EU MiCA review targets stablecoin reserves and perpetual futures classification
Hyperliquid (HYPE)
Editor:
Eugene Serbin
tradersunion.com reports that Circle and a group backed by Hyperliquid are pushing for changes to the EU’s MiCA framework during its current review. The industry is arguing that financial instruments should be classified by their economic function rather than the technology used to record them. HPC Chief Executive Jake Chervinsky stated in a Sept. 30 letter that the ledger on which an instrument is recorded should not be determinative.
Circle is seeking to preserve multi-issuance, allowing a MiCA-authorized EU entity and a foreign affiliate to co-issue the same global stablecoin. The company also wants to replace the 30% to 60% bank deposit requirement for stablecoin reserves. Circle argues that the cap restricting exposure to any single government to 35% makes it impractical for dollar-denominated tokens to hold the bulk of reserves in U.S. Treasurys.
This push follows the March 2023 incident where USDC briefly lost its $1 peg due to $3.3 billion held at Silicon Valley Bank. The proposals highlight a broader debate over how regulated products operate on public blockchains as financial markets evolve.
How the market reacted
Whalio's own Binance spot order flow for HYPE, measured when this story was written up on 1 October 2026. Not the outlet's figures.
HYPE is trading at $90.97 with a 24-hour buy ratio of 58.6%, indicating that buyers are controlling the majority of volume over the day. Short-term momentum is stronger, with the 1-hour buy ratio at 57.8% and the 4-hour ratio rising to 61.8%, suggesting that buying pressure is building rather than fading. The volume delta shows net inflows of +$101,959 in the last hour and +$2,139,537 over four hours, confirming active accumulation. This means that the value of buy orders has exceeded sell orders during these periods, pushing the net position higher. Over the full 24 hours, the cumulative volume delta stands at +$8,130,684, with a CVD close of +$7,451,171, reflecting sustained demand across the trading session.
Was that an ordinary day?
The same Binance spot measurements for HYPE, averaged over the days leading up to the story.
Compared to the preceding week, today’s 24-hour buy ratio of 58.6% is 9.6 percentage points higher than the six-day average of 49.0%. Volume has also surged, with today’s spot volume of $46,894,724 representing 2.37 times the weekly average. This indicates an unusual day for the coin, characterized by significantly higher participation and a shift toward net buying. While the weekly volume delta was +$7,181,274, today’s activity alone contributes a substantial portion of that total. The price has remained relatively stable at -1.3% over the week, despite this spike in volume and buying interest.