Onchain Lens data shows Garrett Jin opened a 3x short of 57,460 ZEC on Hyperliquid worth $34.47 million and raised HYPE holdings to 68,560 tokens valued at $38 million. The same address still holds a 5x long of 504 BTC with an unrealized loss of about $920,000.

Onchain Lens reported that Garrett Jin opened a 57,460 ZEC short position using 3x leverage, valued at $34.73 million, and increased his HYPE holdings to 68,560 tokens worth $38 million. He also maintains a 504.4 BTC long position with 5x leverage and an unrealized loss of $922,764.

According to HuoXing Finance, AI Aunt monitoring data showed that on May 23 the address 0x60a…685f6 added 10 million USDC to Hyperliquid early this morning. The wallet then increased its short exposure by 28,500 BRENTOIL and 1,000 CL contracts. The position now totals $15.49 million in crude oil shorts, ranking among the top three BRENTOIL positions on Hyperliquid. The trade is currently showing an unrealized loss of $778,000, after paying more than $600,000 in funding fees.

ChainCatcher reports that a16z crypto says gold now overwhelmingly dominates tokenized commodities. Citing rwa.xyz data, a16z noted that as of May 7, 2026, the onchain value of tokenized gold stands at about $5 billion, representing the vast majority of the sector. Other tokenized commodity exposures remain small by comparison: tokenized silver totals roughly $28.1 million, tokenized gold ETFs (iShares Gold Trust) are about $14.1 million, and all other commodity categories combined add up to around $2.95 million. a16z attributed gold's lead to its global liquidity, standardization, and long track record in paper-based trading, which make it a natural fit for tokenization. Products such as Tether Gold (XAUt) and Pax Gold (PAXG) effectively mirror ownership of physically stored gold in onchain wallets. Outside of gold, tokenized oil, agriculture, energy, and computing power are still in the early stages and hold limited market share.

PANews, May 23 — On-chain analyst Ai Yi reported that the largest HYPE-linked external address, suspected to be associated with a16z, withdrew an additional 114,533.98 HYPE from exchanges and market makers in the past 24 hours. The tokens were valued at $6.45 million at an average price of $56.31. Since 2026, the entity has accumulated 5.93 million HYPE tokens worth about $240 million, with unrealized profits estimated at $86.72 million.

Hong Kong crypto firm Bitfire is pressing ahead with a stablecoin-focused strategy even as it warns of a sharply wider loss, framing the move as central to its institutional expansion. Bitfire said on May 21 it expects a net loss of up to HK$245 million (about US$31.3 million) for the six months through March 2026, around 19 times the HK$12.3 million loss recorded in the same period a year earlier. The company blamed the deterioration mainly on a HK$152 million mark-to-market decline in its crypto asset holdings. Increased spending on professional services, customer capabilities and R&D also weighed on results. CEO Livio Weng has positioned stablecoins as a "core pillar" of Hong Kong's Web3 ecosystem. Bitfire plans to prioritise integrating compliant Hong Kong stablecoins into its clearing and settlement systems, aiming to serve as an access and distribution channel for institutions rather than an issuer. Following a strategic upgrade in August 2025, the company said it has onboarded hundreds of institutional and ultra-high-net-worth clients, with many requesting stablecoin-related services. Regulatory developments are shaping the opportunity set. The Hong Kong Monetary Authority (HKMA) issued the first batch of stablecoin issuer licences in April 2026, granting approvals only to HSBC and Standard Chartered. The limited initial rollout narrows the pool of issuers while potentially increasing demand for compliant integration and custody offerings. Bitfire said it holds SFC Types 1, 4 and 9 licences, as well as a Trust and Company Service Provider licence. The company argues this regulated footing positions it to compete in a compliance-heavy market that may be more challenging for larger global exchanges to penetrate. Market watchers see Bitfire's higher spend on professional services and R&D as infrastructure buildout targeted at institutional stablecoin demand that Hong Kong's issuer licensing pace has yet to fully meet. The firm's licensed virtual asset manager status could prove advantageous as financial institutions look for compliant pathways to use stablecoins, alongside broader HKMA efforts to tighten rules for virtual asset dealers and custody. Weng also used the 9th World Financial Forum annual meeting on May 21 to discuss an AI-integrated Web3 roadmap and a potential "Web4" concept, underscoring ambitions beyond trading. Bitfire is absorbing near-term pressure in pursuit of a potentially lucrative institutional stablecoin market in Hong Kong. The payoff will hinge on how quickly the local stablecoin ecosystem and licensing regime develop.

ChainCatcher reported that on-chain analyst Ai Yi flagged an entity suspected to be linked to a16z for withdrawing 114,533.98 HYPE tokens over the past 24 hours from exchanges and market makers. The haul was valued at about $6.45 million, implying an average purchase price of $56.31. Since 2026, the same entity has amassed 5.93 million HYPE tokens, now worth roughly $240 million, with unrealized profits estimated at $86.72 million.

According to SoSoValue data cited by ME News, XRP spot ETFs posted total net inflows of $9.47 million on May 22 (U.S. Eastern Time). The only product to record inflows was the Franklin XRP ETF (XRPZ), which took in $9.47 million on the day, lifting its cumulative historical net inflow to $390 million. As of May 23 (UTC+8), total net asset value across XRP spot ETFs stood at $1.129 billion. The XRP net asset ratio was 1.36%, while cumulative net inflows reached $1.407 billion. (Source: SoSoValue)

Aave, MetaMask and Mastercard have unveiled the MetaMask Card, allowing users to spend yield-bearing assets held in their Aave wallets. At checkout, the card converts supported tokens such as mUSD into fiat for settlement, while the underlying assets continue to earn interest until the transaction is finalized. The MetaMask Card launched in Europe in July 2025 and can be used at any merchant that accepts Mastercard. Supported assets include mUSD, USDC, USDT and wETH.