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Bitcoin and Ether bounce back. HYPE is up 101% YTD
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War politics, surprise filings, and a token that’s been quietly running all year. This week had more going on than it looked. Here’s what happened:
quick weekly news
Bitcoin and Ether bounce back as the Senate moves to limit Trump’s Iran war powers
Bitcoin climbed to $78,180 on Thursday, up 0.5% since midnight UTC, as major tokens looked to snap five straight days of losses following a Senate vote to curb President Trump’s Iran war powers.Source: goodcryptoX
The bill passed 50-47, the eighth attempt since the conflict began in late February, and the first to succeed. XRP, ETH, and SOL added between 0.4% and 0.8%. The move came after BTC had pulled back from $82,000 to nearly $76,000 over the previous five sessions, pressured by rising Treasury yields and heavy spot ETF outflows.
Traditional markets joined the risk-on move. WTI crude futures fell 0.95% to $97, Treasury yields dipped over two basis points, and Nasdaq futures rose 0.33%.Source: goodcryptoX
Adding to the positive tone, Trump on Tuesday directed the Fed to review how depository institutions can be granted access to payment services, a move that matters for crypto, which has long struggled to lock in stable banking relationships.
HYPE is up 101% YTD
While Bitcoin is down 12% year-to-date, Hyperliquid’s native token HYPE is up 101% over the same period, and the gap is getting harder to ignore.
The token is currently trading just under $60, but the price move is a symptom of something bigger happening under the hood.
Hyperliquid has quietly become crypto’s dominant fee generator, pulling in $255M in year-to-date revenue, more than the next two platforms combined, according to Bitwise research analyst Cam Khosravi. It accounts for roughly one-third of all revenue across the top 10 protocols. About 97% of that revenue flows back to HYPE holders through automated open-market buybacks, and the platform now captures 43% of all chain fees, or around $11M weekly.
The platform’s expansion beyond perpetuals is accelerating. Real-world asset open interest on Hyperliquid hit a new all-time high of $2.6B, double the figure from two months ago. HIP-3, which supports pre-IPO markets for companies like SpaceX, Anthropic, and OpenAI, has processed over $120B in volume. HIP-4, focused on structured products and prediction markets, is next.
Bitwise CIO Matt Hougan framed it plainly: “Hyperliquid is not a crypto app. It’s a super app,” targeting what he called the $600T global asset market. Source: X
ETF filings are following the momentum. Both 21Shares and Bitwise filed for Hyperliquid ETFs last week, with Bitwise committing to allocate 10% of the fund’s management fee to holding HYPE on its balance sheet.
SpaceX held 18,712 Bitcoin worth $1.29 billion at the end of Q1
SpaceX filed its S-1 with the SEC on Wednesday, giving investors their first detailed look inside one of the world’s most valuable private companies, and confirming it holds 18,712 Bitcoin on its balance sheet, valued at $1.29B as of March 31. At current prices just above $78,000, that position is worth closer to $1.5B. Source: SpaceX filing
The filing puts SpaceX among the small group of major corporations with significant Bitcoin exposure. Tesla holds 11,509 BTC, and Strategy remains the largest corporate holder at 843,738 BTC.
The company is reportedly seeking a valuation of more than $1.5T, with some reports putting it as high as $2T. If it hits the upper end, the listing would surpass Saudi Aramco’s 2020 debut, which raised$29.4B at a $1.7T valuation, as the largest IPO in history. SpaceX reported 2025 revenue of $18.7B, up from $14B in 2024, and flagged AI alongside its rocket and satellite businesses as a potential “trillion-dollar market opportunity.” Musk will serve as CEO, CTO, and Chairman following the listing.
The IPO is expected to land next month. OpenAI and Anthropic are also eyeing public debuts around a similar timeframe, and if all three hit the market in close succession, capital could rotate out of risk-on assets like crypto into these offerings, potentially draining liquidity from digital assets in the short term.
The CLARITY Act clears the Senate committee and heads to a full Congressional vote
The Digital Asset Market Clarity Act cleared the Senate Banking Committee on Thursday in a 15-9 bipartisan vote, clearing one of the biggest institutional hurdles the crypto industry has faced in Washington.
The vote came after four months of delays and a tense morning session where the parties were openly at odds over amendments. A behind-the-scenes deal changed the dynamic late in the process. Chairman Tim Scott accepted additional amendments covering investor protections, bank activity definitions, and a clearer standard for what makes a DeFi project truly decentralized, winning over Democrats Ruben Gallego and Angela Alsobrooks in the final count. Senator Elizabeth Warren opposed the process and the changes, but found herself in the minority.
The bill now merges with a similar measure passed earlier by the Senate Agriculture Committee, gets a final overhaul, then moves to a full Senate floor vote, where it will need 60 votes to advance, followed by a House vote. Both Gallego and Alsobrooks made clear their final floor votes depend on further progress on two sticking points: preventing crypto and DeFi from being used in financial crimes, and an ethics provision limiting government officials’ involvement in the industry.
That second point is where things could get complicated. White House adviser Patrick Witt told a Consensus Miami audience earlier this month that any provision targeting the president specifically won’t be tolerated. Digital Chamber head Cody Carbone said a deal on ethics is likely what gets the bill past 60 votes, and that the window to finish is narrow. “The vote likely needs to happen by August,” he said, echoing a recent assertion from Senator Kirsten Gillibrand. The Senate’s legislative calendar before summer recess doesn’t leave much room for further delays.
goodcryptoX 2.5.0 – what’s new and why it matters
goodcryptoX 2.5.0 is out, and it is a big one. Trade mode for Gems Sniper, revamped DEX Screener and many other updates:
DEX coins in Portfolio are now fully reflected;
Email and Telegram notifications;
Custom fees and broadcast mode on Solana;
Multiple bug fixes.
Want to get more info about the app release? Watch the full walkthrough 👇
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