Institutional demand for Hyperliquid's HYPE token is building along two tracks at once: spot ETFs that are already trading in the U.S. and drawing fresh capital, and Grayscale's own product moving through the SEC registration process. On May 23, 2026, Grayscale submitted Amendment #3 to its Form S-1 for the proposed Grayscale HYPE ETF, expected to trade under ticker $GHYP. The filing is the third revision since the initial registration was submitted on March 20, 2026. Bloomberg ETF analyst James Seyffart noted on X that repeated amendments typically signal a filing is progressing toward launch, adding that $GHYP would bring the number of "hyperliquid-native" spot ETFs on U.S. exchanges to three. Grayscale has also been positioning ahead of a potential launch. The firm has previously accumulated roughly $25 million worth of HYPE and staked the tokens directly on the protocol. Amendment #3 follows earlier updates that included switching the custodian to Anchorage Digital Bank and adding language that could allow staking within the ETF structure. Those changes are widely viewed as substantive product design refinements rather than minor edits. Two spot HYPE ETFs are already live in the U.S. market: - 21Shares Hyperliquid ETF (Nasdaq; THYP / 1THYP) - Bitwise Hyperliquid ETF (NYSE; BHYP / 2BHYP) Data from SoSoValue as of May 22, 2026 shows cumulative net inflows of $74.91 million in under two weeks after the first product launched on May 12, with combined net assets of $89.20 million. A May 20 jump of $25.46 million in a single session stood out, with the newsletter attributing much of that move to Bitwise's approach of accumulating HYPE using ETF fees. The flow pattern has remained positive on subsequent days, suggesting sustained demand rather than one-time launch activity. At $89.20 million in combined net assets, the two ETFs represent about 0.68% of HYPE's total market capitalization, a share that would likely rise if Grayscale's $GHYP becomes the third competing spot product. In the SEC review process, amendments are common and typically reflect ongoing back-and-forth between the issuer and regulators. The pace of Grayscale's updates—from the March 20 filing to three amendments in less than two months—points to active SEC engagement and a prospectus moving toward effectiveness. Earlier revisions also suggest Grayscale may pursue staking inside the ETF, which could introduce yield and differentiate $GHYP from existing 21Shares and Bitwise offerings. The institutional ETF narrative has been unfolding alongside strong token performance. HYPE is quoted at $54.95, up 32.11% over seven days and 116.08% year-to-date, with an approximate market cap of $13.97 billion. The newsletter ties that performance to a series of 2026 catalysts, including Goldman Sachs involvement, an SEC innovation exemption for tokenized securities, the SpaceX PreIPO perpetual product, a Coinbase and Circle USDC partnership, and record open interest levels cited as $2.6 billion for HIP3. It also points to Hyperliquid's revenue mechanics as a key underpinning: 97% of trading fees are directed to HYPE buybacks, creating a fee-to-buyback dynamic that scales with platform activity. If $GHYP launches, three spot HYPE ETFs (21Shares, Bitwise, and Grayscale) would be an unusual setup for a crypto asset outside bitcoin and ethereum. Multiple competing products would also mean multiple fee schedules, distribution channels, and sales forces marketing HYPE exposure at the same time. The newsletter argues that even small allocations across those networks—collectively tied to hundreds of billions in addressable capital—could translate into material incremental demand. Bottom line: Grayscale's Amendment #3 and the early inflow data for existing spot HYPE ETFs both point to accelerating institutional adoption. Near-term markers to watch include additional S-1 updates or timing signals from the SEC, continued daily flow figures for THYP and BHYP, and whether sustained ETF demand pushes HYPE back toward its prior all-time high of $62.14. FAQ highlights - What is Amendment #3? The third revision to Grayscale's S-1 for the proposed Grayscale HYPE ETF ($GHYP), first filed March 20, 2026. - How many HYPE ETFs are live? Two: 21Shares' THYP on Nasdaq and Bitwise's BHYP on NYSE; Grayscale's $GHYP is pending. - How much has flowed into HYPE ETFs? $74.91 million in cumulative net inflows as of May 22, 2026, with $89.20 million in combined net assets. - Why does the amendment matter? Prior revisions included a move to Anchorage Digital Bank as custodian and potential staking language, signaling meaningful structuring decisions. - Can HYPE reach $100? From $54.95, $100 implies roughly 82% upside; the newsletter cites ETF inflows, staking activity, buybacks, and Arthur Hayes' public target of $150 by August 2026, while flagging risks including CME/NYSE regulatory pressure, a June 6 token unlock, and broader market conditions. Not financial advice.

ChainCatcher cited Coinglass data showing that whale accounts on Hyperliquid currently hold $4.42 billion in total positions. Long exposure stands at $2.171 billion, representing 49.13% of the total, while short exposure totals $2.248 billion, or 50.87%. Unrealized PnL is $39.14 million on longs and $18.23 million on shorts. A notable whale wallet, 0x8def..ae, opened a 5x full-position short in HYPE at $45.2562 and is currently sitting on an unrealized profit of $17.8151 million.

May 23 — Market data cited by Huo Xing Finance show GMT briefly climbed above $0.0139, gaining nearly 30% in two hours. Coinglass data indicate GMT's open interest rose 131% over the past four hours, a move that often signals elevated volatility may persist. Open interest currently stands at $31.22 million.

Uniswap has put forward a proposal to broaden protocol fee collection and token burning to BNB Chain and Polygon, while also repairing a failed fee activation on Celo that stemmed from a configuration error. Under the plan, TokenJar would be designated as the fee receiver for V2 deployments on BNB Chain, Polygon and Celo. The proposal also calls for assigning V3OpenFeeAdapter as the owner of the V3 Factory. On Celo, the feeToSetter role and ownership of the V4 PoolManager would be transferred to CrossChainAccount. Fees generated on each network would be consolidated in TokenJar; once UNI is bridged back to Ethereum mainnet, the tokens would be sent to the burn address.

Bitmine Immersion Technologies (BMNR) has been named on FTSE Russell's preliminary list of additions for the 2026 Russell 3000 Index, a notable step for a company that has rapidly recast itself as what it describes as the world's largest Ethereum treasury holder. FTSE Russell published the preliminary additions list on May 2223, and the final reconstitution decision is expected by the end of June 2026. If confirmed, BMNR would enter an index followed by trillions of dollars in passive capital, potentially triggering purchases by index funds and ETFs. From mining operator to ETH-heavy balance sheet Incorporated in 2019 as Sandy Springs Holdings, the Las Vegas-based company has shifted into Ethereum treasury management and broader blockchain ecosystem services. Bitmine says it holds more than 5 million ETH—about 4% of Ethereum's total supply—while also maintaining smaller Bitcoin holdings. Trading in BMNR has reflected the volatility of the strategy. Shares have moved within a 52-week range of $3.92 to $161.00, and the company has reported daily trading volumes reaching into the billions of dollars. Staking adds yield component Bitmine also runs MAVAN, an Ethereum staking platform that provides a yield element to its treasury strategy. The approach aims to generate recurring revenue through staking rewards rather than relying solely on ETH price gains, tying cash flow more directly to Ethereum's proof-of-stake system. Index eligibility and institutional profile The company's move to the New York Stock Exchange in April 2026 may have supported its eligibility for index consideration, aligning it with the listing standards index providers typically emphasize. Chairman Tom Lee, co-founder of Fundstrat Global Advisors, adds a higher-profile institutional presence, having built a reputation on Wall Street as a prominent bullish commentator on equities and digital assets. Bitmine has also been conducting share repurchase programs, a move often interpreted as signaling management confidence and reducing share float. Investor implications BMNR's investment thesis is closely tied to Ethereum's performance. Holding roughly 4% of an asset's supply represents a highly concentrated exposure, with corporate operating costs layered on top. A rising ETH price could amplify BMNR's returns through balance-sheet leverage and staking income, while a sharp decline could pressure the equity in the opposite direction—with the $3.92 52-week low underscoring downside risk. MicroStrategy popularized the Bitcoin treasury model and later entered the S&P 500. Bitmine is pursuing a comparable play centered on Ethereum, and its preliminary Russell 3000 inclusion suggests the market is at least open to the concept. The company's 5 million ETH position provides scale advantage, while MAVAN's staking yield offers an additional lever that pure treasury holders lack, potentially funding operations or supporting further ETH accumulation.

XRP extended its selloff over the past 24 hours, sliding to around $1.33 and marking its lowest level since April 13. Less than 10 days ago, the token tested resistance near $1.55 before being sharply rejected, and the pullback has since deepened. The broader crypto market was also lower, with Bitcoin dropping to $75,000 for the first time in three weeks. XRP, though, has underperformed, down roughly 14% from its recent local peak on a 10-day view. XRP's market capitalization has fallen toward $82 billion, widening the gap versus BNB to more than $5 billion at press time. On-chain data also points to cooling large-holder participation. Whale activity on the XRP network has fallen from 157 transactions exceeding $1 million a few months ago to 67 today, a 57.3% decline. Analyst Ali Martinez said the drop suggests the asset may be "entering a compression phase," with whales stepping back as the price range stabilizes and near-term volatility eases. There was one notable bright spot in network growth: earlier this week, XRP recorded about 4,300 new wallet creations in a single day, the fourth-largest one-day spike in 2026. Santiment said network expansion is among the stronger signals that can precede market reversals. Still, some analysts see additional downside risk. CRYPTOWZRD said XRP closed with a bearish tone and warned the token could face further pressure if Bitcoin continues to decline. The analyst also flagged an "increasing trend in short positions" and said there are "no reversal signals in the futures market yet," adding that XRP could slip to $1.30.

PANews, May 23 — Uniswap founder Hayden Adams said the protocol's fee mechanism is now active across nine blockchains and is designed to burn UNI. The Uniswap Foundation has launched a new proposal to extend the V2 and V3 fee mechanism to BNB Chain, Polygon, and Celo. The expansion is expected to increase UNI burn and reduce UNI's circulating supply.

Boerse Stuttgart Group's digital settlement unit, Seturion, has formed a strategic partnership with online broker flatexDEGIRO and French lender Societe Generale, including its crypto-asset subsidiary Societe Generale-FORGE (SGFORGE), to develop a pan-European blockchain settlement framework aimed at modernizing post-trade processing and lowering costs. The partners plan to start with tokenized structured securities, citing their high issuance and transaction volumes. Societe Generale will issue tokenized structured products such as turbo warrants and investment certificates via Seturion. These instruments are expected to trade across European venues, including Boerse Stuttgart's own markets and Nasdaq's European trading venues. Retail flow is set to come through flatexDEGIRO, which serves more than 3.5 million customers across 16 countries. Settlement will take place on-chain through Seturion using regulated euro- and U.S. dollar-pegged stablecoins provided by SGFORGE. Seturion said the design targets Europe's fragmented post-trade landscape by supporting both public and private blockchains, with the stated goal of reducing settlement costs and shortening transaction cycles. Matthias Voelkel, CEO of Boerse Stuttgart Group, said Seturion is intended to serve as a European settlement platform aligned with the emerging Capital Markets Union and to help overcome fragmentation. Lidia Kurt, CEO of Seturion, said faster and more cost-efficient settlement "on tokenized rails" is especially relevant for securities with large numbers of transactions and issued products. Oliver Behrens, CEO of flatexDEGIRO, highlighted execution quality and settlement efficiency as central to modern online brokerage, describing tokenization as an area of "enormous potential." Societe Generale executives framed the project as a bridge between digital-asset infrastructure and traditional finance. Jean-Marc Stenger, CEO of SGFORGE, said regulated stablecoins would support secure on-chain settlement, while Christian Sagerer, a management board member at Societe Generale's Frankfurt branch, said the bank aims to use the infrastructure to drive innovation and improve efficiency in how structured securities are issued and distributed.

Odaily Planet Daily reports that a Uniswap governance proposal aims to roll out the protocol fee collection-and-burn infrastructure on BNB Chain and Polygon, while also completing the previously unfinished fee activation on Celo that was left unexecuted due to configuration errors. Under the proposal, TokenJar would be designated as the V2 fee receiver on BNB Chain, Polygon and Celo, and V3OpenFeeAdapter would be set as the owner of the V3 Factory on those chains. On Celo, the feeToSetter role and ownership of the V4 PoolManager would be transferred to CrossChainAccount. The proposal says fees accrued on each chain would be consolidated into the relevant TokenJar, then UNI would be bridged back to Ethereum mainnet and sent to a burn address.