Multicoin Backs Hyperliquid as Top Fund Asset While SEC Faces Pressure Over Airdrop Rules Multicoin Capital has positioned Hyperliquid as its largest hedge fund asset, coinciding with a formal push by the Hyperliquid Policy Center urging the SEC to refine token airdrop and secondary trading regulations. Multicoin Capital, a prominent hedge fund and venture firm specializing in decentralized technologies, has confirmed that Hyperliquid now represents the single largest position within its investment vehicle. Spencer Applebaum shared the fund positioning, illustrating the investment team's continued long-term dedication to the crypto asset class even as capital across the broader tech landscape shifts toward artificial intelligence. The confirmation coincides with a comprehensive policy submission filed by the Hyperliquid Policy Center, which has formally requested the United States Securities and Exchange Commission to finalize its proposed Regulation Crypto Assets framework while adopting five critical regulatory revisions. Refining the Legal Boundaries of Token Airdrops A central pillar of the comment letter submitted by the Hyperliquid Policy Center revolves around the treatment of token airdrops. The organization urged the securities watchdog to codify its March administrative interpretation directly into the final regulatory text. Under that prior guidance, the agency recognized that individuals who obtain digital tokens without furnishing monetary consideration or capital have not participated in an investment contract. The policy advocates argued that establishing this principle clearly within formal federal rules is necessary to prevent widespread legal exposure for Web3 protocols seeking decentralized distribution. Furthermore, the policy team called on the regulator to establish that baseline user onboarding steps do not equate to economic consideration. Routine technical interactions such as linking a self-custody wallet, completing anti-money laundering checks, or undergoing sanctions verification serve protective and procedural functions rather than commercial ones. If administrative tasks were to be legally misconstrued as investment capital, virtually every equitable token dispersion mechanism across the decentralized ecosystem would risk classification under federal securities statutes, creating an unsustainable compliance barrier for developers. Secondary Market Intermediaries and Safe Harbor Liabilities Addressing the secondary digital asset marketplace, the policy document identified substantial ambiguities in how the proposed rules treat onchain trading protocols and decentralized exchanges. Under the currently drafted regime, it remains unresolved whether unregistered intermediaries and automated software contracts can lawfully facilitate transactions in tokens that may have originated alongside an investment contract. The submission urged the agency to use its existing legal authorities to supply direct clarity, establishing that autonomous execution mechanisms operating on public ledgers do not inherently function as unregistered broker-dealers or clearing houses. The group also raised structural objections to the proposed safe harbor provisions intended for graduating Web3 networks. To qualify under the current draft, project teams would be required to formally certify that all necessary managerial and entrepreneurial efforts have reached conclusion. The policy team warned that this mandate poses severe legal hazards for protocols that have consistently maintained they never entered into an investment contract in the first place. Certifying that essential managerial efforts have finished could be construed in litigation as a tacit admission that an investment contract previously existed, thus generating unavoidable retroactive liability for developers who sought only to operate in good faith. Hyperliquid Technical Structure and Chart Support Levels Alongside these legal debates, the market action for Hyperliquid's native asset, HYPE, has experienced notable volatility. Following a sharp downward correction over the weekend, the token rebounded from the $76.8 support zone but continues to trade under prevailing selling interest. If downward pressure intensifies and the price breaches this baseline, market observers identify the next meaningful technical floor around the $66.2 mark. For bullish momentum to reassert control, buyers must push the asset past immediate overhead resistance at $83.7, which would clear a path toward testing the $88.20 hurdle. From a technical indicator standpoint, the 14-period Relative Strength Index remains depressed at 38, signaling that sellers maintain near-term leverage. However, the Stochastic indicator has dropped into deep oversold territory at 11, suggesting that the recent selloff may be reaching exhaustion and limiting the scope for immediate extended declines without a period of consolidation. Wider Crypto Sector Dynamics: XRP, Bitcoin, and Privacy Assets Broader digital asset markets show diverging trends across major tokens. Ripple's XRP trades near $1.30, down 0.50% from its prior close of $1.30 within a 52-week trading band of $0.9884 to $1.68. The asset trades at 0.69 times its 20-day volume average, displaying an RSI of 36 and a bearish MACD histogram of -0.02. XRP's 20-day, 50-day, and 200-day exponential moving averages all align at $1.38, confirming a prolonged technical downtrend accompanied by an earlier death cross. Daily pivot levels stand at $1.30, with support markers positioned at $1.29 and $1.28 against overhead resistance at $1.30 and $1.31, while heavy structural resistance near $1.40 continues to cap broader recovery attempts. Concurrently, Bitcoin has maintained its footing above $82,000, displaying resilience even after confronting roughly $229 million in spot ETF capital outflows during the preceding week. Ethereum has likewise pushed back above the $2,400 threshold as buying momentum attempts to stabilize trend indicators. In contrast, Pi Network hovers precariously above horizontal support at $0.0774, weighed down by falling open interest in futures contracts and declining spot volume. Zcash has managed a modest bounce following three consecutive negative weeks that erased roughly 30% of its valuation, though it continues to grapple with institutional capital outflows and a 30-day low in derivative market interest. What this means for you Regulatory clarification regarding token distributions and secondary trading will directly affect market liquidity and compliance burdens for participants across the crypto ecosystem. • For Airdrop Participants: A formalized rule confirming that wallet connection does not constitute an investment protects everyday users. This prevents routine claim processes from triggering onerous registration or tax classifications. • For HYPE Traders: Key support rests at $76.8 while overhead resistance remains firm near $83.7. Market participants should monitor these thresholds to manage downside risks toward the $66.2 zone. • For XRP Investors: The token faces continued pressure around $1.30 with moving average resistance clustered at $1.38 and $1.40. Investors should anticipate limited upside until these structural barriers are conclusively cleared. • For Web3 Developers: Eliminating retroactive liability admissions within safe harbor rules eases capital deployment. Founders can issue decentralized governance tokens without accidentally inviting federal enforcement actions. Why this happened This development unfolded due to deep-seated regulatory ambiguity surrounding token distributions alongside growing hedge fund conviction in specialized decentralized trading infrastructure. • Airdrop Classification Friction: Previous regulatory actions left token projects uncertain whether administrative tasks counted as monetary consideration under securities law. Hyperliquid Policy Center filed recommendations to ensure that free distributions remain legally protected. • Flawed Safe Harbor Certification: The proposed SEC rules required builders to certify that managerial efforts had ceased, creating legal contradictions for decentralized networks. Projects that never recognized an initial investment contract faced unintended liability by complying. • Institutional Allocation Strategy: Multicoin Capital identified high throughput decentralized order books as fundamentally undervalued despite shifting tech hype. Backing Hyperliquid affirms institutional conviction in high-performance decentralized finance protocols. Questions & Answers 1. Which cryptocurrency is Multicoin Capital's largest hedge fund holding? Multicoin Capital holds Hyperliquid as the largest position in its hedge fund, as shared by Spencer Applebaum. 2. What regulatory change did the Hyperliquid Policy Center request regarding airdrops? The center urged the SEC to codify that free airdrops and administrative steps like wallet connections do not constitute investment contracts. 3. What are the primary technical levels for the HYPE token? Key support levels for HYPE sit at $76.8 and $66.2, while immediate resistance targets are located at $83.7 and $88.20. 4. How is XRP performing technically according to market indicators? XRP trades near $1.30 under downward momentum, facing strong resistance toward $1.40 with moving averages confirming a persistent downtrend. 5. What price levels are Bitcoin and Ethereum maintaining? Bitcoin remains above $82,000 despite weekly ETF outflows of approximately $229 million, while Ethereum has recovered above $2,400. https://trendkia.com/en/crypto/hyperliquid-bana-multicoin-ka-sabase-bara-danva-eyaradropa-niyamon-para-sec-se-spashtata-ki-manga-49608 TrendKia — Har trend, sabse pehle.