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According to ChainCatcher, on-chain data shows that early Hyperliquid whale Inga_no has sold a large amount of HYPE tokens over the past two days to supplement margin for his short positions and to short the market. He currently holds a total notional value of $70 million in short positions, distributed across ETH ($56 million), XRP ($5 million), SOL ($5 million), and BTC ($5 million). In the past 24 hours, he has sold a total of 342,000 HYPE tokens (worth approximately $144 million).

According to ChainCatcher, at the Wyoming Blockchain Symposium, U.S. crypto-friendly Senator and Bitcoin bill architect Cynthia Lummis announced plans to push for the passage of a cryptocurrency market structure bill by the end of the year. On Wednesday, she provided detailed information about the bill’s roadmap. Lummis stated, “We will get the market structure bill to the President’s desk by the end of the year. I hope we can do it before Thanksgiving, so that’s our goal.” Previously, Lummis, Bill Hagerty, Bernie Moreno, and Senate Banking Committee Chairman Tim Scott released a broader draft of a crypto market structure bill last month, setting a self-imposed deadline of September 30 in hopes of making progress within the committee. Meanwhile, the House passed its own market structure bill last month, titled the Digital Asset Market Clarity Act, which differs from the Senate Banking Committee’s version. On Wednesday, Lummis commented that the Senate’s process is “very messy.” “We think we’ll use the House’s CLARITY Act as the base bill,” Lummis said. “We’ll try to retain the amendments related to the stablecoin bill that the House wants to include, as well as the content they put into the CLARITY Act. We want to respect the work the House has done as much as possible.”