Jelly-My-Jelly (JELLY JELLY) has spiked by over 100% over the last hour but the surge in value is triggering a wave of anxiety for Hyperliquid Vault. The automated market maker is in the middle of a short squeeze and could lose a fortune if the Solana memecoin continues to surge.
According to a post by Wu Blockchain, Hyperliquid Vault is facing the possibility of a grim liquidation of its position. The decentralized exchange is in the middle of a short squeeze of JELLY JELLY after taking up the short position from a trader who voluntarily liquidated his position.
At the moment, Hyperliquid Vault is grappling with an unrealized loss of over $9 billion since betting against the Solana memecoin. Hyperliquid will lose over $230 million to the Solana memecoin short squeeze should prices spike to over 1 cent.
“If jellyjelly reaches $0.15374, Hyperliquid Vault will lose its entire $230 million in funds,” said Wu Blockchain.
JELLY JELLY has risen by over 200% at press time and currently trades at $0.04281. Meanwhile, transaction volume has surged by 412% in hours as the battle between the short sellers and long buyers continues to rage. For Hyperliquid, things are even grimmer given the frenetic pace of the Solana memecoin short-squeeze.
Ethereum price rebounded above $1,800 on Thursday as traders react positively to leadership shake-up at the Ethereum Foundation and capital rotation out from altcoin exposed to SEC oversight risks.
Ethereum (ETH) surged past $1,800 on Tuesday, recovering from recent losses triggered by broader altcoin uncertainty after the SEC delayed decisions on multiple ETF applications.
Ethereum price action
While Bitcoin remained range-bound below $96,000, the ETH price breakout above $1,815 stood out.
Despite regulatory headwinds, ETH posted a modest 2.1% gain, supported by strong trading volume and improving investor sentiment following a governance update at the Ethereum Foundation.
Market Reacts Positively to Leadership Shuffle at Ethereum Foundation
In a surprise announcement Tuesday, the Ethereum Foundation appointed Hsiao-Wei Wang and Tomasz K. Stańczak as new co-executive directors, replacing the previous CEO structure. The move was part of a broader organizational shift to improve decision-making and project execution within Ethereum’s core ecosystem.
Under the new structure, the board will act as a “security council” guiding Ethereum’s strategic vision, while day-to-day governance will be managed by the co-directors. The board will include key figures such as Ethereum co-founder Vitalik Buterin, foundation president Aya Miyaguchi, and legal advisor Patrick Storchenegger.
Hsiao-Wei Wang, a core researcher and Ethereum developer, will also serve as the liaison between the board and management, solidifying communication across leadership layers. The foundation outlined three key focus areas for the next 12 months: scaling Layer 1, optimizing blob handling at Layer 2, and enhancing user experience.
The shake-up was viewed favorably by the market, with many seeing it as a sign of maturity and adaptability.
Ethereum Derivatives Point to Bullish Momentum Toward $2,000
Coinglass‘ derivatives market reflects growing optimism among traders after the leadership shuffle at Ethereum Foundation. The 24-hour long/short ratio stood at 0.9912, indicating near-equal positioning, but top trader data paints a different picture. On Binance, the top trader long/short ratio (by accounts) is 2.6778, while positions data shows 1.9521, suggesting whales are leaning long.
Ethereum Derivatives Data Analysis | Coinglass
Additionally, options volume rose by 3.75% to $435.21 million, with open interest climbing to $4.08 billion, up 1.50%. The increasing options activity indicates traders are hedging for volatility, with a bias toward upside price moves.
Liquidation data over 24 hours showed $69.56 million in rekt positions, with long liquidations at $49.78 million and shorts at $19.78 million, highlighting a more aggressive attempt to chase further price gains.
Ethereum Price Forecast Today: ETH Eyes $1,900 Amid Bollinger Band Expansion
Ethereum price forecast signals show ETH holding steady above $1,800, currently trading at $1,812 after a 1.03% daily gain. The price is pressing against the upper Bollinger Band at $1,892.79, hinting at a potential breakout if bullish momentum continues.
Volume remains modest, but the structure reflects a sustained recovery since the April 13 low.
Ethereum price forecast
Notably, Ethereum has reclaimed the 20-day moving average and is holding just above the midline of the Bollinger Bands, indicating improved market confidence.
The BBP (Bollinger Band Percent B) sits at 96.82, suggesting ETH is nearing overbought territory, but not decisively so.
This level often precedes short-term consolidation before fresh upside or pullbacks.
Ethereum position above the 20-day moving average and proximity to the upper band reflects a well-structured bullish setup.
However, resistance at $1,892 must be decisively cleared to open room toward $2,000. A failure to do so could return ETH to the $1,695 support zone, marked by the lower band.
The long-debated bipartisan GENIUS Act—set to establish the United States’ first comprehensive federal framework for stablecoin regulation—may pass the Senate as soon as Wednesday, June 11.
This timeline comes after Senate Majority Whip John Thune filed cloture today on Amendment #2307. This is a key bipartisan substitute to the original bill (S.1582), and on the bill itself.
Next Steps for the GENIUS Act
Cloture, a procedural tool used to limit debate and force a final vote, allows 30 hours of focused Senate debate. Barring procedural delays, the chamber is expected to hold final votes on both the amendment and the underlying legislation by midweek.
Senate insiders familiar with the matter told BeInCrypto that Wednesday is the likely window for final passage, assuming no objections derail the schedule.
The cloture filings from Thune mark the final stage in the Senate’s effort to advance the GENIUS Act. Under Senate rules, the 30-hour clock for debate began ticking immediately after cloture was invoked.
So, this sets up a vote window by Wednesday. The bill requires 60 votes to overcome the filibuster and move to a final vote.
NEW: @LeaderJohnThune has filed cloture on both the bipartisan amendment to GENIUS Act and the full bill. Votes on cloture will occur this week. Again, these votes will need 60 votes to move to final passage. https://t.co/uxFBV84Lel
This follows significant bipartisan cooperation led by Senators Bill Hagerty, Kirsten Gillibrand, Cynthia Lummis, and Chris Van Hollen.
The Hagerty amendment (#2307) serves as a negotiated substitute, integrating several compromise provisions aimed at increasing support across both parties.
Key Amendments and Negotiations
Amendment #2307 reshaped the bill substantially to meet demands from both the banking sector and digital asset firms:
State vs. Federal Oversight: The amendment allows stablecoin issuers under $10 billion in market cap to opt into a state-based regulatory regime. Issuers above that threshold would fall under a federal supervisory framework.
Reserve and Transparency Requirements: Issuers must maintain 1:1 backing with US dollars or highly liquid short-term assets such as Treasury bills. Monthly attestations and public disclosures are mandated to ensure solvency and consumer protection.
Ban on Interest-Yielding Stablecoins: In response to lobbying from the banking sector, the bill includes a ban on yield-generating stablecoins that might compete with traditional deposits. This was among the most debated provisions.
Restrictions on Foreign Stablecoins: The amendment limits the circulation of foreign-issued stablecoins in the US market without equivalent regulatory oversight, citing national security concerns.
Executive Restrictions: A clause restricts executive branch members, including the president, from issuing or endorsing a national stablecoin, reinforcing Congressional authority over monetary innovation.
The GENIUS Act is going to propel America’s payment system into the 21st century. Let’s get it done! pic.twitter.com/mIGpocZmUs
— Senator Bill Hagerty (@SenatorHagerty) June 4, 2025
What Happens After the Vote?
If the cloture vote clears the 60-vote threshold—likely, given prior bipartisan momentum—the Senate will proceed to a final vote on the Hagerty substitute and then on the GENIUS Act in full.
Once passed, the bill heads to the House, where a parallel effort—the STABLE Act—is gaining traction. Lawmakers will need to reconcile both versions in conference before sending a unified bill to the President’s desk.
Sources close to the House Financial Services Committee suggest alignment on most key principles.
However, details like custody rules and state preemption may still spark negotiations.
Pi Network price remains in a clear downtrend following its initial listing gains on small exchanges. The struggle to secure a top-tier exchange listing has dropped the price of PI Coin by 80% in 69 days. Despite the crash, the future outlook witnesses a spark as Michael Saylor remarks a bright Bitcoin market cap target of $200 trillion.
Such a bullish viewpoint projects a strong possibility of a phoenix-like rise for projects like PI Network. So, how high will the price surge of the PI Coin price if Bitcoin hits a $200 trillion valuation?
Pi Network Price Implication if Bitcoin Market Cap Hits Saylor’s Target of $200T
Michael Saylor, Executive Chairman of MicroStrategy, ponders the possibility of Bitcoin achieving a $200 trillion market cap by 2045. This will position Bitcoin as a global settlement layer after a 100x increase from the current market cap of almost $2 trillion.
Based on PIScan, the current market cap of PI Network is $4.09 billion, securing a spot in the top 30 cryptocurrencies. If PI Network witnesses similar 100-fold growth, the bullish case targets a $409 billion valuation. This will pump the current price of PI Coin from $0.581 to $58.10.
If PI maintains its current market cap of $4.09 billion, a 100-fold increase in Bitcoin’s market cap could proportionally elevate PI’s market cap to $409 billion. With the circulating supply remaining constant, this would translate to a PI price of approximately $58.10.
An even more optimistic PI Network price prediction surfaces if it could reclaim its all-time high $13.4 billion valuation. In such a case, PI Network will reach a $1.34 trillion valuation and a $190 market price. This surpasses the current Ethereum valuation and is $600 million shy of the current Bitcoin market cap.
Such a mammoth rise in Bitcoin will impact the entire cryptocurrency market, as historically, BTC price jumps relate to altcoin market rises. Hence, in such a scenario, top altcoins other than PI Coin would witness a similar move.
Other Factors That May Affect Pi Coin Price In Near-Term
The key hurdle for PI Network to reinstate a positive trend remains the top-tier exchange listing, like Binance. Facing rejections due to its minimal utility, network upgrades and increased liquidity could open the gates to major listing gains.
Recently, Banxa, a payment platform, secured PI Network’s KYB approval, bringing PI Coin exposure to its users globally. This will boost the liquidity and bring real-world utility, increasing its listing chances.
Elsewhere, PI Network provides another real-world solution to Cube Motors, a well-known Florida car dealership. In a partnership with Pi Coin, the dealership will now accept Pi Coins as a legitimate payment for vehicles.
The PI Network utility expanded to real estate earlier this year. Zito Realty LLC, a Florida-based real estate firm, now accepts Pi Coin as a form of payment for property transactions.
Conclusion
In conclusion, if Saylor’s promising target of a $200 trillion valuation becomes a reality, altcoins like PI Network will skyrocket. Estimated valuations from $409 billion to $1.34 trillion could witness a price surge between $0.58 and $190.
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