ICE CEO: Hyperliquid Is Bigger Than NASDAQ in Derivatives…

Intercontinental Exchange CEO Jeffrey Sprecher made waves at a Bernstein conference by declaring that Hyperliquid — the decentralized perpetual futures platform — already exceeds NASDAQ in trading activity, calling its core team "very, very smart people." The endorsement lands as Hyperliquid commands over 70% of the decentralized perps market, pulling in non-crypto traders with 24/7 oil and commodity derivatives trading that traditional venues like ICE can't offer on weekends.

The broader bull case rests on several converging signals. Bitcoin long-term holder supply has surged to its highest level since 2023, a pattern historically associated with seller exhaustion and bottom formation.