A wallet linked to Arthur Hayes transferred 115,453 HYPE valued at about $6.33 million to Bybit on May 23. The same address previously withdrew the same amount from Bybit roughly one month earlier at $39.58 per token, creating a sharp contrast with Hayes' public view that HYPE could reach $150.

Pseudonymous onchain trader 'Evaded' reportedly closed long positions in HYPE, ZEC, and ETH, realizing a combined $4.6 million profit. The trader then opened a 990 BTC short on Hyperliquid valued at about $74.84 million, which later showed $783,000 in unrealized gains at the time it was flagged. The positioning comes as bitcoin faced pressure amid $209 million in long liquidations and continued U.S. spot BTC ETF outflows.

A single Ethereum wallet sold 20,000 ETH worth $41.18 million at an average of $2,059 in under an hour, adding notable sell-side pressure. U.S. spot ETH ETFs also posted net outflows of $6.67 million on May 22, extending the streak to 10 straight sessions. With ETH trading around $2,030, attention is on whether the market can defend the $2,000 level.

The Coinbase bitcoin premium index fell to -0.085% on May 22, its lowest reading in over a month, signaling softer U.S. institutional demand. Bitcoin was trading around $74,500 at publication, down more than 4% over the week as spot BTC ETFs saw roughly $1.26 billion in outflows and the market recorded $209 million in long liquidations in a single session.

The U.S. SEC has cleared Nasdaq to list European-style, cash-settled bitcoin index options on the Philadelphia Stock Exchange under ticker QBTC, offering regulated BTC price exposure without holding bitcoin. The contracts reference the Nasdaq Bitcoin Index and feature a 24,000-contract position limit per side with $0.01 minimum ticks. Trading cannot start until the CFTC grants exemptive relief, and no timeline has been disclosed.

On May 22, a Hyperliquid trader known as 'Evaded' recorded over $7.5 million in unrealized profit from long positions in ZEC and HYPE opened less than 96 hours earlier. He then shifted into a new 25x leveraged long on 18,100 ETH with $38.63 million in notional exposure, a setup that could be liquidated after an adverse move of roughly 4%.

A wallet associated with Trump Media & Technology Group transferred 2,650 BTC to Crypto.com on May 22, a move valued at about $204.93 million. The address reportedly still holds 6,889 BTC worth roughly $532.78 million, while the company has not explained whether the deposit reflects a sale, custody shift, or liquidity arrangement.

More than a dozen bipartisan U.S. House members introduced the American Reserve Modernization Act of 2026 (ARMA) on May 21 to codify a federal Strategic Bitcoin Reserve. The proposal would require any BTC acquired for the reserve to be held for at least 20 years and would authorize the Treasury to buy up to 200,000 BTC per year for five years, aiming for 1 million BTC. It also includes audit-and-reporting requirements and a clause protecting lawful self-custody and transfers.

Polymarket is preparing a push into Japan by appointing Mike Eidlin as its local representative and starting a lobbying campaign, with the goal of receiving authorization to run prediction markets by 2030. The platform reported its first $10 billion monthly trading volume in March 2026 and said it reached 678,342 unique users in April as it rolls out updates such as Polymarket USD.