Today in crypto, Brazil’s new finance minister puts crypto tax policy on hiatus, and an early Ethereum whale who once held around $537 million in crypto assets at the 2021 market peak began rebuilding his ETH stack. Meanwhile, Grayscale filed for a Hyperliquid ETF.
Brazil’s finance minister puts crypto tax consultation on pause
Brazil’s Finance Minister, Dario Durigan, is putting crypto tax policy on hiatus until after the October 2026 presidential election to avoid raising contentious policy issues during an election year.
Government officials in the country planned a public crypto tax consultation later this year, but will now postpone the public comment period, according to Reuters, which added that proposals and negotiations on new tax policies may not be implemented until 2027.
Brazil ranks number five globally in terms of crypto adoption, according to Chainalysis, and the South American country boasts a population of over 213 million people, according to data from Worldometer.
Early Ethereum whale rebuilds stack with $19.5 million in ETH buys
An early Ethereum wallet known as thomasg.eth is steadily rebuilding his exposure, according to Arkham Intelligence data.
Arkham data shows that, over the past week, thomasg.eth built a roughly $19.5 million Ether
(ETH) position across Arkham-tracked wallets in spot, wrapped ETH (WETH), and Aave-deposited ETH, capped by a fresh $3 million purchase on March 20.
Arkham said the wallet held around $537 million in crypto assets at the 2021 market peak, and has started accumulating again as ETH trades around 56% below its all-time high of $4,946 on Aug. 24, 2025, according to CoinGecko.
The purchases came as US spot Ether exchange-traded funds posted a third straight trading day of net outflows. Data compiled by Farside Investors shows the funds recorded $55.7 million in net outflows on March 18, $136.4 million on March 19 and $42 million on March 20.
Grayscale files S-1 for Hyperliquid ETF, joining Bitwise, 21Shares
Crypto asset manager Grayscale has filed for a spot Hyperliquid exchange-traded fund, joining Bitwise and 21Shares in seeking to offer a product tied to the Hyperliquid perpetual futures protocol and blockchain.
The Grayscale HYPE ETF would track the price movement of the Hyperliquid (HYPE) token and trade under the ticker GHYP on the Nasdaq if approved, according to Grayscale’s S-1 registration statement filed with the Securities and Exchange Commission on Friday.
Grayscale’s S-1 filing for a Hyperliquid ETF. Source: SEC
Grayscale listed Coinbase as the custodian but didn’t disclose a management fee for the proposed Hyperliquid product.
Grayscale’s filing comes as Hyperliquid continues to be integrated by crypto platforms and be increasingly relied on by TradFi when traditional markets are closed, as it offers 24/7 trading for tokenized real-world assets like oil and gold.
Grayscale said it may consider incorporating staking rewards into its Hyperliquid ETF at a later date, provided certain conditions are met.
