In a significant development in the cryptocurrency market, two major investors, colloquially known as “whales,” purchased a substantial amount of HYPE tokens today. According to data from Lookonchain, these whales acquired 292,934 HYPE tokens, valued at approximately $10.09 million. Specifically, address 0x24aB spent $8.09 million USDC to buy 235,553 HYPE tokens over the past eight hours at an average price of $34.35. Meanwhile, address 0xFa0F spent $2 million USDC to purchase 57,381 HYPE tokens in the past hour, with an average price of $34.85.
This activity comes amidst broader trends in the financial markets. The iShares Bitcoin ETF (IBIT) has seen remarkable capital inflows, ranking among the top five among over 4,200 ETFs. Nate Geraci, President of The ETF Store, highlighted on the X platform that IBIT has experienced capital inflows on 28 out of the past 29 trading days, with an additional capital increase of nearly $8.5 billion. This year, IBIT has seen inflows totaling $10.7 billion, pushing its total assets above $70 billion and placing it within the top 25 of all ETFs.
Market Overview
As of the time of publication, data from CoinGecko shows mixed results for major cryptocurrencies. Bitcoin (BTC) is trading at $107,773, with an intraday change of +0.2%. Ethereum (ETH) is priced at $2,498.48, showing a -1.2% intraday fluctuation. Binance Coin (BNB) is trading at $664.60, with a +0.3% intraday change, while Solana (SOL) is at $172.21, down -1.2% intraday. Dogecoin (DOGE) is trading at $0.2222, with a -2.2% intraday change, and XRP is at $2.31, down -0.1% intraday.
Policy Developments
Plume Network has been proactive in engaging with regulatory bodies. According to Cointelegraph, the network recently met with the U.S. Securities and Exchange Commission (SEC) to propose the establishment of a DeFi sandbox and the formulation of new rules for tokenized securities. This move reflects the growing need for regulatory clarity in the decentralized finance space.
In a significant statement, U.S. Treasury Secretary Basent announced plans to vigorously develop digital assets, positioning blockchain as a crucial financial technology of the era. Basent emphasized that under President Trump’s leadership, the U.S. aims to become a global leader in this emerging financial frontier. Efforts are already underway to develop a next-generation framework to support innovation, security, and economic dominance in digital assets.
Blockchain Applications
The Sui team has released a Zero-Knowledge Authenticator, aiming to surpass the scalability of existing solutions like zkLogin, Plasma, and the Lightning Network. This development highlights ongoing efforts to enhance blockchain technology’s efficiency and security.
Cetus, which was recently hacked and had $223 million stolen, has released a community update. The update details the recovery efforts, including the relaunch of the aggregator service and the simulation of various fund recovery plans. The team is working closely with the Sui Foundation and other community members to finalize recovery strategies, including white-hat negotiations and legal avenues to recover stolen funds.
Swiss watchmaker Franck Muller has also made headlines by launching a series of 1,111 watches linked to Solana wallets. Each watch is individually numbered and priced at 20,000 francs (approximately $24,356). This move underscores the growing intersection between luxury goods and blockchain technology.
Cryptocurrency Trends
The Altcoin Season Index has dropped to 22, indicating that Bitcoin continues to dominate the market. Data from CoinMarketCap shows that in the past 90 days, only 22 of the top 100 cryptocurrencies by market capitalization have outperformed Bitcoin.
Spot Bitcoin ETFs have also seen a surge in trading volume. For the week ending May 24, the U.S. spot Bitcoin ETF recorded its highest weekly trading volume since 2025, reaching $25 billion. This marks the second-highest weekly net inflow since these products were listed in early 2024. BlackRock’s IBIT currently holds 3.3% of the global Bitcoin supply, with a net asset value of over $71 billion.
Economic and Market Analysis
Ethereum may be facing further price pressure, according to @ali_charts’ analysis, which suggests that the cryptocurrency could once again test the lower limit of its previous range at $2,380.
On the broader economic front, a Harris survey reveals potential dissatisfaction among American consumers regarding President Trump’s tariff measures. The survey indicates that 56% of American adults believe their financial situation would have been better without Trump’s tariffs. Additionally, 52% of respondents feel that the benefits of tariffs do not outweigh the economic costs. This assessment comes after Trump’s “Liberation Day” tariff plan, which has been the largest trade protectionist action by the U.S. since the 1930s, potentially pushing the country towards a recession.
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