Monera Digital | 2026년 5월 펀드 월간 보고서: 역방향 시장에서의 안정적 성장, 규모 사상 최고치 경신

1. Market Review: Failed Liquidity Transmission, Crypto Market Weakens Independently 

In May 2026, macroeconomic factors continued to dominate market pricing. The combined pressure from geopolitical tensions, rebounding inflation, and the Fed's policy expectation game suppressed the overall performance of risk assets, with the crypto market's capacity to absorb these pressures noticeably declining.

This month, the crypto market experienced a textbook case of "failed liquidity transmission." In the first half of the month, inflation data came in stronger than expected, significantly pushing back expectations of Fed easing. Asset pricing weight shifted back to macro narratives, continuously pressuring risk assets. Towards the end of the month, despite signs of a geopolitical thaw and positive signals from falling US Treasury yields and oil prices, the crypto market refused to embrace the macro easing environment, turning from gains to losses. This exposed the brutal reality of accelerated liquidation characteristic of a cyclical deep bear market.

In terms of price performance, BTC briefly touched $82,850 at the beginning of the month but continued its downward trend, closing the month at $73,674. ETH performed even weaker, with the ETH/BTC ratio hitting a low of 0.02675, showing a significantly larger decline than BTC. BTC dominance remained high, altcoin liquidity continued to shrink, and the total market cap experienced an overall pullback.

On the capital flow front, the most defining feature of the month was "severe internal capital hemorrhage": BTC spot ETFs completely reversed the net inflows seen in April, recording net outflows of $2.425 billion for the entire month, marking the third-largest single-month outflow in history. ETH ETFs also experienced significant capital losses. Concurrently, Coinbase exhibited a severe negative premium, and both the short-term and long-term holder MVRV and SOPR on-chain indicators fell below the breakeven point, presenting a typical pattern of capitulation selling.

Looking ahead, BTC has effectively broken through MicroStrategy's cost basis critical point of approximately $75,500, making $71,400 the last cyclical defense line below. Short-term bottom-fishing carries extremely high risk. A true stabilization and recovery do not depend on a single day's improvement in macro indicators but require seeing a reversal in ETF fund flows and an end to the on-chain capitulation signals. If leading AI stocks in the US stock market experience an exponential crash, or if BTC reserve companies like MicroStrategy are forced to sell due to breaking the cost line, triggering a cascading deleveraging event, the crypto market will face significant panic risk. Investment caution is necessary, and risk management is paramount.

2. Fund Data: Steady Growth Against the Trend, AUM Hits New High 

Against the backdrop of a pressured overall market, Monera Digital's funds continued to record positive growth in May 2026, with impressive performance across key core indicators.

As of the end of May, the fund's total Assets Under Management (AUM) reached $14.82 million, a net increase of approximately $2.9 million from the beginning of the month's $12.13 million. The monthly growth rate was 22.17%, with $2.1308 million in new capital introduced this month. Since the fund's inception in January 2026 with an initial $1 million, it has grown consistently over five months – surpassing $3.33 million in February, jumping to $6.78 million in March, breaking through $12.13 million in April, and reaching a new high of $14.82 million in May. This represents cumulative growth of nearly 15 times in five months, fully demonstrating the strategy's stability and sustained capital attraction.

In terms of returns, the fund's realized APY was 16.23%, while the weighted APY was even higher at 58.71%. This is a remarkable achievement in the current market environment, consistently generating superior risk-adjusted returns for investors.

3. Asset Allocation: Diversified Portfolio, Active Trading as Core Driver 

The fund's total AUM this month was $14.82 million, allocated using a diversified strategy. Proactive Trading is the core source of fund returns, with an allocation of $9.8794 million, accounting for 66.7% of total AUM. It serves as the primary engine driving overall performance. Quantitative Trading was allocated $3.8573 million, representing 26.0% of AUM. It effectively complements the proactive trading strategy, together building a multi-dimensional revenue source system. Venture Investing was allocated $1 million, or 6.7% of AUM, focusing on early-stage investments in high-quality projects. Other Assets totaled $83,424, serving as a supplementary allocation.

The overall allocation structure is centered on active trading, complemented by quantitative strategies and early-stage investments. This effectively balances return generation and risk control amidst the current environment of heightened market volatility.

4. Conclusion 

Despite the overall pressure on the crypto market in May 2026 and significant net outflows from ETF funds, the Monera Digital fund achieved a 4.61% sequential increase in AUM through its diversified strategy allocation and strict risk management system. The cumulative weighted APY reached 58.71%, consistently generating excess returns for investors. Looking ahead to June, the team will prioritize risk management while closely tracking ETF fund flows, on-chain data recovery signals, and macro policy changes. We will adjust portfolio structure as appropriate to seize the asymmetric opportunities presented by the cyclical bottom.

For those interested in learning more, please contact us:

X: https://x.com/Monera_Digital

TG: https://t.me/MoneraDigital_Official

This report is prepared by the Monera Digital trading team for informational purposes only and does not constitute investment advice.