Hyperliquid's HYPE token reached a new all-time high of $68.64 on May 30, capping a rally that has delivered roughly 50% in gains over the past month. The token's single-day trading volume exceeded $1.4 billion. The move came a day after the U.S. Commodity Futures Trading Commission (CFTC) approved KalshiEX's BTCPERP contract—the first Bitcoin perpetual futures product to receive regulatory clearance.
The approval signaled a potentially more permissive stance toward crypto derivatives by U.S. regulators. Meanwhile, institutional capital is rotating out of Bitcoin and into AI-related tokens and stablecoins, according to U.Today. Arthur Hayes, co-founder of BitMEX, has predicted that Hyperliquid (HYPE) could flip Solana in market prominence, though no timeframe or price target was provided.
On-chain data also showed heavy XRP accumulation: traders loaded up on XRP at $1.34, and over 25.24 million XRP exited exchanges just after the year's largest exchange inflow caught traders off guard. The broader crypto market remains bifurcated between regulatory tailwinds for derivatives and capital rotation among major assets.
Separately, Treasury Secretary Scott Bessent stated at the Reagan National Economic Forum that the U.S. had seized roughly $1 billion in Iranian crypto assets, describing the action as authorities "just outright grabbed the wallets." The seizure raises questions about whether the funds could eventually flow into Trump's proposed Bitcoin reserve, though no official plan has been disclosed.