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🐳 Daily Edition: Saylor's BTC Sale Fuels More Carnage, Majors Drop

🐳 Daily Edition: Saylor's BTC Sale Fuels More Carnage, Majors Drop

HYPE hit a new ATH today despite the blood in the crypto market, all while the S&P continues to hit new highs

Beluga & Will McKinnon
June 03, 2026

At time of writing crypto majors are still in full dump mode with billions in longs already liquidated as BTC crashes below $63k. Potentially the only spot of green in today’s blood bath is once again Hyperliquid, which managed to hit a new ATH of ~$75 despite the market carnage as adoption of their tokenized markets continues to grow.

24 Hour Heatmap, Source: CoinMarketCap

This also means HYPE has flipped L1 Solana in not only market cap but also price — in my 2025 predictions I said we’d see another L1 ecosystem flip Solana, but I have to admit I had hoped it would be out of the success of that new chain rather than the depreciation of SOL. This isn’t to take anything away from Hyperliquid’s success, but I think we can all agree HYPE beating SOL at $200+ would have been a lot more exciting.

The drop in the majors has been particularly painful for the DATs that sprung up last year, as even Michael Saylor’s Strategy sold their first BTC since 2022 last week. Granted the amount of 32 BTC is inconsequential to their holdings, but the market reaction to the sale is very telling. To be fair when the guy who got famous by telling people to never sell their Bitcoin starts to sell, that’s a pretty strong signal.

All in all my views on the industry remain the same, and I think there’s been a great deal more progress made in terms of adoption and innovation than is reflected in the price action. Tokenized RWAs have caught fire, illiquid markets for commodities and pre-IPO equities are doing billions in volume, and blockchain tech presents the leading solution for financial and personal privacy through zk proofs. Until the market catches up, we continue building.