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Hyperliquid backs the SEC’s repeal of the trade-through rule, calling for the establishment of best execution guidelines for on-chain markets.

2026.08.17 20:38:59

In June, the U.S. Securities and Exchange Commission (SEC) proposed repealing Rule 611 (the trade-through rule), a core provision of Regulation NMS (Reg NMS), as well as the ban on locked or crossed quotes, arguing that order processing should be governed by market competition and brokers’ best execution obligations. HPC (Hyperliquid Policy Center) and Douro Labs (a core contributor to the Pyth Network) jointly submitted a comment letter backing the proposal, urging the SEC to provide principle-based best execution guidance for on-chain markets. The letter noted that Rule 611 is premised on all venues pre-disclosing quotes and having a central information processing system aggregate them into the National Best Bid and Offer (NBBO), a framework fundamentally incompatible with how on-chain transactions actually operate. Automated Market Maker (AMM)-type venues do not pre-disclose quotes, with prices determined in real time during trades based on liquidity pools; on-chain order books, meanwhile, operate entirely outside of centralized quote systems. It also called on the SEC to confirm that tokenized Reg NMS stocks remain subject to Reg NMS’s investor protection framework, adding that protections should not vary based on the settlement ledger used. Repealing Rule 611 would allow market structure to evolve through competition rather than regulatory design, and the letter recommended that when the NBBO is missing or does not reflect on-chain conditions, independent reference prices based on transparent, manipulation-resistant methodologies be recognized.

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Analysis: Bitcoin's on-chain profit structure nears the early stages of a bull market, though downside risks remain.

CryptoQuant data shows Bitcoin’s Spent Output Profit Ratio (SOPR) has stayed above the break-even line of 1 for three consecutive weeks since August 19, marking the longest such stretch since 2026, with the current reading at roughly 1.002. A SOPR above 1 indicates that BTC transferred on-chain is overall in a profitable state. On-chain analytics platform Checkonchain notes that during bear markets, price rebounds into profitable territory usually trigger sell-offs, while brief dips below the break-even line in bull markets often create dip-buying opportunities, and the current market structure is approaching the early recovery phase of a bull market. However, David Puell, portfolio manager at ARK Invest, argues Bitcoin still faces downside risks. For more conclusive evidence that the bear market has ended, SOPR needs to remain above 1 for a longer period, and BTC prices must form consecutive higher highs and higher lows.

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Anthropic's over-the-counter (OTC) market cap is currently quoted at $2.327 trillion.

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An address that had been out of trading for nearly a year has made an abnormal comeback, and front-running trading has fueled the VVV pump.

According to TradingBeats address tracking, after last year’s "1011 Crash", address 0xc1e7 halted trading in XPL and HYPE derivatives on October 13, and did not trade crypto derivatives for the next 11 months—until last night, when it suddenly deposited funds, selected VVV, and built a large early position. At 21:38 on September 8, the address deposited roughly 678,500 USDC. Just 2 minutes and 14 seconds later, it opened a long position on VVV, with its first trade executed at $18.86. By 21:59, it had accumulated a long position of around 78,700 VVV tokens, representing 86.52% of its final position. VVV then rallied sharply, surging from approximately $19.53 to a high of $24.56 between 22:00 and 23:00, with a maximum hourly gain of roughly 25.7%. The address continued adding to its position during the rally, completing its full entry at 22:33, holding a total of 90,940 VVV tokens with 3x leverage, at an average entry price of $19.39. Today, VVV hit a peak of $29.45 on Hyperliquid, up about 56.13% from its first entry price. The address once posted an unrealized profit of roughly $914,000, for a return of 155.4%. As of press time, the address has not reduced its VVV holdings, with a current position size of approximately $2.3634 million and an unrealized profit of $599,200.

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