Hyperliquid’s momentum meets the HYPG opportunity

A message from A high-performance blockchain built for perpetual futures trading, Hyperliquid has already made its mark. Its native token, HYPE, ranks among the top 10 digital assets by market capitalization¹ and reached a new all-time high in September.2 A potential US expansion could add to that momentum. Plans to bring markets built on Hyperliquid's onchain trading infrastructure to US clients could broaden its reach, subject to regulatory approval.3 For investors interested in the Hyperliquid opportunity, Grayscale Hyperliquid Staking ETF (ticker: HYPG) offers exposure to HYPE with the potential for staking rewards—at the lowest management fee among US HYPE funds.⁴ WHY HYPG? Lowest management fee in its category4 Over $200 million in AUM5 Potential staking rewards through a familiar structure. HYPG seeks to stake at least 70% or more of its assets, offering the potential for staking rewards that have historically averaged ~2.2% annually6 Sponsored by Grayscale, the world's largest digital asset-focused investment platform7 Learn More For more information about HYPG or Grayscale, email info@grayscale.com or call 866-775-0313 to speak with a Grayscale portfolio consultant. Grayscale Hyperliquid Staking ETF ("HYPG" or the "Fund"), an exchange traded product, is not registered under the Investment Company Act of 1940, as amended ("40 Act"), and therefore is not subject to the same regulations and protections as 40 Act registered ETFs and mutual funds. HYPG is subject to significant risk and heightened volatility. HYPG is not suitable for an investor who cannot afford the loss of the entire investment. An investment in HYPG is not a direct investment in HYPE. 1 CoinMarketCap.com as of 10/07/2026. Excludes stablecoins. 2 CryptoRank, as of 10/07/2026. HYPE reached an all-time high on 09/23/2026. Token performance does not represent actual Grayscale Fund performance, and actual performance may be lower than spot token performance. For actual fund performance, please visit www.grayscale.com 3 "Payward Intends to Bring Onchain Perpetual Futures to US Clients, Starting on Hyperliquid," Payward.com, 09/16/2026. Proposed US markets remain subject to regulatory approval. 4 Based on management fee of 0.29%. Brokerage fees and other expenses may still apply. 5 As of 10/07/2026. 6 Stakingrewards.com. Historical daily average measured from 05/01/25 to 04/21/26. The rate stated is the Gross Staking Rewards which reflects the average Staking Rewards earned by the Fund on staked assets over the prior 60 calendar days, annualized using a 360-day calendar methodology. This is a historical figure and is not a projection of future rewards. Staking rewards are not issued directly to investors. The gross staking percentage is not a performance measure earned by investors. Staking rewards are not guaranteed, may change frequently and may be zero. 7 Largest crypto-focused asset manager based on AUM as of 09/30/2026. For other companies in this category, AUM is considered as of most recent public disclosure. This information must be preceded or accompanied by a prospectus, which may be obtained by clicking here. Please read the prospectus carefully before investing. This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change. When a Fund stakes its underlying asset, the token is subject to the risks attendant to staking generally. Staking requires that the Fund lock up the token for the period of time required by the staking protocol, meaning that the Fund cannot sell or transfer the staked token, thereby making it illiquid for the period it is being staked. In addition, during the lock-up period, the Fund is subject to the market price volatility of underlying asset, and it may miss opportunities to sell during opportune times. During the unstaking period, the Fund may miss out on earning opportunities because, in some cases, the staked token may not earn rewards during the unstaking period or may only earn rewards during part of the unstaking period. Staked assets are also subject to security breaches, network downtime or attacks, smart contract vulnerabilities, and validator or custodian failure or compromise, which can result in a complete loss of the staked asset or a loss of any rewards. Potential staking rewards are earned by the Fund and not issued directly to investors. Digital assets represent a new and rapidly evolving industry. The value of the Fund depends on the acceptance of the digital assets, the capabilities and development of blockchain technologies and the fundamental investment characteristics of the digital asset. Digital asset networks are developed by a diverse set of contributors and the perception that certain high-profile contributors will no longer contribute to the network could have an adverse effect on the market price of the related digital asset. Digital assets may have concentrated ownership and large sales or distributions by holders of such digital assets could have an adverse effect on the market price of such digital assets. Foreside Fund Services, LLC is the marketing agent for HYPG. © 2026 Grayscale. All trademarks, service marks and/or trade names (e.g., G™, GRAYSCALE®, GRAYSCALE CRYPTO SECTORS™, and GRAYSCALE INVESTMENTS®) are owned and/or registered by Grayscale. This message is intended only for the addressee. Please notify the sender by e-mail if you are not the intended recipient. If you are not the intended recipient, you may not copy, disclose, or distribute this message or its contents to any other person and any such actions may be unlawful. Grayscale Investments Sponsors, LLC ("Grayscale") reserves the right to monitor and review the content of all messages sent to or from this e-mail address. Messages sent to or from this e-mail address may be stored on the Grayscale e-mail system and archived in accordance with any applicable laws and regulations. The information contained in this email communication and any attachments is for informational purposes only and should not be regarded as an offer to sell or a solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be in violation of applicable local laws. It does not constitute a recommendation or take into account the particular investment objectives, financial conditions, or needs of specific investors. Any price or value of the investment referred to in this email communication and the income from such investments may fluctuate, and investors may realize losses on these investments, including a loss of principal. Past performance is not indicative or a guarantee of future performance. We do not provide tax, accounting, or legal advice to our clients, and all investors are advised to consult with their tax, accounting, legal or other advisers regarding any potential investment. The information and any opinions contained in this email communication have been obtained from sources that we consider reliable, but we do not represent such information and opinions are accurate or complete, and thus should not be relied upon as such. Grayscale Operating, LLC ("GSO") is the parent holding company of Grayscale Advisors, LLC ("GSA"), an SEC-registered investment adviser, as well Grayscale Securities, LLC ("GSS"), an SEC-registered broker/dealer and member of FINRA, and Grayscale Investments Sponsors, LLC ("Grayscale"). Grayscale is not registered as an investment adviser under the Investment Advisers Act of 1940 and none of the investment products sponsored or managed by Grayscale ("Products") are registered under the Investment Company Act of 1940. Investment products managed by GSA are registered under the Investment Company Act of 1940. Any private placement securities referenced herein are marketed and/or sold through Grayscale Securities, LLC (Member FINRA/SIPC). This communication is not directed at any person located outside the United States. Neither the Trust nor Grayscale is making an offer to sell shares or soliciting any offer to buy shares to any person located in any jurisdiction other than the United States. This communication is the sole responsibility of the sponsor. Neither Coindesk, Inc nor any of its affiliates ("Coindesk") are responsible for the content of this communication. Coindesk does not intend to make any offer or solicitation to any person with respect to any products and/or services referred to in this communication. CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York, NY 10011, USA Unsubscribe Manage preferences

CPI just dropped — here's what it means for bitcoin

U.S. CPI drops at 8:30am ET. A hotter print could push bitcoin lower — a cooler one could unlock the next leg up. Here's what analysts say to watch. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SPONSORED BY Wednesday, October 14, 2026   U.S. CPI has dropped and the market is watching closely. Consensus expects annual inflation at 3.6% — but the focus will be on the Fed’s reaction function, not just the number. A hotter print could revive rate-hike expectations and pressure bitcoin; a cooler one could unlock the next leg higher. Bitcoin is steady above $83,000 with implied volatility rising to 40%. Altcoins are lagging, with the CoinDesk 80 down 0.6% since midnight. Separately, a crypto exchange built on Hyperliquid now has $640 million in volume since June — with more than 80% coming from S&P 500 options, not crypto. Stay alert. Read today’s full report → Market snapshot As of 8am EST Asset Price 24h BTC $83,621 +0.37% ETH $2,508 +0.19% SOL $107.37 +0.70% XRP $1.38 +0.88% Prices approximate. Visit coindesk.com/price for live data. A message from Chainlink Link:NYC is where global finance connects. Join banks, asset managers, and builders in New York on October 29 to explore the future of tokenized assets, agentic finance, payments, and more. Hear from the leaders shaping how capital markets move onchain, and connect with the institutions making it happen. Secure your spot today. Apply Now CoinDesk Disclosure: The information contained in this newsletter, and any information linked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. You should seek additional information regarding the merits and risks of investing in any cryptocurrency or digital assets. L1.co Disclosure: This material is for informational purposes only, and the content contained herein should not be considered investment advice or a solicitation, offer, or recommendation to sell or buy any asset, strategy, or product. Investing in digital assets involves a high degree of risk, including the loss of principal. What matters today Markets   Story 1 of 3 Here’s how analysts see U.S. inflation influencing bitcoin CPI lands at 8:30am ET, with consensus expecting annual inflation at 3.6% and core at 2.5%. For bitcoin, the key question isn’t the headline — it’s how the print reshapes Fed rate expectations. Bitget Research’s Ryan Lee warns a hotter-than-expected number could trigger another round of liquidations, as leverage has fallen but may not have fully cleared. Moon Pursuit Capital’s Utkarsh Ahuja says higher inflation keeps yields elevated, supports the dollar, and increases the cost of capital — all headwinds for crypto. A Bitunix analyst says a moderate core reading could ease rate expectations and improve risk appetite, while a hot print could revive pressure on risk assets. Bitcoin’s 30-day implied volatility has risen to 40%, above both its 50- and 100-day averages, signaling elevated uncertainty heading into the data. Read more → Markets   Story 2 of 3 S&P 500 options are the hottest bet on this Hyperliquid exchange Hypercall, an options exchange built on Hyperliquid, has recorded $640 million in notional volume since June — and more than 80% has come from S&P 500 options, not crypto. Open interest stands at about $49 million, of which $47 million is in S&P index contracts. The exchange offers daily, weekly and monthly expiries around the clock, including weekends, and settles contracts in USDC against Hyperliquid’s own S&P 500 perpetual futures. Volume is concentrated in next-day expiries as traders take directional bets on overnight moves. Individual stock options on SpaceX, Nvidia, Micron and SanDisk make up more than half of all individual trades. “Most of our traders aren’t leaving Deribit,” founder Jake Sylvestre said. “They’re trading markets Deribit doesn’t list.” Read more → Markets   Story 3 of 3 Bitcoin holds above $83,000 ahead of U.S. inflation data as altcoins lag Bitcoin spiked briefly to $84,000 in early European trading before easing back, while the CoinDesk 80 fell 0.6% since midnight and the CoinDesk 20 edged marginally higher — with close to two-thirds of CoinDesk 100 constituents in the red. Altcoin season index slipped to 55 from 60 a week ago. Some pressure eased overnight after New York Fed President John Williams said he saw no need for rate increases in 2027, though he left open the possibility of one more hike this year. Derivatives data shows traders are de-risking: open interest in bitcoin and ether fell 3.5% and 2.7% respectively alongside flat prices, indicating positions are being closed rather than marked down. The long-short taker ratio remains bearish at 52% shorts. Zcash is the only major token showing fresh capital inflow, with OI up over 4% alongside a positive cumulative volume delta and funding rates near 10%. Read more → CoinDesk Disclosure: The information contained in this newsletter, and any information linked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. You should seek additional information regarding the merits and risks of investing in any cryptocurrency or digital assets. L1.co Disclosure: This material is for informational purposes only, and the content contained herein should not be considered investment advice or a solicitation, offer, or recommendation to sell or buy any asset, strategy, or product. Investing in digital assets involves a high degree of risk, including the loss of principal. Crypto Daybook Americas: A newsletter from CoinDesk Were you forwarded this newsletter? Sign up here.  Copyright © 2026 CoinDesk, All rights reserved.  CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York, NY 10011, USA Unsubscribe Manage preferences