加密一级市场投融资前瞻周报｜稳定币监管临近落地，ETF资金连续撤离，资本开始押注支付与现金流

Report Period: June 1, 2026 – June 7, 2026

1. Executive Summary

Over the past week, a noteworthy phenomenon has emerged in the crypto market:

Risk capital is exiting, but on-chain capital has not left the market.

From the perspective of traditional institutions, BTC ETFs have seen significant net outflows for the fourth consecutive week, with approximately $1.72 billion exiting in the single week; ETH ETFs saw net outflows of around $168 million during the same period. The cumulative outflows over the past four weeks have reached $5.4 billion and $880 million respectively, marking the strongest continuous outflow streak in nearly a year.

On the other hand, the stablecoin market has not contracted synchronously.

With the U.S. GENIUS Act entering a critical stage and UK regulators beginning discussions on adjustments to stablecoin regulatory details, the global stablecoin regulatory framework is taking shape at an accelerating pace.

This suggests the market is undergoing a new logic of capital migration:

Capital is shifting from "risk asset allocation" to "payment and yield infrastructure allocation."

Meanwhile, primary market financing remains concentrated in three directions:

• Stablecoin Infrastructure
• AI Agent Infrastructure
• RWA Yield Layer

Compared to the past chase for public chains and narratives, capital is increasingly focused on:

Revenue, payment capabilities, and real cash flow.

2. What Happened Over the Past Week?

2.1 Core Market Data Overview

MetricsThis Week (Jun 1 – Jun 7)Last Week (May 25 – May 31)Week-on-Week ChangeNumber of Valid Financing Projects2631-16.10%Total Financing Volume$302 million$412 million-26.70%Largest Single Financing Round$40 million$85 million-52.90%Net Flow of BTC ETFs-$1.72 billion-$1.44 billionOutflow expanded by 19.4%Net Flow of ETH ETFs-$168 million-$257 millionOutflow narrowed by 34.6%DeFi Total Value Locked (TVL)$77.8 billion$80.1 billion-2.90%Total Market Cap of Stablecoins$325.4 billion$321.6 billion0.012

Market Interpretation

The biggest change this week is not the decline in financing, but the shift in capital structure.

BTC ETFs recorded net outflows for the fourth consecutive week, with a single-week outflow of $1.72 billion, making it one of the largest single-week capital withdrawals since the beginning of 2026.

At the same time, the total size of stablecoins is still expanding.

This phenomenon typically indicates the market is entering a defensive phase: investors are reducing risk exposure but retaining on-chain liquidity, waiting for new opportunities with greater certainty to emerge.

2.2 Key Financing Events of the Week

Halliday

Sector: AI Agent Infrastructure

Financing Amount: $20 million

Round: Series A

Lead Investor: a16z Crypto

Investment Rationale:

As AI Agents gradually enter the commercial validation phase, the market is focusing on Agent execution layer infrastructure. Halliday aims to be the underlying network for the automated execution of on-chain operations by future Agents.

OpenRouter

Sector: AI Infrastructure

Financing Amount: $40 million

Round: Series A

Lead Investor: a16z

Investment Rationale:

The future Agent era will generate massive demand for model calls, and the model routing layer could become a new infrastructure gateway.

M0 Protocol

Sector: Stablecoin Infrastructure

Financing Amount: $35 million

Round: Series A

Lead Investor: Bain Capital Crypto

Co-Investor: Pantera Capital

Investment Rationale:

Against the backdrop of an increasingly clear regulatory framework, stablecoin issuance and settlement networks are starting to attract institutional attention.

Gradient Network

Sector: Decentralized AI Network

Financing Amount: $10 million

Lead Investor: Pantera Capital

Investment Rationale:

Decentralized computing power and inference networks are becoming important infrastructure for the AI Agent ecosystem.

2.3 Top Three Sectors Attracting Capital This Week

1st Place: Stablecoin Infrastructure (Accounts for ~28% of Total Financing)

Representative Projects:

• M0 Protocol
• Ethena
• Agora

Core Data:

MetricsDataTotal Market Cap of Stablecoins$325.4 billionWeek-on-Week Growth0.012Share of Yield-bearing StablecoinsApproximately 10%Regulatory ProgressThe GENIUS Act has entered a critical stage

Capital Logic:

Stablecoins are no longer just trading tools.

The future competitive focus will shift to payment, clearing, and cross-border settlement networks.

2nd Place: AI Agent Infrastructure (Accounts for ~26% of Total Financing)

Representative Projects:

• Halliday
• OpenRouter
• Spectral

Core Data:

MetricsDataNumber of Financing Projects This Week7Total Financing AmountApproximately $79 millionProportion in Total Financing26%

Capital Logic:

The market has moved from the Agent concept to the Agent economy.

Future Agents will require:

Identity, payment, credit, and collaboration networks.

3rd Place: RWA (Accounts for ~18% of Total Financing)

Representative Projects:

• Ondo Finance
• Plume Network
• Centrifuge

Core Data:

MetricsDataTotal Size of RWAOver $14 billionTVL of OndoOver $1.4 billionProjects within the Plume EcosystemOver 200

Capital Logic:

Institutions are beginning to seek on-chain cash flow assets.

RWA is transitioning from the narrative phase to the scalable competition phase.

2.4 Key Security Incidents and Protocol Risks This Week

Gravity Bridge Security Incident

Loss Scale:

Approximately $5.4 million

Cause:

Leak of validator node signing keys

Risk Level:

★★★★★

DxSale Permission Control Incident

Loss Scale:

Approximately $7.3 million

Cause:

Malicious control of admin permissions

Risk Level:

★★★★☆

On-Chain Judicial Freeze Case (Zama cUSDC)

Freeze Scale:

Approximately $12.6 million

Cause:

Court order triggered asset freeze

Risk Level:

★★★★★

Risk Observation

Security incidents this week show a clear shift in trend.

The attack focus is moving from smart contract vulnerabilities towards:

• Key management
• Permission control
• Regulatory enforcement risk

For future financing projects, security capabilities are becoming an important differentiating factor.

3. Future On-Chain Investment and Financing Trends Outlook

3.1 Stablecoin Payment Networks May Become the Dominant Theme of Q3

As the GENIUS Act enters its critical phase, the market is beginning to reassess the value of the stablecoin sector.

The past market debate was:

Whether stablecoins are legal.

The future market concern will be:

Who controls the payment network.

Projects currently worth paying close attention to include:

• M0 Protocol
• Ethena
• Agora

Key observation points over the next 4 weeks:

• Subsequent progress of the GENIUS Act
• Market share changes between USDC and USDT
• Growth in stablecoin payment use cases

3.2 Compliant Derivatives Infrastructure Enters a Value Reassessment Phase

Although the overall market adjusted this week, the on-chain derivatives market remained active.

Notably, Hyperliquid continued to maintain high revenue levels.

Core Data:

MetricsDataOpen InterestOver $8 billionAverage Daily Revenue$1.8 million – $2.2 millionAnnualized RevenueOver $700 million

A new consensus is forming in the market:

Revenue-generating protocols hold more long-term value than narrative-driven protocols.

3.3 AI Agents Begin Entering the Commercial Validation Phase

Over the past year, capital invested in the Agent concept.

Over the next year, capital will invest in Agent revenue.

Key projects to watch:

• Halliday
• Spectral
• Virtuals

Key observations for the next 4 weeks:

Whether genuine payment and transaction behaviors begin to occur between Agents.

If a closed loop forms, the Agent sector could enter a new valuation phase.

3.4 Key TGE and Listing Events in the Next 1–4 Weeks

Tier 1 Projects to Watch:

• GRVT
• Initia
• MegaETH

Tier 2 Projects to Watch:

• Monad ecosystem projects
• AI Agent ecosystem projects
• RWA ecosystem projects

Over the next month, activities are expected to remain centered around ecosystem incentives and testnet opportunities.

4. Data-Driven Investment Research and Analysis

What Does Continuous ETF Outflow Coupled with Stablecoin Growth Mean?

Looking only at ETF data, the market appears to be in a clear risk contraction phase.

BTC ETFs saw a single-week outflow of $1.72 billion, one of the largest weekly capital withdrawals this year. ETH ETFs also experienced continuous outflows.

However, at the same time, the total size of stablecoins is still expanding.

This indicates that capital hasn't truly left the crypto market; it is waiting for new opportunities with greater certainty.

Historically, this phenomenon often occurs before the formation of a new dominant market narrative.

Currently, the sectors most likely to absorb this capital are stablecoin infrastructure and payment networks.

Why Are VCs Reducing Their Investment Frequency?

This week's total financing volume decreased by about 27% compared to last week.

This does not mean capital is retreating.

More precisely:

Institutions are waiting for three key variables to materialize:

• The GENIUS Act
• The Federal Reserve's June FOMC meeting
• Progress on U.S. crypto regulatory legislation

Until the regulatory and macroeconomic environment becomes clearer, VCs tend to raise their investment standards.

Future financing will increasingly prioritize:

• Revenue
• User growth
• Business model closure

Rather than mere narrative.

Why Has Hyperliquid Gained Counter-Trend Capital Recognition?

In recent years, the market was accustomed to measuring protocol value by TVL.

Starting in 2026, however, the market is paying increasing attention to revenue.

Hyperliquid's success proves:

Protocols that truly generate cash flow can achieve a valuation system independent of market sentiment.

This could become a significant shift for the entire primary market going forward.

5. Observation Checklist for the Next 30 Days

GENIUS Act: Key Progress in June, Importance: ★★★★★

FOMC Meeting: June 18, Importance: ★★★★★

CLARITY Act Advancement: Late June, Importance: ★★★★

GRVT Potential TGE: Early July, Importance: ★★★★

Initia Ecosystem Release: June – July, Importance: ★★★★

Conclusion

In the past, the market competed for narratives. Today, the market competes for cash flow.

From stablecoin payment networks, to on-chain derivatives infrastructure, to the AI Agent economy, capital is seeking protocols that can consistently create value.

For the coming quarter, the three most important themes to watch remain:

Stablecoin Infrastructure, AI Agent Infrastructure, and Compliant Derivatives.

And the key factor determining whether a project can secure financing is also shifting from "storytelling" to "revenue."