Overview:

• Bitcoin spot ETFs recorded $333.71 million in net outflows, with BlackRock’s IBIT and Fidelity’s FBTC leading withdrawals

• Hyperliquid’s TVL climbed to $5.529 billion, while open interest reached $9.647 billion and 24-hour trading volume touched $7 billion

• Injective rose 6% as tokenized equities and real-world asset activity gained traction, supported by rising on-chain volume and native USDC momentum

Crypto markets saw major developments as Bitcoin spot ETFs saw $333.71 million in net outflows, while Hyperliquid’s TVL reached a new record, and Cardano approved a developer-centric treasury proposal. Injective to build steam around tokenized equities, plus more RWA activity.

Bitcoin ETFs Saw $333 million Outflow

According to SoSoValue, the Bitcoin spot ETFs saw a total net outflow of $333.71 million yesterday. 

The Bitcoin Spot ETF with the highest net outflow yesterday was BlackRock's ETF IBIT, with a daily net outflow of $192.44 million. 

The second highest was Fidelity's ETF FBTC, with a daily net outflow of $57.74 million. 

The total net asset value of Bitcoin Spot ETFs is $98.40 billion, with an ETF net asset ratio of 6.45%. The historical cumulative net inflow has reached $56.75 billion.

Hyperliquid’s TVL at Peak Levels

According to HyperInsight monitoring, on May 27, the Total Value Locked (TVL) of the Hyperliquid platform has rebounded significantly, with a week-on-week increase of 7.8%. 

The TVL reached $5.529 billion, and once exceeded $5.530 billion the previous day, setting a new high since the October 11 crash. 

At the same time, the platform's open interest also climbed to $9.647 billion, the highest level since February this year; the trading volume in the past 24 hours reached $7 billion, of which approximately 28.1% of the trading volume came from traditional markets in the HIP-3 ecosystem.

At press time, HYPE trades at $62.12 with a 2.58% increase in the last 24 hours and 28.54% gain in the last 30 days.

Cardano Treasury Approved Developer Experience Program 

According to AdaStat data, the Cardano Developer Experience Initiative has been formally approved through a treasury vote. 

The proposal, which is a treasury withdrawal request related to developer tools and onboarding, received 67.90% approval, with approximately 3.72 billion ADA votes in support, and approximately 1.76 billion ADA votes against, with an opposition rate of 32.10%. 

The proposal is supported by IO Global, and related ecological development work will be formally advanced after the vote is passed. 

This governance vote comes as Cardano founder Charles Hoskinson publicly focuses on advancing $ADA and the privacy blockchain platform Midnight.

Also Read: Bitcoin Repeats 2022 Setup as Market Fears Another Sharp Correction

Injective Surges 6%

Injective (INJ) surged 6%. Injective’s role in tokenized equities and RWAs (real-world assets) is a key short-term driver. 

The official Injective account highlighted that tokenized equities are exploding, citing a May market size of about $1.5 billion and a $3.57 billion daily volume record with Injective “positioned right in the middle of it” in a recent post on X.

A separate analytics post emphasized that Injective just printed $3.57 billion in daily tokenized-equity volume on-chain, calling it “a loud win for INJ” and explicitly linking that surge in structural activity to potential “fresh liquidity and attention” for the token itself.

Another catalyst is the push for native USDC going live on Injective.

South Korea Makes First DEX Rug Pull Arrest 

South Korean prosecutors have charged a group accused of running a rug pull tied to CATFI, a Solana-based meme coin.

Digital Asset reported that the case marks the country’s first arrest and prosecution linked to a DEX rug pull under the Virtual Asset User Protection Act. 

The Seoul Southern District Prosecutors’ Office said its Joint Investigation Department for Virtual Asset Crimes arrested and indicted two people for alleged market manipulation. 

One other person was indicted without detention, while two others were charged with helping the main suspect flee.

Bitmine Acquired $2.325 billion Worth of ETH

According to Arkham monitoring, Tom Lee announced that Bitmine purchased $232.5 million worth of ETH over the past week. 

It now holds a total of $11.2 billion worth of ETH, representing 4.47% of the total supply. It is reported that Tom Lee needs to purchase an additional $1.34 billion worth of ETH to reach the 5% threshold. 

At this pace, they are expected to achieve this goal by mid-September. Earlier reports indicated that Bitmine plans to hold 5% of the Ethereum supply by the end of 2026.

Also Read: Ethereum Nears Major Breakout Zones at $2,500 and $3,000 After Support Retest

FAQs:

1. How much outflow did Bitcoin spot ETFs see?

Bitcoin spot ETFs saw total net outflows of $333.71 million, according to SoSoValue. BlackRock’s IBIT recorded the largest outflow at $192.44 million, followed by Fidelity’s FBTC at $57.74 million.

2. Why is Hyperliquid in focus?

Hyperliquid’s TVL rose 7.8% week-on-week to $5.529 billion, setting a new high after the October 11 crash. Its open interest also climbed to $9.647 billion, the highest level since February.

3. What did Cardano approve through treasury voting?

Cardano approved the Developer Experience Initiative through a treasury vote. The proposal received 67.90% approval, with around 3.72 billion ADA votes supporting developer tools and onboarding improvements.

4. Why did Injective jump 6%?

Injective gained after momentum increased around tokenized equities and real-world assets. The network highlighted a $1.5 billion tokenized equities market size and a $3.57 billion daily on-chain volume record.

5. What is Bitmine’s latest Ethereum holding update?

According to Arkham monitoring, Bitmine bought $232.5 million worth of ETH over the past week. It now holds around $11.2 billion in ETH, representing 4.47% of Ethereum’s total supply.