Hyperliquid has accounted for nearly half of all token buyback activity across the crypto market in 2025, according to a new report from Citrini Research, which has highlighted the decentralized exchange’s revenue model as one of the strongest in the sector.

According to Citrini’s Substack publication released Monday, more than 90% of the fees generated by Hyperliquid are directed to the protocol’s Assistance Fund, which uses the proceeds to purchase HYPE tokens on the open market.

The research firm said the scale of the program sets Hyperliquid apart from most crypto projects and has turned HYPE into a token backed by what it described as meaningful cash flow generation.

“Unlike the memetic majority of crypto (bitcoin included), HYPE generates legitimate cash flow.”

Citrini said the buyback mechanism is attractive on its own, but argued that the size of the Assistance Fund is what makes the model stand out. The firm estimated that Hyperliquid repurchases have represented close to half of all token buybacks recorded across the digital asset industry this year.

At the same time, Hyperliquid (HYPE) has continued to outperform much of the market. Data from crypto.news showed the token recently reached an all-time high near $75 and was trading more than 8% higher over the previous 24 hours during Thursday’s Asian trading session.

Revenue growth continues to support buybacks

Recent developments around Hyperliquid’s treasury infrastructure could further strengthen the buyback program.

As reported earlier by crypto.news, HYPE climbed more than 12% on June 8 after Coinbase activated its role as the official USDC treasury deployer on Hyperliquid.

Coinbase said it had enabled the AQAv2 framework through two designated treasury wallet addresses and assumed responsibility for deploying the decentralized exchange’s USDC reserves.

According to Coinbase, the framework routes most of the yield generated from Hyperliquid’s USDC treasury back into the protocol ecosystem. The exchange previously estimated that the arrangement could increase Hyperliquid’s annual revenue by as much as $200 million.

Because Hyperliquid directs up to 99% of protocol revenue toward HYPE repurchases through its Assistance Fund, any increase in treasury income could expand the amount available for future token buybacks.

Additional interest has also come from prominent industry figures. BitMEX co-founder Arthur Hayes has once again been linked to HYPE after a wallet associated with him reportedly withdrew tokens from Bybit, following his earlier exit during a market correction, according to blockchain tracking reports covered by crypto.news.

Institutional interest keeps building

Beyond protocol revenue, Citrini pointed to growing investor participation through exchange-traded products linked to Hyperliquid.

The research firm highlighted recently launched Hyperliquid ETFs from Bitwise and 21Shares as another source of market attention. Data from SoSoValue shows the two products generated nearly $600 million in trading volume and attracted more than $136 million in net inflows during their first three weeks of trading.

Despite Hyperliquid recently overtaking Solana on a per-token price basis, Citrini noted that Solana’s market capitalization remains more than twice the size of HYPE’s. Even so, the firm argued that Hyperliquid still has room to capture additional market share within the decentralized derivatives sector.

“The Hyperliquid runway is wide,” Citrini wrote. “We think there is still significant market share to be captured.”

AI-fueled transactions on the Base network have crossed the 100 million mark in aggregate transaction count, based on information provided by blockchain analysis company Chainalysis and published by crypto-focused news site Coin Bureau on X. This development takes place against a backdrop where AI bots are becoming more prevalent within blockchain networks and are making significant strides in payment volume. Information provided with the report shows that transactions exceeding $1 constitute 95% of all payment volume made by AI bots on Base.

In addition to showing the growing popularity of using blockchain networks for AI agents’ financial transactions, this data sheds light on the growth trajectory of AI bot payments and the kinds of use cases developers are testing onchain.

Key Takeaways

• Transactions paid by AI agents on Base exceed 100 million cumulative
• According to Chainalysis statistics, 95% of payment amounts are above $1
• The transaction volume increased from thousands to tens of millions in one year
• The Coin Bureau highlighted Base’s growth with a graph demonstrating the total increase

Chainalysis Data Shows Rapid Growth

Data from Chainalysis showed a sharp increase in cumulative AI agent transactions on Base, according to the Coin Bureau report. From the graph, it is evident that the transaction number hit almost 2,000 at the start of the first quarter of 2025 before reaching almost 59,000 in the next quarter.

Activity surged in the latter part of 2025, when the total transaction count hit 83.9 million during the third quarter of that year. In early 2026, transaction activity saw another boost: transactions reached 97.6 million before breaking the 100 million mark. The graph published by Coin Bureau visualizes this acceleration over consecutive quarters.

Higher-Value Transfers Dominate Payment Activity

The Chainalysis breakdown also focuses on the makeup of payment volume within the network. As shown in the data, transactions that exceed $1 now constitute 95% of AI agent payment volume on Base.

That concentration suggests usage beyond small testing payments. Observers often use transaction size to infer how networks are used; larger transfers could point to increased adoption by services relying on autonomous payments and higher-value commercial activity.

AI Agents Expand Their Presence on Blockchain Networks

AI agents are programs that can perform actions and make transactions with minimal human intervention. As accessibility to blockchain networks improves, developers continue researching ways for such programs to communicate with decentralized systems.

Base has become one of the networks gaining traction for automated payments. Its low fees and quick transaction speeds make it easier for developers to build applications that involve frequent onchain actions, which supports experimentation and scale for agentic payment flows.

Market Watches Adoption Trends

The new milestone arrives amid growing interest in the intersection of artificial intelligence and blockchain technology. Market participants have been monitoring transaction patterns while testing scenarios where software operates autonomously.

Although the overall chart shows continuous growth up to 100 million transactions, experts will likely watch future performance and the economic value of those transactions closely as use cases and monetization models evolve.

Bitcoin is flashing a rare weekly bullish divergence that observers say could precede a meaningful rebound, even as the price continues to slide toward the mid-$60,000s. The momentum indicator is climbing while price remains under pressure, a pattern last seen around the FTX-era market bottom that preceded a sizable rally. As of this week, BTC traded near $63,000 after a dip from about $75,800, with the weekly RSI hovering above 34 after briefly slipping into oversold territory.

Key takeaways

• Bitcoin’s second weekly bullish divergence on record hints at a potential rebound, with upside attention centered on the 50-week moving average near $91,800.
• BTC is currently holding near the 200-week simple moving average around $62,000, a level historically associated with the market’s major bottom in prior bear markets (2015, 2018, 2020).
• A reclaim of the $64,000–$65,000 zone could open the door to higher targets, including $71,500–$73,000 and potentially toward the CME gap around $79,000.
• Despite the divergence, Bitcoin remains in the latter stages of a weekly bear flag, leaving downside risk in play if the pattern plays out toward its measured target below $50,000.
• Historical context matters: past bullish divergences on BTC’s weekly chart have preceded multi-hundred percent rallies, underscoring why traders are watching momentum as a lead indicator.

Divergence on the weekly chart and the FTX-era precedent

The weekly RSI for Bitcoin has rebounded from oversold levels, signaling a potential shift in momentum even as price continues to drift lower. In recent days, RSI climbed above 34 while BTC priced around $63,000, down from a high near $75,800 earlier in the week. This pattern — a rising or stabilizing momentum indicator while price makes new lows — is known in technical analysis as a bullish divergence and is often interpreted as a sign that selling pressure is waning before a price rebound.

Historically, a confirmed weekly bullish divergence on BTC has occurred only a handful of times in the post-2020 era. The most notable precedent cited by market observers was the divergence that appeared during the FTX-related capitulation in November 2022, which preceded a multi-fold rally from roughly $15,500 to just over $126,000. While past performance is not a guarantee of future results, the pattern remains a focal point for traders seeking to gauge whether downside momentum is ebbing ahead of a breakout.

Analyst commentary underscores the nuance: a single diverging signal is not a guarantee of a sustained upmove, but it adds to a broader deck of technical factors traders weigh as they assess risk and entry points in a choppy market.

What matters most, proponents note, is how Bitcoin behaves around critical levels and whether the divergence can be confirmed with a follow-through in price. If the weekly divergence strengthens into a confirmed signal this week, attention shifts to the next significant threshold and the potential path back toward higher horizons.

Key levels framing the near-term path

Moving-average dynamics are shaping the narrative. The first major upside target sits near the 50-week simple moving average, currently around $91,755. This level has historically acted as a dynamic resistance on the way up in recovery scenarios, so a sustained push above it could pave the way for more robust upside momentum.

Meanwhile, the 200-week moving average sits closer to support at roughly $62,000. This line has characterized a long-standing bottom in several bear-market cycles (2015, 2018, 2020), and traders view it as a defensible zone where accumulation interests can re-emerge. Notably, analyst Michael van de Poppe has highlighted the $62,000 area as a favorable accumulation zone, while noting that breaking above the $64,000–$65,000 band would be crucial for a more convincing bullish setup. He also outlined a potential trajectory higher if price gains steam, pointing to zones near $71,500–$73,000 and even a visit toward the CME-listed gap around $79,000 should momentum persist.

These levels dovetail with the broader narrative: a successful reclaim of the lower range could unlock a more constructive weather window, but only a break above key resistance would shift the odds decisively in bulls’ favor. In his assessment, the area above $90,000 is seen as the next major resistance zone, aligning with the 50-week SMA target and the structural improvement implied by a sustained weekly divergence.

Bear flag dynamics and downside risk

Despite the budding bullish momentum signal, Bitcoin is currently navigating the breakdown phase of a weekly bear flag. A bear flag forms when prices rebound within a rising channel after a sharp decline, followed by another leg lower. In Bitcoin’s case, the chart pattern has included a breach of the flag’s lower boundary, a move reminiscent of the 2022 breakdown from a symmetrical triangle consolidation.

Should the bear flag pattern play out as anticipated, the measured target lies below $50,000. That target remains in view unless Bitcoin can reclaim the flag’s lower trend line and turn the tide with sustained buying pressure. For the moment, the risk-reward profile remains delicate: a successful bounce would need to clear the invulnerable resistance around $64,000–$65,000 and extend beyond the $70,000–$75,000 zone to alter the intermediate-term trajectory.

Market observers also point to the broader macro and event-driven environment as a backdrop to these technicals. While bullish divergence signals can be enticing, they do not operate in a vacuum, and traders are mindful of the risk that a renewed bout of selling could resume if broader risk appetite wanes or macro catalysts reassert pressure on equity and crypto equities alike.

In the context of this narrative, recent commentary and charts also reference a prior divergence that foreshadowed a dramatic rally, suggesting that the divergence could herald a shift in sentiment if confirmed by price action. As always, investors should weigh multiple signals — momentum, structure, and volume — before anchoring a bet on direction.

Implications for traders and investors

What makes this development noteworthy is its potential to recalibrate near-term expectations for Bitcoin’s path out of the current consolidation. For traders, a confirmed weekly divergence paired with a reclaim of the $64k–$65k zone would be a practical cue to tighten risk controls and consider targeted exposure toward the next resistance layers around $90k and beyond.

For long-term holders, the proximity to the 200-week SMA near $62k adds a critical sentiment barometer. In past cycles, this level has functioned as a reliable anchor for subsequent macro-bull moves, especially when accompanied by stronger momentum signals. The dynamic between this support and nearby resistance around the 50-week SMA creates a frame for evaluating whether the market is entering a more durable upward phase or remains tethered to a bear-market bounce with a risk of renewed downside.

As with any chart-driven story, timing matters. The likelihood of a meaningful swing higher depends not only on momentum but on the ability to sustain gains beyond the 50-week SMA and to break decisively into higher price territory. The chart shows a plausible scenario where a sustained move above roughly $92,000 could unlock more expansive upside, but the path to such a move requires a convincing breakout and a follow-through that many traders are eagerly awaiting.

Market participants who pay attention to on-chain dynamics, macro indicators, and liquidity conditions will be watching how the price action plays out near the key levels described. For context and additional angles, readers can revisit coverage of BTC’s bottom formation and its implications for future price trajectories in related analyses, including discussion of the FTX-era bottom and subsequent rallies, as well as comparative references to other notable market events such as the 2022 crash.

Further reading and related analyses:

As the week unfolds, market watchers will be looking for a durable shift in momentum, a clear breakout above key resistance, or a reaffirmation of the bear-case path if price action backtests the lower boundary of the bear flag. The coming days could reveal whether Bitcoin is staging a true reversal or simply another data point in a volatile bear market cycle.

Readers should stay tuned for how BTC behaves around the $64k–$65k zone and whether the momentum signal strengthens with a sustained move above the 50-week SMA. Those are the levels that will likely shape the next leg of Bitcoin’s so-called macro dance, defining whether the path toward the next meaningful resistance is set or if the bear-flag scenario presses on toward more subdued price action.

The U.S. has added Alibaba, Baidu, and BYD to a Pentagon list of Chinese companies tied to Beijing’s military. The update also names several chip, biotech, robotics, and telecom firms operating in the United States.

• The Pentagon added Alibaba, Baidu, BYD, CXMT, YMTC, WuXi AppTec, RoboSense, and Unitree to its updated list.
• The list does not impose direct sanctions, but it affects Defense Department contracting rules.
• China’s embassy criticized the move, while WuXi AppTec called its inclusion a mistake.

The list does not impose direct sanctions, but it affects Defense Department contracting rules. The move comes weeks after President Donald Trump met Chinese President Xi Jinping in Beijing.

Pentagon updates China military company list

According to the Pentagon filing released Monday, the listed firms qualify as Chinese military companies under U.S. law. The update replaces an early 2025 version of the list. It also follows a withdrawn February version that briefly appeared online before the Pentagon removed it. The new list largely matches that earlier version. However, it adds major memory chipmakers CXMT and YMTC.

The list now covers several major Chinese technology and industrial firms. Alibaba, Baidu, and BYD joined the list alongside WuXi AppTec, RoboSense, and Unitree. The Pentagon also added Baicells, a telecom equipment maker previously reported under U.S. investigation. China BlueChemical Limited also joined the list. The filing noted that China’s government directly controls CNOOC, its parent oil group.

Some companies left the list in the same update. The Pentagon removed CNOOC China Ltd and CNOOC International Trading. Companies can leave the list for several reasons, including name changes or lack of U.S. operations. The filing said listed companies may petition for removal. Alibaba, Baidu, BYD, CXMT, YMTC, Unitree, CNOOC, and Nvidia did not immediately comment.

China and companies respond to designations

China’s embassy in Washington criticized the U.S. action. The embassy said Beijing opposes “making discriminatory lists to go after Chinese companies.” It also said Chinese firms follow local laws and regulations. “The U.S. should stop its wrong practice,” an embassy spokesperson said. The spokesperson urged Washington to create a fair and non-discriminatory business environment.

WuXi AppTec disputed its placement on the list. A company said the designation was “clearly a mistake.” The spokesperson said WuXi AppTec would take immediate steps to correct the listing. Other newly named companies did not immediately provide public responses. The Pentagon filing said listed firms operate in the United States.

House China Select Committee Chair John Moolenaar supported the update. He said the list warns American companies, governments, and citizens. “These Chinese companies are working with the Chinese military against our national interests,” Moolenaar said. The list also includes Unitree, a Chinese robotics company. Nvidia said on June 1 that it planned to work with Unitree on research robots.

Defense contracting limits approach

The listing does not formally sanction the companies. However, U.S. law will soon bar the Defense Department from direct contracts with listed firms. The ban on direct contracting starts later this month. Starting in 2027, the department will also face limits on indirect purchases. Those rules cover products and services bought through third parties.

The rules could affect listed firms and companies that work with them. The designation also sends a warning to Pentagon suppliers and other government agencies. Some Chinese firms have previously sued the U.S. over inclusion on similar lists. The latest update arrives during continued U.S.-China competition over technology, manufacturing, and security. Washington has expanded scrutiny of Chinese firms in chips, robotics,artificial intelligence, and biotech.

Craig Singleton, a China expert at the Foundation for Defense of Democracies, said the update shows a wider U.S. approach. “Washington is no longer treating these as isolated companies,” Singleton said. He added that the U.S. now views the technology stack as strategically contested. The Pentagon must update the list at least once each year. The new filing arrived less than a month after the Trump-Xi meeting in Beijing.

Bitcoin (BTC) sank to its lowest level since October 2024 on Friday, dropping to $59,073 as macroeconomic pressures and sustained outflows from Bitcoin ETFs intensified the latest downturn.

Meanwhile, Strategy executive chairman Michael Saylor hinted in an X post that the company could make another BTC acquisition, a week after it sold 32 BTC between May 26 and May 31, only the second time in its history.

Bitcoin (BTC) Rebounds but Momentum Remains Weak

Bitcoin (BTC) registered a sharp rebound on Sunday, reclaiming $60,000 after falling to $59,073 on Friday. The rebound comes after a sobering week in which the cryptocurrency declined over 15%.

The downturn was primarily driven by capital rotation, macroeconomic conditions, and ETF outflows. ETFs started June with outflows of $483 million, followed by $519 million on Tuesday. Outflows continued on Wednesday with $396 million before the streak was broken by a marginal inflow of $3.20 million on Thursday. However, selling resumed on Friday with Bitcoin ETFs recording $325 million in outflows. Market watchers believe the ETF selloff and capital rotation by institutional investors into gold and AI stocks has drained liquidity from the sector.

There are also doubts about the bounce’s longevity as institutional investors continue to sell. Jean-David Péquignot, Chief Commercial Officer at Deribit, believes if BTC loses momentum again and fails to hold the $55,000–$56,000 mark, it could dip towards $50,000 or lower. A drop to these levels could pressure miners and impact their daily net revenue. Péquignot stated in an interview with CoinDesk:

“If the mid-$50Ks fail to hold, the next backstop is the $48K–$52K range. At these prices, older legacy mining rigs begin generating negative daily net revenue. A drop to this level forces inefficient miners to unplug, prompting natural supply-side capitulation and a downward reset in network difficulty. Historically, miner capitulation phases align with cyclical bottoms.”

The $60,000 level becomes crucial at this stage. BTC’s ability to stay above this level could restore confidence in investors in the short term. However, the latest escalation in hostilities between the US, Israel, and Iran could put pressure on risk assets.

Michael Saylor Hints at Bitcoin Buy

Meanwhile, Strategy executive chairman Michael Saylor hinted at a fresh Bitcoin buy, posting an acquisition chart alongside the caption “a good time to add more dots.” Saylor’s cryptic posts are often interpreted as an indication of Strategy preparing to acquire more BTC. The chart historically precedes 8-K filings that confirm the purchase. The Bitcoin treasury company currently holds 843,706 BTC, valued around $52 billion at current prices.

Saylor’s post comes days after Strategy sold 32 BTC between May 26 and May 31, marking only the second time the company has offloaded the asset. The sale saw Strategy recoup $2.5 million, with the proceeds allocated towards dividend payments on STRC.

Bitcoin (BTC) Price Analysis

Bitcoin (BTC) started the previous week in the red, dropping over 3% to $71,314. Selling pressure intensified on Tuesday as the flagship cryptocurrency dipped below $70,000, thanks to a spike in risk-off sentiment driven by ongoing geopolitical tensions, sustained ETF outflows, and structural headwinds. The recent movement of 10,422 BTC by Mt Gox to a new wallet as the repayment deadline approaches has also impacted investor sentiment.

The bloodbath continued on Wednesday as the price dipped 3.93% to $64,040. BTC registered substantial volatility on Thursday, dropping to a low of $61,309 before rebounding to $63,806. BTC fell to a low of $59,073 on Friday before recovering to reclaim $60,000 and settle at $61,032. Selling pressure declined substantially on Saturday, with BTC falling marginally to $60,850 despite an initial drop to an intraday low of $59,448. BTC recovered on Sunday as oversold conditions led to a relief rally following the brutal downturn over the past few days.

Saylor’s buy signal also improved investor sentiment, reassuring the market of Strategy’s long-term conviction in BTC despite its recent sale. However, overall market sentiment remains weak, with the price only marginally up during the ongoing session.

The RSI clearly shows the oversold conditions responsible for the bump, while the MACD shows weakening bearish momentum.

When Will the Market Recover

Bitcoin and the broader cryptocurrency market have endured a difficult year as high interest rates, macroeconomic conditions, and geopolitical tensions have eroded investor confidence. ETF outflows and capital rotation into AI and tech stocks have amplified the downturn, with BTC losing half its value since reaching an all-time high of over $126,000 in October 2025.

A recovery is likely if the geopolitical and macroeconomic situation improves. Regulatory clarity and the possibility of lower interest rates could also improve investor sentiment. Investors must focus on long-term portfolio allocations rather than panicking about short-term price movements.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Bitmine Immersion Technologies increased its Ether holdings to 5.54 million ETH after acquiring nearly 127,000 tokens over the past week, bringing its treasury to 4.59% of Ethereum’s total supply.

The company said it has now reached 92% of its stated goal of acquiring 5% of Ethereum’s total supply, a strategy it calls the “Alchemy of 5%.” It added that 4.72 million ETH (ETH), or about 85% of its holdings, are currently staked through validator infrastructure, worth roughly $7.7 billion at current prices.

Bitmine projected $230 million in annualized staking revenue from its current staked ETH position, with rewards potentially rising to $270 million if its holdings are fully staked through MAVAN and other staking partners.

Despite the broader crypto market pullback, Bitmine Chairman Tom Lee said advances in artificial intelligence could increase demand for public blockchains such as Ethereum (ETH), which he described as a “reliable decentralized” blockchain.

The global crypto market cap stands at $2.19 trillion, according to CoinMarketCap data at time of publication. That’s down from $2.69 trillion on May 9.

As of June 7, Bitmine held 5,543,872 ETH and 204 Bitcoin (BTC), along with $247 million in cash and equity stakes in Beast Industries and Eightco Holdings.

According to CoinGecko data, Bitmine ranks as the largest Ether treasury company among 32 public entities tracked by the platform. Its 5.54 million ETH holdings are more than six times larger than those of second-ranked SharpLink, which holds 868,699 ETH.

Top Ethereum treasury companies. Source: CoinGecko

Bitmine shares rose more than 6% on Monday following the announcement, though the stock remains down around 38% year-to-date, according to Yahoo Finance data. The company had a market capitalization of about $9.59 billion.

Source: Yahoo Finance

Related: ETH falls to 13-month low on Zcash bug, Bitcoin below $60K: Is $1.4K next?

Ether faces pressure despite Bitmine’s continued accumulation 

It has been a difficult year for Ether, the second-largest cryptocurrency by market capitalization, even as Bitmine aggressively expands its treasury. CoinGecko data shows ETH is down more than 43% year-to-date, falling from above $3,000 in January to about $1,685 on Monday.

Source: CoinGecko

Some large holders have reduced their exposure during the downturn. In May, the Ethereum Foundation sold 20,000 ETH through two over-the-counter transactions worth about $46.8 million combined. The sales followed an earlier 5,000 ETH deal in March, bringing the foundation’s total ETH sold this year to 25,000 ETH.

The cryptocurrency’s weak price performance has also prompted some long-time Ethereum supporters to reassess their investment outlook. In May, Bankless co-founder David Hoffman said he had sold the remainder of his Ether holdings, arguing that the long-standing “ETH is Money” thesis had largely played out.

Hoffman said he remains bullish on Ethereum as a network but believes much of its future growth may not be reflected in the token itself. He said that layer-2 networks and other ecosystem participants capture a significant share of the economic value generated on the blockchain.

Magazine: Bitcoin copying 2022 ‘almost perfectly,’ Ether to $4K in 2026: Market Moves