HYPE Briefly Passes SOL Price During Crypto Pullback

Hyperliquid’s HYPE token passed Solana’s price for several hours as it traded near $73.15 against SOL at $72.35, marking a symbolic milestone for the onchain perpetuals exchange. HYPE had reached an all-time high of $74.67, while Solana sank to its weakest level since late 2023.

The move came during a wider crypto pullback that dragged Bitcoin, Ether and most large tokens lower. HYPE rose about 24% over the past month, while SOL fell nearly 14%, leaving Hyperliquid among the few top-20 assets still showing positive monthly momentum.

Solana still leads by market value, with about $42 billion compared with Hyperliquid’s roughly $16 billion. Yet the gap has narrowed as investors reward Hyperliquid’s derivatives growth, institutional attention and buyback-linked token demand, while Solana faces weaker price action despite its larger ecosystem.

Hyperliquid’s perpetual futures share reached a record 6.63% in May, and HIP-3 builder-deployed markets generated more than $62 billion in monthly volume. Grayscale, 21Shares and Bitwise have launched HYPE-linked products, adding regulated exposure as analysts frame Hyperliquid as a new contender.

Coinbase Launches SpaceX Pre-IPO Perps

Coinbase launched pre-IPO perpetual futures for eligible users outside the United States, starting with SpaceX. The contracts settle in USDC, trade around the clock and carry no expiry. Positions are designed to translate automatically once the company completes its public listing.

The product lets traders speculate on private-company valuations before shares reach public markets. Coinbase said more listings will follow across technology, AI, energy and space. The rollout blends crypto-style perpetual futures with pre-market equity exposure, where pricing can shift violently as new information appears.

Polymarket Keeps No on Strategy Sale

Polymarket upheld a “No” resolution on whether Strategy sold Bitcoin by May 31, despite the firm disclosing a 32 BTC sale. UMA voters backed the outcome with 98.6% of voting power. The dispute centered on whether the sale date or disclosure date controlled settlement.

Traders backing “Yes” argued Strategy’s filing confirmed the sale occurred within the market window. Others said confirmation arrived after the deadline, making it invalid under Polymarket’s later clarification. The fight has intensified concerns over oracle rules, market wording and trust in event-contract settlement.

BitMine Plans $300 Million ETH Preferred Sale

BitMine is seeking up to $300 million through Series A preferred shares to expand its Ethereum treasury, fund ETH purchases and support staking infrastructure. The stock would carry a $100 stated amount, pay a 9.50% annual cash dividend in weekly installments and rank ahead of common shares.

Tom Lee’s firm holds 5,416,901 ETH, or about 4.48% of Ethereum’s supply, after its latest 26,497 ETH purchase worth roughly $52 million. BitMine also has about $446 million in cash and says native ETH staking, with 4.7 million ETH on MAVAN, can help support dividends.

Data of the Day

Crypto venture deal count fell to roughly 50 in May, the lowest level since before the 2021 cycle. Infrastructure and crypto financial services both tracked near multi-year lows. Investors have shifted attention toward AI, while crypto startups face a tougher bar for early-stage conviction.

Funding has not disappeared, but capital is concentrating into fewer, larger rounds. Kalshi’s $1 billion raise illustrates how category leaders still attract major checks. Builders with clear utility and traction now face less competitive noise than during prior boom markets.

More Breaking News

• Binance will halt NFT support on its exchange by July 3, shifting management to Binance Wallet as major platforms retreat from collectibles.
• The UK FCA warned Premier League clubs that unauthorized crypto sponsorships may breach promotion rules, exposing teams to legal and reputational risk.
• EdgeX will refund eligible liquidation losses after a 71% EDGE crash, while offering a 200,000 USDC bounty for attacker information.
• Payward Services plans tokenized IPO access for Kraken users abroad, giving retail investors exposure to US listings at offering prices.
• Tether and Fasset launched a Visa card that spends XAUT tokenized gold globally, converting balances through USDT while paying gold-backed rewards.
• Chainalysis said top gray-market peptide vendors increasingly use Bitcoin and stablecoins, as quarterly crypto-linked sales rose 159% to $32 million.
• Mastercard expanded stablecoin settlement with USDC, RLUSD, PYUSD and other regulated tokens, targeting intraday and weekend card settlements across major blockchains.
• Immunefi said DeFi exploit losses fell 74% from their 2022 peak, even as AI accelerates both attacks and defensive monitoring.
• Revolut’s US bank plans to offer FDIC-insured accounts alongside stablecoin services, extending its global-bank ambitions into crypto-enabled payments.

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