Confirmed!

40 minutes ago, a Circle-linked address moved 4.4B USDC on HyperEVM to Coinbase’s AQAv2 treasury side. arkm.com/explorer/tx/0xe2002… This looks consistent with Hyperliquid’s AQAv2 implementation: Coinbase is the USDC treasury deployer, Circle is the technical deployer, and AQAv2 rebalances the HyperEVM balance corresponding to HyperCore-minted USDC in a 9:1 treasury/technical-deployer split.

Launch by Kinetiq is now live on Hyperliquid. Sourcing for aspiring HIP-3 deployers has just changed, for good. Stakers can back any deployer and earn a permanent share of their trading fees, in perpetuity. You can just.. Launch things.

Based on how much HYPE Anchorage bought onchain and similar past patterns, $PURR (@HyperStrat) appears to have spent $75M buying 1.18M HYPE from June 4 to June 11 at an average price of $63.50. Despite that, over the same period, HYPE dumped from $74 to $54, a 27% drop. So who sold enough HYPE to push the price down like that? Here are the top 10 sellers: 1) HyperLabs - 430k HYPE ($24-30M) They unstaked 533,752 HYPE this month. From that: > 82k were staked back > 20k are still in spot > 50k were sold on HyperCore > 380k were sent to Flowdesk to be sold 2) Arthur Hayes - 247k HYPE ($18M) 3) Anon - 0x152e41f0b83e6cad4b5dc730c1d6279b7d67c9dc - 173k HYPE ($11.4M) 4) Anon - 0x97f8219e401f07752a60ddb0a75efda96d1389d9 - 172k HYPE ($10.5M) 5) Anon - 0x97703be13689d5e9bf5a52e8a4a3baa5179ac008 - 137k HYPE ($8.1M) 6) Jez San? - 0x0fd6f65d35cf13ae51795036d0ae9af42f3cbcb4 - 119k HYPE ($6.6M) This address shares some connections with Jez San (@aerobatic), but the most interesting part is that 3 months ago, it liquidated more than $200M in altcoins, mostly ETH by sending them to Flowdesk. 7) Andrew Kang? - 0x64264011965176dcb56fd5ca0dd23e3c8a0bfe13 - 115k HYPE ($8.1M) The same wallet that shares some connections with Andrew Kang and sold right after Arthur Hayes. 8) Anon - 0x4d470e0a241c3d7321b4b6c6f23f214db85bfa47 - 90k HYPE ($5.9M) 9) Anon - 0x9d140511245337b4cd94cccdf7b1871d587eade8 - 80k HYPE ($5.2M) 10) Anon - 0x15b325660a1c4a9582a7d834c31119c0cb9e3a42 - 70k HYPE ($4.2M) To sum up: HyperStrat bought 1.18M HYPE. The top 10 onchain sellers sold 956K HYPE. Want to trade the next unlocks? Visit markets.xyz/trade/HYPE

The new $PURR (@HypeStrat) update is even bigger than last week. They just reported that between May 28 and June 4, 2026, they bought 2.5M HYPE ($135M), while their cash balance increased by $57.3M. As of June 4, they held a total of 26.2M HYPE and $199M in cash.

Did Saylor’s Strategy sell $BTC last week? Last week’s BTC price action made a lot of people think Strategy sold thousands of BTC to raise cash and extend STRC runway. The thesis made sense. Some people argued there was no way Strategy sold >$1B because there was no visible onchain trace. Others argued the opposite: Arkham, the main tool for tracking Strategy flows, does not label every custodial wallet at client level, so the answer is not obvious. So who is right? We spent time tagging hundreds of wallets. Here’s what we found. First, the facts. 1) It starts with Fidelity custody Strategy does not hold all its BTC in self-custody, it uses three custodians: Coinbase Custody, Anchorage, and Fidelity Digital Assets. That means any serious attempt to find missing Strategy addresses has to start from the custodians. During the May 26 to May 31 filing period, Strategy sold 32 BTC at an average net price of $77,135/BTC. The 8-K did not disclose an address, so the first step was to find a matching flow. The reported $77,135/BTC price points to May 26 inside that filing window. On the pricing data we checked, BTC traded around that level between roughly 9:50 a.m. and 11:00 a.m. ET. Among the custody flows we checked, the only transfer matching the reported amount came from an address labeled under Fidelity custody: arkm.com/explorer/tx/423619f… This does not prove the sale by itself, but iIt gives us the starting point. You can check the Fidelity Custody entity here: arkm.com/explorer/entity/fid… 2) Fidelity custody withdrawals At first glance, Arkham’s Fidelity custody balance shows more than 50,000 BTC leaving over the last month. That would fit the theory that Strategy sold BTC custodied with Fidelity. But after checking the flows, the issue looked different. Arkham had not labeled some transfers from last month, so the chart overstated real withdrawals and understated internal rotations. To test it, we tagged the missing wallets. 3) Rotation or sales? On those missing wallets, we saw both: some BTC rotated into fresh wallets and is still sitting there some BTC was deposited into CEXs / MMs. Between June 1 and June 5, $255-265M (4,300-4,500) BTC were transferred to CEXs / MMs. Does that mean Strategy sold BTC? Not by itself. 4) Fidelity custody customers Strategy is not the only customer using Fidelity custody, so a Fidelity custody outflow does not automatically mean Strategy sold. The cleanest sanity check is to compare CEX / MM flows against known Fidelity-side redemption pressure. The main public flow large enough to matter is Fidelity’s own spot Bitcoin ETF, FBTC. Between June 1 and June 5, FBTC saw roughly $202M of net outflows, equal to about 3,000 BTC. So to recap: > 4,300 - 4,500 BTC moved from Fidelity-linked wallets to CEXs / MMs > FBTC had roughly 3,000 BTC of redemption pressure > Other customers or their ETPs could have also sell a significant amount of BTC (let’s assume 300-500 BTC) This leaves us with 1,000 BTC ($63M) missing so this means one thing: Strategy could have sold BTC, but not a large amount as many people expected, or at least not from the Fidelity-custodied coins. Since the residual is still relatively small and we could have missed some addresses, our base case is that Strategy did not sell a meaningful amount of BTC last week. The next 8-K should give the official answer. It will be published in the next few hours. Soon, reports like this, high-signal news, alerts, and tradable context will live inside the Markets app. Get it here: markets.xyz/mobile-app/

He did indeed sell.

This entity is now down more than $75M in their $ETH longs. They reduced their liquidation price down to around $1,400. Will they hunt them?

At the same time that Arthur Hayes started selling, another entity related to Andrew Kang (@Rewkang ) sold 120k HYPE ($8M) in less than 30 minutes, pushing the hyperliquid:native price down more than 5%. That entity already finished selling his stack, but Arthur Hayes, through Flowdesk, is still selling through a slow TWAP. He already has 165k HYPE left. Just 5 minutes ago, another interesting participant appeared. Andreas Brekken (@abrkn ), founder of SideShift, also started selling 50k HYPE. At the same time, Hyperliquid Strategies (@HypeStrat) is TWAPping more than $10M through Anchorage. Arthur Hayes selling wallet: markets.xyz/trader/0x964f9b5… Related Andrew Kang wallet (not confirmed): markets.xyz/trader/0x6426401… Andreas Brekken wallet: markets.xyz/trader/0x280e93b…

GarrettBullish (@GarrettBullish) is now down more than $11M on his $85M bitcoin:native long. He has been opening the position over the last two weeks. His liquidation price is around $55K. Is this just a really bad trader or is he longing onchain to bait people while he sells on CEX? Track or counter-trade him directly on the Markets app: markets.xyz/mobile-app