Midnight’s NIGHT token is under pressure as perpetual futures traders unwind positions and walk away. Derivatives volume is shrinking, sparking sharp price declines and raising liquidity concerns.
Aster takes on Hyperliquid in a battle for liquidity, while XPL’s bull and bear cases split analysts. Meanwhile, the crowded DAT trade falters, raising questions about risk, flows, and market resilience this week.
Hyperliquid reportedly led $10B in liquidations as crypto markets whipsawed, intensifying scrutiny of exchange risk controls and fueling calls for regulators to examine trading venues’ practices.