Ether, XRP, Solana and Hyperliquid funds all took in money, but bitcoin's outflow was really just Grayscale's GBTC.
UNI, the native token of Ethereum’s largest decentralized exchange Uniswap, jumped 12% to $2.92 in the last 24 hours.
The rally comes as Standard Chartered initiated coverage on the token with a bullish $100 price target by end-2030, implying roughly 40x upside from the ~$2.50 level at the time of the report.
According to the bank’s Global Head of Digital Assets Research, Geoff Kendrick, Uniswap is uniquely positioned to benefit from the expected explosion in tokenized assets on decentralized finance (DeFi).
“We expect the value of tokenised assets active in DeFi to grow 37x between now and end-2030,” the report states. “Uniswap is uniquely positioned to scale to meet this opportunity, in our view.”
Kendrick added that if Uniswap successfully commercializes and builds significant TradFi partnerships:
“Its market cap-to-transaction fees multiple is likely to increase, narrowing the gap with Coinbase.”
The report forecasts UNI reaching $6.50 by end-2026, scaling up to $100 by 2030, potentially outperforming both Bitcoin and Ethereum over that period.
US spot bitcoin ETFs lost a net $64 million on Monday, even as spot ETFs for ether, XRP, Solana and Hyperliquid all pulled in fresh cash. On the surface, that looks like a clean rotation out of bitcoin and into everything else.
Ether funds gained $22.5 million, Hyperliquid funds $17.2 million, and the XRP and Solana funds about $2.8 million each. That tracks Monday's price action, where the alts ran well ahead of bitcoin, with XRP up about 7%, Solana 6% and Hyperliquid 11% on the day. The flows followed the tape.
It is worth keeping the scale in mind. Bitcoin ETFs still hold about $83 billion in assets, against roughly $10 billion for ether and around $1 billion each for the XRP, Solana and Hyperliquid products.
The bitcoin number needs a second look. The outflow was not broad, as BlackRock's IBIT, the largest fund, actually took in $66 million. The net loss came almost entirely from Grayscale's GBTC, the high-fee legacy trust that has been shedding assets since these funds launched, which lost $124 million on the day. Strip out GBTC and bitcoin ETFs had an ordinary session
The real question is durability. If the altcoin ETFs keep drawing inflows once GBTC's drag fades, the rotation is real. If not, Monday was a blip dressed up as a trend.
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
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