Daily News: Grayscale Releases Crypto Sectors in Q2 2025, Hyperliquid Removes JELLY Following Sniping

Elon Musk Wears "Trump Was Right About Everything" Hat at Cabinet Meeting

According to Fox News, Elon Musk wore a red "Trump Was Right About Everything" hat to attend President Trump's third Cabinet meeting of his second term.

U.S. Stock Market Closes Wednesday: Nasdaq Drops 2%, NVIDIA Falls Over 5%

The U.S. stock market closed lower on Wednesday. The Dow Jones Industrial Average fell 0.3%, the S&P 500 dropped 1.1%, and the Nasdaq Composite declined 2%. Tesla (TSLA.O) slid 5.5%, NVIDIA (NVDA.O) dropped 5.7%, Apple (AAPL.O) fell nearly 1%, and Trump Media & Technology Group (DJT.O) plunged over 8%.

In blockchain-related stocks, MARA Holdings (MARA) fell 3.23%, MicroStrategy (MSTR.O) dropped 3.66%, and Coinbase (COIN.O) declined 5.03%.

Matrixport: Bitcoin Tests Key Downward Trendline, Bullish Flag Formation Emerging

Matrixport's latest chart analysis suggests that Bitcoin is nearing a breakout of a critical downward trendline, which has suppressed prices since the market sell-off around Trump's inauguration. Currently, Bitcoin is forming a "high-tight flag," a technical pattern often considered a bullish continuation signal.

Bitcoin has already broken through an initial downward trendline (white line) and is now testing a more significant resistance level (gray line). A successful breakout would signal a substantial reduction in downside risk. Combined with the dovish tone of the Federal Reserve's FOMC meeting, the market environment is becoming increasingly favorable, as reflected in technical indicators.

Hyperliquid: Validators Vote to Delist JELLY, Non-Flagged Users to Receive Full Compensation

Hyperliquid announced that after evidence of suspicious market activity was discovered, the validator group convened and voted to delist the JELLY perpetual contract.

All users, except those with flagged addresses, will be fully compensated by the Hyper Foundation. This process will be executed automatically based on on-chain data in the coming days, with no need to open support tickets. Details of the compensation method will be shared in subsequent updates.

Similar to other blockchains, validators often need to convene and act decisively as a collective to ensure the integrity of the network. Enhancing the robustness and transparency of the voting system is currently a priority.

As of the time of writing, Hyperliquid's 24-hour profit and loss stood at approximately 700,000 USDC. Technical improvements will be implemented, and the network is expected to grow stronger by learning from this experience. More details will be shared soon.

BitMEX Co-Founder Arthur Hayes Questions Hyperliquid's Decentralization

BitMEX co-founder Arthur Hayes has raised doubts about the decentralization of Hyperliquid, a decentralized derivatives trading protocol.

In a tweet, Hayes stated:

"$HYPE couldn’t handle $JELLY. Let’s stop pretending Hyperliquid is decentralized and stop pretending traders actually care about that. The $HYPE token price will soon return to zero."

Previously, it was reported that Hyperliquid liquidated JELLY short positions at $0.0095 in a "rug-pull" style settlement, without incurring any losses.

Grayscale Releases Crypto Sectors in Q2 2025, Adds IP, SYRUP, and GEOD

Grayscale Research has unveiled its Top 20 Crypto Sectors in Q2 2025. This quarter, Grayscale is focusing on tokens that reflect non-speculative applications of blockchain technology in the real world, primarily targeting three categories: Real World Assets (RWA), Decentralized Physical Infrastructure (DePIN), and Intellectual Property (IP) tokenization.

Three new assets have been added to this quarter's list: Story (IP), Maple (SYRUP), and Geodnet (GEOD). Grayscale stated that these tokens hold significant growth potential in the coming quarter, representing a diverse range of assets within the cryptocurrency space.

Strategy Founder: Preferred Stock STRF Begins Trading on Nasdaq Today

Michael Saylor, founder and executive chairman of Strategy, announced that the company’s new preferred stock, STRF ("Strife"), begins trading on Nasdaq today.

Earlier reports revealed that Strategy insiders, including the CEO and CFO, avoided ordinary shares in favor of acquiring the newly issued preferred stock.

CZ: Will Not Attend Hong Kong Crypto Finance Forum on April 8

Binance founder Changpeng Zhao (CZ) responded to a tweet announcing his participation in the Hong Kong Crypto Finance Forum, stating, "This might be a misunderstanding due to communication issues, but I will not attend the event."

Previously, MetaEra reported that CZ would virtually attend the 3rd Hong Kong Crypto Finance Forum, scheduled for April 8, 2025, at the Hong Kong Convention and Exhibition Centre (HKCEC).

Pump.Fun Co-Founder: No Disputes with Raydium, Welcomes New Mechanisms from Other Teams

In a podcast interview, Pump.Fun co-founder Alon was asked about the competitive relationship between Pump.Fun and Raydium's upcoming Launch Lab platform. He responded:

"We are not afraid of competition in any form. This is not a dispute but part of the effort by businesses to offer users the best products. In fact, many innovative platforms in the Ethereum ecosystem and beyond have drawn inspiration from Pump.Fun's ideas and iterated on them."

Alon believes that various niche markets will inevitably emerge, each requiring distinct mechanisms to meet their needs. This, he said, is a natural trend in the industry's evolution. "As a protocol, Pump.Fun aims to be as universal as possible while covering more niche markets. However, we understand that we cannot cater to every market. Therefore, I look forward to seeing new mechanisms proposed by other teams. If any of them achieve significant success, we would also be open to exploring potential collaborations."

Insider: OpenAI Nears $40 Billion Funding Round Led by SoftBank

According to Bloomberg, insiders have revealed that OpenAI is close to finalizing a $40 billion funding round led by SoftBank Group Corp. Other investors reportedly in talks to participate include Magnetar Capital, Coatue Management, Founders Fund, and Altimeter Capital Management. Sources, who requested anonymity, disclosed that Illinois-based hedge fund Magnetar Capital might contribute up to $1 billion to the investment.