Hyperliquid drop, BlackRock ETF flows, Solana stablecoins, Aave withdrawal and Bitcoin rally

[00:00:11][music] >> Hi, I'm Ava Macinar and this is the Coin Daily. Here are the headlines.

[00:00:21]Hyperliquid drops after Multicoin unstakes $120 million in Hype.

[00:00:27]BlackRock leads fresh crypto ETF inflows with gains in IBIT and ETHA.

[00:00:33]Solana adds $330 million in stablecoin inflows led by Circle.

[00:00:39]In other news, Aave sees a $26 million Ethereum withdrawal as borrowing rates draw scrutiny.

[00:00:47]Bitcoin climbs to a 7-week high as derivatives activity rebuilds.

[00:00:52]We begin with this.

[00:00:54]Multicoin Capital has unstaked about $120 million worth of Hyperliquid's Hype token.

[00:01:01]Raising new questions about how concentrated holdings influence trading in younger token markets.

[00:01:08]At the same time, Hype traded at $58.23, down 7.13% over the previous 24 hours. It's not simply the size of the unstake that matters here, but what that action unlocks. As tokens move from staked to unstaked, they become more available to move, sell, or be redeployed. And that alone can shift sentiment even before any actual sale is confirmed.

[00:01:36]The issue is exit liquidity.

[00:01:38]In a market with developing depth like Hype, a holder of Multicoin size can test how well the market absorbs new supply without a sharp move in price.

[00:01:49]Hyperliquid itself has become a major venue in decentralized derivatives with CoinDesk reporting in May that it controlled more than 70% of the decentralized perpetual futures market.

[00:02:02]That puts extra focus on the actions of top holders.

[00:02:05]So, while the price move cannot be pinned on confirmed selling from Multicoin, this episode still highlights a structural point for newer tokens.

[00:02:14]Deep liquidity is not assured, and concentrated portfolios can quickly become the main story.

[00:02:21]Now, to BlackRock and fresh crypto ETF inflows with gains in IBIT and ETHA.

[00:02:29]US spot Bitcoin ETFs have pulled in more than $900 million over the last six trading sessions, marking the strongest stretch of inflows since early spring.

[00:02:41]And at the center of that turnaround is BlackRock. It's iShares Bitcoin Trust, IBIT, repeatedly led the daily intake, including more than $79 million on July 16th alone.

[00:02:56]If you zoom out to the 5-day window from July 13th to July 17th, BlackRock gathered about $343 million across its Bitcoin and Ethereum ETF offerings.

[00:03:08]That's a clear lead among crypto ETF issuers.

[00:03:12]The concentration isn't just on the Bitcoin side.

[00:03:15]After a choppy start, US spot Ethereum ETFs have now seen about $196 million in net inflows since July 14th.

[00:03:26]With BlackRock's ETHA absorbing most of the early week demand, while competing products posted much smaller allocations or continued to see redemptions.

[00:03:38]Taken together, that points to a rebound in crypto ETF demand that is landing disproportionately with BlackRock's products. What to watch from here is whether that concentration holds in the next round of daily flow reports.

[00:03:53]If BlackRock's share of inflows continues to dominate, it would reinforce the view that new money is still clustering around the biggest issuer rather than broadening out across the ETF field.

[00:04:06]Up next, Solana and $330 million in stablecoin inflows led by Circle.

[00:04:14]Solana added about $330 million in stablecoins over the last 24 hours with most of that coming from Circle, the issuer of USDC.

[00:04:27]That matters because stablecoins are the network's working capital. They fund trades, payments, transfers, and other on-chain activity without users needing to move money off Solana. The chain now holds around $15 billion in stablecoins in total with USDC making up a major share. So, this latest mint adds to an already deep pool of usable liquidity.

[00:04:53]Circle has also been laying groundwork on Solana including a new pre-mint address for Gateway earlier this year to support programmatic USDC minting.

[00:05:04]The next question is the important one.

[00:05:06]Does this $330 million stay on the network and get used or does it leave as quickly as it arrived?

[00:05:14]We turn now to Aave where a $26 million Ethereum withdrawal puts borrowing rates in focus.

[00:05:22]Abraxas Capital just pulled 13,500 Ethereum worth about $26 million off Aave.

[00:05:31]The headline is the size, but the bigger signal is positioning.

[00:05:35]Earlier this month, Abraxas was adding assets to lending platforms and now it's pulling capital back out. That kind of quick rotation shows how large wallets are actively adjusting collateral as market conditions shift. The key lens is borrowing rates. As GSR's Andy Bayar said last week, when crypto prices rise, traders often finance bigger bets by borrowing stablecoins like USDC on Aave.

[00:06:03]Rising rates usually point to leverage building. Easing rates suggests the move may be driven more by spot demand than fresh borrowing.

[00:06:12]CF Benchmarks tracks that closely through its Aave USDC on-chain interest rate index.

[00:06:19]So, this withdrawal matters because it lands at a moment when Aave's lending market is being watched for one thing above all. Whether this rally is really being financed with leverage. Now, we turn to Bitcoin climbing to a 7-week high as derivatives activity rebuilds.

[00:06:37]Bitcoin reached a 7-week high, opening above $66,500 and rising around 2% on the day.

[00:06:46]But this time, the move is about more than the spot price. Under the surface, participation is starting to rebuild, especially in derivatives.

[00:06:55]Data shows a notable pickup in open interest as traders lean into call spreads with targets as high as $72,000 by month's end.

[00:07:05]That's meaningful because it's less about day traders chasing the latest high and more about deeper positioning re-entering the market.

[00:07:14]The core question isn't just whether Bitcoin can post another high print, but whether that move gets confirmed by ongoing engagement.

[00:07:22]If open interest keeps rising while price holds near these levels, it's evidence that traders believe the range could break, not just stretch.

[00:07:32]But if price runs ahead and open interest lags, this looks like another intra-range rally without confirmation beneath the surface.

[00:07:42]That's the participation test. Are we seeing renewed conviction or just another sharp move inside the same old boundaries?

[00:07:51]Options tied to listed products are part of the story, too. Check on-chain reporting put IBIT at roughly $33 billion in options open interest, representing about 52% of the Bitcoin options market.

[00:08:07]That level of institutional involvement adds a different layer to the current setup.

[00:08:12]For now, the rally is about participation as much as price.

[00:08:17]How exactly is derivatives activity rebuilding behind Bitcoin's 7-week high?

[00:08:22]Are open interest, funding, and volume confirming real participation or just leverage?

[00:08:28]Bitcoin holding this 7-week high as derivatives activity rebuilds is what sets the next session's tone.

[00:08:35]That's tonight's show from The Coin Daily.

[00:08:38]Thanks for watching. Subscribe, ring the bell, and we'll see you in the next one.