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Ether, XRP, Solana and Hyperliquid funds all took in money, but bitcoin’s outflow was really just Grayscale’s GBTC.
By Shaurya Malwa and Omkar Godbole
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SpaceX (SPCX) surged 20% on Monday, closing with a market valuation of approximately $2.5 trillion. The stock is up a further 9% in pre-market trading on Tuesday at $210 per share, lifting its valuation above $2.7 trillion and pushing its market capitalization past Amazon’s $2.6 trillion.
The stock has now gained 54% since its IPO debut at $135 on Friday.
Broader markets are relatively subdued. Bitcoin is trading around $65,000, the Invesco QQQ ETF is at $744, and gold is holding near $3,340 per ounce, all slightly higher on the day.
Oil continues to weaken, with Brent crude falling to $78 per barrel, down 3% over the past 24 hours.
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Goldman Sachs has lowered its oil price forecasts after President Donald Trump announced that an Iran deal, to be signed this Friday, will pave the way for the Strait of Hormuz to reopen to oil tanker traffic.
The bank now expects Brent crude to average $80 per barrel in the fourth quarter of this year, down from its previous projection of $90. Its 2027 average price forecast was also revised lower to $75 from $80. West Texas Intermediate (WTI) crude is now projected to average $75 in the fourth quarter and $70 in 2027.
Analysts believe tanker traffic through the Strait of Hormuz will normalize quickly once the waterway reopens. Prior to the Iran conflict that began in late February, the strait accounted for roughly 20% of global oil flows.
Lower-than-expected oil prices could ease inflationary pressures and reduce the likelihood of aggressive interest rate hikes by major central banks and offer support to risk assets, including cryptocurrencies.
Bitcoin (BTC) traded above $66,000 as of writing.
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UNI, the native token of Ethereum’s largest decentralized exchange Uniswap, jumped 12% to $2.92 in the last 24 hours.
The rally comes as Standard Chartered initiated coverage on the token with a bullish $100 price target by end-2030, implying roughly 40x upside from the ~$2.50 level at the time of the report.
According to the bank’s Global Head of Digital Assets Research, Geoff Kendrick, Uniswap is uniquely positioned to benefit from the expected explosion in tokenized assets on decentralized finance (DeFi).
“We expect the value of tokenised assets active in DeFi to grow 37x between now and end-2030,” the report states. “Uniswap is uniquely positioned to scale to meet this opportunity, in our view.”
Kendrick added that if Uniswap successfully commercializes and builds significant TradFi partnerships:
“Its market cap-to-transaction fees multiple is likely to increase, narrowing the gap with Coinbase.”
The report forecasts UNI reaching $6.50 by end-2026, scaling up to $100 by 2030, potentially outperforming both Bitcoin and Ethereum over that period.
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US spot bitcoin ETFs lost a net $64 million on Monday, even as spot ETFs for ether, XRP, Solana and Hyperliquid all pulled in fresh cash. On the surface, that looks like a clean rotation out of bitcoin and into everything else.
Ether funds gained $22.5 million, Hyperliquid funds $17.2 million, and the XRP and Solana funds about $2.8 million each. That tracks Monday’s price action, where the alts ran well ahead of bitcoin, with XRP up about 7%, Solana 6% and Hyperliquid 11% on the day. The flows followed the tape.
It is worth keeping the scale in mind. Bitcoin ETFs still hold about $83 billion in assets, against roughly $10 billion for ether and around $1 billion each for the XRP, Solana and Hyperliquid products.
The bitcoin number needs a second look. The outflow was not broad, as BlackRock’s IBIT, the largest fund, actually took in $66 million. The net loss came almost entirely from Grayscale’s GBTC, the high-fee legacy trust that has been shedding assets since these funds launched, which lost $124 million on the day. Strip out GBTC and bitcoin ETFs had an ordinary session
The real question is durability. If the altcoin ETFs keep drawing inflows once GBTC’s drag fades, the rotation is real. If not, Monday was a blip dressed up as a trend.
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In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
21 hours ago
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
Why it matters:
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.