A large Deribit block trade sold 1.5 million XRP call contracts and 1.5 million put contracts at the $1.40 strike, taking in $224,500 in premium and positioning for XRP to stay near that level through June 26. The structure is described as a short-strangle that can encourage spot-price "pinning" via dealer hedging, while any strong catalyst before expiry could push price away from $1.40 and pressure the trade.

Two US-listed ETFs tied to Hyperliquid's HYPE token—21Shares' THYP and Bitwise's BHYP—have posted strong early trading, reaching nearly $41 million in combined volume since launching earlier this month. On Wednesday, their trading volume rose another 50%, while HYPE was up 37% since THYP debuted on May 12. THYP reported $1.2 million in net inflows at launch, and BHYP followed on May 14 with $750,000.

Hyperliquid's HYPE climbed 49.62% over the past week to $58.47, trading close to a fresh all-time high. The rally lifted its market capitalization from $9.9 billion to $14.6 billion, while the broader crypto market slid from $2.68 trillion to $2.55 trillion over the same period.

Hyperliquid (HYPE) has surged 18% to $57.82, with its fully diluted valuation hitting $55 billion to surpass Solana just six months after launch. The explosive breakout is driven by massive spot ETF inflows, a multi-billion dollar stablecoin alliance with Coinbase and Circle, and a record $2.6 billion in tokenized real-world asset trading volume.

Zcash (ZEC) saw its trading volume jump more than 100% in a single day, with price briefly touching the $680 area before easing to around $665. Data also showed heavy derivatives activity alongside rising spot and futures volumes, while traders watched whether ZEC can hold the $600–$620 zone as attention also turns to Hyperliquid (HYPE) and Toncoin (TON).

XRP has remained capped below $1.40 even as derivatives activity accelerates, with futures volume staying above $2 billion alongside about $400 million in spot volume. CME-listed XRP futures have reached $63 billion in notional volume within their first year, totaling 1.32 million contracts representing 28.6 billion XRP as of mid-May. Traders are watching whether a move above $1.50 can shift the downtrend narrative or keep price stuck in consolidation.

On May 21, 2026, Arkham said Hyperliquid "flipped" Solana by fully diluted valuation (FDV), with its dashboard showing HYPE at $56.71 and an FDV near $54.57 billion versus SOL around $86.51 and roughly $54.22 billion. The same figures showed a much smaller circulating market cap for Hyperliquid at about $13.28 billion compared with Solana near $49.99 billion, alongside $1.20 billion and $2.74 billion in 24-hour volume, respectively.

A wallet said to be connected to Grayscale accumulated Hyperliquid's HYPE tokens via major trading firms and OTC routes, sparking one of the token's largest rallies in months. On-chain activity showed about 176,050 HYPE worth nearly $9.84 million moved in, while more than 149,000 HYPE valued around $7.49 million was sent to the Hyperliquid System Address. After the activity surfaced, HYPE pushed above $50 and traders began focusing on the $50-$52 area as a key support zone.