Bitcoin (BTC) sees a strong rebound, temporarily around $81,480 as of May 15. The Bitwise Hyperliquid ETF will begin trading on Friday on the New York Stock Exchange. Ranger Finance announced it will be gradually shut down, due to mounting funding pressure compounded by the impact of the Drift attack.
Macro Events & Crypto Market Hot Topics
1、According to The Block, the Bitwise Hyperliquid ETF will begin trading on Friday on the New York Stock Exchange under the ticker BHYP. The fund will become the first US product to offer Hyperliquid staking incentives, implemented through Bitwise Onchain Solutions’ in-house staking department. BHYP’s management fee is 0.34%, with no management fee on the first $500 million of assets in the first month.
Bitwise Chief Investment Officer Matt Hougan said Hyperliquid has become one of the most attractive investment opportunities in crypto. In February, when geopolitical tensions kept traditional markets closed, global traders turned to Hyperliquid for price discovery, and Bloomberg cited its crude oil contracts as the most relevant market price.
2、A Solana ecosystem DeFi project, Ranger Finance, joint founder cobra (@barrett_io) posted on X, saying Ranger Finance is gradually shutting down. The project took on operations beyond what it could sustainably support. The founder put personal funds into maintaining operations, but delayed financing led to bills piling up. Ultimately, the financing failed, and the raised funds were returned. The team used the remaining two months of operating capital to pay employees and suppliers as fairly as possible, but it was not enough to cover all expenses. Treasury liquidation came unexpectedly, severely affecting budget decisions. Then the Drift attack event depleted the remaining funds and personal capital. Treasury users affected by the Drift attack will receive restored tokens when the Drift team distributes them. The founder said, in hindsight, the project should have been shut down earlier, and apologized for it.
News Updates
1、AI chip company Cerebras surged 100% after listing with a $5.5 billion IPO
2、Kelp: rsETH withdrawal functionality has been launched, and bridging and claiming functions have been activated
3、Ranger Finance announced it will gradually shut down due to funding pressure compounded by the impact of the Drift attack
4、SlowMist: node-ipc was hacked again; three malicious versions carried credentials to steal the load
5、A whale opened a long position of 700 BTC with 10x leverage, worth $57 million
6、Myanmar plans to introduce the death penalty for criminals who participate in crypto scam centers involving victims of violent coercion
7、The Bitwise Hyperliquid ETF will begin trading on Friday of this week on the New York Stock Exchange
8、Bullish first quarter net loss of $605 million; adjusted net profit of $20.3 million
9、The Winklevoss brothers invested $100 million in crypto exchange Gemini
10、JPMorgan: Ethereum and altcoins may continue to underperform Bitcoin unless network activity improves significantly
Market Trend
1、Latest Bitcoin news: $BTC sees a strong rebound, temporarily around $81,480; in the past 24 hours, $89.93 million has been liquidated, with the main liquidations in short positions;
2、All three major US stock indexes rose on May 14. Artificial intelligence trading drove the S&P 500 and Nasdaq to record highs again, while the Dow closed only 0.3% below the all-time high reached on February 10. Cisco’s strong earnings report and a milestone AI chip maker’s IPO further boosted market sentiment. Investors are also watching important meetings between China and the US. The Dow rose 370.26 points, up 0.75%, to close at 50,063.46 points; the S&P 500 rose 56.99 points, up 0.77%, to close at 7,501.24 points; the Nasdaq rose 232.88 points, up 0.88%, closing at 26,635.22 points.
(Source: Gate)
3、In the Gate BTC/USDT liquidation map, using the current 81,460.70 USDT as the reference: if it drops to around $80,119, the cumulative long liquidation amount will exceed $389 million; if it rises to around $82,265, the cumulative short liquidation amount will exceed $153 million. The short-side liquidation amount is significantly lower than the long side; it is suggested to manage leverage reasonably to avoid triggering large-scale liquidations when market conditions change.
(Source: Coinglass)
4、In the past 24 hours, BTC spot inflows were $2.8 billion, outflows were $2.77 billion, and net inflows were $300 million.
(Source: Coinglass)
5、In the past 24 hours, derivatives trading net outflows led for $BTC, $ZEC, $ETH, $DOT, $CL , etc., presenting trading opportunities.
Selected Views from X KOLs
Phyrex Ni (@Phyrex_Ni): “Today’s China-US talks didn’t seem to produce much information. For Iran-China, there was no full indication—only Trump said that Xi Jinping is willing to support Iran in opening the Strait of Hormuz. That is actually within expectations from yesterday. After all, a long period of blocking the Strait of Hormuz doesn’t align with China’s interests. If China can use support for open passage to exchange some US resources, that would also be good for China.”
“The open-passage situation in the Strait of Hormuz is still worrying. Although some updates about Iran came in—yesterday more than 30 ships were able to pass—at the same time, Indian merchant ships were still being attacked. The closure of the Strait of Hormuz still forces WTI and Brent to stay at high levels. The only thing better today is that the funding rate has come down a bit; I guess most buddies can’t hold on.”
“Also today, the CLARITY Act has finally passed the Senate Banking Committee. Next it will be sent for a full Senate vote. At the moment it requires 60 votes to pass, meaning that besides all Republicans agreeing, Democrats also need at least 7 votes. Stablecoin interest-earning and moral standards provisions are still the main points of controversy.”
“Back to Bitcoin data: today’s price action wasn’t originally very good, but the passage of the CLARITY Act still pushed up the price of $BTC . The biggest benefit of the CLARITY Act for BTC is that it turns BTC from a risk asset that can be bought into a compliant digital asset that can be included long-term by banks, brokerages, funds, custody institutions, clearing systems, and margin systems.”
“Short term: sentiment is bullish. Medium term: compliance-based liquidity is bullish. Long term: bullish for BTC ‘financialization’ and ‘collateralization.’”
Today’s Outlook
No major macroeconomic data today
