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 session lows of $111,000 to $112,800, repeating a pattern seen on Tuesday. However, the token remains below its 50- and 100-day simple moving averages (SMAs), with liquidity analysis and retail crowd sentiment signaling a potential for a deeper pullback. The CoinDesk 20 Index was down 0.7% over the past 24 hours, standing at 4,027.

Two notable developments have emerged. The competition between on-chain decentralized exchanges Hyperliquid and Aster has intensified, with Aster surpassing Hyperliquid in daily revenue. According to DefiLlama, Aster generated $7.2 million in revenue in the past 24 hours compared to Hyperliquid’s $2.79 million. This divergence is also reflected in their native tokens: ASTR’s market cap has soared from $931 million to $3.74 billion in seven days, while HYPE’s market cap has dropped from $14.88 billion to $11.73 billion.

ASTR has surged 37% over 24 hours, the best performance among the top 100 tokens by market cap, whereas HYPE ranked among the worst performers. In recent months, Hyperliquid has lost market share to competitors like Aster and Lighter, making this an area investors should watch closely.

Meanwhile, data from CryptoRank shows Solana’s launchpad activity has sharply declined, with combined volume hitting a four-month low of $117 million. Active wallets have fallen below 100,000, and daily token project graduates – projects that have successfully completed their initial fundraising or token sale phases and moved on to public trading – have dropped to just 88, indicating reduced user engagement and fewer new launches.

Jeff Dorman, chief investment officer at Arca, challenged the idea of a broad crypto bull market, emphasizing that the 2025 rally is narrow and selective, focused on certain coins backed by exchange-traded funds (ETFs) and digital asset trusts (DATs) such as BTC, ETH, and SOL.

In traditional markets, the U.S. dollar rose 0.4%, likely influenced by Federal Reserve Chairman Jerome Powell’s cautious remarks on rate cuts earlier in the week. Nasdaq futures showed gains, offering risk-on cues to the crypto market. Stay alert!

What to Watch

CryptoSept. 24, 9 a.m.: DFINITY, the non-profit behind 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).MacroSept. 24, 10 a.m.: U.S. August New Home Sales Est. 0.65M.Earnings (Estimates based on FactSet data)None scheduled.

Token Events

Governance votes & callsNone.UnlocksSept. 25: Venom (VENOM) to unlock 2.28% of its released supply worth $7.98 million.Token LaunchesSept. 24: Griffin AI (GAIN) to list on KuCoin and Gate.ioSept. 24: PayPal USD (PYUSD) to list on BTSE.Sept. 24: Ethena USDe (USDE) to list on BTSE.Sept. 24: Aster (ASTER) to list on 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 at $112,769.17 (24hrs: -0.24%)ETH is up 0.14% at $4,183.16 (24hrs: -0.39%)CoinDesk 20 is up 0.18% at 4,034.77 (24hrs: -0.62%)Ether CESR Composite Staking Rate is down 5 bps at 2.85%BTC funding rate is at 0.0071% (7.7668% annualized) on BinanceDXY is up 0.32% at 97.57Gold futures are down 0.34% at $3,802.60Silver futures are down 0.48% at $44.40Nikkei 225 closed up 0.3% at 45,630.31Hang Seng closed up 1.37% at 26,518.65FTSE is down 0.12% at 9,212.27Euro Stoxx 50 is down 0.14% at 5,464.60DJIA closed on Tuesday down 0.19% at 46,292.78S&P 500 closed down 0.55% at 6,656.92Nasdaq Composite closed down 0.95% at 22,573.47S&P/TSX Composite closed down 0.48% at 29,815.63S&P 40 Latin America closed up 1.17% at 2,957.33U.S. 10-Year Treasury rate is down 1 bps at 4.108%E-mini S&P 500 futures are up 0.17% at 6,726.25E-mini Nasdaq-100 futures are up 0.31% at 24,905.00E-mini Dow Jones Industrial Average Index are unchanged at 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/sHashprice (spot): $50.01Total fees: 2.79 BTC / $314,619CME Futures Open Interest: 142.21K BTCBTC priced in gold: 29.9 oz.BTC vs gold market cap: 8.38%

Technical Analysis

XRP's daily chart shows that sellers once again failed to establish a foothold below $2.70 on Tuesday. The level has emerged as strong support over the past two months. Therefore, a potential break below the same could see more selling by holders, deepening the sell-off.

Crypto Equities

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

Crypto Treasury Companies

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

ETF Flows

Spot BTC ETFs

Daily net flows: -$103.8 millionCumulative net flows: $57.21 billionTotal BTC holdings ~1.32 million

Spot ETH ETFs

Daily net flows: -$140.8 millionCumulative net flows: $13.72 billionTotal ETH holdings ~6.62 million

Source: Farside Investors

While You Were Sleeping

Bitcoin 'Buy The Dip' Calls Surge, But Liquidity Trends Point to $107K as Potential Magnet (CoinDesk): Despite rising “buy the dip” chatter, analysts warn bitcoin may drift toward $107,000, where a major liquidity cluster sits, after losing support at key moving averages.Ripple, Securitize Bring RLUSD to BlackRock and VanEck Tokenized Funds (CoinDesk): Ripple’s stablecoin will serve as a 24/7 redemption bridge for BlackRock’s BUIDL and VanEck’s VBILL tokenized funds, with swaps enabled through Securitize smart contracts.Elliptic Lands HSBC Investment, Extending Big Bank Backing in Blockchain Analytics (CoinDesk): HSBC’s financial crime chief will join Elliptic’s board as the bank invests in the London-based firm to fund hiring and expansion amid rising demand for digital asset risk-monitoring tools.Trump, in Rhetorical Shift, Says Ukraine Can Retake All Its Land (Reuters): Trump said on Truth Social after meeting Zelenskiy at the U.N. on Tuesday that Ukraine could reclaim all occupied land, though U.S. policy remains unchanged.