The purchase makes Hana Financial the fourth-largest shareholder in Dunamu, following several crypto-related deals in the last two months, as it dives deeper into the digital assets sector.

Signal's vice president of strategy said the firm “would rather pull out of the country” than comply with Bill C-22, which could threaten end-to-end encryption.

The repeated security breaches could undermine trust in decentralized protocols, potentially impacting user adoption and market stability.

The post THORChain loses nearly $11 million in suspected exploit as RUNE tumbles 13% appeared first on Crypto Briefing.

Altman's testimony highlights the tension between collaborative AI development and individual control, impacting future AI governance debates.

The post Sam Altman testifies he was uncomfortable with Elon Musk’s demand for total control over OpenAI appeared first on Crypto Briefing.

Glassnode has pointed out how this Bitcoin bear market has so far seen a peak Unrealized Loss significantly lower than previous cycles.

Bitcoin Relative Unrealized Loss Has Dropped To Just 8%

In its latest report, on-chain analytics firm Glassnode has discussed the latest trend in the Relative Unrealized Loss of Bitcoin. This indicator keeps track of the total amount of unrealized loss held by the BTC investors as a percentage of the market cap.

Below is the chart shared by Glassnode that shows the trend in the metric for BTC over the last few cycles.

As is visible in the graph, the Bitcoin Relative Unrealized Loss shot up to a notable level alongside the price plunge in early February, indicating that pain among investors saw a sharp uptick. With the recovery that has followed since then, however, the indicator’s value has gone down.

Today, the Relative Unrealized Loss for the network stands at approximately 8%. The report described this decline in the metric as “a transition that shifts the prevailing sentiment from fear toward uncertainty rather than capitulation.”

Earlier, when the indicator had spiked, its value reached a high of 25%. This means that the February crash had meant that investor losses ballooned to 25% of the entire market cap of the cryptocurrency. This is a notable amount on its own, but a quick look at the chart shows that the level is in fact significantly lower than highs seen during previous bear markets.

At present, it’s unclear which stage the current bear market is inside right now. It’s possible that the fact that the Relative Unrealized Loss hasn’t touched prior peaks yet points to the drawdown not being over. It’s also a possibility, though, that the current cycle is simply going to be different from the previous ones. Glassnode noted:

If $60k proves to have been the cycle low, this bear market would stand as the shallowest on record, one that registered fear but stopped well short of the broad capitulation that has historically marked durable cycle bottoms.

Another on-chain indicator that suggests improvement in market conditions is the Realized Cap, which basically measures the total amount of capital that the investors as a whole have put into Bitcoin.

As the below chart shared by the analytics firm in the same report shows, the 30-day change in the BTC Realized Cap had plunged deep into the negative zone earlier, indicating that capital was leaving the network.

Recently, however, the indicator has recovered back into the green zone, implying capital is once again flowing into Bitcoin. Glassnode explained, though:

The current reading, while encouraging, remains significantly below that threshold, suggesting the capital inflow underpinning this recovery lacks the conviction seen at comparable inflection points in the prior cycle.

BTC Price

Bitcoin has been stuck in sideways movement recently as its price is still trading around $81,300.

Global crypto exchange OKX is in discussions to acquire approximately a 20% stake in Coinone, one of South Korea’s five licensed crypto exchanges, according to a May 15 report by Yonhap News Agency — a move that would mark OKX’s most significant strategic foothold in one of Asia’s most active digital asset markets.

Korea Investment & Securities, one of South Korea’s major brokerage firms, is reportedly pursuing a parallel 20% stake in Coinone under the same framework, per the Yonhap report as cited by Bloomberg’s Bloomingbit. The two parties are said to be in active discussions, with no deal terms formally confirmed.

Coinone’s largest shareholder is The One Group at 34.30%, followed by gaming company Com2uS Holdings at 21.95%, CEO Cha Myung-hoon at 19.14%, and Com2uS Plus at 16.47%, per the Bloomingbit report. Cha, who founded Coinone, is also the largest shareholder of The One Group.

The Regulatory Opening Behind The Move

The reported discussions arrive at a precise moment in South Korea’s rapidly shifting crypto ownership landscape. The country’s Financial Services Commission (FSC) proposed in late December 2025 that major shareholders of domestic crypto exchanges be capped at 15–20% ownership — a regulatory framework explicitly designed to bring securities firms and institutional asset managers into the exchange ownership structure for the first time.

That opening is now being acted on at speed. Earlier deals in the same wave include Mirae Asset Consulting’s approximately $96.7 million purchase of a 92.06% stake in Korbit and Hana Financial Group’s roughly $727 million acquisition of a 6.55% stake in Dunamu — the parent company of Upbit, South Korea’s dominant exchange — per Bloomingbit’s market overview.

For OKX, the Coinone discussions fit a pattern of accelerating global institutional positioning. In March 2026, Intercontinental Exchange — the NYSE’s parent company — invested approximately $200 million in OKX at a $25 billion valuation and secured a board seat, per Bloomberg’s reporting at the time. The deal included a commitment for OKX users to eventually gain access to tokenized NYSE-listed stocks and derivatives.

A regulated stake in Coinone would extend that institutional architecture into South Korea — a market where approximately 30% of the population, or roughly 15.5 million people, held digital assets as of 2025, per industry data.

For a global exchange that currently lacks Korean Won support and operates in the country without a domestic license, a minority stake in a licensed local venue represents a structurally different form of market access than organic growth alone could deliver.

This development marks a pivotal juncture for the nascent sector’s consolidation phase in Asia. As South Korea’s regulatory framework actively reshapes who can own its exchanges, global players with institutional backing are moving quickly to secure positions before the ownership landscape settles — and OKX appears determined not to be left outside looking in.

As of this writing, Bitcoin trades at around $80,000, consolidating near its 200-day moving average as the broader market awaits the next macro catalyst.

Cover image from ChatGPT, BTCUSD chart from Tradingview

Coinbase and Circle's commitment to Hyperliquid's AQAv2 upgrade sent HYPE up to roughly $45 on May 14, a deal that makes USDC the platform's aligned quote asset and directs the vast majority of reserve-yield revenue back to the protocol.

The rally reflected traders reading the announcement as institutional validation of the protocol-aligned stablecoin model pioneered by Native Markets' USDH on Hyperliquid.

Under AQAv2, Coinbase becomes the official USDC treasury deployer on Hyperliquid. Circle handles the technical deployment and cross-chain infrastructure, including CCTP, the protocol that enables USDC to move natively between chains via a burn-and-mint mechanism.

Native Markets separately granted Coinbase the right to purchase USDH brand assets, while Native Markets stays independent as an organization.

USDH stays fully backed through the transition, with markets sunsetting over time and feeless conversion and fiat redemption paths available to users.

The problem AQAv2 solves

Hyperliquid's stablecoin setup carried a clean tension before AQAv2.

USDC already held the dominant position, as Coinbase reported USDC on Hyperliquid reached roughly $5 billion, and DeFiLlama's Hyperliquid L1 dashboard showed USDC at approximately 93.5% of the platform's roughly $5.43 billion in stablecoin market cap.

USDH ran an aligned reserve-yield model that kept stablecoin reserve income within the Hyperliquid protocol.

That raised the question of why all reserve yield leaves the protocol if Hyperliquid supplies users, liquidity, and trading activity that make a stablecoin useful.

Native Markets built an answer to that question, and USDC brought the liquidity, and AQAv2 merges both under a single framework.

Under AQAv2, Coinbase serves as the protocol's treasury deployer and shares the vast majority of reserve-yield revenue from Hyperliquid's USDC supply with the protocol.

Native Markets says this makes USDC Hyperliquid's most aligned stablecoin, and Coinbase described its move as building on the foundations established by Native Markets and USDH.

The reserve-yield economics

Prior estimates put the annual reserve-yield opportunity on Hyperliquid's USDC reserves at $150 million to $220 million. Applying a 3% to 4.5% yield assumption to a $5 billion USDC supply yields a gross annual reserve income range of $150 million to $225 million, consistent with those estimates.

At 70% sharing, the protocol receives $105 million to $157.5 million annually, and at 90%, $135 million to $202.5 million.

DeFiLlama showed Hyperliquid's trading scale at roughly $6.16 billion in 24-hour perps volume, $41.05 billion in 7-day perps volume, and approximately $9.4 billion in open interest.

Even the lower end of that range represents a recurring revenue stream large enough to reshape the protocol's economics.

Circle is also committed to staking 500,000 HYPE as part of the arrangement, while Coinbase increased its own staked HYPE position. Both commitments convert the partnership from a technical integration into an economically aligned relationship, with Circle and Coinbase taking on protocol risk alongside Hyperliquid.

The bull case for USDC and Hyperliquid

Hyperliquid forced incumbents to compete on protocol economics, and the AQAv2 structure gives every other major DeFi venue a reference point for negotiating on the same terms.

AQAv2 ends fragmentation between USDC and USDH, redirects reserve yield to the protocol, and establishes USDC as the quote asset for future canonical HIP-4 markets, a governance-level structural commitment that locks the aligned model into Hyperliquid's market architecture.

If stablecoin issuers accept protocol-aligned yield-sharing at Hyperliquid's scale, venues with comparable demand can bargain for the same terms.

The total stablecoin market cap reached roughly $322.3 billion, with USDC at $76.9 billion, and reserve income from USDC's distribution across chains and venues flows almost entirely to Circle and its partners.

Hyperliquid's AQAv2 establishes the template for how those venues negotiate the sharing of that income.

HYPE benefits from the direct reserve-yield income AQAv2 creates and from Hyperliquid's positioning as the platform that proved the model.

Native Markets framed USDH as having brought incumbents to the table and reoriented the economics of stablecoin issuance, while Coinbase's decision to deploy USDC within the aligned yield structure USDH established demonstrates that USDH set the terms.

The merge goes wrong

AQAv2 ties Hyperliquid's stablecoin stack more tightly to Coinbase and Circle. USDH gave Hyperliquid a native stablecoin it controls entirely, while USDC provides deeper liquidity from an external issuer operating under its own regulatory obligations and business incentives.

If Coinbase or Circle renegotiates on less favorable terms, or if USDC faces stricter regulatory requirements, Hyperliquid carries more single-issuer concentration risk than it did when a native stablecoin was the aligned quote asset.

The yield-sharing terms stay unresolved at the most consequential level. The “vast majority” has not been quantified publicly, and the gap between 70% and 90% of Hyperliquid's USDC supply represents tens of millions of dollars annually.

If the protocol share proves smaller than traders are pricing into HYPE, the rally corrects toward the deal's actual economic weight.

In another exposure case, USDH markets stay functional and fully backed, but will sunset over time. Users who hold USDH in strategies built around protocol-aligned yield must migrate to USDC under AQAv2, and the friction in that process creates near-term drag on collateral efficiency.

The broader stablecoin contest

Stablecoin issuers built their current positions on liquidity and distribution, taking the deepest pools across the most venues and capturing all reserve income from the supply generated there.

Hyperliquid's AQAv2 broke that arrangement at a venue large enough to set a precedent, with $41 billion in 7-day perps volume, and $9.4 billion in open interest, putting Hyperliquid in the bracket of platforms stablecoin issuers cannot afford to lose on the issuer's terms alone.

The stablecoin competition is moving from who holds the deepest liquidity to who shares the economics with the platform generating demand.

Coinbase and Circle accepted those terms at Hyperliquid's scale, and USDH's protocol-aligned model is now the template Coinbase deploys across Hyperliquid's market architecture.

The post HYPE jumps as Coinbase and Circle back Hyperliquid’s stablecoin model appeared first on CryptoSlate.

Inside a packed Senate hearing room on May 14, the air was heavy with the tension of a high-stakes jurisdictional brawl on the CLARITY Act.

What was intended to be a routine legislative markup became a grueling “tick-tock” of procedural maneuvering, personal barbs, and a desperate search for a bipartisan middle ground.

Ultimately, the bill cleared the Senate Banking Committee in a 15-9 vote after a gauntlet of last-minute objections.

However, the path to that victory was defined by a series of sharp clashes between pro-crypto Republicans and a Democratic wing led by Senator Elizabeth Warren, who challenged the hearing’s “good governance” framing within the first hour.

The Clarity Act ‘good governance’ gambit

The morning began with Chairman Tim Scott attempting to set a tone of orderly progress.

Opening the hearing, Scott framed the CLARITY Act as a common-sense modernization of “outdated rules” that would prevent American innovation from fleeing to overseas markets.

Scott said:

“Safeguarding our national security means closing the doors that criminals, terrorists and hostile regimes have tried to exploit. This bill strengthens anti-money laundering and sanctions rules and gives law enforcement better tools to go after bad actions. None of this happened overnight.”

Scott’s strategy was clear: position the bill as a shield for the American Dream. He even invoked his personal history, mentioning his mother’s struggle as a single parent to argue that financial innovation should be within reach for every family.

By the time he concluded that “this is what good governance looks like today,” the Republican side of the dais seemed confident that the year of “good-faith negotiations” would lead to a smooth afternoon.

Warren’s Clarity Act detonation

However, that confidence was short-lived as Ranking Member Warren took the floor and immediately pivoted from Scott’s talk of innovation to the economic anxieties of the kitchen table.

In her opening statement, she criticized the prioritization of a “pro-industry crypto bill” while American families struggled with rising grocery, health care, and utility costs.

Warrent said:

“Right now, American families across this country are struggling. We could be working right now on changes in the law that would help bring down prices and help unrig our economy… Instead of that, we’re spending our time working on a bill written by the crypto industry for the crypto industry.”

Warren cited a CoinDesk survey suggesting that just 1% of voters ranked cryptocurrency as their top concern. She also accused the Republican majority of ignoring a “crypto grift” involving the highest levels of government.

Warren specifically highlighted that President Donald Trump and his family have reportedly amassed $1.4 billion in gains from crypto deals since taking office last year.

“No President—and no one in Congress—should be allowed to profit from crypto at the same time that they are enforcing rules to regulate it,” Warren declared, setting the stage for a day of rejected ethics amendments.

The battle of the blocked amendments

As the hearing moved into the “markup” phase, the atmosphere turned clinical and contentious.

Chairman Scott utilized his procedural authority to rule several Democratic amendments out of order, citing “procedural requirements.”

This move incensed the minority. Senator Jack Reed countered that the very “definition of working together at a markup is allowing amendments to be called up and voted upon.”

The room watched as a series of Democratic amendment priorities were systematically dismantled:

• National Security: Warren introduced an amendment to close a “tokenization loophole” and to bolster the Treasury Department's sanctions authority to target DeFi platforms like Tornado Cash. Senator Cynthia Lummis countered that the bill already addressed these concerns. The amendment failed in an 11-13 party-line vote.
• The ‘Epstein’ Records: In one of the afternoon's more bizarre exchanges, Warren proposed requiring regulators to publish bank records tied to suspicions around Jeffrey Epstein and his co-conspirators. Senator John Kennedy was unmoved, questioning how the records were germane to crypto market structure. The vote again split 11-13.
• DeFi Liability: Senator Catherine Cortez Masto expressed concern that the bill would make it harder for law enforcement to capture criminals. Her amendment to narrow liability protections for DeFi developers was defeated 11-13.
• Retirement Accounts: A Warren amendment to restrict crypto assets in certain retirement portfolios.

The recurring 11-13 tally became the heartbeat of the hearing, serving as a constant reminder of the razor-thin partisan divide.

Bankers and the Clarity Act stablecoin yield threat

While the political fireworks dominated the headlines, a more technical and perhaps more dangerous threat to the bill’s survival emerged from the traditional financial sector.

A coalition of the nation’s most powerful banking groups, including the American Bankers Association and the Bank Policy Institute, issued a joint statement after the markup, warning of “significant flaws” in the current draft.

The banking lobby’s concern centered on “yield.” They argued that without tighter prohibitions on interest-like rewards for holding stablecoins, digital assets would cannibalize traditional bank deposits. This, they warned, would starve community banks of the capital needed for local lending.

The groups stated:

“Without the necessary guardrails, stablecoin offerings are expected to draw away bank deposits and threaten local lending and economic activity across the country.”

Notably, Senators Reed and Smith had attempted to introduce a bank-supported amendment to restrict these yields.

However, Chairman Scott refused to hold a vote on the provision. Market observers suggested the refusal was a tactical move to avoid a “political liability” for Republicans who did not want to be seen as siding with big banks over crypto innovators.

The bipartisan escape hatch

Despite the procedural wreckage and the banking industry’s warnings, Republicans managed to execute a tactical “peel-off” of Democratic votes. Senators Ruben Gallego and Angela Alsobrooks joined all 13 committee Republicans to advance the bill.

The victory, however, came with a heavy dose of skepticism.

Gallego made it clear that his “yes” vote was meant to keep the CLARITY Act process alive and not an endorsement of the final product.

He stated that he reserved the right to flip his vote on the Senate floor if the final ethics agreement regarding the President’s crypto holdings was not strengthened.

The “crypto-champion” of the committee, Senator Cynthia Lummis, spent much of the afternoon playing the role of the diplomat. She praised the “expertise” of Democrats like Cortez Masto and the “hard work” of Senator Mark Warner.

Lummis framed the CLARITY Act as a tool for humanitarian good, arguing that Bitcoin allows vulnerable people, such as those in abusive marriages or escaping oppressive regimes, to carry their wealth “in their head” via memorized seed phrases.

Senate floor fight looms over CLARITY Act

The 15-9 vote successfully moves the Digital Asset Market Clarity Act to the Senate floor, but the “tick-tock” of the day suggests a rocky future.

Senator Mark Warner, who described the last few months as “crypto hell,” notably declined to vote for the bill's advancement despite his extensive work on the text.

His absence from the “yes” column signals that the 60-vote threshold required to overcome a filibuster in the full Senate remains a monumental hurdle.

As the hearing adjourned, the partisan lines were more deeply etched than when it began.

For the crypto industry, the day was a victory of survival; for the critics, it was a demonstration of how far the bill remains from a consensus that can satisfy both the GOP's “crypto capital” ambitions and the Democratic caucus's consumer-protection demands.

The post How CLARITY Act survived a chaotic Senate markup after Warren, Banks and Democrats tried to slow it down appeared first on CryptoSlate.

Cross-chain liquidity protocol THORChain appears to have been compromised in a coordinated exploit spanning at least four major networks, with stolen funds already exceeding $10 million, according to onchain investigator ZachXBT.

In an alert posted on Telegram on Friday, the sleuth said that THORChain was likely exploited on Bitcoin, Ethereum, BNB Chain, and Base. ZachXBT has not yet attributed the exploit to a known threat actor. THORChain has paused trading after the suspected exploit.

This is a developing story.

The post ZachXBT Flags Multi-Chain THORChain Exploit as Stolen Funds Surge Past $10 Million appeared first on BeInCrypto.

Bit Digital (BTBT) reported a Q1 2026 net loss of $146.7 million. Mark-to-market hits of $121.1 million on its digital asset holdings drove most of the damage.

The Ethereum (ETH)-focused strategic asset company joins a growing list of crypto firms posting steeper Q1 losses. 

ETH Treasury Markdowns Weigh on Bit Digital

Revenue at Bit Digital fell 13.6% quarter-over-quarter to $27.9 million. Lower cloud services, ETH staking, and digital asset mining revenues each weighed on the result.

ETH staking revenue dropped 29.4% to $2.3 million on lower ETH prices. The firm transferred roughly 70,000 ETH into liquid-staked ETH to enhance treasury flexibility.

Bit Digital held about 155,444 ETH at quarter-end. The firm’s average acquisition price of $3,045 sat well above the $2,104 ETH close on March 31.

Follow us on X to get the latest news as it happens

Crypto-Focused Firms See Widespread Losses

Digital asset treasuries reported widespread losses in the past quarter. Sharplink (SBET), the second-largest corporate ETH holder, reported a $685.6 million Q1 net loss. Unrealized losses of $506.7 million and a $191.7 million LsETH impairment drove the increase in net loss.

Previously, BitMine Immersion Technologies (BMNR), the largest corporate ETH holder, reported a $3.8 billion loss for the quarter ended February 28, 2026.

Not just ETH treasuries. Other crypto-focused firms posted similar results. Forward Industries (FWDI) disclosed a $585.6 million loss tied to Solana (SOL) write-downs. Upexi (UPXI) also posted a $109.3 million net loss. 

Strategy (MSTR), the largest corporate Bitcoin (BTC) holder, recorded a $12.54 billion Q1 loss tied to BTC’s mark-to-market decline. The losses stem from declining crypto prices across the board. 

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The post Bit Digital Joins Growing List of Crypto Firms Reporting Quarterly Losses appeared first on BeInCrypto.

The United States Senate Banking Committee held a major markup session on May 14 for the Digital Asset Market Clarity Act, which is known as the CLARITY Act. In this markup session, the Senate has approved the bill with a 15-9 bipartisan vote. 

What is the CLARITY Act?

The CLARITY Act is expected to bring regulatory clarity with clear federal rules for the digital asset sector by dividing the authorities between two agencies. While the Commodity Futures Trading Commission would watch over many cryptocurrencies as digital commodities, including Bitcoin and Ethereum, the Securities and Exchange Commission (SEC) will focus on tokens that fall under the securities category.

The bill also includes provisions for stablecoins, along with protections for DeFi developers. Most importantly, this bill is expected to bring new reforms to the crypto market. This bill ends long-standing regulatory uncertainty present in the crypto market that has harassed the digital asset sector.

In 2025, the House approved the version of the bill with strong bipartisan support. However, in the Senate, the bill has been stuck in the Banking Committee for around a year. Today’s markup session was the first formal committee vote. In this markup session, senators voted on the bill along with 100 different amendments. Senator Elizabeth Warren had proposed more than 100 amendments to this bill.

After the bill was approved in this markup session in the committee (includes 13 Republicans and 11 Democrats), in the next step, it will move toward a full Senate floor vote. After that session, lawmakers would need to work on the differences between the Senate version and other versions, such as the Agriculture Committee’s version. After this process, the bill will land on U.S. President Donald Trump’s desk for final approval with his signature. According to some reports, the bill is likely to pass by July 2026.

The committee is led by Republicans under Chairman Tim Scott, who is a Republican from South Carolina.

The bill is also getting strong support from the crypto sector, after major compromises were made, which were missing in the earlier session.

Issues Between Banks and Crypto Firms Over Stablecoin Yield; Largely Resolved

One of the major points of disagreement between banks and the crypto sector was stablecoin yields. There was a tussle over whether crypto companies could pay yield on stablecoins such as USDC or USDT. 

The banking sector had raised questions that this yield might drain deposits away from traditional bank accounts and affect their operations. In response, the crypto sector stated that yield is linked to user activity, and it is different from bank interest.

Senators Thom Tillis and Angela Alsobrooks have made compromises on this tussle. These compromises were included in the latest 309-page bill draft that was introduced on May 12. 

The draft mentioned the provision that includes a ban on passive yield, which looks like a bank interest on stablecoin holdings. However, it will allow yields based on activities that are linked to things like transactions or use of the platform. With such compromises, senators are resolving concerns of banks as well as the crypto sector while encouraging innovation at the same time.  

Senator Tim Scott stated in the post on X that, “Families, small businesses, investors, and innovators deserve clear rules of the road for digital assets. The Senate’s version of the CLARITY Act delivers certainty, safeguards, and accountability, while protecting Main Street, strengthening national security, and keeping innovation in America.”

Some groups of banks, such as the American Bankers Association, are still opposing this bill. These banking groups have slammed the compromises by saying that they are not strict enough to regulate the digital asset sector.

However, the White House Council of Economic Advisers has mentioned that the impact of stablecoin yield on bank lending will be limited.

After new changes in the CLARITY bill draft, Coinbase CEO Brian Armstrong raised his support for the bill. During the January markup session, he raised objections over the previous versions of the bill.

The markup session in the crypto sector has sparked discussion in the crypto community. Coinbase CEO Brian Armstrong recently stated that not everyone got everything they wanted, but it is important to approve the regulatory framework. 

Senator Cynthia Lummis mentioned the importance of the CLARITY Act, saying that “Without the Clarity Act, the digital asset industry will move offshore to any nation that has regulators willing to engage. Every day that we stall is a day we hand our competitors an advantage we won’t get back. The Clarity Act is critical to securing our financial future.”

Bitcoin Shot Up by 3% Following Senate Approval

While the crypto market is already up due to positive sentiment in the last few days, this markup session for the CLARITY Act might trigger upward momentum if institutional investors start to accumulate news.

In the last two days, on May 12 and May 13, Bitcoin ETFs have witnessed outflows of around $233 million and $630 million, according to Farside. These outflows in ETFs have also dropped Bitcoin (BTC)’s price below $80,000.

However, the crypto market is already giving positive results after the committee decided to advance the CLARITY Act. According to CoinMarketCap, Bitcoin is trading at around $81,917.18 with a 3.17% spike in the last 24 hours. The overall market capitalization of the crypto market also soared by around 2% and currently holds around $2.72 trillion. The upward trend in Bitcoin has also triggered correlation with other altcoins such as Ethereum, XRP, and others.

Also Read: Altcoins Test Key Levels as Big Macro Risks Ahead: 10x Research

The Hyperliquid price is up 6.68% during Thursday’s U.S. market hours to trade at $41. The uptick follows Bitcoin’s sustainability above the $79,000 support after the macroeconomic pressure kept bearish sentiment high due to the hotter-than-expected U.S. inflation data released yesterday. However, the HYPE coin shows strong resilience above the $38.7 floor amid its partnership announcement with Coinbase and active accumulation from high-net-worth investors. 

Coinbase Strengthens Onchain Strategy with Key USDC Role on Hyperliquid

Coinbase is expanding its footprint in decentralized finance by becoming the official treasury deployer of USDC on Hyperliquid, one of crypto’s fastest-growing trading platforms. The two companies announced their partnership on Thursday.

The agreement will see Coinbase handle and provide the liquidity directly into Hyperliquid’s trading infrastructure via the network’s Aligned Quote Asset (AQA) system. This integration seamlessly blends stablecoin reserves into the exchange and enables the protocol to benefit from the income generated by the reserves.

In the process, Native Markets, which built Hyperliquid’s native stablecoin USDH, will hand over rights to the USDH brand assets to Coinbase. During the migration period, USDH will remain convertible to USDC or fiat before being phased out over time.

The move supports Coinbase’s broader effort to grow USDC adoption beyond Ethereum and centralized exchanges, especially as competition among stablecoin issuers intensifies.

This year, Hyperliquid has been a high-performing project, attracting traders because of its high-performance perpetual futures trading experience: low fees, high liquidity, tight spreads, and a smooth experience similar to the top centralized exchanges. Trading activity has ramped up, with the daily supply of USDC trading on the network increasing by approximately a factor of 2 compared to last year, currently standing at ~$5 billion.

Coinbase and Circle have positioned themselves at the center of this booming platform, providing them with increased exposure to the thriving speculative trading and tokenization scene. Native Markets highlighted that Coinbase’s involvement as a major regulated player will boost Hyperliquid’s liquidity and credibility.

This partnership is part of a broader industry trend where stablecoins are becoming more integral to key trading, collateral, and treasury systems that need to operate around the clock, worldwide. Coinbase believes that this is a step towards creating a more cohesive on-chain capital markets landscape that will allow for smooth transactions within the blockchain space and from fiat to crypto assets and vice versa over the blockchain rails.

Whale Wallets Pour Millions Into HYPE Despite Price Dip

HYPE’s recent activity has seen large cryptocurrency investors pour tens of millions of dollars on the platform. One address deposited more than $7 million in USDC with several limit buy orders ranging from approximately $31 to $36. Another transferred $2.43 million and straight away bought over 62,000 tokens at the time. 

Another wallet belonging to a16z, a venture capital firm, has just added another 50,000 HYPE for close to $2 million over the past eight hours. Over the past month, this same wallet has netted 1.64 million tokens worth approximately $69 million, but the wallet is now in the red with over $6 million. 

Such concentrated buying by sophisticated players points to sustained conviction in the asset even amid short-term price pressure. 

HYPE Open Interest Slump Hints at Cooling Trader Sentiment

The Hyperliquid open interest (OI), projecting the outstanding value of outstanding futures and options contracts, has witnessed a notable decline. According to Coinglass data, the HYPE’s OI value has declined from $1.93 billion to the current value of $1.54 billion, registering a 20% drop.

This decline in open interest indicates that futures traders are either liquidating due to sudden market movement or reducing their exposure to HYPE amid rising market uncertainty. If the falling open interest accompanies a price correction, it suggests the current downtrend is being driven by fading buying interest rather than aggressive short buildup. However, the reduced leverage in the market could also help stabilize volatility and lay the foundation for a healthier recovery once fresh demand returns.

Historically, this divergence of whale buying and retail cautiousness has often coincided with major market reversals or a sustained recovery in price.

Hyperliquid Price Eyes Next Recovery Leap Within Channel Pattern

Since mid-January, the Hyperliquid price has witnessed a sustained recovery from $20.48 to $42.8, registering a gain of 106%. Interestingly, the upswing resonated strictly within two parallel trendlines, which acted as a dynamic resistance and support for traders.

Until the two trendlines are intact, the Hyperliquid HYPE15.95% price could drive a steady higher high and higher low trend. With the intraday jump of nearly 9%, the coin price rebounded from the support region around the channel’s bottom trendline. 

The previous reversal from the channel support managed to bolster a rally of 70% to $87. Thus, the recent reversal is expected to renew the bullish momentum in HYPE, potentially driving another 30% surge to $55.

The HYPE price positioned above the key daily exponential moving averages (20, 50, 100, and 200) indicates broader market bullish sentiment. These EMA slopes could continue to act as dynamic support for buyers.

The momentum indicator, RSI (Relative Strength Index), at 54% further reinforces the recovery potential of this asset.

On the contrary, if the new-driven rally failed to hold the Hyperliquid price above the $38 floor, the sellers could attempt a bearish breakdown below the channel support. A possible breakdown below the dynamic resistance will invalidate the aforementioned bullish thesis and drive an expected correction in price.

XRP has been trading above $1.40 in recent days, with buyers still trying to push on momentum after the pullback from the May 10 high. The cryptocurrency’s price has not broken down, but it has also failed to confirm a stronger upside continuation. This leaves the 1-hour chart in an important position. However, the XRP count is still valid. 

The current wave count now depends on notable price levels, which include whether XRP can hold above support at $1.40 and avoid a break below the key $1.38 swing low.

XRP Pullback From May 10 Still Looks Corrective

Technical analysis of XRP’s price action on the 1-hour chart, which was posted by a crypto analyst on the social media platform X, shows that the decline from the May 10 high has not been random noise. The main argument in the analysis is that XRP’s decline from the May 10 high has unfolded as a three-wave move. This has unfolded in an ABC structure, not the kind of five-wave impulsive decline that would precede a trend reversal. According to Elliott Wave analysis, three-wave declines are corrective structures, especially when they develop inside a larger range and fail to take out the prior swing low.

The key swing low is currently around $1.38, and it is now the level holding the current wave count together. This level has also served as an important floor for XRP for the past 30 days, making it the structural base of the short-term setup. A sustained hold above $1.38 would keep the bullish wave count valid, while a break below it would weaken the case for another leg higher.

XRP Price Chart. Source: @Morecryptoonl On X

Price Levels To Watch Out For

The first and most important level to watch is $1.38. This is the swing low holding the current wave count in place. Above that, the nearest support area is the Fibonacci levels between $1.40 and $1.42. These prices are important because they capture the internal B-wave support region. However, this is not the strongest support area, as B-waves can often move through Fibonacci levels before finding a proper reaction.

At the time of writing, XRP is trading at $1.47. On the upside, the first major resistance to watch is around $1.51, which is the same area XRP failed to sustain after the May 10 high. A daily close above this level would mean that the pullback has ended and that XRP is beginning another rally phase. 

After $1.51, the next levels to watch are around $1.59 and $1.67, before the larger projected C zone between $1.75 and $1.76 comes into view. These are all targets based on Elliott Wave counts of XRP’s price action.

XRP’s largest holders have pushed their combined balances to the highest level in nearly eight years, according to on-chain analytics firm Santiment, as the token tests the upper end of a recent trading range near $1.50.

Santiment said wallets holding at least 10 million XRP now control 45.83 billion tokens, valued at roughly $68.5 billion based on the price level referenced in its update. The firm described the move as a whale-led push, noting that those wallets now hold 68.5% of XRP’s supply.

“XRP is teasing a $1.50 market value, and whale wallets are leading the charge,” Santiment wrote on X. “Wallets with at least 10M XRP now hold a combined 45.83B XRP tokens ($68.5B USD), the most they’ve held since May, 2018. This translates to 68.5% of the coin’s supply.”

Why This Is A Crucial Moment For XRP Price

The $1.50 area has drawn additional attention because it lines up with a key technical zone on the daily chart. Crypto analyst Cheds Trading described the move as an “XRP bounce into range peak on daily,” alongside a chart showing price pressing into the upper boundary of a multi-month consolidation range.

This means the current move is not only about whale balance growth. XRP has rebounded from a lower support zone and is now trading into a region where prior rallies stalled. A decisive move through that area would change the near-term structure; failure there would reinforce the range that has contained the asset since the sharp sell-off earlier in the year.

Santiment’s broader wallet data adds another layer to the whale accumulation story. In a separate May 13 update, the firm said the XRP Ledger had reached an all-time high of 332,230 wallets holding at least 10,000 XRP. According to Santiment, that count has been in a consistent growth trend since June 2024.

“The continued rise in XRP Ledger wallets holding at least 10,000 XRP is an important long-term signal because it shows that larger holders have kept accumulating even during periods of volatility and uncertainty,” Santiment wrote. “Historically, rising numbers of mid-to-large wallets suggest increasing conviction from investors who are less focused on short-term price swings and more interested in long-term positioning.”

Santiment also highlighted the context behind the trend. XRP has spent much of 2026 trading below previous highs, meaning the rise in larger holder cohorts has occurred during periods when momentum was not uniformly supportive. The firm framed that as evidence of accumulation during weaker market conditions rather than a simple reaction to upside volatility.

There was one notable interruption. Santiment said the number of wallets holding at least 10,000 XRP dropped by more than 4,500 between February 6 and February 8. The firm said there was no confirmed XRP-specific event directly tied to that decline, but added that the timing “strongly suggests” it was connected to the broader crypto crash and liquidations on February 5.

Since then, the growth in 10,000-plus XRP wallets has exceeded the pre-drop level, according to Santiment. That recovery is central to the bullish interpretation of the data: larger holders appear to have rebuilt and expanded their positions after the liquidation-driven reset.

The immediate market question is whether whale accumulation can coincide with a clean break above the range peak near $1.50. Santiment’s data points to rising concentration among the largest wallets and continued growth in mid-to-large XRP holders.

At press time, XRP traded at $1.469.