The Hyperliquid (HYPE) rally has intensified a high-stakes dynamic in the market: a single whale remains stubbornly short as the token surges, driving a potential squeeze that could threaten the underwater position. With HYPE trading around the mid-50s to high-50s, the trader’s short position has swelled to well over $100 million in notional exposure, even as funding and on-chain activity push the price higher.

Meanwhile, a wave of new demand around US spot HYPE ETFs has helped lift the token from recent baselines. Since their May debut, these ETFs have drawn notable inflows, while on-chain transfers show large acquisitions from major players. The combination of ETF-driven demand, fresh accumulation, and a disproportionate amount of short exposure creates a complex set of incentives for traders and investors alike.

Key takeaways

• HYPE has surged about 134% year-to-date, a rally that coincides with fresh whale activity and ETF-driven demand that could amplify a squeeze for the underwater short.
• A single wallet identified as a HYPE short seller holds a 5x cross-margin position on 1.8 million HYPE, valued at roughly $102.98 million with an entry around $44.96; current price around $57.30 leaves the position heavily underwater.
• Short exposure has risen compared with earlier in the day, increasing the risk of liquidation if HYPE climbs toward the $69 level.
• US spot HYPE ETFs have drawn about $58.73 million in net inflows since their May 12 launch, as investors seek exposure through regulated vehicles.
• On-chain moves show meaningful accumulation and withdrawals around 694,500 HYPE (roughly $38.7 million), signaling ongoing demand that may intensify pressure on the short seller.

Massive short exposure persists as HYPE rallies

HypurrScan data illustrates the scale of the short position held by a prominent wallet, labeled 0x8ef…, which carries a 5x cross-margin short on about 1.80 million HYPE, valued near $102.98 million at an entry price of roughly $44.96. With HYPE trading around $57.30, the position sits roughly $22 million in the red. The trader has earned around $204,522 in funding so far, but that income is overshadowed by mounting losses as the token extends its rally.

The short exposure appears to have increased during the day, rising from earlier levels to a notional value around $100 million. If HYPE continues to ascend toward key resistance levels, the trader faces heightened liquidation risk. Estimated liquidation pressure would intensify if the price nears approximately $69, a level that would threaten the position’s viability given current funding and fees.

From a market perspective, the behavior of this whale underscores a notable risk dynamic: even as the price rises, a large short remains exposed, creating the potential for a rapid unwind if confidence shifts or if immediate margin calls materialize. The 24-hour risk picture shows a substantial portion of liquidations tied to shorts, reinforcing the squeeze narrative that often accompanies sharp rallies in memetokens and niche plays.

HYPE’s perpetual positions dashboard — HypurrScan

ETF-driven demand and on-chain activity amplify the rally

HYPE’s year-to-date performance has stood out, with a strong outperformance relative to the broader crypto market, which was down over the period cited. A contributing factor has been the May 12 launch of newly launched US spot HYPE ETFs, alongside Coinbase’s role as the official treasury deployer for USDC on Hyperliquid. This combination has helped channel traditional market participation into the Hyperliquid ecosystem, supporting price appreciation while providing liquidity channels for participants.

So far, ETF inflows have been meaningful. SoSoValue reports net inflows of about $58.73 million since the launch, amid a backdrop of rising daily inflows. This steady stream of capital via regulated vehicles can help sustain buying pressure and attract broader attention from investors who previously avoided the space due to regulatory or counterparty concerns.

On-chain activity has also reflected shifting demand. A Galaxy Digital-linked wallet bought 158,100 HYPE worth $8.8 million within a two-hour window, while a freshly created Arkham Intelligence wallet moved 536,247 HYPE worth $29.87 million out of Coinbase over two days. Taken together, these maneuvers account for roughly 694,500 HYPE — valued at about $38.7 million — that could further tilt the risk-reward math for the underwater short.

US spot HYPE ETFs net inflows — SoSoValue

Technical read: signs of exhaustion and a potential range-bound setup

From a technical perspective, HYPE’s ascent has been tested near the upper boundary of its ascending channel, with the price hovering in the high-$50s to around $60. The resistance zone around $59–$60 mirrors the vicinity of HYPE’s September 2025 all-time high before a sharp retrace of more than 65%. The daily RSI has climbed to about 77, signalling overbought conditions and a higher risk of a near-term pullback.

Analysts and traders watching the chart see a plausible pullback toward the 0.786–0.618 Fibonacci retracement zone, roughly $51.5–$45, which aligns with the channel’s lower bound. A retreat to this zone would be a technical correction rather than a fundamental shift, but it would also have meaningful implications for the short seller whose entry level sits at $44.96. A decline back into the mid-$40s would reduce immediate liquidation risk for the trader, while a failure to sustain the rally could relieve pressure on the broader market’s longs and relieve some upward price pressure.

The current setup implies a bifurcated risk: continued ETF-driven demand and on-chain inflows could push HYPE higher, potentially exacerbating the squeeze on the underwater short. Conversely, a lack of continuation, combined with profit-taking at the channel top, might provoke a sharper correction that benefits risk-managed participants and neutralizes the most extreme speculative bets.

Liquidation dynamics and market implications

Liquidation data paints a telling picture of market dynamics during this phase. CoinGlass records roughly $36.33 million in liquidations over the past 24 hours, with shorts accounting for about $34.29 million of that total — roughly 94% — compared with $2.03 million in long liquidations. This skew toward short liquidations reinforces the squeeze narrative: as HYPE rises, forced covering by short sellers can push prices higher and accelerate volatility, potentially trapping late entrants who bet against the trend.

For investors and traders, the interplay between accumulating long exposure via ETFs and the fragility of large short positions creates a delicate balance. If ETF inflows persist and on-chain demand remains constructive, the probability of continued upside may rise. However, if price momentum stalls near the channel top, the same dynamic could accelerate a correction, testing the resilience of both the new ETF buyers and the existing holders.

Looking ahead, market participants will be watching several developing cues: whether ETF inflows sustain their pace and whether on-chain receipts translate into broader market conviction; how the underwater short position evolves in response to price action; and whether the HYPE price can break above the current resistance without triggering a renewed wave of profit-taking or liquidations. The next few weeks could reveal whether the rally has lasting legs or if the current configuration simply marks a temporary stretch before a more meaningful reassessment.

Readers should monitor the trajectory of HYPE around the $59–$60 resistance zone, the potential pullback targets near $51.5–$45, and any new on-chain movements from large wallets that could signal shifting demand. The unfolding interaction between ETF-driven capital, on-chain accumulation, and a dominant short position will continue to shape HYPE’s risk-reward profile as the market digests this unusual dynamic.

IG Europe has partnered with Bitpanda to offer crypto for European investors, using the Austrian exchange’s infrastructure for liquidity, trading connectivity and market data.

IG’s push to bring spot crypto trading to its European client base comes after launching the service in the United Kingdom in 2025. The new expansion has no confirmed timeline.

“This partnership broadens our product offering across Europe, giving experienced investors access to a wider range of asset classes with the quality and security they demand,” said Esteve Jane, managing director of IG Europe, which is regulated by BaFin in Germany.

IG Group is a London-listed FTSE 100 trading platform with 1.3 million clients globally.

The Bitpanda deal allows IG to offer crypto services to clients across the bloc without building the infrastructure itself. It also comes as MiCA has raised the compliance bar for offering crypto services, with stringent requirements around capital, governance, risk management and custody, making partnerships like this a faster route to market.

Related: Bitpanda targets banks with Vision Chain tokenization platform

IG Group sees minimal crypto revenue

IG Group reported 331.2 million British pounds ($444.5 million) in revenue for the first quarter of the year, with spot crypto contributing just $3.2 million, less than 1% of the figure.

Despite the small revenue, IG Group has been expanding its crypto push. The company acquired Australian crypto exchange Independent Reserve, enabling the launch of spot crypto to IG’s clients in Australia in March. In 2025, it also obtained its Markets in Crypto-Assets Regulation (MiCA) license in Germany.

IG Group shares are up 2.7% today. Source: Yahoo! Finance

Meanwhile, in October, IG sold the futures exchange Small Exchange to Kraken as part of a separate collaboration with the global crypto exchange.

Related: Bitget taps ex-Bitpanda legal chief Oliver Stauber to build Vienna MiCA hub

Bitpanda expands offerings

As Cointelegraph reported, Bitpanda is building Vision Chain, an Ethereum layer-2 designed to let European banks and fintechs issue and trade tokenized stocks, bonds and funds under MiCA and MiFID II compliance.

The company has also been expanding beyond crypto. It recently added support for thousands of equities and exchange-traded funds as part of a move toward becoming a full-stack financial platform, and launched in the UK earlier this year. The Vienna-based exchange is eyeing a potential public listing this year.

Big Questions: Is China hoarding gold so yuan becomes global reserve instead of USD?

• BingX recorded 565 new perpetual listings since 2025, averaging 35 new contracts monthly.
• The report identified BingX as having one of the strongest market share growth trajectories.
• BingX led in new listings of AI-related assets.

BingX, a leading cryptocurrency exchange and Web3-AI company, today announced a partnership with CoinGecko for the release of the 2026 State of Crypto Perpetuals Report, an in-depth study examining the evolution of the perpetuals market across centralized and decentralized exchanges.

The report identified accelerating growth in trading tied to tokenized real-world assets (RWAs), AI-linked markets, and multi-asset products, trends that closely align with BingX’s leadership in multi-asset trading.

Moreover, the report indicated that trading related to RWAs accelerated sharply in 2026, with first-quarter volumes already surpassing total 2025 levels.

It also highlighted growing traction for stock perpetuals and other traditional finance-linked products as traders increasingly seek continuous access to diversified markets through crypto-native infrastructure.

According to CoinGecko’s 2026 State of Derivatives Report, BingX Experienced Strong Growth:

• #2 Perpetual Listings Globally: BingX recorded 565 new perpetual listings since 2025, averaging 35 new contracts monthly, and among the highest number of new listings of any exchange.






• Fastest Derivatives Growth Into 2026: The report identified BingX as having one of the strongest market share growth trajectories, increasing its derivatives market share by 58% entering 2026 and YoY growth exceeding 66%, bucking the overall trend and driven by large RWA asset growth.






• BingX TradFi Suite Expansion: BingX expanded its RWA perpetual offerings with tokenized equity products tied to global companies, including major stocks.






• AI-Related Perpetual Markets: BingX led in new listings of AI-related assets, which represented the largest category of new BingX perpetual listings, totaling 111 new markets.

Reflecting the company’s Infinite Vision strategy of delivering early access to trending narratives and new market opportunities, BingX has also expanded into alternative investment exposure through the launch of SpaceX pre-IPO and OpenAI pre-IPO perpetual trading.

BingX also introduced EventX to its Futures lineup, alongside Standard & Perpetual Futures, Copy Trading, and TradFi Markets.

EventX is an innovative contracts product that enables users to trade on the outcomes of major global events and digital assets.

Together, these developments reflect BingX’s broader vision of building a unified multi-market trading environment that bridges crypto and traditional finance while evolving alongside changing user and market demands.

About BingX 

Founded in 2018, BingX is a leading crypto exchange and Web3-AI company, serving over 40 million users worldwide.

Ranked among the top five global crypto derivatives exchanges and a pioneer of crypto copy trading, BingX addresses the evolving needs of users across all experience levels.

Powered by a comprehensive suite of AI-driven products and services, including futures, spot, copy trading, and TradFi offerings, BingX empowers users with innovative tools designed to enhance performance, confidence, and efficiency.

BingX has been the principal partner of Chelsea FC since 2024, and became the first official crypto exchange partner of Scuderia Ferrari HP in 2026.

For media inquiries, please contact: [email protected]

For more information, please visit: https://bingx.com/

This article is authored by a third party, and CoinJournal does not endorse or take responsibility for its content, accuracy, quality, advertisements, products, or materials. Readers should independently research and exercise due diligence before making decisions related to the mentioned company.

• Mantle price rose to near $0.70, supported by rising volume.
• Daily indicators (RSI, MACD) favor short-term upside, but the price remains below a key downtrend line.
• Key resistance looms at $0.71 and support at the $0.60-$0.57 zone.

Mantle climbed nearly 10% on Thursday, reaching intraday highs above $0.69 as a broader altcoin rebound lifted market sentiment.

The move mirrored gains across several mid-cap projects, including Hyperliquid, Zcash, and NEAR, and was accompanied by increased trading volume and renewed attention toward real-world asset (RWA) integrations within Mantle’s ecosystem.

While the technical picture supports further short-term upside, bears remain active near the intraday peak, and a pullback cannot be ruled out.

Mantle price retests barrier near $0.70

The MNT token’s intraday highs marked a decisive retest of the key psychological and technical resistance level at $0.70.

The move comes as bulls attempt to secure a second consecutive green daily candle following a recent dip to $0.61.

Notably, trading volume expanded alongside the rally, rising 116% to $46 million and signaling stronger buying interest.

Mantle is among the crypto tokens benefiting from growing market discussion around RWA projects, with institutional demand expected to rise if the SEC moves forward with allowing blockchain-based tokenized stock trading.

Recent ecosystem developments have also supported bullish sentiment. These include xStocks integrating xChange (Atomic RFQ) on Mantle, the launch of $BILL, and KelpDAO enabling rsETH withdrawals, bridging, and claims.

However, the key question remains whether MNT can break through the $0.70 supply zone.

MNT price prediction

The recent rally places Mantle in a short-term bullish position.

Daily technical indicators show a bullish Relative Strength Index (RSI), while the MACD is signaling a potential bullish crossover, both of which support continued upside momentum.

MNT’s recovery above the $0.65 level also places the token back above short-term moving averages, typically encouraging additional buy-side activity from momentum traders.

However, broader trend indicators still suggest a mixed outlook.

Key Takeaways

• Block delivered Q1 gross profit of $2.91 billion, representing a 27% year-over-year increase, while adjusted EBITDA reached an all-time high of $1 billion.
• Cash App’s gross profit accelerated 38% YOY, marking its strongest growth rate in three years, fueled by increased adoption of banking and lending services.
• Shares rallied 10% following the earnings release despite a GAAP net loss of $309 million, primarily attributed to $852 million in restructuring expenses from a 40% staff reduction.
• Full-year 2026 projections were upgraded, with Block now forecasting $12.33 billion in gross profit and $3.34 billion in adjusted operating income.
• A $240 million reserve was established in connection with a Department of Justice investigation examining Cash App’s compliance framework.

Block kicked off 2026 with impressive financial results that captured investor attention — albeit temporarily.

Block, Inc., XYZ

The fintech giant reported Q1 gross profit totaling $2.91 billion, marking a 27% year-over-year climb. Adjusted diluted earnings per share reached $0.85, representing a 52% increase and significantly exceeding company projections. Adjusted EBITDA achieved a quarterly record of $1 billion.

Total revenue reached $6.06 billion, reflecting a 5% year-over-year gain. While this surpassed most internal forecasts, it came in below certain aggressive analyst expectations.

The positive earnings surprise propelled XYZ stock approximately 10% higher that trading session. Shares now trade roughly 20% above year-ago levels and approximately 40% above their February trough. For 2026 year-to-date, the stock has gained around 7%.

Cash App emerged as the clear winner. Its gross profit soared 38% YOY to $1.91 billion, representing nearly two-thirds of Block’s overall total. Primary banking customers increased 18% to 9.7 million, cash inflows expanded 14% to $88 billion, and consumer lending originations surged 82%.

Cash App’s Evolution Into Full Banking Platform

That lending expansion reveals a significant strategic shift. Cash App is gradually transforming from a simple peer-to-peer payment service into a comprehensive banking solution. Features like Cash App Borrow are attracting additional users and generating deeper financial relationships per customer.

The challenge? Expanding lending activity brings increased loss exposure. Transaction, loan, and consumer receivable losses climbed during the period. Management maintains that credit performance remains within acceptable parameters, but this metric deserves continued scrutiny.

Square, by contrast, delivered 9% gross profit growth to $982 million. Gross payment volume expanded 13% YOY, with particularly robust international performance — 26% constant-currency growth beyond US borders. Block currently works with approximately 140 ISO partners, with these relationships generating roughly 200% quarter-over-quarter growth in new merchant acquisitions.

Artificial Intelligence Reshapes Workforce Structure

Block’s artificial intelligence initiative is gaining undeniable traction. Management reports that code production has increased 2.5 times since January. New AI tools — Moneybot and Managerbot — have each surpassed one million active users. The organization stated that 100% of its workforce now incorporates AI technology into daily operations.

This transformation required significant sacrifice. Block revealed in February plans to eliminate 40% of its headcount, reallocating responsibilities to artificial intelligence systems. The workforce reduction generated $852 million in charges, which primarily explains the GAAP net loss of $309 million and operating loss of $172 million recorded this quarter.

Block additionally disclosed a $240 million reserve established for a DOJ inquiry into Cash App’s compliance protocols and governance structures. This revelation dampened investor enthusiasm despite otherwise strong operational metrics.

Following the earnings beat, Block enhanced its full-year 2026 projections. Gross profit guidance increased to $12.33 billion from $12.20 billion. Adjusted operating income guidance rose to $3.34 billion, with adjusted EPS now anticipated at $3.85, up from the prior $3.77 estimate.

The company closed the quarter with approximately $9.1 billion in available liquidity, including $8.2 billion in cash holdings. Block also bought back 10.7 million shares during Q1 for $636 million, retaining up to $5 billion in remaining buyback authorization.

Analyst consensus currently stands at Strong Buy, featuring 26 buy recommendations, three hold ratings, and one sell rating. The mean 12-month price target among 30 analysts reaches $88.79, suggesting approximately 25% potential upside from the current trading price near $70.89.

Key Highlights

• Nvidia unveiled an $80 billion share repurchase authorization, supplementing an existing $39 billion plan.
• Quarterly dividend increased 2,500%, jumping from $0.01 to $0.25 per share.
• First quarter FY2027 revenue reached $81.6 billion, representing 85% year-over-year growth.
• Evercore ISI draws parallels between Nvidia’s shareholder return strategy and Apple’s historical P/E expansion.
• Consensus rating stands at Strong Buy, with analysts targeting $283.26 per share.

In what represents one of the most significant capital allocation announcements in technology sector history, Nvidia has rolled out an additional $80 billion share repurchase authorization without an expiration timeline, while simultaneously increasing its quarterly dividend payment by 2,500% — from $0.01 to $0.25 per share.

NVIDIA Corporation, NVDA

Shareholders on record as of June 4 will receive the enhanced dividend payment on June 26, 2026.

These shareholder-friendly initiatives accompanied the company’s first quarter fiscal 2027 financial results. Total revenue registered $81.6 billion, marking an 85% increase compared to the prior year period. The data center segment delivered particularly robust performance, climbing 92% to establish a new record at $75.2 billion.

Throughout the first quarter, Nvidia distributed approximately $20 billion to investors via share repurchases and dividend payments. The company maintained $38.5 billion in remaining authorization under its previous buyback framework before announcing the additional $80 billion program.

For perspective: this newly authorized repurchase program exceeds the entire market capitalization of numerous S&P 500 constituent companies.

Despite these shareholder-favorable developments, NVDA stock declined approximately 1% during trading. Market participants appeared more concerned with potential growth trajectory deceleration than the substantial capital return announcement.

The Apple Parallel Explained

Evercore ISI’s Mark Lipacis established a clear correlation between Nvidia’s present circumstances and Apple’s historical trajectory. Following an extended period of price-to-earnings multiple contraction, Apple experienced valuation expansion once the company accelerated its buyback and dividend programs. Lipacis anticipates Nvidia will follow a similar pattern.

He further suggested that Nvidia’s capital return generosity could intensify throughout 2027.

Bank of America’s Vivek Arya provided additional perspective. Between 2022 and 2025, merely 47% of Nvidia’s free cash flow was allocated to dividends and repurchases. Industry competitors typically distribute approximately 80%.

Instead, Nvidia has been channeling capital into AI ecosystem development — taking positions in entities such as OpenAI and Anthropic. Arya argued that this strategy has been “unfairly” labeled as questionable circular financing.

“Enhancing shareholder returns could broaden the ownership base, narrow Nvidia’s valuation discount and address circularity concerns,” Arya stated.

Nvidia’s Strategic Transformation

CEO Jensen Huang characterized the AI infrastructure deployment as representing the “largest infrastructure expansion in human history.” This fundamental thesis remains unchanged.

What has transformed is Nvidia’s approach to cash management. For an extended period, the company embodied a pure growth narrative. Currently, it’s producing sufficient cash flow to simultaneously fund AI investments and return billions to shareholders.

Nvidia has committed to distributing 50% of its free cash flow to investors during calendar year 2026.

Wall Street maintains overwhelming support for the equity. During the past three months, the analyst community has issued 40 Buy recommendations, one Hold rating, and one Sell rating. The mean 12-month price objective stands at $283.26, suggesting approximately 26.75% appreciation potential from present levels.

The $80 billion repurchase authorization ranks among the largest buyback programs within the technology sector. Share repurchases decrease outstanding share count, which typically provides earnings per share support over time.