Hyperliquid ETFs Post Their Strongest Day of Inflows Since Launch

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In Today's Note

• BTC moved higher on peace-deal optimism, rising from $76K to $78K, while ETH traded close to $2,150 and US equities closed higher.
• Oil prices and Treasury yields eased, as signs of progress in US–Iran talks helped reduce some of the pressure from energy-driven inflation concerns.
• Hyperliquid ETFs saw their strongest inflow day so far, while IG Europe partnered with Bitpanda, the SEC reviewed novel ETF proposals, and the Fed opened consultation on direct payment account access for eligible financial institutions.

Market Snapshot: Overnight Moves

Macro & Markets

• Signs that a US-Iran peace deal could be in its ninth inning helped lift risk sentiment while driving a slide in oil prices. 
• BTC moved higher from $76K to $78K, though failed to hold above $78K for long, while ETH jumped close to $2,150. 
• US equities ended the mid-week session higher with the S&P 500 index closing up 1.08% and the Nasdaq-100 index finishing 1.66% higher. 

• The selloff in US treasuries eased across the curve also on optimism that a deal between the two sides would ease the rise in global energy prices that has pushed inflation fears. 
• Benchmark 10-year yields declined 10 basis points to 4.58%, while yields on the 30-year bond slid 8bps from 5.19% — their highest since 2007. WTI crude oil fell to $98 a barrel while Brent prices fell to $105 per barrel. 

• President Trump told reporters yesterday that the US was in the “final stages” of talks with Iran, though still threatened to renew his attacks in the Middle East should a deal not get locked in. 
• We’ll either have a deal or we’re going to do some things that are a little bit nasty. But hopefully that won’t happen”, Trump said. 
• Earlier in the day, the IRGC warned that “If aggression against Iran is repeated, the regional war that had been promised will this time extend beyond the region”. 

• According to Iranian media, Tehran is currently reviewing the US’s newest response to its 14-point proposal. As part of any deal, the US is insisting that Iran give up its plans for nuclear enrichment, which has been a sticking point so far. 
• The US also wants a full reopening of the Strait of Hormuz, though Tehran has said it will only do that once the US ends its blockade in the Strait first. 
• President Masoud Pezeshkian of Iran said on X that his country has “explored every avenue to avert war” and that “all paths remain open from our side.”

• According to the meeting minutes from the Fed’s April 29 meeting — where the benchmark federal funds rate was left unchanged in a range of 3.5% to 3.75%, prompting three dissents — a majority of officials warned the central bank may need to consider raising interest rates should inflation continue to run above target. 
• The minutes stated: “A majority of participants highlighted, however, that some policy firming would likely become appropriate if inflation were to continue to run persistently above 2 percent. To address this possibility, many participants indicated that they would have preferred removing the language from the postmeeting statement that suggested an easing bias regarding the likely direction of the Committee’s future interest rate decisions.”

DeFi & TradFi

• IG Europe is expanding its digital asset offering through a new partnership with Bitpanda.
• The agreement will allow IG Europe clients to access a wider range of crypto products through Bitpanda’s institutional infrastructure, combining IG’s established brokerage platform with Bitpanda’s digital asset capabilities.

• Hyperliquid ETFs have recorded their strongest day of inflows so far. The products attracted $25.5M in net inflows on Wednesday, taking total inflows to $54M across their first seven trading days.
• In a response, HYPE rose more than 17% over the past 24 hours, approaching its previous highs.

• SEC Chair Paul Atkins said the agency is reviewing a growing number of “novel” ETF proposals, including event contract ETFs, and confirmed that several issuers have voluntarily delayed launches while the Commission evaluates the broader regulatory implications.
• Atkins noted that ETFs remain a major source of market innovation and capital formation, with total ETF assets having tripled since 2019, but said new structures raise “novel questions” requiring additional regulatory scrutiny.
• The SEC will now seek public input on how it should respond to evolving ETF structures and changing market dynamics, signaling potential future guidance or rulemaking around emerging crypto-linked and prediction-market investment products.

• The Federal Reserve has opened public consultation on a proposed new “payment account” structure that would allow legally eligible financial institutions, including some non-federally insured firms, to directly access Federal Reserve payment clearing and settlement services.
• The proposed framework is designed to support faster and lower-cost payment innovation while limiting systemic risk, with payment accounts restricted from accessing intraday credit, the discount window, interest-bearing balances, or overdraft functionality.
• The Fed also urged Reserve Banks to temporarily pause account-access decisions for certain higher-risk Tier 3 applicants while the policy review is underway, signaling increased scrutiny around direct Fed payment access for fintech, digital asset, and non-bank financial institutions.
• This follows the White House executive order published on May 19, 2026, has directed the “Federal financial regulators” (which includes the SEC, CFTC, FDIC, OCC, CFPB, and NCUA) to review and remove regulatory barriers limiting fintech and digital asset firms from integrating with traditional banking and payment infrastructure.

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