ETFs Soar, Altcoins Slip, Hyperliquid Breaks Records

DAILY MARKET OVERVIEW

Big Gains, Big Moves, Big Warnings

👋 Hey there, Crypto Enthusiasts! This is a condensed version of our newsletter. We'll be fully back and ready to roll on May 27th, 2025! 😊

It’s been a huge week for crypto, with major movements in ETFs, altcoins reacting to global politics, and new records set on decentralized exchanges. Here’s what you need to know:

🚀 Bitcoin and Ethereum ETFs See Largest Daily Inflows Since January

On Thursday, investors poured over $1 billion into U.S. spot Bitcoin and Ethereum ETFs the biggest daily total since January.

• Bitcoin ETFs attracted $934.8 million in net inflows

• Ethereum ETFs saw $110.5 million added

These inflows come as Bitcoin hit a new all-time high, and Ethereum continued to ride its recent rally. The strong momentum reflects growing institutional interest and bullish sentiment in the market.

📉 Altcoins Slide After President Trump’s Tariff Proposal

While Bitcoin remained strong, other parts of the crypto market stumbled. Ethereum, XRP, Dogecoin, and Solana all dipped following a surprise announcement from President Trump.

In a speech Thursday, he floated steep new tariffs:

• 50% on European Union goods

• 25% on iPhones manufactured outside the U.S.

The proposal reignited fears of a new trade war, prompting a quick sell-off across several altcoins as investors braced for market turbulence.

🔥 Hyperliquid Breaks Records as HYPE Token Surges

Decentralized exchange Hyperliquid made headlines after hitting an all-time high in trading activity and open interest:

• $9.2 billion in total open interest (OI), a new platform record

• $4.2 billion in Bitcoin derivatives alone

• $1.3 billion in Ethereum open interest

• $748 million in HYPE token contracts

The platform’s native token, HYPE, also soared to a record $37, up 12% in 24 hours and over 814% since November 2024. Daily trading volume hit $11.5 billion, with revenues reaching $3.4 million, according to DeFiLlama.

💡 Final Thoughts

With Bitcoin leading the charge and institutional interest ramping up, the market is showing signs of renewed strength. But global politics and economic uncertainty are still key variables to watch. As always, stay informed and trade wisely.

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NEWS OVERVIEW

The Latest Crypto Headlines 📰 

Man Sentenced to 6 Years for Laundering $1M Into Bitcoin for Criminals
Trung Nguyen ran a “no questions asked” crypto business, converting cash from drug dealers and scammers into BTC before being caught.

Major U.S. Banks Consider Joint Stablecoin to Compete with Tether and USDC
JPMorgan, BofA, and others are exploring a joint stablecoin project to challenge the $245B market, pending the GENIUS Act’s passage.

Cetus Offers Hacker $6M White Hat Deal After $223M Exploit
Sui-based Cetus is offering a $6M bounty to recover stolen ETH and avoid legal action, after validators froze hacker-linked addresses.

Kraken Launches Tokenized U.S. Stocks on Solana for Global Traders
Kraken partnered with Backed to offer tokenized stocks and ETFs via Solana, opening borderless access to U.S. equities for non-U.S. users.

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