Crypto
crypto
Yaël Bizouati-Kennedy

NYSE Arca approves ProShares leveraged XRP futures ETF

NYSE Arca certified its approval for the listing of the futures-based ProShares XRP Ultra ETF and the fund has started trading under the ticker UXRP today. The leveraged ETF targets 2x the daily returns of XRP, Ripple’s native token.

XRP, the third-largest crypto by market cap, is down roughly 4% over the last 24 hours but is up an eye-popping 440% in the past year.

The company also launched the Proshares Ultra Solana ETF, another leveraged fund, this morning. solana, the sixth-largest crypto, is down today.

“As cryptocurrencies become more widely adopted, investors are turning to platforms like Solana and XRP for exposure to next-generation blockchain technologies,” ProShares CEO Michael L. Sapir said in a press release. “SLON and UXRP provide the opportunity to target leveraged exposure to Solana and XRP, allowing investors to overcome the challenges of acquiring leveraged exposure to these cryptocurrencies.”

Mike Cahill, CEO of Douro Labs, told Sherwood News that the approval of a leveraged XRP ETF further underscores what the insiders have been saying all year: DeFi and TradFi are converging. 

“Crypto is no longer being seen only as a speculative sideshow, but as a legitimate asset class worthy of sophisticated products. While the ETF is derivatives-based, the signal it sends to institutional investors is clear: the market structure for digital assets is maturing quickly. I expect to see a lot of similar developments coming our way soon,” he added.

On April 8, the first-ever XRP-based ETF hit the market, Teucrium Investment Advisors’ Teucrium 2x Long Daily XRP ETF, which is up 58% since launch.

Jake Hanley, managing director and senior portfolio specialist at Teucrium, said that while he cannot comment on other issuers’ funds, Teucrium’s “foresight has proven correct,” regarding the increased interest in XRP and XRP ETFs.

Mike Cahill, CEO of Douro Labs, told Sherwood News that the approval of a leveraged XRP ETF further underscores what the insiders have been saying all year: DeFi and TradFi are converging. 

“Crypto is no longer being seen only as a speculative sideshow, but as a legitimate asset class worthy of sophisticated products. While the ETF is derivatives-based, the signal it sends to institutional investors is clear: the market structure for digital assets is maturing quickly. I expect to see a lot of similar developments coming our way soon,” he added.

On April 8, the first-ever XRP-based ETF hit the market, Teucrium Investment Advisors’ Teucrium 2x Long Daily XRP ETF, which is up 58% since launch.

Jake Hanley, managing director and senior portfolio specialist at Teucrium, said that while he cannot comment on other issuers’ funds, Teucrium’s “foresight has proven correct,” regarding the increased interest in XRP and XRP ETFs.

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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
11h
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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