Bitcoin is still range-bound near $63,500, but the arguments for holding it are getting sharper. The global M2 money supply has hit an all-time high above $100 trillion — and the two companies that own the most bitcoin are responding not by panic-selling but by pointing at the math: 21 million coins, fixed forever, versus infinite money printing. Meanwhile ether’s daily chart just confirmed a “golden cross” — its 50-day moving average crossing above the 200-day, a pattern historically associated with sustained outperformance. Goldman Sachs says a September Fed rate hike is “very unlikely” after last week’s weak retail sales data. The dollar is at its lowest since June. The U.S.–Iran ceasefire expires today with no deal in sight and Hormuz traffic at a standstill. And XRP traders are building the most leveraged long position since the token was worth several times more — while everyone on social media turns bearish. Stay alert.
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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.
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Bitcoin’s biggest holders, Strategy and Metaplanet, are betting on math, not price.
Bitcoin is still trading near $63,500, down nearly half from last year’s peak above $126,000. But the two companies that own the most of it — Strategy and Metaplanet — are not blinking. Simon Gerovich, CEO of Tokyo-listed Metaplanet (43,000 BTC, $2.7 billion), pointed this weekend to a datapoint that frames their entire strategy: global M2 money supply has reached an all-time high above $100 trillion. His argument is structural rather than cyclical. Bitcoin’s price has decoupled from the liquidity expansion over the past year — even as M2 swelled, BTC nearly halved — but that decoupling is consistent with previous bear-market cycles. What doesn’t change is the supply schedule: 21 million coins, fixed, forever. “When the money supply expands forever, you hold the asset that can’t,” Gerovich said. “That’s why we hold hard money.” Michael Saylor, executive chairman of Strategy (840,447 BTC, $53 billion — the world’s largest publicly listed bitcoin holder), framed the same argument at a higher level of abstraction in a new essay: “Money is energy. Bitcoin is digital monetary energy.” His argument is that money stores the economic energy created by human effort, and bitcoin is its most efficient digital form because its supply cannot be expanded arbitrarily. Fidelity’s Jurrien Timmer connects the two: he expects BTC to catch up with the M2 expansion if gold builds momentum, citing his liquidity regression model that puts gold fair value near $5,000. “My guess is that if gold starts to build momentum from here, that rising tide will take Bitcoin and Ethereum with it.” Separately this week: the U.S.–Iran ceasefire expires today with no deal and Hormuz shipping at a standstill; Goldman Sachs says a September Fed rate hike is “very unlikely” after weak retail sales; FOMC minutes due this week; and Coinbase and Circle are collaborating on USDC.
Bitcoin’s spot price has barely moved in weeks, locked in a narrow band below $65,000. In a quiet market, options — contracts that insure against large price swings — should be cheap. They aren’t. The 30-day implied volatility index BVIV sits at 36.35%, about two-thirds higher than the 30-day realized volatility of 21.80% — the lowest actual volatility since October 2025. The gap is not a minor technical discrepancy: according to Glassnode, one-week at-the-money implied volatility sits near 29% against realized volatility of roughly 16%, and that spread between implied and realized is near a one-year high. The explanation is not irrational. Options are priced on what the market expects to happen, not on what has already happened. And even in a calm summer, the market is pricing in significant risk of an abrupt break. That makes mechanical sense: volatility is mean-reverting. A prolonged stretch of dull, range-bound trading compresses realized vol but not necessarily implied vol, because traders know the quiet tends to end suddenly. For anyone considering buying options to bet on a volatility spike — or to protect an existing position — the high implied vol means options cost more than the calm spot market might suggest, and bitcoin must move substantially before any position breaks even. The one-year high gap between implied and realized volatility favors options sellers, not buyers. If the market breaks out — whether upward on a regulatory catalyst or downward on a macro shock — the expensive insurance will look cheap in retrospect. If the range holds, options sellers collect the premium. The ether-bitcoin ratio separately confirmed a “golden cross” on Monday, with the 50-day moving average crossing above the 200-day — a pattern historically associated with sustained ETH outperformance of BTC.
XRP traders bet on a rebound as price slips to $1 and bearish chatter surges.
A striking divergence has opened up in the XRP market: the mood online is the most negative in three months, but the derivatives positioning is one of the most aggressively bullish since the token was trading at several times its current price. XRP is hovering at $1.00, down from above $3 at last year’s highs. Futures open interest rose to $2.78 billion on Monday, up 2% over 24 hours, with trading volume jumping 55% to roughly $1.17 billion. On Binance, more than three accounts held long positions for every one holding a short. Among the exchange’s largest traders — the so-called “big players” — the long-to-short ratio was 3.6 to one. OKX showed the same 3.6-to-one split. That means leveraged bulls are betting on a bounce even as Santiment data shows social commentary across X, Reddit and Telegram turned its most bearish in three months. About 2.77 billion XRP tokens now sit in open futures positions — nearing levels last seen when XRP was worth several times more. Network activity is picking up alongside the positioning: nearly 50,000 active addresses were recorded over one 24-hour stretch, the most in more than two months, after activity had slid near 2026 lows in July. The risk is clear: if XRP breaks below $1 — a line held since November 2024 — the leveraged longs that run out of collateral get automatically liquidated, forcing selling into the market and potentially accelerating the move. The CoinGlass overall long-to-short ratio is close to balanced at 0.93, which means the heavy bullish skew is concentrated on Binance, OKX and their biggest accounts — not a broad market consensus. Whether the contrarian positioning or the social sentiment turns out to be right will likely be determined by the macro catalysts arriving this week: FOMC minutes, the ceasefire situation in the Strait of Hormuz, and any Clarity Act developments.
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.
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