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$HYPE Tonight at 23:00, Kevin Warsh will be sworn in as the Federal Reserve Chairman at the White House. Trump broke tradition by personally endorsing him. Powell, who was criticized for four years as “Mr. Too Late,” finally steps down, but what Warsh inherits is probably the hottest potato in the history of the Fed. His nomination confirmation vote was 54:45, almost entirely along party lines, marking the largest division in the history of chairman nominations. More critically, the minutes from the April meeting leaked: the “vast majority” of officials believe that returning inflation to 2% is a distant prospect, and a “majority” explicitly stated that if inflation remains high, further rate hikes are appropriate, with some even advocating for the removal of the “dovish tilt” language. The door to rate cuts has been internally welded shut. At his core, Warsh is a moderate pragmatist wearing a hawkish mask. He is focused on the $36 trillion debt interest burden and has devised a strategy of “balance sheet reduction in exchange for rate cuts”—actively selling long-term bonds to suppress inflation expectations, then adjusting inflation statistics to exclude oil price fluctuations to make room for rate cuts. But this plan simply won’t work. The US-Iran conflict has pushed oil prices up over 50%, April CPI rose to 3.8%, and PPI hit 6%. Nomura has completely wiped out rate cut expectations for 2026, bluntly stating he “cannot convince the majority of the FOMC members to support rate cuts.” Even Trump has sensed danger and recently changed his tone, no longer clamoring for immediate rate cuts, which is often the calm before the storm. What unsettles the market most is his identity dilemma. Handpicked by Trump and sworn in at the White House, this itself severely violates the Fed’s tradition of independence. Not cutting rates risks repeating Powell’s fate of being called a “traitor”; forcibly cutting rates, if long-term Treasury yields spiral out of control, will label him a “political puppet.” Harvard economist Rogoff warned: “Once the market believes you are undermining central bank independence, they will immediately push rates higher, the exact opposite of what you want.” Warsh was once Bernanke’s deputy and now finally at the helm, only to find inflation waves ahead and political pursuers behind. The market is already betting on a rate hike in July. The truly harsh question is: as inflation continues to worsen, will this new chairman, who is expected to cut rates, be forced to cast a vote in favor of rate hikes? If that day comes, tonight’s White House fanfare will become the most ironic footnote. #披萨节狂欢：预测哈希能赢BTC，你敢预测一下吗？ $BTC $ETH

$BTC Wow, the altcoins in the Grayscale sector. LAP suddenly had two waves of volume spikes. Looks like the funds are about to start making moves this time. But what needs attention is that the neighboring LPT has an annualized yield as high as 213%. It’s possible someone is borrowing coins to pump and dump. Worth keeping an eye on. See if there’s an opportunity. #披萨节狂欢：预测哈希能赢BTC，你敢预测一下吗？ $ETH $HYPE

$HYPE's record-breaking surge Hyperliquid's HYPE token soared over 20% driven by a massive short squeeze, hitting a new all-time high above $62 — with $31.8 million in short liquidations within 24 hours, compared to only $2 million in long liquidations. ETF inflows into the US HYPE spot ETF recorded a net inflow of $16.15 million on May 21, led by Bitwise's BHYP. a16z has accumulated $356 million in HYPE, becoming the largest external institutional holder. #HYPE多空决战：最大空头爆仓删号 $BTC $ETH

$HYPE CoinWorld news, Arkham reports that the Hype token has just surpassed $60, with a market cap exceeding $15 billion. Institutional ETF inflows, pre-IPO stock trading of companies like SpaceX and OpenAI, and a surge in perpetual contract trading volume have driven this rise. Our research team has analyzed the factors behind Hype's surge. #HYPE多空决战：最大空头爆仓删号 $BTC $ETH

$HYPE Lookonchain reported that an anonymous address opened a $38.63 million 25x leveraged long position on Ethereum. Lookonchain also mentioned that in the past four days, this address earned about $7.5 million from long positions in Zcash and Hyperliquid #HYPE多空决战：最大空头爆仓删号 $BTC $ETH

$HYPE Odaily Planet Daily reports that according to Arkham monitoring, James Wynn was partially liquidated on his short position of the S&P 500 on Hyperliquid. He still holds a 50x leveraged short on the S&P 500, with an entry price of 7400 points and a notional value of $184,000. This account. #HYPE多空决战：最大空头爆仓删号 $BTC $ETH

$HYPE Hyperliquid exchange's traditional asset trading accounts for 35% Hyperliquid has evolved from a crypto decentralized exchange (DEX) into a 7×24 comprehensive trading platform. According to PANews, the platform priced WTI crude oil 48 hours in advance during the Iran airstrike. Currently, traditional asset trading accounts for 35% of its total trading volume, with revenue close to that of the Chicago Mercantile Exchange (CME) #HYPE多空决战：最大空头爆仓删号 $BTC $ETH

$HYPE BlockBeats news, on May 22, according to Arkham monitoring, Bitwise and 21 Shares HYPE ETF saw an inflow of 16.1 million USD yesterday. In addition, Bitwise HyperLiquid ETF (BHYP) currently has about 15.45 million USD worth of HYPE staked. #HYPE多空决战：最大空头爆仓删号 $BTC $ETH

$HYPE Bitwise, 21 Shares HYPE ETF saw an inflow of $16.1 million yesterday According to Mars Finance, on May 22, Arkham monitoring reported that Bitwise and 21 Shares HYPE ETF had an inflow of $16.1 million yesterday. Additionally, the Bitwise Hyperliquid ETF (BHYP) currently has about $15.45 million worth of HYPE staked. #HYPE Long and short battle: the largest short liquidation account deleted $BTC $ETH

$HYPE 21Shares: The market is pricing HYPE based on the traditional exchange framework According to a research report released by 21Shares, the market is pricing HYPE using a traditional exchange valuation framework. The report states that Hyperliquid's 2025 revenue is $873 million, with a team of 11 people, generating $79.36 million revenue per person; CME Group's 2025 revenue is $6.5 billion, with 3,875 employees, generating $1.7 million revenue per person. HYPE's revenue over the past 12 months is $944 million, with a current circulating market cap of about $9.4 billion, and a price-to-sales ratio of about 10x, while CME Group's price-to-sales ratio is 17.32x. 21Shares notes that HIP-3 accounts for about 35% to 37% of Hyperliquid's total trading volume, with half of the top ten traded assets being traditional market assets; the Assistance Fund uses 97% to 99% of platform fees for automatic buybacks, with cumulative buybacks exceeding $1.5 billion, implying an annualized buyback yield of about 13%. The report provides three scenarios: bull market target of $62 to $70 (market cap about $15 billion to $17 billion); baseline target about $75 (market cap about $17 billion to $18 billion); bear market target of $15 to $19 (market cap about $3.5 billion to $4.5 billion). #HYPE多空决战：最大空头爆仓删号 $BTC $ETH