CME’s 24/7 Crypto Derivatives Market Hits $50M in Opening Weekend Trading

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In Today's Note

• BTC broke below $70K as Strategy disclosed its first Bitcoin sale in four years and spot Bitcoin ETF outflows extended to an 11th consecutive session.
• ETF flows diverged across assets, with BTC and ETH funds still seeing redemptions while Hyperliquid ETF demand remained strong and HYPE reached a fresh all-time high.
• CME’s 24/7 crypto derivatives market launched strongly, while TON revived the Gram name, Grayscale prepared a Hyperliquid Staking ETF, Bitmine added more ETH, and Mt. Gox moved 10,422 BTC.

Market Snapshot: Overnight Moves

Macro & Markets

• President Trump returned Iran’s memorandum of understanding, seeking tougher language on Iran's nuclear commitments and on the Strait of Hormuz.
• The 60-day framework (demanding that Iran reopen the Strait of Hormuz in exchange for the US lifting its port blockade and issuing sanctions waivers) is otherwise unchanged.

• Strategy disclosed its first Bitcoin sale in four years, offloading 32 BTC for ~$2.5M at an average $77,135. The company said the proceeds will be used to fund distributions on its preferred stock programs, having recently expanded its capital-raising capacity through additional MSTR, STRC, and STRK at-the-market issuance programs.
• The 32 coin amount is trivial against its holding of 843,706 (4.2% of mined supply), but markets reacted nonetheless – the sale coincided with a $483.8M outflow from spot ETFs and helped push BTC to a two-month low below $70K (now $69,722).
• That spate of redemptions saw spot BTC ETFs outflows extend to an 11th consecutive session.
• Cumulative redemptions since 15 May now total ~$3.45B draining spot-ETF AUM from over $104B to ~$94B in under two weeks.

• Spot Ether ETFs lost a further $44.5M yesterday and extended their own outflow run from 11 May, Hyperliquid ETF inflows helped HYPE print a fresh all-time high of $75.4 on 2 June.
• Bitwise's BHYP crossed $100M in AUM on $81.8M of cumulative inflows and is now the largest HYPE ETF globally. Similarly, 21Shares' THYP has taken ~$46M. Combined, the two funds have absorbed ~$117–128M of net inflows since their mid-May launch — roughly 0.65–0.7% of HYPE's ~$18.1B market cap.

• The break of BTC below $70K has decisively reversed the volatility compression we flagged last week. Short-dated BTC implied vol, which had drifted to a 12-month low of ~28%, has lifted to 37.6% — now well above trailing realized vol of ~25%.
• In contrast ETH vols have traded listlessly sideways and remain far below their historical highs. The 7-day ATM IV now trades at 44.3%, with realised volatility over the last 30 days at just 42%.

DeFi / Web3 / Altcoins / Crypto3

• CME Group’s 24/7 crypto derivatives market launched last Friday and recorded a strong first weekend of activity.
• On Saturday and Sunday, more than 7,200 contracts were traded, representing around $50M in notional value, according to the company.
• The market allows participants to trade regulated crypto derivatives, including futures and options linked to assets such as BTC and ETH, outside traditional market hours.
• CME also expanded 24/7 access to bitcoin volatility futures.

• TON is reviving the Gram name for its native token, bringing back the branding first proposed in Telegram’s original blockchain white paper.
• The transition is expected to take around three weeks. 
• TON will remain the name of the blockchain, while Gram will become the name of its native currency.
• Telegram CEO Pavel Durov said the move marks a return to the project’s roots and forms part of his wider “Make TON Great Again” campaign. 
• The rebrand follows recent network upgrades, lower transaction fees and plans for Telegram to take a larger role in TON governance.
• The decision also reconnects the project with its early history, before Telegram abandoned the original TON initiative in 2020 following its legal battle with the SEC.

• Grayscale is preparing to launch its Hyperliquid Staking ETF with a 0.29% sponsor fee, slightly undercutting rival products from Bitwise and 21Shares.
• The firm filed an amended S-1 registration statement with the SEC on Monday, adding the fund’s fee structure and ticker, HYPG. 
• Bloomberg Intelligence analyst James Seyffart said in a post on X that the launch could happen this week.
• The fund would become the third Hyperliquid ETF to enter the market, following Bitwise’s BHYP and 21Shares’ THYP.

• Strategy’s disclosure of its first sale of BTC in years sparked controversy in Polymarket’s “MicroStrategy sells any Bitcoin by May 31, 2026?” market, which has generated more than $120M in trading volume and is currently pricing a 99% probability of “No” as traders debate how the market should be resolved.
• The dispute centers on whether resolution should depend on when the bitcoin sale occurred or when it was publicly confirmed, with Polymarket stating that “confirmation achieved outside of the market's time frame does not qualify” as the market remains under review.
• The market has already been resolved to “No” twice and challenged twice, and could ultimately be decided through Polymarket’s UMA-based dispute process, where UMA token holders vote on contested outcomes.

• Bitmine Immersion Technologies, the largest publicly-listed ETH DAT, announced that it had acquired 26,497 ETH over the past week, bringing its total holdings to 5.42M ETH, equivalent to approximately 4.49% of Ethereum’s circulating supply and moving closer to its stated goal of accumulating 5% of all ETH.
• Chairman Tom Lee said the company expects to reach its “alchemy of 5%” target during 2026, arguing that ETH prices are not yet reflecting what he sees as improving Ethereum fundamentals and describing the market as being in the early stages of a “crypto spring.”
• Bitmine also disclosed that 4.72M ETH is currently staked through its validator operations, representing roughly 87% of its ETH treasury and approximately $9.5B in staked assets, with the firm projecting annualized staking revenue of around $258M based on current yields.

• Mt. Gox, a crypto exchange that collapsed following a 2014 hack, moved 10,422 BTC worth approximately $739M to two addresses on Tuesday, marking its first significant onchain transfer since March 2026.
• According to onchain data, the transactions included 10,306 BTC sent from cold storage to an unmarked wallet and 116 BTC transferred through wallets associated with the estate, with the moved bitcoin remaining unspent at the time of reporting.
• The transfers have renewed speculation around potential creditor distributions, as large wallet movements by the Mt. Gox estate have historically preceded repayments; the exchange still holds 34,504 BTC, worth roughly $2.4B, and is scheduled to complete creditor repayments by October 2026.

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