The two largest memecoins, DOGE and SHIB, together represent just 1.02% of bitcoin’s market cap — down from 7% at the 2021 peak. That collapse tells the structural story of the week: institutional capital flowing into crypto has no interest in internet joke tokens, and higher real yields mean the era of easy speculative money is over. Meanwhile the options market is telling a different story: nearly $5 billion has accumulated at the $70,000 and $72,000 call strikes on Deribit — 18% of total open interest — with calls outnumbering puts by 10-to-1 or more at both levels. And the EU just deployed its most sweeping crypto sanctions yet against Russia, targeting the $120 billion A7 network and introducing a new instrument that could allow a blanket ban on any EU crypto transaction with Russia. Have a good weekend.
Grayscale Hyperliquid Staking ETF (ticker: HYPG) is the lowest-fee HYPE fund in the U.S.1 Hyperliquid is emerging as critical infrastructure for onchain markets — a high-performance blockchain that processed nearly $3 trillion in derivatives volume and generated ~$800 million in revenue in 2025, with no venture capital backing.2
Lowest management fee in its category (0.29%)
Over $100 million in AUM3
Potential staking rewards — HYPG seeks to stake 70%+ of its assets; HYPE staking rewards averaged ~2.2% last year.4
HYPG, an exchange traded product, is not registered under the Investment Company Act of 1940, as amended (“40 Act”), and therefore is not subject to the same regulations and protections as 40 Act registered ETFs and mutual funds. HYPG is subject to significant risk and heightened volatility. HYPG is not suitable for an investor who cannot afford the loss of the entire investment. An investment in HYPG is not a direct investment in HYPE.
1 Lowest-fee HYPE fund in the U.S. based on management fee of 0.29%. Brokerage fees and other expenses may apply.
2 Crypto Briefing, December 26, 2025.
3 Bloomberg L.P. as of 6/X/26. Subject to change.
4 Stakingrewards.com. Historical daily average measured from 5/1/25 to 04/21/26. Past performance is not indicative of future results.
This information must be preceded or accompanied by a Grayscale Hyperliquid Staking ETF prospectus, which may be obtained by clicking here. Please read the prospectus carefully before investing.
CoinDesk Disclosure: The information contained in this newsletter, and any information linked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. You should seek additional information regarding the merits and risks of investing in any cryptocurrency or digital assets.
L1.co Disclosure: This material is for informational purposes only, and the content contained herein should not be considered investment advice or a solicitation, offer, or recommendation to sell or buy any asset, strategy, or product. Investing in digital assets involves a high degree of risk, including the loss of principal.
What matters today
Markets
Story 1 of 3
Crypto’s institutional influx has killed the memecoin craze.
The combined market capitalization of DOGE and SHIB — the two largest memecoins by value — has fallen to $13.27 billion, its lowest level in three years and down about 2% this month alone, even as bitcoin has gained 10% over the same period. The more revealing measure is the ratio: DOGE and SHIB together now account for just 1.02% of bitcoin’s $1.30 trillion market cap — the lowest on record. At the peak of memecoin mania in 2021, that figure stood at 7%. For every dollar invested in bitcoin then, seven cents were chasing internet joke tokens. Today that figure is just over one cent. The collapse reflects two structural forces pulling in the same direction. The introduction of U.S. spot bitcoin ETFs in 2024 accelerated the institutionalization of the market, drawing in a class of investors with no interest in speculative meme tokens and significant interest in bitcoin as a macro asset. Simultaneously, higher real yields worldwide have raised the opportunity cost of all risk assets — and memecoins, offering no yield and no utility, have faced the harshest repricing. Capital that once chased speculative tokens has consolidated into bitcoin and other sectors with links to traditional finance, such as real-world assets. Global bond yields are also signaling the same pressure: U.K. gilts are posting their longest streak of daily closes above 5% in nearly two decades, Germany’s 10-year yield climbed to the highest since 2011, and the U.S. 30-year yield is just below its 2007 high. Oil is heading toward $100 and the Clarity Act missed its window before Congress’ August recess, with Senate Majority Leader Thune confirming it will not pass before the body adjourns.
A $5 billion cluster has formed in bitcoin options. It tells a bullish story.
Bitcoin’s options market on Deribit has concentrated an extraordinary amount of positioning around two specific strikes. The $70,000 and $72,000 calls have together accumulated nearly $5 billion in notional open interest — roughly 18% of the exchange’s total $28 billion in BTC options open interest. The skew is striking: the $70,000 strike carries approximately 39,000 calls against just 3,800 puts. The $72,000 strike has roughly 37,900 calls against only 1,200 puts. At both levels, calls outnumber puts by 10-to-1 or more. Several large, deliberate trades drove this concentration, according to Laevitas. The dominant structure is a bull call spread — buying the $70,000 call and simultaneously selling the $72,000 call — a bet on a moderate upswing to $72,000. That structure accounts for approximately 49% and 50% of total call open interest at the respective strikes. A separate trader or group paid $3.4 million in premium for outright $70,000 calls, gaining direct upside exposure. Orbit Markets co-founder Jimmy Yang linked much of the demand to Clarity Act optimism: “A lot of this positioning was driven by expectations that the CLARITY Act could be passed before the end of the month.” He noted that in the past 24 hours, markets have dialed back those expectations, with some unwinding of bullish bets. Polymarket’s Clarity Act odds have fallen from 51% early this week to 38% following Senate Majority Leader Thune’s comments that the bill will miss August recess. The $5 billion cluster is still there — the question now is whether it unwinds further or holds as a floor for the next catalyst.
EU hits Russia with a massive 21st sanctions package targeting a $120 billion crypto network.
The European Union has deployed its 21st package of sanctions against Russia, and crypto is at the center of the most consequential new measures. The package targets the A7 cross-border payments network — which Chainalysis estimates has processed nearly $120 billion to date and was purposely built for Russian sanctions evasion — along with the A7A5 stablecoin that operates on it. Fourteen unnamed crypto-related service platforms based in Georgia, Panama, the UAE, the Marshall Islands, Kyrgyzstan and Belarus have had their transaction access to EU entities banned. The most significant new instrument in the package is a mechanism that would allow the EU to impose a blanket ban on any transaction between an EU crypto provider and any crypto service used by Russia — the first time the EU has introduced the possibility of a full third-country crypto ban of this kind. High Representative Kaja Kallas framed the package broadly: “We’re hitting over a hundred banks and crypto operators, 40+ vessels in Russia’s shadow fleet, and several oil refineries in Russia and Belarus.” Alongside the digital asset measures, the EU is imposing asset freezes and transaction bans on 94 banks and major financial institutions and extending its ban to 33 additional Russian credit institutions. The package arrives three days after Russia’s State Duma passed its own first comprehensive crypto regulation framework, which takes effect September 1 — raising the question of whether Russia is building domestic crypto infrastructure partly in anticipation of further Western isolation from international networks.
CoinDesk Disclosure: The information contained in this newsletter, and any information linked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. You should seek additional information regarding the merits and risks of investing in any cryptocurrency or digital assets.
L1.co Disclosure: This material is for informational purposes only, and the content contained herein should not be considered investment advice or a solicitation, offer, or recommendation to sell or buy any asset, strategy, or product. Investing in digital assets involves a high degree of risk, including the loss of principal.
Crypto Daybook Americas: A newsletter from CoinDesk
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