Akash Girimath
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Articles by Akash Girimath
Hyperliquid ETFs Draw In $172M Since Launch as HYPE Hits All-Time High Original
In brief Cumulative HYPE ETF inflows hit nearly $172 million in roughly a month, with Bitwise’s BHYP leading at $106.6 million. Hyperliquid’s HIP-3 saw SpaceX's SPCX perpetuals attract $1.4 billion in volume in a single session. Institutional buyers are treating HYPE like a high-growth tech equity, prioritizing protocol revenue over non-yielding assets, Decrypt was told. Hyperliquid ETFs have been on a tear, starkly defying recent macroeconomic headwinds and the broader crypto market’s Q2 cooling.
Bitcoin Tops $65K on US-Iran Deal, But Traders Remain Skeptical Original
In brief Over $4.8 billion has exited U.S. Bitcoin ETF products since May, and analysts say a peace deal alone won’t bring institutional capital back. The 25-delta options skew remains at -4% to -5%, showing traders are still paying a premium for downside protection over upside exposure. The Fed’s Wednesday meeting and improving institutional demand could help with Bitcoin’s recovery, Decrypt was told.
Elon Musk's SpaceX IPO: The Bull and Bear Case for Bitcoin Original
In brief SpaceX’s IPO joins an AI-driven tech rally and geopolitical uncertainty in stress testing crypto’s already waning attention and liquidity. Pre-IPO perpetuals on Hyperliquid have amassed $240 million in open interest, rivaling Solana perps despite offering only 5x leverage. A first-day pop above 25-30% in SpaceX’s SPCX could trigger a wealth effect rotation into crypto, but the real signal will be whether the stock holds its valuation weeks later, Decrypt was told.
Bitcoin ETFs Shed $2.1b in June So Far as Market Selloff Deepens
Not all inflation data pointed higher. The month-over-month core CPI dropped to 0.2%, which the "rates market read as a mild relief," Haeems said. Bitcoin is up 1.5% over the past 24 hours and is trading at around $62,560, according to CoinGecko data. Derivatives data show that aggregated open interest has continued to climb after the weekend selloff, assisting Bitcoin's recovery to $63,000.
Bitcoin ETFs Shed $2.1B in June So Far as Market Selloff Deepens
In brief U.S. spot Bitcoin ETFs have shed $2.1B in June, pacing May's $2.4B total outflows. Net assets declined $33B from $109B to $77B in the past month, in line with Bitcoin's 27% drop. Analysts argued that the pace of ETF outflows is “exhausting rather than building,” but offered differing views on what could turn things around. The crypto market outlook remains gloomy as spot Bitcoin ETFs continue to bleed against a challenging macroeconomic and geopolitical backdrop.
‘Intense Capitulation’ Hits Crypto as 8M BTC, Bulk of ETH Supply Sit at Loss Original
In brief Bitcoin, Ethereum, and XRP investors have suffered heavy losses as the crypto market tumbles, with over 8 million BTC underwater. During these capitulation phases, “future winners separate themselves from the field,” Decrypt was told. Sentiment remains bearish with Myriad users giving Bitcoin’s $55,000 retest a 75% chance. The crypto market’s 2026 drawdown, driven by Bitcoin's lackluster performance, has weighed heavily on most altcoins—borne out by on-chain data.
This is Bitcoin's Shallowest Bear Market—But is the Bottom In? Original
In brief Bitcoin's 50% drawdown from its $126,000 all-time high is its shallowest to date, compared to 2012’s 90% correction. Analysts point to ETF outflows and macro tightening as signs the bear market isn't over. $60,000 and $55,000 to $45,000 are key levels to watch if selling pressure continues, Decrypt was told. Bitcoin’s price action has been down-only in June, dropping double-digits as capital continues to exit ETFs amid escalating geopolitical and macroeconomic tensions.
Bitcoin's $63K Reclaim Liquidates $540M in Crypto Shorts, a 7-Week High Original
In brief Bitcoin bounced 7.5% from Friday’s $59,353 low to highs of $63,800 on Monday. The weekend recovery liquidated $540 million in short positions on Sunday, the highest level since mid-April. Experts remain cautious about the rebound, saying it does not confirm a trend reversal yet. A portion of last week’s selloff has come undone as Bitcoin bounced over the weekend, triggering a huge chunk of late shorts.
ZEC Crashes 38% as Zcash Discloses ‘Critical Counterfeiting Vulnerability’ Original
In brief Zcash dropped double digits overnight after the disclosure of a four-year-old vulnerability in its Orchard shielded pool. The bug, discovered by an AI-assisted audit, could have been exploited to create unlimited counterfeit ZEC with no on-chain trace. Critics argue privacy coins enable a "unique class" of bugs where exploitation would go unnoticed.
As BTC Tests $62,000, How Low Can Bitcoin Go? Original
In brief Bitcoin fell 17% from just under $74,000 Monday to an intraday low of $61,556 Thursday, triggering $4.47 billion in total crypto liquidations over the period. Data from derivatives and options markets show weak demand and increased downside protection bets. Analysts see potential for another leg lower into the $50,000s, with a bottom possible in three to six months.
Strategy Wanted to 'Inoculate' the Bitcoin Market—Has Its BTC Sale Backfired? Original
In brief Strategy’s decision to retire $1.5 billion in debt and purchase 24,869 BTC drained its corporate cash reserves right before a monthly dividend payout. The Bitcoin treasury firm’s $ 2.5 million BTC sale reversed its “never sell” narrative, triggering structural depegging fears and $1.76 billion in crypto liquidations. While critics label the timing a tactical blunder, some analysts argue institutional investors view it as manageable leverage friction rather than a death spiral.
NEAR, Worldcoin Post Double-Digit Gains as Market Sees $714M in Liquidations Original
In brief Bitcoin fell below the psychological $70,000 mark for the first time in eight weeks, triggering $980 million in market liquidations since Monday. Defying the broader risk-off trend, NEAR, ICP and Worldcoin posted overnight gains, while Hyperliquid dipped slightly from record highs. Analysts attribute the divergence to capital rotating out of legacy ETFs and concentrating in assets with clear AI narratives or real cash-flow structures.
Bitcoin ETF Losses Near $3B Across 10 Days as YTD Flows Turn Negative Original
In brief U.S. spot Bitcoin ETF outflows reached $2.96 billion across a record-breaking 10-day net withdrawal streak. AUM across spot Bitcoin ETFs fell from $104 billion to $94 billion in 10 sessions, with CoinShares calling the pattern reminiscent of early 2026 selloffs. Altcoin ETF inflows collapsed to five assets, though Hyperliquid, XRP, and Near funds still attracted capital amid the broader exodus.
Bitcoin ETFs Shed $2.8B in Record-Breaking Nine-Day Streak Original
In brief Bitcoin ETFs posted nine consecutive days of outflows totaling $2.8 billion through May 28. Whale balances are contracting year-on-year and are currently at 2022's bear-phase pace, according to a CryptoQuant report. A record 15.8 million BTC long-term holder supply signals an absence of new buyers, not accumulation, the report noted.
Bitcoin Slips Under $73K as Crypto Liquidations Near $1B Original
In brief Bitcoin fell to lows of $72,711 Thursday, as ETFs shed $1.02 billion across three days. $937 million in crypto liquidations occurred despite Bitcoin sliding less than 4%, highlighting leverage in the ecosystem. Myriad users now see a 62% chance of Bitcoin hitting $84,000, down from 74% on Tuesday.
$1.3B Worth of BlackRock's IBIT Changes Hands in Dark Pool Sale Original
In brief A $1.3 billion block of BlackRock’s IBIT was traded in a dark pool sale Tuesday, one of the largest since the launch of U.S. spot Bitcoin ETFs. Though Bitcoin held steady on a higher timeframe, a closer look shows it shed nearly 1.4% around the time of the transaction. Myriad users reduced bullish expectations, putting a 69% chance on Bitcoin hitting $84,000 next, down from last Monday’s 79%.
Bitcoin, Ethereum ETFs Shed $112M as Hyperliquid Funds Extend 8-Day Win Streak Original
In brief Bitcoin ETFs saw $105 million in outflows on Monday, while Ethereum ETFs shed $6.7 million as risk-off sentiment intensified amid Iran tensions. Two HYPE ETFs have posted net buying for eight consecutive days, adding $10.95 million on Monday and $25.5 million last week. Bitcoin traded at $76,700, down 0.7% over 24 hours, as Myriad users reduced the chances of a rally to $84,000 to 74%.
NEAR Protocol Jumps 28% on Privacy, AI, and Scaling Upgrades Original
In brief NEAR rose 28% in 24 hours and almost 45% over the past week, leading altcoin gains. The rally follows three protocol upgrades: confidential treasuries, AI prompt privacy, and automatic network scaling.
HYPE Jumps Double Digits as Hyperliquid ETFs Add $25.5M Original
In brief Inflows to Hyperliquid ETFs hit $25.5M Wednesday, higher than the first five days of inflows combined. ETF demand follows HYPE’s stellar performance, which has led to more than a 100% rally this year. Bitwise shows strong support for Hyperliquid, committing 10% of ETF fees into the HYPE balance sheet. Hyperliquid's sustained uptrend continued into Thursday, as the decentralized exchange's token surged to an intraday high of $58.97.
HYPE Surges 101% This Year: What’s Driving Hyperliquid’s Growth? Original
In brief HYPE is up 91% year-to-date while Bitcoin is down 12%, a decoupling tied to Hyperliquid's revenue diversification beyond crypto perps. Hyperliquid pulled $255M in revenue YTD, more than the next two apps combined, with 97% accruing to HYPE holders via buybacks. Bitwise and 21Shares have filed for HYPE ETFs, with Bitwise committing to hold 10% of management fees in Hyperliquid on its balance sheet.
Bitcoin ETFs Shed $649M in a Day as Long-Term BTC Holders ‘Limit Downside Potential’ Original
In brief Bitcoin ETFs saw $648 million in outflows Monday, led by BlackRock’s IBIT with $448 million. Long-term Bitcoin holders have accumulated BTC for months, limiting downside, Decrypt was told. Bitcoin funding rates flip positive after a multi-month negative streak despite a 6,7% price drop. Spot Bitcoin ETFs are taking a beating, shedding another $648.64 million on Monday following last week’s $1 billion outflows, according to SoSoValue. BlackRock’s IBIT led Monday’s outflows with $448 million.
Hyperliquid Defies Market Downturn as SpaceX, Anthropic, OpenAI IPOs Loom Original
In brief Hyperliquid’s HYPE token is up 5% over the past 24 hours and 69% over the past year, outperforming the broader crypto market. The platform’s HIP-3 ecosystem has processed over $120 billion in total volume, with TradeXYZ pricing Cerebras perps within 3% of its Nasdaq open while Hiive was 35% off. The next wave of pre-IPO perp markets on HIP-3 includes SpaceX, Anthropic, and OpenAI IPOs, all of which are targeting $1 trillion-plus valuations.
Bitcoin Slides Under $77K as Crypto Liquidations Top $672M Amid Bond Sell-Off Original
In brief The 10-year U.S. Treasury yield hit 4.63%—a 16-month high—up 70 basis points since the Iran War began, as odds of a 2026 rate cut collapsed to 2%. Spot Bitcoin ETF outflows reached $1 billion for the week ending May 15, the largest weekly exit since late January, per SoSoValue. Analysts say $77,000 is the critical threshold—a break below with elevated open interest could put a $70,000 retest in play.
Bitcoin Shrugs off CLARITY gains as Institutions Sell Amid Surging Treasury Yields Original
In brief The 7D-SMA of US spot Bitcoin ETF netflows dropped to -$88M/day, the largest outflow since mid-February, Glassnode said. The 10-year Treasury yield hit 4.52%, and April CPI came in at 3.8% year-over-year—the highest in three years—pushing back expectations of a Fed rate cut. Analysts say $77,000 is the key support level; a break below, with open interest still elevated, could trigger a deleveraging phase.
Bitcoin’s Dip Below $80K Could Be ‘Short-Lived’ as STRC Cycle Looms Original
In brief Bitcoin hit an intraday low of $78,795 as ETFs posted $630 million in outflows, the largest daily exit in three months. Strategy's STRC stock has driven mid-month buying rallies, ramping up from 4,467 BTC in January to 46,872 BTC in April. Myriad users remain optimistic, assigning an 85% chance that Bitcoin's next major move will take it to $84,000.
Is This Bitcoin Bear Market Different? Analysts Weigh In Original
In brief Bitcoin's current bear market drawdown of around 36% from its ATH is shallower than historical cycles, which saw 40–50% declines. ETF inflows and corporate treasury accumulation have introduced structural demand that analysts say is reshaping how Bitcoin cycles play out. One analyst noted that similar conditions—above True Market Mean and STH cost basis—preceded bear market resumptions in 2014, 2018, and 2022.
Strategy Resumes Bitcoin Buys as Saylor Shifts Focus to 'Never Be a Net Seller'
Bitcoin treasury firm Strategy resumed its BTC purchases this week, as the firm’s chairman Michael Saylor clarified his position after suggesting the company could offload a portion of its holdings to fund dividends. “I'm very famous for saying ‘never sell your Bitcoin.’ That's why the internet went crazy when we said we might sell it,” Saylor said in a podcast interview released over the weekend. “But if I was being more precise: never be a net seller of Bitcoin.
XRP New Addresses, Active Supply Plunge Amid Shift to ‘Institutional Rails’ Original
In brief New daily XRP addresses fell 85% from 18,000 in December 2024 to 5,020, with monthly active supply down 73% over the same period. Ondo, Kinexys, Mastercard, and Ripple completed the first real-time cross-border settlement of tokenized Treasuries on a public blockchain. Tokenized RWAs on XRPL have crossed $2.43 billion, with tokenized US Treasuries alone exceeding $403 million, signaling institutional use is rising, Decrypt was told.
Bitcoin ETFs Post 5-Week Buying Streak as Hedges Unwind, Institutional Appetite Returns Original
In brief U.S. spot Bitcoin ETF inflows totaling $3.8 billion pushed total net assets to a record $108.76 billion. The 25-delta skew is compressing to near-zero as traders unwind downside protection built up during the bear phase. Bitcoin’s upside is capped at $85,200, which is the next key resistance, per Glassnode analysts.
Bitcoin Jumps to Three-Month High Above $82K on Report of US-Iran Agreement Original
In brief Bitcoin jumped to a three-month high Wednesday, on reports that the U.S. is nearing an agreement to end the war in Iran. The reported one-page U.S.-Iran memo would lift sanctions, end nuclear enrichment, and reopen the Strait of Hormuz within 30 days. Users on prediction market Myriad assign an 87% chance that Bitcoin rallies to $84,000 next.
Bitcoin's $81K Rally Comes Amid 66-Day Negative Funding Streak: Here’s Why Original
In brief Bitcoin's 30-day average funding rate has been negative for 66 days—the longest streak this decade—as shorts pay an annualized carry of around 12%. Open interest rose 12% while funding stayed negative, consistent with institutional hedging rather than fear-driven directional shorts. Historical data show buying Bitcoin during negative funding regimes delivers an 83–96% win rate across all measured time horizons.
Ethereum ETFs Shed $184M Over 4-Day Negative Streak Original
In brief Ethereum ETFs posted $184 million in outflows over four straight days through April 30. Bitcoin ETFs also shed $476 million over the same period, but saw a $14.76 million inflow Thursday. Myriad users see a 55% chance Ethereum hits $3,000 next, up from 46% on Monday. Ethereum exchange-traded funds extended their losing streak to four days on Thursday, shedding nearly $184 million as geopolitical uncertainty offset record highs in U.S. stocks.
Bitcoin Closes April Up 12% as Strategy's MSTR Posts First Positive Month Since July Original
In brief Bitcoin’s April gains hovered just under 12%, marking its second positive monthly close since September 2025. Michael Saylor’s Strategy made four BTC purchases in April totaling $4.13 billion, with MSTR stock closing the month up 33%. CryptoQuant warns that “price gains are speculative rather than structural” as the demand metric remains negative, highlighting a divergence.
Bitcoin's Upside Capped by $82K Sell Wall as UAE’s OPEC Exit Triggers Risk Sell-Off Original
In brief Bitcoin’s recovery rally is capped between $80,400 to $82,000 due to a confluence of massive sell orders, CME gap, and key technical levels. The UAE's OPEC exit raises oil volatility risk rather than confirming a supply surge, keeping inflation and rate expectations uncertain. Analysts see Bitcoin oscillating between $74,000 and $82,000 near-term, with de-escalation and a Fed pivot needed for a sustained breakout.
Bitcoin's Next Move Hinges on $82K CME Gap as Earnings, FOMC Loom Original
In brief A successful breakout above $82,000 will add fuel to Bitcoin’s ongoing recovery rally, potentially pushing it toward $90,000, QCP analysts argue. Fed Chair Powell’s forward guidance for the rest of the year, and first-quarter earnings from big tech, will redefine U.S. investor risk appetite. Without a catalyst, Bitcoin’s price action will be volatile and headline-driven, Decrypt was told.
Bitcoin ETFs Extend Longest Win Streak Since September, But Spot Demand Lags Original
In brief Bitcoin ETFs notched nine straight days of inflows, marking the longest streak since September 2025. Short liquidations have outpaced longs by nearly $1 billion since April 13, per CoinGlass data. While ETF-related inflows may seem optimistic, they should not be viewed as an outright bullish conviction due to market-neutral strategies, Decrypt was told.
'Excellent Window' for Strategic Accumulation as Bitcoin Risk Indicator Flips Bullish Original
In brief Market intelligence firm Glassnode’s risk index and moderate strategy trackers have aligned, hinting at a “cleared risk” environment for Bitcoin. Analysts called the current setup “an excellent window for strategic accumulation” pointing to a new all-time high for Bitcoin by year-end. Glassnode warns 54% of recent buyers are in profit, with realized profit spiking to $4.4 million, a level that has marked every local top in 2026.
PENGU Notches Double-Digit Gains as Bitcoin Hits $78K Amid $418M Liquidation Spree Original
In brief Bitcoin hit $78,000 on Wednesday, triggering $418 million in liquidations over 24 hours, with shorts accounting for $254 million. Altcoins including PENGU and Cosmos have posted gains alongside Bitcoin Sentiment has flipped bullish amid crypto market recovery, with Myriad users assigning a 75% chance that Bitcoin retests $84,000 next. Bitcoin has been on a steady uptrend in April, with shallow pullbacks, allowing altcoins to extend their gains.
Bitcoin Resistance at $78K and $83K Could Cap Rally: Schwab Original
In brief Bitcoin's active investor cost basis at $78,000 stalled the recent rally, with the ETP average cost basis at $83,000 seen as the next key hurdle, according to Schwab’s digital assets strategist. The passage of the CLARITY Act is a major catalyst that could reset momentum in the crypto market. Strong institutional demand from recent ETF inflows could fuel a breakout rather than a reversal, other experts told Decrypt.
Crypto Funds Add $1.4B as Bitcoin Clears Two-Month Range Original
In brief Bitcoin funds led with $1.12 billion in weekly inflows as BTC cleared two-month highs, hitting $77,900 last week amid an improving geopolitical outlook. Ethereum products also saw their strongest week since January with $328 million inflows, while XRP and Solana bled $58 million combined. Switzerland posted $138 million outflows, a sharp divergence from the U.S.-led risk-on tone.
Negative Funding Rates Hit Yearly High as Bitcoin Tests $76K Original
In brief Bitcoin funding rates have remained negative for over a month even as BTC touched $76,000, signaling heavy bearish positioning. A potential uptrend could see Bitcoin revisit $125,000 in 30-60 days, Decrypt was told. Despite bullish catalysts, analysts remain cautious, highlighting $80,000 as a key trigger level; failure risks a double-digit sell-off similar to that seen in May 2022. Bitcoin’s recent rally toward $76,000 faces a dilemma, leaving investors split on its near-term outlook.
Exchange Inflows Spike as Bitcoin Faces $76K Headwinds Original
In brief Bitcoin’s recent ascent coincides with high exchange inflows and large holder deposits, exceeding March's pre-correction spike. The average exchange deposit size hit 2.25 BTC—the largest jump since July 2024, signaling distribution from large holders, according to a CryptoQuant report. Large deposits also rose from under 10% to over 40% of inflows within days, which has historically been a sell signal.
Bitcoin ETFs Draw $411M After BTC Hits $75K, But Analysts Urge Caution Original
In brief Bitcoin ETFs saw inflows of $411 million Tuesday, as Bitcoin topped $75,000. BTC surged 10% from around $68,1000 to $75,600 in two weeks, fueled by easing geopolitical tensions and improving liquidity. A temporary de-escalation of the Iran conflict and net liquidity rebound acted as key drivers, Decrypt was told. U.S. spot Bitcoin ETFs continue to attract significant inflows in April, with experts citing easing geopolitical tensions and improving risk appetite among investors.
Bitcoin Nears $75K As Risk-on Sentiment, Geopolitical Landscape Improves Original
In brief Bitcoin is up around 13% since the Iran conflict began on February 28, outperforming the S&P 500 and gold. The options market shows easing bearish pressure reflected in the improving 25-delta skew, signaling reduced demand for downside protection. Myriad users see a 75% chance that oil hits $120 next, despite the ceasefire and falling crude prices. Bitcoin’s sustained uptrend over the past few weeks comes amid an improving risk-on sentiment across the broader financial markets.
Fartcoin Leads Altcoin Slump With Double-Digit Drop Original
In brief Fartcoin plunged 28% from its weekly high, liquidating $51M in 24 hours. The meme coin’s crash came after it surged 45% in two days to its peak Wednesday. Hyperliquid recorded $84M in liquidations, topping centralized exchanges Binance and Bybit. While Bitcoin hovers above $71,000, attempting to find a stable foothold, a subset of altcoins has tanked sharply, with Fartcoin leading the drop.
Bitcoin Spikes Over $72K as Trump Announces Conditional Ceasefire With Iran Original
In brief Bitcoin jumped to highs over $72,000 as U.S. President Donald Trump announced a two-week ceasefire with Iran. U.S. oil dropped 22% from $117 to $91 per barrel, as the ceasefire allows for the reopening of the Strait of Hormuz. Analysts argued the truce provides "fragile breathing room," noting gaps in the ceasefire agreement and pointing to incoming macro events.
Bitcoin ETFs Add $471M in Biggest One-Day Haul Since February Original
In brief Bitcoin ETFs recorded $471 million in inflows Monday, the largest since February. Iran responded to America’s 15-point plan with its own 10-point plan including reopening the Strait of Hormuz with a $2 million per ship fee. Prediction market users on Myriad have optimistically repriced a spike in traffic through the Strait before May, from 43% on April 3 to 68% today.
Bitcoin Hits Weekly High Over $69K on US-Iran Ceasefire Hopes as Oil Slides Original
In brief Bitcoin and broader financial markets rose on reports that the US and Iran are discussing a potential ceasefire that could end the war. Over $200 million in crypto shorts were liquidated—four times more than longs—signaling a textbook short squeeze. Analysts warned that a rally is contingent on the Strait of Hormuz reopening; failure could send Bitcoin to $60,000.
Algorand Soars Double-Digits On Google ‘Post-Quantum Protocols’ Citation Original
In brief Algorand surged more than 40% over the past week after Google cited its "real-world deployment" of post-quantum protocols in a research paper. Render gained almost 10% in 24 hours, driven by AI demand and adjacency to the trend. Myriad users see an 82% chance that oil hits $120 next, as geopolitical uncertainty persists.
Bitcoin, Gold, and U.S. Stocks Dive as Trump Pledges to Hit Iran ‘Extremely Hard’ Original
In brief Bitcoin dropped Thursday morning with over $386 million in crypto liquidations following U.S. President Donald Trump's war address. Crude oil surged from $98 to $107 as Trump did not offer a settled view on reopening the Strait of Hormuz, Decrypt was told. Spot Bitcoin ETFs ended a four-week inflow streak with $296 million outflow last week, per CoinGlass.
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