Crypto
crypto
Sage D. Young

Ethereum rises amid market rally, but traders remain unconvinced price can break $2,500

Ethereum jumped 6.4% to trade at the $2,170 level on Monday morning, resulting in $208 million worth of liquidations in the last 24 hours with over 60% coming from short positions. 

That said, traders are not convinced the token has enough fuel to climb above $2,500. Prediction market-implied odds of ethereum trading above $2,500 in March have increased from 6% to 23% this morning, but the probability was 70% seven days ago. 

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

Rather, the bearish mood remains, with traders pricing in an implied 67% probability the price of ethereum slips as low as $1,750 this year.

The price action comes as ethereum ETFs registered their first weekly outflow in March, as $59.9 million exited the investment funds last week, per SoSoValue. 

Elsewhere, the largest ethereum treasury firm, BitMine Immersion Technologies, announced acquiring 65,341 tokens last week worth around $141.8 million at current prices, bringing the value of its total ethereum holdings to $10.1 billion. The firm also stated it is the largest staking entity in the world, with over 67% of its ethereum stockpile contributing to the network’s security, according to a company press release.

“As many have noticed, crypto and particularly ETH have outperformed the broader market since the Iran war commenced, with ETH rising 18% and outperforming equities,” BitMine Chairman Tom Lee said in a statement. Lee added, “This is a marked contrast to Gold (a traditional store of value), which has fallen more than 15%. Crypto is demonstrating itself to be a good ‘war time’ store of value.” 

BitMine’s unrealized loss on its ethereum purchases currently stands at nearly $7 billion, per DropsTab data.

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crypto
Sage D. Young

Hyperliquid reclaims all-time high

HYPE, the native token powering perpetuals exchange Hyperliquid and its underlying blockchain, rebounded to reclaim its all-time high previously set at the start of the month.

Treasury firms Hyperliquid Strategies and Hyperion DeFi have also rallied as the token increased double digits in the last 24 hours to trade as high as $76.70, rising past its record price set nearly two weeks ago, according to CoinGecko. In the interim between all-time highs, HYPE pulled back to around $53.

The token has several tailwinds, the first coming from ETF flows. Since their inception in May, HYPE ETFs have yet to record negative weekly outflows, posting a cumulative total net inflow of $171.8 million, per SoSoValue.

The second comes from Hyperliquid spending basically everything it earns in fees to buy HYPE, a mechanism embedded into the protocol’s codebase.

The venue’s buyback funding mechanism is set to add a new source of yield. Validators of the network activated “AQAv2,” which means stablecoin deployers will share about 90% of reserve yield revenue on their supply within the protocol.

Around $6.1 billion of Circle’s USDC resides in Hyperliquid, per DefiLlama. Accrual begins on August 26 and the first payment is made on October 3, the network announced in its Discord channel last week.

A substantial amount of capital is riding on different positions of HYPE. In total, a move down to under $53 would result in the liquidation nearly 1.8 million HYPE worth of leveraged long positions on the on-chain perps venue, or $131.7 million, data from CoinGlass shows. For the upside, a climb above $100 results in the liquidation of more than 3 million worth of leveraged HYPE short positions, or $221.5 million.

HYPE’s rebound to all-time high comes after Michael Selig, chair of the Commodity Futures Trading Commission, defended his agency’s decision to approve regulated perpetuals, or futures contracts without expiration dates, CNBC reported on Monday.

Last month, the CFTC approved bitcoin perpetual futures trading in the US through regulated prediction markets firm Kalshi and an affiliate of centralized exchange Coinbase.

“Perps are highly likely to become lightly regulated and thus approved in the US,” said David Pakman, head of venture investments at CoinFund.

“We expect to see perps for many different types of assets, from commodities to equities,” Pakman told Sherwood News.

Yaël Bizouati-Kennedy
6/16/26
Bitcoin is “caught between flow deterioration and macro relief”

Bitcoin symbol in a window
crypto
Sage D. Young

Crypto market snaps back as sentiment lifts, with altcoins from ethereum to XRP soaring

The market capitalization of the crypto industry has jumped around $83.2 billion in the last 24 hours, with privacy-focused token Zcash and worldcoin, the native cryptocurrency of the network backed by OpenAI CEO Sam Altman, leading market gains, jumping over 22%.

But the last 24 hours have been good across the board:

“Investors have been eager to see some positive signs around the Iranian conflict ending, coupled with hopeful outlooks around the CLARITY act, both breathing some life into assets,” Kairos Research cofounder Ian Unsworth told Sherwood News.

Simon Shockey, a crypto strategist at crypto wallet infrastructure firm Privy, said the upswing stems from several things converging. He pointed to how alt markets broadly were “very oversold” following the bug found in Zcash that shook confidence.

Friday, Zcash founder Zooko Wilcox said Anthropic didn’t find any more serious bugs with the Zcash protocol after Shielded Labs requested the AI firm run a security audit of the network with Mythos.

Shockey added that the pool of willing sellers has dwindled. “Even if structurally, AI is a much more compelling and asymmetric bet in the eyes of allocators, many of these crypto assets have simply run out of marginal sellers despite some shorter-term narrative-driven pumps. The only people left to sell at this point are the teams themselves and VCs.”

“Net-net: oversold conditions plus exhausted seller bases plus a macro backdrop that’s stabilized equals a snapback, especially in names that have real usage or community conviction behind them,” Shockey told Sherwood.

Yaël Bizouati-Kennedy
6/15/26
Bitcoin hits highest level in 2 weeks following news of Iran deal

Bitcoin crossed $66,500 Monday morning as the broad crypto market welcomed the return of a risk-on mood.

Price Of Bitcoin Reaches New High, As Inflation Rises At Level Not Seen In 30 Years
Yaël Bizouati-Kennedy
6/12/26
The second half of the year might be more auspicious for bitcoin

“Winter is over. Welcome back to crypto Spring,” one analyst declared.

Bitcoin

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