Whole lotta HYPE
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 15th May 2026.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
Don’t invest in crypto unless you're prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 minutes to learn more.
What’s up
Hyperliquid On A Heater
Total crypto assets hit $2.761 trillion after gaining 0.6% over the past 24 hours. Bitcoin is back above $80,000. XRP is solidly green for the week. So is DOGE.
But there’s really only one big altcoin hollering for attention right now and it’s Hyperliquid. The decentralized exchange’s native HYPE has surged 13% to $45 on momentum connected with Bitwise’s new spot Hyperliquid ETF and Coinbase’s expanded role as Hyperliquid’s official USDC treasury deployer.
Hyperliquid, as CoinDesk noted, has emerged as a go-to DEX for trading tokenized and TradFi-linked assets. One of the platform’s “pre-IPO” assets, CBRS, recorded some $280M worth of trading volume over the past day in anticipation of yesterday's Cerebras Systems IPO which indeed turned out to be massive. The semiconductor company, debuting on the Nasdaq, sold 30 million shares, raising $5.55B in the largest IPO for a tech firm since Uber’s debut in 2019.
What's down
THORChain Hits Pause After Possible Exploit
THORChain ceased trading operations today amidst a potential security breach, according to Decrypt. The protocol took the defensive measure after blockchain security researchers identified a suspected exploit allegedly affecting more than $10M across multiple blockchain networks, including Ethereum, BNB Smart Chain and Base. THORChain’s native RUNE has lost 11% in the past 24 hours.
What's next
Meet The New Monetary Policy Boss
President Trump returned from China with a new headache over a contested waterway — the Taiwan Strait. Not only is Beijing pressing the U.S. to halt or at least curb arms sales to Taiwan, an independent democracy which China wants to take over, but China's President Xi Jinping this week bluntly warned that poor handling of the island's status could lead to a "highly dangerous" conflict.
Meanwhile, hostilities in the Middle East have not abated. The Hormuz Strait remains effectively closed. Brent crude futures jumped 8% this week to $109 per barrel.
Inflation worries have driven up the value of the dollar and yields on Treasury notes. Check out the yield on the 30-year bond. It just jumped almost 9 basis points to nearly 5.1%, the highest since May of 2025.
This past week saw unnervingly hot inflation data. The Federal Reserve is facing a dilemma. Rate cuts most likely are not in the cards. The Fed might even have to raise rates. Such a move is hardly inconceivable if not, at some point, unavoidable.
The chances of a Fed rate increase by December now stand at 44%, according to the CME futures market.
Today marks the conclusion of Jerome Powell’s second four-year term as Fed Chair but he will stay on as a member of the board of governors. His successor, Kevin Warsh, was confirmed by the Senate on Wednesday.
“Long end rates are now in control of monetary policy,” said one asset management CIO in a morning client note.
Bond market moves starkly suggest that inflation remains a thorn in the side of the global economy. Implications are multitudinous and interwoven. For instance, rising treasury yields put pressure on non-yielding “risk” assets like gold and Bitcoin.
However, as CoinDesk pointed out, such conditions could bode well for tokenized treasuries already on a roll. These instruments’ on-chain market value recently touched above $15B, a record-high level.
