Solana

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.

On June 4, Bitcoin fell below $62,000 and touched $61,000 overnight, down -4.8% over the past 24 hours, sparking $1.63Bn in liquidations with $1.38Bn from longs. Daily trading volume rose to over $393Bn, up from $143Bn the prior day, while Bitcoin ETF products saw $396M+ in additional outflows, extending the streak to 11 straight days.

As of 4 June 2026 at 11:15, the total crypto market cap is $2.19T, down from a $4.28T peak, a roughly $2.09T contraction (nearly 49%). Across major assets, Bitcoin is down about 49% from its 2025 high, while several large altcoins show steeper pullbacks, including SOL at 76% and ADA at 85%. The report argues the widening gap highlights a stronger flight-to-quality dynamic and notes the cycle low could still be months away if historical patterns persist.

On Tuesday, June 2, spot bitcoin ETFs recorded $519.19 million in net outflows, marking a 12th straight session of redemptions, while ether ETFs extended their losing streak to 16 days with $90.15 million withdrawn. The day's largest moves included a $388.64 million exit from Blackrock's IBIT and a $44.27 million outflow from Blackrock's ETHA, even as Solana and HYPE products added $6.50 million and $3.15 million, respectively.

On June 3, 2026, crypto firms highlighted a broader move to use XRP for corporate treasury functions, including reserves, payroll and cross-chain liquidity, beyond Ripple's own ecosystem. Anodos Finance CEO Panos Mekras said the firm has bought, held and paid employees in XRP since 2023, and views the token as a key asset used across multiple networks. The narrative is shifting from speculative positioning to operational use tied to interoperability and settlement across different blockchains.

Solana recorded $91 million in application revenue in May, topping all tracked blockchains and exceeding Ethereum's $52 million. SOL was trading near $81 after eight consecutive monthly declines, even as Solana's fee-derived app revenue continued to lead other networks.

Solana ranked first across all chains for May app revenue at $90.62 million, while SOL still closed May with its eighth consecutive red monthly candle. The slide began in October with SOL around $220 and ended May near $82, as spot Solana ETFs posted $115.34 million in cumulative inflows without any outflow days during the month.

Pseudonymous Solana developer cavemanloverboy introduced SIMD-547 on Saturday, proposing a new transaction base fee that would be burned to reduce SOL inflation. Some estimates say the change could lift daily SOL burn from 648 SOL to 10,800–64,800 SOL and potentially turn issuance deflationary if activity rises about 25x. The idea has support from Solana co-founder Anatoly Yakovenko, while SOL Strategies CEO Michael Hubbard warns higher costs could hurt emerging institutional and AI-related use cases.

Bitwise has brought its $259 million Crypto Carry Fund (USCC) on-chain, placing XRP in the underlying basket alongside Bitcoin, Ether and Solana. The firm says assets under management have topped $250 million and the fund's 30-day yield is around 4% annualized. Shares are tokenized for use as collateral on DeFi venues such as Aave Horizon and Kamino, while the product is offered via private placement to qualified investors.

Stellar's XLM has been floated as a potential challenger to Solana's SOL after a utility-led move last week lifted XLM up the rankings and took it to $0.248. Market watchers are also focusing on how close 24-hour volume has become, with SOL at $1.91 billion versus XLM at $1.51 billion, even as their market caps remain far apart.