Nvidia perpetual futures have plunged on Hyperliquid as traders respond to reports that CEO Jensen Huang could be facing removal from the company. Meanwhile, Bitcoin has remained relatively steady, continuing to fluctuate within its established trading range.

Crypto market participants have reacted sharply to speculation that Nvidia (NVDA), one of the world’s leading artificial intelligence companies, could be preparing for a leadership shake-up following allegations involving Huang and a Chinese businesswoman suspected of having connections to Beijing.

NVDA perpetual contracts traded on Hyperliquid have dropped nearly 12% to $160.99 at the time of writing. Comparable losses have also appeared on major centralized exchanges, including Binance, OKX, and Bybit.

Nvidia’s actual Nasdaq-listed shares closed Wednesday’s session near $173 before declining by more than 7% in after-hours trading.

The weakness across derivatives markets suggests that Nvidia could face additional volatility. The company’s shares have already fallen considerably from their October 6 high of $243, reflecting a significant reversal from recent market peaks.

Trading activity has surged alongside the price decline. According to CoinGlass, cumulative volume in Nvidia perpetual futures across all exchanges has surpassed $4 billion, establishing a new record. Binance accounts for approximately 44% of this activity.

Hyperliquid’s NVDA-USDC perpetual contracts currently hold around $535 million in open interest, making them the largest traditional financial asset-linked market on the platform. Across all Hyperliquid markets, Nvidia ranks fourth behind Bitcoin, Ethereum, and HYPE.

The growing figures demonstrate how cryptocurrency trading platforms are increasingly influencing price discovery for traditional financial instruments, including stocks, commodities, and equity indexes.

Hyperliquid has become a popular destination for traders looking to access traditional markets through crypto derivatives. Interest in these products accelerated during the Iran war in early March, when geopolitical developments continued over weekends while conventional exchanges were closed. This prompted traders to use decentralized platforms to speculate on oil, gold, and stock market indexes.

Bitcoin, the largest cryptocurrency by market capitalization, was trading modestly lower around $73,650, remaining within the range established over the previous 48 hours. The cryptocurrency has occasionally shown a strong positive correlation with Nvidia shares. Meanwhile, Nasdaq futures slipped 0.75%, surrendering part of Wednesday’s nearly 2% advance.

Nvidia Leadership Uncertainty Grows as Jensen Huang Faces Ouster Reports

The controversy reportedly began on November 8, when Huang acknowledged an extramarital relationship with Alice Huang, a Chinese businesswoman whom U.S. intelligence officials allegedly suspected of acting on behalf of Beijing.

Nvidia responded by initiating an investigation and bringing in external legal advisers led by former acting U.S. Attorney Joon Kim. However, the company stated that it had no reason to believe that its confidential information, corporate secrets, or U.S. national security interests had been compromised.

The situation intensified late Wednesday after The New York Times reported another alleged extramarital relationship involving Huang and an Nvidia executive.

The Wall Street Journal later reported that Nvidia’s board was preparing to consider Huang’s potential removal, with directors potentially meeting as early as Wednesday to determine the company’s leadership direction.

Huang co-founded Nvidia more than 30 years ago and has led the company through its transformation into a dominant force in artificial intelligence and semiconductor technology.

Despite the mounting speculation, Huang has not officially been dismissed, according to the latest reports. Nvidia’s corporate bylaws permit directors to remove the CEO with or without cause through a majority vote. However, the company has not issued a final announcement regarding his position.