2,957.33
• U.S. 10-Year Treasury complaint is down 1 bps astatine 4.108%
• E-mini S&P 500 futures are up 0.17% astatine 6,726.25
• E-mini Nasdaq-100 futures are up 0.31% astatine 24,905.00
• E-mini Dow Jones Industrial Average Index are unchanged astatine 46,654.00

Bitcoin Stats

• BTC Dominance: 58.47% (-0.04%)
• Ether-bitcoin ratio: 0.03708 (-0.28%)
• Hashrate (seven-day moving average): 1,063 EH/s
• Hashprice (spot): $50.01
• Total fees: 2.79 BTC / $314,619
• CME Futures Open Interest: 142.21K BTC
• BTC priced successful gold: 29.9 oz.
• BTC vs golden marketplace cap: 8.38%

Technical Analysis

• XRP's regular illustration shows that sellers erstwhile again failed to found a foothold beneath $2.70 connected Tuesday.
• The level has emerged arsenic beardown enactment implicit the past 2 months.
• Therefore, a imaginable interruption beneath the aforesaid could spot much selling by holders, deepening the sell-off.

Crypto Equities

• Coinbase Global (COIN): closed connected Tuesday astatine $320.07 (-3.58%), +1.12% astatine $323.64 successful pre-market
• Circle Internet (CRCL): closed astatine $130.97 (-4.85%), +2.92% astatine $134.80
• Galaxy Digital (GLXY): closed astatine $33.14 (-1.63%), +1.39% astatine $33.60
• Bullish (BLSH): closed astatine $69.49 (+0.58%), +0.73% astatine $70
• MARA Holdings (MARA): closed astatine $17.71 (-3.49%), +1.3% astatine $17.94
• Riot Platforms (RIOT): closed astatine $17.07 (-2.46%), +2.64% astatine $17.52
• Core Scientific (CORZ): closed astatine $17 (-0.99%), unchanged successful pre-market
• CleanSpark (CLSK): closed astatine $13.91 (+1.24%), +2.01% astatine $14.19
• CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed astatine $42.9 (-2.43%)
• Exodus Movement (EXOD): closed astatine $28.55 (-3.84%), +1.58% astatine $29

Crypto Treasury Companies

• Strategy (MSTR): closed astatine $327.78 (-2.43%), +1.25% astatine $331.88
• Semler Scientific (SMLR): closed astatine $32.66 (+1.87%), unchanged successful pre-market
• SharpLink Gaming (SBET): closed astatine $17.01 (+2.41%), -0.41% astatine $16.94
• Upexi (UPXI): closed astatine $6.17 (+1.65%), -1.46% astatine $6.08
• Lite Strategy (LITS): closed astatine $2.63 (+1.94%)

ETF Flows

Spot BTC ETFs

• Daily nett flows: -$103.8 million
• Cumulative nett flows: $57.21 billion
• Total BTC holdings ~1.32 million

Spot ETH ETFs

• Daily nett flows: -$140.8 million
• Cumulative nett flows: $13.72 billion
• Total ETH holdings ~6.62 million

Source: Farside Investors

While You Were Sleeping

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• Ripple, Securitize Bring RLUSD to BlackRock and VanEck Tokenized Funds (CoinDesk): Ripple’s stablecoin volition service arsenic a 24/7 redemption span for BlackRock’s BUIDL and VanEck’s VBILL tokenized funds, with swaps enabled done Securitize astute contracts.
• Elliptic Lands HSBC Investment, Extending Big Bank Backing successful Blockchain Analytics (CoinDesk): HSBC’s fiscal transgression main volition articulation Elliptic’s committee arsenic the slope invests successful the London-based steadfast to money hiring and enlargement amid rising request for integer plus risk-monitoring tools.
• Trump, successful Rhetorical Shift, Says Ukraine Can Retake All Its Land (Reuters): Trump said connected Truth Social aft gathering Zelenskiy astatine the U.N. connected Tuesday that Ukraine could reclaim each occupied land, though U.S. argumentation remains unchanged.