According to NS3.AI, Arkham data and onchain analysts report that the Kelp DAO hacker has laundered approximately $220 million of unfrozen stolen funds over a six-week period. The attacker initially drained 116,500 Kelp DAO restaked ETH on April 18, resulting in a $293 million exploit. In response, Arbitrum's Security Council froze an additional $71 million on April 21 as part of the rsETH recovery effort. A hearing in New York regarding ownership claims related to the frozen funds is scheduled for Friday.

Hyperliquid's native token, HYPE, has experienced a significant rally, climbing more than 30% in five days to reach a record high near $74. According to Cointelegraph, this surge follows a bullish breakout from a chart pattern known as a bull pennant, which suggests a potential move above $100. The breakout has set a measured upside target near $105, indicating further potential gains for the token. The rally began after HYPE formed a bull pennant pattern, characterized by a sharp rise followed by a consolidation phase within a symmetrical triangle. This pattern typically resolves with a breakout above the upper trend line, which HYPE achieved over the weekend on rising trading volumes. If the pattern continues to play out, the token could reach its target of approximately $105.30 by June or July, representing a 45% increase from current levels. However, the token's relative strength index (RSI) has surpassed 77, indicating overbought conditions and the possibility of a short-term consolidation or correction. In the derivatives market, Hyperliquid's open interest has surged to a record $3.5 billion, up from $1.41 billion at the start of the year, as reported by Coinglass. This increase suggests a growing influx of leveraged capital into HYPE markets, supporting the bullish momentum. The open interest-weighted funding rate remains positive, indicating a bullish bias among traders. Since May 20, HYPE has seen significant short liquidations totaling $126.28 million, compared to $68.85 million in long liquidations, suggesting a short squeeze as bearish traders close positions. Fundamentally, Hyperliquid has surpassed Ethereum to become the second-largest blockchain by app revenue on a 30-day rolling basis, generating $57.9 million, according to DefiLlama. The chain's protocol fees are primarily routed to its Assistance Fund, which buys HYPE on the open market, creating recurring demand for the token. Additionally, the CFTC's recent recognition of perpetual futures as valuable tools for price discovery and risk management has bolstered the market's legitimacy, benefiting Hyperliquid's business model. Since this update, HYPE has rallied approximately 25%. The introduction of US-listed HYPE exchange-traded funds (ETFs) has further fueled the rally. Since their debut on May 12, ETFs from Bitwise and 21Shares have attracted $122.2 million in net assets, indicating early institutional interest in the digital token. This growing demand and the bullish technical setup suggest that HYPE may continue its upward trajectory toward the $100–$105 target zone.

Strive, a publicly listed Bitcoin treasury company in the United States, has increased its funding to $4.2 billion to acquire more Bitcoin. According to Foresight News, this move was reported by Bitcoin Magazine. The company aims to expand its Bitcoin holdings significantly with the additional funds.

OranjeBTC has acquired 20 Bitcoin for around $1.506 million. According to NS3.AI, the company reported a 2.20% year-to-date BTC yield for 2026. Additionally, OranjeBTC repurchased 289,100 shares of OBTC3 during the same period.

Jeffrey Huang is currently maintaining a 25x leveraged long position involving 2,200 ETH, valued at $4.33 million. According to NS3.AI, Hyperscan data reveals that his entry price for this position is $2,009, with a liquidation price set at $1,946.

The U.S. Senate has reconvened after the Memorial Day recess with a limited legislative window of about four weeks before the two-week recess for Independence Day, putting pressure on the advancement of the Clarity Act, a crypto market structure bill. According to Odaily, the Senate's agenda is crowded with priorities such as Homeland Security appropriations, additional Pentagon budget requests, and the extension of FISA Section 702 authorization. Even if the Clarity Act reaches the review stage, the voting process could take one to two weeks. The bill is currently in the coordination phase between the Senate Banking Committee and the Agriculture Committee, with some key provisions still under negotiation. Previous debates over stablecoin yields have consumed significant political resources, and the focus has now shifted to unresolved differences in the Agriculture Committee's version. The bill requires 60 votes in the Senate to overcome a filibuster, making bipartisan consensus crucial. Several Democratic senators have indicated that ethical constraints on government officials' crypto asset holdings and regulatory authority over DeFi by law enforcement agencies will be essential for their support. Analysts suggest that even if the bill is not passed before July 4, it could still progress before the August recess. However, if delayed into the election cycle, its political momentum may face uncertainty.

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