The catalyst came after Coinbase announced it would become Hyperliquid’s official treasury deployer for USDC liquidity management. Market participants viewed the move as a significant institutional endorsement of the fast-growing decentralized derivatives platform.

The announcement helped fuel a sharp rally in Hyperliquid’s native HYPE token, which climbed about 14.55% on Thursday, while Hyperliquid-linked ETFs also saw a spike in activity.

THYP Sees Record Trading Day

“THYP had its best day yet seeing $8.1M in traded value and net inflows of ~$4.9M,” Friedman said.

“Volume and inflows were likely driven by a combination of factors including HYPE being the top performing asset on the day up…

Read more on Benzinga

• Bullish stock is feeling bearish pressure. Why is BLSH stock falling?

Here are the key analyst insights:

Check out other analyst stock ratings.

Cantor Fitzgerald: Bullish’s adjusted revenue grew 49% year-on-year to $92.8 million and its adjusted EBITDA grew 166% to $35.1 million, with an adjusted EBITDA margin of 37.9%, Knoblauch said in a note.

Management indicated that adjusted revenue grew sequentially across the board, despite Bitcoin prices declining by around 24% during the quarter, he added.

Rosenblatt Securities: Bullish reported “relatively impressive” results, despite falling cryptocurrency prices and declining activity levels that proved to be a tough quarter for most…

Read more on Benzinga

XRP (CRYPTO: XRP) spiked to $1.55 following the CLARITY Act passing the Senate Banking Committee before pulling back below $1.45

Whales Hold 45.83 Billion XRP Tokens

Wallets holding at least 10 million XRP now control 45.83 billion tokens worth $68.5 billion, representing 68.5% of circulating supply. 

This marks the highest whale concentration since May 2018, signaling major holders are accumulating rather than distributing into strength.

The spike to $1.55 occurred immediately after the Senate Banking Committee passed the CLARITY Act 15-9, legislation that could formally reinforce XRP’s regulatory status as a commodity rather than a security.

ETF Inflows Accelerate To $49.63M Weekly

U.S….

Read more on Benzinga

The Nasdaq is down 1.30% while the S&P 500 has shed 0.94%.

Bitcoin Depot Warns Of Going Concern Risk

Recently, Bitcoin Depot said it may not be able to continue as a going concern after reporting a sharp revenue decline, rising litigation costs and ongoing regulatory pressure tied to its Bitcoin ATM business. The company disclosed the risks in an 8-K filing with the U.S. Securities and Exchange Commission.

The company filed a Form 12b-25 on May 12, stating it could not complete its quarterly Form 10-Q for the period ended March 31, 2026, within the required deadline. Bitcoin Depot said it needed additional time to review financial statements related to a previously disclosed material…

Read more on Benzinga

Burn Rate Spikes

Shibburn data shows over the past 24 hours the ecosystem reported a spike of 1,034.8% in its burn rate as one single transaction involved the burning of 25.04 million SHIB.

Over the last 30 days, Shibarium removed 198.2 million SHIB although unable to create a supply scarcity bullish impact on its price.

Bullish Setup, But Don’t Get Carried Away

Trader Javon Marks said Shiba Inu appears to be breaking out of a falling wedge pattern, a setup often viewed as bullish.

The analyst noted SHIB previously rallied nearly 6x after a similar breakout and believes a stronger move could follow this time if broader altcoin momentum continues building.

Onchain research and narrative trader…

Read more on Benzinga

Key features of the Bitwise Hyperliquid ETF (BHYP):

Spot exposure to Hyperliquid’s HYPE token

First U.S. Hyperliquid ETF with in-house staking integration

Sponsor fee of 0.34%

Fee waived to 0% for the first month on the fund’s first $500 million in assets

Managed staking through Bitwise Onchain Solutions

Hyperliquid, a Layer 1 blockchain focused on decentralized derivatives trading, has rapidly emerged as one of crypto’s fastest-growing ecosystems. According to Bitwise, the network processed $2.9 trillion in trading volume in 2025, up more than 400% year over year, while capturing roughly 60% of global on-chain derivatives open interest.

The platform, best known for its…

Read more on Benzinga