ONDO, HYPE and ZEC Draw Whale Buys, ETF Flows and SEC Scrutiny

Regulatory guidance on tokenized stocks, concentrated wallet activity and fresh ETF flows coincided with technical consolidation in ONDO, HYPE and ZEC ahead of the weekend. Market participants cited on-chain wallet data, ETF filings and price charts as they tracked positions and support and resistance levels.

Ondo Finance’s ONDO traded near $0.41 on May 22 after a 1.7% decline following a 10% gain on May 21 tied to reports of an SEC innovation framework for tokenized stocks. ONDO holds roughly 60% of the tokenized stocks market. On-chain analytics show addresses holding between 1 million and 10 million ONDO increased their combined balance from 555.38 million to 594.05 million earlier in May, a rise of about 38.67 million tokens. Larger whale addresses increased holdings from 7.90 billion to 7.93 billion tokens within hours ahead of the weekend. Price has traded inside a falling channel since the May 9 local high of $0.48, with volume rising since May 14. The token sits above its short-term exponential moving averages and the 200-day EMA around $0.40 serves as a near-term support. Technical levels cited by market analysts include a break above $0.42 targeting $0.45 and $0.48, while a drop below $0.40 would expose $0.36 and $0.33.

Hyperliquid’s HYPE changed hands near $57.68 on May 22 after an all-time high near $62.73. A wallet linked to a prominent venture firm accumulated about 2.34 million HYPE, roughly $102 million, since April 14 and added another 261,250 HYPE in the hours before May 22. Two spot HYPE ETFs reported combined net inflows of $25.5 million on May 21. Price action shows a bull-flag consolidation after the run to $62.73, with the flag pole measuring about a 63.6% gain from the April low of $38.21. Chaikin Money Flow registered near 0.06 and has trended upward since mid-April; a level above 0.08 is noted by analysts as an indicator of stronger institutional buying pressure. Chart-based thresholds include holding above $56.93 to maintain the flag structure, weakness below $53.35 to undermine it, and $50.46 as a full invalidation point. Upside triggers cited are a push past $58.58 and then $62.73, with a 1.618 extension target around $95.71.

Zcash’s ZEC traded near $656.65 on May 22 after a roughly 20% weekly rally. Whale positioning showed mixed direction heading into the weekend. On May 22, an address linked to trader Garrett Jin placed limit orders to short about $36 million of ZEC. Separately, a newly created wallet withdrew 11,827 ZEC, about $7.96 million, from a major exchange on May 21, and a trader using the name Evaded opened a 10x long position on 36,875 ZEC, about $21.59 million, on May 20; that leveraged position remained open at press time. Chart structure shows ZEC inside a bull flag after the May 21 local high at $693.52, with the flag pole representing a 118.8% advance from the late-April low and declining volume during consolidation. Technical references include a breakdown below $564.71 exposing the $487.02 pole base, and a clean move above the $690–$693 zone confirming a breakout toward $745.77, $816.22 and a 1.618 extension near $1,019.67.

Market observers noted the convergence of regulatory developments, ETF flows and concentrated wallet activity across the three tokens. Traders are monitoring the cited support and resistance levels, on-chain flows and volume to see whether price action confirms breakouts or breakdowns over the coming days.