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HYPE has surged 101% year-to-date, while Bitcoin has decreased by 12%, driven by Hyperliquid's revenue diversification and strong performance. The platform generated $255M in revenue, with significant buybacks benefiting HYPE holders.
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Hyperliquid is not a crypto app. It's a super app.
It's not targeting the $3 trillion crypto economy. It's targeting the $600 trillion global asset market.
Investors are valuing it as one thing. It's the other.
— Matt Hougan (@Matt\_Hougan) May 19, 2026 The market is treating Bitcoin and HYPE as two completely different trades, according to Matthew Pinnock, COO at Altura DeFi. “Bitcoin is increasingly behaving like a macro reserve asset, so price action is heavily tied to Fed rates, ETF flows, and broader liquidity conditions,” he told *Decrypt*. On the other hand, HYPE is being priced more like “high-growth financial infrastructure,” with the exchange “absorbing volume across perpetuals, commodities, equities, and broader tokenized macro markets at a pace the market did not expect this early.”
HYPE's growth is driven by Hyperliquid's revenue diversification beyond crypto perps, generating $255M in revenue and attracting investor interest in its multi-asset platform.
Hyperliquid has pulled in $255M in revenue year-to-date, which is more than the next two apps combined and accounts for roughly one-third of all revenue across the top 10 protocols.
The filings for HYPE ETFs by Bitwise and 21Shares indicate growing institutional interest in HYPE, with Bitwise committing to allocate 10% of management fees to holding HYPE on its balance sheet.
Market analysts expect HYPE's price to potentially reach between $55 and $65, driven by momentum from real-world asset trading and ETF inflows.

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The exponential growth can be seen in the fees generated by Hyperliquid. It has quietly become crypto's dominant fee generator, pulling in $255 million in year-to-date revenue, which is more than the next two platforms combined, Cam Khosravi, research analyst at Bitwise, posted Monday.
Wild: Hyperliquid has pulled in $255M of revenue YTD more than the next two apps combined, and roughly a third of all revenue across the top 10.
Nearly all of it is perp trading fees, and roughly 97% accrue back to hyperliquid:native holders through automated open-market… pic.twitter.com/vvIiAuowCS
— Cam Khosravi (@CamKhosravi) May 18, 2026 It accounts for roughly one-third of all revenue across the top 10 protocols. Nearly all of that revenue comes from perpetual trading fees, and roughly 97% of it accrues back to HYPE holders through automated open-market buybacks. The platform now captures 43% of all chain fees, or approximately $11 million weekly. Hyperliquid dominates the current fee market with a 43% share ($11M/week) fueled by high-margin perpetuals, significantly outperforming Ethereum's 13% ($3M) and Solana's 10% ($2M) despite the latter's high transaction volume pic.twitter.com/Uzi0e1s17x
— unfolded. (@cryptounfolded) May 20, 2026 The decoupling comes down to product dominance, Andri Fauzan Adziima, research lead at Bitrue Research Institute, told *Decrypt*, attributing HYPE’s performance to the tokenization perps, including the S&P 500, oil, and commodities, which have grown considerably over the past few weeks amid geopolitical turbulence. “This TradFi rotation and permissionless market creation give HYPE its own independent demand engine.” Consequently, the real-world asset trading on Hyperliquid reached a new all-time high of $2.6 billion in open interest, double the amount from two months ago, according to the platform's Monday post.
The growth follows the success of HIP-3, which has processed more than $120 billion in volume for pre-IPO companies, including SpaceX, Anthropic, and OpenAI. HIP-4, focused on structured products and prediction markets, is expected to expand the platform's addressable market further. In other news, 21Shares and Bitwise filed for Hyperliquid ETFs last week, with Bitwise taking it a step further, committing to allocate 10% of the fund's management fee to holding HYPE on its balance sheet. Adziima expects the momentum to continue, pushing the token to $55-65, fueled by “RWA momentum and ETF inflows.” His long-term outlook envisions Hyperliquid as a “decentralized super app” for global assets, with “multi-billion-dollar annual revenue potential.”