Crypto ETF issuer 21Shares has rolled out two new ETFs tied to Hyperliquid’s HYPE token, marking the first U.S.-listed ETFs designed to track the rapidly growing decentralized trading ecosystem.

Key Features Of The New Hyperliquid ETFs

The launch comes as Hyperliquid gains traction in decentralized finance, with the platform now accounting for more than 50% of decentralized perpetual futures open interest and roughly $8 billion in daily trading volume, according to the company.

21Shares said the move reflects rising investor demand for regulated products tied to on-chain trading infrastructure as crypto markets continue to expand beyond Bitcoin and Ethereum-focused strategies.

Andres…

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Bitcoin (CRYPTO: BTC) may already be exiting its bear market phase, according to 10x Research head of research Marcus Thielen.

He says the market is shifting “from red to orange” as selling pressure fades and liquidity conditions gradually improve.

Gradual Accumulation, Not Defensive Positioning

In an interview on May 11, Thielen argued that what the biggest factor traders are missing is not aggressive buying demand, but the lack of sellers left in the market.

He said Bitcoin currently requires “very little money” to move higher because forced liquidations and heavy outflows have largely already played out.

The analyst pointed to several improving signals:

Consecutive months of positive… Read more on Benzinga

Circle Internet Group (NYSE:CRCL) received a bullish reiteration from Bernstein, which maintained its Outperform rating and $190 price target, implying 44% upside from current levels.

Why Bernstein Remains Bullish

In a Tuesday note, Bernstein cited strong USDC (CRYPTO: USDC) growth and the $222 million ARC token presale helping offset pressure from declining interest income.

Analysts said Circle’s reserve income declined 11% quarter-over-quarter due to lower interest rates, contributing to first-quarter revenue of $694 million, which missed estimates by about 4%.

However, adjusted EBITDA reached $151 million, topping consensus estimates by roughly 10%, supported by stable operating costs and…

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Earnings Snapshot

Revenue fell 18% year over year (Y/Y) to $174.6 million, missing analyst estimates of $179.15 million, according to Benzinga Pro.

The decline was mainly driven by an 18% drop in average Bitcoin prices, which reduced revenue by about $33.1 million. Lower production contributed another $2.5 million decline, while a $3.7 million decrease in other revenue reflected reduced digital asset and hosting income compared to the prior year.

The company produced 2,247 BTC at an average price of $76,288 and sold 20,880 BTC at $70,137. Total blocks won declined slightly to 653.

The company reported a record energized hashrate of 72.2 EH/s, up 33% Y/Y, as of March 31, 2026.

Profitability

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The 35x Bitcoin-To-Gold Ratio

Sigel wrote on X that if Bitcoin regains the 35x BTC/XAU cross implied by current levels of the Buffett Indicator, the price target sits at $160,000. 

Bitcoin currently trades near $81,000 while gold prices hover around record highs, leaving the current Bitcoin-to-gold ratio at roughly 17x.

A chart shared by Sigel compared the BTC/XAU ratio against the Buffett Indicator, which measures the total value of the US stock market relative to GDP. 

It showed a widening divergence through 2025 and 2026, as equities climbed to 230% of GDP while Bitcoin lagged.

Sigel argued that the ratio remains well below historical levels seen during periods when US equities traded at…

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Here are the key analyst insights:

Needham analyst John Todaro reaffirmed a Buy rating, while raising the price target from $130 to $150.

Citizens JMP Securities analyst Devin Ryan reiterated a Market Perform rating on the stock.

Check out other analyst stock ratings.

Needham: Circle Internet Group reported revenues of $694 million. It narrowly missed Street expectations of $715 million, while delivering earnings of 21 cents per share above consensus estimate of 19 per share.

RLDC (revenue less distribution costs) margin expansion drove the earnings beat, , Todaro said in a note.

“Circle had one of its most impressive quarters yet in our view, as the company rolled out a robust set of…

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Sharplink Gaming Inc. (NASDAQ:SBET) has posted a $686 million net loss in Q1, yet TD Cowen reiterated its buy rating with a $16 price target, implying 106% upside from Monday’s close at $7.76.

Revenue Jumps From $742,000 To $12.1 Million

Sharplink reported Q1 2026 revenue of $12.1 million on Monday, up from just $742,000 in the same period last year. 

The company pointed to staking income from its treasury strategy as the main driver.

The net loss of nearly $686 million came mostly from unrealized losses tied to Ethereum (CRYPTO: ETH) price declines. 

Ethereum was trading around $3,000 at the beginning of 2026 before dropping roughly 40% to $1,800 and closing the quarter at nearly $2,000.

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