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.

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:

• Ethereum has increased more than 9% to trade above $1,800, amid BitMine Immersion Technologies acquiring $139.2 million worth of ethereum.

• XRP and solana have rebounded from multiyear lows, each rising roughly 10%.

• HYPE has bounced up 12%.

• Dog-based memecoins dogecoin and shiba inu have chased gains of more than 4%.

“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.

If you’ve got money locked up on-chain and an itch to gamble with it in a new way, has the World Series of Poker got good news for you. The WSOP announced it will integrate solana’s blockchain technology into the tournament through crypto payments firm MoonPay.

At its big summer event, players will have the option to buy into tournaments using crypto directly for the first time. In the WSOP’s Bahamas event in December, winners will be able to receive settlements in stablecoins on solana, reducing friction with international settlements.

“Solana’s ecosystem, like the WSOP, constantly challenges conventions and remains laser-focused on the consumer experience,” WSOP CEO Ty Stewart said in a statement. “Solana’s speed and efficiency mirror the fast-paced energy of our tournaments, and we are excited to showcase their technology to our global audience.”

The price of solana dipped slightly today, but has dropped more than 48% in 2026, data from CoinMarketCap shows.

Solana has been a popular network, in part from meme coin trading over the past two years, involving viral animal sensations as well as political figures such as President Donald Trump and first lady Melania Trump as well as Argentine President Javier Milei.

On Monday, SOL Strategies, a solana treasury firm, reported the sale of 65,001 tokens to settle more than $4.1 million of debt.

The sale reduced the company’s total holdings of solana by nearly 12.5% from 521,174 tokens to 456,173 tokens, worth roughly $29 million as of writing.

The sale “reflects a decision to reduce debt and further clean up our balance sheet to assist us to fully focus on the operating businesses,” SOL Strategies CEO Michael Hubbard said in a statement.

The news comes one week after the firm announced closing the acquisition of HoudiniSwap, a privacy-based decentralized exchange aggregator, for $18 million.

Shares of SOL Strategies have dropped over 6% today as the underlying cryptocurrency at the center of the firm’s treasury strategy has decreased 5% in the last 24 hours, and 16.8% in the past seven days. The token is down 78% from its all-time high of $293.31 in January 2025.

Meanwhile, solana ETFs have seen $5.5 million in outflows in June, on track to record their first monthly outflow since their inception last year, data from SoSoValue shows.

Despite having an unrealized loss of nearly $9.7 billion, the leading ethereum treasury firm has acquired even more of the token.

BitMine Immersion Technologies announced it has acquired 126,971 tokens over the past week, the firm’s largest purchase of ethereum this year. The company’s total stockpile stands at 5.5 million, or around 4.6% of ethereum’s total supply.

“We increased our buying as we believe this pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals,” BitMine Chairman Tom Lee said in a statement.

The acquisition comes after the crypto markets saw a broad downturn last week, with many tokens hitting multiyear lows.

Lee argued the sell-off in crypto was a “superficial take.” As artificial intelligence grows more capable, demand for hardened infrastructure is likely to increase alongside expectations that AI systems will expose flaws in centralized rails and weak decentralized protocols, according to Lee.

“We believe this actually strengthens the use case and product market fit for hardened and reliable decentralized blockchains like ethereum,” Lee said. “Thus, we believe ETH prices should not be coming under pressure.”

Meanwhile, last week ethereum ETFs saw more than $173 million in outflows, marking the fourth consecutive week of net redemptions, data from SoSoValue shows.

Joe Lubin, cofounder of ethereum and current CEO of software development firm Consensys, said the recent moves by the Ethereum Foundation, namely staff turnover and leadership changes, are not evidence of a crisis, but a necessary evolution, per a CoinDesk report. Lubin emphasized that “Ethereum is not on the decline, not at all,” even if “we are not front and center right now in terms of capital inflows, investments.”

On Thursday, altcoins swept lower as Bitcoin weakened. The tokens with the biggest losses in the last 24 hours are NEAR, ethena, and Zcash, each declining double digits in the period.

Other tokens have dropped to lows not seen in over a year in the past 24 hours:

• Ethereum dropped 4.4% to under $1,780, a level not seen since April 2025.

• XRP declined 4.5% to an 18-month low last hit in November 2024.

• solana decreased 6% to trade below the $70 mark, its lowest price since December 2023.

• Dogecoin slid below $0.09, a 27-month low last seen in February 2024.

“Sentiment for crypto is firmly in the gutter as fears surrounding BTC/STRC and its potential overflow compound and overshadow anything that can be read as positive news (e.g. CLARITY movements),” according to Sean Dawson, head of research at crypto options platform Derive.xyz.

“[Altcoins] are high beta plays to BTC and are typically sold heavily in a downturn. Simply put, I’d be even more bearish on alts,” Dawson told Sherwood News.

“Further, liquidity has been drained into this year’s ‘superhot’ narrative of AI/data centers. In other words, there are just better, more exciting opportunities elsewhere,” Dawson added.

One cryptocurrency that has bucked the downtrend has been worldcoin, the native token for World, the digital identity project backed by OpenAI CEO Sam Altman. While the broader crypto market has been pushing lower, WLD has jumped nearly 5% in the last 24 hours and 90% in the past seven days, data from CoinGecko shows.

The price of solana has been struggling, dipping below $76 briefly on Tuesday, a level not seen since February.

Despite the underlying asset suffering, solana ETFs saw $115 million of inflows in May, the highest monthly figure in 2026, data from SoSoValue shows. The investment vehicles have brought in a total of $1.1 billion since their inception last year and have yet to record a monthly outflow.

However, positive ETF flows haven’t swayed traders, who are increasingly negative: prediction market-implied odds of solana dropping under $60 in the year stand at 60%, an increase from 45% three weeks ago.