The Coin Daily — HYPE rally, ETH ETF outflows, US-Iran deal, Aave's plan and Cardano DAOs

Added: 2026-05-25

[00:00:11][music] >> Hi, I'm Ava Macina and this is The Coin Daily. Here are the headlines. Hype reaches a new all-time high on whale accumulation.

[00:00:24]Ethereum ETFs post major outflows as Ethereum loses $2,114 support.

[00:00:32]US-Iran nuclear progress lifts Bitcoin and broader risk sentiment. In other news, Aave sets a 12-month plan focused on revenue and GHO expansion.

[00:00:44]Charles Hoskinson reviews 11,000 DAOs for Cardano governance reform.

[00:00:49]We begin with this.

[00:00:51]Hyperliquid's HYPE token just hit a new all-time high, topping out at $64.40.

[00:00:58]The rally has come alongside reports of large wallet buying. Over the past week, wallets described as Grayscale linked accumulated more than 682,000 HYPE worth about $41.6 million.

[00:01:13]Separately, another whale moved $40 million in USDC from Binance and began buying HYPE.

[00:01:21]One standout transaction was valued at about $4.06 million and it came with HYPE already in price discovery above prior highs.

[00:01:31]That mix of record price and identifiable large holder demand is shaping how traders describe the move.

[00:01:38]Rather than viewing HYPE only as a momentum token, some are framing Hyperliquid as infrastructure.

[00:01:45]A token tied to a fast-growing on-chain trading venue whose value is linked to activity on the platform itself.

[00:01:53]Multiple market commentators, including Bitwise's Matt Hogan, have suggested investors are looking beyond speculative action to Hyperliquid's role as a trading venue.

[00:02:05]For now, Hyperliquid is still making new highs with large purchases continuing to draw attention at these elevated levels.

[00:02:13]Now to Ethereum and a rough session for spot ETH ETFs with outflows picking up as ETH breaks key support.

[00:02:23]Ethereum funds have seen noticeable outflows this week with BlackRock's iShares Ethereum Trust leading the move.

[00:02:30]Over the five-day stretch from May 11th to May 15th, roughly 185 to 189 million dollars left that fund based on so-so value estimates. The broader group of US spot ether ETFs has now posted 10 straight days of net redemptions.

[00:02:50]That matters because the fund flows are lining up with a weak spot market signal.

[00:02:55]Ether has repeatedly failed to reclaim $2,114, a level that had been support and is now acting as resistance. When money is leaving listed ether products at the same time, price cannot retake a former floor, it tells traders demand is still not strong enough at a key level.

[00:03:15]For viewers right now, that means ETH remains vulnerable to more cautious positioning until either ETF flows stabilize or price can convincingly get back above $2,114.

[00:03:29]Up next, macro headlines. The United States and new signs of US-Iran nuclear progress moving Bitcoin and broader risk sentiment.

[00:03:40]US and Iranian negotiators have made significant progress on a nuclear deal with Associated Press reporting the US is close to a deal with Iran and Secretary of State Marco Rubio saying significant progress, though not final progress, has been made.

[00:03:57]This matters for the global risk universe because the Strait of Hormuz is one of the world's primary oil transit routes. So, any step back from conflict directly reduces tail risks for both energy costs and risk assets.

[00:04:12]Immediately after these diplomatic headlines hit, Bitcoin traded back above $82,000, picking up on the broader wave of improved risk sentiment.

[00:04:22]Here's how major crypto assets reacted.

[00:04:25]Bitcoin, Ethereum, Dogecoin, Solana, and Polkadot each show only a mild move.

[00:04:32]Despite the upbeat news, none sustained a decisive breakout during the reaction window.

[00:04:38]Highlighting the gap between rising risk-on positioning and the muted follow-through in spot trading.

[00:04:45]What stands out is the quality of the bounce. The reaction wasn't isolated to Bitcoin, but across majors, it stayed shallow with no asset delivering the kind of decisive extension you'd expect from high-conviction risk buying.

[00:05:01]So, this looks less like a clear crypto endorsement of the macro news and more like a cautious relief move.

[00:05:08]Now, we turn to Aave, outlining a 12-month plan centered on revenue growth and expanding its GHO stablecoin.

[00:05:18]Aave is shifting out of DeFi's typical growth-at-all-costs playbook.

[00:05:23]Founder Stani Kulechov laid out a 12-month plan for what he calls a revenue-first phase with three clear targets. Expand the protocol's stablecoin, GHO, turn the Aave app into a full distribution platform for services, and diversify how the protocol makes money. The new headline is not spreading to new verticals. It's whether Aave can convert scale into cash flow.

[00:05:51]The mechanics are changing under the newly approved Aave will win framework.

[00:05:56]Every dollar of revenue from Aave branded products now routes straight into the DAO treasury.

[00:06:03]That includes aave.com, the mobile app, Aave Pro, and other product lines. So, the interface itself becomes as important as any lending pool.

[00:06:14]Revenue numbers set the pace. In 2025, Aave's DAO earned about $140 million in protocol revenue with another 10 to 20 million coming annually from swaps on Aave interfaces. GHO and the distribution push are designed to widen those income streams beyond the core lending business.

[00:06:37]But, the real test is execution.

[00:06:39]Expanding GHO means more than growing within Aave's walls, and making the app a distribution layer only delivers if it drives durable usage and repeat revenue to the DAO. Scale is established. This next phase is about cash flow and discipline.

[00:06:58]And turning to Cardano, Charles Hoskinson is spotlighting thousands of DAOs as the network weighs governance reform.

[00:07:07]Charles Hoskinson is putting Cardano's governance under the microscope by reviewing more than 11,000 DAO structures from inside and outside crypto. This isn't just about updating a voting app or tweaking rules for representatives.

[00:07:22]Cardano already runs on-chain governance and now operates with a constitutional committee and delegated representatives following its shift to formal on-chain governance last September and a constitution update ratified at the start of the year with 79% support.

[00:07:40]The challenge now is the layer that so many DAOs struggle with.

[00:07:45]When voting is done, who actually leads, who coordinates strategy, and who resolves deadlocks if the community splits?

[00:07:54]The immediate trigger has been debate over a proposal worth about 33 million ADA tied to the 2026 network roadmap, exposing tensions between keeping decision-making open and pushing toward actual results. By studying more than a decade of DAO experiments, Cardano is signaling that governance is an institutional design problem, not just a technical feature.

[00:08:21]What matters is building in mechanisms for conflict resolution, executive responsibility, and clear strategic direction, so the network isn't stuck in gridlock or drift.

[00:08:32]As Cardano looks to its 2027 governance cycle, the open question is whether it can translate this research into rules that keep the community in control while making decisions actionable.

[00:08:46]Cardano's governance overhaul hinges on what Hoskinson pulls from those 11,000 DAO models, and whether it translates into workable rules fast.

[00:08:57]That's tonight from The Coin Daily.

[00:08:59]What governance problem is Charles Hoskinson aiming to solve by reviewing 11,000 DAO models for Cardano's reform?

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