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If the current rally continues, the index will record its largest single-day gain since May 7.

Golden Ten Data reported on May 21 that the Iran war is putting pressure on emerging Asian markets, pushing some currencies and bond yields to levels once considered unlikely. As the conflict continues, some analysts are drawing more extreme bearish scenarios, including the Indian rupee depreciating to 100 against the US dollar, the Indonesian rupiah falling to 18,000, and the Philippine peso devaluing to 65, as high energy prices exacerbate inflation and hit import-dependent economies. The bond market is also feeling the pressure. Benchmark yields in India may test the highs seen in 2022, while the head of the Philippine Money Market Association said yields could climb to a multi-year high of 8%.

BlockBeats News, May 21 — According to a post by Santiment on social media, over the past few days, a large number of traders have been betting on HYPE's decline, resulting in a significant surge in negative funding rates across trading platforms. However, HYPE's price has continued to rise, creating a classic short squeeze that forces bearish traders to automatically buy back their positions, further driving up the price. Currently, the total open interest in HYPE remains at an extremely high level above $1.92 billion. Although the market generally expects that liquidations will lead to a collapse in open interest, HYPE continues to attract new traders, keeping open interest elevated, as it is currently one of the hottest assets in the crypto market. The main catalyst for this round of price increases is the surging enthusiasm for Hyperliquid-related ETF products in the market. In May 2026, Bitwise and 21Shares, among others, launched HYPE-linked ETFs, providing traditional investors with a way to gain exposure to this asset without directly using crypto wallets or decentralized exchanges. Market analysis indicates that the launch of these ETFs marks Hyperliquid's transition from a niche DeFi platform to an institutionally recognized crypto ecosystem.