CoinEx News: Hyperliquid's HYPE traded near $57.8 on May 21, up about 19% in 24 hours, as a crowded short base was forced to cover into a stack of positive catalysts. Santiment-linked reports pointed to sharply negative funding on May 18-19 before HYPE broke above $50, while Coinbase's USDC treasury role, Bitwise's BHYP product, and reported accumulation of 510,387 HYPE by Grayscale-linked wallets added institutional-access support.

The rally is therefore best framed as a squeeze amplified by improving capital on-ramps, but Jeff Yan's May 15 Washington meetings under the CLARITY Act and CME/ICE pressure keep regulatory integration as the next valuation test.