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DeFi Analytics 22nd May 2026
This week's edition of our Crypto DeFi Analytics.
Binance Debuts Pre-IPO Perps with SpaceX Exposure
BTC remains under pressure, having fallen to $76K before once again failing to hold above $78K. Spot Bitcoin ETFs extended their outflow streak to a fifth consecutive day, with ETF holders selling more than $100M of BTC yesterday, adding to the pressure on price action. Since late January, BTC has continued to trade below the average ETF cost basis, now around $83K, leaving ETF flows and holder profitability as key constraints on any sustained recovery.
Crypto Risk Appetite Report 21st May 2026
This week's edition of our Market Sentiment Report.
Hyperliquid ETFs Post Their Strongest Day of Inflows Since Launch
Risk sentiment improved on signs of a potential US-Iran deal, with BTC rising from $76K to $78K and ETH nearing $2,150, while the S&P 500 and Nasdaq-100 gained 1.08% and 1.66%, respectively.
Oil retraced sharply, with WTI at $98 and Brent at $105, while 10Y Treasury yields fell 10bps to 4.58% as inflation-risk premia eased. In crypto markets, Hyperliquid ETF inflows accelerated to a record $25.5M daily print, taking seven-day cumulative inflows to $54M and supporting a 17% rally in HYPE.
Tokenised Equities Reached a New Daily Trading Volume Record
BTC remained range-bound around $76–77K while spot Bitcoin ETFs saw a third consecutive day of outflows, keeping crypto sentiment cautious.
Beyond macro, tokenised equity volumes reached a new daily record of $3.57B, while policy and market-structure developments remained active, including a White House review of fintech and digital asset banking access, Polymarket's launch of private-company prediction markets, Yorkville's shift toward a '40 Act ETF structure, and South Carolina's new crypto framework.
SEC Expected To Release Innovation Exemption For Tokenized Stocks
US equities whipsawed while BTC held around $76K–$77K, as risk sentiment was pressured by US-Iran escalation before partially recovering after Trump delayed a planned strike. BTC spot ETFs saw $648.6M of outflows, the largest single-day redemption since Jan 29, with cumulative selling of more than $1.6B since Monday last week.
Despite the macro/geopolitical backdrop, short-dated implied vol remains near YTD lows, with 7D BTC IV at 35% and ETH at 43%, though both markets show defensive put skew.
BTC Weakens Despite CLARITY Act Progress
Fears over rising US inflation, higher global bond yields, and the unresolved US-Iran conflict have coincided with de-risking across US equities and crypto spot markets. BTC fell to $76.5K and ETH briefly dropped below $2.1K, despite the CLARITY Act advancing through the Senate Banking Committee.
The move came alongside wider pressure in risk assets, with the S&P 500 down 1.24%, the Nasdaq-100 down 1.54%, and 10Y US Treasury yields near 4.60%.
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