May 18th Weekly Market Recap: Bitwise Launched Hyperliquid ETF

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DeFi Analytics 15th May 2026

This week's edition of our Crypto DeFi Analytics.

Bitwise Launched Hyperliquid ETF

BTC's rally above $82,000 faded quickly as resistance held, while ETH remains unable to break through $2,400. Broader risk sentiment was supported by record US equities, resilient retail sales, and AI-led megacap gains, but rising global bond yields show markets are still pricing inflation risks from the US-Iran war. In crypto, the CLARITY Act's committee approval marks regulatory progress, though the removal of noncustodial developer protections leaves DeFi exposed to potential AML and KYC obligations.

Crypto Risk Appetite Report 14th May 2026

This week's edition of our Market Sentiment Report.

Senate Banking Committee Reviews CLARITY Act Today

BTC remains under pressure near $80K, with spot ETF outflows accelerating to $630.4M in the largest single-day withdrawal since 29 Jan 2026, while short-dated implied volatility sits near historic lows around 30% and realised volatility near 25%. Macro risk remains elevated as US PPI surprised sharply higher at 6% YoY and 1.4% MoM, pushing 10Y and 30Y Treasury yields to 4.49% and 5.04%, even as US equities hit fresh records.

Crypto policy and institutional adoption continue to progress, with the CLARITY Act markup, CFTC event-contract relief, Fidelity's AAA-mf tokenised money market fund, and continued treasury-style SOL/BTC accumulation from DFDV and Nakamoto.

JPMorgan is Launching a Second Tokenised Money Market Fund on Ethereum

US-Iran tensions and sticky inflation pushed risk assets lower, with BTC briefly dropping from $82K to $79.8K before recovering above $81K, while the S&P 500 fell 0.16% and the Nasdaq-100 lost 0.87%. April CPI rose 0.6% MoM / 3.8% YoY, led by energy, gasoline and grocery prices, sending both the 2Y and 10Y Treasury yields 4bps higher.

Away from macro, crypto adoption headlines stayed positive, with Coinbase adding SOL-backed lending, Schwab launching spot BTC/ETH trading, and JPMorgan, Franklin Templeton/Kraken and BlackRock advancing tokenised fund products.

CLARITY Act Advances Crypto Market Structure

BTC and ETH remain range-bound despite a still-fragile geopolitical backdrop, with BTC holding between $80K–$82K and ETH between $2,200–$2,400 over the past 24 hours. The limited upside in crypto mirrors modest gains across US equities, where the S&P 500 rose 0.19% and the Nasdaq-100 gained 0.29%, even as Brent crude stabilised above $100 per barrel.

ETF flows offered a more constructive signal at the margin, with spot XRP ETFs recording their largest single-day inflow since January at $25.8M across three US-listed funds.

Block Scholes Powers DeepBook Predict

Block Scholes' partnership with Mysten Labs is the key development, with the firm supplying institutional-grade options pricing infrastructure and acting as the pricing oracle for DeepBook Predict, Sui's new on-chain prediction market and options primitive.

The launch positions Sui deeper in the fast-growing on-chain derivatives sector, where DeepBook cites $7B in Polymarket volume in February 2026 and $7.35T in perp DEX activity in 2025. Broader market conditions remain volatile, with Brent back above $100 and BTC trading between $80K–$82K after Trump rejected Iran's peace proposal.