Hyperliquid (HYPE) has been gaining relative to Solana (SOL) in price, widening the gap as SOL slides to its lowest level since 2023. However, SOL's circulating market cap remains above $38 billion, and the piece argues that institutional plumbing and collateral utility make a near-term "flippening" difficult. The discussion also cites a $1.1 billion market-wide liquidation event and notes Arthur Hayes' June 4, 2026 post saying he exited his $HYPE and $NEAR positions.

Evernorth, an XRP-focused treasury firm backed by Ripple and other investors, says banks are already using XRP as activity on the XRP Ledger approaches nearly 3 million transactions per day. The firm points to an increase from about 1 million in mid-2025 and highlights Bitstamp, Ripple's RLUSD, and Braza Bank among the most active entities. It also flagged a May 2026 tokenized U.S. Treasury redemption involving Mastercard, Kinexys, Ondo Finance, and Ripple, while noting several proposed XRPL compliance upgrades are still pending.

Bitmine (Nasdaq: BMNR) said on June 3 it plans to offer 3,000,000 Series A preferred shares priced at $100 each, carrying a 9.50% annual dividend, for up to $300 million in gross proceeds. The company said the net proceeds may go toward general corporate purposes including acquiring additional ETH and other digital assets, expanding staking/validator infrastructure via MAVAN, and potentially funding a share repurchase program.

Grayscale introduced the Grayscale Hyperliquid (HYPE) Staking ETF (HYPG) on June 3 and said it has begun trading on Nasdaq. The product is designed to provide HYPE exposure while seeking staking rewards, and it debuts with a 0.29% sponsor fee—lower than other U.S. Hyperliquid ETPs. Data cited in the report put HYPE ETF assets at $192.01 million with a June 3 daily net inflow of $2.99 million, alongside HYPE at $72.79 after a 0.58% daily rise at publication time.

XRP fell to a fresh four-month low just under $1.15 after a roughly 25% drop from its recent $1.55 test. Data cited by Ali Martinez shows whales sold or redistributed 60 million XRP over the past week, while US spot XRP ETFs recorded a red day on June 3 with more than $5 million in net inflows. Analysts said a key support break could open the door to moves below $1.00 unless XRP reclaims $1.30.

Bitmine Immersion Technologies (NYSE: BMNR) said on June 3, 2026 it filed with the SEC for a $300 million 9.50% Series A Perpetual Preferred Stock offering, aiming to fund additional ETH purchases and other corporate uses. The company reported holding 5,416,901 ETH as of May 31, 2026 and expects staking income of up to $296 million annually, versus an estimated $28.5 million yearly dividend cost. Bitmine also applied to list the preferred shares on the NYSE under BMNP, with trading anticipated within 30 days of issuance if approved.

Zcash shipped an emergency upgrade to fix a critical soundness issue in the Orchard shielded pool that could have enabled invalid state transitions and potential double-spends. The bug was disclosed on May 29, a revised patch activated on June 2, and the NU6.2 hard fork completed on June 3 to restore Orchard with the corrected code. ZEC later retested the $600 area and was quoted at $612 at the time of writing, up 9.5% on the week.

Evernorth says the XRP Ledger is processing nearly 3 million transactions per day, up from about 1 million in mid-2025. The company points to banks and other financial firms as the next demand driver and argues the activity reflects real financial use, not only trading interest. It also says it aims to give institutions XRP exposure through a stock-based structure.