Whales, ETFs and SEC catalysts push ONDO, HYPE, ZEC

Whale transactions, spot ETF inflows and regulatory updates coincided with concentrated activity in Ondo Finance (ONDO), Hyperliquid (HYPE) and Zcash (ZEC) over the May 21–22 weekend.

ONDO traded around $0.41 on May 22 after a 1.7% decline. The token accounted for roughly 60% of the tokenized-stocks category as the U.S. Securities and Exchange Commission prepared an innovation framework for that asset class. ONDO rose about 10% on May 21 after reports about the framework. On-chain data showed holders in the 1 million–10 million token cohort increased their balances from 555.38 million to 594.05 million earlier in May, an accumulation of about 38.67 million ONDO. Larger holders also boosted holdings from roughly 7.90 billion to 7.93 billion tokens in the hours before the weekend. ONDO has traded inside a falling channel since a local high on May 9 near $0.48 while trading volume rose from May 14. The token sat above several exponential moving averages on May 22, with the 200-day EMA near $0.40 as short-term support. Traders identified $0.42 as a level that would open targets near $0.45 and $0.48, and $0.40 as a threshold that, if lost, would expose $0.36 and $0.33.

HYPE was near $57.68 on May 22 after retreating from an all-time high close to $62.73. Two spot ETFs recorded a combined $25.5 million in net inflows on May 21. An a16z-linked wallet accumulated about 2.34 million HYPE, valued at roughly $102 million since April 14, and added another 261,250 tokens in the most recent hours. Perpetual futures volume increased around HYPE’s price peak. On charts, HYPE formed a consolidation pattern described as a bull flag after the run to $62.73; the flag pole measured a 63.62% advance from an April swing low near $38.21. Chaikin Money Flow, an indicator that tracks institutional buying and selling pressure, was around 0.06 and had trended higher since mid-April. Market participants cited $56.93 as the level that would keep the flag intact, $53.35 as a weakening level and $50.46 as pattern invalidation. Breaks above $58.58 and $62.73 were identified with a 1.618 extension near $95.71.

ZEC changed hands around $656.65 on May 22 after giving back gains following about a 20% weekly rally. On-chain activity showed a split in large positions. One trader placed limit orders to short roughly $36 million of ZEC on May 22. A newly created wallet withdrew 11,827 ZEC, about $7.96 million, from a major exchange on May 21. A leveraged account opened a 10x long on 36,875 ZEC, valued at about $21.59 million, on May 20 and kept the position open at the time of reporting. Charts showed ZEC inside a consolidation pattern after a May 21 high near $693.52; the pole for that pattern measured a 118.77% advance from a late-April low. Volume on the consolidation trended lower. Analysts cited $564.71 as a level that would expose a pole base near $487.02, while a sustained move above the $690–$693 zone would leave targets at $745.77, $816.22 and a 1.618 extension near $1,019.67.

Market participants said they were monitoring on-chain flows, ETF purchases and derivatives positions alongside technical indicators such as moving averages for ONDO and Chaikin Money Flow readings for HYPE to assess near-term price activity.