The easing of tensions in the Middle East has driven a decline in crude oil, with the market’s trading logic shifting towards “Fed maintaining higher rates for longer.” The NASDAQ fell approximately 3.3%, while BTC and ETH saw declines of about 6.9% and 9%, respectively; BTC and ETH spot ETFs experienced significant net outflows. On-chain capital continues to concentrate on high-turnover trading scenarios, with PumpSwap being the biggest incremental driver this week. DeFi liquidity maintains a defensive posture, with stablecoins, LSTs, and the lending market generally adopting a cautious stance.

Crypto Market Risk Appetite Recovers, BTC Up ~6.8% Weekly, ETH Up ~12.2% Weekly; Gate TradFi Weekly Trading Volume Maintains High Level of ~$85 Billion, US Stock Trading Volume Rises for Five Consecutive Weeks, Hitting a New High. DEX Trading Structure Continues to Diverge, Uniswap and PancakeSwap Volumes Decline, While PumpSwap Maintains High Growth. The LST Sector Recovers in Tandem, with ETH and SOL Staked Assets Rebounding Alongside Improved Risk Appetite.

Last week, global markets traded around hawkish signals from the Federal Reserve, with both BTC and ETH falling over 4%. The overall trend of ETF fund outflows remained unchanged, Gate TradFi Perp trading stayed active, and coverage of US stock assets continued to expand; DEX trading volumes showed divergence, with Uniswap slightly overtaking PancakeSwap while trading activity on the Solana ecosystem picked up; there was no significant new USD inflows in stablecoin supply, with funds primarily rotating among existing holdings.

Last week, BTC, ETH, and the overall crypto market experienced a "first decline, then recovery" reversal; ETF fund flows showed significant improvement. Over the past week, Gate TradFi Perp's daily trading volume broke through $500 million multiple times, with stock trading volume占比 increasing significantly compared to the previous period. DEX trading volumes generally declined from the prior week; the LST sector rebounded alongside the price recovery of ETH and SOL; Aave's lending scale stopped declining and recovered, borrowing rates remained low, and USDC capital pressure eased.

In May, the global capital market continued its overall recovery. The U.S. stock market rose steadily, driven by the AI narrative, corporate earnings resilience, and improving risk appetite, with the technology and semiconductor sectors performing particularly well. Meanwhile, structural market divergence remained evident, with capital flowing increasingly towards core assets supported by deterministic growth and genuine earnings performance. Against this backdrop, Gate officially launched real stock trading services, further bridging the allocation channels between crypto assets and traditional financial markets, providing users with a one-stop multi-asset trading gateway covering crypto assets, U.S. stocks, and ETFs.

Last week, the global macro market underwent a dramatic shift from "rising sentiment" to "rapid reversal." Bitcoin fell approximately 15% weekly, while Ethereum dropped around 22%. The asset count on Gate's US stock trading platform expanded rapidly after its launch. DEX trading warmed up noticeably, with trading volumes increasing across mainstream protocols like Uniswap, PancakeSwap, and Aerodrome; the LST sector experienced a general decline, Aave's lending scale continued to decrease, and new demand was primarily flowing to emerging ecosystems like MegaETH.

市场重新定价 Fed 加息预期，加密市场持续承压，BTC 周跌约 4.3%，ETH 周跌约 4.8%；全球加密 ETP 连续两周净流出，累计流出达 25.4 亿美元。Gate 正式推出股票交易服务，支持超过 10,000 支美股及 ETF。PancakeSwap 交易量反超 Uniswap。LST 板块降温，SOL 生态表现相对稳健。

Over the past week, the market continued to fluctuate around US-Iran negotiations and expectations of Fed policy. Expectations of geopolitical easing once pressured oil prices lower, but US Treasury yields rose to around 4.56%, US stocks showed divergent upward trends, while the crypto market remained relatively weak. BTC ETFs saw a net outflow of approximately $1.256 billion for the week, and ETH ETFs saw a net outflow of approximately $216 million, with institutional capital maintaining a cautious allocation.

Last week, BTC ETFs saw net outflows of approximately $996 million, while ETH ETFs recorded net outflows of about $255 million. Trading in TradFi on-chain and CEX derivatives continued to be dominated by safe-haven assets like gold. On-chain liquidity remained concentrated in leading DEXs such as PancakeSwap and Raydium. Lending on Aave's mainnet and the LST sector declined, with demand for leverage on both ETH and Solana sides cooling simultaneously. Meanwhile, new chains like Plasma and MegaETH continued to absorb structural capital migration.

Last week, BTC broke through $82,000 driven by continued ETF inflows, with BTC ETFs recording net inflows of $632 million for the week. CEX TradFi equity-type assets continued to grow. On-chain funds flowed back to leading DEXs and mature liquidity venues, with Uniswap and PancakeSwap being the core platforms absorbing this capital; Aave is still digesting the impact of the rsETH incident, leading to a weaker lending market.

Last week, the crypto market exhibited an overall pattern of "cautious optimism," with BTC rising from $68,000 to over $77,000. Trading activity in TradFi has cooled somewhat, but gold remains a core trading asset. On-chain capital continues to concentrate in high-liquidity and high-turnover scenarios, with PancakeSwap recording a single-week trading volume close to $36 billion. Stablecoin capital is clearly flowing back into settlement-type dollar assets, with the USDT supply rising to nearly $200 billion. Following the rsETH incident, Aave's lending balance plummeted by 26.7% in a single week.Core View: Last week, the crypto market showed a pattern of "cautious optimism." BTC rose above $77,000 due to easing geopolitical risks and rising expectations of interest rate cuts. On-chain capital concentrated in high-liquidity and settlement-type assets, but the repricing of complex risk pathways (such as the rsETH incident) led to a structural migration of capital.Key Factors:BTC ETFs saw net weekly inflows of $585 million, with BlackRock's IBIT accounting for over 80%. Total net asset value exceeded $102.64 billion, indicating a restoration of market confidence.Stablecoin capital flowed back into settlement assets, with USDT supply rising to nearly $200 billion, while the yield-bearing stablecoin USDe recorded net outflows of nearly $2 billion in a single week.Following the rsETH incident, on-chain risk appetite decreased. Aave's lending balance plummeted 26.7% in a single week, with capital accelerating its shift towards competing protocols like Spark. Core stablecoin borrowing rates rose significantly.The derivatives market exhibited a classic divergence structure of "negative funding rates + high-range volatility." BTC shorts remained crowded, but spot and institutional buying power provided support, leading to a rebound in implied volatility.Institutional trading activity rebounded, with spot trading volume increasing 20.09% week-over-week. CrossEx's trading volume and capital scale reached new highs (growing 79% and 816% week-over-week, respectively).

The market over the past week has been jointly driven by easing ceasefire tensions, falling inflation, and stable policies. Oil prices have plunged, the VIX has declined, risk appetite has improved, and the BTC range has moved up to $68,000-$73,000. In terms of capital flows, a strong recovery followed significant volatility. BTC ETFs saw net inflows of approximately $833 million in a single week, hitting a new stage high, while ETH ETFs also recorded net inflows, with institutional buying once again taking the lead. Trading structures have pivoted towards high-volatility macro assets and leading platforms, with capital concentrated on commodities like crude oil, while DEX activity returned to high-liquidity platforms like Uniswap.

Over the past week, market volatility intensified under the combined effects of fluctuating geopolitical conflict expectations and stronger-than-expected economic data. WTI crude oil rose over 7% weekly, briefly surpassing $113. Coupled with robust retail sales, ISM, and non-farm payroll data, U.S. stocks rebounded, precious metals hit new highs, and crypto assets followed the recovery in risk appetite. On the capital front, BTC ETFs saw a modest weekly net inflow of approximately $22.3 million, while ETH ETFs continued net outflows. End-of-quarter rebalancing led to rapid outflows following initial inflows.

Over the past week, the market was driven by a combination of ceasefire easing, cooling inflation, and stable policies. Oil prices plummeted, the VIX retreated, risk appetite rebounded, and BTC's trading range shifted upward to $68,000–$73,000. The capital landscape showed strong recovery after intense volatility. BTC ETFs recorded net inflows of approximately $833 million for the week, hitting a new high for the period, while ETH ETFs also saw net inflows, indicating institutional buying has regained dominance. Trading structures shifted towards macro high-volatility assets and leading platforms, with capital concentrating on energy commodities like crude oil, and DEX activity returning to high-liquidity platforms such as Uniswap.

Over the past week, the market was primarily driven by escalating US-Iran tensions. WTI crude oil surged nearly 17%, reclaiming the $100 level, which pushed US Treasury yields higher (10Y to 4.44%), strengthened the US dollar, and led to a broad decline of over 6% in the crypto market, with the VIX index rising to 31. On the capital flow front, BTC and ETH ETFs saw net outflows of approximately $500 million mid-week, followed by a slight rebound. On-chain, Perp DEX TradFi trading volume rose to around $17 billion, while CEX TradFi perpetual trading hit a new high for the period; overall DEX volume retreated.