Grayscale has filed for a Hyperliquid exchange-traded fund with the U.S. Securities and Exchange Commission, aiming to offer investors regulated exposure to the Hyperliquid (HYPE) token. The proposed ETF would list on Nasdaq under the ticker GHYP. The filing adds Grayscale to a tightening race that already includes Bitwise and 21Shares, both of which have submitted proposals linked to the same protocol. The push underscores a broader trend in crypto ETFs: asset managers are increasingly targeting derivatives-driven ecosystems as investor interest expands beyond spot Bitcoin and Ethereum products. According to the filing, Coinbase would serve as custodian. Grayscale did not disclose a management fee, leaving pricing unclear for now—an approach that echoes earlier crypto ETF filings where issuers prioritized speed to market. On-chain data from DeFiLlama shows Hyperliquid has sustained weekly trading volume of roughly $40 billion to $100 billion, maintaining its position as the leading decentralized venue for perpetual futures despite rising competition. DeFiLlama also reports that total weekly perpetual futures volume this year has ranged from about $125 billion to $300 billion, more than double year-ago levels, reflecting demand for leveraged exposure in both up and down markets. Grayscale said staking rewards could be incorporated into the ETF later, contingent on regulatory clarity and operational readiness. Other issuers are moving in the same direction: Bitwise has amended an earlier filing to include staking, and 21Shares has indicated similar intentions. Even so, U.S. rules around staking-linked products remain unsettled. The proposed structure is designed primarily to track HYPE's price performance rather than deliver direct participation in protocol activity or derivatives revenue. That framing could broaden access for traditional investors while keeping the product within a more conventional ETF profile. Grayscale also highlighted Hyperliquid's expansion into tokenized real-world assets, including continuous trading for assets such as oil and gold when traditional exchanges are closed. Rivals including Aster, Lighter, and edgeX are entering the space, but Hyperliquid has continued to account for a dominant share of activity in most weeks—an indication, Grayscale argues, that network effects and ecosystem integration remain strong. With multiple filings now tied to the same protocol, the SEC's next step will be to acknowledge the application and set a review timeline. Approval timing remains uncertain as regulators weigh digital-asset ETFs beyond Bitcoin and Ethereum.

BNB has narrowly overtaken XRP in market capitalization, taking the No. 4 spot among the world's largest cryptocurrencies. The shift was decided by roughly $90 million, highlighting how tight the rankings have become for major tokens. $XRP $BNB

Resolv's USR stablecoin fell off its peg after an attacker minted 80 million tokens with no backing and extracted roughly $25 million, according to the report.

Morning Crypto Report: A closer look at the latest XRP narrative in Japan, as traders reassess what's fact versus hype. Separately, Resolv has been hit by an exploit that has erased roughly $25 million, even as early figures referenced 200,000 USDC. On the flows side, about 120 billion SHIB has moved off exchanges, a shift that often draws attention to potential large-holder positioning. $xrp $usr $shib

Odaily Planet Daily reports that on-chain analyst Yujin said SIREN has surged from $0.08 to $2.10 over roughly six weeks. In the past few hours, SIREN's controlling entity consolidated 484.6 million SIREN tokens—about 66.5% of total supply—from hundreds of wallets into 48 wallets. The holdings are currently valued at $1.04 billion. The tokens were accumulated at around $0.045 in late June 2025 for an estimated $21.8 million, implying a 47x increase in value.

ChainCatcher reports that on-chain analyst Yujin said the entity controlling SIREN has consolidated tokens spread across hundreds of wallets into 48 wallets over the past few hours. The transfer involved about 484.6 million SIREN tokens—66.5% of total supply—worth roughly $1.04 billion at current prices. On-chain data indicates the position was built through hundreds of wallets by the end of June 2025 at an average entry price of around $0.045, for an estimated total cost of about $21.8 million. Over the past six weeks, SIREN has surged from $0.08 to $2.10, a gain of about 26x. The holdings are now showing an unrealized profit of roughly 47x.

PANews, March 22 — Onchain analyst Yujin said $SIREN has surged 26x over the past six weeks, climbing from $0.08 to $2.10. After the rally, the controlling entity consolidated 66.5% of the total $SIREN supply—484.6 million SIREN tokens valued at about $1.04 billion—moving holdings from hundreds of wallets into 48 wallets. The tokens were accumulated in late June 2025 at roughly $0.045 each via hundreds of wallets, for an estimated total cost of $21.8 million. At current prices, the position is worth about $1.04 billion, implying a 47x gain.

ChainCatcher cited Coinglass data showing that a break above $2,182 in ETH could trigger roughly $940 million in liquidations on major centralized exchanges. If ETH drops below $1,977, potential liquidations on major CEXs are estimated at about $606 million.