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Hyperliquid’s HYPE is the outlier in crypto, rising 16.5% over the past 24 hours to a new record high.
By Stephen Alpher, James Van Straten, Oliver Knight, and Helene Braun
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Saudi Arabia’s AI Arabiya TV reports on what it says is a final draft of a U.S.-Iran agreement.
The news has sent U.S. stocks from losses to gains and bitcoin (BTC) higher by more than 1% to $77,800. WTI crude oil has fallen to $98.50 per barrel from $102.
Suffice it to say that market participants have lost track of how many peace deals there have been in recent weeks. We await confirmation.
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“Bitcoin has lost the plot,” said billionaire investor Mark Cuban in an interview earlier this week.
Cuban went on to say he’s sold nearly all his bitcoin (BTC), noting the crypto has failed to perform since “shit hit the fan” amid recent global events.
The sale is notable as Cuban is said to have invested in bitcoin as early as 2012. Contrarian bulls will surely have their tails in the air as these sorts of news items are the kind of things seen as bear market bottoms are forming.
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Bitcoin (BTC) miners are among the strongest performers in crypto-linked equities so far on Thursday after Nvidia’s earnings reinforced investor appetite for companies tied to AI infrastructure and high-performance data centers.
Nvidia said Wednesday night that its Data Center business continued to fuel growth as cloud providers, enterprises and governments increased spending on AI systems powered by the company’s chips. CFO Colette Kress said hyperscalers generated more than half of the segment’s $75 billion quarterly revenue, or roughly $38 billion, up 12% from the prior quarter.
The comments lifted several miners that have expanded into AI and high-performance computing alongside bitcoin mining operations. Iren (IREN) is up 7% while TeraWulf (WULF), Cipher Mining (CIFR) and Core Scientific (CORZ) each gained around 5% during Thursday trading.
“The read across for crypto and frankly the entire financial market is to look for signs of exhaustion in the AI trade. If this happens, investors will likely ascribe more weight to the deteriorating macro picture and we could see a pullback in risk-appetite,” Jasper De Maere, OTC trader at Wintermute, said. For now, we seem to be grinding higher but worth keeping an eye on momentum in AI equity plays as a precursor for fatigue.”
The move stood out against a weaker backdrop for most crypto-related stocks. Bitcoin traded little changed over the past 24 hours, while Coinbase (COIN) and Robinhood (HOOD) moved lower. Galaxy (GLXY) and Circle (CRCL) were among the few crypto equities in positive territory.
Energy markets also drew attention Thursday. Crude oil prices jumped after Reuters reported, citing sources, that Iran’s supreme leader directed officials to keep enriched uranium inside the country. The report added another layer of uncertainty to negotiations tied to the U.S.-Iran conflict and raised concerns about further pressure on global energy markets.
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The U.S. Department of Commerce has signed letters of intent to award just over $2 billion in grants to nine quantum computing companies under the CHIPS and Science Act, with the government taking minority equity stakes in each firm, according to the WSJ.
IBM (IBM) received the largest share at $1 billion, pledging to match it with a further $1 billion to build America’s first dedicated quantum chip manufacturing facility.
GlobalFoundries (GFS) will receive $375 million, while D-Wave Quantum (QBTS), Rigetti Computing (RGTI), and Infleqtion (INFQ) are each set to recieve $100 million.
Markets reacted positively, with Infleqtion surging by more than 35%, Rigetti and D-Wave both up around 20%, and IBM gaining roughly 4%.
The U.S. government has previously taken stakes in publicly traded companies, including Intel (INTC), and is currently sitting on an estimated $26.5 billion gain on that investment, with Intel shares up more than 200% year to date.
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Already the holder of more than 4% of all the bitcoin (BTC) that will ever exist, Strategy (MSTR), led by Executive Chairman Michael Saylor, has no intention of stopping purchases.
“The formation of digital credit means that the credit market itself is absorbing all of the organic supply of bitcoin from now to forever,” said Saylor in a CNBC appearance on Thursday morning.
“Our company will probably buy all of the bitcoin produced by the miners between now and 2140.”
Currently, roughly 20.3 million bitcoin have been mined, representing more than 95% of bitcoin’s total 21 million supply. That leaves fewer than 1 million BTC still to be mined over the next century.
Strategy has already purchased 171,238 BTC in 2026, while only 63,450 BTC have been mined during the same period. This means Strategy has acquired bitcoin at a rate approximately 2.7 times the rate of new supply issuance.
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There’s at least one corner of crypto markets that’s not dullsville, and that’s HYPE.
The native token of Hyperliquid surged 16% to a record high of $59.30 on Thursday, with derivatives data pointing towards a potential short squeeze.
Most of the market has been positioned against the move. The long/short ratio sits at just 0.89, with more accounts shorting the token for the first time since January. Funding rates have also flipped negative, confirming the crowd has been fading the rally.
But that strategy hasn’t worked out; $33.5 million in short positions have been liquidated in the past 24 hours, compared to $2 million in long positions.
The move comes on the back of strong fundamentals; the protocol has generated over $896 million in revenue over the past 12 months, with 97% of trading fees funneled back into HYPE token buybacks.
The rally is also backed by institutional momentum, with 21Shares and Bitwise rolling out U.S.-listed Hyperliquid ETFs on Nasdaq on May 12, drawing over $5 million in early inflows. Coinbase and Circle have also committed to stake HYPE to activate a new protocol upgrade, AQAv2.
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As U.S. markets open on Thursday morning, the talk is about pretty much everything other than crypto.
Tech bellwether Nvidia (NVDA) last night reported an earnings beat and strong guidance, and shares are modestly higher in early trading.
Perhaps overshadowing mighty Nvidia, Elon Musk’s SpaceX (SPCX) filed for its IPO, which is expected to raise upwards of $80 billion at a valuation of $1.5 trillion or more.
Alongside SpaceX, Sam Altman’s OpenAI is expected to file for its own public offering, perhaps as soon as this week. Another AI giant, Anthropic, may also soon be joining the IPO move.
The action is surely drawing attention — and capital — away from crypto, where the price action remains mostly muted, with bitcoin (BTC) trading in a tight range around $77,000 for the last 72 hours.
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Majors are up 8.2% MTD and Binance is capturing 78% of CEX inflows. Stablecoin deposits are building dry powder while BTC outflows point to accumulation. This regime is currently trader-led.
May 14, 2026
Majors are up 8.2% MTD and Binance is capturing 78% of CEX inflows. Stablecoin deposits are building dry powder while BTC outflows point to accumulation. This regime is currently trader-led.
Why it matters:
Majors are up 8.2% MTD and Binance is capturing 78% of CEX inflows. Stablecoin deposits are building dry powder while BTC outflows point to accumulation. This regime is currently trader-led.