Bitmine boosts ETH staking to 154,176 ETH; Hyperliquid reports $843M 2025 revenue and 609k new users
Bitmine increased its Ethereum staking twice, now holding 154,176 ETH staked (≈$451M), after a fresh deposit of 79,296 ETH; if fully staked at current ~3.12% APY, annual interest could be about $371M. Onchain monitoring also recorded an earlier Bitmine deposit of 74,880 ETH. Hyperliquid reported strong 2025 metrics: total trading volume $2.95T, daily average volume ~$8.34B, ~1.989 billion trades, roughly 609,700 new users and platform revenue of about $843M (total fees ~$908M). Other highlights: Blackrock (Belléd) deposited ~$114M of BTC and ETH to Coinbase; Binance Wallet launches COLLECT TGE on Dec 27 for qualified users; bit.com will wind down operations and begin user asset migrations; Lighter plans a 2025 TGE with 25% airdrop (no lock); Huma Finance opens Season 2 airdrop until Jan 26; UXLINK approved monthly buybacks of ≥1% supply. Macro items include a $60M crypto fraud bust in Pakistan, JPMorgan freezing accounts of stablecoin startups operating in high‑risk jurisdictions, and security/legal developments at Coinbase and in Russia. Key trading and market implications: large institutional and custodian staking moves (Bitmine) and major platform financials (Hyperliquid) increase on‑chain liquidity signals and may influence ETH staking supply and funding rates; exchange wind‑downs and custodial deposit activity warrant monitoring for flows into/out of spot and derivatives markets.
Neutral
The net market impact is neutral. Positive signals: Bitmine’s large ETH staking increases demonstrate institutional-scale demand for staking, which can tighten liquid ETH supply and be bullish for ETH’s staking yields and spot price over time. Hyperliquid’s strong revenue and user growth point to robust trading activity and liquidity in derivatives markets, supporting market depth. Neutral/offsetting signals: heavy staking reduces liquid supply but does not remove ETH from tradable pools if ETH liquid staking derivatives exist; institutional deposit activity (e.g., BlackRock to Coinbase) can be flow‑positive but may simply reflect custodial reallocation rather than new net buys. Negative or cautionary signals: exchange wind‑downs (bit.com) and banking freezes for stablecoin startups highlight custodial and counterparty risks that can increase short‑term volatility and outflows. Historical parallels: past large staking events or validator/operator deposits (e.g., major exchanges or staking services onboarding large ETH holdings) have sometimes supported ETH price or reduced short liquidity, but immediate price moves are often muted unless coupled with significant net buying from institutions. Short term: expect localized volatility around on‑chain deposit announcements, exchange wind‑down news, and staking-related liquidations or reallocation — traders may see transient funding-rate moves and basis shifts. Long term: sustained institutional staking and increased derivatives venue revenue support deeper markets and infrastructure, which is mildly bullish for ETH and for derivative volumes, while regulatory/custodial risks keep a dampening effect on risk appetite. Traders should monitor staking withdrawability timelines, liquid staking issuance (LSD) flows, exchange outflows, and large custodial transfers for actionable signals.