Nvidia perpetual futures have declined sharply on Hyperliquid as traders respond to reports suggesting that CEO Jensen Huang could be forced out of his position. Meanwhile, Bitcoin continues to move within its recent trading range, showing relatively limited reaction to the latest developments.
Cryptocurrency traders have turned cautious following reports that AI giant Nvidia (NVDA) may be preparing to replace Huang amid controversy surrounding his alleged relationship with a Chinese businesswoman suspected of having connections to Beijing.
NVDA-linked perpetual contracts on Hyperliquid, one of the largest decentralized trading platforms, have fallen nearly 12% to $160.99 at the time of writing. Similar declines have been recorded across major centralized exchanges, including Binance, OKX, and Bybit.
Nvidia shares, which are listed on the Nasdaq, closed Wednesday’s session at approximately $173 before falling more than 7% during after-hours trading.
The latest price movements on Hyperliquid suggest that further downside could be possible. Nvidia has already experienced a considerable decline from its October 6 peak of $243, with its share price losing substantial ground since reaching that high.
The scale of market activity is also becoming increasingly apparent. According to CoinGlass data, cumulative trading volume in Nvidia perpetual futures across exchanges has climbed to a record above $4 billion. Binance represents approximately 44% of the overall volume.
Regarding open interest, Hyperliquid’s NVDA-USDC perpetual market leads with approximately $535 million at the time of writing. This makes Nvidia contracts the largest traditional-finance-linked market on the platform and the fourth-largest market overall, behind Bitcoin, Ethereum, and HYPE.
The figures highlight the growing role of centralized and decentralized crypto trading platforms in facilitating price discovery for traditional financial assets.
Hyperliquid has particularly gained popularity among traders seeking exposure to conventional markets through cryptocurrency-based derivatives. This trend accelerated during the Iran war in early March, when geopolitical developments unfolded over weekends while traditional financial markets remained closed. Traders increasingly turned to decentralized platforms to speculate on oil, gold, and equity indexes.
Bitcoin, the largest cryptocurrency by market capitalization, was trading slightly lower near $73,650, remaining within the range established over the previous 48 hours. BTC has periodically demonstrated a strong positive correlation with Nvidia’s stock performance. Meanwhile, Nasdaq futures declined 0.75%, giving back part of Wednesday’s nearly 2% advance.
Nvidia Leadership Controversy Intensifies
The controversy initially emerged on November 8, when Huang reportedly acknowledged an extramarital relationship with Alice Huang, a Chinese businesswoman whom U.S. intelligence officials allegedly suspected of working on behalf of Beijing.
Nvidia responded by launching an internal investigation and appointing external legal counsel led by former acting U.S. Attorney Joon Kim. However, the company stated that it had no reason to believe its confidential information, trade secrets, or U.S. national security interests had been compromised.
The situation took another turn late Wednesday following a New York Times report alleging that Huang had a second extramarital relationship, this time involving an Nvidia executive.
Subsequently, The Wall Street Journal reported that Nvidia’s board was considering removing Huang from his leadership position, with directors potentially meeting as early as Wednesday to discuss his future at the company.
Huang co-founded Nvidia more than 30 years ago and has remained at the helm of the technology giant throughout its transformation into a global leader in artificial intelligence and semiconductor technology.
Despite the reports, Huang has not officially been removed from his position. Nvidia’s corporate bylaws allow its board of directors to dismiss the CEO with or without cause through a majority vote. However, the company has yet to announce any final decision regarding his leadership.
About The Author
More Stories
Bitcoin Slides Alongside Nvidia as Spot ETF Outflows Extend to Five Days
Canaan Considers More Bitcoin Sales to Fund Buybacks as Mining Revenue Crashes 96%
MSCI’s Strategy Exit Threatens to Disrupt Its Bitcoin Buying Spree