Hyperliquid leads 24-hour gains as altcoins pace bitcoin

While bitcoin , the largest cryptocurrency, remains below its 200-day simple moving average despite the Clarity Act moving to a Senate vote, alternative cryptocurrencies are rallying.

Hyperliquid's $HYPE leads over 24 hours, gaining 16% to trade near $45. At one point, the price hit nearly $47, the highest since October. The rally comes after yesterday's debut of Bitwise’s Hyperliquid ETF and as crypto exchange Coinbase (COIN) said it will become the official treasury deployer for the $USDC stablecoin on Hyperledger Fabric, a modular blockchain framework for developing enterprise-grade applications.

Hyperliquid, a decentralized exchange, has emerged as a go-to venue for trading tokenized and TradFi-linked assets, particularly during weekends when traditional financial markets are closed. The platform’s pre-IPO asset CBRS, which anticipated Thursday's stock-market debut of Cerebras, recorded more than $280 million in trading volume over the past 24 hours, making it the ninth-largest traded asset on the exchange.

Other notable gains are Flare Network's FLR token, up 14%, and Unibase's UB, up 11%.

In traditional markets, gold dropped 2% and Treasury yields rose to 12-month highs while the Dollar Index gained for a fourth straight day.

Derivatives positioning

• Cumulative crypto futures volume is up 14% over the past 24 hours at $220 billion, while total open interest (OI) has eased to $132.76 billion. Liquidations stand at $328 million, down 17% from a day earlier. The data points to relatively orderly positioning despite heightened macro uncertainty.
• Canton Network's CC token is the strongest performer in terms of OI growth. Open interest surged 16% to 306 million tokens, the most since early March. The move follows reports that IntellectEU will help institutions connect to DTCC’s forthcoming tokenization platform, potentially reinforcing expectations for broader adoption of Canton-based infrastructure.
• CC also leads all major tokens, including $BTC and $ETH, in 24-hour cumulative volume delta (CVD), indicating buyers have been more aggressive in lifting offers via market orders rather than passively placing bids. Funding rates remain near 10% annualized, which could suggest bullish positioning without yet reaching levels typically associated with speculative overheating.
• Hyperliquid’s $HYPE is another notable OI gainer, rising to 42.56 million tokens from 39.61 million. Positive CVD and funding rates also point to bullish positioning. The token may be benefiting from rising activity in the decentralized exchange's TradFi-linked markets.
• XRP, which climbed to a two-month high of $1.55 Thursday before retreating to $1.46, also saw a pickup in futures activity. Open interest increased to 2.11 billion tokens, the most since Oct. 11. However, 24-hour CVD remains negative, potentially indicating that aggressive selling pressure accompanied the latest price move higher.
• $BTC open interest has remained largely stable between 740K $BTC and 750K $BTC, while ether's open interest pulled back to 14.68 million tokens from yesterday's record high of 15.42 million.
• Derivatives markets show few visible signs of stress despite Treasury yields rising to 12-month highs, and bitcoin remaining below its 200-day moving average even after progress on the Clarity Act.
• $BTC and $ETH 30-day implied volatility indexes remain near recent lows, which may indicate traders are not pricing in expectations of major near-term turbulence.
• On Deribit, however, the top options contracts by 24-hour volume are dominated by puts, which provide downside protection. The three most active contracts are the $71,000 and $78,000 puts expiring May 29, along with the $60,000 put expiring Dec. 25.

Token Talk

• Hyperliquid’s $HYPE token rose roughly 16% over the past 24 hours as traders reacted to Bitwise’s Hyperliquid ETF launch and Coinbase’s expanded role in Hyperliquid’s $USDC markets.
• The Bitwise ETF, ticker BHYP, gives investors direct spot exposure to $HYPE and uses Bitwise’s in-house staking infrastructure. It charges a 0.34% sponsor fee, waived for one month on the first $500 million in assets.
• The debut follows a $HYPE product from 21Shares, which recorded more than $8 million in daily trading volume and $2.52 million in net inflows two days after launch, according to SoSoValue data. The products widen regulated access to a token tied to Hyperliquid’s onchain platform.
• On top of that, Coinbase said it will become Hyperliquid’s official $USDC treasury deployer under the Aligned Quote Asset framework. Native Markets also agreed to give Coinbase the right to purchase assets tied to Hyperliquid-native stablecoin $USDH, with $USDH users able to redeem into $USDC or fiat without fees as the stablecoin is phased out.
• $USDC supply on Hyperliquid has grown to about $5 billion, Coinbase said. The shift deepens Hyperliquid’s dollar rails as wallet and platform integrations including MetaMask and Phantom broaden access to its markets.