TGE 2025: Listed — and Then Down
A quick look at the data paints a largely bearish picture:
118 projects have conducted TGE in 2025
100 out of 118 are currently trading below their listing price
Average FDV drawdown: ~71%
Reality check:
The strategy of buying pre-TGE and holding long-term has become largely ineffective in the current market environment.
In this context, 2025 increasingly resembles a liquidity exit cycle for project teams rather than a profit cycle for investors. Early liquidity is being released aggressively, while secondary market demand struggles to absorb supply.
This re

Hyperliquid Traders Pulling Funds Ahead of the Holidays?
Over the past week, Hyperliquid recorded net outflows exceeding $430M, marking one of the top three largest withdrawal events in the platform’s history.
Key observations:
AUM declined sharply, from a peak above $6B in mid-September to around $4B
Competition in the perp DEX space is intensifying, with platforms like Aster and Lighter gradually pressuring Hyperliquid’s market share
Trader behavior is becoming more dynamic, as capital is being rotated for risk management and flexibility rather than remaining parked on a single venue
T

Arthur Hayes(@CryptoHayes) just bought 1.22M $ENA($257.5K) 30 mins ago.

An Ethereum ICO wallet (0xbDb6) just transferred all 2,000 $ETH($5.96M) to a new wallet after 10+ years of dormancy.
He invested only $620 in the ICO and received 2,000 $ETH — now worth $5.96M, a 9,616x return!

It appears a whale has bought the dip, acquiring 2,509 $BTC($221M).
Three newly created wallets (likely belonging to the same whale) have received 2,509 $BTC($221M) from #FalconX over the past 14 hours.

A victim (0xcB80) lost $50M due to a copy-paste address mistake.
Before transferring 50M $USDT, the victim sent 50 $USDT as a test to his own address 0xbaf4b1aF...B6495F8b5.
The scammer immediately spoofed a wallet with the same first and last 4 characters and performed an address poisoning attack.
Since many wallets hide the middle part of the address with "..." to make the UI look better.
Many users often copy the address from transaction histories, and usually only check the starting and ending letters.
This victim likes to do the same.
When transferring the remaining 49,999,950 $USDT, the

$BNB $LINK $TAO KingFisher data shows $LTC long liquidations at 89.7% and $BCH at 95.5%. This could mean downside pressure due to many concentrated long positions.

Trader pension-usdt.eth flipped to the long side after losing $2.1M on an $ETH short.
He opened 3× longs on 1,000 $BTC($87.8M) and 10,000 $ETH($29.6M), with over $1.4M in unrealized profit so far.

Arthur Hayes(@CryptoHayes) just transferred 508.647 $ETH($1.5M) to Galaxy Digital, perhaps to sell.

Whale 0xed41 bought 9,638 $ETH($28.76M) in spot via #Hyperliquid and #Lighter, while simultaneously opening a 20× short on 9,940 $ETH($29.3M) as a hedge.

Whale G6gemN just bought the dip, buying 41K $SOL($5M).
About 8 months ago, this whale bought 24,528 $SOL($3M) at an average price of $122, then sold at $175, making a $1.28M profit.
As $SOL dropped back below $120, he stepped in again to buy the dip.

Whale 0x94d3 sold 255 $BTC($21.77M) at an average price of $85,378 over the past 7 hours, then opened a 10× short on 876.27 $BTC($76.3M) and 372.78 $ETH($1.1M).

Someone created a new wallet (0x7796) and opened a 10x long on 207497 $HYPE($4.72M).
Liquidation price: $13.681

This Anti-CZ whale looks bad.
His 59,733 $ETH($168.7M) long with liquidation levels at $2,807.02 and $2,729.19.
His 565,557 $HYPE($12.5M) long faces liquidation at $22.1972.
Once sitting on nearly $100M in profits, he's down to just $11.4M.

Sharing another smart trader, 0x152e, now on a 9-trade winning streak.
He has logged 9 consecutive wins, with total profits on Hyperliquid exceeding $14M.
He's currently short $BTC and $ETH, with over $1M in unrealized gains.