Hyperliquid generated $4.4 million in revenue over the past 24 hours, burning $4.24 million worth of HYPE.

South Korea’s KOSPI index extended its intraday rally to 5%. South Korean exchanges have activated the sidecar mechanism, suspending programmatic buying for the Korea Composite Stock Price Index (KOSPI).

What a coincidence! 13 hours ago, a whale created a new wallet (0xedcd), deposited 20M $USDC into Hyperliquid, and opened a 4x long on 20,000 $ETH($45.38M). Shortly after he opened the position, $ETH started surging. He is now sitting on an unrealized profit of $6.66M.

US President Donald Trump said the influence of artificial intelligence (AI) could "surpass the internet and everything humanity has ever seen," calling for strengthened regulation while avoiding restrictions on the AI industry. Trump noted that the U.S. is currently a global leader in AI, and the government should promote AI infrastructure development, including accelerating the construction of data centers and supporting power facilities. He added that AI companies are building new power generation facilities to supply electricity to data centers, rather than relying on outdated power grids. Trump also urged state governments and local officials to support AI data center projects, arguing that these initiatives will generate significant jobs, tax revenue, and investment. However, he acknowledged that the AI industry faces public image challenges, with some regions opposing data centers over their high power consumption, water usage, and environmental impacts.

Nick Timiraos, chief economics correspondent at The Wall Street Journal and widely known as the Fed’s "mouthpiece," wrote in a recent article that Federal Reserve Chair Kevin Warsh is facing intense audit pressure from Congress. On Wednesday local time, four members of the Senate Banking Committee led by Senator Chris Van Hollen sent a joint letter to Warsh, demanding he disclose all details of his communications with U.S. President Donald Trump. Previous reports said Warsh has maintained frequent phone calls with Trump since taking office, but the Fed’s publicly released schedule for Warsh’s early tenure did not include such calls. Lawmakers argue that this "selective transparency" could spark concerns over government interference in monetary policy. Kevin Hassett, director of the White House National Economic Council, previously said Warsh has long held economic discussions with Trump, but added that Trump would not pressure the Fed. Trump later denied the reports, saying he only had a brief conversation with Warsh a few days ago. Currently, the Fed stated that it is delaying the release of the chair’s schedule in accordance with established rules. Markets are watching whether Warsh will provide additional information and whether this incident will affect public confidence in the Fed’s independence.

AI cloud computing firm Nebius Group announced plans to issue a total of $4.5 billion in convertible senior notes via private placement, including $2.75 billion in notes maturing in 2030 and $1.75 billion in notes maturing in 2034. Proceeds from the offering will be used to drive business expansion, such as constructing and expanding data centers, developing its full-stack AI cloud platform, scaling its data center footprint, and procuring critical infrastructure equipment including GPUs. Additionally, the company expects to conduct private exchange transactions with holders of certain convertible notes maturing in 2029 and 2031 to optimize its debt structure. The offering remains subject to market conditions, with final terms including interest rates and conversion prices to be determined at pricing.

Over the past 24 hours, 174,350 traders were liquidated for a total of $2.98B! This is now the 8th-largest crypto liquidation event in history.