Here’s a rewritten version with a tighter, more cohesive crypto-market news tone:
While the Federal Reserve kept interest rates unchanged, Chair Kevin Warsh signaled that inflation remains a higher priority than supporting economic growth.
Crypto markets softened following the Fed’s guidance that interest rates are likely to stay elevated for longer, reinforcing a hawkish policy outlook.
Bitcoin (BTC), the largest cryptocurrency by market value, traded near $63,900, down more than 1% over the past 24 hours. Major altcoins, including XRP, ether (ETH), BNB, and solana (SOL), also posted comparable declines.
The CoinDesk 20 Index (CD20) fell over 1.2%, while the DeFi Select Index (DFX) dropped 5%, making it the weakest performer among major tracked benchmarks.
Still, selective strength emerged in parts of the market. Provenance Blockchain’s HASH token surged 15%, while Stellar (XLM) rose nearly 10%.
Marex analysts said sentiment has deteriorated sharply, with fear readings falling into extreme territory. They noted Bitcoin is now about 48% below its all-time high of $126,000 from last October, describing the setup as potentially contrarian but emphasizing that positioning remains defensive and conviction remains weak.
Derivatives positioning
More than $440 million in crypto futures positions were liquidated over the past 24 hours, with most of the losses coming from long positions, suggesting traders were positioned for a post-Fed rebound.
Bitcoin futures open interest slipped from 742,000 BTC to 730,000 BTC, signaling reduced risk appetite. Ether futures also declined in open interest.
XRP stood out with open interest at 2.30 billion tokens, its highest level since October and above the recent peak of 2.29 billion. However, the setup is not clearly bullish, as negative funding rates and a negative 24-hour cumulative volume delta (CVD) indicate sellers remain in control.
Across the broader market, most top-25 tokens—excluding TRX and SOL—recorded negative CVD, suggesting aggressive market selling rather than passive accumulation.
Volatility remains subdued. Bitcoin’s BVIV index is near 41%, well below an earlier spike close to 59%.
Options data from Laevitas shows increasing demand for put options expiring June 21, indicating traders are actively hedging downside risk heading into the weekend.
Token talk
Hyperliquid’s HYPE token continues to outperform, rising 34% over the week as the platform’s perpetuals exchange records record activity. However, its HyperEVM ecosystem has yet to produce a breakout application.
Community criticism has grown around slowing developer momentum, with several projects losing traction or shutting down while activity remains concentrated among a small number of participants.
On-chain data shows HyperEVM has about $1.5 billion in total value locked (TVL), compared with more than $5 billion in daily volume on the core exchange. Despite over 175 teams deploying, only a few have gained meaningful adoption.
Activity is largely concentrated in projects like Unit, which leads HIP-3 perpetual listings, and Kinetiq, which dominates liquid staking. This concentration raises concerns about ecosystem resilience.
Some of the weakness appears structural. Developers face uncertainty around incentives, including fears that successful ideas could be replicated at the protocol level, while unclear reward mechanisms reduce motivation to build long-term applications.
Despite strong performance in trading activity and token price, Hyperliquid’s broader ecosystem has yet to achieve the breakout expansion seen in networks like Solana or Ethereum, leaving its long-term development narrative unresolved.
